Coforge’s third quarter profit rises 4.3% on deal wins, maintaining revenue guidance

Indian IT services company Coforge reported a 4.3% profit increase in the third quarter, helped by deal wins in a challenging macroeconomic environment, and reiterated its revenue growth forecast for fiscal 2024.

Consolidated net profit rose to Rs 2.38 billion for the quarter ended December 31 from Rs 228 crore a year earlier. Operating revenue rose 13% to 23.23 billion rupees.

Order intake increased from $345 million a year earlier to $354 million.

The company will deliver full-year revenue growth within the forecast range of 13% to 16% at the start of the year, CEO Sudhir Singh said.

Indian IT companies reported mixed quarterly results, but their comments indicate that the demand environment has not deteriorated sequentially, allaying initial concerns.

Infosys, India’s second-largest IT company, has lowered its revenue forecast for the year, while HCLTech, the third-largest, has revised down its outlook.

Peer Persistent Systems reports results Tuesday.

First print: January 22, 2024 | 4:43 PM IST