Coforge net profit falls 44.7%; IT firm declares dividend of Rs 19/share

On the milestone of crossing the revenue mark of $ 1 billion, the company will gift an Apple iPad to each of its employees

The consolidated net profit of the IT solutions company Coforge fell 44 per cent to Rs 114.8 crore in the quarter ending March as compared to Rs 207.7 crore in the same quarter last year. The revenue from operations during the quarter rose 24.5 per cent from Rs 1,743 crore in Q4FY22 to Rs 2,170 crore in Q4FY23.

In 2022-23 (FY23), however, the net profit rose 4.85 per cent from Rs 661.7 crore in FY22 to Rs 698.3 crore.

According to the company's release, the profit during the quarter was down due to a one-off expense of Rs 52.3 crore marked as the provision for its curtailed fundraising bid approved in 2021.

The IT firm declared a dividend of Rs 19 per share. The date of payout will be May 9, 2023.

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

The company's year ended with a headcount of 23,224. The net addition was 719 during the quarter. The attrition rate was 14.1 per cent, down by 1.72 per cent QoQ and 3.62 per cent YoY.

"We believe that our performance during the quarter was marked by two key achievements. The first was a quarterly sequential US$ growth of 5 per cent. The second major landmark has been the firm crossing the $ 1 billion revenue mark. Our performance heading into FY24 sets us up well to deliver robust growth," said Sudhir Singh, chief executive officer (CEO), Coforge.

On the milestone of crossing the revenue mark of $1 billion, the company will gift each of its employees an Apple iPad.