On consolidated basis
Quarter ended December 2022 compared
with Quarter ended September 2022.
Net sales (including other operating income) of Coforge has increased 4.92% to
Rs 2055.8 crore.
Operating profit margin has jumped
from 17.20% to 17.49%, leading to 6.64% rise in operating profit to Rs 359.50
crore. Purchase of finished goods cost rose from 0.27% to 0.35%.
Employee cost decreased from 59.81% to 58.28%. Other
expenses rose from 22.72% to 23.89%.
Other income rose 135.56% to Rs 31.8
crore. PBIDT rose 11.61% to Rs 391.3 crore. Provision for
interest rose 1.42% to Rs 21.5 crore.
PBDT rose 12.26% to Rs 369.8
crore. Provision for depreciation rose 1.63% to Rs 62.4
crore.
Profit before tax grew 14.70% to Rs
307.40 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 71.5 crore, compared to
Rs 47.4 crore. Effective tax rate was 23.26% compared to 17.69%.
Minority interest decreased 60.51%
to Rs 7.70 crore. Net profit attributable to owners of the company
increased 13.48% to Rs 228.20 crore.
Promoters’ stake was 39.99% as of 31
December 2022 ,compared to 40.06% as of 30 September 2022 .
Quarter ended December 2022 compared
with Quarter ended December 2021.
Net sales (including other operating
income) of Coforge has increased 23.99% to Rs 2055.8 crore. Sales of
Europe Middle East Asia & Africa segment has gone up 48.51% to Rs 829.30
crore (accounting for 40.34% of total sales). Sales of Asia Pacific
segment has gone up 4.72% to Rs 142.00 crore (accounting for 6.91% of total
sales). Sales of India segment fell 8.53% to Rs 72.90 crore (accounting
for 3.55% of total sales). Sales of America segment has gone up
14.38% to Rs 1,011.60 crore (accounting for 49.21% of total sales).
Profit
before interest, tax and other unallocable items (PBIT) has jumped 19.70% to Rs
361.50 crore. PBIT of Europe Middle East Asia & Africa segment
rose 65.96% to Rs 196.00 crore (accounting for 54.22% of total
PBIT). PBIT of Asia Pacific segment rose 61.31% to Rs 22.10 crore
(accounting for 6.11% of total PBIT). PBIT of India segment fell
55.07% to Rs -10.70 crore (accounting for -2.96% of total
PBIT). PBIT of America segment fell 12.99% to Rs 154.10 crore
(accounting for 42.63% of total PBIT).
PBIT
margin of Europe Middle East Asia & Africa segment rose from 21.15% to
23.63%. PBIT margin of Asia Pacific segment rose from 10.10% to
15.56%. PBIT margin of India segment fell from negative 8.66% to
negative 14.68%. PBIT margin of America segment fell from 20.02% to
15.23%. Overall PBIT margin fell from 18.21% to 17.58%.
Operating profit margin has declined
from 18.29% to 17.49%, leading to 18.53% rise in operating profit to Rs 359.50
crore. Purchase of finished goods cost fell from 2.18% to 0.35%.
Employee cost decreased from 58.43% to 58.28%. Other
expenses rose from 21.09% to 23.89%.
Other
income rose 562.50% to Rs 31.8 crore. PBIDT rose 27% to Rs 391.3
crore. Provision for interest rose 17.49% to Rs 21.5
crore.
PBDT
rose 27.61% to Rs 369.8 crore. Provision for depreciation rose
10.25% to Rs 62.4 crore.
Profit
before tax grew 31.82% to Rs 307.40 crore. Share of profit/loss were
nil in both the periods. Provision for tax was expense of Rs 71.5
crore, compared to Rs 36 crore. Effective tax rate was 23.26%
compared to 15.44%.
Minority interest decreased 42.96%
to Rs 7.70 crore. Net profit attributable to owners of the company
increased 24.22% to Rs 228.20 crore.
Promoters’
stake was 39.99% as of 31 December 2022 ,compared to 49.97% as of 31 December
2021 .
Year-to-date (YTD) results analysis.
Net sales (including other operating
income) of Coforge has increased 24.64% to Rs 5844.6 crore. Sales of
Europe Middle East Asia & Africa segment has gone up 42.65% to Rs 2,258.60
crore (accounting for 38.64% of total sales). Sales of Asia Pacific
segment has gone up 5.39% to Rs 429.90 crore (accounting for 7.36% of total
sales). Sales of India segment fell 15.50% to Rs 202.20 crore
(accounting for 3.46% of total sales). Sales of America segment has
gone up 20.15% to Rs 2,953.90 crore (accounting for 50.54% of total
sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 26.92% to Rs 997.70
crore. PBIT of Europe Middle East Asia & Africa segment rose
59.36% to Rs 493.70 crore (accounting for 49.48% of total
PBIT). PBIT of Asia Pacific segment rose 15.82% to Rs 52.70 crore
(accounting for 5.28% of total PBIT). PBIT of India segment fell
123.18% to Rs -33.70 crore (accounting for -3.38% of total
PBIT). PBIT of America segment rose 8.77% to Rs 485.00 crore
(accounting for 48.61% of total PBIT).
PBIT margin of Europe Middle East
Asia & Africa segment rose from 19.57% to 21.86%. PBIT margin of
Asia Pacific segment rose from 11.15% to 12.26%. PBIT margin of
India segment fell from negative 6.31% to negative 16.67%. PBIT
margin of America segment fell from 18.14% to 16.42%. Overall PBIT
margin rose from 16.76% to 17.07%.
Operating profit margin has jumped
from 16.83% to 16.86%, leading to 24.80% rise in operating profit to Rs 985.20
crore. Purchase of finished goods cost fell from 2.41% to 0.87%.
Employee cost decreased from 60.20% to 59.36%. Other
expenses rose from 20.56% to 22.91%.
Other income rose 107.34% to Rs 59.3
crore. PBIDT rose 27.69% to Rs 1044.5 crore. Provision
for interest rose 30.84% to Rs 61.1 crore.
PBDT rose 27.50% to Rs 983.4
crore. Provision for depreciation rose 10.66% to Rs 186.8
crore.
Profit before tax grew 32.22% to Rs
796.60 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 168.2 crore, compared
to Rs 112.6 crore. Effective tax rate was 21.11% compared to 18.69%.
Minority interest increased 37.60%
to Rs 49.40 crore. Net profit attributable to owners of the company
increased 27.53% to Rs 579.00 crore.
Promoters’ stake was 39.99% as of 31
December 2022 ,compared to 49.97% as of 31 December 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 $345
million in Q2FY2023.
Total order book executable
over the next 12 months at $841 million.
11 new clients were added
during the quarter.
Guidance: The company has upgraded its fiscal year
2023 annual revenue growth guidance to 22% in constant currency terms and
reaffirmed its Adjusted EBITDA annual margin guidance..
Dividend: The board of directors has recommended a third interim
dividend of Rs 19/- per equity share of the company the face value of Rs 10/-
each fully paid up.
Management Commentary:
Commenting on the performance Mr
Sudhir Singh, CEO said “The
firm has signed the largest number of large deals in a quarter in its history.
As a consequence, the order intake at US$ 345 million has been the
highest ever. This performance in a
seasonally weak quarter sets us up very well for FY2024.”
| Coforge : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202212 | 202112 | Var.(%) | 202212 | 202112 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,055.80 | 1,658.10 | 23.99 | 5,844.60 | 4,689.10 | 24.64 | 6,432.00 | 4,662.80 | 37.94 | | OPM (%) | 17.49 | 18.29 | -80 bps | 16.86 | 16.83 | 2 bps | 17.13 | 16.72 | 41 bps | | OP | 359.50 | 303.30 | 18.53 | 985.20 | 789.40 | 24.80 | 1,101.90 | 779.50 | 41.36 | | Other Inc. | 31.80 | 4.80 | 562.50 | 59.30 | 28.60 | 107.34 | 51.80 | 32.60 | 58.90 | | PBIDT | 391.30 | 308.10 | 27.00 | 1,044.50 | 818.00 | 27.69 | 1,153.70 | 812.10 | 42.06 | | Interest | 21.50 | 18.30 | 17.49 | 61.10 | 46.70 | 30.84 | 65.00 | 14.30 | 354.55 | | PBDT | 369.80 | 289.80 | 27.61 | 983.40 | 771.30 | 27.50 | 1,088.70 | 797.80 | 36.46 | | Depreciation | 62.4 | 56.6 | 10.25 | 186.8 | 168.8 | 10.66 | 227.2 | 183.6 | 23.75 | | PBT | 307.40 | 233.20 | 31.82 | 796.6 | 602.5 | 32.22 | 861.5 | 614.2 | 40.26 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 307.4 | 233.2 | 31.82 | 796.6 | 602.5 | 32.22 | 861.5 | 614.2 | 40.26 | | EO Income | 0 | 0 | - | 0 | 0 | - | 0 | -18 | - | | PBT after EO | 307.4 | 233.2 | 31.82 | 796.6 | 602.5 | 32.22 | 861.5 | 596.2 | 44.50 | | Taxation | 71.5 | 36 | 98.61 | 168.2 | 112.6 | 49.38 | 146.8 | 130.2 | 12.75 | | PAT | 235.9 | 197.2 | 19.62 | 628.4 | 489.9 | 28.27 | 714.7 | 466 | 53.37 | | Minority Interest (MI) | 7.7 | 13.5 | -42.96 | 49.4 | 35.9 | 37.60 | 53 | 10.4 | 409.62 | | Net profit | 228.2 | 183.7 | 24.22 | 579 | 454 | 27.53 | 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 | 228.2 | 183.7 | 24.22 | 579 | 454 | 27.53 | 661.7 | 455.6 | 45.24 | | EPS (Rs)* | 37.37 | 30.08 | 24.22 | 94.81 | 74.34 | 27.53 | 108.35 | 76.86 | 40.98 | | | * EPS is on current equity of Rs 61.07 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) | 202212 | 202112 | Var.(%) | % of (Total) | 202212 | 202112 | Var.(%) | % of (Total) | 202203 | 202103 | Var.(%) |
|---|
| Sales | | Europe Middle East Asia & Africa | 40.34 | 829.30 | 558.40 | 48.51 | 38.64 | 2,258.60 | 1,583.30 | 42.65 | 35.40 | 2,277.10 | 1,718.10 | 32.54 | | Asia Pacific | 6.91 | 142.00 | 135.60 | 4.72 | 7.36 | 429.90 | 407.90 | 5.39 | 8.46 | 543.90 | 403.60 | 34.76 | | India | 3.55 | 72.90 | 79.70 | -8.53 | 3.46 | 202.20 | 239.30 | -15.50 | 4.39 | 282.20 | 317.50 | -11.12 | | America | 49.21 | 1,011.60 | 884.40 | 14.38 | 50.54 | 2,953.90 | 2,458.60 | 20.15 | 51.75 | 3,328.80 | 2,223.60 | 49.70 | | Total Reported Sales | 100.00 | 2,055.80 | 1,658.10 | 23.99 | 100.00 | 5,844.60 | 4,689.10 | 24.64 | 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 | 2,055.80 | 1,658.10 | 23.99 | 100.00 | 5,844.60 | 4,689.10 | 24.64 | 100.00 | 6,432.00 | 4,662.80 | 37.94 | | PBIT | | Europe Middle East Asia & Africa | 54.22 | 196.00 | 118.10 | 65.96 | 49.48 | 493.70 | 309.80 | 59.36 | 42.19 | 470.60 | 360.40 | 30.58 | | Asia Pacific | 6.11 | 22.10 | 13.70 | 61.31 | 5.28 | 52.70 | 45.50 | 15.82 | 5.29 | 59.00 | 40.80 | 44.61 | | India | -2.96 | -10.70 | -6.90 | -55.07 | -3.38 | -33.70 | -15.10 | -123.18 | -1.78 | -19.80 | -1.30 | -1,423.08 | | America | 42.63 | 154.10 | 177.10 | -12.99 | 48.61 | 485.00 | 445.90 | 8.77 | 54.29 | 605.60 | 386.60 | 56.65 | | Total PBIT | 100.00 | 361.50 | 302.00 | 19.70 | 100.00 | 997.70 | 786.10 | 26.92 | 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 | | -54.10 | -68.80 | 21.37 | | -201.10 | -183.60 | -9.53 | | -253.90 | -190.30 | -33.42 | | PBIT Margin(%) | | Europe Middle East Asia & Africa | | 23.63 | 21.15 | 248.47 | | 21.86 | 19.57 | 229.19 | | 20.67 | 20.98 | -31.00 | | Asia Pacific | | 15.56 | 10.10 | 546.01 | | 12.26 | 11.15 | 110.40 | | 10.85 | 10.11 | 73.86 | | India | | -14.68 | -8.66 | -602.02 | | -16.67 | -6.31 | -1,035.66 | | -7.02 | -0.41 | -660.69 | | America | | 15.23 | 20.02 | -479.16 | | 16.42 | 18.14 | -171.74 | | 18.19 | 17.39 | 80.65 | | PBT | 100.00 | 307.40 | 233.20 | 31.82 | 100.00 | 796.60 | 602.50 | 32.22 | 100.00 | 861.50 | 596.20 | 44.50 |
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