Buy Coforge, target price Rs 6465: Anand Rathi

Anand Rathi has buy call on Coforge with a target price of Rs 6465. The current market price of Coforge Ltd. is Rs 4688.35. Time period given by analyst is one year when Coforge Ltd. price can reach defined target.

Coforge Ltd., incorporated in the year 1992, is a Mid Cap company (having a market cap of Rs 28483.14 Crore) operating in IT Software sector.

Coforge Ltd. key Products/Revenue Segments include Sale of services and Software Products for the year ending 31-Mar-2021.



Financials
For the quarter ended 31-12-2021, the company reported a Consolidated Total Income of Rs 1662.90 Crore, up 5.44 % from last quarter Total Income of Rs 1577.10 Crore and up 39.13 % from last year same quarter Total Income of Rs 1195.20 Crore. Company reported net profit after tax of Rs 197.20 Crore in latest quarter.

Investment Rationale
The brokerage expects the growth momentum to continue supported by strong deal pipeline along with consistent large deal wins and healthy revenue and margin guidance. We maintain our Buy rating on the stock with target price of Rs. 6,465 per share.

Promoter/FII Holdings
Promoters held 49.97 per cent stake in the company as of 31-Dec-2021, while FIIs owned 19.12 per cent, DIIs 20.28 per cent.