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Coforge Q1 PAT slumps 40% QoQ to ₹ 133 cr; declares dividend of ₹ 19/share 
(10:28, 23 Jul 2024)
However, revenue from operations increased 1.79% to ₹ 2,400.8 crore in Q1 FY25 as compared to ₹ 2,358.5 crore reported in the preceding quarter same year.

On year on year (YoY) basis, the IT firm's net profit fell 19.41% while revenue grew 8.09% in Q1 FY25.

Profit before tax was at ₹ 204.7 crore in June 2024 quarter, down 28.32% QoQ and down 8.69% YoY.

EBITDA decreased 4.2% QoQ and 20.9% YoY to ₹ 428.6 crore in the first quarter of FY25. EBITDA margin stood at 17.9% in Q1 FY25 as against 19% in Q4 FY24 and 16% in Q1 FY23.

In dollar terms, the company's revenue was $291.4 million, up 1.6% QoQ and up 7.2% YoY. In constant currency (CC) terms, revenue was up by 1.6% QoQ.

In Q1 FY25, the company's order intake was $ 314 million. Total order book executable over the next 12 months was at $ 1,070 million, up 19.28% YoY. 10 new client were added during the quarter.

Headcount at the end of the quarter was at 26,612. LTM attrition stood at 11.4% in Q1 FY25, down 192 bps YoY.

Sudhir Singh, chief executive officer, Coforge, said, 'FY25 has started on a strong note with a healthy increase in EBITDA margins by 210bps over last year and OCF of $23.2 million. A very strong executable order book, backed by the highest ever headcount addition, sets us up for continued growth ahead.'

Meanwhile, the company's board has declared interim dividend of ₹ 19 per share for the financial year 2024-25. The board has fixed 2 August 2024, as the record date. The interim dividend would be paid within 30 days from the date of declaration of dividend.

Further, Coforge DPA NA Inc., a wholly-owned step-down subsidiary of the company has agreed to enter into an asset purchase agreement with OptML Inc. and its shareholders to acquire customer contracts, key managerial personnel, employees and sub-contractors/vendors of OptML Inc. (collectively, the 'Asset Purchase Agreement') subject to completion of conditions precedent as per Asset Purchase Agreement.

Furthermore, the board also discussed the fund utilization certificate issued by CRISIL Ratings with respect to utilization of funds raised through qualified institutional placement.

Coforge is a global digital services and solutions provider that 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 26 delivery centers across nine countries.

The scrip advanced 2.03% to ₹ 6,195.05 on the BSE.

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