What is the share price of Coforge Ltd (COFORGE) today?
The share price of COFORGE as on 10th July 2025 is ₹1887.70. The stock prices are volatile and keep changing through the day depending upon various factors and market conditions.What is the return on Coforge Ltd (COFORGE) share?
The past returns of Coforge Ltd (COFORGE) share are- Past 1 week: -0.61%
- Past 1 month: 4.73%
- Past 3 months: 49.26%
- Past 6 months: 0.37%
- Past 1 year: 66.49%
- Past 3 years: 161.70%
- Past 5 years: 492.54%
What are the peers or stocks similar to Coforge Ltd (COFORGE)?
The peers or stocks similar to Coforge Ltd (COFORGE) include:What is the dividend yield % of Coforge Ltd (COFORGE) share?
The current dividend yield of Coforge Ltd (COFORGE) is 0.74.What is the market cap of Coforge Ltd (COFORGE) share?
Market capitalization, short for market cap, is the market value of a publicly traded company's outstanding shares. The market cap of Coforge Ltd (COFORGE) is ₹63129.60 Cr as of 10th July 2025.What is the 52 week high and low of Coforge Ltd (COFORGE) share?
The 52-week high of Coforge Ltd (COFORGE) is ₹2005.36 and the 52-week low is ₹1110.21.What is the PE and PB ratio of Coforge Ltd (COFORGE) stock?
The P/E (price-to-earnings) ratio of Coforge Ltd (COFORGE) is 77.74. The P/B (price-to-book) ratio is 16.94.Which sector does Coforge Ltd (COFORGE) belong to?
Coforge Ltd (COFORGE) belongs to the Information Technology sector & IT Services & Consulting sub-sector.How to buy Coforge Ltd (COFORGE) shares?
You can directly buy Coforge Ltd (COFORGE) shares on Tickertape. Simply sign up, connect your demat account and place your order.
Coforge Ltd
COFORGE Share Price
COFORGE Stock Scorecard
Performance
AvgPrice return has been average, nothing exciting
Valuation
HighSeems to be overvalued vs the market average
Growth
LowLagging behind the market in financials growth
Profitability
HighShowing good signs of profitability & efficiency
Entry point
AvgThe stock is overpriced but is not in the overbought zone
Red flags
LowNo red flag found
How to use scorecard? Learn more
COFORGE Performance & Key Metrics
COFORGE Performance & Key Metrics
No LabelNo Label | PB RatioPB Ratio | Dividend YieldDiv. Yield |
---|---|---|
77.74 | 16.94 | 0.74% |
Sector PESector PE | Sector PBSector PB | Sector Div YldSctr Div Yld |
---|---|---|
28.97 | 7.91 | 2.48% |
from 29 analysts
Price Upside
Earnings Growth
Rev. Growth
COFORGE Company Profile
Coforge Ltd is engaged in the business of application development and maintenance, managed services, cloud computing and business process outsourcing.
COFORGE Forecast
COFORGE Forecasts
Price
Revenue
Earnings
COFORGE Share Price Forecast
COFORGE Share Price Forecast
All values in ₹
All values in ₹
COFORGE Company Revenue Forecast
COFORGE Company Revenue Forecast
All values in ₹ Thousand cr.
All values in ₹ Thousand cr.
COFORGE Stock EPS (Earnings Per Share) Forecast
COFORGE Stock EPS (Earnings Per Share) Forecast
All values in ₹
All values in ₹
COFORGE
COFORGE
Income
Balance Sheet
Cash Flow
COFORGE Income Statement
COFORGE Income Statement
Financial Year | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | TTM | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenue | 2,829.00 | 3,030.50 | 3,729.70 | 4,251.60 | 4,695.40 | 6,483.80 | 8,076.50 | 9,240.40 | 12,215.40 | 12,302.10 | ||||||||||
Raw Materials | 14.10 | 31.70 | 29.10 | 84.40 | 193.50 | 172.40 | 55.10 | 9.40 | 10,384.40 | 10,463.80 | ||||||||||
Power & Fuel Cost | 18.50 | 18.50 | 17.70 | 16.90 | 12.40 | 13.90 | 15.80 | 19.20 | ||||||||||||
Employee Cost | 1,651.30 | 1,760.10 | 2,153.20 | 2,529.80 | 2,815.80 | 3,834.60 | 4,828.00 | 5,506.90 | ||||||||||||
Selling & Administrative Expenses | 441.10 | 513.70 | 622.40 | 598.40 | 552.40 | 873.40 | 1,188.90 | 1,313.70 | ||||||||||||
Operating & Other expenses | 219.70 | 166.10 | 210.90 | 238.20 | 327.20 | 435.80 | 698.40 | 902.10 | ||||||||||||
EBITDA | 484.30 | 540.40 | 696.40 | 783.90 | 794.10 | 1,153.70 | 1,290.30 | 1,489.10 | 1,831.00 | 1,838.30 | ||||||||||
Depreciation/Amortization | 127.70 | 127.40 | 124.80 | 173.00 | 183.60 | 227.20 | 258.50 | 318.60 | 427.60 | 447.70 | ||||||||||
PBIT | 356.60 | 413.00 | 571.60 | 610.90 | 610.50 | 926.50 | 1,031.80 | 1,170.50 | 1,403.40 | 1,390.60 | ||||||||||
Interest & Other Items | 6.00 | 9.40 | 9.20 | 15.50 | 14.30 | 65.00 | 80.60 | 125.60 | 134.70 | 134.80 | ||||||||||
PBT | 350.60 | 403.60 | 562.40 | 595.40 | 596.20 | 861.50 | 951.20 | 1,044.90 | 1,268.70 | 1,255.80 | ||||||||||
Taxes & Other Items | 100.50 | 123.40 | 159.10 | 151.40 | 140.60 | 199.80 | 257.40 | 236.90 | 456.60 | 443.70 | ||||||||||
Net Income | 250.10 | 280.20 | 403.30 | 444.00 | 455.60 | 661.70 | 693.80 | 808.00 | 812.10 | 812.10 | ||||||||||
EPS | 8.16 | 9.13 | 13.09 | 14.29 | 14.81 | 21.78 | 22.75 | 26.30 | 24.60 | 26.27 | ||||||||||
DPS | 2.50 | 3.00 | 0.00 | 6.20 | 2.60 | 10.40 | 12.80 | 15.20 | 15.20 | 15.20 | ||||||||||
Payout ratio | 0.31 | 0.33 | 0.00 | 0.43 | 0.18 | 0.48 | 0.56 | 0.58 | 0.62 | 0.58 |
COFORGE Company Updates
COFORGE Stock Peers
COFORGE Past Performance & Peer Comparison
COFORGE Past Performance & Peer Comparison
Information TechnologyIT Services & Consulting
Valuation
Technical
Forecast
Stock | PE RatioPE Ratio | PB RatioPB Ratio | Div. YieldDividend Yield |
---|---|---|---|
Coforge Ltd | 77.74 | 16.94 | 0.74% |
Tata Consultancy Services Ltd | 25.20 | 12.78 | 3.73% |
Infosys Ltd | 25.07 | 6.96 | 2.66% |
HCL Technologies Ltd | 25.90 | 6.60 | 3.61% |
COFORGE Stock Price Comparison
Compare COFORGE with any stock or ETFCOFORGE Holdings
COFORGE Shareholdings
COFORGE Promoter Holdings Trend
COFORGE Promoter Holdings Trend
In last 6 months, promoter holding in the company has almost stayed constant
Pledged promoter holdings is insignificant
COFORGE Institutional Holdings Trend
COFORGE Institutional Holdings Trend
In last 3 months, retail holding in the company has almost stayed constant
In last 3 months, foreign institutional holding of the company has decreased by 2.34%
COFORGE Shareholding Pattern
COFORGE Shareholding Pattern
COFORGE Shareholding History
COFORGE Shareholding History
Mutual Funds Invested in COFORGE
Mutual Funds Invested in COFORGE
No mutual funds holding trends are available
Top 5 Mutual Funds holding Coforge Ltd
Funds (Top 5) | The rupee value of the stock held by the fund divided by the stock’s market cap Market-cap held | Percentage of the fund’s portfolio invested in the stock Weight | Change in the portfolio weight of the stock over the last 3 months 3M holding change | The rank of the stock in the fund’s portfolio based on its weight in the portfolio along with the change in the rank over the last 3 months Portfolio rank(3M change) |
---|---|---|---|---|
The rupee value of the stock held by the fund divided by the stock’s market cap 5.0470% | Percentage of the fund’s portfolio invested in the stock 10.48% | Change in the portfolio weight of the stock over the last 3 months 0.35% | The rank of the stock in the fund’s portfolio based on its weight in the portfolio along with the change in the rank over the last 3 months 2/29 (+1) | |
The rupee value of the stock held by the fund divided by the stock’s market cap 4.5790% | Percentage of the fund’s portfolio invested in the stock 3.44% | Change in the portfolio weight of the stock over the last 3 months 0.08% | The rank of the stock in the fund’s portfolio based on its weight in the portfolio along with the change in the rank over the last 3 months 42/81 (0) | |
The rupee value of the stock held by the fund divided by the stock’s market cap 2.4769% | Percentage of the fund’s portfolio invested in the stock 11.25% | Change in the portfolio weight of the stock over the last 3 months 1.93% | The rank of the stock in the fund’s portfolio based on its weight in the portfolio along with the change in the rank over the last 3 months 3/25 (+1) |
Compare 3-month MF holding change on Screener
smallcases containing COFORGE stock
smallcases containing COFORGE stock
A smallcase is a basket of stocks/ETFs that represents an idea or theme.Diversify your risk and buy smallcases that have Coforge Ltd
COFORGE Events
COFORGE Events
COFORGE Dividend Trend
COFORGE has increased or maintained dividend levels over the last 5 years
Current dividend yield is 0.74%. An investment of ₹1,000 in the stock is expected to generate dividend of ₹7.44 every year
Dividends
Corp. Actions
Announcements
Legal Orders
COFORGE Dividend Trend
COFORGE has increased or maintained dividend levels over the last 5 years
Current dividend yield is 0.74%. An investment of ₹1,000 in the stock is expected to generate dividend of ₹7.44 every year
COFORGE Upcoming Dividends
COFORGE Upcoming Dividends
No upcoming dividends are available
COFORGE Past Dividends
COFORGE Past Dividends
Cash Dividend
Ex DateEx DateMay 9, 2025
Dividend/Share
₹19.00
Ex DateEx Date
May 9, 2025
Cash Dividend
Ex DateEx DateJan 30, 2025
Dividend/Share
₹19.00
Ex DateEx Date
Jan 30, 2025
Cash Dividend
Ex DateEx DateOct 11, 2024
Dividend/Share
₹19.00
Ex DateEx Date
Oct 11, 2024
Cash Dividend
Ex DateEx DateAug 2, 2024
Dividend/Share
₹19.00
Ex DateEx Date
Aug 2, 2024
Cash Dividend
Ex DateEx DateMay 15, 2024
Dividend/Share
₹19.00
Ex DateEx Date
May 15, 2024
COFORGE Stock News & Opinions
COFORGE Stock News & Opinions
Coforge Ltd gained for a fifth straight session today. The stock is quoting at Rs 1912, up 0.66% on the day as on 12:44 IST on the NSE. The benchmark NIFTY is down around 0.37% on the day, quoting at 25542.5. The Sensex is at 83744.14, down 0.37%. Coforge Ltd has risen around 11.35% in last one month. Meanwhile, Nifty IT index of which Coforge Ltd is a constituent, has risen around 4.94% in last one month and is currently quoting at 38822.95, up 0.18% on the day. The volume in the stock stood at 7.77 lakh shares today, compared to the daily average of 17.99 lakh shares in last one month. The benchmark July futures contract for the stock is quoting at Rs 1927, up 0.68% on the day. Coforge Ltd is up 73.24% in last one year as compared to a 5.8% spurt in NIFTY and a 5.49% spurt in the Nifty IT index.The PE of the stock is 120.52 based on TTM earnings ending March 25.Powered by Capital Market - Live
Coforge has been recognized as a Leader in the prestigious Avasant Airlines and Airports Digital Services 2025 RadarView report. The report recognizes 20 tops-tier service providers supporting the airlines and airports industry in digital transformation. Significantly Coforge is the only mid-cap player in the industry to be featured as a leader providing strong industry specific digital solutions for Airlines and Airports (A e-commerce; web and mobile; loyalty management; revenue management; revenue accounting; and flight, crew, and airport operations. The report also highlights the range of generative AI solutions that Coforge has designed to be integrated throughout the A&A industry value chain. These include a knowledge management AI bot to support marketing and sales, a generative AI model for context-aware filtering of airport flight operation alerts, an AI-driven solution for airline fare discounts, and a generative AI-powered fraud detection system to combat fake airline bookings. Additionally, it offers an intelligent meal management system to enhance passenger experience, and a generative AI-based WhatsApp integration to streamline cargo operations. The sustainability management platform, Coforge ENZO, that enables accurate emissions tracking and management for A&A clients also gets a special mention in the report. Coforge also gets a 5-star rating in investments and innovations and its capabilities in delivering generative AI solution framework for sales, contact center, and knowledge management in A&A industry. Coforge also has been recognized for their industry leading partnerships with major hyperscalers and cloud providers as well as the work the firm does with the two major Global Distribution System providers in the travel industry.Powered by Capital Market - Live
Coforge and Duke's Fuqua School of Business have come together to explore and expand the adoption of Generative AI in the enterprise space. Together, Coforge and Fuqua's business school students researched and identified powerful use cases of AI across multiple industries to drive transformative impact. This collaboration enabled the students to translate academic experience into industry applications, creating valuable business insights and opportunities. Students under the Fuqua Client Consulting Practicum (FCCP) were guided by both faculty members and business and technology experts from Coforge, specializing in areas such as Gen AI in Wealth Management, Gen AI in Travel, Gen and AI in Customer Service. The teams delivered strategic industry analyses and recommendations that offer clients and prospects a consultative framework for business transformation through generative AI. Coforge collaborates with universities, research labs worldwide on emerging technology areas such as AI, machine learning, and data; and provides students with opportunities to solve real world business cases. Vic Gupta, Executive Vice President, Coforge said, 'Duke University and the Fuqua School of Business has a very strong technology curriculum and attract the best minds from across the world for its management program. Collaborations with universities provide us with bright individuals who bring in creative thinking and fresh approach to industry challenges, guided by the faculty members and mentored by industry experts at Coforge, we collectively build real world solutions for our clients.'Powered by Capital Market - Live
Coforge Ltd rose for a fifth straight session today. The stock is quoting at Rs 1826, up 1.78% on the day as on 12:44 IST on the NSE. The benchmark NIFTY is up around 0.13% on the day, quoting at 25136.5. The Sensex is at 82493.19, up 0.06%. Coforge Ltd has added around 9.85% in last one month. Meanwhile, Nifty IT index of which Coforge Ltd is a constituent, has added around 0.31% in last one month and is currently quoting at 37669.2, up 1.95% on the day. The volume in the stock stood at 54.81 lakh shares today, compared to the daily average of 6.67 lakh shares in last one month. The benchmark June futures contract for the stock is quoting at Rs 1834, up 2.06% on the day. Coforge Ltd is up 76.4% in last one year as compared to a 8.04% gain in NIFTY and a 11.21% gain in the Nifty IT index.The PE of the stock is 113.73 based on TTM earnings ending March 25.Powered by Capital Market - Live
Coforge will hold a meeting of the Board of Directors of the Company on 23 July 2025.Powered by Capital Market - Live
Coforge has received the revised certified true copy of the Order of Merger issued by the Regional Director of the South East Region on 03 June 2025 dated 28 May 2025 , approving the merger of Coforge Services (CSL), Coforge SmartServe (CSSL), and Coforge SF (SF)'step-down wholly owned subsidiaries of the Company (collectively referred to as Transferor Entities)'into Coforge DPA, a wholly owned subsidiary of the Company (referred to as Transferee Entity). The company shall make necessary filings with the Registrar of Company under the provisions of the Companies Act, 2013, to make the Scheme effective. Powered by Capital Market - Live
Coforge announced the launch of two new AI platforms: Quasar GenAI Central and Quasar Marketplace. These initiatives mark a major step in Coforge's journey to accelerate responsible, enterprise-wide AI adoption and deliver real-time innovation at scale. Quasar GenAI Central is an enterprise-grade, secure GenAI playground that gives Coforge developers and engineers centralized access to top generative AI models like GPT, Gemini, Llama, and Claude. Built with enterprise-grade security, robust governance frameworks, and responsible AI principles at its core, the platform is designed to seamlessly integrate LLMs into the daily workflows, driving enhanced productivity and innovation and scalability across internal operations and client engagements. Key features of Quasar GenAI Central include: ' Centralized access to popular LLMs: Providing a single point of entry to a diverse range of powerful Generative AI models. ' 'Smart LLM Routing' option: Intelligently directing queries to the most effective and efficient model for optimal results. ' Embedded Responsible AI principles: Ensuring ethical and unbiased AI usage from the ground up. ' Audit trails and model governance: Maintaining transparency and control over AI interactions. This platform will enable Coforge teams to leverage LLMs for a multitude of tasks, including in depth client business research, identifying applicable use cases for specific industries, and rapidly develop and deliver innovative solutions for its clients. Complementing Quasar GenAI Central is the Quasar Marketplace, Coforge's all-in-one destination for AI capabilities. The Marketplace offers a curated catalog of high-quality AI solutions, designed to accelerate business outcomes and simplify the adoption of complex AI systems. The Quasar Marketplace features: ' Curated Catalog: A hand-picked selection of ready-to-use AI capabilities and AI-based business solutions. ' Business Solutions: Complete, business-focused AI solutions built to deliver tangible results. ' Technical Solutions/Services: A range of ready-to-deploy AI services and solutions for various applications. ' Architecture Blueprints: Pre-built architectural blueprints to streamline the design and deployment of sophisticated AI systems. ' Case Studies: Real-life examples of successful AI implementations, showcasing how businesses have leveraged AI to solve problems, improve performance, and achieve measurable outcomes. ' Use Cases: Diverse business use cases to drive efficiency, automation, and innovation across industries. Powered by Capital Market - Live
Coforge announced a strategic partnership with Nylas, a leading provider of communications APIs, to redefine customer engagement and operational efficiency within the Salesforce ecosystem. This collaboration brings together Nylas' advanced communication infrastructure and Coforge's deep Salesforce consulting expertise to deliver an integrated, intelligent solution'enabling organizations to streamline scheduling, automate customer communications, and enhance CRM performance through personalized, data-driven interactions. By integrating Nylas' secure and scalable email, calendar, scheduling, and meeting bot APIs directly into Salesforce, Coforge is enabling enterprises to automate and enrich customer interactions with precision and ease. The solution supports seamless appointment scheduling, centralized communication management, and intelligent workflow automation'reducing operational friction, enhancing team productivity, and elevating customer satisfaction. Franchise businesses face significant communication and operational challenges due to a lack of integrated solutions connecting franchisors with franchisee owner/operators. The absence of seamless, bi-directional meeting scheduling tools hampers engagement and collaboration, especially as franchisees often operate independently on separate email systems making it difficult for parent companies to access calendars for scheduling. This strategic solution addresses the gap by offering a scalable, Salesforce-integrated tool tailored for franchise management. It empowers franchisors and franchisees to bridge communication divides, streamline scheduling, and enhance operational efficiency'all within the familiar Salesforce ecosystem. Powered by Capital Market - Live
Revenue from operations increased 4.66% QoQ to Rs 3,409.9 crore in Q4 FY25. Year on year basis, the company's revenue and PAT climbed 47.08% and 32.77%, respectively. Profit before tax (PBT) in Q4 FY25 stood at Rs 393.3 crore, up by 36% YoY and 15.61% QoQ. In dollar terms, revenue was $404 million, up 3.3% QoQ and 43.6% YoY in USD terms. In constant currency terms, the revenue rose by 3.4% QoQ and 43.8% YoY in constant currency (CC) terms. While EBITDA improved by 13.7% to Rs 574.8 crore, EBITDA margin improved by 134 basis points to 16.9% in Q4 FY25 as compared with Q3 FY25. The company's order intake for Q4 FY25 was $2.1 billion. Total contract value stood at $1.56 billion during the quarter. The company's headcount stood at 33,497, with net addition of 403 on a sequential basis. Headcount has increased 35.5% since the beginning of the year. On full year basis, the company's consolidated net profit jumped 13.5% to Rs 963.5 crore in FY25 as compared with Rs 848.9 crore in FY24. Revenue from operations increased 33.76% YoY to Rs 12,050.7 crore in FY25. Meanwhile, the company's board declared interim dividend of Rs 19 per equity share having face value of Rs 10 each for FY25. The company has fixed the record date as Monday, 12 May 2025. The dividend will be paid within 30 days from the declaration of dividend. Further, the company's board has also fixed Wednesday, June 04, 2025 as the record date for the purpose of sub-division/split of existing equity shares of the company, such that existing 1 equity share having a face value of Rs 10 each into 2 equity shares of Rs 5 each, fully paid up, ranking pari passu in all respects. Sudhir Singh, chief executive officer and executive director, Coforge, said, 'FY25 was an exceptional year where the firm grew 32.0% in CC terms 'driven by 14 large deals and broad-based growth in all of our verticals and geo-based businesses. Our ability to deliver this very strong performance in an uncertain macro environment demonstrates the strength of our client relationships, the commitment and competence of our team members, and an execution discipline which is uniquely ours. The $1.56 Bn TCV deal signed in Q4, a 47.7% YoY increase in the order executable book for next twelve months, and a growing large deals pipeline positions us well for strong growth in FY26.' Coforge is a global digital services and solutions provider that leverages emerging technologies and deep domain expertise to deliver real-world business impact for its clients. It leads with its product engineering approach and leverages AI, cloud, data, integration and automation technologies to transform businesses into intelligent, high growth enterprises.Powered by Capital Market - Live
Revenue from operations increased 4.66% QoQ to Rs 3,409.9 crore in Q4 FY25. Year on year basis, the company's revenue and PAT climbed 47.08% and 32.77%, respectively. Profit before tax (PBT) in Q4 FY25 stood at Rs 393.3 crore, up by 36% YoY and 15.61% QoQ. In dollar terms, revenue was $404 million, up 3.3% QoQ and 43.6% YoY in USD terms. In constant currency terms, the revenue rose by 3.4% QoQ and 43.8% YoY in constant currency (CC) terms. While EBITDA improved by 13.7% to Rs 574.8 crore, EBITDA margin improved by 134 basis points to 16.9% in Q4 FY25 as compared with Q3 FY25. The company's order intake for Q4 FY25 was $2.1 billion. Total contract value stood at $1.56 billion The company's headcount stood at 33,497, with net addition of 403 on a sequential basis. Headcount has increased 35.5% since the beginning of the year. On full year basis, the company's consolidated net profit jumped 13.5% to Rs 963.5 crore in FY25 as compared with Rs 848.9 crore in FY24. Revenue from operations increased 33.76% YoY to Rs 12,050.7 crore in FY25. Meanwhile, the company's board declared interim dividend of Rs 19 per equity share having face value of Rs 10 each for FY25. The company has fixed the record date as Monday, 12 May 2025. The dividend will be paid within 30 days from the declaration of dividend. Further, the company's board has also fixed Wednesday, June 04, 2025 as the record date for the purpose of sub-division/split of existing equity shares of the company, such that existing 1 equity share having a face value of Rs 10 each into 2 equity shares of Rs 5 each, fully paid up, ranking pari passu in all respects. Sudhir Singh, chief executive officer and executive director, Coforge, said, 'FY25 was an exceptional year where the firm grew 32.0% in CC terms 'driven by 14 large deals and broad-based growth in all of our verticals and geo-based businesses. Our ability to deliver this very strong performance in an uncertain macro environment demonstrates the strength of our client relationships, the commitment and competence of our team members, and an execution discipline which is uniquely ours. The $1.56 Bn TCV deal signed in Q4, a 47.7% YoY increase in the order executable book for next twelve months, and a growing large deals pipeline positions us well for strong growth in FY26.' Coforge is a global digital services and solutions provider that leverages emerging technologies and deep domain expertise to deliver real-world business impact for its clients. It leads with its product engineering approach and leverages AI, cloud, data, integration and automation technologies to transform businesses into intelligent, high growth enterprises. The counter added 1.51% to end at Rs 7,499.10 on the BSE. Powered by Capital Market - Live
Over the last 5 years, revenue has grown at a yearly rate of 23.5%, vs industry avg of 10.97%
Over the last 5 years, market share increased from 0.83% to 1.46%
Over the last 5 years, net income has grown at a yearly rate of 12.84%, vs industry avg of 9.09%