The firm believes that acquiring Cigniti will not only help it grow to $2 billion by FY27, but will also improve Coforge’s operating margins by 150-200 basis points by FY27.
The firm elaborated on the rationale for the acquisition, stating that it will create three new scaled-up verticals: retail, technology, and healthcare. It will also help the company expand its presence in the South-West, Mid-West, and Western US markets.
Aside from that, the company announced its results for the March quarter of fiscal year 24. The company reported a 94.8 percent increase in profit after tax to ₹223.7 crore from ₹115 crore in the same period the previous year.
In Q4FY24, revenue increased by 8.6% to ₹2,358.5 crore compared to the previous year. Coforge’s full-year revenue increased by 14.5% to ₹9,179 crore YoY. The EBITDA margin was 19 percent, up 102 basis points from the previous quarter.
Coforge declared its fourth interim dividend of ₹19 per share, with May 15 as the’record date’, according to a regulatory filing.Among other things, the company hopes the acquisition will help Coforge address the significant opportunities that the proliferation of AI is creating for specialized assurance services.
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