Coforge crosses $1 bn revenue milestone employees gifted with Apple iPad
1 min read . Updated: 27 Apr 2023, 12:44 PM IST
PremiumDespite reported 45% YoY drop in its net profit, Coforge's revnue crossed the $1 billion revenue milestone. To celebrate the achievement, company will gift Apple ipad to all its employees
To celebrate its achievement of crossing $1 billion revenue mark in the March quarter, IT solution provider, Coforge, will gift Apple ipad to all its employees this year.
Notably, its Q4FY23 profit surged by as much as 44.7 per cent YoY to ₹114.8 crore compare to ₹207.7 crore during the same quarter in the previous financial year. The reason behind the decline in its net profit is the one-off expense of ₹52.3 crore it incurred as part of its curtailed fundraising bid which was approved in 2021.
The company's gross revenue increased by 5.6 per cent to ₹2170.0 crore in the March quarter against ₹2055.8 crore in Q3FY23. The IT solution provider's banking, financial services and insurance segment remained insulated from the ongoing banking crisis. Moreover, the company's exposure to regional banks in the US remained unaffected. The company had earlier stated that its exposure to US banking sector is limited and it didn't see the crisis affecting its performance.
“We believe that our performance during the quarter was marked by two key achievements. The first was a quarterly sequential US$ growth of 5.0%. The second major landmark has been the firm crossing the US$ one billion revenue mark. Our performance heading in to FY24 sets us up well to deliver robust growth." said Mr. Sudhir Singh, Chief Executive Officer, Coforge Ltd.
The company has given a revenue growth guidance of 13-16 per cent in CC terms. The growth guidance target is a marginal increase of 50 bps and its adjusted EBITDA margin remains to be at a simlar level as it was in previous financial year.