Coforge Ltd

Coforge Ltd

₹ 6,442 -0.97%
04 Mar 4:01 p.m.
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
The co. was formerly known as NIIT Technologies Ltd. and was incorporated in April 2003. In May 2019, NIIT and its founder's family members sold their stakes totaling 30.2% in Coforge to Hulst B.V. In August 2019, Hulst made an open offer and acquired a ~40% stake from the public, increasing its total stake in Coforge to 70.05. [1]

  • Market Cap 39,777 Cr.
  • Current Price 6,442
  • High / Low 6,847 / 3,565
  • Stock P/E 54.1
  • Book Value 539
  • Dividend Yield 0.99 %
  • ROCE 30.8 %
  • ROE 25.1 %
  • Face Value 10.0

Pros

  • Company has delivered good profit growth of 21.3% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 40.5%
  • Company's working capital requirements have reduced from 29.2 days to 15.2 days

Cons

  • Stock is trading at 12.0 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.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
1,191 1,262 1,462 1,569 1,658 1,743 1,829 1,959 2,056 2,170 2,221 2,276 2,323
989 1,052 1,250 1,295 1,355 1,430 1,541 1,622 1,696 1,874 1,915 1,935 1,928
Operating Profit 202 210 211 275 303 312 289 337 360 296 306 341 395
OPM % 17% 17% 14% 18% 18% 18% 16% 17% 17% 14% 14% 15% 17%
5 16 16 8 5 23 14 14 32 -50 16 9 15
Interest 3 3 12 16 18 18 18 21 22 20 22 32 35
Depreciation 46 45 52 60 57 58 63 61 62 72 76 77 81
Profit before tax 157 178 163 206 233 259 221 268 307 155 224 241 294
Tax % 21% 23% 20% 22% 15% 13% 22% 18% 23% 25% 22% 22% 18%
124 137 131 162 197 225 172 221 236 117 176 188 243
EPS in Rs 20.14 21.95 20.40 24.20 30.17 34.10 24.58 32.99 37.37 18.79 27.06 29.41 38.54
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
1,576 2,021 2,305 2,372 2,688 2,802 2,991 3,676 4,184 4,663 6,432 8,015 8,990
1,306 1,688 1,950 2,036 2,214 2,322 2,489 3,026 3,459 3,882 5,330 6,733 7,653
Operating Profit 271 333 355 337 474 480 502 650 725 781 1,102 1,282 1,338
OPM % 17% 16% 15% 14% 18% 17% 17% 18% 17% 17% 17% 16% 15%
30 23 30 -64 20 4 38 46 59 13 52 8 -10
Interest 4 5 4 6 8 6 9 9 16 14 65 81 108
Depreciation 36 57 62 92 121 128 127 125 173 184 227 258 306
Profit before tax 260 293 318 176 365 351 404 562 595 596 862 951 914
Tax % 24% 26% 25% 31% 21% 22% 24% 25% 21% 22% 17% 22%
196 218 238 122 287 272 309 422 468 466 715 745 723
EPS in Rs 33.08 35.40 37.98 18.69 44.13 40.76 45.59 65.28 71.05 75.19 108.65 113.58 113.80
Dividend Payout % 24% 24% 24% 51% 23% 31% 33% 0% 44% 17% 48% 56%
Compounded Sales Growth
10 Years: 15%
5 Years: 22%
3 Years: 24%
TTM: 18%
Compounded Profit Growth
10 Years: 13%
5 Years: 21%
3 Years: 18%
TTM: -7%
Stock Price CAGR
10 Years: 32%
5 Years: 37%
3 Years: 36%
1 Year: 51%
Return on Equity
10 Years: 20%
5 Years: 22%
3 Years: 23%
Last Year: 25%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 60 60 61 61 61 61 62 62 62 61 61 61 62
Reserves 850 1,034 1,263 1,296 1,511 1,625 1,712 2,010 2,334 2,406 2,672 3,021 3,266
52 10 9 9 10 25 22 14 35 83 490 562 1,209
365 435 468 611 702 695 828 748 968 935 1,655 1,980 1,548
Total Liabilities 1,326 1,539 1,801 1,977 2,285 2,407 2,624 2,834 3,400 3,484 4,878 5,625 6,085
423 438 453 558 903 848 879 819 1,079 1,021 2,067 2,312 2,351
CWIP 0 28 129 120 17 0 1 1 0 0 17 5 6
Investments 55 82 55 55 75 316 365 365 14 12 0 0 0
848 991 1,164 1,243 1,291 1,244 1,379 1,649 2,307 2,451 2,794 3,309 3,728
Total Assets 1,326 1,539 1,801 1,977 2,285 2,407 2,624 2,834 3,400 3,484 4,878 5,625 6,085

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
164 235 145 258 360 472 382 453 297 762 766 950
-87 -107 -78 -184 -223 -343 -248 -237 136 -86 -963 -269
-17 -91 -53 -66 -73 -67 -74 -106 -133 -696 -156 -558
Net Cash Flow 61 37 14 7 64 62 60 109 300 -20 -353 123

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 77 82 89 93 80 61 71 58 75 84 79 73
Inventory Days 13 12
Days Payable 519 361
Cash Conversion Cycle 77 -424 -260 93 80 61 71 58 75 84 79 73
Working Capital Days 50 57 70 48 64 38 30 37 38 36 37 15
ROCE % 30% 28% 26% 19% 25% 23% 23% 30% 27% 25% 32% 31%

Shareholding Pattern

Numbers in percentages

46 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
63.99% 55.73% 50.18% 49.97% 40.09% 40.09% 40.06% 39.99% 30.16% 26.63% 0.00% 0.00%
14.62% 19.42% 20.67% 19.12% 22.40% 21.87% 21.02% 21.30% 25.40% 24.78% 34.37% 34.04%
11.85% 14.93% 18.64% 20.29% 25.68% 25.88% 26.45% 26.73% 32.20% 37.20% 54.28% 55.02%
9.54% 9.92% 10.50% 10.62% 11.83% 12.16% 12.47% 11.97% 12.23% 11.39% 11.35% 10.95%
No. of Shareholders 51,90668,97594,5611,04,2501,42,0491,50,3081,63,7791,53,3931,46,6851,33,6461,23,3301,17,844

* 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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