New Delhi, October 16th 2012,Tuesday: – Coforge Ltd.(NSE:Coforge), a leading global IT solutions organization, today announced its financial results for the quarter ended September 30, 2012, with a revenue increase of 34.8% over the same period last year, representing a sequential growth of 6.5%. Operating Profits stood at Rs. 84.8 Crores representing a YoY growth of 54.2% and sequential growth of 13%.
» Consolidated Revenues grow 6.5% sequentially to Rs. 500.1 Crores
» Operating Profits grow 13% sequentially to Rs. 84.8 Crores
» Operating Margins improve by 97 bps over previous quarter to 17%
» $ 93 m fresh order intake
» 3 new significant customers added
» Acquired Philippines Development Center of Sabre Holdings
|JUL-SEP 2012-13 Quarter Performance at a Glance|
|Consolidated Revenue||Rs. 371.1||Rs. 500.1||34.8%|
|Operating Profit||Rs. 55||Rs. 84.8||54.2%|
|Profit After Tax||Rs. 45.8||Rs. 43.1||-5.8%|
“We are pleased to report yet another quarter of significant growth with international revenues growing sequentially by 8.9%” said Arvind Thakur, Chief Executive Officer, Coforge Ltd. “Operating Profits grew even better than revenues, however loss in other income due to the appreciating rupee at the end of the quarter resulted in a decline in net profits”, added Mr. Thakur.
Business in the US recorded the strongest growth with most accounts showing good traction and contributed to 38% of revenues, EMEA continued to contribute to the largest share at 39% of revenue, while the revenue share from APAC and India stood at 23%. Among industry segments, Travel & Transport continued to exhibit robust growth increasing revenue share to 42%, BFSI contributed to 33% of revenues and Manufacturing/Distribution stood at 6%.
93m USD of fresh orders were secured during the quarter which included new business from an existing client of 20m USD leading to 253m USD of order book executable over the next 12 months.
Three new clients were added which included one each in Travel and Transportation, BFSI and others.
“Our revenues during this quarter crossed Rs. 500 Crores” said Mr. Rajendra S. Pawar, Chairman, Coforge Ltd. “This important milestone was achieved for the first time as a result of sustained order build-up with some large engagements” added Mr. Pawar.
The Company acquired the Philippines Development Center of Sabre Holdings during the quarter. Sabre, a global technology company, is the world’s leading provider of solutions for the travel industry and also a key customer of Coforge. The acquisition further deepens Coforge’ engagement with Sabre and enhances its global delivery capability. Manila is a proven destination for Business Process Outsourcing (BPO) services and Coforge will provide services to Sabre and its other customers from this Manila center.
173 net additions of staff took place during the quarter taking the total headcount to 7617 at the end of the period.
Acknowledgements during the quarter
- Coforge Ranked No.1 across all industries globally in the 2012 ASTD (American Society for Training and Development) BEST Awards
- Recognized as a Special Category Winner, ranked No.3 in Best Companies in Career Growth category in Great Place to work study, 2012
- Coforge’ “Intranet Prahari” bags Skoch Digital Inclusion Award 2012 for the ‘Best Process Automation’
- Received Award for Excellence in “HR through Technology” and “Training” at ASIA’s Best Employer Brand Awards 2012
- Gartner favorably acknowledged Coforge for its ipf3 offering in the Insurance sector in the latest Gartner Insurance report on European Non-Life Policy Admin, 2012
- Chief Executive Officer Arvind Thakur conferred with the prestigious Gold Stevie Award in the Executive of the Year, Computer Services category, for the 9th Annual International Business Awards
- Chief People Officer, Rosita Rabindra conferred with HR Leadership Award at ASIA’s Best Employer Brand Awards 2012
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 organizations 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.
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.