New Delhi: IT solutions organization Coforge Limited has announced the June quarter results. The company’s revenue has grown well in the first quarter of FY22. Along with this, the company has also done many big deals. The quarter under review also includes two months’ contribution from SLK Global. It was an acquisition which closed in the last week of April 2021.
First Quarter Results of FY ’22 (Q1 FY’22 – Financial highlights)
>> Revenue in the June quarter was $199.7 million.
>> is up 42.8 per cent in dollar terms and 38.3 per cent year-on-year in rupee terms.
>> There is an increase of 16 percent in dollar terms and 15.9 percent in rupee terms.
>> Revenue on an organic basis Revenue for the quarter was $185.1 million.
>> Up 32.3 per cent in dollar terms and 28.2 per cent year-on-year in rupee terms.
EBITDA for the quarter grew by 34.8 per cent year-on-year and 4.2 per cent quarter-on-quarter. EBITDA margin for the quarter under review on a consolidated basis stood at 16.1 per cent, driven by annual increments introduced across the organization across the world from April 1, along with other expenses including visa cost, in some physical deals signed in the last six months. Reflects other expenses including visa cost and impact of the transition.
Business highlights of the first quarter of the financial year-
The total order book over the next twelve months grew 38.7 per cent year-on-year to $645 million as on June 30, 2021. Order volume increased to $318 million on the back of three large deals secured during the quarter, including a $105 million contract that will implement the firm’s core transformation capabilities in data architecture and engineering, hybrid cloud management, digital integration and process-led automation . The total workforce at Coforge increased to 20,491 during the quarter under review following the addition of the employees of the recently acquired SLK Global.
Sudhir Singh, Chief Executive Officer, Coforge Limited, said, “Our technology services are focused on engineering convergence for the cloud, differentiated and differentiated product engineering service line, intelligent automation service line and digital integration capabilities backed by our own InsureTech platform. Continue to develop both. Being recognized as a great place to work is an affirmation of the culture we have, which is uniquely held by Coforge. With a signed order book, net headcount additions, and large deal size, we are poised to deliver strong, predictable and profitable growth.”
The company is planning for organic growth of at least 19% in constant currency terms during FY22, which is higher than the previously reported 17% growth. The board has recommended an interim dividend of Rs 13 per share, and the record date for this payment will be August 10, 2021.
About Coforge Ltd. Coforge is a leading global IT solutions organization.
It enables its clients to achieve real world business impact with domain expertise and emerging technologies. The focus on select industries, a detailed understanding of the underlying processes of those industries and partnerships with leading platforms give us a distinct edge. We leverage Artificial Intelligence—AI combined with cloud and insight-driven technologies coupled with our industry expertise to help customers transform their businesses into intelligent, high-growth enterprises.
Today our proprietary platforms power critical business processes in the financial services and travel industries. Our more than 13,000 technology and process consultants are designing, consulting, operating and modernizing systems around the world. With the acquisition of a 60% stake in SLK Global Solutions, a business process transformation enterprise that provides BPM and digital solutions for the financial services industry, we added 7000 more employees to the Coforge family in April 2021, bringing our total to 20,000 people.
Learn more about Coforge at www.coforgetech.com
Business involves various risks and uncertainties, as a result of which actual results may differ materially from those stated herein. All forward-looking statements made herein are based on information currently available to the company’s management and the company does not undertake any action that may be undertaken by or on behalf of the company from time to time.
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