Coforge reports 44% revenue growth and 34% rise in Net Profits during Q3 FY12

New Delhi, January 18th, 2012, Wednesday:

Coforge Ltd.(NSE:Coforge), a leading global IT solutions organization, today announced its consolidated financial results for the quarter ended December 31, 2011, with a revenue increase of 44% over the same period last year to Rs 433 Crores. Net profits increased by 34% to Rs 64 Crores.

Performance highlights:

» Consolidated Revenues up 16.7% QoQ to Rs 433 Crores
» Operating Profits up 41.8% QoQ to Rs 78 Crores
» Operating Margins up 18% QoQ at 319 bps
» Net Profit up 39.8% QoQ to Rs 64 Crores
» Company posted an EPS of Rs 10.77

“We are pleased to report another quarter with all round revenue growth in each geography, and a quarter with growth in every industry segment of focus; said Arvind Thakur, Chief Executive Officer, Coforge Ltd.


OCT-DEC 2011-12 Quarter Performance at a Glance
  Qtr ended
Dec 31, 2010
Rs. Cr
Qtr ended
Dec 31, 2011
Rs. Cr
Consolidated Revenues 300.6 433 44%
Operating Profit 62.2 78 25.4%
Profit After Tax 47.8 64 33.8%


Consolidated revenues grew 16.7% sequentially during the quarter on the back of volume growth of 7.8% over the previous quarter. Strong growth in US and EMEA and robust traction in the Travel & Transport segment were the prime contributors to these impressive results.

Significant multi-million dollar repeat orders from top clients led to $75m of fresh order intake, resulting in $245m of executable order book over the next 12 months. Four new customers were added during the quarter. Two customers were added in BFSI and one each in Travel & Transport and Manufacturing.

“Strong order build-up and continued YoY improvement in fresh order intake will sustain growth for the Company; said Mr. Rajendra S. Pawar, Chairman, Coforge Ltd.

Large transformational engagements secured in the previous quarter, along with growth in our key accounts and the complete integration of the Spanish acquisition have resulted in the revenue share of US and EMEA to 37% and 39% respectively. Travel and Transportation contributed to 38% of revenue mix, while BSFI contributed 36% of revenues.

During the quarter, the Company successfully commissioned the prestigious Border Security Force “Intranet Prahari” project. It may be recalled, this was a Rs 229 Crores engagement sanctioned by the Ministry of Home Affairs. The Company has now embarked on the execution of another prestigious program to automate the Crime and Criminal Tracking Network Systems (CCTNS) for which it had secured orders from 2 states in the country.

245 net additions of employees took place during the quarter taking the total headcount to 6978. Attrition is down to 12.5%.

Acknowledgements during the quarter

» The Company was listed in the ET 500 published in December 2011.

» Ms. Pratibha K. Advani, Chief Financial Officer was awarded “Leading Woman Chief Financial Officer” 2011, by iiGroup, the global organization which keeps executives up-to-date with industry trends.

» Mr. Lalit Dhingra, President, Coforge, USA, was conferred an Honoree Business Leader by the prestigious Stevie American Business Awards.


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 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.

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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.