With a $313 million order win, Coforge's Q2 net profit increased by 9.5% and revenue by 2.5%

19 Oct 2023 , 10:01 AM

The net profit for the July-September quarter of FY24 increased by 9.5% to Rs 181 crore from Rs 165.3 crore in the June quarter, according to information technology company Coforge.

From Rs 2,221 crore in the June quarter to Rs 2,276.2 crore in constant currency terms, the company’s revenue climbed 2.5% sequentially. Revenue was $278.1 million in dollars as opposed to $271.8 million.

Strong order wins contributed to the company’s $313 million total order intake in Q2, which included three sizable deals. This was the eighth consecutive quarter that order intake stayed constant at or over $300 million.

With a 16.6% year-over-year increase, the Coforge order book, executable over the following 12 months, stood at $935 million. Throughout the quarter under evaluation, the business additionally acquired eight new clients.

At the conclusion of the quarter, headcount had climbed to 24,638—a sequential gain of 1.7%—while attrition, at 13%, had decreased by 340 basis points year over year and remained among the lowest in the IT sector.

The Coforge management also kept its forecast for FY24 revenue growth, which was between 13 and 16% in constant currency terms. Additionally, the IT company reported an improvement in its EBIT margin, which was 10.4% in the previous quarter and 11.6% from July to September.

A second interim dividend of Rs 19 per share has been approved by the board of the firm; the record date is November 2.

While writing the article, Coforge stock shows that the price is Rs 5175, with a percent change of 1.6% and a net change of Rs 81.5.

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