Mid-cap IT services Coforge Q1 net profit rises 10% to Rs 165 crore

Mid-cap IT services company Coforge on Thursday reported a 10 per cent rise in net profit to Rs 165 crore for the first quarter of this fiscal.

It had posted a net profit of Rs 149 crore in the year-ago period.

The company's revenue in constant currency terms increased 18 per cent to Rs 2,221 crore from Rs 1,829 crore in Q1 FY23, according to a BSE filing.

Sequentially, Coforge profit rose 43.9 per cent, while revenue grew 2.4 per cent.

According to the company, its headcount increased by 1,000 employees, and attrition came down to 13 per cent.

"Exceptional execution by Team Coforge in a testing environment allowed us to deliver another quarter of sustained, robust and profitable growth. During the quarter, we increased our net headcount by 1,000 employees to support future growth...and saw attrition drop down to 13.3 per cent," its Chief Executive Officer Sudhir Singh said.

The firm maintained its growth guidance for the fiscal at 13-16 per cent in constant currency terms.