Coforge Q4 Net Profit Fell 48%, Revenue Soars 24%, Crosses $1 Billion

Coforge gave away Apple iPads to its employees as it passed the $1 billion revenue milestone.

On April 27, Information Technology (IT) major Coforge reported a combined net profit of Rs 116.7 crore for the March ending quarter of FY23, plunging 48.08% from Rs 224.8 crore in the last period.

The profit fell largely amid a one-off expense of Rs 52.3 crore marked as the provision for its partial fundraising bid approved in 2021.

Revenue from operations mounted at Rs 2,170 crore, rose 24.50% from Rs 1,742.9 crore in the equivalent quarter a year ago, the company mentioned in an exchange filing.

Sudhir Singh, CEO of Coforge, said that their performance during the quarter was noticeable by two key achievements. The first was a quarterly consecutive US $ growth of 5%. Secondly, the major landmark was the firm crossing the $1 billion revenue mark, delivering robust growth.

For FY24, the firm delivered an annual revenue growth guidance of 13% to 16% in continuous currency terms. It expects a gross margin upsurge of about 50 bps, adjusting the EBITDA margin to be at similar levels as FY23.

The board suggested an interim dividend of Rs 19 per share, record date for this payout as May 9, 2023.

Coforge said the aggregate order book executable for 12 months is $869 million, up 20.7% YoY. Order intake was $301 million, and 10 new client logos were added during the quarter.

The fiscal year-ended headcount was 23,224, which encompassed net addition of 719 people during the quarter. In the last 12 months, attrition was 14.1%, improving 172 bps QoQ and 362 bps YoY.

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