Coforge Ltd

Coforge Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Coforge Ltd

₹ 8,328 1.43%
22 Nov - close price
coforge.com BSE: 532541 NSE: COFORGE
About

Coforge is an IT services company providing end-to-end software solutions and services. .
It is among the top-20 Indian software exporters. Prominent global customers include British Airways, the ING group, SEI Investments, Sabre, and SITA. Over the years, Coforge has set up subsidiaries in the US, Singapore, Australia, UK, Germany and Thailand, mainly to market and mobilise projects for the software division. The company has business partnerships with large IT companies across the world.

Key Points

Acquisition of NIIT Tech
NIIT Technologies Ltd., now known as Coforge, was founded in April 2003. In 2019, NIIT and its founder's family sold their 30.2% stake to Hulst B.V., which subsequently acquired an additional ~40% through an open offer, reaching a 70% stake. Hulst sold off its entire stake by September 30, 2023.[1] [2]

Website BSE NSE
  • Market Cap ₹ 55,596 Cr.
  • Current Price ₹ 8,328
  • High / Low ₹ 8,344 / 4,287
  • Stock P/E 54.8
  • Book Value ₹ 839
  • Dividend Yield 0.91 %
  • ROCE 33.8 %
  • ROE 33.4 %
  • Face Value ₹ 10.0
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Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 27.0% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 32.7%
  • Company has been maintaining a healthy dividend payout of 50.0%

Cons

  • Stock is trading at 9.93 times its book value
  • Tax rate seems low
  • Earnings include an other income of Rs.814 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: IT - Software Industry: Computers - Software - Medium / Small

Part of Nifty 500 Multicap 50:25:25 BSE 400 MidSmallCap Index Nifty Midcap 150 BSE 250 LargeMidCap Index Nifty LargeMidcap 250

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
812 880 884 972 1,044 1,088 1,127 1,140 1,219 1,265 1,225 1,210 1,326
704 744 766 878 932 934 1,032 1,072 1,109 1,092 1,066 1,136 1,218
Operating Profit 108 136 119 94 112 154 94 68 110 173 159 74 108
OPM % 13% 15% 13% 10% 11% 14% 8% 6% 9% 14% 13% 6% 8%
73 82 98 99 70 159 208 197 36 308 218 90 199
Interest 13 15 15 14 16 16 13 14 18 19 22 17 5
Depreciation 21 21 21 28 27 24 30 30 31 32 34 31 38
Profit before tax 147 182 181 151 139 274 259 221 97 429 321 115 263
Tax % 14% 9% 1% 11% 16% 12% 7% 5% 21% 4% 8% 29% 13%
126 166 180 135 117 240 241 211 77 410 294 81 230
EPS in Rs 20.84 27.30 29.60 22.10 19.19 39.25 39.48 34.54 12.46 66.39 47.57 12.18 34.41
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
1,108 1,308 1,346 1,484 1,595 1,646 1,999 2,231 2,412 3,313 4,230 4,849 5,025
872 1,067 1,115 1,220 1,315 1,396 1,698 1,929 2,131 2,887 3,775 4,339 4,512
Operating Profit 236 241 231 265 280 250 301 302 281 427 456 510 513
OPM % 21% 18% 17% 18% 18% 15% 15% 14% 12% 13% 11% 11% 10%
33 74 8 45 11 115 153 284 104 400 534 760 814
Interest 3 3 5 7 4 7 5 8 6 52 59 72 63
Depreciation 40 42 67 82 91 82 78 90 96 84 109 128 136
Profit before tax 226 271 168 221 197 276 370 487 283 692 822 1,069 1,128
Tax % 26% 23% 12% 13% 16% 18% 19% 13% 15% 7% 11% 7%
168 208 148 192 165 226 299 422 240 644 732 992 1,015
EPS in Rs 27.87 34.33 24.18 31.33 26.87 36.81 48.39 67.61 39.59 105.82 119.91 160.43 160.55
Dividend Payout % 30% 26% 39% 32% 47% 41% 0% 46% 33% 49% 53% 47%
Compounded Sales Growth
10 Years: 14%
5 Years: 19%
3 Years: 26%
TTM: 10%
Compounded Profit Growth
10 Years: 17%
5 Years: 27%
3 Years: 60%
TTM: 24%
Stock Price CAGR
10 Years: 36%
5 Years: 41%
3 Years: 15%
1 Year: 48%
Return on Equity
10 Years: 23%
5 Years: 27%
3 Years: 33%
Last Year: 33%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Sep 2024
Equity Capital 60 61 61 61 61 62 62 62 61 61 61 62 67
Reserves 708 868 959 1,162 1,278 1,412 1,642 1,913 1,744 2,145 2,554 3,250 5,529
9 26 28 13 28 22 13 6 16 353 395 415 320
239 267 407 301 246 289 269 365 428 682 768 758 872
Total Liabilities 1,016 1,221 1,455 1,537 1,614 1,785 1,986 2,346 2,250 3,241 3,778 4,485 6,788
274 271 376 524 494 464 426 412 383 394 436 448 523
CWIP 28 116 116 1 0 1 1 0 0 9 2 20 18
Investments 198 163 234 409 584 744 866 837 855 1,834 1,834 2,168 3,241
516 671 729 603 535 576 693 1,097 1,012 1,005 1,507 1,848 3,006
Total Assets 1,016 1,221 1,455 1,537 1,614 1,785 1,986 2,346 2,250 3,241 3,778 4,485 6,788

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
154 55 242 404 240 202 196 228 485 389 76 295
-94 -34 -187 -263 -222 -119 -46 206 -4 -731 414 490
-46 -26 -61 -81 -65 -75 -103 -133 -494 2 -413 -879
Net Cash Flow 14 -5 -6 61 -47 9 46 301 -13 -340 77 -94

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 105 120 120 62 48 56 58 66 49 47 68 73
Inventory Days 15 11 35
Days Payable 334 187 556
Cash Conversion Cycle -215 -55 -401 62 48 56 58 66 49 47 68 73
Working Capital Days 64 91 55 47 44 36 40 35 7 -3 21 37
ROCE % 32% 31% 18% 20% 17% 20% 23% 22% 15% 34% 34% 34%

Shareholding Pattern

Numbers in percentages

16 Recently
Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024
49.97% 40.09% 40.09% 40.06% 39.99% 30.16% 26.63% 0.00% 0.00% 0.00% 0.00% 0.00%
19.12% 22.40% 21.87% 21.02% 21.30% 25.40% 24.78% 34.37% 34.04% 35.00% 41.43% 42.09%
20.29% 25.68% 25.88% 26.45% 26.73% 32.20% 37.20% 54.28% 55.02% 54.29% 47.29% 48.15%
10.62% 11.83% 12.16% 12.47% 11.97% 12.23% 11.39% 11.35% 10.95% 10.69% 11.28% 9.75%
No. of Shareholders 1,04,2501,42,0491,50,3081,63,7791,53,3931,46,6851,33,6461,23,3301,17,8441,26,7391,63,3571,37,768

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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