IT solutions firm Coforge (formerly ) reported a net profit of Rs 123.5 crore for the quarter ended December 31, 2020, down 3% over the corresponding quarter last year.

Revenues increased by 10.9% to Rs 1,190.6 crore. EBITDA (before ESOPs) for the quarter was at 18%, down 81 basis points as a result of selective wage hikes for employees with niche skills.

“The 3.3% sequential growth in constant currency terms during Quarter 3 has come on the back of an 8.1% growth in constant currency terms during the preceding quarter. With the committed order book 18% higher than at the same time last year the firm has primed itself for sustained, robust and profitable growth in the quarters to come. We remain hyper-focused on execution and continue to engineer convergence at the intersection of Cloud, Automation and Data tech”, said Sudhir Singh, Chief Executive Officer, Coforge.

The company reported new deal wins worth $192 million during the quarter, adding 11 new clients. The order book executable over the next 12 months has increased by 18% to $501 million.

The BFS business grew 7.7% sequentially and contributed to 18% of total revenue. The travel vertical recorded a quarter-on-quarter growth of 9.8% and contributed 20% to the revenues. Other segments collectively grew 4.7% quarter-on-quarter and they now represent 30% of the overall revenue. The Insurance vertical declined by 3.9% QonQ contributing to 32% of the quarter’s total revenue.

Among geographies, Americas grew by 6.7% sequentially contributing 49% to the revenue mix, EMEA grew by 3.9% contributing 36% to the revenue mix and Rest of the World declined by 6.5% contributing 15% to the revenue mix.

The total headcount increased by 262 to 11,424 people, while attrition was at 10.4%.





News Of India

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