Good news for employees! This IT company to gift Apple iPad to over 21,000 employees - Here's Why

Coforge iPad News Today: Despite reporting a nearly 45 per cent year-on-year fall in its consolidated net profit for March quarter at Rs 115 crore, the company raced past the $1 billion revenue milestone for the full year FY23.

Coforge iPad News Today: Coforge's board declared a dividend of Rs 19 per share. Photo credit: Flipkart

Coforge, a Noida-based IT firm, has decided to gift an Apple iPad to each of its employees. The company has more than 21,000 employees and it has earmarked Rs 80.3 crore for the purpose. Coforge is giving away the gift as it has crossed the $1 billion revenue milestone in its Q4 earnings.

“We believe that our performance during the quarter was marked by two key achievements. The first was a quarterly sequential US$ growth of 5.0 per cent. The second major landmark has been the firm crossing the $1 billion revenue mark. Our performance heading in to FY24 sets us up well to deliver robust growth.” said Sudhir Singh, Chief Executive Officer, Coforge Ltd.

Despite reporting a nearly 45 per cent year-on-year fall in its consolidated net profit for March quarter at Rs 115 crore, the company raced past the $1 billion revenue milestone for the full year FY23.

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Net profit for the fourth quarter, excluding one off expenses at Rs 232.7 crore, rose 12.1 per cent year-on-year.

The one time expenses pertained to the cost incurred by the company towards gifting an Apple iPad to each of its 21,000 staff to celebrate the achievement of the USD 1 billion revenue milestone.

The company has also made provision towards US listing plans, primarily on legal and banking expenses, and will take a call on timing of secondary ADR based on market conditions.

Meanwhile, the revenue for the just ended March 2023 quarter was USD 264.4 million or Rs 2,170 crore. This translated to growth of 24.5 per cent in rupee terms and 13.8 per cent in dollar terms year-on-year.

Amid a "tough" environment, for FY24, the firm issued an annual revenue growth guidance of 13 to 16 per cent in constant currency terms, and expects a gross margin increase of about 50 bps and adjusted EBITDA margin to be at similar levels as FY23.

The board has recommended an interim dividend of Rs 19 per share, and the record date for this payout will be May 9, 2023.

For the full year FY23, the net profit excluding one off expenses stood at Rs 811.7 crore, up 22.7 per cent year on year.

The FY23 revenue at USD 1,002 million or Rs 8014.6 crore, was up 24.6 per cent in rupee terms and 15.6 per cent in dollar terms.

Coforge dividend

Coforge's board declared a dividend of Rs 19 per share — a 190 per cent payout given the face value of Rs 10 per share. This was a fourth interim dividend for the financial year 2022-23.

Coforge dividend: Record date

The company's board fixed May 9 as the record date for the dividend.

With PTI Inputs

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