Coforge Crosses US$ 1 billion Revenue Milestone; Company to gift an Apple iPad to each of it’s 21,000+ employees to celebrate the milestone
Q4 Revenue up 4.7% QoQ in CC terms and Adj. EBITDA % up by 109 bps QoQ
Beats FY23 Revenue Growth guidance in CC terms
FY23 Revenue up 24.6% in INR terms
FY23 highest ever order intake of US$1.3 billion and 12 month committed order book at US$ 869 million
Board recommends interim dividend of INR 19 per share
Noida, April 27th, 2023, Thursday: Coforge Limited (NSE: COFORGE), a leading global IT solutions organization, today announced its audited financial results for the quarter and year ended March 31, 2023. The Company reported a strong performance exceeding its full year revenue growth guidance and expanding profitability in the last quarter.
FY23 – Financial Highlights
- Revenue at US$ 1,002 million and INR 80,146 million
- Up 22.4% in CC terms, up 24.6% in INR and 15.6% in US$ terms
- Gross Margin expanded by 55 bps YoY to 32.5%
- Adj. EBITDA margin at 18.3% for the year
- Adj. EBITDA at INR 14,649 million, up 21.5% YoY
- PAT for the year, excluding one off expenses, at INR 8,117 million, up 22.7% YoY
Q4 FY23 – Financial Highlights
- Revenue for the quarter was US$ 264.4 million and INR 21,700 million
- Up 5.6% in INR, 5.0% in USD and 4.7% in cc terms QoQ
- Up 24.5% in INR terms and 13.8% in US$ terms YoY
- Adj. EBITDA margin for the quarter at 19.6%, sequentially up by 109 bps
- PAT for the quarter, excluding one off expenses, at INR 2,327 million, increased 12.1% YoY in INR terms
Q4 FY23 – Business Highlights
- Total order book executable over the next 12 months stands at US$ 869 million, up 20.7% YoY
- Order intake was at US$ 301 million while 10 new client logos were added during the quarter
- Year ended headcount at 23,224. Net addition of 719 people during the quarter
- LTM Attrition (excl. BPS) stood at 14.1%, improved 172 bps QoQ and 362 bps YoY. Continues to be amongst the lowest in the industry
- Coforge wins Duck Creek Technologies 2022 Innovation Award for OnDemand Enablement Tooling
- Coforge received the Bronze award by Economic Times Human Capital Awards #ETHCA for Excellence in Employee Retention Strategy
- Coforge enters strategic partnership with Denodo, to offer data modernization for banks and financial services organizations
- Coforge launches Quasar eBOL for the logistics sector. It’s an edge compute/cloud-based platform solution which would be used for extraction and process automation of unstructured paper Bill of Lading and help in improving asset utilization and reducing costs
“We believe that our performance during the quarter was marked by two key achievements. The first was a quarterly sequential US$ growth of 5.0%. The second major landmark has been the firm crossing the US$ one billion revenue mark. Our performance heading in to FY24 sets us up well to deliver robust growth.” said Mr. Sudhir Singh, Chief Executive Officer, Coforge Ltd.
For FY24, the firm issued an annual revenue growth guidance of 13%-16% in constant currency terms, expects a gross margin increase of about 50 bps and 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 9 th May 2023.
Coforge is a global digital services and solutions provider, that leverages emerging technologies and deep domain expertise to deliver real-world business impact for its clients. A focus on very select industries, a detailed understanding of the underlying processes of those industries and partnerships with leading platforms provides us a distinct perspective. Coforge leads with its product engineering approach and leverages Cloud, Data, Integration and Automation technologies to transform client businesses into intelligent, high growth enterprises. Coforge’s proprietary platforms power critical business processes across its core verticals. The firm has a presence in 21 countries with 25 delivery centers across nine countries.
Learn more at www.coforge.com
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Certain statements in this release are forward-looking statements. The business involves various risks, and uncertainties that could result in the actual results to differ materially from those indicated here. All forward looking statements made herein are based on information presently available to the management of the Company and the Company does not undertake to update any forwardlooking statement that may be made from time to time by or on behalf of the Company.
This communication and the information contained herein is not an offer to sell securities in the United States or elsewhere. The securities of Coforge or any of its subsidiaries and affiliates may not be offered or sold in the United States or to, or for the account or benefit of U.S. person (as such term in defined in Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”)) absent registration pursuant to the Securities Act, or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or selling security holder and that will contain detailed information about the issuer and management, as well as financial statements. A Registration Statement on Form F-1 relating to certain securities of Coforge has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. The Form F-1 Registration Statement and all subsequent amendments may be accessed through the SEC’s website at www.sec.gov. Such securities not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective under the Securities Act. Nothing in this communication shall constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction in which such offer or sale would be unlawful.