Coforge jumps after brokerage initiates Buy call

11 Jan 2022 , 01:49 PM

The target price implies an upside of 28.15% from the current market price.

According to media reports, the brokerage stated that the company has undergone transformation over the past three years, as seen from the surge in new client additions, large deal wins and strengthening of front-end sales team. The firm is well positioned to deliver 18%/32% revenue/earnings per share CAGR over FY22-24, it added.

On a consolidated basis, Coforge reported 18.7% rise in net profit to Rs 146.7 crore in Q2 FY22 from Rs 123.6 crore in Q1 FY22. Revenues increased by 7.4% QoQ to Rs 1,569.4 crore during the quarter. In dollar terms, the companys revenue in Q2 FY22 was $212.8 million (up 6.5% QoQ and 37.4% YoY).

Coforge is a leading global IT solutions organization. Its proprietary platforms power critical business processes across the financial services and travel industries.

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