On Friday, IT firm Coforge reported a 21.1% rise in consolidated profit after tax, reaching Rs 149.7 crore for the first quarter ending June 30, 2022. This marked an improvement from the Rs 123.6 crore profit recorded in the same period the previous year. The company’s gross revenue also experienced a notable increase of 25.2%, reaching Rs 1,829.4 crore in the reported quarter compared to Rs 1,461.6 crore in the June quarter of the preceding year.
During this quarter, Coforge inked its fifth deal in the last five quarters, with a Total Contract Value (TCV) exceeding USD 50 million. Coforge’s CEO, Sudhir Singh, emphasized the significance of these substantial deals, including one valued at over USD 100 million, in positioning the company for sustained robust growth. Singh highlighted the positive impact on offshore operations, reinforcing margin defense.
As of June 30, 2022, the company’s total order book executable over the next 12 months amounted to USD 745 million (approximately Rs 5,953 crore). The global headcount of Coforge increased to 22,742, up from 22,500 at the end of March 31, 2022, while the company’s attrition rate stood at 18%.