Coforge To Gift iPads To All Employees As Firm Crosses $1-Billion Annual Revenue Milestone

As of March 31 of this year, Coforge had 21,815 billable employees, excluding sales and marketing staff and others

In recognition of reaching the $1 billion revenue milestone in its Q4 earnings, IT solutions company Coforge will give an Apple iPad to every one of its more than 21,000 employees. As of March 31 of this year, Coforge had 21,815 billable employees, excluding sales and marketing staff and others. 

According to a press release by the company they have set aside Rs 80.3 crore for the purpose.

“We believe that our performance during the quarter was marked by two key achievements. The first was a quarterly sequential dollar growth of 5.0 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, chief executive officer, Coforge Ltd.

Coforge's net profit for the fourth quarter of FY23 declined 48.08 per cent to Rs 116.7 crore from Rs 224.8 crore in the same quarter last year. The reason for the decline was largely due to a one-off expense of Rs 52.3 crore. This was part of the company's effort to curtail fundraising bid which was approved in 2021.

However, for the quarter, the company's revenue went up Rs 2,170 crore rising 24.5 per cent from the corresponding period a year ago.

In Q4 of FY23, the company's banking and financial services (BFS) vertical accounted for 31 per cent of its revenue, up from 27.7 per cent in the same quarter last year. Despite the failure of Silicon Valley Bank and the ensuing global banking crisis, the company's banking and financial services division was unaffected. According to a statement issued earlier, the company's exposure is limited and the crisis is not affecting its performance.

Additionally, the IT company projected a gross margin gain of approximately 50 basis points (bps) and yearly revenue growth of 13 to 16 per cent. 

The company shareholders will receive an interim dividend of Rs 19 per share on May 9, according to the company's board, as mentioned in the press release.