IT major Coforge today posted a weak set of Q4 results as the company’s net profit in the January to March quarter for 2024 came in at Rs 229.2 crore against Rs 242.8 crore during the previous quarter, a decline of 5.6%. The company’s revenue however came in higher than the previous quarter, at Rs 2,358.5 crore against Rs 2,323.3 crore in Q3FY24.
The board of Coforge has announced an interim dividend of Rs 19 per share for its shareholders along with the Q4 results. Separately, Coforge announced that it will acquire a 54% stake in Cigniti Technologies for Rs 1,415 per share.
The company’s EBIT came in at Rs 301 crore, a 4.1% drop vs Rs 314 crore posted in the previous quarter. Margins too declined sequentially to 12.8% vs 13.5% in the previous quarter.
“The Company has agreed to enter into a share purchase agreement with the promoters and select public shareholders of Cigniti Technologies Limited to acquire up to 54% approx. of the share capital of Cigniti Technologies Limited (collectively, the “Share Purchase Agreements”) subject to execution of definitive agreements and completion of certain identified conditions precedent. Upon execution of Share Purchase Agreements, the Company will also trigger a mandatory open offer,” Coforge said in an exchange filing today.
