IT Giant Coforge logs ~25% yoy growth in Revenue at Rs1,829 crore for Q1FY23; stock slips ~1%

22 Jul 2022 , 10:17 AM

Coforge Limited announced its results for the quarter ended June 30, 2022, and has reported strong operational and financial performance, highlighted by robust growth, healthy profitability, record order intake, and sustained hiring.

The company has reported a revenue of Rs1,829 crore during the quarter ended June 2022, registering 25.20% yoy growth against Rs1,461.60 crore in Q1FY22. While it reported a sequential growth of 4.7% in constant currency terms.

Company reported a Net Profit of Rs149.70 crore in Q1FY23 as compared to Rs123.60 crore in the previous corresponding quarter, up by 21.10% yoy. Sequentially, it witnessed a decline of 27.90% as net profit was reported at Rs207.70 crore.

EBITDA during the quarter under review registered a growth of 38.70% at Rs291.80 crore.

Adjusted EBITDA margin for the quarter (which reflected the full impact of annual wage hikes across the firm and continued investments to drive growth) stood at 16.5%, an increase of 27.7% yoy in Rupee terms.

Coforge logged an order intake of $315 million, which was marginally higher than the record order intake of $318 million in Q1FY22.

Company’s total order book executable over the next 12 months stood at $745 million.

The Board of Directors has recommended an interim dividend of Rs13 per share, with a record date of August 4, 2022.

The company has raised its annual revenue guidance to at least 20% growth in constant currency terms while maintaining its Adjusted EBITDA margin guidance of 18.5% to 19% for the year.

Coforge Limited’s counter was trading at Rs3,597 per piece, down by 0.66% against its previous close of Rs3,620.75 on NSE. So far, it touched intraday high and low of Rs3,725.80 and Rs3,560.70 respectively.