Coforge Records Robust Q3 FY24 Results with Strong Organic Growth and Strategic Deal Wins

Jan 24, 2024 Mark

Gurugram, India, Jan 24, 2024: Coforge Limited (NSE: COFORGE), a leading global IT solutions organization, has announced its financial results for the quarter ending December 31, 2023, showcasing impressive operating and financial performance in a seasonally challenging quarter.

Q3 FY24 Financial Highlights:

Quarterly revenue reached INR 23,233 million and $282 million, marking a Q-o-Q increase of 1.8% in constant currency (CC), 1.4% in USD, and 2.1% in INR terms.

Year-on-Year (Y-o-Y) revenue growth stood at 12.0% in CC, 12.0% in USD, and 13.0% in INR terms.

Reported EBITDA margin demonstrated a substantial improvement, reaching 17.3%, an increase of 201 basis points Q-o-Q. Adjusted EBITDA margin also showed improvement, standing at 18%, up by 39 basis points Q-o-Q.

Consolidated Profit After Tax (PAT) for Q3 reached INR 2,380 million, marking a significant Q-o-Q increase of 31.5%.

Q3 FY24 Business Highlights:

Order intake for the quarter amounted to $354 million, representing eight consecutive quarters of $300+ million deal wins.

The total order book executable over the next 12 months reached $974 million, reflecting a robust Y-o-Y increase of 15.8%.

The quarter saw the addition of 7 new clients, contributing to the organization’s expanding client portfolio.

Last Twelve Months (LTM) attrition rate stood at 12.1%.

Mr. Sudhir Singh, Chief Executive Officer of Coforge Ltd., expressed confidence in the company’s ability to meet annual revenue guidance despite challenging market conditions. He stated, “Our ability to deliver on an annual revenue guidance commitment in such a tough year and the fact that at the end of Q3 our YTD organic CC revenue growth is 14.7 percent is a testament to the tenacity of Team Coforge and in our ability to execute against plans.”

The Board has recommended an interim dividend of INR 19 per share, with the record date for the payout set for 5th February 2024. Coforge continues to demonstrate resilience and strategic prowess, securing its position as a key player in the global IT solutions landscape.

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