Board recommends Rs. 10 dividend per share
Noida, May 6th 2016, Friday: Coforge Limited (NSE: Coforge), a leading global IT solutions organization, announced its financial results for the year FY15-16 resulting in revenues of Rs. 2,682 Crores, operating profits at Rs. 473 Crores and net profits at Rs. 280 Crores.
- Revenues up 13.1% at Rs. 2,682 Crores
- Operating Profits up 36.9% at Rs. 473 Crores
- Net Profits up 145% at Rs. 280 Crores
“Growth during the year came on the back of increased international business and growth in BFSI sector”, said Mr. Arvind Thakur, Chief Executive Officer, Coforge Ltd. “Operating Margins improved through the year and this trend continued in Q4 with margins expanding by 20 bps during the quarter”, he added.
BFSI grew 29% during the year, increasing the revenue share to 38% from 33% last year. Travel and Transportation contributed to 35% of revenues. Manufacturing/Distribution share of revenues stood at 8% and Government at 4% of revenues for the year.
Americas had a robust growth of 17%, representing 46% of total revenue mix. EMEA grew by 8% during the year resulting in 34% contribution to the revenue. APAC contributed to 10% of total revenue mix. India revenue share reduced to 10% declining 14% YoY as a result of reduced focus on Government business.
Consolidated revenues for the quarter grew 0.9% sequentially to Rs. 684.7 Crores and operating profits improved by 2% sequentially to Rs. 126.1 Crores. Net profits improved sequentially by 6.4% to Rs. 79 Crores.
|JAN- MAR FY’16 Quarter Performance at a glance|
|Profit After Tax||(17.5)||79||Loss to profit|
The quarter witnessed robust growth in BFSI expanding 6% sequentially contributing to 40% of revenues while Travel and Transportation contributed to 32% of total revenues. Other segments of focus like Manufacturing/Distribution and Government contributed to 8% and 4% of the revenue mix respectively.
Fresh orders of USD 120 Mn were secured during the quarter leading to USD 301 Mn worth of orders executable over the next 12 months.
“The order intake includes a new multi-year large transformational outsourcing engagement with an insurance client in Europe and another multimillion dollar new insurance logo acquired in the US”, said Mr. Sudhir Chaturvedi, Chief Operating Officer, Coforge Ltd.
4 new clients were added during the quarter 2 each in Americas and APAC.
Sompo Japan Canopius Reinsurance successfully went live on Navigator which is a next generation policy and claims administration platform from Coforge. During the quarter the Company entered into a partnership with UiPath to deploy Robotic Process Automation in its BPO business. To strengthen its Digital Integration capabilities the Company set up a new state-of-the-art Digital Innovation Centre in Hyderabad.
Digital revenues contributed to 16% of the overall mix during the quarter.
Mr. Rajendra S. Pawar, Chairman, Coforge Ltd. said, “The Company has built a strong partner eco-system which would be the driving force for growth in Digital Services”.
Total headcount stood at 9,476 at the end of the period under review, and attrition rate being 12.7%.
Acknowledgements during the quarter:
- Secured ‘Best Service Provider Award’ from ICT Subsidiary of German Railways.
- Conferred with the ‘RB Investor Communication’ award in the ‘Technology – Emerging Corporates’ category.
- Won HRO Today Services and Technology Awards 2016 for ‘Excellence in Business Partnership in US’.
Coforge is a leading global IT solutions organization servicing customers across the Americas, Europe, Asia and Australia.
Differentiated on the strength of its industry expertise, Coforge services clients in travel and transportation, banking and financial services, insurance, manufacturing and media verticals, offering a range of services including Application Development and Maintenance, Infrastructure Management, and Business Process Management. Focused on Digital Services, the Company is helping businesses design agile, scalable and digital operating models.
Coforge adheres to major global benchmarks and standards of quality and Information Security.
For further information, please visit www.coforgetech.com
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.