Coforge has announced a consolidated net profit of Rs 202.3 crore for Q2 FY24, reflecting an 11.7 percent year-on-year increase. The company`s revenue from operations surged 34.5 percent to Rs 3,062.3 crore, aided by the successful integration of Cigniti. An interim dividend of Rs 19 per share has also been recommended.
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Coforge, a prominent IT solutions provider, has reported an impressive growth in its financial performance for the second quarter of the fiscal year, with a nearly 12 per cent increase in net profit. According to a stock exchange filing, the company achieved a consolidated net profit of Rs 202.2 crore for the quarter ending September, marking an 11.7 per cent rise from Rs 181 crore reported during the same period last year.
The company's revenue from operations also saw a remarkable surge, reaching Rs 3,062.3 crore, which reflects a 34.5 per cent increase compared to Rs 2,276.2 crore in Q2 FY24, PTI reported. This growth highlights a significant upward trend, with profit and revenue increasing by 51.8 per cent and 27.5 per cent, respectively.
Sudhir Singh, CEO and Executive Director of Coforge, shared insights on the company's recent acquisition of Cigniti, noting that the integration of their teams has exceeded expectations. He stated, "The growth and margin expansion at Cigniti are a preview of sustained growth and further increases in margin to follow. We have operationally fully integrated the Cigniti team, and the synergies have exceeded even our expectations." This integration has added 5,871 staff to Coforge's workforce during the quarter, with 4,430 of these new employees coming from the acquisition of Cigniti. Consequently, the total employee count has now reached 32,483.
In addition to these promising financial results, Coforge's board has recommended an interim dividend of Rs 19 per share, with the record date for this payout set for October 11, 2024. This move reflects the company's commitment to providing returns to its shareholders.
Coforge operates as a global digital services and solutions provider, maintaining a presence in 21 countries with 25 delivery centres spread across nine nations. The company's shares demonstrated a positive response in the stock market, trading at 11.48 per cent higher at Rs 7,575.75 apiece on the
Bombay Stock Exchange on Wednesday.
This strong performance underscores Coforge's resilience and capacity for growth within the competitive IT sector, positioning it for further success in the coming quarters.
(With inputs from PTI)
