Coforge Q4 Review - Strong Results; Outlook Remains Healthy: Axis Securities
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Axis Securities Report
Coforge Ltd.'s Q4 FY22 results stood above our expectations. The company’s revenue grew by 5.1% QoQ in constant currency terms to Rs 1,743 crore.
Operating profits were reported at Rs 329 crore, exhibiting a growth of 9% QoQ and operating margins witnessed a marginal growth of 90 basis points QoQ and stood at 20.4%.
This was largely on account of higher offshoring and healthy volume growth. The management is confident of achieving sustainable operating margins of 19% moving forward which emanates from Coforge’s focus on cost optimisation along with its execution efforts.
Net income for Q4 FY22 stood at Rs 208 crore, growing at 13% QoQ despite lower foreign exchange income and higher tax expenses impacting the bottom line.
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