Coforge Q4 Consolidated Profit Tumbles Almost 50%, FY23 Revenue Crosses $1 Bn

IT company Coforge of Thursday reported its consolidated profit at Rs 116.7 crore, declining almost 50 per cent to Rs 235.9 crore.

For Q4 FY23, the company’s revenue from operations stood at Rs 2170 crore, up 5.6 per cent from Rs 1742.9 crore in Q4 FY22.

In FY23, the IT company for the first time crossed USD 1 billion in revenue milestone. To celebrate, Coforge has announced to gift an Apple iPad to each of its over 21,000 employees.

“We believe that our performance during the quarter was marked by two key achievements. The first was a quarterly sequential USD growth of 5.0 per cent. The second major landmark has been the firm crossing the USD 1 billion revenue mark. Our performance heading in to FY24 sets us up well to deliver robust growth,” said Sudhir Singh, Chief Executive Officer, Coforge Ltd.

Meanwhile, Coforge’s total order book executable over the next 12 months stands at USD 869 million, up 20.7 per cent year-over-year (YoY).

The company’s LTM Attrition in Q4 (excl. BPS) stood at 14.1 per cent, improved 172 bps QoQ and 362 bps YoY.

For FY24, the firm issued an annual revenue growth guidance of 13 per cent-16 per cent in constant currency terms, expects a gross margin increase of about 50 bps and adjusted EBITDA margin to be at similar levels as FY23.

The Coforge Board has recommended an interim dividend of Rs 19 per share.