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Robust revenue growth in Q1 lays a very strong foundation for the year: Coforge

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Coforge Limited announced its financial results for the quarter ended June 30, 2023 (Q1FY24). The Company reported strong operating and financial performance in a challenging quarter for the industry.

 Q1FY24 – Financial Highlights

  • Revenue for the quarter was INR 22,210 million and US$ 271.8 million o Up 2.7% Q-o-Q and 18.4% Y-o-Y in constant currency (CC) terms
                  • Up 2.8% Q-o-Q and 13.9% Y-o-Y in USD terms
                  • Up 2.4% Q-o-Q and 21.4% Y-o-Y in INR terms
  • Adjusted EBITDA margin for the quarter stood at 16%.
  • The Board has recommended an interim dividend of INR 19 per share, and the record date for this payout will be August 3, 2023

 Q1FY24 – Business Highlights

  • Total order book executable over the next 12 months at US$ 897 million
  • Record order intake was US$ 531 million, the sixth consecutive quarter of US$ 300+ million order intake.
  • 6 new clients were added during the quarter.
  • Headcount as of 30th June 2023, at 24,224; a net addition of 1,000 people during the quarter.
  • LTM attrition at 13.3%, down 470 bps Y-o-Y.

“Exceptional execution by Team Coforge in a testing environment allowed us to deliver another quarter of sustained, robust and profitable growth. The five-year $ 300Mn TCV deal in the BFS space along with another five year $ 65 Mn TCV deal in the same sector underlined the execution rigor of the team. During the quarter we increased our net headcount by 1000 employees to support future growth, fully rolled out the annual salary increments for our employees on April 1st, honored all commitments to onboard campus hires, met our commitment to distribute around 21,500 i-pads to employees to mark our $ 1 Billion milestone and saw attrition drop down to 13.3%. The quarter’s performance sets us up very well for meeting our annual revenue guidance of 13% to 16% cc growth.” said Mr. Sudhir Singh, Chief Executive Officer, Coforge Ltd.  

The firm reiterates its fiscal year 2024 annual revenue growth guidance of 13% to 16% in constant currency terms and reaffirmed gross margin improvement of 50 bps compared to FY23.

 Q1FY24 – Awards, Recognitions and Partnerships

Coforge secured the esteemed Great Place to Work 2023-2024 award for the third consecutive year, Coforge was also selected as one of the ‘Most Preferred Workplaces of 2023-2024’ by Marksmen Daily in collaboration with India Today for the second consecutive year.

  • Leadership Factories of India – Coforge has been recognized for Best-in-class Leadership Capability Practices by The Great Manager Institute. This recognition is a testament to Coforge being focused on building People capabilities to create a future-ready workforce with a well-rounded agile learning & development framework focusing on technical, domain & functional, human & leadership skills.
  • Coforge ranked joint second among IT service providers in customer satisfaction in Whitelane Research’s 2023 UK IT Sourcing Study. Coforge’s customers in the UK have given an overall satisfaction rating of 79%, well above the industry average of 72%. Whitelane Research conducted the study in collaboration with PA Consulting.
  • Coforge has been accredited as a Salesforce Summit (Platinum) level partner.
  • Coforge was recognized with the Duck Creek Standard of Excellence Award at Formation ’23
  • Coforge and FundMore partnered to Deliver Compliance Automation Solutions for Mortgage Lenders in Canada
  • Coforge was recognized as a Rising Star by ISG analysts for our ServiceNow offerings.

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