How stock market darling Coforge went from laggard to industry-beating growth
Subscribe to enjoy similar stories. In 2017, when Sudhir Singh joined NIIT Technologies, the first thing he did as CEO was to change the entire top leadership—lock, stock and barrel. His logic for replacing all his 14 direct reports was simple; “The only thing the old team proved was that they can’t grow," he told Mint.
Barring one departure, the new leadership team is still in place at the company, now rebranded Coforge, and it has overseen a transformation that is the stuff of business podcasts. Despite global economic uncertainties and pandemic-driven headwinds, Coforge’s revenues tripled, its market cap went up 16.5x, and it made at least three acquisitions. During this time it changed ownership twice—the NIIT promoters exited in 2019, and in 2023, Baring Private Equity Asia, which had picked up NIIT’s stake, also exited.
That last exit turned Coforge into a board-run company, a unique model in the IT services landscape. For the second quarter this fiscal year (FY25), the IT services company reported a 17% increase in net profit over the year-ago period to ₹212 crore. Revenue rose by about a third over the same period to ₹3,062 crore.
On current form, Coforge is on track to close this fiscal year at around $1.4 billion or ₹11,000 crore. In October, it also completed the integration with Cigniti Technologies, which it had acquired in May. Cigniti, an engineering services and software testing company, is the company’s fourth acquisition in the last seven years.
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