HomeMarket NewsStocks NewsCoforge shares tumble 11% as Q2 numbers miss estimates

Coforge shares tumble 11% as Q2 numbers miss estimates

Shares of Coforge tanked as much as 11 percent on Monday after the company's Q2 numbers missed the Street's expectations. The stock was among the worst performers on the Nifty500 index.

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By CNBCTV18.com October 25, 2021, 12:30:10 PM IST (Published)

Coforge shares tumble 11% as Q2 numbers miss estimates
Shares of Coforge
tumbled as much as 11 percent on Monday after the company's Q2 numbers missed the Street's expectations. The stock was among the worst performers on the Nifty500 index.

The company's revenues for the September quarter came in at Rs 1,569.4 crore, and was up 6.5 percent in dollar terms and up 7.4 percent in rupee terms, sequentially.

CNBC-TV18 poll showed the revenue for the reporting quarter at Rs 1,583 crore.

coforge earnings, estimates, stock market, coforge share price
Coforge earnings


The company's net profit for the quarter came in at Rs 146.7 crore as compared to the estimated Rs 165 crore.

Coforge’s total order book executable over the next 12 months has expanded 40.6 percent year-on-year to $688 million as of September 30, 2021.

Further, the total headcount at Coforge, after including the employees of the recently acquired SLK Global, increased to 20,786 during the quarter under review.

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At 11:42 am, shares of Coforge were trading 9.3 percent lower at Rs 4,915.50. The stock has been losing for the last four days and has fallen over 16 percent during the period.

However, despite the company missing the Street's expectations, Coforge is now planning for a growth of at least 22 percent in constant currency terms during FY22, which is higher than the at least 19 percent growth indicated earlier. This is on the back of sustained deal wins and incremental business from its customer base.



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