On consolidated basis
Quarter ended March 2024 compared
with Quarter ended December 2023.
Net sales (including other operating income) of Coforge has increased 1.52% to
Rs 2358.5 crore.
Operating profit margin has declined
from 17.01% to 16.35%, leading to 2.38% decline in operating profit to Rs
385.70 crore. Employee cost increased from 57.93% to 57.95%.
Other expenses rose from 25.03% to 25.66%.
Other income fell 34% to Rs 9.9 crore. PBIDT
fell 3.54% to Rs 395.6 crore. Provision for interest rose 6.94% to
Rs 37 crore. Loan funds remained nil.
PBDT fell 4.50% to Rs 358.6
crore. Provision for depreciation rose 4.32% to Rs 84.6
crore.
Profit before tax down 6.93% to Rs
274.00 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 56.4 crore, compared to
Rs 51.6 crore. Effective tax rate was 19.75% compared to 17.53%.
Minority interest increased 14.58%
to Rs 5.50 crore. Net profit attributable to owners of the company
decreased 6.01% to Rs 223.70 crore.
Quarter ended March 2024 compared
with Quarter ended March 2023.
Net sales (including other operating income) of Coforge has increased 8.69% to
Rs 2358.5 crore. Sales of Europe Middle East & Africa segment
has gone up 9.99% to Rs 944.70 crore (accounting for 40.06% of total
sales). Sales of Asia Pacific segment has gone up 3.89% to Rs 157.70
crore (accounting for 6.69% of total sales). Sales of India segment
rose 17.36% to Rs 130.50 crore (accounting for 5.53% of total
sales). Sales of America segment has gone up 7.39% to Rs 1,125.60
crore (accounting for 47.73% of total sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 23.37% to Rs 403.80 crore. PBIT
of Europe Middle East & Africa segment rose 15.11% to Rs 192.70 crore
(accounting for 47.72% of total PBIT). PBIT of Asia Pacific segment
fell 52.25% to Rs 10.60 crore (accounting for 2.63% of total
PBIT). PBIT of India reported loss of Rs 21.20 crore compared to
profit of Rs 5.10 crore. PBIT of America segment rose 67.19% to Rs
221.70 crore (accounting for 54.90% of total PBIT).
PBIT margin of Europe Middle East
& Africa segment rose from 19.49% to 20.40%. PBIT margin of Asia
Pacific segment fell from 14.62% to 6.72%. PBIT margin of India
segment fell from 4.59% to 16.25%. PBIT margin of America segment
rose from 12.65% to 19.70%. Overall PBIT margin rose from 15.08% to
17.12%.
Operating profit margin has jumped
from 13.62% to 16.35%, leading to 30.52% rise in operating profit to Rs 385.70
crore. Purchase of finished goods cost fell from 0.18% to 0.04%.
Employee cost decreased from 62.60% to 57.95%. Other
expenses rose from 23.59% to 25.66%.
Other income rose 280.77% to Rs 9.9
crore. PBIDT rose 32.71% to Rs 395.6 crore. Provision for
interest rose 89.74% to Rs 37 crore. Loan funds rose to Rs 726.00
crore as of 31 March 2024 from Rs 562.20 crore as of 31 March
2023. Sundry debtors were higher at Rs 1,803.90 crore as of 31 March
2024 compared to Rs 1,613.10 crore as of 31 March 2023. Cash and
bank balance declined from Rs 578.70 crore as of 31 March 2023 to Rs 335.20
crore as of 31 March 2024.
PBDT rose 28.72% to Rs 358.6
crore. Provision for depreciation rose 17.99% to Rs 84.6
crore. Fixed assets increased to Rs 1,202.40 crore as of 31 March
2024 from Rs 1,150.00 crore as of 31 March 2023. Intangible assets
increased from Rs 1,166.50 crore to Rs 1,173.80 crore.
Profit before tax grew 32.43% to Rs
274.00 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 56.4 crore, compared to
Rs 37.9 crore. Effective tax rate was 19.75% compared to 24.51%.
Minority interest increased 189.47%
to Rs 5.50 crore. Net profit attributable to owners of the company
increased 94.86% to Rs 223.70 crore.
Equity capital increased from Rs
61.10 crore as of 31 March 2023 to Rs 61.80 crore as of 31 March
2024. Per share face Value remained same at Rs 10.00.
Full year results analysis.
Net sales (including other operating income) of Coforge has increased 14.53% to
Rs 9179 crore. Sales of Europe Middle East & Africa segment has
gone up 15.99% to Rs 3,616.00 crore (accounting for 39.39% of total
sales). Sales of Asia Pacific segment has gone up 9.33% to Rs 636.00
crore (accounting for 6.93% of total sales). Sales of India segment
rose 56.99% to Rs 492.00 crore (accounting for 5.36% of total
sales). Sales of America segment has gone up 10.82% to Rs 4,435.00
crore (accounting for 48.32% of total sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 10.75% to Rs 1,467.50
crore. PBIT of Europe Middle East & Africa segment rose 6.69% to
Rs 705.30 crore (accounting for 48.06% of total PBIT). PBIT of Asia
Pacific segment fell 35.78% to Rs 48.10 crore (accounting for 3.28% of total
PBIT). PBIT of India segment fell 189.51% to Rs -82.80 crore
(accounting for -5.64% of total PBIT). PBIT of America segment rose
29.03% to Rs 796.90 crore (accounting for 54.30% of total PBIT).
PBIT margin of Europe Middle East
& Africa segment fell from 21.21% to 19.50%. PBIT margin of Asia
Pacific segment fell from 12.88% to 7.56%. PBIT margin of India
segment fell from negative 9.13% to negative 16.83%. PBIT margin of
America segment rose from 15.43% to 17.97%. Overall PBIT margin fell
from 16.53% to 15.99%.
Operating profit margin has declined
from 15.98% to 15.55%, leading to 11.48% rise in operating profit to Rs
1,427.70 crore. Purchase of finished goods cost fell from 0.69% to
0.10%. Employee cost decreased from 60.24% to 59.99%.
Other expenses rose from 23.09% to 24.35%.
Other income fell 19.55% to Rs 49.8
crore. PBIDT rose 10.05% to Rs 1477.5 crore. Provision
for interest rose 55.83% to Rs 125.6 crore. Loan funds rose to Rs
726.00 crore as of 31 March 2024 from Rs 562.20 crore as of 31 March
2023. Sundry debtors were higher at Rs 1,803.90 crore as of 31 March
2024 compared to Rs 1,613.10 crore as of 31 March 2023. Cash and
bank balance declined from Rs 578.70 crore as of 31 March 2023 to Rs 335.20
crore as of 31 March 2024.
PBDT rose 7.12% to Rs 1351.9
crore. Provision for depreciation rose 23.25% to Rs 318.6
crore. Fixed assets increased to Rs 1,202.40 crore as of 31 March
2024 from Rs 1,150.00 crore as of 31 March 2023. Intangible assets
increased from Rs 1,166.50 crore to Rs 1,173.80 crore.
Profit before tax grew 2.97% to Rs
1,033.30 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 209.3 crore, compared
to Rs 206.1 crore. Effective tax rate was 20.03% compared to 21.67%.
Minority interest decreased 46.20%
to Rs 27.60 crore. Net profit attributable to owners of the company
increased 16.46% to Rs 808.00 crore.
Equity capital increased from Rs
61.10 crore as of 31 March 2023 to Rs 61.80 crore as of 31 March
2024. Per share face Value remained same at Rs 10.00.
Cash flow from operating activities
decreased to Rs 903.40 crore for year ended March 2024 from Rs 950.50 crore for
year ended March 2023. Cash flow used in acquiring fixed assets
during the year ended March 2024 stood at Rs 265.50 crore, compared to Rs
158.20 crore during the year ended March 2023.
Dividend: The Board has declared fourth interim dividend of Rs 19
per share
Other Highlights:
Total order book executable
over the next 12 months stood at US$ 1.02 billion up 17.3% YoY.
Order intake was at US$ 774
million while 8 new client logos were added during the quarter.
Total order intake during
the year stood at US$ 1,973 M, up 56% YoY.
LTM Attrition (excl. BPS)
stood at 11.5%, improved 60 bps QoQ and 258 bps YoY
Acquisition: The Board of directors have approved acquisition of
Cigniti Technologies. The company believes that acquisition of Cigniti Technologies
will not only help it grow to a US$ 2 bn by FY27, but equally importantly ensure
that the Coforge’s operating margins improve by 150-200 bps by FY27 itself.
Management Commentary:
Commenting on the
performance Mr Sudhir Singh, CEO said “FY24 was an exemplary year where the
firm grew 13.3% in CC organic terms, thus becoming one of the very few firms across
the industry that was able to deliver on the annual growth guidance given at
the beginning of FY24. The $400 Mn TCV deal signed in Q4, the 56% YoY increase
in order intake and the 102-bps sequential margin improvement in Q4 set us up
strongly to deliver robust growth in FY25 with expanded margins.”
| Coforge : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202403 | 202303 | Var.(%) | 202403 | 202303 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,358.50 | 2,170.00 | 8.69 | 9,179.00 | 8,014.60 | 14.53 | | OPM (%) | 16.35 | 13.62 | 274 bps | 15.55 | 15.98 | -43 bps | | OP | 385.70 | 295.50 | 30.52 | 1,427.70 | 1,280.70 | 11.48 | | Other Inc. | 9.90 | 2.60 | 280.77 | 49.80 | 61.90 | -19.55 | | PBIDT | 395.60 | 298.10 | 32.71 | 1,477.50 | 1,342.60 | 10.05 | | Interest | 37.00 | 19.50 | 89.74 | 125.60 | 80.60 | 55.83 | | PBDT | 358.60 | 278.60 | 28.72 | 1,351.90 | 1,262.00 | 7.12 | | Depreciation | 84.6 | 71.7 | 17.99 | 318.6 | 258.5 | 23.25 | | PBT | 274.00 | 206.90 | 32.43 | 1033.3 | 1003.5 | 2.97 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 274 | 206.9 | 32.43 | 1033.3 | 1003.5 | 2.97 | | EO Income | 11.6 | -52.3 | LP | 11.6 | -52.3 | LP | | PBT after EO | 285.6 | 154.6 | 84.73 | 1044.9 | 951.2 | 9.85 | | Taxation | 56.4 | 37.9 | 48.81 | 209.3 | 206.1 | 1.55 | | PAT | 229.2 | 116.7 | 96.40 | 835.6 | 745.1 | 12.15 | | Minority Interest (MI) | 5.5 | 1.9 | 189.47 | 27.6 | 51.3 | -46.20 | | Net profit | 223.7 | 114.8 | 94.86 | 808 | 693.8 | 16.46 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 223.7 | 114.8 | 94.86 | 808 | 693.8 | 16.46 | | EPS (Rs)* | 34.71 | 24.85 | 39.68 | 129.25 | 118.40 | 9.16 | | | * EPS is on current equity of Rs 61.82 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) | 202403 | 202303 | Var.(%) | % of (Total) | 202403 | 202303 | Var.(%) |
|---|
| Sales | | Europe Middle East & Africa | 40.06 | 944.70 | 858.90 | 9.99 | 39.39 | 3,616.00 | 3,117.50 | 15.99 | | Asia Pacific | 6.69 | 157.70 | 151.80 | 3.89 | 6.93 | 636.00 | 581.70 | 9.33 | | India | 5.53 | 130.50 | 111.20 | 17.36 | 5.36 | 492.00 | 313.40 | 56.99 | | America | 47.73 | 1,125.60 | 1,048.10 | 7.39 | 48.32 | 4,435.00 | 4,002.00 | 10.82 | | Total Reported Sales | 100.00 | 2,358.50 | 2,170.00 | 8.69 | 100.00 | 9,179.00 | 8,014.60 | 14.53 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 2,358.50 | 2,170.00 | 8.69 | 100.00 | 9,179.00 | 8,014.60 | 14.53 | | PBIT | | Europe Middle East & Africa | 47.72 | 192.70 | 167.40 | 15.11 | 48.06 | 705.30 | 661.10 | 6.69 | | Asia Pacific | 2.63 | 10.60 | 22.20 | -52.25 | 3.28 | 48.10 | 74.90 | -35.78 | | India | -5.25 | -21.20 | 5.10 | PL | -5.64 | -82.80 | -28.60 | -189.51 | | America | 54.90 | 221.70 | 132.60 | 67.19 | 54.30 | 796.90 | 617.60 | 29.03 | | Total PBIT | 100.00 | 403.80 | 327.30 | 23.37 | 100.00 | 1,467.50 | 1,325.00 | 10.75 | | Less : Interest | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Add: Other un-allcoable | | -118.20 | -172.70 | 31.56 | | -422.60 | -373.80 | -13.06 | | PBIT Margin(%) | | Europe Middle East & Africa | | 20.40 | 19.49 | 90.80 | | 19.50 | 21.21 | -170.11 | | Asia Pacific | | 6.72 | 14.62 | -790.29 | | 7.56 | 12.88 | -531.32 | | India | | -16.25 | 4.59 | -2,083.15 | | -16.83 | -9.13 | -770.36 | | America | | 19.70 | 12.65 | 704.47 | | 17.97 | 15.43 | 253.61 | | PBT | 100.00 | 285.60 | 154.60 | 84.73 | 100.00 | 1,044.90 | 951.20 | 9.85 |
|
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