While the news in the technology sector seem grim, with layoffs and reduced funding amid cautious and wary approach of investors, with overall economic situation being a bit uncertain, here is a news that brings some positivity.
Coforge to Gift iPads to Every Employee
IT services firm Coforge has said in its statement that the company shall gift all its employees Apple iPads to celebrate the milestone of reaching over $1 billion in revenue.
As of March 31, 2023, the company has 21,815 billable personnel, excluding its sales and marketing personnel and others. The company said that this celebration would incur Rs 80.3 crore as the cost.
Coforge’s Financials & Performance
Speaking of the Q4FY23, Coforge’s net profit plunged 48.08 percent to Rs 116.7 crore from Rs 224.8 crore in the same quarter last year.
It was due to the one-off expense of Rs 52.3 crore it incurred as part of its curtailed fundraising bid which was approved in 2021.
During the same period, the revenue went up by 24.5 percent year-on-year to Rs 2,170 crore.
Despite the ongoing banking crisis and the company’s exposure to regional banks in the US, the company’s banking, financial services and insurance vertical did not take a beating.
Speaking of the crisis, the company in its issued statement said that its exposure is limited and did not see the crisis impacting its performance.
A revenue growth guidance of 13-16 percent in constant currency terms was given by the company for the FY24. It also indicated a gross margin increase of 50 bps, and its adjusted EBITDA margin to be at a similar level as it was in FY23.
Coforge CEO Sudhir Singh in a statement said that “We believe that our performance during the quarter was marked by two key achievements. The first was a quarterly sequential US$ 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”.
