Coforge reported first quarter revenue of $592.2m on Monday. That is a rise of 33% in dollar terms over the year, and 21.1% on the previous quarter. In rupees the annual increase reads 49%. Profit after tax reached $55.6m.
Those numbers land in an industry bracing to shrink.
HCL Technologies has warned of “AI deflation”. Its chief executive C. Vijayakumar said revenue would fall by three to five percent in the coming year, The Register reported in April. Analysts expect the six largest Indian IT firms to manage 2.8% constant currency growth this financial year.
Coforge grew roughly twelve times faster than that forecast, and it credits the technology its rivals blame.
The 💜 of EU techThe latest rumblings from the EU tech scene, a story from our wise ol' founder Boris, and some questionable AI art. It's free, every week, in your inbox. Sign up now!“The confluence of our next twelve month signed order book of $2.23 billion, an exceptionally strong large deal pipeline and differentiated capabilities with 86% of our revenues coming from AI-led engineering, data and cloud services has set us up to be the industry growth leader for the third year running,” said Sudhir Singh, chief executive and executive director.
