Mphasis to honour all job offers

The global Indian IT company Mphasis informed Business Today that it would honour all job offers made to recent graduates who are awaiting onboarding at the business.

This development follows Business Today’s Friday news that fresher job applicants may lose their employment offers as the Letter of Intent (LoI) between the employer and the candidates approaches its expiration date.

Business Today contacted Mphasis with questions, and they responded: “We look forward to honouring LoI that have been accepted by candidates. Applicants are asked to wait for the notice of their onboarding.

According to a previous report on this subject by Business Today, the company made job offers for the positions of Trainee Associate Software Engineer and Associate Software Engineer in late 2021. The job offers for the trainee associate software engineer position are set to expire in March 2023 and April 2023, respectively.

Mphasis

Mphasis emphasised that the business is committed to recruiting more workers globally, even if it did not specifically respond to Business Today’s questions on the LoI’s fast-approaching expiration dates.

According to a statement from the business, “Mphasis continues to be committed to hiring and developing new job opportunities globally.”

At Mphasis, new hires have been waiting to start working there for more than a year. The company extended job offers to thousands of freshmen in late 2021, but they have not yet been granted a joining date.

According to regulatory filings, the company’s net profit decreased 1.5% on a quarterly basis (QoQ) basis for the December-ended quarter of FY22-23, to Rs 4,123 million. Moreover, the gross revenue increased 0.2% QoQ in the third quarter of FY 2022–23. In constant currency terms, revenue fell 2.5% QoQ in the third quarter of FY 2022–23.

The company’s CEO and Managing Director, Nitin Rakesh, stated on the earnings call that “this quarter reflects the duality in our current business environment. On the one hand, our primary business is still doing well. On the other hand, our mortgage business is experiencing cyclical headwinds brought on by interest rate changes and market reactivity.