Coforge surpasses $1 bn in revenue, gifts iPads to over 21K employees

NEW DELHI: Global IT solutions provider Coforge (formerly NIIT Technologies) surpassed $1 billion (over Rs 8,014 crore) in revenue in FY23, registering PAT at Rs 8,117 million (Rs 811 crore), up 22.7 per cent (on-year), it announced on Thursday.

The company also announced to gift an Apple iPad to each of its more than 21,000 employees to celebrate the milestone.

The revenue for the March quarter (Q4 FY23) was $264.4 million (Rs 2,170 crore), with PAT at Rs 232 crore for the January-March period.

"We believe that our performance during the quarter was marked by two key achievements. The first was a quarterly sequential US$ growth of 5 per cent. The second major landmark has been the firm crossing the $1 billion revenue mark. Our performance heading in to FY24 sets us up well to deliver robust growth," said Sudhir Singh, CEO, Coforge.

For FY24, the firm issued an annual revenue growth guidance of 13-16 per cent in constant currency terms, expects a gross margin increase of about 50 bps and adjusted EBITDA margin to be at similar levels as FY23.

The Board has recommended an interim dividend of Rs 19 per share, and the record date for this payout will be May 9, 2023.

Coforge leverages emerging technologies and deep domain expertise to deliver real-world business impact for its clients. The firm has a presence in 21 countries with 25 delivery centers across nine countries.