Coforge isn’t the only company to deliver Apple products after reaching a revenue milestone. (Representational Image)
The company’s Q4FY23 profit declined to Rs 116.7 crore from Rs 244.8 crore in the corresponding quarter of the previous year.
IT solutions company Coforge has crossed the $1 billion revenue milestone in its fourth quarter earnings. The company is celebrating the momentous occasion by gifting 21,000 employees – all employees – with an Apple iPad.
“We believe that our performance during the quarter was marked by two major achievements. The first was a quarterly sequential US$ growth of 5.0 per cent. The second major milestone has been the firm crossing the one billion USD revenue mark. Our performance in FY24 positions us well to deliver strong growth,” Sudhir Singh, Chief Executive Officer, Koforge, declared in a statement.
according to a report by monocontrolThe festival will cost Koforge Rs 80.3 crore. The company’s Q4FY23 profit declined to Rs 116.7 crore from Rs 244.8 crore in the corresponding quarter of the previous year. The decline was mostly due to one-time expenditure of Rs 52.3 crore. Coforge had borne the cost as part of its scaled-down fundraising efforts, which were slated to be approved in 2021.
Coforge’s revenue grew 24.5 per cent year-on-year to Rs 2,170 crore. The company’s banking and financial services arm accounted for 31 percent of its business and has shown resilience in the face of events such as the collapse of Silicon Valley Bank and the global banking crisis. The company previously said it had very limited exposure to revenue from US regional banks.
Coforge expects its annual revenue guidance for FY24 to be around 13 to 16 percent in constant currency terms. The firm forecasts gross margin growth of 50 basis points. It expects its adjusted earnings before interest, tax, depreciation and amortization (EBITDA) to be at the same level as in FY23.
Coforge’s board has recommended an interim dividend of Rs 19 per equity. The record date for payment will be May 9.
Coforge isn’t the only company to deliver Apple products after reaching a revenue milestone. In 2006, Cognizant Technology Solutions gave 18,000 iPods to its employees after it crossed the $1 billion mark in annual revenue run rate during the December 2005 quarter. Each of its employees received a 30 GB Apple iPod. The company later also used the tool for training purposes, giving workers access to tutorials that they could learn at their own pace after downloading them to their iPods.
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