Shares of Coforge jumped 7% today after the IT company reported earnings for the quarter that ended in December.

Coforge shares touched an intraday high of Rs 4,240.1, up 6.9% from the BSE’s previous close of Rs 3,966.40. Large-cap stocks have been on the rise for the past five days. Coforge stock is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages.

The IT stock is down 20.82% for the year and is up 8.19% for the year.

The company’s market capitalisation increased to Rs 25,660 crore. The stock opened higher at Rs 4,002 on BSE today. A total of 27,000 shares changed hands on the BSE for a total turnover of Rs 11.45 crore.

Profit rose 24.2% to Rs 228.2 crore in the third quarter from Rs 183.7 crore in the third quarter of the previous fiscal. Multiple large outsourcing deals across industries drove better-than-expected earnings.

Adjusted EBITDA climbed 17.7% to Rs 379.7 crore in the third quarter from Rs 322.6 crore in the same quarter of the previous fiscal.

Revenue rose 24% to Rs 2,055.8 crore in the third quarter from Rs 16,581 crore in the December quarter of the previous fiscal. Quarterly revenue rose 4.9% from Rs 1,959.4 crore.

The company signed the most significant number of mega-deals in a single quarter in its history. As a result, order intake reached an all-time high of $345 million. This performance in a seasonally weak quarter position us well for fiscal 2024, said Sudhir Singh, CEO of Coforge Ltd.

The IT services company also raised its fiscal 2023 annual revenue growth guidance to 22% in constant currency and reiterated its adjusted yearly EBITDA margin guidance.

Coforge board has recommended an interim dividend of Rs 19 per share with a record date of February 3, 2023.

Coforge Limited is an Information Technology (IT) solutions company based in India. It is engaged in application development and maintenance, managed services, cloud computing and business process outsourcing. The company provides computer programming consulting and related activities. Its geographic regions include the Americas, Europe, the Middle East, Africa (EMEA), Asia Pacific (APAC), and India.