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Coforge declares dividend of ₹19 per share as Q4 net profit zooms 94%
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
The IT solutions company’s revenue from operations increased 8.7% to ₹2,358.5 crore. Shares of Coforge Ltd ended at ₹4,986.10, down by ₹114, or 2.24%, on the BSE.
IT solutions company Coforge Ltd on Thursday (May 2) reported a 94.86% year-on-year (YoY) jump in net profit at ₹229.2 crore for the fourth quarter that ended March 31, 2024. In the corresponding quarter, Coforge posted a net profit of ₹114.8 crore, the company said in a regulatory filing.
The company’s revenue from operations increased 8.7% to ₹2,358.5 crore against ₹2,170 crore in the corresponding period of the preceding fiscal. The board has recommended an interim dividend of ₹19 per share and the record date for this will be May 15, 2024.
For the full FY2023-24, the company clocked a profit of ₹808 crore, up by 16.46% from ₹693.8 crore in the previous year. Revenue from operations for FY24 was 14.52% higher at ₹9,179 crore against ₹8014.6 crore in FY23.
The total order book executable over the next 12 months stands at $1,019 million, up 17.3% year-on-year. The order intake was at $774 million while eight new client logos were added during the quarter.
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The total order intake during the year stood at $1,973 million, up 56% on a YoY basis. The total headcount of Coforge stands at 24,726. The last 12-month (LTM) attrition stood at 11.5%, improving 60 bps quarter-on-quarter and 258 bps year-on-year.
Sudhir Singh, Chief Executive Officer of Coforge, said, “FY24 was an exemplary year where the firm grew 13.3% in CC (constant currency) organic terms, thus becoming one of the very few firms across the industry that were able to deliver on the annual growth guidance given at the beginning of FY24. The $400 million TCV deal signed in Q4, the 56% YoY increase in order intake and the 102-bps sequential margin improvement in Q4 set us up strongly to deliver robust growth in FY25 with expanded margins.”
The company also announced the acquisition of IT service management company Cigniti Technologies at a price of ₹1,415 per share (in cash consideration). It will acquire up to 54% approx of the share capital of Cigniti Technologies. The acquisition is expected to be completed by Q2FY25.
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The company’s board declared an interim dividend of ₹19 per equity share at the face value of ₹10 each fully paid-up, for the financial year 2023-24. The record date for this will be May 15, 2024.
Further, Coforge’s board approved the reappointment of Sudhir Singh as an executive director of the company for a period of up to 5 years with effect from January 29, 2025, and the appointment of Gautam Samanta, who is presently president of the company, as Executive Director for a period upto 5 years with effect from May 2, 2024.
The results came after the close of the market hours. Shares of Coforge Ltd ended at ₹4,986.10, down by ₹114, or 2.24%, on the BSE.
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