On consolidated basis
Quarter ended December 2023 compared
with Quarter ended September 2023.
Net sales (including other operating income) of Coforge has increased 2.07% to
Rs 2323.3 crore.
Operating profit margin has jumped
from 14.98% to 17.01%, leading to 15.90% rise in operating profit to Rs 395.10
crore. Purchase of finished goods cost fell from 0.15% to 0.04%.
Employee cost decreased from 62.36% to 57.93%. Other
expenses rose from 22.51% to 25.03%.
Other income rose 68.54% to Rs 15
crore. PBIDT rose 17.24% to Rs 410.1 crore. Provision for
interest rose 8.46% to Rs 34.6 crore.
PBDT rose 18.12% to Rs 375.5
crore. Provision for depreciation rose 5.05% to Rs 81.1
crore.
Profit before tax grew 22.31% to Rs
294.40 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 51.6 crore, compared to
Rs 52.8 crore. Effective tax rate was 17.53% compared to 21.94%.
Minority interest decreased 30.43%
to Rs 4.80 crore. Net profit attributable to owners of the company
increased 31.49% to Rs 238.00 crore.
Quarter ended December 2023 compared
with Quarter ended December 2022.
Net sales (including other operating income) of Coforge has increased 13.01% to
Rs 2323.3 crore. Sales of Europe Middle East & Africa segment
has gone up 12.14% to Rs 930.00 crore (accounting for 40.03% of total
sales). Sales of Asia Pacific segment has gone up 13.24% to Rs
160.80 crore (accounting for 6.92% of total sales). Sales of India
segment rose 106.58% to Rs 150.60 crore (accounting for 6.48% of total
sales). Sales of America segment has gone up 6.95% to Rs 1,081.90
crore (accounting for 46.57% of total sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 10.98% to Rs 401.20
crore. PBIT of Europe Middle East & Africa segment rose 1.94% to
Rs 199.80 crore (accounting for 49.80% of total PBIT). PBIT of Asia
Pacific segment fell 45.70% to Rs 12.00 crore (accounting for 2.99% of total
PBIT). PBIT of India segment fell 93.46% to Rs -20.70 crore
(accounting for -5.16% of total PBIT). PBIT of America segment rose
36.34% to Rs 210.10 crore (accounting for 52.37% of total PBIT).
PBIT margin of Europe Middle East
& Africa segment fell from 23.63% to 21.48%. PBIT margin of Asia
Pacific segment fell from 15.56% to 7.46%. PBIT margin of India
segment rose from negative 14.68% to negative 13.75%. PBIT margin of
America segment rose from 15.23% to 19.42%. Overall PBIT margin fell
from 17.58% to 17.27%.
Operating profit margin has declined
from 17.49% to 17.01%, leading to 9.90% rise in operating profit to Rs 395.10
crore. Purchase of finished goods cost fell from 0.35% to 0.04%.
Employee cost decreased from 58.28% to 57.93%. Other expenses
rose from 23.89% to 25.03%.
Other income fell 52.83% to Rs 15
crore. PBIDT rose 4.80% to Rs 410.1 crore. Provision for
interest rose 60.93% to Rs 34.6 crore.
PBDT rose 1.54% to Rs 375.5
crore. Provision for depreciation rose 29.97% to Rs 81.1
crore.
Profit before tax down 4.23% to Rs
294.40 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 51.6 crore, compared to
Rs 71.5 crore. Effective tax rate was 17.53% compared to 23.26%.
Minority interest decreased 37.66%
to Rs 4.80 crore. Net profit attributable to owners of the company
increased 4.29% to Rs 238.00 crore.
Year-to-date (YTD) results analysis.
Net sales (including other operating income) of Coforge has increased 16.70% to
Rs 6820.5 crore. Sales of Europe Middle East Asia & Africa
segment has gone up 18.27% to Rs 2,671.30 crore (accounting for 39.17% of total
sales). Sales of Asia Pacific segment has gone up 11.26% to Rs
478.30 crore (accounting for 7.01% of total sales). Sales of India
segment rose 78.78% to Rs 361.50 crore (accounting for 5.30% of total
sales). Sales of America segment has gone up 12.03% to Rs 3,309.40
crore (accounting for 48.52% of total sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 6.62% to Rs 1,063.70
crore. PBIT of Europe Middle East Asia & Africa segment rose
3.83% to Rs 512.60 crore (accounting for 48.19% of total PBIT). PBIT
of Asia Pacific segment fell 28.84% to Rs 37.50 crore (accounting for 3.53% of
total PBIT). PBIT of India segment fell 82.79% to Rs -61.60 crore
(accounting for -5.79% of total PBIT). PBIT of America segment rose
18.60% to Rs 575.20 crore (accounting for 54.08% of total PBIT).
PBIT margin of Europe Middle East
Asia & Africa segment fell from 21.86% to 19.19%. PBIT margin of
Asia Pacific segment fell from 12.26% to 7.84%. PBIT margin of India
segment fell from negative 16.67% to negative 17.04%. PBIT margin of
America segment rose from 16.42% to 17.38%. Overall PBIT margin fell
from 17.07% to 15.60%.
Operating profit margin has declined
from 16.86% to 15.28%, leading to 5.77% rise in operating profit to Rs 1,042.00
crore. Purchase of finished goods cost fell from 0.87% to 0.12%.
Employee cost increased from 59.36% to 60.70%. Other
expenses rose from 22.91% to 23.90%.
Other income fell 32.72% to Rs 39.9
crore. PBIDT rose 3.58% to Rs 1081.9 crore. Provision for
interest rose 45.01% to Rs 88.6 crore.
PBDT rose 1.01% to Rs 993.3
crore. Provision for depreciation rose 25.27% to Rs 234
crore.
Profit before tax down 4.68% to Rs
759.30 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 152.9 crore, compared
to Rs 168.2 crore. Effective tax rate was 20.14% compared to 21.11%.
Minority interest decreased 55.26%
to Rs 22.10 crore. Net profit attributable to owners of the company
increased 0.92% to Rs 584.30 crore.
Full year results analysis.
Net sales (including other operating income) of Coforge has increased 24.61% to
Rs 8014.6 crore. Sales of Europe Middle East & Africa segment
has gone up 36.91% to Rs 3,117.50 crore (accounting for 38.90% of total
sales). Sales of Asia Pacific segment has gone up 6.95% to Rs 581.70
crore (accounting for 7.26% of total sales). Sales of India segment
rose 11.06% to Rs 313.40 crore (accounting for 3.91% of total sales). Sales
of America segment has gone up 20.22% to Rs 4,002.00 crore (accounting for
49.93% of total sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 18.79% to Rs 1,325.00
crore. PBIT of Europe Middle East & Africa segment rose 40.48%
to Rs 661.10 crore (accounting for 49.89% of total PBIT). PBIT of
Asia Pacific segment rose 26.95% to Rs 74.90 crore (accounting for 5.65% of
total PBIT). PBIT of India segment fell 44.44% to Rs -28.60 crore
(accounting for -2.16% of total PBIT). PBIT of America segment rose
1.98% to Rs 617.60 crore (accounting for 46.61% of total PBIT).
PBIT margin of Europe Middle East
& Africa segment rose from 20.67% to 21.21%. PBIT margin of Asia
Pacific segment rose from 10.85% to 12.88%. PBIT margin of India
segment fell from negative 7.02% to negative 9.13%. PBIT margin of
America segment fell from 18.19% to 15.43%. Overall PBIT margin fell
from 17.34% to 16.53%.
Operating profit margin has declined
from 17.13% to 15.98%, leading to 16.23% rise in operating profit to Rs
1,280.70 crore. Purchase of finished goods cost fell from 2.68% to
0.69%. Employee cost increased from 59.62% to 60.24%.
Other expenses rose from 20.57% to 23.09%.
Other income rose 19.50% to Rs 61.9
crore. PBIDT rose 16.37% to Rs 1342.6 crore. Provision
for interest rose 24% to Rs 80.6 crore. Loan funds rose to Rs 562.20
crore as of 31 March 2023 from Rs 489.60 crore as of 31 March
2022. Sundry debtors were higher at Rs 1,613.10 crore as of 31 March
2023 compared to Rs 1,389.40 crore as of 31 March 2022. Cash and
bank balance rose to Rs 578.70 crore as of 31 March 2023 from Rs 453.50 crore
as of 31 March 2022.
PBDT rose 15.92% to Rs 1262
crore. Provision for depreciation rose 13.78% to Rs 258.5
crore. Fixed assets increased to Rs 1,150.00 crore as of 31 March
2023 from Rs 1,012.70 crore as of 31 March 2022. Intangible assets
increased from Rs 1,070.80 crore to Rs 1,166.50 crore.
Profit before tax grew 16.48% to Rs
1,003.50 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 206.1 crore, compared
to Rs 146.8 crore. Effective tax rate was 21.67% compared to 17.04%.
Minority interest decreased 3.21% to
Rs 51.30 crore. Net profit attributable to owners of the company
increased 4.85% to Rs 693.80 crore.
Equity capital increased from Rs
60.90 crore as of 31 March 2022 to Rs 61.10 crore as of 31 March
2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 30.16% as of 31
March 2023 ,compared to 40.09% as of 31 March 2022 .
Cash flow from operating activities
increased to Rs 950.50 crore for year ended March 2023 from Rs 765.60 crore for
year ended March 2022. Cash flow used in acquiring fixed assets
during the year ended March 2023 stood at Rs 158.20 crore, compared to Rs
154.10 crore during the year ended March 2022.
Dividend: The Board has recommended an interim dividend of Rs 19
per share
Other Highlights:
Total order book executable
over the next 12 months stood at US$ 974 million.
Order intake was $354
million, eight consecutive quarter of $300+ million deal wins.
7 new clients were added
during the quarter.
LTM attrition at 12.1%.
Management Commentary:
Commenting on the
performance Mr Sudhir Singh, CEO said “Coforge this year is likely to be one of
the very few firms that gave a clear growth guidance at the beginning of the year
and shall deliver within that revenue guidance range. Our ability to deliver on
an annual revenue guidance commitment in such a tough year and the fact that at
the end of Q3 our YTD organic cc revenue growth is 14.7 percent is a testament
to the tenacity of Team Coforge and in our ability to execute against plans”
| Coforge : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202312 | 202212 | Var.(%) | 202312 | 202212 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,323.30 | 2,055.80 | 13.01 | 6,820.50 | 5,844.60 | 16.70 | 8,014.60 | 6,432.00 | 24.61 | | OPM (%) | 17.01 | 17.49 | -48 bps | 15.28 | 16.86 | -158 bps | 15.98 | 17.13 | -115 bps | | OP | 395.10 | 359.50 | 9.90 | 1,042.00 | 985.20 | 5.77 | 1,280.70 | 1,101.90 | 16.23 | | Other Inc. | 15.00 | 31.80 | -52.83 | 39.90 | 59.30 | -32.72 | 61.90 | 51.80 | 19.50 | | PBIDT | 410.10 | 391.30 | 4.80 | 1,081.90 | 1,044.50 | 3.58 | 1,342.60 | 1,153.70 | 16.37 | | Interest | 34.60 | 21.50 | 60.93 | 88.60 | 61.10 | 45.01 | 80.60 | 65.00 | 24.00 | | PBDT | 375.50 | 369.80 | 1.54 | 993.30 | 983.40 | 1.01 | 1,262.00 | 1,088.70 | 15.92 | | Depreciation | 81.1 | 62.4 | 29.97 | 234 | 186.8 | 25.27 | 258.5 | 227.2 | 13.78 | | PBT | 294.40 | 307.40 | -4.23 | 759.3 | 796.6 | -4.68 | 1003.5 | 861.5 | 16.48 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 294.4 | 307.4 | -4.23 | 759.3 | 796.6 | -4.68 | 1003.5 | 861.5 | 16.48 | | EO Income | 0 | 0 | - | 0 | 0 | - | -52.3 | 0 | - | | PBT after EO | 294.4 | 307.4 | -4.23 | 759.3 | 796.6 | -4.68 | 951.2 | 861.5 | 10.41 | | Taxation | 51.6 | 71.5 | -27.83 | 152.9 | 168.2 | -9.10 | 206.1 | 146.8 | 40.40 | | PAT | 242.8 | 235.9 | 2.92 | 606.4 | 628.4 | -3.50 | 745.1 | 714.7 | 4.25 | | Minority Interest (MI) | 4.8 | 7.7 | -37.66 | 22.1 | 49.4 | -55.26 | 51.3 | 53 | -3.21 | | Net profit | 238 | 228.2 | 4.29 | 584.3 | 579 | 0.92 | 693.8 | 661.7 | 4.85 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 238 | 228.2 | 4.29 | 584.3 | 579 | 0.92 | 693.8 | 661.7 | 4.85 | | EPS (Rs)* | 38.54 | 36.95 | 4.29 | 94.62 | 93.76 | 0.92 | 118.53 | 107.15 | 10.62 | | | * EPS is on current equity of Rs 61.75 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
|
| Coforge : Consolidated Segment Results | td>-| | Quarter ended | Year to Date | Year ended |
|---|
| % of (Total) | 202312 | 202212 | Var.(%) | % of (Total) | 202312 | 202212 | Var.(%) | % of (Total) | 202303 | 202203 | Var.(%) |
|---|
| Sales | | Europe Middle East & Africa | 40.03 | 930.00 | 829.30 | 12.14 | 39.17 | 2,671.30 | 2,258.60 | 18.27 | 38.90 | 3,117.50 | 2,277.10 | 36.91 | | Asia Pacific | 6.92 | 160.80 | 142.00 | 13.24 | 7.01 | 478.30 | 429.90 | 11.26 | 7.26 | 581.70 | 543.90 | 6.95 | | India | 6.48 | 150.60 | 72.90 | 106.58 | 5.30 | 361.50 | 202.20 | 78.78 | 3.91 | 313.40 | 282.20 | 11.06 | | America | 46.57 | 1,081.90 | 1,011.60 | 6.95 | 48.52 | 3,309.40 | 2,953.90 | 12.03 | 49.93 | 4,002.00 | 3,328.80 | 20.22 | | Total Reported Sales | 100.00 | 2,323.30 | 2,055.80 | 13.01 | 100.00 | 6,820.50 | 5,844.60 | 16.70 | 100.00 | 8,014.60 | 6,432.00 | 24.61 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 2,323.30 | 2,055.80 | 13.01 | 100.00 | 6,820.50 | 5,844.60 | 16.70 | 100.00 | 8,014.60 | 6,432.00 | 24.61 | | PBIT | | Europe Middle East & Africa | 49.80 | 199.80 | 196.00 | 1.94 | 48.19 | 512.60 | 493.70 | 3.83 | 49.89 | 661.10 | 470.60 | 40.48 | | Asia Pacific | 2.99 | 12.00 | 22.10 | -45.70 | 3.53 | 37.50 | 52.70 | -28.84 | 5.65 | 74.90 | 59.00 | 26.95 | | India | -5.16 | -20.70 | -10.70 | -93.46 | -5.79 | -61.60 | -33.70 | -82.79 | -2.16 | -28.60 | -19.80 | -44.44 | | America | 52.37 | 210.10 | 154.10 | 36.34 | 54.08 | 575.20 | 485.00 | 18.60 | 46.61 | 617.60 | 605.60 | 1.98 | | Total PBIT | 100.00 | 401.20 | 361.50 | 10.98 | 100.00 | 1,063.70 | 997.70 | 6.62 | 100.00 | 1,325.00 | 1,115.40 | 18.79 | | Less : Interest | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Add: Other un-allcoable | | -106.80 | -54.10 | -97.41 | | -304.40 | -201.10 | -51.37 | | -373.80 | -253.90 | -47.22 | | PBIT Margin(%) | | Europe Middle East & Africa | | 21.48 | 23.63 | -215.05 | | 19.19 | 21.86 | -266.95 | | 21.21 | 20.67 | 53.95 | | Asia Pacific | | 7.46 | 15.56 | -810.07 | | 7.84 | 12.26 | -441.84 | | 12.88 | 10.85 | 202.85 | | India | | -13.75 | -14.68 | 93.26 | | -17.04 | -16.67 | -37.34 | | -9.13 | -7.02 | -210.94 | | America | | 19.42 | 15.23 | 418.62 | | 17.38 | 16.42 | 96.18 | | 15.43 | 18.19 | -276.05 | | PBT | 100.00 | 294.40 | 307.40 | -4.23 | 100.00 | 759.30 | 796.60 | -4.68 | 100.00 | 951.20 | 861.50 | 10.41 |
|
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