Q3 YTD CC Organic Revenue up 14.7%
Coforge continues to drive strong organic growth. Q3 YTD CC Organic Revenue up 14.7%
- Q3 EBITDA expands 201 bps sequentially.
- Q3 PAT up 31.5% QoQ.
- Signs three large deals during the quarter.
Gurugram, January 22, 2024, Monday: Coforge Limited (NSE: COFORGE), a leading global IT solutions organization, today announced its financial results for the quarter ended December 31, 2023 (Q3 FY24).
The Company reported strong operating and financial performance marked by robust growth, margin expansion and continued business momentum in a seasonally weak quarter.
Q3 FY24 – Financial Highlights
- Revenue for the quarter was INR 23,233 million and $282 million
- Revenue up Q-o-Q by 1.8% in constant currency, 1.4% in USD and 2.1% in INR terms
- Revenue up Y-o-Y by 12.0% in CC, 12.0% in USD and 13.0% in INR terms
- Reported EBITDA margin at 17.3%, improved by 201 bps Q-o-Q.
- Adjusted EBITDA margin at 18%, improved by 39 bps Q-o-Q.
- Consolidated Profit After Tax (PAT) for Q3 at INR 2,380 million, up 31.5% Q-o-Q
Q3 FY24 – Business Highlights
- Order intake was $354 million, eight consecutive quarters of $300+ million deal wins.
- Total order book executable over the next 12 months at $974 million, up 15.8% Y-o-Y
- 7 new clients were added during the quarter.
- LTM attrition at 12.1%.
“Coforge this year is likely to be one of the very few firms that gave a clear growth guidance at the beginning of the year and shall deliver within that revenue guidance range. 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” said Mr. Sudhir Singh, Chief Executive Officer, Coforge Ltd.
The Board has recommended an interim dividend of INR 19 per share, and the record date for this payout will be 5th February 2024
Awards & Recognitions
- Awarded with the following categories for U.S. Provider Lens study 'Digital Banking Services 2023' by ISG:
- - Contender Core Banking Technology and Integration Services
- - Contender Payment Modernization Technology Services
- - Product Challenger Banking Business Process as a Service
- Coforge ranked as a Major Contender in Everest's P&C Insurance BPS PEAK Matrix assessment 2023.
- Recognized as a Market Leader in Travel, Hospitality, and Logistics by HFS Research
- Positioned as an Enterprise Innovator with special category Trailblazer in HFS's Low code research 2023.
- Coforge earned Insurance Accredited Partner - Bronze Level recognition from Appian Corporation
- Ranked as a Major Contender in Everest's Next-Generation Quality Engineering Services PEAK Matrix Assessment 2023
- Positioned as a Major Contender in Everest's Talent Readiness for Next-Generation IT Services PEAK Matrix® Assessment 2023
- Won the 2023 Duck Creek Technologies International Value Creation Partner of the Year award.
- Ranked as a Major Contender in Everest's cloud services in Insurance PEAK Matrix assessment 2023.
- Positioned as a Major Player in the IDC's Worldwide Managed Public Cloud Services MarketScape 2023
- Coforge identified as a Leader in the 'Multi Public Cloud Services 2023' ISG Provider Lens™ Study - U.K.
- Positioned as a Major Contender in Everest's D&A services for mid-market enterprises PEAK Matrix® 2023.
- Ranked as a Major Contender in Everest's Lending IT Services PEAK Matrix® Assessment 2023
- Coforge emerged as winners in three categories- Learning & Development, Employee Engagement, and Corporate Social Responsibility at the 6th CHRO Vision & Innovation Awards 2023
- Coforge was recognized among India's Best Workplaces in IT & IT-BPM 2023 - Top 100 second time in a row.
- Recognized with Skillsoft Special Impact Award 2023 for Diversity, Equity & Inclusion (DEI) L&D initiatives.
Alliances, Partnerships and other highlights
- Coforge launched Quasar Responsible AI; a comprehensive solution to ensure AI is ethical, fair, transparent, and regulatory compliant.
- Launched Coforge Quasar which enables enterprises to develop and build their own Gen AI-powered applications at scale.
- OneShield, a leader in core systems for the insurance industry & Coforge announced a strategic partnership to elevate customer success on OneShield's Enterprise SaaS Platform by strengthening their footprint in the MGA space and broader insurance market.
- Coforge launched Authorization Rules Center (ARC) solution for the healthcare industry.
- Coforge and Newgen elevated their partnership to deliver transformative Insurance Lifecycle Management Solutions
- Coforge transformed a waste dumping ground into a biodiversity park in Noida.
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 26 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.