On consolidated basis
Quarter ended September 2023
compared with Quarter ended June 2023.
Net sales (including other operating income) of Coforge has increased 2.49% to
Rs 2276.2 crore.
Operating profit margin has jumped
from 13.78% to 14.98%, leading to 11.41% rise in operating profit to Rs 340.90
crore. Purchase of finished goods cost fell from 0.18% to 0.15%.
Employee cost increased from 61.90% to 62.36%. Other
expenses fell from 24.13% to 22.51%.
Other income fell 44.38% to Rs 8.9
crore. PBIDT rose 8.63% to Rs 349.8 crore. Provision for
interest rose 44.34% to Rs 31.9 crore. Loan funds remained
nil.
PBDT rose 6% to Rs 317.9
crore. Provision for depreciation rose 1.98% to Rs 77.2
crore.
Profit before tax grew 7.36% to Rs
240.70 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 52.8 crore, compared to
Rs 48.5 crore. Effective tax rate was 21.94% compared to 21.63%.
Minority interest decreased 33.65%
to Rs 6.90 crore. Net profit attributable to owners of the company
increased 9.50% to Rs 181.00 crore.
Promoters’ stake was 26.63% as of 30
September 2023 ,compared to 26.63% as of 30 June 2023 .
Quarter ended September 2023
compared with Quarter ended September 2022.
Net sales (including other operating income) of Coforge has increased 16.17% to
Rs 2276.2 crore. Sales of Europe Middle East & Africa segment
has gone up 17.11% to Rs 883.80 crore (accounting for 38.83% of total
sales). Sales of Asia Pacific segment has gone up 10.03% to Rs
161.20 crore (accounting for 7.08% of total sales). Sales of India
segment rose 99.44% to Rs 106.70 crore (accounting for 4.69% of total
sales). Sales of America segment has gone up 11.92% to Rs 1,124.50
crore (accounting for 49.40% of total sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 0.87% to Rs 347.40
crore. PBIT of Europe Middle East & Africa segment fell 3.11% to
Rs 152.70 crore (accounting for 43.96% of total PBIT). PBIT of Asia
Pacific segment fell 34.66% to Rs 11.50 crore (accounting for 3.31% of total
PBIT). PBIT of India segment fell 71.15% to Rs -17.80 crore
(accounting for -5.12% of total PBIT). PBIT of America segment rose
11.92% to Rs 201.00 crore (accounting for 57.86% of total PBIT).
PBIT margin of Europe Middle East
& Africa segment fell from 20.88% to 17.28%. PBIT margin of Asia
Pacific segment fell from 12.01% to 7.13%. PBIT margin of India
segment rose from negative 19.44% to negative 16.68%. PBIT margin of
America segment fell from 17.88% to 17.87%. Overall PBIT margin fell
from 17.58% to 15.26%.
Operating profit margin has declined
from 17.20% to 14.98%, leading to 1.13% rise in operating profit to Rs 340.90
crore. Purchase of finished goods cost fell from 0.27% to 0.15%.
Employee cost increased from 59.81% to 62.36%. Other
expenses fell from 22.72% to 22.51%.
Other income fell 34.07% to Rs 8.9
crore. PBIDT fell 0.23% to Rs 349.8 crore. Provision for
interest rose 50.47% to Rs 31.9 crore. Loan funds rose to Rs
1,209.30 crore as of 30 September 2023 from Rs 755.40 crore as of 30 September
2022. Sundry debtors were higher at Rs 1,963.90 crore as of 30
September 2023 compared to Rs 1,695.60 crore as of 30 September
2022. Cash and bank balance declined from Rs 388.90 crore as of 30
September 2022 to Rs 338.50 crore as of 30 September 2023.
PBDT fell 3.49% to Rs 317.9
crore. Provision for depreciation rose 25.73% to Rs 77.2
crore. Fixed assets increased to Rs 734.70 crore as of 30 September
2023 from Rs 631.80 crore as of 30 September 2022. Intangible assets
increased from Rs 1,480.50 crore to Rs 1,622.30 crore.
Profit before tax down 10.19% to Rs
240.70 crore. Share of profit/loss were nil in both the periods. Provision
for tax was expense of Rs 52.8 crore, compared to Rs 47.4
crore. Effective tax rate was 21.94% compared to 17.69%.
Minority interest decreased 64.62%
to Rs 6.90 crore. Net profit attributable to owners of the company
decreased 10% to Rs 181.00 crore.
Equity capital increased from Rs
61.00 crore as of 30 September 2022 to Rs 61.50 crore as of 30 September
2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 26.63% as of 30
September 2023 ,compared to 40.06% as of 30 September 2022 .
For year-to-date (YTD) results
analysis.
Net sales (including other operating income) of Coforge has increased 18.70% to
Rs 4497.2 crore. Sales of Europe Middle East & Africa segment
has gone up 21.83% to Rs 1,741.30 crore (accounting for 38.72% of total
sales). Sales of Asia Pacific segment has gone up 10.28% to Rs
317.50 crore (accounting for 7.06% of total sales). Sales of India
segment rose 63.11% to Rs 210.90 crore (accounting for 4.69% of total sales). Sales
of America segment has gone up 14.68% to Rs 2,227.50 crore (accounting for
49.53% of total sales).
Profit before interest, tax and
other unallocable items (PBIT) has jumped 4.13% to Rs 662.50
crore. PBIT of Europe Middle East & Africa segment rose 5.07% to
Rs 312.80 crore (accounting for 47.22% of total PBIT). PBIT of Asia
Pacific segment fell 16.67% to Rs 25.50 crore (accounting for 3.85% of total
PBIT). PBIT of India segment fell 77.83% to Rs -40.90 crore
(accounting for -6.17% of total PBIT). PBIT of America segment rose
10.34% to Rs 365.10 crore (accounting for 55.11% of total PBIT).
PBIT margin of Europe Middle East
& Africa segment fell from 20.83% to 17.96%. PBIT margin of Asia
Pacific segment fell from 10.63% to 8.03%. PBIT margin of India
segment fell from negative 17.79% to negative 19.39%. PBIT margin of
America segment fell from 17.04% to 16.39%. Overall PBIT margin fell
from 16.79% to 14.73%.
Operating profit margin has declined
from 16.51% to 14.38%, leading to 3.39% rise in operating profit to Rs 646.90
crore. Purchase of finished goods cost fell from 1.16% to 0.17%.
Employee cost increased from 59.95% to 62.13%. Other
expenses rose from 22.37% to 23.31%.
Other income fell 9.45% to Rs 24.9
crore. PBIDT rose 2.85% to Rs 671.8 crore. Provision for
interest rose 36.36% to Rs 54 crore. Loan funds rose to Rs 1,209.30
crore as of 30 September 2023 from Rs 755.40 crore as of 30 September
2022. Sundry debtors were higher at Rs 1,963.90 crore as of 30
September 2023 compared to Rs 1,695.60 crore as of 30 September
2022. Cash and bank balance declined from Rs 388.90 crore as of 30
September 2022 to Rs 338.50 crore as of 30 September 2023.
PBDT rose 0.68% to Rs 617.8
crore. Provision for depreciation rose 22.91% to Rs 152.9
crore. Fixed assets increased to Rs 734.70 crore as of 30 September
2023 from Rs 631.80 crore as of 30 September 2022. Intangible assets
increased from Rs 1,480.50 crore to Rs 1,622.30 crore.
Profit before tax down 4.97% to Rs
464.90 crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 101.3 crore, compared
to Rs 96.7 crore. Effective tax rate was 21.79% compared to 19.77%.
Minority interest decreased 58.51%
to Rs 17.30 crore. Net profit attributable to owners of the company
decreased 1.28% to Rs 346.30 crore.
Equity capital increased from Rs
61.00 crore as of 30 September 2022 to Rs 61.50 crore as of 30 September
2023. Per share face Value remained same at Rs 10.00.
Promoters’ stake was 26.63% as of 30
September 2023 ,compared to 40.06% as of 30 September 2022 .
Cash flow from operating activities
decreased to Rs 6.50 crore for YTD ended September 2023 from Rs 108.80 crore
for YTD ended September 2022. Cash flow used in acquiring fixed
assets during the YTD ended September 2023 stood at Rs 181.70 crore, compared
to Rs 89.20 crore during the YTD ended September 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 & 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 & 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
& 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 1,150.00 crore as of 31 March
2023 from Rs 1,012.70 crore as of 31 March 2022. Intangible assets
increased from Rs 1,070.80 crore to Rs 1,166.50 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.
Guidance: The firm reiterates its fiscal year 2024 annual revenue
growth guidance of 13% to 16% in constant currency terms and reaffirmed gross
margin improvement of 50 bps compared to FY23 and its adjusted EBITDA margin to
be at similar
levels as FY23.
Dividend: The Board has recommended an interim dividend of Rs 19
per share
Other Highlights:
Total order book executable
over the next 12 months at US$ 935 million.
Order intake was $313
million, seventh consecutive quarter of $300+ million deal wins.
8 new clients were added
during the quarter.
Headcount at the end of the
quarter increases to 24,638, addition of 414 QoQ and 1,647 YoY.
LTM attrition at 13.0%, down
340 bps Y-o-Y.
Management Commentary:
Commenting on the
performance Mr Sudhir Singh, CEO said “At the end of the first half, the firm
has grown 16.2% in CC terms despite a very challenging market context. This reflects
once again, the exceptional executional intensity and commitment of all members
of Team Coforge.”
| Coforge : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202309 | 202209 | Var.(%) | 202309 | 202209 | Var.(%) | 202303 | 202203 | Var.(%) |
|---|
| Net Sales (including other operating income) | 2,276.20 | 1,959.40 | 16.17 | 4,497.20 | 3,788.80 | 18.70 | 8,014.60 | 6,432.00 | 24.61 | | OPM (%) | 14.98 | 17.20 | -223 bps | 14.38 | 16.51 | -213 bps | 15.98 | 17.13 | -115 bps | | OP | 340.90 | 337.10 | 1.13 | 646.90 | 625.70 | 3.39 | 1,280.70 | 1,101.90 | 16.23 | | Other Inc. | 8.90 | 13.50 | -34.07 | 24.90 | 27.50 | -9.45 | 61.90 | 51.80 | 19.50 | | PBIDT | 349.80 | 350.60 | -0.23 | 671.80 | 653.20 | 2.85 | 1,342.60 | 1,153.70 | 16.37 | | Interest | 31.90 | 21.20 | 50.47 | 54.00 | 39.60 | 36.36 | 80.60 | 65.00 | 24.00 | | PBDT | 317.90 | 329.40 | -3.49 | 617.80 | 613.60 | 0.68 | 1,262.00 | 1,088.70 | 15.92 | | Depreciation | 77.2 | 61.4 | 25.73 | 152.9 | 124.4 | 22.91 | 258.5 | 227.2 | 13.78 | | PBT | 240.70 | 268.00 | -10.19 | 464.9 | 489.2 | -4.97 | 1003.5 | 861.5 | 16.48 | | Share of Profit/(Loss) from Associates | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | PBT before EO | 240.7 | 268 | -10.19 | 464.9 | 489.2 | -4.97 | 1003.5 | 861.5 | 16.48 | | EO Income | 0 | 0 | - | 0 | 0 | - | -52.3 | 0 | - | | PBT after EO | 240.7 | 268 | -10.19 | 464.9 | 489.2 | -4.97 | 951.2 | 861.5 | 10.41 | | Taxation | 52.8 | 47.4 | 11.39 | 101.3 | 96.7 | 4.76 | 206.1 | 146.8 | 40.40 | | PAT | 187.9 | 220.6 | -14.82 | 363.6 | 392.5 | -7.36 | 745.1 | 714.7 | 4.25 | | Minority Interest (MI) | 6.9 | 19.5 | -64.62 | 17.3 | 41.7 | -58.51 | 51.3 | 53 | -3.21 | | Net profit | 181 | 201.1 | -10.00 | 346.3 | 350.8 | -1.28 | 693.8 | 661.7 | 4.85 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 181 | 201.1 | -10.00 | 346.3 | 350.8 | -1.28 | 693.8 | 661.7 | 4.85 | | EPS (Rs)* | 29.47 | 32.75 | -10.00 | 56.39 | 57.13 | -1.28 | 119.19 | 107.75 | 10.62 | | | * EPS is on current equity of Rs 61.41 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) | 202309 | 202209 | Var.(%) | % of (Total) | 202309 | 202209 | Var.(%) | % of (Total) | 202303 | 202203 | Var.(%) |
|---|
| Sales | | Europe Middle East & Africa | 38.83 | 883.80 | 754.70 | 17.11 | 38.72 | 1,741.30 | 1,429.30 | 21.83 | 38.90 | 3,117.50 | 2,277.10 | 36.91 | | Asia Pacific | 7.08 | 161.20 | 146.50 | 10.03 | 7.06 | 317.50 | 287.90 | 10.28 | 7.26 | 581.70 | 543.90 | 6.95 | | India | 4.69 | 106.70 | 53.50 | 99.44 | 4.69 | 210.90 | 129.30 | 63.11 | 3.91 | 313.40 | 282.20 | 11.06 | | America | 49.40 | 1,124.50 | 1,004.70 | 11.92 | 49.53 | 2,227.50 | 1,942.30 | 14.68 | 49.93 | 4,002.00 | 3,328.80 | 20.22 | | Total Reported Sales | 100.00 | 2,276.20 | 1,959.40 | 16.17 | 100.00 | 4,497.20 | 3,788.80 | 18.70 | 100.00 | 8,014.60 | 6,432.00 | 24.61 | | Less: Inter segment revenues | | 0.00 | 0.00 | - | | 0.00 | 0.00 | | 0.00 | 0.00 | - | | Net Sales | 100.00 | 2,276.20 | 1,959.40 | 16.17 | 100.00 | 4,497.20 | 3,788.80 | 18.70 | 100.00 | 8,014.60 | 6,432.00 | 24.61 | | PBIT | | Europe Middle East & Africa | 43.96 | 152.70 | 157.60 | -3.11 | 47.22 | 312.80 | 297.70 | 5.07 | 49.89 | 661.10 | 470.60 | 40.48 | | Asia Pacific | 3.31 | 11.50 | 17.60 | -34.66 | 3.85 | 25.50 | 30.60 | -16.67 | 5.65 | 74.90 | 59.00 | 26.95 | | India | -5.12 | -17.80 | -10.40 | -71.15 | -6.17 | -40.90 | -23.00 | -77.83 | -2.16 | -28.60 | -19.80 | -44.44 | | America | 57.86 | 201.00 | 179.60 | 11.92 | 55.11 | 365.10 | 330.90 | 10.34 | 46.61 | 617.60 | 605.60 | 1.98 | | Total PBIT | 100.00 | 347.40 | 344.40 | 0.87 | 100.00 | 662.50 | 636.20 | 4.13 | 100.00 | 1,325.00 | 1,115.40 | 18.79 | | Less : Interest | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | 0.00 | 0.00 | - | | Add: Other un-allcoable | | -106.70 | -76.40 | -39.66 | | -197.60 | -147.00 | -34.42 | | -373.80 | -253.90 | -47.22 | | PBIT Margin(%) | | Europe Middle East & Africa | | 17.28 | 20.88 | -360.48 | | 17.96 | 20.83 | -286.48 | | 21.21 | 20.67 | 53.95 | | Asia Pacific | | 7.13 | 12.01 | -487.97 | | 8.03 | 10.63 | -259.72 | | 12.88 | 10.85 | 202.85 | | India | | -16.68 | -19.44 | 275.70 | | -19.39 | -17.79 | -160.50 | | -9.13 | -7.02 | -210.94 | | America | | 17.87 | 17.88 | -0.14 | | 16.39 | 17.04 | -64.59 | | 15.43 | 18.19 | -276.05 | | PBT | 100.00 | 240.70 | 268.00 | -10.19 | 100.00 | 464.90 | 489.20 | -4.97 | 100.00 | 951.20 | 861.50 | 10.41 |
|
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