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Fundamental Analysis of Coforge Ltd

About the Company - Coforge Ltd

Coforge Ltd. is a Public Limited Listed company incorporated on 13/05/1992 and has its registered office in the State of Delhi, India. Company’s Corporate Identification Number(CIN) is L72100DL1992PLC048753 and registration number is 048753. Currently Company is involved in the business activities of Computer programming activities. Company’s Total Operating Revenue is Rs. 3313.20 Cr. and Equity Capital is Rs. 60.90 Cr. for the Year ended 31/03/2022.
INDUSTRYADDRESSCONTACT
IT Consulting & Software8, Balaji Estate, Third Floor, New Delhi Delhi 110019investors@coforgetech.com
http://www.niit-tech.com
Management
NamePosition Held
Mr. Basab PradhanChairman & Ind.Dire (Non-Exe)
Mr. Sudhir SinghExecutive Director & CEO
Mr. Hari GopalakrishnanNon Executive Director
Mr. Patrick John CordesNon Executive Director
Mr. Kenneth Tuck Kuen CheongNon Executive Director
Mr. Kirti Ram HariharanNon Executive Director
Mr. Ashwani PuriInd. Non-Executive Director
Ms. Mary Beth BoucherInd. Non-Executive Director

Coforge Ltd. Share Price Update

Share PriceValue
Today₹5,692.90
Previous Day₹5,564.35

Basic Stock Data of Coforge Ltd

Market Cap 35,016 Cr.
Current Price 5,684
High / Low5,846/3,565
Stock P/E48.3
Book Value 541
Dividend Yield1.16 %
ROCE30.8 %
ROE25.1 %
Face Value 10.0

Coforge Ltd Quarterly Results

MonthSep 2020Dec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023
Sales1,1541,1911,2621,4621,5691,6581,7431,8291,9592,0562,1702,2212,276
Expenses9559891,0521,2501,2951,3551,4301,5411,6221,6961,8741,9151,935
Operating Profit199202210211275303312289337360296306341
OPM %17%17%17%14%18%18%18%16%17%17%14%14%15%
Other Income4516168523141432-50169
Interest43312161818182122202232
Depreciation46464552605758636162727677
Profit before tax152157178163206233259221268307155224241
Tax %20%21%23%20%22%15%13%22%18%23%25%22%22%
Net Profit122124137131162197225172221236117176188
EPS in Rs19.9320.1421.9520.4024.2030.1734.1024.5832.9937.3718.7927.0629.61

Coforge Ltd Quarterly Chart

Coforge Ltd Profit & Loss

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023TTM
Sales1,5762,0212,3052,3722,6882,8022,9913,6764,1844,6636,4328,0158,723
Expenses1,3061,6881,9502,0362,2142,3222,4893,0263,4593,8825,3306,7337,421
Operating Profit2713333553374744805026507257811,1021,2821,302
OPM %17%16%15%14%18%17%17%18%17%17%17%16%15%
Other Income302330-64204384659135287
Interest454686991614658195
Depreciation36576292121128127125173184227258287
Profit before tax260293318176365351404562595596862951927
Tax %24%26%25%31%21%22%24%25%21%22%17%22%
Net Profit196218238122287272309422468466715745716
EPS in Rs33.0835.4037.9818.6944.1340.7645.5965.2871.0575.19108.65113.58112.63
Dividend Payout %24%24%24%51%23%31%33%0%44%17%48%56%

Coforge Ltd Profit & Loss Yearly Chart

Coforge Ltd Growth

Compounded Sales Growth
10 Years::15%
5 Years::22%
3 Years::24%
TTM::21%

Coforge Ltd Growth

Compounded Profit Growth
10 Years::13%
5 Years::21%
3 Years::18%
TTM::-2%

Coforge Ltd Growth

Stock Price CAGR
10 Years::33%
5 Years::39%
3 Years::33%
1 Year::42%

Coforge Ltd Growth

Return on Equity
10 Years::20%
5 Years::22%
3 Years::23%
Last Year::25%

Coforge Ltd Balance Sheet

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Sep 2023
Equity Capital60606161616162626261616162
Reserves8501,0341,2631,2961,5111,6251,7122,0102,3342,4062,6723,0213,266
Borrowings5210991025221435834905621,209
Other Liabilities3654354686117026958287489689351,6551,9801,548
Total Liabilities1,3261,5391,8011,9772,2852,4072,6242,8343,4003,4844,8785,6256,085
Fixed Assets4234384535589038488798191,0791,0212,0672,3122,351
CWIP02812912017011001756
Investments55825555753163653651412000
Other Assets8489911,1641,2431,2911,2441,3791,6492,3072,4512,7943,3093,728
Total Assets1,3261,5391,8011,9772,2852,4072,6242,8343,4003,4844,8785,6256,085

Coforge Ltd Reserves and Borrowings Chart

Coforge Ltd Cash Flow

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Cash from Operating Activity 164235145258360472382453297762766950
Cash from Investing Activity -87-107-78-184-223-343-248-237136-86-963-269
Cash from Financing Activity -17-91-53-66-73-67-74-106-133-696-156-558
Net Cash Flow6137147646260109300-20-353123

Coforge Ltd Financial Efficiency Indicators

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Debtor Days778289938061715875847973
Inventory Days1312
Days Payable519361
Cash Conversion Cycle77-424-260938061715875847973
Working Capital Days505770486438303738363715
ROCE %30%28%26%19%25%23%23%30%27%25%32%31%

Coforge Ltd Financial Efficiency Indicators Chart

Coforge Ltd Share Holding Pattern

MonthDec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023
Promoters63.99%63.99%55.73%50.18%49.97%40.09%40.09%40.06%39.99%30.16%26.63%0.00%
FIIs14.44%14.62%19.42%20.67%19.12%22.40%21.87%21.02%21.30%25.40%24.78%34.37%
DIIs12.21%11.85%14.93%18.64%20.29%25.68%25.88%26.45%26.73%32.20%37.20%54.28%
Public9.36%9.54%9.92%10.50%10.62%11.83%12.16%12.47%11.97%12.23%11.39%11.35%
No. of Shareholders52,56351,90668,97594,5611,04,2501,42,0491,50,3081,63,7791,53,3931,46,6851,33,6461,23,330

Coforge Ltd Shareholding Pattern Chart

No. of Coforge Ltd Shareholders

Coforge Ltd Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)
HDFC Mid-Cap Opportunities Fund - Regular Plan21964672.31121.18
UTI Flexi Cap Fund14651942.94747.9
Motilal Oswal Flexi Cap Fund9250005.79472.16
Axis Midcap Fund8481441.91432.93
SBI Large & Midcap Fund7410002.41378.24
Mirae Asset Emerging Bluechip Fund7042151.24359.46
Motilal Oswal Midcap Fund7000006357.31
HDFC Flexi Cap Fund - Regular Plan6750000.87344.55
DSP Mid Cap Fund6428122.18328.12
SBI Long Term Equity Fund5850001.84298.61

Coforge Ltd ROCE Trend

Coforge Ltd EPS Trend

Coforge Ltd Key Financial Ratios

MonthMar 23Mar 22Mar 21Mar 20Mar 19
FaceValue10.0010.0010.0010.0010.00
Basic EPS (Rs.)113.77109.0274.6871.3965.49
Diluted EPS (Rs.)111.53106.5273.2970.9764.73
Cash EPS (Rs.)164.26154.66107.19102.5088.50
Book Value[Excl.RevalReserv]/Share (Rs.)518.80464.93406.95383.44336.54
Book Value[Incl.RevalReserv]/Share (Rs.)518.80464.93406.95383.44336.54
Revenue From Operations / Share (Rs.)1311.721056.16769.44669.42594.85
PBDIT / Share (Rs.)219.74189.44134.01126.56113.59
PBIT / Share (Rs.)177.43152.13103.7198.8893.40
PBT / Share (Rs.)155.68141.4698.3895.2691.00
Net Profit / Share (Rs.)121.95117.3676.9074.8268.30
NP After MI And SOA / Share (Rs.)113.55108.6575.1871.0465.26
PBDIT Margin (%)16.7517.9317.4118.9019.09
PBIT Margin (%)13.5214.4013.4714.7715.70
PBT Margin (%)11.8613.3912.7814.2315.29
Net Profit Margin (%)9.2911.119.9911.1711.48
NP After MI And SOA Margin (%)8.6510.289.7710.6110.97
Return on Networth / Equity (%)22.5024.2118.4718.5219.46
Return on Capital Employeed (%)27.4824.5423.5323.3525.57
Return On Assets (%)12.2013.3512.9612.9014.03
Long Term Debt / Equity (X)0.100.120.000.000.00
Total Debt / Equity (X)0.100.120.000.000.00
Asset Turnover Ratio (%)0.960.980.840.850.85
Current Ratio (X)1.501.882.532.713.10
Quick Ratio (X)1.501.882.532.713.10
Dividend Payout Ratio (NP) (%)50.9847.6815.0728.1322.61
Dividend Payout Ratio (CP) (%)37.1435.4910.7420.2417.26
Earning Retention Ratio (%)49.0252.3284.9371.8777.39
Cash Earning Retention Ratio (%)62.8664.5189.2679.7682.74
Interest Coverage Ratio (%)16.6617.7556.7951.0376.30
Interest Coverage Ratio (Post Tax) (%)10.8912.0034.8531.6347.49
Enterprise Value (Cr.)23170.6027122.6416939.866277.347648.71
EV / Net Operating Revenue (X)2.894.223.631.502.08
EV / EBITDA (X)17.2623.5120.867.9410.90
MarketCap / Net Operating Revenue (X)2.914.223.811.722.23
Retention Ratios (%)49.0152.3184.9271.8677.38
Price / BV (X)7.579.927.202.993.95
Price / Net Operating Revenue (X)2.914.223.811.722.23
EarningsYield0.020.020.020.060.04

Coforge Ltd Profitability Ratios (%)

Coforge Ltd Liquidity Ratios

Coforge Ltd Liquidity Ratios (%)

Coforge Ltd Interest Coverage Ratios (%)

Coforge Ltd Valuation Ratios

Fair Value of Coforge Ltd Stock

Fair Value: ₹6634.79

The stock is undervalued by 16.73% compared to the current price ₹5684

*This is not Investment Advice

Strength and Weakness of Coforge Ltd Stock

StrengthWeakness

The company has shown consistent growth in sales and profit over the years.

The stock has a low average ROCE, which may not be favorable.

The stock has a high average Working Capital Days, which may not be favorable.

The stock has a high average Cash Conversion Cycle, which may not be favorable.

The company has higher borrowings compared to reserves, which may suggest financial risk.

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