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Coforge has successfully completed its open offer for an additional 4.69% stake in Cigniti Technologies, increasing its total ownership to 32.68%. This acquisition is projected to boost Coforge"s North America revenue by approximately 33%. The open offer saw 12,81,239 equity shares tendered by public shareholders.
Coforge's stock has surged approximately 22% this year, outperforming the Nifty's 12% return, following strong Q2 results for the quarter ending September 30, 2024. Analysts have responded positively, with Nomura maintaining a 'buy' rating and setting a target price of Rs 8,480, while HSBC raised its target to Rs 8,200, citing robust revenue and margin outlooks. The company's solid order book and headcount growth bolster confidence in its future performance.
Coforge shares surged nearly 8% following a strong Q2 earnings report, with net profit rising 9% quarter-on-quarter to Rs 255.20 crore and revenue increasing 27.5% to Rs 3,062 crore. The company also achieved a total order intake of $516 million, marking its eleventh consecutive quarter above $300 million.
Coforge reported a 17% increase in net profit to Rs 212 crore for Q2FY25, with revenue rising 34% to Rs 3,062 crore. The company achieved an order intake of $516 million, maintaining a steady order book of $1.3 billion, and added 13 clients while reducing attrition to 11.7%. Headcount grew to 32,483, including 4,430 from the recent acquisition of Cigniti.
CIGNITI TECHNOLOGIES LTD.
Companies
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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