Coforge Consolidated Quarter Results (October- December 2009)
Coforge Limited, a leading global IT solutions organization, announced its consolidated third quarter results for the quarter ended December 31st, 2009, posting consolidated revenues of Rs. 230.1 Crores representing a sequential growth of 2%.
Operating Profit for the quarter was Rs.50.7 Crores and PAT Rs. 35.3 Crores which is more than double of the profits for the same period last year.
"We are pleased with the continued sequential growth in revenues and further expansion in margins reflecting that the worst of the impact in the economic environment is behind us" said Mr. Arvind Thakur, CEO, Coforge Ltd. "Operating margins expanded sequentially by 178 bps and 408 bps Year-on-Year to 22%” he added." he added.
Coforge Ltd: Consolidated Performance At A Glance
Qtr ended December 31st , 08 Rs. Cr
Qtr ended December 31st , 09 Rs. Cr
Growth YoY %
( 7 )%
Profit After Tax
Revenues in the BFSI segment which rose sharply during the last quarter, maintained its share at 44% of overall revenues during this quarter. Business in the Travel and Transport segment increased dramatically during this quarter enhancing its share to 34% of the revenues. Share of revenues from Retail and Distribution is 9%.
Fresh orders worth USD 57m were secured during this quarter which included four new clients; two in Travel and one each in Manufacturing and Insurance respectively.
There was a significant increase in business from the APAC region which now has 15% of the revenue mix. Share of revenue from EMEA during this quarter was 42%; North America contributed 34%, while India contributed 9% of the revenues.
“Services from our Non-linear business are contributing to 27% of total revenues” said Rajendra S Pawar, Chairman, Coforge Ltd. “Our new partnerships in Cloud Computing will add further capability to drive Non-linear revenues” he added.
As an early entrant in the Cloud Computing space the Company announced a partnership with Hitachi Information Systems, Ltd., Japan during the quarter to offer Cloud services.
197 net addition of staff members took place during the quarter leading to the total number of people engaged at the end of the quarter under review to 4114.
About Coforge 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
Safe Harbor Certain statements in this release are forward-looking statements. The business involves various risks, and uncertainties that could result in the actual results to differ materially from those indicated here. All forward looking statements made herein are based on information presently available to the management of the Company and 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.