Coforge reports 43% revenue growth and 40% increase in Net Profit for Q1 FY'13

New Delhi, July 19th 2012,Thursday: – Coforge Ltd.(NSE:Coforge), a leading global IT solutions organization, today announced its financial results for the quarter ended June 30, 2012, with a revenue increase of 43% over the same period last year, representing a sequential growth of 5.9%. Net Profit increased by 40% YoY and 24% QoQ to Rs. 57.5 Crores. Operating Profits stood at Rs.75.1 Crores.

Performance highlights:

» Consolidated Revenues were up at Rs. 469.6 Crores compared to Rs. 328.8 Crores same quarter last year
»  $ 83m  fresh order intake
» 5 new significant customers added
» Multi-million dollar clients increased to 64


APR-JUN 2012-13 Quarter Performance at a Glance

Qtr ended
Jun 30, '11

Rs. Cr

Qtr ended
  Jun30, '12

Rs. Cr

Consolidated Revenue  Rs. 328.8 Rs. 469.6 42.8%
Operating Profit  Rs. 60.8 Rs. 75.1 23.4%
Profit After Tax  Rs. 41.2 Rs. 57.5 39.7%


Gains from depreciation of rupee were offset by annual compensation increase during the quarter, resulting in drop in margins by 80bps to 16% from 16.8% last quarter.

Business in the US contributed to 36%, EMEA increased to 39% of the total revenue share, while the revenue share from APAC stood at 13% and India at 12%. Among industry segments, Travel & Transport increased to 40%, BFSI contributed to 34% of revenues and Manufacturing/Distribution stood at 7%.

“The focused approach to address select industry segments has resulted in sustained growth with the travel segment demonstrating maximum traction, now contributing to 40% of the revenues” said Arvind Thakur, Chief Executive Officer, Coforge Ltd.
$ 83m of fresh orders were secured during the quarter, leading to $ 240m of executable order book over the next 12 months. The Company was selected as a development partner for a leading airline which is undergoing a major transformation to become a full network ticketed carrier. Also, the Company was able to enhance its presence by signing a $ 15m renewal with a leading BFS client.

Two customers were added in the Travel and Transportation vertical and one each in BFSI, Manufacturing/Distribution and Government.

“Though the environment remains challenging, the strong order book and steady intake of fresh business will support sustained growth” said Mr. Rajendra S. Pawar, Chairman, Coforge Ltd.

Fresh orders were secured in all major geographies supporting balanced revenue growth with a $ 25m intake in the US, $ 30m in EMEA and $ 28m in APAC/India. In India yet another state, the state of Odisha, engaged the Company to execute the prestigious CCTNS program. 

Acknowledgements during the quarter

» Coforge received a positive mention in the recent Forrester Report - “The Move to an Asset-Based Services Play”, that acknowledges Coforge’ new investments and strong go-to-market and sales program in context to the asset-based offerings
»  The Company was featured in the Leaders category in the ‘2012 Global Outsourcing 100 service providers’ list
»  Coforge facilitates its “Intranet Prahari” project for Border Security Force to be the “Best G2G Initiative of the year” at eWorld Forum 2012


About Coforge

Coforge is a global IT solutions organization, servicing customers in North America, Europe, Asia and Australia. It offers services in Application Development and Maintenance, Enterprise Solutions, Managed Services and Business Process Management to organizations in few select industry segments with dominant share in Travel and Transport. Coforge follows the higher standards of operations which includes ISO 9001:2008 certification, assessment at Level 5 of both SEI-CMMi version 1.2 and People-CMM frameworks, ISO 27001 information security management certification. Its data centre operations are assessed at the international ISO 20000 IT management standards.

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