Coforge Q3 results: Net profit rises 4% to Rs 238 crore

IT solutions company Coforge Ltd on Monday posted a 4.3 per cent year-on-year rise in consolidated net profit for the December quarter at Rs 238 crore.

The net profit stood at Rs 228.2 crore in the corresponding period previous year. The revenue of the company in the third quarter of FY24 was up 13 per cent at Rs 2,323.3 crore, according to a regulatory filing.

"Coforge this year is likely to be one of the very few firms that gave a clear growth guidance at the beginning of the year and shall deliver within that revenue guidance range," Sudhir Singh, Chief Executive Officer of Coforge, said.

"Our ability to deliver on an annual revenue guidance commitment in such a tough year and the fact that at the end of Q3 our YTD (Year-To-Date) organic cc (constant currency) revenue growth is 14.7 per cent is a testament to the tenacity of team Coforge and in our ability to execute against plans," he added.

The company's board has recommended an interim dividend of Rs 19 per share, and the record date for the payout will be February 5, 2024. According to a company release, three large deals were signed during the quarter.

"The company reported strong operating and financial performance marked by robust growth, margin expansion and continued business momentum in a seasonally weak quarter," the release said. Seven new clients were added during the December quarter.

"Order intake was USD 354 million, eight consecutive quarters of USD 300 plus million deal wins. Total order book executable over the next 12 months at USD 974 million, up 15.8 per cent Y-o-Y (Year-on-Year)," it said.

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