Coforge, an IT solutions provider, has announced that it will give an Apple iPad to each of its employees this year to celebrate the company surpassing $1 billion in revenue in its Q4 earnings. The company made the statement that all of its 21,000 employees will get the gift.
Notably, the company experienced a 24.5 per cent increase in its gross revenue in the quarter ending March 31. Additionally, the company’s earnings rose from Rs 1,742 crore in Q4FY22 to Rs 2,170 crore.
Despite the collapse of Silicon Valley Bank and the subsequent global banking crisis, Coforge’s BFS vertical remained unaffected. The company had previously stated that its revenues from US regional banks were limited, and last month the bank confirmed this. Although the company’s net profit declined due to a one-off expense of Rs 52.3 crore, they anticipated that would not impact its performance.
Sudhir Singh, CEO, Coforge, also mentioned how the the company’s performance in the quarter was characterised by two significant accomplishments. The first being a 5 per cent quarterly sequential growth in US dollars, and the second being the achievement of crossing the one billion US dollar revenue mark. These achievements position the company well for strong growth in the upcoming fiscal year.
During its earnings call, the IT company projected an annual revenue growth rate of 13 per cent to 16 per cent, while anticipating a 50 basis point increase in gross margins. Furthermore, its adjusted EBITDA margin is expected to remain at the same level as in the previous fiscal year.
