On consolidated basis
Quarter ended September 2024
compared with Quarter ended June 2024.
Net sales (including other operating income) of Coforge has increased 27.55% to
Rs 3062.3 crore.
Operating profit margin has jumped
from 12.22% to 13.45%, leading to 40.44% rise in operating profit to Rs 411.90
crore. Purchase of finished goods cost rose from 0.09% to 0.11%.
Employee cost increased from 59.23% to 62.39%. Other
expenses fell from 28.46% to 24.05%.
Other income rose 121.65% to Rs 56.3
crore. PBIDT rose 46.91% to Rs 468.2 crore. Provision for
interest fell 6.46% to Rs 30.4 crore. Loan funds remained
nil.
PBDT rose 52.97% to Rs 437.8
crore. Provision for depreciation rose 52.52% to Rs 124.3
crore.
Profit before tax grew 53.15% to Rs
313.50 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 79.9 crore, compared to
Rs 65.4 crore. Effective tax rate was 25.49% compared to 31.95%.
Minority interest increased 414.75%
to Rs 31.40 crore. Net profit attributable to owners of the company
increased 51.80% to Rs 202.20 crore.
Quarter ended September 2024
compared with Quarter ended September 2023.
Net sales (including other operating income) of Coforge has increased 34.54% to
Rs 3062.3 crore. Sales of Europe Middle East & Africa segment
has gone up 17.05% to Rs 1,034.50 crore (accounting for 33.78% of total
sales). Sales of Asia Pacific segment has gone up 44.85% to Rs
233.50 crore (accounting for 7.62% of total sales). Sales of India
segment rose 0.19% to Rs 106.90 crore (accounting for 3.49% of total
sales). Sales of America segment has gone up 50.06% to Rs 1,687.40
crore (accounting for 55.10% of total sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 31.00% to Rs 455.10 crore. PBIT
of Europe Middle East & Africa segment rose 9.36% to Rs 167.00 crore
(accounting for 36.70% of total PBIT). PBIT of Asia Pacific segment
rose 44.35% to Rs 16.60 crore (accounting for 3.65% of total
PBIT). PBIT of India segment rose 36.52% to Rs -11.30 crore
(accounting for -2.48% of total PBIT). PBIT of America segment rose
40.70% to Rs 282.80 crore (accounting for 62.14% of total PBIT).
PBIT margin of Europe Middle East
& Africa segment fell from 17.28% to 16.14%. PBIT margin of Asia
Pacific segment fell from 7.13% to 7.11%. PBIT margin of India
segment rose from negative 16.68% to negative 10.57%. PBIT margin of
America segment fell from 17.87% to 16.76%. Overall PBIT margin fell
from 15.26% to 14.86%.
Operating profit margin has declined
from 14.98% to 13.45%, leading to 20.83% rise in operating profit to Rs 411.90
crore. Purchase of finished goods cost fell from 0.15% to 0.11%.
Employee cost increased from 62.36% to 62.39%. Other
expenses rose from 22.51% to 24.05%.
Other income rose 532.58% to Rs 56.3
crore. PBIDT rose 33.85% to Rs 468.2 crore. Provision for
interest fell 4.70% to Rs 30.4 crore. Loan funds declined from Rs
1,209.30 crore as of 30 September 2023 to Rs 1,063.70 crore as of 30 September
2024. Sundry debtors were higher at Rs 2,397.20 crore as of 30
September 2024 compared to Rs 1,963.90 crore as of 30 September
2023. Cash and bank balance rose to Rs 1,540.60 crore as of 30
September 2024 from Rs 338.50 crore as of 30 September 2023.
PBDT rose 37.72% to Rs 437.8
crore. Provision for depreciation rose 61.01% to Rs 124.3
crore. Fixed assets increased to Rs 2,154.40 crore as of 30
September 2024 from Rs 734.70 crore as of 30 September
2023. Intangible assets increased from Rs 1,622.30 crore to Rs
3,783.90 crore.
Profit before tax grew 30.25% to Rs
313.50 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 79.9 crore, compared to
Rs 52.8 crore. Effective tax rate was 25.49% compared to 21.94%.
Minority interest increased 355.07%
to Rs 31.40 crore. Net profit attributable to owners of the company
increased 11.71% to Rs 202.20 crore.
Equity capital increased from Rs
61.50 crore as of 30 September 2023 to Rs 66.70 crore as of 30 September
2024. Per share face Value remained same at Rs 10.00.
Year-to-date (YTD) results analysis.
Net sales (including other operating income) of Coforge has increased 21.48% to
Rs 5463.1 crore. Sales of Europe Middle East & Africa segment
has gone up 12.74% to Rs 1,963.10 crore (accounting for 35.93% of total
sales). Sales of Asia Pacific segment has gone up 31.24% to Rs
416.70 crore (accounting for 7.63% of total sales). Sales of India
segment fell 6.12% to Rs 198.00 crore (accounting for 3.62% of total sales). Sales
of America segment has gone up 29.53% to Rs 2,885.30 crore (accounting for
52.81% of total sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 16.00% to Rs 768.50
crore. PBIT of Europe Middle East & Africa segment fell 5.88% to
Rs 294.40 crore (accounting for 38.31% of total PBIT). PBIT of Asia
Pacific segment fell 26.27% to Rs 18.80 crore (accounting for 2.45% of total
PBIT). PBIT of India segment rose 53.79% to Rs -18.90 crore
(accounting for -2.46% of total PBIT). PBIT of America segment rose
29.88% to Rs 474.20 crore (accounting for 61.70% of total PBIT).
PBIT margin of Europe Middle East
& Africa segment fell from 17.96% to 15.00%. PBIT margin of Asia
Pacific segment fell from 8.03% to 4.51%. PBIT margin of India
segment rose from negative 19.39% to negative 9.55%. PBIT margin of
America segment rose from 16.39% to 16.44%. Overall PBIT margin fell
from 14.73% to 14.07%.
Operating profit margin has declined
from 14.38% to 12.91%, leading to 9.01% rise in operating profit to Rs 705.20
crore. Purchase of finished goods cost fell from 0.17% to 0.10%.
Employee cost decreased from 62.13% to 61.00%. Other
expenses rose from 23.31% to 25.99%.
Other income rose 228.11% to Rs 81.7
crore. PBIDT rose 17.13% to Rs 786.9 crore. Provision for
interest rose 16.48% to Rs 62.9 crore. Loan funds declined from Rs
1,209.30 crore as of 30 September 2023 to Rs 1,063.70 crore as of 30 September
2024. Sundry debtors were higher at Rs 2,397.20 crore as of 30
September 2024 compared to Rs 1,963.90 crore as of 30 September
2023. Cash and bank balance rose to Rs 1,540.60 crore as of 30
September 2024 from Rs 338.50 crore as of 30 September 2023.
PBDT rose 17.19% to Rs 724
crore. Provision for depreciation rose 34.60% to Rs 205.8
crore. Fixed assets increased to Rs 2,154.40 crore as of 30
September 2024 from Rs 734.70 crore as of 30 September
2023. Intangible assets increased from Rs 1,622.30 crore to Rs
3,783.90 crore.
Profit before tax grew 11.46% to Rs
518.20 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 145.3 crore, compared
to Rs 101.3 crore. Effective tax rate was 28.04% compared to 21.79%.
Minority interest increased 116.76%
to Rs 37.50 crore. Net profit attributable to owners of the company
decreased 3.15% to Rs 335.40 crore.
Equity capital increased from Rs
61.50 crore as of 30 September 2023 to Rs 66.70 crore as of 30 September
2024. Per share face Value remained same at Rs 10.00.
Cash flow from operating activities
increased to Rs 285.20 crore for YTD ended September 2024 from Rs 6.50 crore
for YTD ended September 2023. Cash flow used in acquiring fixed
assets during the YTD ended September 2024 stood at Rs 237.00 crore, compared
to Rs 181.70 crore during the YTD ended September 2023.
Full year results analysis.
Net sales (including other operating income) of Coforge has increased 14.53% to
Rs 9179 crore. Sales of Europe Middle East & Africa segment has
gone up 15.99% to Rs 3,616.00 crore (accounting for 39.39% of total
sales). Sales of Asia Pacific segment has gone up 9.33% to Rs 636.00
crore (accounting for 6.93% of total sales). Sales of India segment
rose 56.99% to Rs 492.00 crore (accounting for 5.36% of total
sales). Sales of America segment has gone up 10.82% to Rs 4,435.00
crore (accounting for 48.32% of total sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 10.75% to Rs 1,467.50
crore. PBIT of Europe Middle East & Africa segment rose 6.69% to
Rs 705.30 crore (accounting for 48.06% of total PBIT). PBIT of Asia
Pacific segment fell 35.78% to Rs 48.10 crore (accounting for 3.28% of total
PBIT). PBIT of India segment fell 189.51% to Rs -82.80 crore
(accounting for -5.64% of total PBIT). PBIT of America segment rose
29.03% to Rs 796.90 crore (accounting for 54.30% of total PBIT).
PBIT margin of Europe Middle East
& Africa segment fell from 21.21% to 19.50%. PBIT margin of Asia
Pacific segment fell from 12.88% to 7.56%. PBIT margin of India
segment fell from negative 9.13% to negative 16.83%. PBIT margin of
America segment rose from 15.43% to 17.97%. Overall PBIT margin fell
from 16.53% to 15.99%.
Operating profit margin has declined
from 15.98% to 15.55%, leading to 11.48% rise in operating profit to Rs
1,427.70 crore. Purchase of finished goods cost fell from 0.69% to
0.10%. Employee cost decreased from 60.24% to 59.99%.
Other expenses rose from 23.09% to 24.35%.
Other income fell 19.55% to Rs 49.8
crore. PBIDT rose 10.05% to Rs 1477.5 crore. Provision
for interest rose 55.83% to Rs 125.6 crore. Loan funds rose to Rs
726.00 crore as of 31 March 2024 from Rs 562.20 crore as of 31 March
2023. Sundry debtors were higher at Rs 1,803.90 crore as of 31 March
2024 compared to Rs 1,613.10 crore as of 31 March 2023. Cash and
bank balance declined from Rs 578.70 crore as of 31 March 2023 to Rs 335.20
crore as of 31 March 2024.
PBDT rose 7.12% to Rs 1351.9
crore. Provision for depreciation rose 23.25% to Rs 318.6
crore. Fixed assets increased to Rs 1,202.40 crore as of 31 March
2024 from Rs 1,150.00 crore as of 31 March 2023. Intangible assets
increased from Rs 1,166.50 crore to Rs 1,173.80 crore.
Profit before tax grew 2.97% to Rs
1,033.30 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 209.3 crore, compared
to Rs 206.1 crore. Effective tax rate was 20.03% compared to 21.67%.
Minority interest decreased 46.20%
to Rs 27.60 crore. Net profit attributable to owners of the company
increased 16.46% to Rs 808.00 crore.
Equity capital increased from Rs
61.10 crore as of 31 March 2023 to Rs 61.80 crore as of 31 March
2024. Per share face Value remained same at Rs 10.00.
Cash flow from operating activities
decreased to Rs 903.40 crore for year ended March 2024 from Rs 950.50 crore for
year ended March 2023. Cash flow used in acquiring fixed assets
during the year ended March 2024 stood at Rs 265.50 crore, compared to Rs
158.20 crore during the year ended March 2023.
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$ 1.31 billion up 40% YoY.
Order intake was at US$ 516
million while 13 new client logos were added during the quarter.
LTM Attrition (excl. BPS)
stood at 11.7%, down 130 bps YoY.
Headcount at the end of the
quarter stood at 32,483; net addition of 5,871 sequentially. This includes
4,430 Cigniti headcounts..
Management Commentary:
Commenting on the
performance Mr Sudhir Singh, CEO said “Q2FY25 has been an exceptional quarter
for the firm. A 27 percent sequential dollar growth with the organic business
having grown 6.3 percent sequentially, a concurrent and material expansion in
EBITDA, the second consecutive quarter of significant net headcount addition, a
large deals pipeline that is looking very robust and an even strengthening
order executable which now is 40 percent higher YoY gives us confidence that
the quarter and quarters to come shall see robust and sustained growth. The
growth and the margin expansion at Cigniti are a preview of sustained growth
and further increases in margin to follow. We have operationally fully integrated
the Cigniti team and the synergies have exceeded even our expectations.”
| Coforge : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202409 | 202309 | Var.(%) | 202409 | 202309 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 3,062.30 | 2,276.20 | 34.54 | 5,463.10 | 4,497.20 | 21.48 | 9,179.00 | 8,014.60 | 14.53 | | OPM (%) | 13.45 | 14.98 | -153 bps | 12.91 | 14.38 | -148 bps | 15.55 | 15.98 | -43 bps | | OP | 411.90 | 340.90 | 20.83 | 705.20 | 646.90 | 9.01 | 1,427.70 | 1,280.70 | 11.48 | | Other Inc. | 56.30 | 8.90 | 532.58 | 81.70 | 24.90 | 228.11 | 49.80 | 61.90 | -19.55 | | PBIDT | 468.20 | 349.80 | 33.85 | 786.90 | 671.80 | 17.13 | 1,477.50 | 1,342.60 | 10.05 | | Interest | 30.40 | 31.90 | -4.70 | 62.90 | 54.00 | 16.48 | 125.60 | 80.60 | 55.83 | | PBDT | 437.80 | 317.90 | 37.72 | 724.00 | 617.80 | 17.19 | 1,351.90 | 1,262.00 | 7.12 | | Depreciation | 124.3 | 77.2 | 61.01 | 205.8 | 152.9 | 34.60 | 318.6 | 258.5 | 23.25 | | PBT | 313.50 | 240.70 | 30.25 | 518.2 | 464.9 | 11.46 | 1033.3 | 1003.5 | 2.97 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 313.5 | 240.7 | 30.25 | 518.2 | 464.9 | 11.46 | 1033.3 | 1003.5 | 2.97 | | EO Income | 0 | 0 | - | 0 | 0 | - | 11.6 | -52.3 | LP | | PBT after EO | 313.5 | 240.7 | 30.25 | 518.2 | 464.9 | 11.46 | 1044.9 | 951.2 | 9.85 | | Taxation | 79.9 | 52.8 | 51.33 | 145.3 | 101.3 | 43.44 | 209.3 | 206.1 | 1.55 | | PAT | 233.6 | 187.9 | 24.32 | 372.9 | 363.6 | 2.56 | 835.6 | 745.1 | 12.15 | | Minority Interest (MI) | 31.4 | 6.9 | 355.07 | 37.5 | 17.3 | 116.76 | 27.6 | 51.3 | -46.20 | | Net profit | 202.2 | 181 | 11.71 | 335.4 | 346.3 | -3.15 | 808 | 693.8 | 16.46 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 202.2 | 181 | 11.71 | 335.4 | 346.3 | -3.15 | 808 | 693.8 | 16.46 | | EPS (Rs)* | 30.32 | 27.14 | 11.71 | 50.29 | 51.92 | -3.15 | 119.81 | 109.75 | 9.16 | | | * EPS is on current equity of Rs 66.69 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) | 202409 | 202309 | Var.(%) | % of (Total) | 202409 | 202309 | Var.(%) | % of (Total) | 202403 | 202303 | Var.(%) |
|---|
| Sales | | Europe Middle East & Africa | 33.78 | 1,034.50 | 883.80 | 17.05 | 35.93 | 1,963.10 | 1,741.30 | 12.74 | 39.39 | 3,616.00 | 3,117.50 | 15.99 | | Asia Pacific | 7.62 | 233.50 | 161.20 | 44.85 | 7.63 | 416.70 | 317.50 | 31.24 | 6.93 | 636.00 | 581.70 | 9.33 | | India | 3.49 | 106.90 | 106.70 | 0.19 | 3.62 | 198.00 | 210.90 | -6.12 | 5.36 | 492.00 | 313.40 | 56.99 | | America | 55.10 | 1,687.40 | 1,124.50 | 50.06 | 52.81 | 2,885.30 | 2,227.50 | 29.53 | 48.32 | 4,435.00 | 4,002.00 | 10.82 | | Total Reported Sales | 100.00 | 3,062.30 | 2,276.20 | 34.54 | 100.00 | 5,463.10 | 4,497.20 | 21.48 | 100.00 | 9,179.00 | 8,014.60 | 14.53 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 3,062.30 | 2,276.20 | 34.54 | 100.00 | 5,463.10 | 4,497.20 | 21.48 | 100.00 | 9,179.00 | 8,014.60 | 14.53 | | PBIT | | Europe Middle East & Africa | 36.70 | 167.00 | 152.70 | 9.36 | 38.31 | 294.40 | 312.80 | -5.88 | 48.06 | 705.30 | 661.10 | 6.69 | | Asia Pacific | 3.65 | 16.60 | 11.50 | 44.35 | 2.45 | 18.80 | 25.50 | -26.27 | 3.28 | 48.10 | 74.90 | -35.78 | | India | -2.48 | -11.30 | -17.80 | 36.52 | -2.46 | -18.90 | -40.90 | 53.79 | -5.64 | -82.80 | -28.60 | -189.51 | | America | 62.14 | 282.80 | 201.00 | 40.70 | 61.70 | 474.20 | 365.10 | 29.88 | 54.30 | 796.90 | 617.60 | 29.03 | | Total PBIT | 100.00 | 455.10 | 347.40 | 31.00 | 100.00 | 768.50 | 662.50 | 16.00 | 100.00 | 1,467.50 | 1,325.00 | 10.75 | | Less : Interest | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Add: Other un-allcoable | | -141.60 | -106.70 | -32.71 | | -250.30 | -197.60 | -26.67 | | -422.60 | -373.80 | -13.06 | | PBIT Margin(%) | | Europe Middle East & Africa | | 16.14 | 17.28 | -113.46 | | 15.00 | 17.96 | -296.69 | | 19.50 | 21.21 | -170.11 | | Asia Pacific | | 7.11 | 7.13 | -2.48 | | 4.51 | 8.03 | -351.99 | | 7.56 | 12.88 | -531.32 | | India | | -10.57 | -16.68 | 611.17 | | -9.55 | -19.39 | 984.76 | | -16.83 | -9.13 | -770.36 | | America | | 16.76 | 17.87 | -111.51 | | 16.44 | 16.39 | 4.45 | | 17.97 | 15.43 | 253.61 | | PBT | 100.00 | 313.50 | 240.70 | 30.25 | 100.00 | 518.20 | 464.90 | 11.46 | 100.00 | 1,044.90 | 951.20 | 9.85 |
|
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