On consolidated basis
Quarter ended June 2022 compared
with Quarter ended March 2022.
Net
sales (including other operating income) of Coforge has increased 4.96% to Rs
1829.4 crore.
Operating profit margin has declined
from 17.93% to 15.78%, leading to 7.65% decline in operating profit to Rs
288.60 crore. Purchase of finished goods cost fell from 3.40% to
2.12%. Employee cost increased from 58.06% to 60.10%.
Other expenses rose from 20.61% to 22.01%.
Other
income fell 39.66% to Rs 14 crore. PBIDT fell 9.86% to Rs 302.6
crore. Provision for interest rose 0.55% to Rs 18.4
crore.
PBDT fell 10.46% to Rs 284.2
crore. Provision for depreciation rose 7.88% to Rs 63
crore.
Profit before tax down 14.59% to Rs
221.20 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 49.3 crore, compared to
Rs 34.2 crore. Effective tax rate was 22.29% compared to 13.20%.
Minority interest increased 29.82%
to Rs 22.20 crore. Net profit attributable to owners of the company
decreased 27.92% to Rs 149.70 crore.
Promoters’ stake was 40.09% as of 30
June 2022 ,compared to 40.09% as of 31 March 2022 .
Quarter ended June 2022 compared
with Quarter ended June 2021.
Net sales (including other operating income) of Coforge has increased 25.16% to
Rs 1829.4 crore. Sales of Europe Middle East Asia & Africa
segment has gone up 30.86% to Rs 674.60 crore (accounting for 36.88% of total
sales). Sales of Asia Pacific segment has gone up 23.17% to Rs
141.40 crore (accounting for 7.73% of total sales). Sales of India
segment fell 1.04% to Rs 75.80 crore (accounting for 4.14% of total
sales). Sales of America segment has gone up 24.23% to Rs 937.60
crore (accounting for 51.25% of total sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 38.69% to Rs 291.80
crore. PBIT of Europe Middle East Asia & Africa segment rose
62.15% to Rs 140.10 crore (accounting for 48.01% of total
PBIT). PBIT of Asia Pacific segment rose 15.04% to Rs 13.00 crore
(accounting for 4.46% of total PBIT). PBIT of India segment fell
113.56% to Rs -12.60 crore (accounting for -4.32% of total
PBIT). PBIT of America segment rose 27.57% to Rs 151.30 crore
(accounting for 51.85% of total PBIT).
PBIT margin of Europe Middle East
Asia & Africa segment rose from 16.76% to 20.77%. PBIT margin of
Asia Pacific segment fell from 9.84% to 9.19%. PBIT margin of India
segment fell from negative 7.70% to negative 16.62%. PBIT margin of
America segment rose from 15.71% to 16.14%. Overall PBIT margin rose
from 14.40% to 15.95%.
Operating profit margin has jumped
from 14.46% to 15.78%, leading to 36.52% rise in operating profit to Rs 288.60
crore. Purchase of finished goods cost fell from 3.39% to 2.12%.
Employee cost decreased from 61.29% to 60.10%. Other
expenses rose from 20.96% to 22.01%.
Other income fell 13.04% to Rs 14
crore. PBIDT rose 33.01% to Rs 302.6 crore. Provision for
interest rose 54.62% to Rs 18.4 crore.
PBDT rose 31.82% to Rs 284.2
crore. Provision for depreciation rose 20.23% to Rs 63
crore.
Profit before tax grew 35.54% to Rs
221.20 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 49.3 crore, compared to
Rs 32 crore. Effective tax rate was 22.29% compared to 19.61%.
Minority interest increased 192.11%
to Rs 22.20 crore. Net profit attributable to owners of the company
increased 21.12% to Rs 149.70 crore.
Promoters’ stake was 40.09% as of 30
June 2022 ,compared to 55.73% as of 30 June 2021 .
Full year results analysis.
Net sales (including other operating income) of Coforge has increased 37.94% to
Rs 6432 crore. Sales of Europe, Middle East and Africa segment has
gone up 32.54% to Rs 2,277.10 crore (accounting for 35.40% of total
sales). Sales of Asia Pacific segment has gone up 34.76% to Rs
543.90 crore (accounting for 8.46% of total sales). Sales of India
segment fell 11.12% to Rs 282.20 crore (accounting for 4.39% of total
sales). Sales of Americas segment has gone up 49.70% to Rs 3,328.80
crore (accounting for 51.75% of total sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 41.82% to Rs 1,115.40
crore. PBIT of Europe, Middle East and Africa segment rose 30.58% to
Rs 470.60 crore (accounting for 42.19% of total PBIT). PBIT of Asia
Pacific segment rose 44.61% to Rs 59.00 crore (accounting for 5.29% of total
PBIT). PBIT of India segment fell 1,423.08% to Rs -19.80 crore
(accounting for -1.78% of total PBIT). PBIT of Americas segment rose
56.65% to Rs 605.60 crore (accounting for 54.29% of total PBIT).
PBIT margin of Europe, Middle East
and Africa segment fell from 20.98% to 20.67%. PBIT margin of Asia
Pacific segment rose from 10.11% to 10.85%. PBIT margin of India
segment fell from negative 0.41% to negative 7.02%. PBIT margin of
Americas segment rose from 17.39% to 18.19%. Overall PBIT margin
rose from 16.87% to 17.34%.
Operating profit margin has jumped
from 16.72% to 17.13%, leading to 41.36% rise in operating profit to Rs
1,101.90 crore. Purchase of finished goods cost fell from 4.15% to
2.68%. Employee cost decreased from 60.39% to 59.62%.
Other expenses rose from 18.74% to 20.57%.
Other income rose 58.90% to Rs 51.8
crore. PBIDT rose 42.06% to Rs 1153.7 crore. Provision
for interest rose 354.55% to Rs 65 crore. Loan funds rose to Rs
489.60 crore as of 31 March 2022 from Rs 82.60 crore as of 31 March
2021. Sundry debtors were higher at Rs 1,389.40 crore as of 31 March
2022 compared to Rs 1,068.30 crore as of 31 March 2021. Cash and
bank balance declined from Rs 812.20 crore as of 31 March 2021 to Rs 453.50
crore as of 31 March 2022.
PBDT rose 36.46% to Rs 1088.7
crore. Provision for depreciation rose 23.75% to Rs 227.2
crore. Fixed assets increased to Rs 601.40 crore as of 31 March 2022
from Rs 598.20 crore as of 31 March 2021. Intangible assets
increased from Rs 422.60 crore to Rs 1,482.10 crore.
Profit before tax grew 40.26% to Rs
861.50 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 146.8 crore, compared
to Rs 130.2 crore. Effective tax rate was 17.04% compared to 21.84%.
Minority interest increased 409.62%
to Rs 53.00 crore. Net profit attributable to owners of the company
increased 45.24% to Rs 661.70 crore.
Equity capital increased from Rs 60.60
crore as of 31 March 2021 to Rs 60.90 crore as of 31 March 2022. Per
share face Value remained same at Rs 10.00.
Promoters’ stake was 40.09% as of 31
March 2022 ,compared to 63.99% as of 31 March 2021 .
Cash flow from operating activities
increased to Rs 765.60 crore for year ended March 2022 from Rs 762.30 crore for
year ended March 2021. Cash flow used in acquiring fixed assets
during the year ended March 2022 stood at Rs 154.10 crore, compared to Rs 78.20
crore during the year ended March 2021.
Dividend: The board of directors has declared first interim dividend of Rs 13/-
per equity share of the company the face value of Rs 10/- each fully paid up.
Management Commentary:
Commenting on the performance Mr
Sudhir Singh, CEO said " The fifth deal in the last five quarters with TCV
greater than USD 50 million was signed during this quarter. The size and
velocity of large deals, including a USD 100 plus million deal, sets us up for
continued robust growth. Equally importantly it helps us further enhance our
offshore operations helping us build strong moats around margin defence."
| Coforge : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202206 | 202106 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 1,829.40 | 1,461.60 | 25.16 | 6,432.00 | 4,662.80 | 37.94 | | OPM (%) | 15.78 | 14.46 | 131 bps | 17.13 | 16.72 | 41 bps | | OP | 288.60 | 211.40 | 36.52 | 1,101.90 | 779.50 | 41.36 | | Other Inc. | 14.00 | 16.10 | -13.04 | 51.80 | 32.60 | 58.90 | | PBIDT | 302.60 | 227.50 | 33.01 | 1,153.70 | 812.10 | 42.06 | | Interest | 18.40 | 11.90 | 54.62 | 65.00 | 14.30 | 354.55 | | PBDT | 284.20 | 215.60 | 31.82 | 1,088.70 | 797.80 | 36.46 | | Depreciation | 63 | 52.4 | 20.23 | 227.2 | 183.6 | 23.75 | | PBT | 221.20 | 163.20 | 35.54 | 861.5 | 614.2 | 40.26 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 221.2 | 163.2 | 35.54 | 861.5 | 614.2 | 40.26 | | EO Income | 0 | 0 | - | 0 | -18 | - | | PBT after EO | 221.2 | 163.2 | 35.54 | 861.5 | 596.2 | 44.50 | | Taxation | 49.3 | 32 | 54.06 | 146.8 | 130.2 | 12.75 | | PAT | 171.9 | 131.2 | 31.02 | 714.7 | 466 | 53.37 | | Minority Interest (MI) | 22.2 | 7.6 | 192.11 | 53 | 10.4 | 409.62 | | Net profit | 149.7 | 123.6 | 21.12 | 661.7 | 455.6 | 45.24 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 149.7 | 123.6 | 21.12 | 661.7 | 455.6 | 45.24 | | EPS (Rs)* | 24.57 | 20.29 | 21.12 | 108.60 | 77.03 | 40.98 | | | * EPS is on current equity of Rs 60.93 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
|
| Coforge : Consolidated Segment Results | | | Quarter ended | Year ended |
|---|
| % of (Total) | 202206 | 202106 | Var.(%) | % of (Total) | 202203 | 202103 | Var.(%) |
|---|
| Sales | | Europe Middle East Asia & Africa | 36.88 | 674.60 | 515.50 | 30.86 | 35.40 | 2,277.10 | 1,718.10 | 32.54 | | Asia Pacific | 7.73 | 141.40 | 114.80 | 23.17 | 8.46 | 543.90 | 403.60 | 34.76 | | India | 4.14 | 75.80 | 76.60 | -1.04 | 4.39 | 282.20 | 317.50 | -11.12 | | America | 51.25 | 937.60 | 754.70 | 24.23 | 51.75 | 3,328.80 | 2,223.60 | 49.70 | | Total Reported Sales | 100.00 | 1,829.40 | 1,461.60 | 25.16 | 100.00 | 6,432.00 | 4,662.80 | 37.94 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 1,829.40 | 1,461.60 | 25.16 | 100.00 | 6,432.00 | 4,662.80 | 37.94 | | PBIT | | Europe Middle East Asia & Africa | 48.01 | 140.10 | 86.40 | 62.15 | 42.19 | 470.60 | 360.40 | 30.58 | | Asia Pacific | 4.46 | 13.00 | 11.30 | 15.04 | 5.29 | 59.00 | 40.80 | 44.61 | | India | -4.32 | -12.60 | -5.90 | -113.56 | -1.78 | -19.80 | -1.30 | -1,423.08 | | America | 51.85 | 151.30 | 118.60 | 27.57 | 54.29 | 605.60 | 386.60 | 56.65 | | Total PBIT | 100.00 | 291.80 | 210.40 | 38.69 | 100.00 | 1,115.40 | 786.50 | 41.82 | | Less : Interest | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Add: Other un-allcoable | | -70.60 | -47.20 | -49.58 | | -253.90 | -190.30 | -33.42 | | PBIT Margin(%) | | Europe Middle East Asia & Africa | | 20.77 | 16.76 | 400.74 | | 20.67 | 20.98 | -31.00 | | Asia Pacific | | 9.19 | 9.84 | -64.94 | | 10.85 | 10.11 | 73.86 | | India | | -16.62 | -7.70 | -892.03 | | -7.02 | -0.41 | -660.69 | | America | | 16.14 | 15.71 | 42.21 | | 18.19 | 17.39 | 80.65 | | PBT | 100.00 | 221.20 | 163.20 | 35.54 | 100.00 | 861.50 | 596.20 | 44.50 |
|
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