Coforge Limited (NSE: COFORGE), a leading global IT solutions organization, today announced its financial results for the quarter ended September 30, 2022 (Q2 FY23).

The Company reported strong operating and financial performance marked by robust growth, significant profitability enhancement and continued business momentum.

Q2 FY23 – Financial Highlights

• Revenue for the quarter was INR 19,594 million and $246.9 million

o    Up 6.2% Q-o-Q in constant currency terms

o    Up 24.8% Y-o-Y in INR terms

• Adjusted EBITDA margin for the quarter increased by almost 190 bps to 18.4%, driven by continued offshoring expansion, utilization uptick, higher contribution from higher margin businesses and operational improvements

Q2 FY23 – Business Highlights

• Order intake was $304 million, third consecutive quarter of $300+ million deal wins
• Total order book executable over the next 12 months at $802 million
• 11 new clients were added during the quarter
• Headcount at the end of the quarter increases to 22,991 and LTM attrition down 160 bps Q-o-Q to 16.4%
• Offshore revenue contribution (IT revenue only) increased to 49.8%

“A record high twelve month locked-in order book of $800 million plus, a highly committed workforce with one of the lowest employee attrition numbers across the industry, a large deal machinery that continues to close pursuits at scale, robust quarterly order intake of $300 million plus, and the absence of a disproportionate reliance on any single client gives us confidence that revenue growth will continue to be sustained and robust in FY’23 and beyond” said Mr. Sudhir Singh, Chief Executive Officer, Coforge Ltd.

The firm has reiterated its annual revenue guidance to grow at least 20% in constant currency terms and Adjusted EBITDA margin guidance between 18.5% and 19.0% for the fiscal year 2023.

The Board has recommended an interim dividend of INR 13 per share, and the record date for this payout will be 4 November 2022.

Q2 FY23 – Achievements and Engagements

• Coforge opened a new Center of Excellence dedicated to Metaverse and Web 3.0 in Greater Noida, India
• Coforge opened a new office in Hyderabad; to host the Center of Excellence for Low Code / No Code application development
• Coforge’s Copasys automated compliance audit and quality assurance platform received US patent
• Coforge received the prestigious “Great Place to Work® Certification in India from July 2022 – July 2023”. This is the second consecutive year that the company has got Great Place to Work-Certified™
• Coforge won “India’s Best Workplaces™ for Women 2022 – Large (Top 100)” for celebrating women all year round and contributing to the vision of making India a Great Place to Work for all
• Coforge received an award for the ‘Best Use of AI in BFSI’ sector at the FE Futech Awards 2022
• Coforge was felicitated with ET Best Tech Brands 2022
• Coforge was felicitated with The Economic Times Employee Excellence 2022
• Coforge was shortlisted as one of the Iconic brands at the fifth edition of “The Economic Times Iconic Brands Conclave”