Secures three large contracts, builds significant order book
New Delhi, October 18th 2011, Tuesday: –
Coforge Ltd.(NSE:Coforge), a leading global IT solutions organization, today announced its consolidated financial results for the quarter ended September 30, 2011, representing a sequential revenue increase of 12.9% to Rs. 371 Crores.
The Company secured a record $ 200m of fresh orders during the quarter.
- Consolidated Revenues up 12.9% QoQ to Rs. 371 Crores
- Net Profit up 11.2 % QoQ to Rs. 46 Crores
- 7 new customers added
- Established a strategic partnership with Morris Communications in USA
- Acquired Proyecta Sistemas de Informacion S.A., a software services company in Spain
“All-round growth in each geography has contributed to the strong revenue growth” said Arvind Thakur, Chief Executive Officer, Coforge Ltd. “The strong order intake will support the sustained growth momentum for the Company”.
Operating Profits stood at Rs. 55 Crores and Profit After Tax at Rs. 46 Crores.
|JULY-SEP 2011-12 Quarter Performance at a Glance|
Sep 30, 2010
Sep 30, 2011
|Operating Profit||59.3||55 *||-7.25 %|
|Operating Margins||18.3%||14.8% *||(345 bps)|
|Profit After Tax||43.5||45.8||5.1%|
|* Includes one-time expense of Rs. 119 m on account of legal and professional services for Morris Communications and Proyecta.|
$ 200m of fresh order intake included seven significant customer wins, resulting in $ 232m of executable order book over the next 12 months. Two customers were added each in BFSI and Government. One customer was added in Manufacturing, TTL and others respectively.
The Company had recently announced its strategic partnership with Morris Communications to provide integrated IT & BPO services.
The Company also secured major contracts from Police Department for implementing the Crime and Criminal Tracking Network System (CCTNS) for two states. CCTNS is one of the most important mission mode programmes under NeGP, Govt. of India. Coforge leveraged its experience of successful implementations of IT solutions for defense and paramilitary forces.
“Record order intake of $200m will accelerate revenue growth” said Mr. Rajendra S. Pawar, Chairman, Coforge Ltd.
Business in the US and EMEA contributed to 37% and 38% respectively of the total revenue share, while the revenue share from APAC stood at 13% and India at 12%. Among industry segments, BFSI contributing to 39% of revenues, Travel & Transport contributed to 36% and Manufacturing/Distribution at 8%.
During the quarter, the Company acquired Proyecta Sistemas de Informacion S.A. (Proyecta), a software services company in Spain, specializing in Travel and Financial Services. This strengthens Coforge front-end capabilities for larger European engagements and offers a gateway to the traditional Spanish-speaking markets in Latin America.
Net employee additions during the quarter were 468 employees, taking the total headcount to 6733 employees.
Acknowledgements during the quarter
- Coforge ranked in Top 20 Best IT Employers in DQ-CMR Best Employers Survey 2011
- Conferred with “Excellence in Training” Award at ASIA’s Best Employer Brand Awards 2011
- The Company’s Chief People Officer, Rosita Rabindra was awarded “HR Leadership” Award at ASIA’s Best Employer Brand Awards 2011 ” report
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.