Coforge Q4 earnings: Net profit falls to Rs 229 crore, interim dividend approved
Coforge Q4 earnings: Net profit slipped to Rs 229.2 crore in Q4 against Rs 242.8 crore in the December 2023 quarter. The board of the firm announced an interim dividend of Rs 19 per share.
- May 2, 2024,
- Updated May 2, 2024 5:57 PM IST
IT firm Coforge reported a 5.6% fall in net profit for March 2024 quarter. Net profit slipped to Rs 229.2 crore in Q4 against Rs 242.8 crore in the December 2023 quarter. However, revenue rose 1.5% to Rs 2358.5 crore in Q4 against Rs 2323.3 crore in the preceding quarter of the fiscal. The board of the IT firm announced an interim dividend of Rs 19 per share and the record date for this will be May 15, 2024.
Earnings per share of the IT firm slipped to Rs 36.21 in Q4 against Rs 38.63 in Q3 of FY24. The earnings were announced after market hours.
Earnings before interest and tax (EBIT) fell 4.1% to Rs 301.1 crore in the last quarter against Rs 314 cr in the December 2023 quarter. EBIT margins slipped to 12.8% in Q4 against 13.5% on a quarter on quarter basis.
Coforge stock closed 2.24% lower at Rs 4971 on Thursday against the previous close of Rs 5100 on BSE. Market cap of the firm fell to Rs 30,824 crore.
On an annual basis, revenue from operations rose 14.52% to Rs 91790 crore in FY24 against Rs 80,146 crore in FY23. Net profit rose 12.14% to Rs 835.6 crore in the last fiscal against Rs 745.1 crore in FY23.
Additionally, the board of directors of Coforge approved the acquisition of Cigniti Technologies Limited.
Sudhir Singh, Chief Executive Officer, Coforge said, "FY24 was an exemplary year where the firm grew 13.3% in CC organic terms, thus becoming one of the very few firms across the industry that was able to deliver on the annual growth guidance given at the beginning of FY24. The $400 Mn TCV deal signed in Q4, the 56% YoY increase in order intake and the 102-bps sequential margin improvement in Q4 set us up strongly to deliver robust growth in FY25 with expanded margins."
Additionally, Coforge has inked a definitive agreement to acquire 54% stake in Cigniti Technologies. Explaining the rationale behind the acquisition, the firm in a communication to bourses said, "Coforge believes that acquisition of Cigniti will not only help it grow to a US$ 2 bn by FY27, but equally importantly ensure that the Coforge’s operating margins improve by 150-200 bps by FY27 itself."
IT firm Coforge reported a 5.6% fall in net profit for March 2024 quarter. Net profit slipped to Rs 229.2 crore in Q4 against Rs 242.8 crore in the December 2023 quarter. However, revenue rose 1.5% to Rs 2358.5 crore in Q4 against Rs 2323.3 crore in the preceding quarter of the fiscal. The board of the IT firm announced an interim dividend of Rs 19 per share and the record date for this will be May 15, 2024.
Earnings per share of the IT firm slipped to Rs 36.21 in Q4 against Rs 38.63 in Q3 of FY24. The earnings were announced after market hours.
Earnings before interest and tax (EBIT) fell 4.1% to Rs 301.1 crore in the last quarter against Rs 314 cr in the December 2023 quarter. EBIT margins slipped to 12.8% in Q4 against 13.5% on a quarter on quarter basis.
Coforge stock closed 2.24% lower at Rs 4971 on Thursday against the previous close of Rs 5100 on BSE. Market cap of the firm fell to Rs 30,824 crore.
On an annual basis, revenue from operations rose 14.52% to Rs 91790 crore in FY24 against Rs 80,146 crore in FY23. Net profit rose 12.14% to Rs 835.6 crore in the last fiscal against Rs 745.1 crore in FY23.
Additionally, the board of directors of Coforge approved the acquisition of Cigniti Technologies Limited.
Sudhir Singh, Chief Executive Officer, Coforge said, "FY24 was an exemplary year where the firm grew 13.3% in CC organic terms, thus becoming one of the very few firms across the industry that was able to deliver on the annual growth guidance given at the beginning of FY24. The $400 Mn TCV deal signed in Q4, the 56% YoY increase in order intake and the 102-bps sequential margin improvement in Q4 set us up strongly to deliver robust growth in FY25 with expanded margins."
Additionally, Coforge has inked a definitive agreement to acquire 54% stake in Cigniti Technologies. Explaining the rationale behind the acquisition, the firm in a communication to bourses said, "Coforge believes that acquisition of Cigniti will not only help it grow to a US$ 2 bn by FY27, but equally importantly ensure that the Coforge’s operating margins improve by 150-200 bps by FY27 itself."