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NIIT Technologies announces name change to Coforge Limited

IT solutions provider NIIT Technologies Limited on Tuesday announced  that the Board of Directors of the company have approved the change of name of the company to ‘Coforge Limited’ subject to approval by the shareholders of the Company by way of Postal Ballot and other necessary approvals.

In a regulatory filing, the company also said that the name availability is granted by the office of Registrar of Companies,  vide its letter dated April 27, 2020. 

“Please note that the Memorandum and Articles of Association of the Company will also be amended, subject to approval of the shareholders and other necessary approvals, to give effect to the name change and to bring the Memorandum and Articles of Association in line with the provisions of Companies Act, 2013,” the statement added. 

The company also announced its fourth quarter and full year results for FY 2019-20. 

Consolidated net profit of the company rose by 11% to Rs. 114 crore in the fourth quarter of FY20, from Rs. 106 crore recorded for the same quarter last year. 

Consolidated revenue increased by 19% to Rs. 1,109 crore (Rs.972 crore) in Q4FY20. 

For FY20, total revenue grew by 18.5% on a year-on-year (Y-o-Y) basis to Rs. 4,184 crore while net profit grew by 10% to Rs. 444 crore (Rs.403 crore). 

The Board has declared an interim dividend of Rs. 11 per equity share and including this the Company has declared Rs. 31 per equity share as interim dividend for this financial year.

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