IT services firm Coforge will gift all its employees Apple iPads to celebrate the milestone of reaching over $1 billion in revenue, the company said in a statement.
The company will incur Rs 80.3 crore as the cost towards this celebration. Coforge had 21,815 billable personnel as of March 31, 2023, and this excludes its sales and marketing personnel and others.
Coforge's Q4FY23 net profit plunged 48.08 percent to Rs 116.7 crore from Rs 224.8 crore in the same quarter last year. The reason for the decline was largely due to a one-off expense of Rs 52.3 crore it incurred as part of its curtailed fundraising bid which was approved in 2021.
During the period, its revenue went up by 24.5 percent year-on-year to Rs 2,170 crore.
The company’s banking, financial services and insurance vertical did not take a beating despite the ongoing banking crisis and the company’s exposure to regional banks in the US. In a statement issued earlier, the company had said that its exposure is limited and did not see the crisis impacting its performance.
For FY24, the company gave a revenue growth guidance of 13-16 percent in constant currency terms, a gross margin increase of 50 bps, and its adjusted EBITDA margin to be at a similar level as it was in FY23.
“We believe that our performance during the quarter was marked by two key achievements. The first was a quarterly sequential US$ 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,” said Coforge CEO Sudhir Singh in a statement.
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