Mumbai: Mphasis (BSE: 526299; NSE: MPHASIS), an Information Technology (IT) solutions provider specializing in cloud and cognitive services, has been positioned as one of the UK’s fastest-growing Indian companies in the CII-GT India Meets Britain 2020 Tracker. The Tracker report, ‘The latest trends on Indian investment in the UK’, was launched by the Minister for Investment, Lord Grimstone of Boscobel Kt, on a webinar hosted by Grant Thornton, one of the world’s largest business advisers.
The Tracker recognises the UK’s top fastest-growing Indian companies based on percentage of year-on-year revenue growth. Mphasis has delivered consistent growth and, in its financial results for the fourth quarter and financial year ended 31st March 2020, announced last month, showed strong continued growth with annual revenues up almost 11% YoY to USD 1.2 billion and net profits up 10.4% (32.7% like-for-like growth for the fourth quarter). The group also recorded its highest ever TCV (Total Contract Value) wins in Direct International business of USD 715 million. The UK and Europe are a continued focus for Mphasis, and investments and sales efforts in the region yielded full year growth of c.14% in 2020.
Majority-owned by Blackstone private Equity, the world’s largest private equity firm, Mphasis has established a trusted and solid reputation globally as a leading IT solutions provider and a creator of cutting-edge cloud and cognitive technologies. Since 1992, Mphasis has built a solid track record of helping leading organisations in their digital transformation journey and serves marquee customers across the globe including six top global banks, eleven out of fifteen top mortgage lenders, and three top global insurance companies. The company has over 26,000 employees globally.
“We’re pleased to have been named as one of the UK’s top fifty fastest-growing Indian companies. This is testament to Mphasis’ strong ongoing commitment to the UK market, where we see tremendous potential due to the country’s leading position as a hub for innovation and financial services,” said Nitin Rakesh, CEO, Mphasis. “In the past few years particularly we have driven up our investments and sales efforts in our UK and European operations and hope to deliver further momentum in the coming year. At Mphasis, we are focused on supporting our clients in accelerating their digital transformation journey, which has become more crucial than ever to strengthen their resilience both during these challenging times and beyond.”
The India meets Britain Tracker highlights the strong economic connection between India and the UK and demonstrates the significant contribution that Indian enterprises continue to make to the UK economy. Even in light of the pandemic crisis, which has brought considerable challenges, Indian businesses and entrepreneurs remain positive about investing in the UK.
The Tracker includes Indian-owned organisations with operations headquartered or with a significant base in the UK, with turnover of more than £5 million, year-on-year revenue growth of at least 10% and a minimum two-year track record in the UK. In compiling the rankings, Grant Thornton researched data from almost 850 companies, with the technology and telecoms sector continuing to dominate the list.