 "Coforge Q2 results: Net profit declines 10% to Rs 181 cr, revenue up 16%")
IT company Coforge on Thursday posted a 10 per cent year-on-year decline in consolidated net profit for the September quarter at Rs 181 crore, partly on account of a one-time increase in ESOP costs.
The IT solutions company reaffirmed its 2023-24 revenue growth guidance of 13-16 per cent.
Consolidated Profit After Tax (PAT) for the second quarter of the current fiscal was at Rs 181 crore, 10 per cent lower than the year-ago period. However, the PAT for the quarter was 9.5 per cent higher when compared sequentially.
The net profit (attributable to owners) was Rs 201.1 crore in the year-ago period.
Revenue from operations came in at Rs 2,276.2 crore in the quarter under review, rising over 16 per cent from Rs 1,959.4 crore in the corresponding period of the previous fiscal.
The company attributed the 10 per cent year-on-year drop in net profit to a one-time increase in ESOP (employee stock option plan) costs in the quarter.
Coforge, in a statement, said it gave all increments on time, very high variable payouts for last year's performance, and the full annual bonus in the first quarter.
"Revenue for the quarter was Rs 2,276.2 crore and $ 278.1 million... Revenue increased quarter-on-quarter by 2.3 per cent in constant currency, 2.3 per cent in $ and 2.5 per cent in INR terms," Coforge's Q2 earnings release said.
Order intake was $ 313 million, the seventh consecutive quarter of over $ 300 million order intake, according to the company.
The total order book executable over the next 12 months stood at $ 935 million, up 16.6 per cent year-on-year.
"At the end of the first half, the firm has grown 16.2 per cent in constant currency terms despite a very challenging market context. This reflects once again the exceptional executional intensity and commitment of all members of Team Coforge," Sudhir Singh, Chief Executive Officer of the company, said.
The board has recommended an interim dividend of Rs 19 per share, and the record date for this payout is November 2, 2023.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app