Coforge Revenue Rises 21.4% Y-o-Y In Q1FY24

Coforge Limited, a leading global IT solutions organization, on Thurday announced its financial results for the quarter ended June 30, 2023 (Q1FY24), the company announced through an exchange filing.

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

Up 2.7% Q-o-Q and 18.4% Year-on -Year (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, 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.” 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.