Coforge Q1 profit hit by acquisition, revenue up 8%

IT services and digital solutions firms Coforge announced their first quarter numbers reporting a 19.4% year-on-year (YoY) drop in profit due to a one-time hit with a stake acquisition of Cigniti Technologies announced in May. On a sequential basis, profit fell 40.5% to Rs 133.2 crore in April to June period 2024 as compared to Rs 223.7 crore in the previous quarter.

The mid-tier firm’s profit stood at Rs 165.3 crore a year ago. Without the acquisition impact, the “normalised profit” grew 38.2% YoY at Rs 228.5 crore.