Coforge Q1 Results: Firm's net profit rises 10% to Rs 165 crore

Coforge Q1 Results: Mid-cap IT services company Coforge on Thursday reported a consolidated net profit of Rs 165 crore for the quarter ended June 30, 2023 (Q1FY24), up 43.9 per cent against Rs 149 crore registered in the year-ago period. On a yearly basis, the net profit increased by 10 per cent.

The company's revenue in constant currency terms increased 18 per cent to Rs 2,221 crore from Rs 1,829 crore in Q1 FY23, according to a BSE filing.

Sequentially, Coforge profit rose 43.9 per cent, while revenue grew 2.4 per cent.

According to the company, its headcount increased by 1,000 employees, and attrition came down to 13 per cent.

Both the bottom line and top line missed Zee Business analysts' estimates. Zee Business Research had expected the company to post a 95.7 per cent rise in consolidated Reported profit after tax (PAT) at Rs 225 crore on a sequential basis. In the preceding quarter, the IT services firm had registered a net profit of Rs 115 crore. "It must be noted that the company had an exceptional loss of Rs 52 crore in the March 2023 quarter. The adjusted PAT last quarter was Rs 233 crore, and the same for the quarter under review is seen at Rs 225 crore, down 3.4 per cent," the research desk said. 

Revenue was seen at Rs 2,250 crore, up 3.7 per cent quarter-on-quarter (QoQ).

The company also declared an interim dividend of Rs 19 per share.