Mphasis inks strategic pact with quantum software company Classiq

4 Jun 2024 , 01:47 PM

On Tuesday, June 4, IT services provider Mphasis announced a strategic partnership with Classiq, a quantum software company, to commercialise Quantum-powered industry solutions.

In a stock exchange filing, the company stated that the alliance aimed to expedite enterprise use of quantum computing products.

Classiq claims that it has created a platform for designing quantum algorithms more quickly and efficiently. As part of the collaboration, Mphasis will use Classiq’s platform to develop industrial solutions for industries including BFSI, Lifesciences, Healthcare, Supply Chain & Logistics, and Chemistry. The company also stated in the announcement that McKinsey & Company predicts a $106 billion potential quantum technology industry by 2040.

Mphasis notified the exchanges that its Quantum Initiative, which was launched in 2020, intends to convert its clients to quantum computing via an adoption model that includes awareness-building, assessment, and advisory seminars, among other steps.

Mphasis’ consolidated revenue from operations increased by over 1% to ₹3,412.1 Crore in the March quarter, up from ₹3,361.2 Crore in the same period last year. The company’s revenue from operations increased by more than 2% from ₹3,337.9 Crore in December 2023. In FY24, the company’s revenue from operations declined by approximately 4% to ₹13,279 Crore, from ₹13,798 Crore in the previous fiscal year.

In FY24, the company’s net profit fell by more than 5% to ₹1,554.8 Crore from ₹1,637.9 Crore in FY23.

At around 1.41 PM, Mphasis was trading 0.49% lower at ₹2,278.80 per piece, against the previous close of ₹2,289.95 on NSE. The counter touched an intraday high and low of ₹2,304.85, and ₹2,187, respectively.

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