Coforge jumps 7% after Q3FY23 results beats Street estimate

The firm upgraded its fiscal year 2023 annual revenue growth guidance to 22 per cent in constant currency terms and reaffirmed adjusted EBITDA annual margin guidance

Shares of Coforge rallied 7 per cent to Rs 4,250 in Friday’s trade, in an otherwise subdued market, after the information technology (IT) services provider reported better-than-expected 24 per cent year-on-year (YoY) jump in consolidated profit after tax (PAT) to Rs 228 crore in the December quarter (Q3FY23).

On a consolidated basis, Q3FY23 revenues were up 3.7 per cent quarter-on-quarter (QoQ), whereas 20.7 per cent YoY on a constant currency (CC) basis. In rupee terms, meanwhile, revenue was up 4.9 per cent, while 2 per cent QoQ in dollar