On consolidated basis
Quarter ended September 2022
compared with Quarter ended June 2022.
Net sales (including other operating income) of Coforge has increased 7.11% to
Rs 1959.4 crore.
Operating profit margin has jumped
from 15.78% to 17.20%, leading to 16.81% rise in operating profit to Rs 337.10
crore. Purchase of finished goods cost fell from 2.12% to 0.27%.
Employee cost decreased from 60.10% to 59.81%. Other
expenses rose from 22.01% to 22.72%.
Other income fell 3.57% to Rs 13.5
crore. PBIDT rose 15.86% to Rs 350.6 crore. Provision for
interest rose 15.22% to Rs 21.2 crore. Loan funds remained
nil.
PBDT rose 15.90% to Rs 329.4
crore. Provision for depreciation fell 2.54% to Rs 61.4
crore.
Profit before tax grew 21.16% to Rs 268.00
crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 47.4 crore, compared to
Rs 49.3 crore. Effective tax rate was 17.69% compared to 22.29%.
Minority interest decreased 12.16%
to Rs 19.50 crore. Net profit attributable to owners of the company
increased 34.34% to Rs 201.10 crore.
Promoters’ stake was 40.09% as of 30
September 2022 ,compared to 40.09% as of 30 June 2022 .
Quarter ended September 2022
compared with Quarter ended September 2021.
Net sales (including other operating income) of Coforge has increased 24.85% to
Rs 1959.4 crore. Sales of Europe Middle East Asia & Africa
segment has gone up 48.15% to Rs 754.70 crore (accounting for 38.52% of total
sales). Sales of Asia Pacific segment has gone down 6.98% to Rs
146.50 crore (accounting for 7.48% of total sales). Sales of India
segment fell 35.54% to Rs 53.50 crore (accounting for 2.73% of total
sales). Sales of America segment has gone up 22.60% to Rs 1,004.70
crore (accounting for 51.28% of total sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 25.83% to Rs 344.40
crore. PBIT of Europe Middle East Asia & Africa segment rose
49.67% to Rs 157.60 crore (accounting for 45.76% of total
PBIT). PBIT of Asia Pacific segment fell 14.15% to Rs 17.60 crore
(accounting for 5.11% of total PBIT). PBIT of India segment fell
352.17% to Rs -10.40 crore (accounting for -3.02% of total
PBIT). PBIT of America segment rose 19.57% to Rs 179.60 crore (accounting
for 52.15% of total PBIT).
PBIT margin of Europe Middle East
Asia & Africa segment rose from 20.67% to 20.88%. PBIT margin of
Asia Pacific segment fell from 13.02% to 12.01%. PBIT margin of
India segment fell from negative 2.77% to negative 19.44%. PBIT
margin of America segment fell from 18.33% to 17.88%. Overall PBIT
margin rose from 17.44% to 17.58%.
Operating profit margin has declined
from 17.50% to 17.20%, leading to 22.72% rise in operating profit to Rs 337.10
crore. Purchase of finished goods cost fell from 1.73% to 0.27%.
Employee cost decreased from 61.04% to 59.81%. Other
expenses rose from 19.61% to 22.72%.
Other income rose 75.32% to Rs 13.5
crore. PBIDT rose 24.15% to Rs 350.6 crore. Provision for
interest rose 28.48% to Rs 21.2 crore. Loan funds rose to Rs 755.40
crore as of 30 September 2022 from Rs 531.00 crore as of 30 September
2021. Sundry debtors were higher at Rs 1,695.60 crore as of 30
September 2022 compared to Rs 1,308.10 crore as of 30 September
2021. Cash and bank balance rose to Rs 388.90 crore as of 30
September 2022 from Rs 280.90 crore as of 30 September 2021.
PBDT rose 23.88% to Rs 329.4
crore. Provision for depreciation rose 2.68% to Rs 61.4
crore. Fixed assets increased to Rs 1,056.60 crore as of 30
September 2022 from Rs 573.90 crore as of 30 September
2021. Intangible assets declined from Rs 1,496.40 crore to Rs
1,055.70 crore.
Profit before tax grew 30.03% to Rs
268.00 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 47.4 crore, compared to
Rs 44.6 crore. Effective tax rate was 17.69% compared to 21.64%.
Minority interest increased 31.76%
to Rs 19.50 crore. Net profit attributable to owners of the company
increased 37.08% to Rs 201.10 crore.
Equity capital increased from Rs
60.60 crore as of 30 September 2021 to Rs 61.00 crore as of 30 September
2022. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 40.09% as of 30
September 2022 ,compared to 50.18% as of 30 September 2021 .
Year-to-date (YTD) results analysis.
Net sales (including other operating income) of Coforge has increased 25% to Rs
3788.8 crore. Sales of Europe Middle East Asia & Africa segment
has gone up 39.46% to Rs 1,429.30 crore (accounting for 37.72% of total sales). Sales
of Asia Pacific segment has gone up 5.73% to Rs 287.90 crore (accounting for
7.60% of total sales). Sales of India segment fell 18.98% to Rs
129.30 crore (accounting for 3.41% of total sales). Sales of America
segment has gone up 23.38% to Rs 1,942.30 crore (accounting for 51.26% of total
sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 31.42% to Rs 636.20
crore. PBIT of Europe Middle East Asia & Africa segment rose
55.29% to Rs 297.70 crore (accounting for 46.79% of total
PBIT). PBIT of Asia Pacific segment fell 3.77% to Rs 30.60 crore
(accounting for 4.81% of total PBIT). PBIT of India segment fell
180.49% to Rs -23.00 crore (accounting for -3.62% of total
PBIT). PBIT of America segment rose 23.10% to Rs 330.90 crore
(accounting for 52.01% of total PBIT).
PBIT margin of Europe Middle East
Asia & Africa segment rose from 18.70% to 20.83%. PBIT margin of
Asia Pacific segment fell from 11.68% to 10.63%. PBIT margin of
India segment fell from negative 5.14% to negative 17.79%. PBIT
margin of America segment fell from 17.08% to 17.04%. Overall PBIT
margin rose from 15.97% to 16.79%.
Operating profit margin has jumped
from 16.04% to 16.51%, leading to 28.72% rise in operating profit to Rs 625.70
crore. Purchase of finished goods cost fell from 2.54% to 1.16%.
Employee cost decreased from 61.16% to 59.95%. Other
expenses rose from 20.26% to 22.37%.
Other income rose 15.55% to Rs 27.5
crore. PBIDT rose 28.10% to Rs 653.2 crore. Provision for
interest rose 39.44% to Rs 39.6 crore. Loan funds rose to Rs 755.40
crore as of 30 September 2022 from Rs 531.00 crore as of 30 September
2021. Sundry debtors were higher at Rs 1,695.60 crore as of 30
September 2022 compared to Rs 1,308.10 crore as of 30 September
2021. Cash and bank balance rose to Rs 388.90 crore as of 30
September 2022 from Rs 280.90 crore as of 30 September 2021.
PBDT rose 27.44% to Rs 613.6
crore. Provision for depreciation rose 10.87% to Rs 124.4
crore. Fixed assets increased to Rs 1,056.60 crore as of 30
September 2022 from Rs 573.90 crore as of 30 September
2021. Intangible assets declined from Rs 1,496.40 crore to Rs
1,055.70 crore.
Profit before tax grew 32.47% to Rs
489.20 crore. Share of profit/loss were nil in both the periods. Provision
for tax was expense of Rs 96.7 crore, compared to Rs 76.6
crore. Effective tax rate was 19.77% compared to 20.74%.
Minority interest increased 86.16%
to Rs 41.70 crore. Net profit attributable to owners of the company
increased 29.78% to Rs 350.80 crore.
Equity capital increased from Rs
60.60 crore as of 30 September 2021 to Rs 61.00 crore as of 30 September
2022. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 40.09% as of 30
September 2022 ,compared to 50.18% as of 30 September 2021 .
Cash flow from operating activities
decreased to Rs 108.80 crore for YTD ended September 2022 from Rs 191.90 crore
for YTD ended September 2021. Cash flow used in acquiring fixed
assets during the YTD ended September 2022 stood at Rs 89.20 crore, compared to
Rs 104.00 crore during the YTD ended September 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 1,012.70 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 1,070.80 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.
Other
Highlights:
Order intake was $304 million
in Q2FY2023.
Total order
book
executable over the next 12
months at
$802 million.
11 new
clients were added during the quarter.
Guidance: The company has reiterated its annual revenue guidance to
grow at least 20% in
constant
currency terms and Adjusted EBITDA margin guidance between
18.5% and 19.0% for the fiscal year
2023.
Dividend: The board of
directors has recommended an 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 “A record high twelve month locked-in order book of $800 million plus,
a highly committed workforce with one of the lowest employee attrition
numbers across the industry, a large deal machinery that continues to close
pursuits at scale, robust quarterly order intake of $300
million plus,
and the absence of a disproportionate reliance on any single client gives us
confidence that revenue growth will continue to be sustained and robust in
FY’23 and beyond”
| Coforge : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202209 | 202109 | Var.(%) | 202209 | 202109 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 1,959.40 | 1,569.40 | 24.85 | 3,788.80 | 3,031.00 | 25.00 | 6,432.00 | 4,662.80 | 37.94 | | OPM (%) | 17.20 | 17.50 | -30 bps | 16.51 | 16.04 | 48 bps | 17.13 | 16.72 | 41 bps | | OP | 337.10 | 274.70 | 22.72 | 625.70 | 486.10 | 28.72 | 1,101.90 | 779.50 | 41.36 | | Other Inc. | 13.50 | 7.70 | 75.32 | 27.50 | 23.80 | 15.55 | 51.80 | 32.60 | 58.90 | | PBIDT | 350.60 | 282.40 | 24.15 | 653.20 | 509.90 | 28.10 | 1,153.70 | 812.10 | 42.06 | | Interest | 21.20 | 16.50 | 28.48 | 39.60 | 28.40 | 39.44 | 65.00 | 14.30 | 354.55 | | PBDT | 329.40 | 265.90 | 23.88 | 613.60 | 481.50 | 27.44 | 1,088.70 | 797.80 | 36.46 | | Depreciation | 61.4 | 59.8 | 2.68 | 124.4 | 112.2 | 10.87 | 227.2 | 183.6 | 23.75 | | PBT | 268.00 | 206.10 | 30.03 | 489.2 | 369.3 | 32.47 | 861.5 | 614.2 | 40.26 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 268 | 206.1 | 30.03 | 489.2 | 369.3 | 32.47 | 861.5 | 614.2 | 40.26 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | -18 | - | | PBT after EO | 268 | 206.1 | 30.03 | 489.2 | 369.3 | 32.47 | 861.5 | 596.2 | 44.50 | | Taxation | 47.4 | 44.6 | 6.28 | 96.7 | 76.6 | 26.24 | 146.8 | 130.2 | 12.75 | | PAT | 220.6 | 161.5 | 36.59 | 392.5 | 292.7 | 34.10 | 714.7 | 466 | 53.37 | | Minority Interest (MI) | 19.5 | 14.8 | 31.76 | 41.7 | 22.4 | 86.16 | 53 | 10.4 | 409.62 | | Net profit | 201.1 | 146.7 | 37.08 | 350.8 | 270.3 | 29.78 | 661.7 | 455.6 | 45.24 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 201.1 | 146.7 | 37.08 | 350.8 | 270.3 | 29.78 | 661.7 | 455.6 | 45.24 | | EPS (Rs)* | 32.99 | 24.06 | 37.08 | 57.54 | 44.34 | 29.78 | 108.54 | 76.99 | 40.98 | | | * EPS is on current equity of Rs 60.96 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 | td>-| | Quarter ended | Year to Date | Year ended |
|---|
| % of (Total) | 202209 | 202109 | Var.(%) | % of (Total) | 202209 | 202109 | Var.(%) | % of (Total) | 202203 | 202103 | Var.(%) |
|---|
| Sales | | Europe Middle East Asia & Africa | 38.52 | 754.70 | 509.40 | 48.15 | 37.72 | 1,429.30 | 1,024.90 | 39.46 | 35.40 | 2,277.10 | 1,718.10 | 32.54 | | Asia Pacific | 7.48 | 146.50 | 157.50 | -6.98 | 7.60 | 287.90 | 272.30 | 5.73 | 8.46 | 543.90 | 403.60 | 34.76 | | India | 2.73 | 53.50 | 83.00 | -35.54 | 3.41 | 129.30 | 159.60 | -18.98 | 4.39 | 282.20 | 317.50 | -11.12 | | America | 51.28 | 1,004.70 | 819.50 | 22.60 | 51.26 | 1,942.30 | 1,574.20 | 23.38 | 51.75 | 3,328.80 | 2,223.60 | 49.70 | | Total Reported Sales | 100.00 | 1,959.40 | 1,569.40 | 24.85 | 100.00 | 3,788.80 | 3,031.00 | 25.00 | 100.00 | 6,432.00 | 4,662.80 | 37.94 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 1,959.40 | 1,569.40 | 24.85 | 100.00 | 3,788.80 | 3,031.00 | 25.00 | 100.00 | 6,432.00 | 4,662.80 | 37.94 | | PBIT | | Europe Middle East Asia & Africa | 45.76 | 157.60 | 105.30 | 49.67 | 46.79 | 297.70 | 191.70 | 55.29 | 42.19 | 470.60 | 360.40 | 30.58 | | Asia Pacific | 5.11 | 17.60 | 20.50 | -14.15 | 4.81 | 30.60 | 31.80 | -3.77 | 5.29 | 59.00 | 40.80 | 44.61 | | India | -3.02 | -10.40 | -2.30 | -352.17 | -3.62 | -23.00 | -8.20 | -180.49 | -1.78 | -19.80 | -1.30 | -1,423.08 | | America | 52.15 | 179.60 | 150.20 | 19.57 | 52.01 | 330.90 | 268.80 | 23.10 | 54.29 | 605.60 | 386.60 | 56.65 | | Total PBIT | 100.00 | 344.40 | 273.70 | 25.83 | 100.00 | 636.20 | 484.10 | 31.42 | 100.00 | 1,115.40 | 786.50 | 41.82 | | Less : Interest | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Add: Other un-allcoable | | -76.40 | -67.60 | -13.02 | | -147.00 | -114.80 | -28.05 | | -253.90 | -190.30 | -33.42 | | PBIT Margin(%) | | Europe Middle East Asia & Africa | | 20.88 | 20.67 | 21.11 | | 20.83 | 18.70 | 212.41 | | 20.67 | 20.98 | -31.00 | | Asia Pacific | | 12.01 | 13.02 | -100.22 | | 10.63 | 11.68 | -104.96 | | 10.85 | 10.11 | 73.86 | | India | | -19.44 | -2.77 | -1,666.82 | | -17.79 | -5.14 | -1,265.02 | | -7.02 | -0.41 | -660.69 | | America | | 17.88 | 18.33 | -45.23 | | 17.04 | 17.08 | -3.88 | | 18.19 | 17.39 | 80.65 | | PBT | 100.00 | 268.00 | 206.10 | 30.03 | 100.00 | 489.20 | 369.30 | 32.47 | 100.00 | 861.50 | 596.20 | 44.50 |
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