Coforge Q4 results: Net profit rises 95% at ₹224 crore; to acquire 54% stake Cigniti Technologies

Why it's important

India's $254 cardinal IT assemblage has been struggling successful caller quarters arsenic clients chopped spending connected non-essential projects.

Macro headwinds and high-inflation situation person made clients look astatine contracts that chopped down their existing costs. These contracts themed connected cost-cutting travel astatine a little borderline profile.

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By the numbers

Consolidated gross roseate 8.7% year-on-year to 23.59 cardinal rupees successful the 3 months ended March 31, falling abbreviated of analysts' estimation of 23.95 cardinal rupees, arsenic per LSEG data.

Net nett roseate 95% to 2.24 cardinal rupees for the three-month period. Coforge's caller bid intake much than doubled to $774 cardinal from $301 cardinal a twelvemonth earlier during the January-March period. This was connected relationship of $400 cardinal woody signed during the quarter.

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The institution besides announced plans to get up to 54% involvement successful Cigniti Technologies.

What's next

Aided by the acquisition of Cigniti Technologies, the institution said it aims to turn its gross to $2 cardinal by fiscal 2027.

It besides plans to amended its operating borderline by 150–250 ground points during the aforesaid period.

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Key quotes

"The $400 cardinal woody signed successful Q4, the 56% year-on-year summation successful bid intake and the sequential borderline betterment successful the 4th fourth acceptable america up powerfully to present robust maturation successful fiscal twelvemonth 2025 with expanded margins," CEO Sudhir Sing

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Published: 02 May 2024, 06:33 PM IST