Coforge FY2013 revenues up 28%

Q4FY13 PAT up 22% YoY
Board recommends Rs. 8.5 per share as dividend for the year

New Delhi, May 17th 2013, Friday: – Coforge Limited (NSE: Coforge), a leading IT solutions provider, announced its audited results for the year ended in March 31, 2013. Consolidated revenues for the year grew 28.2% over the previous year to Rs.2021.4 Crores and operating profits improved by 22.8% to Rs. 329.5 Crores. PAT for the year was Rs. 213.2 Crores.

The board recommended Rs. 8.5 per equity share as dividend for FY’13.

“We experienced sequential growth in each quarter of the year, driven by all round expansion in revenues across all geographies and industry segments of focus over the previous year.” said Mr. Arvind Thakur, CEO, Coforge Ltd. “Exceptional value delivered to customers has resulted in growth being among the top in the industry”, he added.

Top 5 accounts grew by 37% during the year contributing 32% to the total revenue. Travel and Transport segment showed maximum traction with 38% growth and contributed to 40% of total revenues. Other segments of focus like BFSI, Manufacturing & Government contributed to 32%, 7%, and 8% of the revenue mix respectively.

During the year Company acquired the Manila Development Centre of Sabre Holdings’ in Philippines to enhance its global delivery footprint.

Performance highlights for quarter ended March 31, 2013:

» Consolidated Revenues grew 4.4% sequentially to Rs. 537.2 Crores
» Operating Profits grew 8.8% QoQ to Rs.88.4 Crores
» Operating Margin expands 66 bps QoQ to 16.5%
» Fresh Order Intake during the quarter of USD 110 Mn
» Five significant clients were added during the quarter


JAN-MAR QUARTER Performance at a Glance

Qtr ended
Mar 31, 2012

Rs. Cr

Qtr ended
Mar 31, 2013

Rs. Cr

Consolidated Revenue  Rs. 443.5 Rs. 537.2 21.1%
Operating Profit  Rs. 74.5 Rs. 88.4 18.7%
Profit After Tax  Rs. 46.2 Rs. 56.6 22.4%

Business in the US and EMEA contributed to 38% and 37% respectively to the total revenue share during the quarter, while the revenue share from APAC and India stood at 25% representing a balanced revenue mix of business from across the world.

The quarter was marked by the successful implementation of an integrated cargo management solution at the Cathay Pacific Cargo Terminal, Hong Kong, the world’s busiest air cargo hub. The terminal is specially designed for ‘Just-in-Time’ operation and facilitates hub transfer handling, reducing the waiting time between connections. The Company also merged two Passenger Service Systems and migrated it into a single system with a smooth cut over for Virgin Australia, to facilitate its transition into a single brand.

Fresh orders of USD 110Mn were secured during the quarter leading to USD 252Mn worth of orders executable over the next 12 months. This includes an extension of USD 10Mn+ contract from a US based BFSI client, and a multiyear Comprehensive Financial Management System (CFMS) contract of Rs. 185 crore from the Finance Department of Andhra Pradesh Government. CFMS would be the first of its kind implementation of SAP Public Budget Formulation (PBF) in the country. Five significant clients were added during the quarter, two in the Travel and Transportation segment, two in Government and one in Manufacturing.

“Strong order intake in the fourth quarter of last year and early big wins in the first quarter of this year will help sustain growth momentum in the current year” said Mr. Rajendra S. Pawar, Chairman, Coforge Ltd.

In the first quarter of FY14 the Company has signed Asia’s first multi airport implementation contract of Rs.344 crore with Airports Authority of India (AAI) to set up State-of-the-Art Airport Operations Control Centers across 10 airports in India.

Q4FY13 witnessed sustained hiring and low attrition with the addition of 276 people taking the total headcount to 8,158 at the end of the period under review and attrition rate being 12.21%.

Acknowledgements during the quarter

  • Coforge was conferred “Solution Partner of the Year 2012” award by Motorola for its innovative implementation for the India Tobacco Board project.
  • Pilot Project of Odisha CCTNS won Best “Government to Citizen (G2C) Initiative” award at the eOdisha Summit.

About Coforge

Coforge is a leading IT solutions organization, servicing customers in North America, Europe, Middle East, Asia and Australia. It offers services in Application Development and Maintenance, Managed Services, IP Asset or Platform Solutions, and Business Process Outsourcing to organisations in the Financial Services, Travel & Transportation, Manufacturing/Distribution, Healthcare and Government sectors. The Company adheres to major global benchmarks and standards, having secured the ISO 9001:2000 certifications and the ISO: 27001 Information Security Management accreditation. Coforge also follows global standards of development. It has been assessed at Level 5 of SEI CMMi version 1.2. Coforge Business Process Outsourcing conforms to the highest quality standards such as COPC and Six Sigma. Its data centre operations are assessed at the international ISO 20000 IT management standards.

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Safe Harbor

Certain statements in this release are forward-looking statements. The business involves various risks, and uncertainties that could result in the actual results to differ materially from those indicated here. All forward looking statements made herein are based on information presently available to the management of the Company and the Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.