- Consolidated Revenues at Rs. 226.3 Crores, up 4% QoQ
- Operating Profit at Rs. 45.8 Crores, up 16% QoQ
- Operating Margins at 20 %, up 255 bps QoQ
- Profit After Tax at Rs. 32.1 Crores, up 82% QoQ
- Board grants options under ESOP
Coforge Limited, a leading global IT solutions organization, announced its consolidated second quarter results for the quarter ended September 30, 2009, posting consolidated revenues of Rs. 226.3 Crores representing a sequential growth of 4%.
Operating Profit for the quarter was Rs. 45.8 Crores and PAT Rs. 32.1 Crores.
“In the period to the run up to the quarter which has been extremely challenging , and in this quarter, the company has achieved great success in improving its operating efficiencies” said Mr. Arvind Thakur, CEO, Coforge Ltd. “Operating margins jumped to 20% during this quarter representing a change of more than 2% both sequentially and year-on-year” he added.
Coforge Ltd: Consolidated Performance At A Glance
September 30, 09
September 30, 08
Growth YoY %
Profit After Tax
Business in the BFSI segment increased its overall share to 44% and the company further strengthened its position in Travel and Transport which now contributes to 30% of the revenues. Company once again secured Top Honors amongst all global outsourcers by being ranked No.1 in the 2009 Datamonitor Black Book of Outsourcing Travel Industry Survey. This is the second consecutive year of top ranking independently validating the company’s proficiency within the Travel and Transport space.
Fresh orders worth USD 51m were secured during this quarter which included 3 new clients; two in Travel and one in Retail. Large extensions were secured with existing clients in the Travel space in the US and Australia and significant new business came in from existing Insurance clients in UK.
Share of revenue from EMEA during this quarter was 46%; North America was 33%, while APAC and India improved their share to 21%.
“The environment continues to be volatile particularly with respect to global currencies, however, the overall sense is that the economic climate is stabilizing” said Rajendra S Pawar, Chairman, Coforge Ltd. “To build value as we come out of the downturn, the board has made a grant under the existing ESOP which would cover over 500 managers” he added.
In all, the total number of people engaged at the end of the quarter under review was 3917.
- Coforge ranked Number 1 in the Datamonitor Black Book of Outsourcing 2009 Travel Industry survey for the second consecutive year
- Coforge ranked amongst the Top 20 Best Managed Outsourcing Vendors by 2009 Datamonitor Black Book of Outsourcing
Coforge is a leading IT solutions organization, servicing customers in North America, Europe, Asia and Australia. It offers services in Application Development and Maintenance, Enterprise Solutions including Managed Services and Business Process Management to organizations in the Financial Services, Travel, Retail and Distribution, and Government sectors. Coforge follows global standards of development, which includes ISO 9001:2000 certification, assessment at Level 5 of both SEI-CMMi version 1.2 and People-CMM frameworks and ISO 27001 information security management certification. Its data centre operations are assessed at the international ISO 20000 IT management standards.
For further information, please visit www.coforgetech.com
Certain statements in this release are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies / entities in which we have made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies and unauthorized use of our intellectual property and general economic conditions affecting our industry. The company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the company.