Coforge: Coforge net profit rises 4.3%, maintains revenue guidance for FY24
IT services company Coforge (erstwhile NIIT Technologies) posted a 4.3% year-on-year (yoy) rise in net profit for the third quarter ending December at Rs 238 crore, up from Rs 228.2 crore in the same quarter a year ago. In a seasonally weak quarter due to high furloughs, the profit was helped by strong deal wins and healthy margins.
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Sequentially, the net profit jumped 31.5% from Rs 181 crore in the preceding quarter.
The consolidated revenue for Q3FY24 was up 13% yoy to Rs 2,323.3 crore as compared with Rs 2,055.8 crore and up 2.2% quarter-on-quarter (qoq) from Rs 2,272.2 crore. In dollar terms, the revenue grew 1.4% at $280 million. The revenue rose 12% YoY on a constant currency basis.
It reiterated its revenue growth guidance range of 13%-16% for fiscal year 2024 forecast at the beginning of the year.
“Coforge this year is likely to be one of the very few firms that gave a clear growth guidance at the beginning of the year and shall deliver within that revenue guidance range,” said Sudhir Singh, Chief Executive Officer, Coforge in a statement.
The Noida-based firm booked deals worth $354 million during the quarter with three large deals.
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It is the firm’s eight consecutive quarters of $300+ million deal wins. “Order book executable over next 12 months stood at $974 million at the end of the quarter, a 15.8% YoY growth,” the company said in a statement.FY23 order intake was at $1.27 billion, including 11 large deals, it added.
EBIDTA margins improved substantially to 17.3%, jumping 201 basis points (bps) sequentially from 15.3% in Q2FY24 while it declined 32 bps from 17.6% from Q3FY23. One bps is a hundredth of a percentage.
Bucking industry trend, its total headcount increased by 1,383 to 24,607 employees as of December 31, 2023.
The third quarter has been largely a mixed bag Indian IT companies reported mixed quarterly results with weaker outlook owing to continued weakness in demand environment for Q4. However, with strong deal wins across major firms, commentary for FY25 foresees optimism returning with increased client spending expected.
Coforge also declared an interim dividend of Rs 19 per equity share for those having a face value of Rs 10 for each fully paid-up share in Coforge for FY23-24.
On Friday, Coforge shares ended weaker by 2.3% at Rs 6277.75 apiece. Stock markets were shut on Monday.
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IT services company Coforge (erstwhile NIIT Technologies) posted a 4.3% year-on-year (yoy) rise in net profit for the third quarter ending December at Rs 238 crore, up from Rs 228.2 crore in the same quarter a year ago. In a seasonally weak quarter due to high furloughs, the profit was helped by strong deal wins and healthy margins.
![]()
Sequentially, the net profit jumped 31.5% from Rs 181 crore in the preceding quarter.
The consolidated revenue for Q3FY24 was up 13% yoy to Rs 2,323.3 crore as compared with Rs 2,055.8 crore and up 2.2% quarter-on-quarter (qoq) from Rs 2,272.2 crore. In dollar terms, the revenue grew 1.4% at $280 million. The revenue rose 12% YoY on a constant currency basis.
It reiterated its revenue growth guidance range of 13%-16% for fiscal year 2024 forecast at the beginning of the year.
“Coforge this year is likely to be one of the very few firms that gave a clear growth guidance at the beginning of the year and shall deliver within that revenue guidance range,” said Sudhir Singh, Chief Executive Officer, Coforge in a statement.
The Noida-based firm booked deals worth $354 million during the quarter with three large deals.
Discover the stories of your interest
It is the firm’s eight consecutive quarters of $300+ million deal wins. “Order book executable over next 12 months stood at $974 million at the end of the quarter, a 15.8% YoY growth,” the company said in a statement.FY23 order intake was at $1.27 billion, including 11 large deals, it added.
EBIDTA margins improved substantially to 17.3%, jumping 201 basis points (bps) sequentially from 15.3% in Q2FY24 while it declined 32 bps from 17.6% from Q3FY23. One bps is a hundredth of a percentage.
Bucking industry trend, its total headcount increased by 1,383 to 24,607 employees as of December 31, 2023.
The third quarter has been largely a mixed bag Indian IT companies reported mixed quarterly results with weaker outlook owing to continued weakness in demand environment for Q4. However, with strong deal wins across major firms, commentary for FY25 foresees optimism returning with increased client spending expected.
Coforge also declared an interim dividend of Rs 19 per equity share for those having a face value of Rs 10 for each fully paid-up share in Coforge for FY23-24.
On Friday, Coforge shares ended weaker by 2.3% at Rs 6277.75 apiece. Stock markets were shut on Monday.
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