Coforge Ltd. reported its September quarter results in the early hours of Wednesday, October 23 and the results were a beat on all fronts, aided by the acquisition of Cigniti Technologies.
The company reported US Dollar revenue growth of $369.4 million, which is a growth of 26.9% in Constant Currency terms on a sequential basis, aided by the acquisition. Organically, Coforge reported a constant currency revenue growth of 5.5%.
Organic revenue in US Dollar terms for the quarter stood at $309.8 million, a growth of 6.3% from the June quarter.
Coforge reported a 190 basis points decline in its EBIT margin on a sequential basis due to adjustments pertaining to the Cigniti acquisition. Organic EBIT margin stood at 12.2% for the quarter, down from 13.6% in June.
The company reported an order book of $516 million, including the Cigniti consolidation. Organic order book increased by 42.7% from the June quarter and 43% from last year to $448 million.
Hiring remained strong for the second quarter in a row. Organic net additions stood at 1,441 during the quarter, in addition to the 1,886 last quarter as well. Organic attrition remained stable at 11.4%.
Shares of Coforge ended little changed on Tuesday at ₹6,806.95. The stock is up 10% so far this year and has gained 40% over the last 12 months.
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