Skip to main content

Coforge reports strong results in a challenging quarter. Q2 Revenue up 16.2% YoY

  • 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
    • LTM attrition at 13.0%, down 340 bps 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


About Coforge

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

For investor / analyst queries please contact:

Vikas Jadhav
VP – Investor Relations
Coforge Ltd.

For media queries please contact:

Santanu Bhattacharya
Public Relations and Communications
Coforge Ltd.

Safe Harbor

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 forward-looking 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 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.

Let’s engage