Coforge [COFORGE] Shares Rocket 11% Post Strong Q4 FY24 Earnings; Brokerages Target Up to 80% Upside
Coforge shares surged 11% following stellar Q4 FY24 results, with net profit soaring 134% year-on-year. Leading brokerages like Motilal Oswal, Jefferies, and Nomura see significant upside potential, projecting gains of up to 80%.
Shares of the IT major Coforge [COFORGE] witnessed a significant rally, jumping 11% to reach ₹1,295 on the bourses. This impressive surge came on the back of the company announcing robust financial results for the fourth quarter of fiscal year 2024 (Q4 FY24).
The IT services firm reported a stellar performance, with its net profit soaring by an astounding 134% year-on-year (YoY) to ₹612.3 crore. Revenue also showcased strong growth, climbing 30% YoY to ₹4,450.4 crore. On a sequential basis, the company's profit surged by 145%, while revenue grew approximately 5%, indicating consistent operational strength. The growth momentum was broad-based, with constant currency revenue demonstrating a healthy 28.7% increase, reflecting solid business traction across its markets.
The strong earnings report has caught the attention of leading brokerage houses. Analysts at Jefferies, Nomura, and Motilal Oswal have expressed optimistic views on Coforge's future prospects, collectively projecting an upside potential of up to 80% for the stock. Specifically, Motilal Oswal's outlook implies a 'BUY' recommendation, with a potential target price of approximately ₹2,331, based on the maximum projected upside from the current levels. This bullish sentiment underscores confidence in Coforge's growth trajectory and execution capabilities.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Stock market investments are subject to market risks. Please consult your financial advisor before making any investment decisions. StockTips.in is not a SEBI-registered investment advisor.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Stock market investments are subject to market risks. Please consult your financial advisor before making any investment decisions. StockTips.in is not a SEBI-registered investment advisor.