IT firm Coforge, formerly known as NIIT Technologies, on Thursday posted Q2 profit for the financial year 2023-24 at Rs 181.30 crore, up 7 per cent in comparison to Rs 169.40 crore during the corresponding period of last year. It posted revenue from operations at Rs 2267.20 crore, up 15.7 per cent as against Rs 1959.40 crore during the second quarter of FY23. The company maintained its annual growth guidance for FY24 of 13 per cent to 16 per cent in constant currency terms and reaffirmed gross margin improvement of 50 bps compared to FY23 and its adjusted EBITDA margin to be at similar levels as FY23.
While the total income for the quarter ended September 2023 was at Rs 2285.10 crore, Corforge posted total expenses during the period in review at Rs 2044.40 crore.
The Board also declared its second interim dividend of Rs 19 per equity share of the company at the face value of Rs 10 each fully paid-up, for the financial year 2023-24. The payment of the second interim dividend/dispatch of dividend warrants would be done within 30 days from the date of declaration of dividend, it said.
“At the end of the first half, the firm has grown 16.2 per cent in CC terms despite a very challenging market context. This reflects once again, the exceptional executional intensity and commitment of all members of Team Coforge,” said Sudhir Singh, Chief Executive Officer, Coforge Ltd.
Coforge recorded a total order intake of $313 million, reporting seventh consecutive quarter of $300+ million deal wins. It said that the total order book executable over the next 12 months was at $935 million, up 16.6 per cent on-year. The IT firm added 8 new clients during the quarter.
In terms of headcount, Coforge’s employee count increased to 24,638 at the end of the quarter, with the addition of 414 QoQ and 1,647 YoY. LTM attrition was at 13.0 per cent, down 340 bps YoY.