Coforge

₹4464.8 163 | 3.8%

WEBSITE BSE:532541 NSE : COFORGE 10 May, 16:01

Market Cap ₹27602 Cr.

Stock P/E 34.0

P/B 7.6

Current Price ₹4464.8

Book Value ₹ 586.6

Face Value 10

52W High ₹6840

Dividend Yield 1.7%

52W Low ₹ 4060.2

Edit Ratio

Coforge Research see more...

Overview Inc. Year: 1992Industry: IT - Software

COFORGE Ltd provides (IT) and IT enabled Services in Americas, India, Europe, the Middle East and Africa, and the Asia Pacific. It gives digital process automation offerings, including workflow/technique control, artificial intelligence (AI) and predictive analytics, robot process automation, and case management; virtual services, which includes virtual integration, MuleSoft, and virtual integration and interactive offerings; and cloud and infrastructure control services comprising cloud, workplace, cybersecurity, records center, and always on network services. The corporation additionally offers cybersecurity services, which consist of safety incident management platform, managed automated security testing and more desirable remediation, smart detection and response of threats, access manipulate and entity control, governance threat control and compliance offerings, as well as phishing, evaluation, and schooling and trying out platform. In addition, it offers AI and cognitive, commercial enterprise analytics, and records engineering services; superior utility engineering offerings, including improvement, operations, and pleasant engineering offerings; business process offerings; and media answers, inclusive of print design services and advertising answers. The corporation serves insurance, journey, transportation, hospitality, banking and financial offerings, healthcare and life sciences, public quarter, and other industries. COFORGE Ltd has a strategic alliance with Kong Inc. For cloud API offerings. The enterprise was formerly referred to as NIIT Technologies Limited and changed its name to COFORGE Limited in August 2020. COFORGE Limited was founded in 1992 and is based in New Delhi, India. COFORGE Ltd is a subsidiary of Hulst B.V.

Coforge Share Price

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Peer Comparison

Coforge Quarterly Results

#(Fig in Cr.)	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Net Sales	1658	1743	1829	1959	2056	2170	2221	2276	2323	2359
Other Income	5	23	14	14	32	3	16	9	15	10
Total Income	1663	1766	1843	1973	2088	2173	2237	2285	2338	2368
Total Expenditure	1355	1430	1541	1622	1696	1875	1915	1935	1928	1973
Operating Profit	308	336	303	351	391	298	322	350	410	396
Interest	18	18	18	21	22	20	22	32	35	37
Depreciation	57	58	63	61	62	72	76	77	81	85
Exceptional Income / Expenses	0	0	0	0	0	-52	0	0	0	12
Profit Before Tax	233	259	221	268	307	155	224	241	294	286
Provision for Tax	36	34	49	47	72	38	49	53	52	56
Profit After Tax	197	225	172	221	236	117	176	188	243	229
Adjustments	-14	-17	-22	-20	-8	-2	-10	-7	-5	-6
Profit After Adjustments	184	208	150	201	228	115	165	181	238	224
Adjusted Earnings Per Share	30.2	34.1	24.6	33	37.3	18.8	27.1	29.4	38.5	36.2

Coforge Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	2021	2305	2372	2688	2802	2991	3676	4184	4663	6432	8015	9179
Other Income	23	30	17	22	27	39	54	68	33	52	62	50
Total Income	2044	2335	2390	2710	2829	3031	3730	4252	4695	6484	8077	9228
Total Expenditure	1689	1951	2037	2215	2323	2490	3028	3461	3883	5330	6734	7751
Operating Profit	355	384	353	495	506	540	702	791	812	1154	1343	1478
Interest	5	4	6	8	6	9	9	16	14	65	81	126
Depreciation	57	62	92	121	128	127	125	173	184	227	259	319
Exceptional Income / Expenses	0	0	-80	-1	-22	0	-6	-7	-18	0	-52	12
Profit Before Tax	293	318	176	365	351	404	562	595	596	862	951	1045
Provision for Tax	75	80	54	78	79	95	140	128	130	147	206	210
Profit After Tax	218	238	122	287	272	309	422	468	466	715	745	836
Adjustments	-5	-8	-8	-17	-22	-29	-19	-24	-10	-53	-51	-28
Profit After Adjustments	213	231	114	270	250	280	403	444	456	662	694	808
Adjusted Earnings Per Share	35.4	38	18.7	44.1	40.7	45.6	65.3	71	75.2	108.7	113.6	131.2

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	25%	24%	22%	15%
Operating Profit CAGR	16%	19%	20%	14%
PAT CAGR	4%	17%	19%	13%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	8%	11%	29%	27%
ROE Average	26%	25%	23%	20%
ROCE Average	32%	30%	29%	26%

Coforge Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	1094	1324	1357	1573	1687	1774	2072	2397	2466	2733	3083
Minority's Interest	17	19	19	19	24	22	8	0	0	98	87
Borrowings	6	5	5	6	21	18	10	5	0	337	338
Other Non-Current Liabilities	16	9	10	254	169	148	64	114	913	1543	1472
Total Current Liabilities	599	422	866	778	894	1110	1171	1525	843	1179	1739
Total Liabilities	1732	1779	2257	2630	2795	3072	3358	4041	4222	5890	6719
Fixed Assets	438	453	558	903	848	879	819	1079	1021	2067	2312
Other Non-Current Assets	65	184	199	65	60	81	80	79	1108	1602	1801
Total Current Assets	1229	1142	1500	1662	1887	2112	2346	2882	2094	2221	2606
Total Assets	1732	1779	2257	2630	2795	3072	3358	4041	4222	5890	6719

Coforge Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	165	202	217	224	288	350	410	519	820	800	447
Cash Flow from Operating Activities	235	145	258	360	472	382	453	297	762	766	951
Cash Flow from Investing Activities	-113	-100	-177	-304	-306	-270	-230	112	-93	-956	-272
Cash Flow from Financing Activities	-91	-53	-66	-73	-67	-74	-106	-133	-696	-156	-558
Net Cash Inflow / Outflow	30	-7	14	-16	99	38	116	277	-26	-347	121
Closing Cash & Cash Equivalent	202	217	224	288	350	410	519	820	800	447	570

Coforge Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	35.4	37.98	18.69	44.12	40.73	45.56	65.26	71.04	75.18	108.65	113.55
CEPS(Rs)	45.67	49.43	34.98	66.68	65.11	70.91	88.5	102.5	107.19	154.66	164.26
DPS(Rs)	8.5	9	9.5	10	12.5	15	0	31	13	52	64
Book NAV/Share(Rs)	181.41	217.66	221.86	255.77	272.83	285.35	332.41	382.11	398.32	439.34	490.03
Core EBITDA Margin(%)	16.46	15.37	14.16	17.59	17.11	16.76	17.64	17.29	16.72	17.13	15.98
EBIT Margin(%)	14.78	13.99	7.65	13.87	12.73	13.81	15.55	14.6	13.09	14.4	12.87
Pre Tax Margin(%)	14.52	13.81	7.41	13.59	12.51	13.49	15.3	14.23	12.79	13.39	11.87
PAT Margin (%)	10.81	10.33	5.14	10.68	9.71	10.32	11.48	11.18	9.99	11.11	9.3
Cash Profit Margin (%)	13.61	13.02	9	15.18	14.27	14.58	14.88	15.31	13.93	14.64	12.52
ROA(%)	13.72	13.56	6.04	11.75	10.03	10.52	13.13	12.64	11.28	14.14	11.82
ROE(%)	21.82	19.73	9.11	19.66	16.79	18	22.16	21.05	19.41	28.09	26.28
ROCE(%)	28.93	26.47	13.46	25.29	21.65	23.54	29.45	27.05	24.92	33.36	31.71
Receivable days	70.9	80.62	90.03	81.21	68.91	64.29	58.26	63	75.34	69.73	68.37
Inventory Days	0.44	0.74	1.06	0.6	0.04	0.04	0	0	0	0	0
Payable days	0	0	0	7171.6	0	0	0	0	0	0	0
PER(x)	7.95	10.57	18.67	11.27	10.71	18.97	20.3	16.16	38.96	40.99	33.62
Price/Book(x)	1.55	1.85	1.57	1.94	1.6	3.03	3.99	3	7.35	10.14	7.79
Dividend Yield(%)	3.02	2.24	2.72	2.01	2.86	1.74	0	2.7	0.44	1.17	1.68
EV/Net Sales(x)	0.73	0.97	0.79	1.01	0.82	1.64	2.08	1.51	3.63	4.2	2.88
EV/Core EBITDA(x)	4.14	5.79	5.29	5.48	4.54	9.1	10.89	7.97	20.86	23.42	17.19
Net Sales Growth(%)	28.22	14.03	2.93	13.29	4.25	6.76	22.89	13.81	11.45	37.94	24.61
EBIT Growth(%)	13.15	7.96	-43.7	105.36	-4.37	15.82	38.4	6.88	-0.07	51.76	11.37
PAT Growth(%)	11.18	9.04	-48.8	135.39	-5.19	13.45	36.73	10.78	-0.34	53.37	4.25
EPS Growth(%)	7.01	7.29	-50.8	136.1	-7.67	11.85	43.23	8.86	5.83	44.52	4.51
Debt/Equity(x)	0.01	0.01	0.01	0.01	0.02	0.01	0.01	0.01	0	0.13	0.11
Current Ratio(x)	2.05	2.7	1.73	2.14	2.11	1.9	2	1.89	2.49	1.88	1.5
Quick Ratio(x)	2.04	2.69	1.72	2.14	2.11	1.9	2	1.89	2.49	1.88	1.5
Interest Cover(x)	56.26	77.59	32.03	49.72	59.43	43.94	62.13	39.41	42.69	14.25	12.8
Total Debt/Mcap(x)	0.01	0	0	0	0.01	0	0	0	0	0.01	0.01

Coforge Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	49.97	40.09	40.09	40.06	39.99	30.16	26.63	0	0	0
FII	19.12	22.4	21.87	21.02	21.3	25.4	24.78	34.36	34.04	35
DII	20.29	25.67	25.89	26.46	26.74	32.2	37.2	54.29	55.02	54.3
Public	10.62	11.83	12.16	12.46	11.97	12.24	11.39	11.35	10.94	10.7
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	3.04	2.44	2.44	2.44	2.44	1.84	1.63	0	0	0
FII	1.16	1.36	1.33	1.28	1.3	1.55	1.51	2.12	2.1	2.16
DII	1.24	1.56	1.58	1.61	1.63	1.97	2.27	3.34	3.4	3.36
Public	0.65	0.72	0.74	0.76	0.73	0.75	0.7	0.7	0.68	0.66
Others	0	0	0	0	0	0	0	0	0	0
Total	6.09	6.09	6.09	6.1	6.11	6.11	6.11	6.15	6.18	6.18

Pros

Company has a good return on equity (ROE) track record: 3 Years ROE 25%
Company is almost debt free.

Cons

Promoter holding is low: 0%.
Stock is trading at 7.6 times its book value.

* 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.