Mid-tier IT services firm, Coforge, recorded a 24.2 per cent year-on-year(YoY) rise in net profit at ₹228.20 crore, in a seasonally weak quarter ended December 2022. On a sequential basis, the profits rose 13.5 per cent from ₹201.1 crore in the last quarter. 

Revenue for Q3 stood at ₹2055.80 crore, a 23.99 per cent YoY rise. On a sequential basis, revenues hiked 4.9 per cent on a quarter-on-quarter(QoQ) basis from ₹1959.4 crore in the last quarter. Offshore revenue contribution stood at 50.5 per cent.

The company has upgraded its FY23 annual revenue growth guidance to 22 per cent in constant currency terms. It has reaffirmed its adjusted EBITDA annual margin guidance, which is 18.5 per cent and 19.0 per cent for FY23.

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Sudhir Singh, CEO, Coforge Ltd, told businessline, “Despite uncertainty in the macro environment and seasonal weakness, we were able to sign 5 large deals, the most ever in the history of the organisation, thanks to the tech and functional, sales, and marketing stack capabilities that we built up. We were able to close consolidation deals, cost out deals, and even transformation deals this quarter.” 

The order intake stood at $345 million and the total order book executable over the next 12 months was at $841 million. Coforge added 11 new clients in Q3 FY23. Employee headcount stood at 22,505 and attrition was down by 60 basis points to 15.8 per cent.

Singh added that across the verticals of Banking and Financial Services(BFS) and Insurance client spending are largely still strong. The company is also seeing a runway in its travel, transportation, and hospitality vertical, which has picked up pace post-pandemic and are still in the build up phase. 

Coforge also announced an interim dividend of ₹19 per share, and the record date for this payout will be February 3, 2023. 

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