Coforge, an IT solutions company — in an Oprah Winfrey moment — announced that it will give an Apple iPad to each of its 21,000+ employees after having reached the $1 billion (₹8200.83 crore) revenue milestone in its Q4 earnings.
What Happened? Per a press release issued by the company, Coforge has set aside ₹80.3 crore for the purpose, with the number of billable employees at the company, excluding sales and marketing personnel, standing at 21,815 as of March 31.
Coforge CEO Sudhir Singh states that the firm achieved two key accomplishments in Q4 — a 5% quarterly sequential U.S. dollar growth; and crossing the $1 billion (₹8200.83 crore) revenue mark. Singh expects that the company’s performance in FY24 will deliver robust growth.
During the fourth quarter of the 2023 financial year, Coforge’s curtailed fundraising bid, which was approved in 2021, resulted in an expense of ₹52.3 crore and caused a 48.08% decline in its net profit to ₹116.7 crore from ₹224.8 crore in the previous financial year. Despite this, the company’s revenue rose 24.5% to ₹2,170 crore from the corresponding period a year ago.
Coforge, reassuringly states that its banking, financial services, and insurance vertical did not suffer, despite its exposure to regional US banks and the ongoing banking crisis.
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Price Action: Coforge share price increased 2.59% to ₹4,050.40 at market close on Thursday.
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