Coforge Q3FY21 revenue rises 11% yoy to Rs1,190.6cr; PAT stood at Rs122cr

The company secures 2 large deals, order intake of $192 Mn during the quarter. Order book executable over the next 12 months expands to $501mn, up 18% yoy.

Jan 29, 2021 11:01 IST India Infoline News Service

Coforge Limited, a leading global IT solutions organization that was earlier known as NIIT Technologies Ltd, Thursday announced a strong growth-led operating performance for the quarter ended December 31, 2020 (Q3FY21).

The company has reported consolidated revenue of Rs1,190.6cr during Q3FY21, representing a growth of 10.9% over the same quarter previous year. On a sequential basis, consolidated revenue grew 3.2% over the preceding quarter in rupee terms, 3.3% in constant currency terms, and 3.8% in dollar terms.

EBITDA (before RSU costs i.e. cost of ESOPs) for the quarter under review stood at 18.0%; down by 81 Bps qoq to Rs214.5cr as a result of selective wage hikes for employees in niche skills during the quarter. PAT stood at Rs122cr.

“The 3.3% sequential growth in constant currency terms during Quarter 3 has come on the back of an 8.1% growth in constant currency terms during the preceding quarter. With the committed order book 18% higher than at the same time last year the firm has primed itself for sustained, robust and profitable growth in the quarters to come. We remain hyper focused on execution and continue to engineer convergence at the intersection of Cloud, Automation and Data tech”, said Sudhir Singh, Chief Executive Officer, Coforge Ltd.

The BFS business grew 7.7% sequentially and contributed to 18% of total revenue. The Travel vertical recorded a qoq growth of 9.8% and now contributes to 20% of total Q3 revenue. Other segments collectively grew 4.7% quarter-on-quarter and they now represent 30% of the overall revenue. The Insurance vertical declined by 3.9% qoq contributing to 32% of the quarter’s total revenue.

Among geographies, Americas grew by 6.7% sequentially contributing 49% to the revenue mix, EMEA grew by 3.9% contributing 36% to the revenue mix and Rest of the World declined by 6.5% contributing 15% to the revenue mix.

The company said, order intake during the quarter was strong, with two large deal wins. Fresh business of US$ 192 million was secured during the quarter under review. A total of 11 new clients were added during the quarter. On the back of this continued deal signing momentum, the order book executable over the next twelve months increased to US$ 501 million, representing a growth of 18% yoy.

The firm also saw its attrition improve further to 10.4%, among the best in the industry. Total employee strength increased to 11,424 at the end of the quarter, an increase of 262 people qoq.

Coforge Ltd was trading at Rs2,379.70 per piece down 1.67% on the BSE at around 11.29 am. 

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