Coforge Q3 profit jumps over 50% to Rs 184 cr

IT firm Coforge Ltd, formerly NIIT Technologies, on Thursday reported over 50 per cent rise in consolidated net profit at Rs 183.7 crore for December quarter 2021-22 and has revised its annual revenue growth outlook to around 37 per cent.

The company had posted a net profit of Rs 122 crore in the year-ago period, Coforge said in a regulatory filing.

Revenue from operations rose to Rs 1,658.1 crore in the quarter under review from Rs 1,190.6 crore in the year-ago period, it added.

On a sequential basis, Coforge's net profit was higher 25.2 per cent from Rs 146.7 crore in September 2021 quarter, while revenue from operations was up 5.7 per cent from Rs 1,569.4 crore.

''The quarter saw the firm register its highest quarterly adjusted EBITDA margin over the last ten years despite existing supply side pressures. The firm also experienced robust broad based sequential growth, continued net headcount addition at a very fast clip, strong growth in our top ten clients, yet another large deal closure and a continued improvement in the offshore-onsite revenue mix,'' Coforge Chief Executive Officer Sudhir Singh said.

Onboarding senior talent at scale, successful integration of acquired businesses and attrition below industry average continue to differentiate and mark out the company's performance, he added.

The firm has revised upwards its annual revenue guidance and expects consolidated revenue to grow around 37 per cent in constant currency terms.

It expects adjusted EBITDA to grow around 44 per cent over the previous year. The board has recommended an interim dividend of Rs 13 per share, and the record date for this payout will be February 8, 2022.

Coforge's total order book executable over the next 12 months stood at USD 701 million, while its order intake was at USD 247 million. The company added 13 new clients during the quarter. The company's headcount increased by 1,344 to 22,130, and its attrition rate was at 16.3 per cent.

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