Coforge net profit plunges 55 pc to Rs 114.8 cr in Q4
Apr 27, 2023
Noida (Uttar Pradesh) [India], April 27 : Information technology firm Coforge, formerly known as NIIT, on Thursday posted a 55.27 per cent drop in its net profit to Rs 114.8 crore for the quarter ended March 31, 2023, against Rs 207.7 crore in the year-ago period.
The profit was down largely due to a one-off expense of Rs 52.3 crore which was the provision on account of expenses incurred on alternative dispute resolution (ADR) listing.
Revenue from operations was at Rs 2,170 crore, which surged 24.50 per cent from Rs 1,742.9 crore in the year-ago period, the company said in an exchange filing.
"We believe that our performance during the quarter was marked by two key achievements. The first was a quarterly
sequential dollar growth of 5 per cent. The second major landmark has been the firm crossing the USD one-billion revenue mark. Our performance heading into FY24 sets us up well to deliver robust growth," said Sudhir Singh, Chief Executive Officer, Coforge.
According to the statement from the company, its board of directors has recommended an interim dividend of Rs 19 per share.
According to the company statement, a total order book executable over the next 12 months stands at USD 869 million, up 20.7 per cent year-on-year. The order intake was at USD 301 million while 10 new client logos were added during the quarter.
Coforge won Duck Creek Technologies 2022 Innovation Award for OnDemand Enablement Tooling during the quarter.
