IT company earmarks Rs 80.3 crore to gift employees Apple iPads
Apple Tablets


BENGALURU: IT solutions company Coforge on Thursday announced that it would gift an Apple iPad to its 21,300 employees. This is to celebrate the company’s strong performance.

It has earmarked Rs 80.3 crore for the purpose. The company has crossed the $1 billion revenue milestone. In the fourth quarter ending March 31, 2023, the company’s revenue stood at Rs 2,170 crore. Its EBITDA margin for the quarter stood at 19.6%, sequentially up by 109 bps.

“We believe that our performance during the quarter was marked by two key achievements. The first was a quarterly sequential $ growth of 5.0%. The second major landmark has been the firm crossing the $ 1 billion revenue mark. Our performance heading into FY24 sets us up well to deliver robust growth,” said Sudhir Singh, Chief Executive Officer, Coforge.

For FY24, the firm issued an annual revenue growth guidance of 13%-16% in constant currency terms, expects a gross margin increase of about 50 bps and adjusted EBITDA margin to be at similar levels as FY23.

The Board has recommended an interim dividend of Rs 19 per share, and the record date for this payout will be 9 May 2023.(Courtesy: The New Indian Express)