Coforge is top gainer
Coforge is currently the top gainer on the BSE, rising 7% to Rs.4240 on the back of a robust almost 4.5x rise in volumes. Its 52-week high stands at Rs.5403.25.
The stock price rose after it reported better-than-expected earnings for the Dec quarter mainly on the back of five large deals won.
The company has also raised FY23 constant currency (CC) revenue growth guidance to 22% from at least 20%.
Its consolidated net profit rose 24% (YoY) at Rs.228 crore on the back of a 24% rise in revenue from operations at Rs.2,056 crore.
However, impacted by employee costs and other expenses, EBITDA margins fell to 14.45% from 14.90% a year ago.
It won five large deals during the quarter, including one over $50 milllion and two large deals, worth over $30 million in the previous quarter.
The company also said that it de-risked its operating profile with declining client concentration, while attrition fell 15.8% from 16.3%.