- Maintains its annual growth guidance for FY24
- Revenue up 2.3% Q-o-Q and 14.1% Y-o-Y, in CC terms
- Adj. EBITDA margin expands Q-o-Q by 160 bps
- Signs three large deals during the quarter
Noida, October 19, 2023, Thursday: Coforge Limited (NSE: COFORGE), a leading global IT solutions organization, today announced its financial results for the quarter ended September 30, 2023 (Q2 FY24).
The Company reported strong operating and financial performance marked by robust growth, margin expansion and continued business momentum.
Q2 FY24 – Financial Highlights
- Revenue for the quarter was INR 22,762 million and $278.1 million
- Revenue up Q-o-Q by 2.3% in constant currency, 2.3% in USD and 2.5% in INR terms
- Revenue up Y-o-Y by 14.1% in CC, 12.6% in USD and 16.2% in INR terms
- Adjusted EBITDA margin at 17.6%, improved by 160 bps Q-o-Q
- Consolidated Profit After Tax (PAT) for Q2 at INR 1,810 million, up 9.5% Q-o-Q
Q2 FY24 – Business Highlights
- Order intake was $313 million, seventh consecutive quarter of $300+ million order intake
- Total order book executable over the next 12 months at $935 million, up 16.6% 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
- Offshore revenue contribution (IT revenue only) increased to 52%
“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 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 and its adjusted EBITDA margin to be at similar levels as FY23.
The Board has recommended an interim dividend of INR 19 per share, and the record date for this payout will be 2nd November 2023.
Awards, Recognitions and Partnerships
- Coforge launched Coforge Quasar which enables enterprises to develop and build their own Gen AI-powered applications at scale.
- Coforge was recognized as a Market Leader in Travel, Hospitality, and Logistics by HFS Research
- Coforge and Newgen elevated their partnership to deliver transformative Insurance Lifecycle Management Solutions
- Coforge launched Authorization Rules Center (ARC) solution for the healthcare industry
- Coforge won the 2023 Duck Creek Technologies International Value Creation Partner of the Year award
- Coforge emerged as winners in three categories- Learning & Development, Employee Engagement, and Corporate Social Responsibility at the 6th CHRO Vision & Innovation Awards 2023
- Coforge transformed a waste dumping ground into a biodiversity park in Noida
