Coforge reports 18.8% revenue growth for Q3 FY'13
New Delhi, January 15th 2013,Tuesday: – Coforge Ltd.(NSE:Coforge), a leading global IT solutions organization, today announced its financial results for the quarter ended December 31, 2012, with a revenue increase of 18.8% over the same period last year, representing a sequential growth of 2.9%. There was a currency loss of 1.5% in revenues during the quarter.
“Revenues grew 4.4% sequentially in constant currencies during the quarter reflecting the sustained growth momentum of the company” said Mr. Arvind Thakur, Chief Executive Officer, Coforge Ltd. “Net Profits rose 30% sequentially to Rs. 56 Crores during the quarter” added Mr. Thakur.
Operating Profits stood at Rs. 81 Crores representing a YoY growth of 4.1%.
Performance highlights:Consolidated Revenues grew 18.8% YoY to Rs. 514 Crores Operating Profits grew 4.1% YoY to Rs. 81 Crores 4 new significant customers added including one with $10 Mn intake $83 Mn of fresh order intake
OCT-DEC 2012-13 Quarter Performance at a Glance
Qtr ended DEC 31, 2011
Qtr ended DEC 31, 2012
Rs. CrGrowth YoY Consolidated Revenue 433 514 18.8 % Operating Profit 78 81 4.1 % Operating Margin 18.0 % 15.8 % (222 bps) Profit After Tax 64 56 -12.5 %
Business in the US contributed to 37% of revenues, EMEA improved to 40% of the total revenue share, while the revenue share from APAC and India remained at 23%.
Among industry segments, Travel & Transport remained at 42% of revenue share, BFSI stood at 31% while Manufacturing/Distribution and Government contributed 6% and 8% of revenue share respectively.
There was softness in the BFSI segment due to overall economic uncertainties with a major catastrophe like hurricane Sandy causing losses among reinsurers. Travel and Transport however continued to show good traction with top clients growing well in this segment. The company delivered pilots successfully on schedule for the large government program of CCTNS in all the four states where it is engaged.
$83 Mn of fresh orders was secured during the quarter which included a $10 Mn renewal in Travel & Transport, leading to $242 Mn of order book executable over the next 12 months. Four new clients were added which included two from Manufacturing and one each in Travel & Transportation and Government. This includes a $10 Mn contract for providing turn-key solution for the Registration and Stamps department of a large state. This project is replicable across all states.
“Despite the uncertain environment the company has been securing fresh orders at a steady rate throughout the year”, said Mr. Rajendra S. Pawar, Chairman, Coforge Ltd. “We are confident to deliver better than industry growth in the current financial year”, added Mr. Pawar.
265 net additions of staff took place during the quarter taking the total headcount to 7882 at the end of the period.
Acknowledgements during the quarterCoforge has been ranked No. 6 in the Dataquest-CMR Best IT Employers Survey 2012
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 organizations 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.