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Coforge share hits all-time high on robust Q4 earnings

Coforge share hit all-time high of Rs 3,448 against previous close of Rs 2,892.45 on BSE

twitter-logoBusinessToday.In | May 6, 2021 | Updated 16:13 IST
Coforge share hits all-time high on robust Q4 earnings
Coforge stock stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Coforge share rose over 19 percent intraday on May 6 after the company declared its Q4 earnings. The IT stock hit all-time high of Rs 3448 against previous close of Rs 2,892.45 on BSE.

The share of the firm , formerly known as NIIT Technologies, has gained 20.79% in the last 2 days. Coforge stock stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Later, the share closed 17.10% or Rs 504  higher at Rs 3,397 on BSE. Market cap of the firm stood at Rs 20,522 crore.

The firm reported a 17 per cent rise in consolidated net profit at Rs 133 crore in the quarter ended March 2021.against net profit of Rs 113.6 crore in the year-ago period. Consolidated revenue from operations rose 13.7 per cent to Rs 1,261.5 in Q4 against Rs 1,109.3 crore in the year-ago period.

The company aims to clock an organic growth of at least 17 per cent in constant currency terms during FY'22 and an expansion of EBITDA margin (excluding ESOP and acquisition related costs) from 18 per cent in FY'21 to 19 per cent in FY'22,' Coforge said in a statement.

In constant currency terms, revenue grew 5.1 per cent over the preceding quarter.

"We are exiting FY'21 with a sequential dollar-term growth of 7.1 per cent in the fourth quarter, which forms a very strong ramp for growth and margin expansion in FY'22," Coforge Chief Executive Officer Sudhir Singh said.

"Our capabilities, platforms and partnerships in the product engineering, automation, integration and cloud services realm are designed to drive convergence and aid transformation," Singh added.

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