Coforge posts 24 pc jump in profit during third quarter

Noida (Uttar Pradesh) [India], January 20 (ANI): Coforge, formerly NIIT Technologies, on Friday posted an increase of 24.2 per cent in its profit after tax during the third quarter (October-December) of FY23, from a robust constant currency growth and record deal signings.

The company said its revenue grew 24 per cent to Rs 20,558 million during the quarter and posted adjusted Ebitda margin at 18.5 per cent. The board has recommended an interim dividend of Rs 19 per share, and the record date for this payout will be February 3, 2023.

The company said 11 new clients were added during the quarter and added that last twelve month (LTM) attrition was down 60 bps quarter on quarter to 15.8 per cent and highlighted that one of the lowest across the industry. “The firm has signed the largest number of large deals in a quarter in its history. As a consequence, the order intake at US$ 345 million has been the highest ever. This performance in a seasonally weak quarter sets us up very well for FY2024,” said Sudhir Singh, Chief Executive Officer, Coforge.

During the quarter, Coforge said it was recognised among ‘India’s Best Workplaces in IT & IT-BPM 2022 – Top 50’ by Great Place to Work India. Constant currencies are exchange rates used to eliminate the effect of fluctuations when calculating financial performance numbers for publication in financial statements.