On consolidated basis
Quarter ended June 2023 compared
with Quarter ended March 2023.
Net sales (including other operating income) of Coforge has increased 2.35% to
Rs 2221 crore.
Operating profit margin has jumped
from 13.62% to 13.78%, leading to 3.55% rise in operating profit to Rs 306.00
crore. Employee cost decreased from 62.60% to 61.90%.
Other expenses rose from 23.59% to 24.13%.
Other income rose 515.38% to Rs 16
crore. PBIDT rose 8.02% to Rs 322 crore. Provision for
interest rose 13.33% to Rs 22.1 crore.
PBDT rose 7.65% to Rs 299.9
crore. Provision for depreciation rose 5.58% to Rs 75.7
crore.
Profit before tax grew 8.36% to Rs
224.20 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 48.5 crore, compared to
Rs 37.9 crore. Effective tax rate was 21.63% compared to 24.51%.
Minority interest increased 447.37%
to Rs 10.40 crore. Net profit attributable to owners of the company
increased 43.99% to Rs 165.30 crore.
Promoters’ stake was 26.63% as of 30
June 2023 ,compared to 30.16% as of 31 March 2023 .
Quarter ended June 2023 compared
with Quarter ended June 2022.
Net sales (including other operating income) of Coforge has increased 21.41% to
Rs 2221 crore. Sales of Europe Middle East Asia & Africa segment
has gone up 27.11% to Rs 857.50 crore (accounting for 38.61% of total
sales). Sales of Asia Pacific segment has gone up 10.54% to Rs
156.30 crore (accounting for 7.04% of total sales). Sales of India
segment rose 37.47% to Rs 104.20 crore (accounting for 4.69% of total
sales). Sales of America segment has gone up 17.64% to Rs 1,103.00
crore (accounting for 49.66% of total sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 7.98% to Rs 315.10
crore. PBIT of Europe Middle East Asia & Africa segment rose
14.28% to Rs 160.10 crore (accounting for 50.81% of total
PBIT). PBIT of Asia Pacific segment rose 7.69% to Rs 14.00 crore
(accounting for 4.44% of total PBIT). PBIT of India segment fell
83.33% to Rs -23.10 crore (accounting for -7.33% of total
PBIT). PBIT of America segment rose 8.46% to Rs 164.10 crore
(accounting for 52.08% of total PBIT).
PBIT margin of Europe Middle East
Asia & Africa segment fell from 20.77% to 18.67%. PBIT margin of
Asia Pacific segment fell from 9.19% to 8.96%. PBIT margin of India
segment fell from negative 16.62% to negative 22.17%. PBIT margin of
America segment fell from 16.14% to 14.88%. Overall PBIT margin fell
from 15.95% to 14.19%.
Operating profit margin has declined
from 15.78% to 13.78%, leading to 6.03% rise in operating profit to Rs 306.00
crore. Purchase of finished goods cost fell from 2.12% to 0.18%.
Employee cost increased from 60.10% to 61.90%. Other
expenses rose from 22.01% to 24.13%.
Other income rose 14.29% to Rs 16
crore. PBIDT rose 6.41% to Rs 322 crore. Provision for
interest rose 20.11% to Rs 22.1 crore.
PBDT rose 5.52% to Rs 299.9
crore. Provision for depreciation rose 20.16% to Rs 75.7
crore.
Profit before tax grew 1.36% to Rs
224.20 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 48.5 crore, compared to
Rs 49.3 crore. Effective tax rate was 21.63% compared to 22.29%.
Minority interest decreased 53.15%
to Rs 10.40 crore. Net profit attributable to owners of the company
increased 10.42% to Rs 165.30 crore.
Promoters’ stake was 26.63% as of 30
June 2023 ,compared to 40.09% as of 30 June 2022 .
Full year results analysis.
Net sales (including other operating income) of Coforge has increased 24.61% to
Rs 8014.6 crore. Sales of Europe Middle East Asia & Africa
segment has gone up 36.91% to Rs 3,117.50 crore (accounting for 38.90% of total
sales). Sales of Asia Pacific segment has gone up 6.95% to Rs 581.70
crore (accounting for 7.26% of total sales). Sales of India segment
rose 11.06% to Rs 313.40 crore (accounting for 3.91% of total
sales). Sales of America segment has gone up 20.22% to Rs 4,002.00
crore (accounting for 49.93% of total sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 18.79% to Rs 1,325.00
crore. PBIT of Europe Middle East Asia & Africa segment rose
40.48% to Rs 661.10 crore (accounting for 49.89% of total
PBIT). PBIT of Asia Pacific segment rose 26.95% to Rs 74.90 crore
(accounting for 5.65% of total PBIT). PBIT of India segment fell
44.44% to Rs -28.60 crore (accounting for -2.16% of total
PBIT). PBIT of America segment rose 1.98% to Rs 617.60 crore
(accounting for 46.61% of total PBIT).
PBIT margin of Europe Middle East
Asia & Africa segment rose from 20.67% to 21.21%. PBIT margin of
Asia Pacific segment rose from 10.85% to 12.88%. PBIT margin of
India segment fell from negative 7.02% to negative 9.13%. PBIT
margin of America segment fell from 18.19% to 15.43%. Overall PBIT margin
fell from 17.34% to 16.53%.
Operating profit margin has declined
from 17.13% to 15.98%, leading to 16.23% rise in operating profit to Rs
1,280.70 crore. Purchase of finished goods cost fell from 2.68% to
0.69%. Employee cost increased from 59.62% to 60.24%.
Other expenses rose from 20.57% to 23.09%.
Other income rose 19.50% to Rs 61.9
crore. PBIDT rose 16.37% to Rs 1342.6 crore. Provision
for interest rose 24% to Rs 80.6 crore. Loan funds rose to Rs 562.20
crore as of 31 March 2023 from Rs 489.60 crore as of 31 March
2022. Sundry debtors were higher at Rs 1,613.10 crore as of 31 March
2023 compared to Rs 1,389.40 crore as of 31 March 2022. Cash and
bank balance rose to Rs 578.70 crore as of 31 March 2023 from Rs 453.50 crore
as of 31 March 2022.
PBDT rose 15.92% to Rs 1262
crore. Provision for depreciation rose 13.78% to Rs 258.5
crore. Fixed assets declined from Rs 1,012.70 crore as of 31 March
2022 to Rs 686.60 crore as of 31 March 2023. Intangible assets increased
from Rs 1,070.80 crore to Rs 1,629.90 crore.
Profit before tax grew 16.48% to Rs
1,003.50 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 206.1 crore, compared
to Rs 146.8 crore. Effective tax rate was 21.67% compared to 17.04%.
Minority interest decreased 3.21% to
Rs 51.30 crore. Net profit attributable to owners of the company
increased 4.85% to Rs 693.80 crore.
Equity capital increased from Rs
60.90 crore as of 31 March 2022 to Rs 61.10 crore as of 31 March
2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 30.16% as of 31
March 2023 ,compared to 40.09% as of 31 March 2022 .
Cash flow from operating activities
increased to Rs 950.50 crore for year ended March 2023 from Rs 765.60 crore for
year ended March 2022. Cash flow used in acquiring fixed assets
during the year ended March 2023 stood at Rs 158.20 crore, compared to Rs
154.10 crore during the year ended March 2022.
Other Highlights:
Total order book executable
over the next 12 months at US$ 897 million.
Record order intake was US$
531 million, sixth consecutive quarter of US$ 300+ million order intake.
6 new clients were added
during the quarter.
Headcount as of 30th June
2023, at 24,224; a net addition of 1,000 people during the quarter.
LTM attrition at 13.3%, down
470 bps Y-o-Y.
Management Commentary:
Commenting on the
performance Mr Sudhir Singh, CEO said “Exceptional execution by Team Coforge in
a testing environment allowed us to deliver another quarter of sustained,
robust and profitable growth. The five-year $ 300Mn TCV deal in the BFS space
along with another five year $ 65 Mn TCV deal in the same sector underlined the
execution rigor of the team. During the quarter we increased our net headcount
by 1000 employees to support future growth, fully rolled out the annual salary increments
for our employees on April 1st, honored all commitments to onboard campus
hires, met our commitment to distribute around 21,500 i-pads to employees to
mark our $ 1 Billion milestone and saw attrition drop down to 13.3%. The
quarter’s performance sets us up very well for meeting our annual revenue
guidance of 13% to 16% cc growth.”
| Coforge : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202306 | 202206 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,221.00 | 1,829.40 | 21.41 | 8,014.60 | 6,432.00 | 24.61 | | OPM (%) | 13.78 | 15.78 | -200 bps | 15.98 | 17.13 | -115 bps | | OP | 306.00 | 288.60 | 6.03 | 1,280.70 | 1,101.90 | 16.23 | | Other Inc. | 16.00 | 14.00 | 14.29 | 61.90 | 51.80 | 19.50 | | PBIDT | 322.00 | 302.60 | 6.41 | 1,342.60 | 1,153.70 | 16.37 | | Interest | 22.10 | 18.40 | 20.11 | 80.60 | 65.00 | 24.00 | | PBDT | 299.90 | 284.20 | 5.52 | 1,262.00 | 1,088.70 | 15.92 | | Depreciation | 75.7 | 63 | 20.16 | 258.5 | 227.2 | 13.78 | | PBT | 224.20 | 221.20 | 1.36 | 1003.5 | 861.5 | 16.48 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 224.2 | 221.2 | 1.36 | 1003.5 | 861.5 | 16.48 | | EO Income | 0 | 0 | - | -52.3 | 0 | - | | PBT after EO | 224.2 | 221.2 | 1.36 | 951.2 | 861.5 | 10.41 | | Taxation | 48.5 | 49.3 | -1.62 | 206.1 | 146.8 | 40.40 | | PAT | 175.7 | 171.9 | 2.21 | 745.1 | 714.7 | 4.25 | | Minority Interest (MI) | 10.4 | 22.2 | -53.15 | 51.3 | 53 | -3.21 | | Net profit | 165.3 | 149.7 | 10.42 | 693.8 | 661.7 | 4.85 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 165.3 | 149.7 | 10.42 | 693.8 | 661.7 | 4.85 | | EPS (Rs)* | 27.05 | 24.50 | 10.42 | 119.79 | 108.29 | 10.62 | | | * EPS is on current equity of Rs 61.11 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) | 202306 | 202206 | Var.(%) | % of (Total) | 202303 | 202203 | Var.(%) |
|---|
| Sales | | Europe Middle East Asia & Africa | 38.61 | 857.50 | 674.60 | 27.11 | 38.90 | 3,117.50 | 2,277.10 | 36.91 | | Asia Pacific | 7.04 | 156.30 | 141.40 | 10.54 | 7.26 | 581.70 | 543.90 | 6.95 | | India | 4.69 | 104.20 | 75.80 | 37.47 | 3.91 | 313.40 | 282.20 | 11.06 | | America | 49.66 | 1,103.00 | 937.60 | 17.64 | 49.93 | 4,002.00 | 3,328.80 | 20.22 | | Total Reported Sales | 100.00 | 2,221.00 | 1,829.40 | 21.41 | 100.00 | 8,014.60 | 6,432.00 | 24.61 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 2,221.00 | 1,829.40 | 21.41 | 100.00 | 8,014.60 | 6,432.00 | 24.61 | | PBIT | | Europe Middle East Asia & Africa | 50.81 | 160.10 | 140.10 | 14.28 | 49.89 | 661.10 | 470.60 | 40.48 | | Asia Pacific | 4.44 | 14.00 | 13.00 | 7.69 | 5.65 | 74.90 | 59.00 | 26.95 | | India | -7.33 | -23.10 | -12.60 | -83.33 | -2.16 | -28.60 | -19.80 | -44.44 | | America | 52.08 | 164.10 | 151.30 | 8.46 | 46.61 | 617.60 | 605.60 | 1.98 | | Total PBIT | 100.00 | 315.10 | 291.80 | 7.98 | 100.00 | 1,325.00 | 1,115.40 | 18.79 | | Less : Interest | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Add: Other un-allcoable | | -90.90 | -70.60 | -28.75 | | -373.80 | -253.90 | -47.22 | | PBIT Margin(%) | | Europe Middle East Asia & Africa | | 18.67 | 20.77 | -209.73 | | 21.21 | 20.67 | 53.95 | | Asia Pacific | | 8.96 | 9.19 | -23.66 | | 12.88 | 10.85 | 202.85 | | India | | -22.17 | -16.62 | -554.62 | | -9.13 | -7.02 | -210.94 | | America | | 14.88 | 16.14 | -125.93 | | 15.43 | 18.19 | -276.05 | | PBT | 100.00 | 224.20 | 221.20 | 1.36 | 100.00 | 951.20 | 861.50 | 10.41 |
|
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