New Delhi, October 15th 2013, Tuesday: – Coforge Limited (NSE: Coforge), a leading global IT solutions organization, today announced its financial results for the quarter ended on September 30, 2013 with a revenue of Rs. 587.3Crores, representing a sequential growth of 8.4%.
Operating Profits stood at Rs. 88.6 Crores, representing a QoQ growth of 13.2% while net profits grew 17.2% sequentially to Rs. 62.4 Crores, representing a 44.7% rise over the same period last year.
|JULY-SEPTEMBER FY'14 QUARTER Performance at a Glance|
|Consolidated Revenue||Rs. 500.1||Rs. 587.3||17.4%|
|Operating Profit||Rs. 84.8||Rs. 88.6||4.4%|
|Profit After Tax||Rs. 43.1||Rs. 62.4||44.7 %|
“We experienced robust growth in the U.S with business expanding by 15% sequentially during the quarter.” said Arvind Thakur, CEO & Joint MD Coforge. “EMEA grew by 11% with a strong intake of fresh new business”, he added.
Three new clients were added during the quarter in the EMEA region all in the Travel and Transportation segment. This included a global carrier and also a large contract of approx 10m USD from a mid-sized regional airline.
Fresh orders of USD 84Mn were secured during the quarter leading to USD 248Mn worth of orders executable over the next 12 months. This includes new business from an existing client in excess of 10m USD.
The contribution to the total revenues from the U.S. and EMEA increased to 41% and 36% respectively. The revenue share from rest of the world stood at 23%. Among industry segments, Travel and Transportation contributed 37%, BFSI 33% and Manufacturing/Distribution contributed 6% to the revenue mix.
The Company also successfully went live across two states in the implementation of the Crime and Criminal Tracking Network System (CCTNS). This included Tamil Nadu using Ciprus software developed by National Informatics Centre and Jharkhand using Core Application Software (CAS). CCTNS is one of the most important mission mode programmes under NeGP, Govt. of India.
During the quarter the Company created a new position of Chief Operating Officer and inducted Sudhir Chaturvedi into this role. Global sales and delivery for software and business services would henceforth be managed by Sudhir.
“Sudhir’s induction enhances leadership bandwidth to execute on the next phase of the Company’s growth” said Mr. Rajendra S. Pawar, Chairman, Coforge Ltd.
Headcount at the end of the quarter stood at 8,017. Utilisation improved to 80.3% from 77.3% from the previous quarter. Attrition during the quarter remained at 12.4%.
Acknowledgements during the quarter
- Coforge listed in the Forbes Asia's 200 ‘Best under a Billion’ Companies.
- Recognised for its Excellence in Training at Asia's Best Employer Brand Awards 2013.
- Coforge’ Progress, the Career Mobility centre acknowledged as the Innovation in Career Development at Asia's Best Employer Brand Awards 2013.
- Received Asia’s Most Promising Brand Award by World Consulting and Research Corporation.
- Arvind Mehrotra, President Asia & Australia received Leadership Award from eIndia 2013 and “Business Leader of the Year” from World Consulting and Research Corporation.
Coforge is a leading IT solutions organization, servicing customers in North America, Europe, Middle East, Asia and Australia. It offers services in Application Development and Maintenance, Managed Services, IP Asset or Platform Solutions, and Business Process Outsourcing to organisations in the Financial Services, Travel & Transportation, Manufacturing/Distribution, Healthcare and Government sectors. The Company adheres to major global benchmarks and standards, having secured the ISO 9001:2000 certifications and the ISO: 27001 Information Security Management accreditation. Coforge also follows global standards of development. It has been assessed at Level 5 of SEI CMMi version 1.2. Coforge Business Process Outsourcing conforms to the highest quality standards such as COPC and Six Sigma. 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. 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.