On consolidated basis
Quarter ended March 2023 compared
with Quarter ended December 2022.
Net sales (including other operating income) of Coforge has increased 5.56% to
Rs 2170 crore.
Operating profit margin has declined
from 17.49% to 13.62%, leading to 17.80% decline in operating profit to Rs
295.50 crore. Purchase of finished goods cost fell from 0.35% to
0.18%. Employee cost increased from 58.28% to 62.60%. Other
expenses fell from 23.89% to 23.59%.
Other income fell 91.82% to Rs 2.6
crore. PBIDT fell 23.82% to Rs 298.1 crore. Provision for
interest fell 9.30% to Rs 19.5 crore. Loan funds remained
nil.
PBDT fell 24.66% to Rs 278.6
crore. Provision for depreciation rose 14.90% to Rs 71.7
crore.
Profit before tax down 32.69% to Rs
206.90 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 37.9 crore, compared to
Rs 71.5 crore. Effective tax rate was 24.51% compared to 23.26%.
Minority interest decreased 75.32%
to Rs 1.90 crore. Net profit attributable to owners of the company
decreased 49.69% to Rs 114.80 crore.
Promoters’ stake was 30.16% as of 31
March 2023 ,compared to 39.99% as of 31 December 2022 .
Quarter ended March 2023 compared
with Quarter ended March 2022.
Net sales (including other operating income) of Coforge has increased 24.51% to
Rs 2170 crore. Sales of Europe Middle East Asia & Africa segment
has gone up 23.80% to Rs 858.90 crore (accounting for 39.58% of total
sales). Sales of Asia Pacific segment has gone up 11.62% to Rs
151.80 crore (accounting for 7.00% of total sales). Sales of India
segment rose 159.21% to Rs 111.20 crore (accounting for 5.12% of total
sales). Sales of America segment has gone up 20.44% to Rs 1,048.10
crore (accounting for 48.30% of total sales).
Profit before interest, tax and
other unallocable items (PBIT) has slumped 0.61% to Rs 327.30
crore. PBIT of Europe Middle East Asia & Africa segment rose
4.10% to Rs 167.40 crore (accounting for 51.15% of total PBIT). PBIT
of Asia Pacific segment rose 64.44% to Rs 22.20 crore (accounting for 6.78% of
total PBIT). PBIT of India reported profit of Rs 5.10 crore compared
to loss of Rs 4.70 crore. PBIT of America segment fell 16.97% to Rs
132.60 crore (accounting for 40.51% of total PBIT).
PBIT margin of Europe Middle East
Asia & Africa segment fell from 23.18% to 19.49%. PBIT margin of
Asia Pacific segment rose from 9.93% to 14.62%. PBIT margin of India
segment rose from negative 10.96% to 4.59%. PBIT margin of America
segment fell from 18.35% to 12.65%. Overall PBIT margin fell from
18.89% to 15.08%.
Operating profit margin has declined
from 17.93% to 13.62%, leading to 5.44% decline in operating profit to Rs
295.50 crore. Purchase of finished goods cost fell from 3.40% to
0.18%. Employee cost increased from 58.06% to 62.60%.
Other expenses rose from 20.61% to 23.59%.
Other income fell 88.79% to Rs 2.6
crore. PBIDT fell 11.20% to Rs 298.1 crore. Provision for
interest rose 6.56% to Rs 19.5 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 fell 12.22% to Rs 278.6
crore. Provision for depreciation rose 22.77% to Rs 71.7
crore. Fixed assets increased to Rs 686.60 crore as of 31 March 2023
from Rs 601.40 crore as of 31 March 2022. Intangible assets
increased from Rs 1,482.10 crore to Rs 1,629.90 crore.
Profit before tax down 20.12% to Rs
206.90 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 37.9 crore, compared to
Rs 34.2 crore. Effective tax rate was 24.51% compared to 13.20%.
Minority interest decreased 88.89%
to Rs 1.90 crore. Net profit attributable to owners of the company
decreased 44.73% to Rs 114.80 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 .
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 increased to Rs 686.60 crore as of 31 March 2023
from Rs 601.40 crore as of 31 March 2022. Intangible assets
increased from Rs 1,482.10 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:
Order intake was $301
million in Q4FY2023.
Total order book executable
over the next 12 months at $869 million.
10 new logos were added
during the quarter.
Guidance: For FY24, the firm issued an annual
revenue growth guidance of 13%-16% in constant
currency terms, expects a gross margin
increase of about 50 bps and adjusted EBITDA margin to
be at similar levels as FY23.
Dividend: The board of directors has recommended a interim dividend of Rs 19/- per equity share.
Management Commentary:
Commenting on the performance Mr
Sudhir Singh, CEO said “We believe that our performance
during the quarter was marked by two key achievements. The first was a quarterly
sequential US$ growth of 5.0%. The second major landmark has been the firm
crossing the US$ one billion revenue
mark. Our
performance heading in to FY24 sets us up well to deliver robust growth.”
| Coforge : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202303 | 202203 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,170.00 | 1,742.90 | 24.51 | 8,014.60 | 6,432.00 | 24.61 | | OPM (%) | 13.62 | 17.93 | -431 bps | 15.98 | 17.13 | -115 bps | | OP | 295.50 | 312.50 | -5.44 | 1,280.70 | 1,101.90 | 16.23 | | Other Inc. | 2.60 | 23.20 | -88.79 | 61.90 | 51.80 | 19.50 | | PBIDT | 298.10 | 335.70 | -11.20 | 1,342.60 | 1,153.70 | 16.37 | | Interest | 19.50 | 18.30 | 6.56 | 80.60 | 65.00 | 24.00 | | PBDT | 278.60 | 317.40 | -12.22 | 1,262.00 | 1,088.70 | 15.92 | | Depreciation | 71.7 | 58.4 | 22.77 | 258.5 | 227.2 | 13.78 | | PBT | 206.90 | 259.00 | -20.12 | 1003.5 | 861.5 | 16.48 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 206.9 | 259 | -20.12 | 1003.5 | 861.5 | 16.48 | | EO Income | -52.3 | 0 | - | -52.3 | 0 | - | | PBT after EO | 154.6 | 259 | -40.31 | 951.2 | 861.5 | 10.41 | | Taxation | 37.9 | 34.2 | 10.82 | 206.1 | 146.8 | 40.40 | | PAT | 116.7 | 224.8 | -48.09 | 745.1 | 714.7 | 4.25 | | Minority Interest (MI) | 1.9 | 17.1 | -88.89 | 51.3 | 53 | -3.21 | | Net profit | 114.8 | 207.7 | -44.73 | 693.8 | 661.7 | 4.85 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 114.8 | 207.7 | -44.73 | 693.8 | 661.7 | 4.85 | | EPS (Rs)* | 25.15 | 34.00 | -26.03 | 119.80 | 108.31 | 10.62 | | | * EPS is on current equity of Rs 61.10 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) | 202303 | 202203 | Var.(%) | % of (Total) | 202303 | 202203 | Var.(%) |
|---|
| Sales | | Europe Middle East Asia & Africa | 39.58 | 858.90 | 693.80 | 23.80 | 38.90 | 3,117.50 | 2,277.10 | 36.91 | | Asia Pacific | 7.00 | 151.80 | 136.00 | 11.62 | 7.26 | 581.70 | 543.90 | 6.95 | | India | 5.12 | 111.20 | 42.90 | 159.21 | 3.91 | 313.40 | 282.20 | 11.06 | | America | 48.30 | 1,048.10 | 870.20 | 20.44 | 49.93 | 4,002.00 | 3,328.80 | 20.22 | | Total Reported Sales | 100.00 | 2,170.00 | 1,742.90 | 24.51 | 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 | 2,170.00 | 1,742.90 | 24.51 | 100.00 | 8,014.60 | 6,432.00 | 24.61 | | PBIT | | Europe Middle East Asia & Africa | 51.15 | 167.40 | 160.80 | 4.10 | 49.89 | 661.10 | 470.60 | 40.48 | | Asia Pacific | 6.78 | 22.20 | 13.50 | 64.44 | 5.65 | 74.90 | 59.00 | 26.95 | | India | 1.56 | 5.10 | -4.70 | LP | -2.16 | -28.60 | -19.80 | -44.44 | | America | 40.51 | 132.60 | 159.70 | -16.97 | 46.61 | 617.60 | 605.60 | 1.98 | | Total PBIT | 100.00 | 327.30 | 329.30 | -0.61 | 100.00 | 1,325.00 | 1,115.40 | 18.79 | | Less : Interest | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Add: Other un-allcoable | | -172.70 | -70.30 | -145.66 | | -373.80 | -253.90 | -47.22 | | PBIT Margin(%) | | Europe Middle East Asia & Africa | | 19.49 | 23.18 | -368.67 | | 21.21 | 20.67 | 53.95 | | Asia Pacific | | 14.62 | 9.93 | 469.80 | | 12.88 | 10.85 | 202.85 | | India | | 4.59 | -10.96 | 1,554.20 | | -9.13 | -7.02 | -210.94 | | America | | 12.65 | 18.35 | -570.06 | | 15.43 | 18.19 | -276.05 | | PBT | 100.00 | 154.60 | 259.00 | -40.31 | 100.00 | 951.20 | 861.50 | 10.41 |
|
|