Coforge maintains FY24 revenue growth forecast; shares rise

Coforge shares were in demand on Thursday after the IT services company reported its financial results for the July-September period and maintained its revenue forecast for the full year. The stock of Noida-based Coforge gained by as much as Rs 187.5, or 3.7 per cent, to Rs 5,281 apiece on BSE after starting the session on a muted note. 

Before market hours on Thursday, the company reported a net profit of Rs 181 crore for the second quarter of the current financial year, marking a sequential increase of 9.5 per cent and exceeding analysts' expectations. 

The company's quarterly revenue grew 2.5 per cent on a quarter-on-quarter basis to Rs 2,276.2 crore, aided by new deal wins amid a challenging macroeconomic environment, according to a regulatory filing.

According to Zee Business research, Coforge's quarterly profit was estimated at Rs 240 crore and revenue at Rs 2,300 crore.

Coforge reiterated its revenue growth forecast for the full financial year 2023-24.

The company said its quarterly order intake rose to $313 million, from $304 million a year ago.

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