Coforge To Gift Apple iPad To Over 21,000 Employees As It Crosses $1 Billion Revenue 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

By Teena Jose

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Company handout

Coforge, an IT solutions provider, has announced that it will give Apple iPad to all its 21,000 employees to celebrate its achievement of crossing the $1 billion revenue milestone. According to a press release by the company they have set aside INR 80.3 crore for the purpose.

The Company announced its audited financial results for the quarter and year ended March 31, 2023 and reportedly claimed a strong performance exceeding its full year revenue growth guidance and expanding profitability in the last quarter.

"We believe that our performance during the quarter was marked by two key achievements. The first was a quarterly sequential USD growth of 5.0%. The second major landmark has been the firm crossing the $1 billion revenue mark. Our performance heading into FY24 sets us up well to deliver robust growth," said Sudhir Singh, chief executive officer, Coforge Ltd.

As per the release, Coforge's gross revenue went up by 24.5% from INR 1,742 crore in Q4FY22 to INR 2,170 crore in Q4 ended March 31. The IT firm's net profit in Q4 went down 48.08% to INR 116.7 crore from INR 224.8 crore in the same period last year. Notably, its Q4FY23 profit surged by as much as 44.7% YoY to INR 114.8 crore compared to INR 207.7 crore during the same quarter in the previous financial year.

For FY24, the firm issued an annual revenue growth guidance of 13%-16% in constant currency terms, expecting 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 INR 19 per share, and the record date for this payout will be 9th May 2023, the statement by the company added.

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.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.

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