According to Coforge's regulatory filing, on May 2, the board of directors authorized the acquisition of a 54% ownership in Cigniti Technologies at a price of ₹1,415 per share.
The company also stated that they anticipate finishing the purchase process by Q2FY25.
The company thinks that by acquiring Cigniti, it would not only help it reach a valuation of US$ 2 billion by FY27, but also—and maybe more importantly - ensure that by FY27, Coforge's operating margins will have increased by 150–200 basis points.
In addition, the company released the March quarter FY24 results. According to the statement, their earnings after tax increased to ₹223.7 crore from ₹115 crore during the same period the previous year, a 94.8 percent increase.
Further adding to this, Q4FY24 revenue increased by ₹2,358.5 crore, or 8.6%, over the previous year. Coforge's revenue increased 14.5 percent year over year to ₹9,179 crore on a YoY basis. Among other things, the Ebitda margin was 19%, up 102 basis points from the previous quarter.
