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Coforge share price hits record high after Q1 profit jumps 54% to Rs 123 crore

The IT firm reported a 54.7 percent jump in consolidated net profit at Rs 123.6 crore in the three months to June. It had posted a net profit of Rs 79.9 crore in the year-ago period, Coforge said in a regulatory filing.

July 28, 2021 / 02:16 PM IST
 
 
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Coforge share price was trading in the green on July 28 after the company declared its June quarter results.

The stock hit new record high and was trading at Rs 4,740.15, up Rs 17.10, or 0.36 percent. It has touched a 52-week high of Rs 4,827.30. It has touched an intraday high of Rs 4,827.30 and an intraday low of Rs 4,567.25.

The IT firm reported a 54.7 percent jump in consolidated net profit at Rs 123.6 crore in the three months to June. It had posted a net profit of Rs 79.9 crore in the year-ago period, Coforge said in a regulatory filing.

Its consolidated revenue rose 38.3 percent to Rs 1,461.6 crore in the first quarter of FY'22, as against Rs 1,057 crore in the year-ago period.

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In an interview to CNBC-TV18, Sudhir Singh, Chief Executive Officer at Coforge said the company has raised their FY22 organic revenue guidance to 19 percent from earlier 17 percent.

"We are very clear that we will deliver the 19 percent EBITDA pre-RSU, which is what we had guided at the beginning of the year. On that count, we feel confident about the fact that in this quarter itself, which is Q2FY22, we should see around 200 basis points (bps) improvement from 16.1 percent level as seen in Q1FY22 itself," he added.

In terms of ADR listing, "The board has passed an enabling resolution, it is out there for shareholder approval and hopefully that will come through. We are excited about going down that route if indeed the board decides. It clearly has a very positive rub-off on the brand both in terms of building credibility with prospective newer clients and also in terms of being able to attract strong executive talent to the organisation if we were to get listed on the US stock exchanges as well. Secondly, the firm then gets exposed to a broader set of global investors," Sudhir Singh added.

The company's board has declared the first interim dividend of Rs 13 per equity share for the financial year FY2021-22. It has fixed August 10, as the record date for ascertaining the eligibility of shareholders for the payment of the interim dividend.

Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol advises users to check with certified experts before taking any investment decisions.
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first published: Jul 28, 2021 02:16 pm
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