Coforge Q3 profit rises 4.3% on deal wins, maintains revenue forecast

Consolidated net profit rose to 2.38 billion rupees ($28.6 million) for the quarter ended Dec. 31 from 2.28 billion rupees a year earlier

Indian IT services company Coforge reported a 4.3% increase in third-quarter profit, aided by deal wins in a challenging macroeconomic environment, and reiterated its revenue growth forecast for fiscal year 2024.

Consolidated net profit rose to 2.38 billion rupees for the quarter ended Dec. 31 from Rs 228 crore a year earlier. Its revenue from operations rose 13% to 23.23 billion rupees.

Order intake rose to $354 million from $345 million a year earlier.

The company will deliver full-year revenue growth in the 13%-16% range forecast at the beginning of the year, CEO Sudhir Singh said.

Indian IT companies reported mixed quarterly results, yet their commentary suggests that the demand environment has not deteriorated sequentially, alleviating initial concerns.

 

Infosys, India's second-largest IT company, narrowed its revenue forecast for the year, while HCLTech, the third-largest, trimmed its outlook.

Peer Persistent Systems will report results on Tuesday.