Coforge’s revenue increased 2.4 percent the first three months of FY24 compared to the previous quarter, as the Information technology (IT) player joined a list of growing companies in reporting dismal earnings.The company reported a revenue of Rs 2,221 crore in the June quarter against 2,170 crore in the previous quarter, Coforge said in a stock exchange filing on July 20. The mid-cap IT services player, however, reported a 43.9 percent jump in its net profit to Rs 165.3 crore, as the company had to provide for an exceptional expense of Rs 52.3 crore in the March quarter.On a year-on-year basis, revenue grew 21.4 percent, while its net profit was up 10.4 percent.Coforge said that the Board of Directors at its meeting held on July 20, 2023 has declared an interim dividend of Rs 19 per equity share and the record date for this payout will be August 3, 2023.The company, which crossed $1 billion in revenue last quarter, plans to reach the $2 billion revenue mark by FY28.The IT company reported a TCV of $531 million, up from over $300 million for the last five consecutive quarters, as it has indicated that deal momentum is expected to remain robust.“…The five-year $ 300Mn TCV deal in the BFS space along with another five year $ 65 Mn TCV deal in the same sector underlined the execution rigor of the team… The quarter’s performance sets us up very well for meeting our annual revenue guidance of 13% to 16% cc growth,” said Sudhir Singh, Chief Executive Officer, Coforge.The traditionally strong quarter has turned out to be dismal across the board, with companies reporting worse-than-expected numbers, experiencing deal rampdowns, longer deal closures, and facing a challenging macroeconomic environment. There seems to be little clarity on the road ahead.

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