Coforge’s net profit declines 6% to Rs 223 crore
Coforge’s net profit declined by 6% quarter on quarter (QoQ) at Rs 223 crore in the March quarter of FY24. The profit for the company grew by a whopping 94.8% on-year, from a profit of Rs 115 crore in Q4 FY23.
The IT firm’s annual net profit for fiscal 24 stood at Rs 808 crore, up 16.5% year on year. Consolidated revenue stood at Rs 2,358 crore in the just concluded quarter, up 1.5% sequentially and 8.7% on-year. Margins stood at 19% in Q4 up from 18% in Q3 FY24.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitIIT DelhiIITD Certificate Programme in Data Science & Machine LearningVisitIndian School of BusinessISB Professional Certificate in Product ManagementVisitCoforge's fresh order intake more than doubled to $774 million from $301 million a year earlier during the March-ending quarter that also saw the company signing a $400 million deal.
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The Noida-based IT firm also announced its plans to acquire 54% stake in Cigniti Technologies at a per share price of Rs 1,415. The acquisition process is expected to be completed by Q2 FY25. Revenue of Cigniti for FY 24 was Rs 814.47 crore and profit after tax was Rs 94.79 crore in the same period.
Sudhir Singh, CEO, Coforge, said, “FY24 was an exemplary year where the firm grew 13.3% in CC organic terms, thus becoming one of the very few firms across the industry that was able to deliver on the annual growth guidance given at the beginning of FY24. The $400 million TCV (total contract
