This company is gifting Apple iPad to its employees as it crosses $1 bn revenue milestone 

IT solutions company Coforge will gift an Apple iPad to each of its 21,000 employee as it has crossed the $1 billion revenue milestone in its Q4 earnings. Coforge had 21,815 billable employees as of March 31 this year, excluding sales and marketing personnel and others. 

The company has earmarked Rs 80.3 crore for the purpose, as per its press release. Coforge CEO Sudhir Singh said: "We believe that our performance during the quarter was marked by two key achievements. The first was a quarterly sequential US $ growth of 5 per cent. The second major landmark has been the firm crossing the US $1 billion revenue mark. Our performance heading in to FY24 sets up well to deliver robust growth". 

Coforge earnings at a glance 

Coforge's gross revenue went up by 24.5 per cent from Rs 1,742 crore in Q4FY22 to Rs 2,170 crore in Q4 ended March 31. The IT firm's net profit in Q4 went down 48.08 per cent to Rs 116.7 crore from Rs 224.8 crore in the same period last year. 

The BFS vertical of the company accounted for 31 per cent of its business in Q4FY23 versus 27.7 per cent in the same period last year. The company's banking and financial services (BFS) vertical was not impacted despite the Silicon Valley Bank collapse and the global banking crisis that followed thereafter. The bank stated last month that its exposure to revenues from the US regional banks is very limited. 

The IT company gave an annual revenue guidance of 13 per cent to 16 per cent and also forecast a gross margin increase of around 50 basis points (bps) in its earnings call. The company's board has issued an interim dividend of Rs 19 per share and the record date for this payout will be May 9.

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