Coforge Reports 16.2% YoY Revenue Growth And 9.5% QoQ Increase In PAT In Q2 FY24

Coforge Reports 16.2% YoY Revenue Growth And 9.5% QoQ Increase In PAT In Q2 FY24

Order intake was $313 million, seventh consecutive quarter of $300+ million deal wins. Total order book executable over the next 12 months at $935 million, up 16.6 percent Y-o-Y.

FPJ Web DeskUpdated: Thursday, October 19, 2023, 10:24 AM IST
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Coforge Reports 16.2% YoY Revenue Growth And 9.5% QoQ Increase In PAT In Q2 FY24 | File photo

Coforge Limited, a leading global IT solutions organization, today announced its financial results for the quarter ended September 30, 2023 (Q2 FY24), the company on Thursday announced through an exchange filing.

Q2 FY24 – Financial Highlights

Revenue for the quarter was Rs 22,762 million and $278.1 million. Revenue up Q-o-Q by 2.3 percent in constant currency, 2.3 percent in USD and 2.5 percent in Rs terms. Revenue up Y-o-Y by 14.1 percent in CC, 12.6 percent in USD and 16.2 percent in Rs terms. Adjusted EBITDA margin at 17.6 percent, improved by 160 bps Q-o-Q. Consolidated Profit After Tax (PAT) for Q2 at Rs 1,810 million, up 9.5 percent Q-o-Q.

Q2 FY24 – Business Highlights

Order intake was $313 million, seventh consecutive quarter of $300+ million deal wins. Total order book executable over the next 12 months at $935 million, up 16.6 percent Y-o-Y.

8 new clients were added during the quarter. Headcount at the end of the quarter increases to 24,638, addition of 414 QoQ and 1,647 YoY. LTM attrition at 13.0 percent, down 340 bps YoY. Offshore revenue contribution (IT revenue only) increased to 52 percent.

“At the end of the first half, the firm has grown 16.2% in CC terms despite a very challenging market context. This reflects once again, the exceptional executional intensity and commitment of all members of Team Coforge.” said Sudhir Singh, Chief Executive Officer, Coforge Ltd.

The firm reiterates its fiscal year 2024 annual revenue growth guidance of 13 percent to 16 percent in constant currency terms and reaffirmed gross margin improvement of 50 bps compared to FY23 and its adjusted EBITDA margin to be at similar levels as FY23.

The Board has recommended an interim dividend of Rs 19 per share, and the record date for this payout will be 2nd November 2023.

Coforge Limited shares

The shares of Coforge Limited on Thursday at 10:14 am IST were trading at Rs 5,256.65, up by 3.23 percent.

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