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  5. Coforge breaks muted IT earnings trend, posts solid Q2 numbers; shares surge 12% to hit record high

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Coforge breaks muted IT earnings trend, posts solid Q2 numbers; shares surge 12% to hit record high

Swati Verma
By Swati Verma

2 min read | Updated on October 23, 2024, 11:39 IST

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SUMMARY

For the quarter ended September 30, the company posted a revenue of ₹3,062.3 crore, up 27.5% QoQ and 34.5% YoY. In US dollar terms, the revenue came in at US$ 369.4 million, up 26.8% QoQ and 32.8% YoY, while in constant currency (CC) terms, the figure grew 26.3% QoQ and 33% YoY.

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COFORGE
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Cash flow from operations for the quarter stood at $10.9 million, as per the company's earnings release.

Cash flow from operations for the quarter stood at $10.9 million, as per the company's earnings release.

Coforge Q2 Results, Coforge share price: Coforge, the mid-tier IT company, was the highlight of the trading session on Wednesday, October 23. The stock was in heavy demand after the company posted an encouraging set of numbers for the quarter ended September 30, 2024 (Q2 FY25). 

Shares of the company jumped up to 12.3% to hit a record high of ₹7,632.75 apiece on the BSE.

Coforge Q2 Results

For the quarter ended September 30, the company posted a revenue of ₹3,062.3 crore, up 27.5% QoQ and 34.5% YoY. 

In US dollar terms, the revenue came in at US$ 369.4 million, up 26.8% QoQ and 32.8% YoY, while in constant currency (CC) terms, the figure grew 26.3% QoQ and 33% YoY. 

EBITDA margin for the quarter stood at 15.8%, up 53 bps on a YoY basis. Its adjusted profit after tax (PAT) came in at ₹255.2 crore, up 35.6% on a YoY basis. 

Cash flow from operations for the quarter stood at $10.9 million, as per the company's earnings release. 

Further, the company's board has also recommended an interim dividend of ₹19 per share, and the record date for this payout will be October 11, 2024. 

Commenting on the Q2 results, Sudhir Singh, Chief Executive Officer, Coforge Ltd, said, “Q2FY25 has been an exceptional quarter for the firm. A 27 percent sequential dollar growth with the organic business having grown 6.3 percent sequentially, a concurrent and material expansion in EBITDA, the second consecutive quarter of significant net headcount addition, a large deals pipeline that is looking very robust, and an even strengthening order executable, which now is 40 percent higher YoY, gives us confidence that the quarter and quarters to come shall see robust and sustained growth."

The CEO added, "The growth and the margin expansion at Cigniti are a preview of sustained growth and further increases in margin to follow. We have operationally fully integrated the Cigniti team, and the synergies have exceeded even our expectations."

Business Highlights

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Source: Coforge's earnings release
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About The Author

Swati Verma
Swati Verma is a business journalist with over 10 years of experience. She closely tracks stock markets and covers breaking news related to markets, business and personal finance.

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