Coforge Ltd is down for a fifth straight session today. The stock is quoting at Rs 1936.1, down 0.38% on the day as on 13:24 IST on the NSE. The benchmark NIFTY is up around 0.16% on the day, quoting at 11490.75. The Sensex is at 38856.91, up 0.03%.Coforge Ltd has added around 9.41% in last one month.Meanwhile, Nifty IT index of which Coforge Ltd is a constituent, has increased around 2.3% in last one month and is currently quoting at 17973.7, up 0.32% on the day. The volume in the stock stood at 56957 shares today, compared to the daily average of 8.06 lakh shares in last one month.

The benchmark August futures contract for the stock is quoting at Rs 1938.05, down 0.5% on the day. Coforge Ltd jumped 34.29% in last one year as compared to a 3.47% rally in NIFTY and a 15.03% spurt in the Nifty IT index.

The PE of the stock is 28.09 based on TTM earnings ending June 20.

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NIIT Technologies has been renamed as Coforge with effect from 03 August 2020. The Registrar of Companies, Delhi has issued a fresh Certificate of incorporation pursuant to change in name of the Company as above on 03 August 2020.

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Consolidated revenues during the quarter under review declined sequentially by 6.8% in constant currency terms to Rs 1057 crore. In reported terms, the revenue declined 4.7% sequentially. This reflects the significant Covid-19 pandemic related distress in the travel vertical, which is a substantial contributor to the company's revenues and declined by 31.6% quarter-on-quarter. Excluding the travel vertical, the rest of the firm registered a growth of 3.2% QoQ in constant currency terms and 5.1% in reported terms during the quarter, the company said.

Profit before tax in Q1 FY21 stood at Rs 108.9 crore, down by 31.5% from Rs 159 crore in Q4 FY20. EBITDA fell 9.1% on a year-on-year (YoY) basis to Rs 180.6 crore during the quarter. EBITDA margin was at 17.1% as on 30 June 2020 as against 17.9% as on 31 March 2020.

All other verticals, except Travel, delivered sequential growth in Q1FY21. The Insurance services business grew 1.9% QoQ contributing to 33.0% of the quarter's revenue. The BFS business grew 6.2% sequentially and contributed to 17.2% of total revenue. Other segments collectively expanded 8.6% quarter-on-quarter and they now represented 30.4% of overall revenue.

Among geographies, Americas, EMEA and Rest of the World (including APAC) contributed 47%, 36% and 17% respectively to the revenue mix, respectively, the company said.

NIIT Technologies secured fresh business of $186 million during the quarter, which included a large deal along with two more significant deals. A total of 11 new clients were added during the quarter. On the back of this continued deal signing momentum, the order book executable over the next twelve months increased to $465 million, representing a growth of 18% on a year-on-year (YoY) basis.

Sudhir Singh, Chief Executive Officer, NIIT Technologies, said: Our ability to grow all non-Travel related businesses sequentially and to also secure multiple significant deal wins even during a pandemic-affected quarter demonstrates the tenacity of the 11,000 members of Team NIIT Technologies. The resolve of the team, the sustained deal momentum, ongoing ramp-ups, and the opportunity pipeline combined with very strong operational rigor, gives us the confidence of delivering a sequential growth in the next quarter and a growth-led performance for the full year FY'21.

Shares of NIIT Tech surged 6.44% to Rs 1880. It had traded in the range of 1774.30 and 1894.35 so far during the day.

NIIT Technologies is a global IT solutions organization servicing customers across the Americas, Europe, Asia and Australia. It services clients in travel and transportation, banking and financial services, insurance, manufacturing and media verticals, offering a range of services including application development and maintenance, infrastructure management, and business process management.

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Net profit of NIIT Technologies declined 8.79% to Rs 79.90 crore in the quarter ended June 2020 as against Rs 87.60 crore during the previous quarter ended June 2019. Sales rose 9.80% to Rs 1057.00 crore in the quarter ended June 2020 as against Rs 962.70 crore during the previous quarter ended June 2019.

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