Secures a large deal from a UK regulatory body
Noida, January 15th 2016, Friday: Coforge Limited (NSE: Coforge), a leading global IT solutions organization, today announced its financial results for the quarter ended in December 31, 2015 with a revenue increase of 14% over the same period last year to Rs.678.7 Crores. Operating Profits grew 43.4% over same period last year to Rs. 123.6 Crores and Profit after Tax expanded 53.9% to
Rs. 74.2 Crores.
|OCT- DEC FY’16 Quarter Performance at a glance|
|Profit After Tax||48.2||74.2||53.9%|
"Operating Margins continued to expand sequentially during the quarter improving 60 bps to 18.2%" said Mr. Arvind Thakur, CEO and Joint MD, Coforge Ltd.
Business in the US contributes to 46% of overall revenues during the quarter. EMEA to 34% while the revenue share from APAC contributed 10% to total revenues and revenues from India contributed to 10% of the mix.
Amongst industry segments, BFSI grew 2.1% contributing to 38% of total revenues. Travel and Transportation revenues declined 3.7% resulting to a share of 36% and Manufacturing/Distribution contributed 9%. Revenues from Government contributed 3% of the revenue mix.
Order intake during the quarter was USD 123mn resulting in USD 301mn of order book executable over the next 12 months.
"The company had strong intake of new business during the quarter", said Mr. Sudhir Chaturvedi, COO, Coforge Ltd. "4 new logos were added during the quarter including a large engagement from UK regulator Ofcom"
The company secured a large deal from a UK regulatory body Ofcom. Coforge will help Ofcom manage its infrastructure and application systems and offer a customer focused service to improve the users’ experience of ICT services. The value of the contract is £23m over a six year period which includes an initial term of 4 years and extensions.
In this quarter Coforge completed some key flagship digital experience projects in multiple clients in the travel vertical. The Company secured 5 new Digital engagements in areas like Predictive Demand modelling, Omni-channel commerce, Next Best Action and Migration to Amazon Web Services. It expanded the capability of its advanced analytics platform, Digital Foresight® to deliver business outcomes aimed at increasing sales, reducing customer churn and combating fraud. The Company is investing in developing strong capabilities across Digital Experience, Analytics and Digital Integration.
Digital Services comprise 15% of company revenues.
“Our success in building Digital capability has been recognized by leading industry analysts”, said Mr. Rajendra Pawar, Chairman Coforge Ltd.
Coforge has been positioned as ‘Leader’ within NelsonHall Digital Transformation Services NEAT.
Head count stood at 9,517 at the end of the quarter with utilization of direct resources at 78.7%.
Coforge is a leading global IT solutions organization, servicing customers in Americas, Europe, Middle East, Asia and Australia. It offers services in Application Development and Maintenance, Infrastructure Management, IP Asset or Platform Solutions, Business Process Management, and Digital Services to organisations in the Financial Services, Travel & Transportation, Manufacturing/Distribution, 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 Management conforms to the highest quality standards such as COPC. Its data centre operations are assessed at the international ISO 20000 IT management standards.
For further information, please visit www.coforgetech.com
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.