Mphasis Limited

Mphasis Limited applies next-generation technology to help enterprises transform businesses globally. Customer centricity is foundational to Mphasis and is reflected in the Mphasis' Front2Back™ Transformation approach. Front2Back™ uses the exponential power of the cloud and cognitive to provide hyper-personalized (C = X2C2™ = 1) digital experience to clients and their end customers. Mphasis' Service Transformation approach helps 'shrink the core' through the application of digital technologies across legacy environments within an enterprise, enabling businesses to stay ahead in a changing world. Mphasis' core reference architectures and tools, speed and innovation with domain expertise and specialization are key to building strong relationships with marquee clients. # The retail holding in MphasiS is less than 0.7% (as on March 31, 2018)# 15% reservation for the buy back of 3.8% of paid-up equity implies at least 0.57% of paid up equity will be bought from retail investors# Possible Acceptance ratio = 0.57 / 0.7 = 81% (as on March 31, 2018) Retail investors looking for short term opportunity can buy the shares (upto the value of INR 2 lakhs - as on the record date) from the open market and tender them in the buy-back offer. Assuming acceptance ratio (range from 60%-80%) and the market price INR 1,170, investors can earn an absolute return between 9%-12% (subject to short term capital gains tax) over the next 2-3 months (average time taken from board approval to payout in recent tender offers). Any change in acceptance ratio could further impact absolute returns. The financials of the company looks very good, RoNW is 32.87% and at CMP its looks fully priced. As per March 31, 2018 possible acceptance ratio looks very high and there may be very good short term gain. So we give SUBSCRIBE rating to this buyback.

• 1 Mr. Rajesh Pirogiwal
• 2 Mrs. Sunita Pirogiwal
• 3 Miss Tanvi Pirogiwal