Coforge reported its financial results for the first quarter of FY24 below the Street expectations. The revenues are 21 percent higher year on year at Rs 2,221 crore, but below CNBC-TV18 poll of Rs 2,250 crore.

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Similarly, the earnings before interest and tax (EBIT) is 2 percent higher at Rs 230 crore but below the Street estimates of Rs 301 crore. EBIT margins declined to 10.4 percent from 12.3 percent year and year, while the Street expected 13.4 percent. Net profits grew 10 percent year on year to Rs 165 crore, while the CNBC-TV18 poll was Rs 225 crore.

The other expenses in this quarter jumped to Rs 536 crore versus Rs 403 crore in the corresponding quarter of last year.

Revenues from Americas rose to Rs 1,103 crore versus Rs 938 crore year on year, while Europe, Middle East and Africa region grew 27 percent year on year to Rs 858 crore. The Asia Pacific region income stood at Rs 156 crore versus Rs 141 crore. Revenues from India stood at Rs 104 crore compared with Rs 76 crore in same quarter of last year.

The Board of Directors at its meeting held on July 20, 2023 has declared an interim dividend of Rs. 19 per equity share.

The shares of Coforge ended the day 1.7 percent lower on NSE on July 20.