Coforge Q1 profit up 21 pc to Rs 150 cr

IT company Coforge on Friday posted a 21.1 percent increase in consolidated profit after tax at Rs 149.7 crore in the first quarter ended June 30, 2022. The company had registered a profit of Rs 123.6 crore in the same period a year ago. The gross revenue of Coforge increased by 25.2 percent to Rs 1,829.4 crore during the reported quarter, from Rs 1,461.6 crore in the June quarter last year. The fifth deal in the last five quarters with a TCV total contract value greater than USD 50 million was signed during this quarter.

IT company Coforge on Friday posted a 21.1 percent increase in consolidated profit after tax at Rs 149.7 crore in the first quarter ended June 30, 2022.

The company had registered a profit of Rs 123.6 crore in the same period a year ago.

The gross revenue of Coforge increased by 25.2 percent to Rs 1,829.4 crore during the reported quarter, from Rs 1,461.6 crore in the June quarter last year.

''The fifth deal in the last five quarters with a TCV (total contract value) greater than USD 50 million was signed during this quarter. ''The size and velocity of large deals, including a USD 100 plus million deal, sets us up for continued robust growth. Equally importantly, it helps us further enhance our offshore operations helping us build strong moats around margin defense,'' Coforge chief executive officer Sudhir Singh said.

The company's total order book executable over the next 12 months stood at USD 745 million (about Rs 5,953 crore).

The global headcount of the company increased to 22,742 as of June 30, 2022, from 22,500 at the end of March 31, 2022, while attrition at the company stood at 18 percent.