Coforge net profit falls 44.7%; IT firm declares dividend of Rs 19/share

The consolidated net profit of the IT solutions company Coforge fell 44 per cent to Rs 114.8 crore in the quarter ending March as compared to Rs 207.7 crore in the same quarter last year. The revenue from operations during the quarter rose 24.5 per cent from Rs 1,743 crore in Q4FY22 to Rs 2,170 crore in Q4FY23.

In 2022-23 (FY23), however, the net profit rose 4.85 per cent from Rs 661.7 crore in FY22 to Rs 698.3 crore.

According to the company’s release, the profit during the quarter was down due to a one-off expense of Rs 52.3 crore marked as the provision for its curtailed fundraising bid approved in 2021.

The IT firm declared a dividend of Rs 19 per share. The date of payout will be May 9, 2023.