Coforge Q1 FY24 results: profit rise by 10.42% YOY

Coforge, the technology solutions provider, declared their Q1 FY24 results on 19 Oct, 2023. The company reported a significant growth in both revenue and profit compared to the previous year. The topline increased by 21.41% and the profit increased by 10.42% YoY.

In terms of quarterly performance, Coforge witnessed a 2.35% growth in revenue and a remarkable 43.99% increase in profit compared to the previous quarter.

The Selling, general & administrative expenses of the company rose by 1.21% q-o-q and increased by 25.05% YoY. This increase in expenses could be attributed to various factors such as inflation, marketing campaigns, and investments in infrastructure.

On the positive side, the operating income of Coforge showed a significant improvement. It was up by 34.29% q-o-q and increased by 2.08% YoY. This indicates that the company has been able to effectively manage its costs and improve its operational efficiency.

The earnings per share (EPS) for Q1 FY24 stood at ₹26.54, which is a 9.94% increase compared to the previous year. This signifies that the company has been able to generate higher profits for its shareholders.

In terms of stock performance, Coforge has delivered a negative return of -2.59% in the last 1 week. However, it has shown a positive return of 25.66% in the last 6 months and a solid 30.32% year-to-date return. This indicates that the company's stock has been performing well in the market.

As of 19 Oct, 2023, Coforge has a market capitalization of ₹31,158.27 Cr. The 52-week high and low for the stock are ₹5,762.7 and ₹3,564.75 respectively. This shows that the stock has experienced significant price fluctuations over the past year.

Analysts have been closely following Coforge's performance. Out of the 27 analysts covering the company, 2 analysts have given a Strong Sell rating, 4 analysts have given a Sell rating, 5 analysts have given a Hold rating, 10 analysts have given a Buy rating, and 6 analysts have given a Strong Buy rating.

The consensus recommendation as of 19 Oct, 2023, was to Buy the stock. This suggests that most analysts are optimistic about the future prospects of Coforge.