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Robust revenue growth in Q1 lays a very strong foundation for the year

Q1 Revenue up 21.4% Y-o-Y.

Q1 revenue up 2.7% Q-o-Q in cc terms.

Coforge signs a five-year US$ 300 M TCV deal in the Banking space.

Net headcount increases by 1,000 employees.

  • Revenue up 18.4% Y-o-Y and 2.7% Q-o-Q in CC terms.
  • Two $ 50M+ deals signed in the Banking and Financial Services (BFS) vertical.
  • Highest ever order intake of US$ 531 million during the quarter.
  • Reiterates FY24 annual revenue growth guidance of 13% to 16% in CC terms.


Noida, July 20, 2023, Thursday:Coforge Limited (NSE: COFORGE), a leading global IT solutions organization, today announced its financial results for the quarter ended June 30, 2023 (Q1FY24). The Company reported strong operating and financial performance in a challenging quarter for the industry.

Q1FY24 – Financial Highlights

  • Revenue for the quarter was INR 22,210 million and US$ 271.8 million
    • Up 2.7% Q-o-Q and 18.4% Y-o-Y in constant currency (CC) terms
    • Up 2.8% Q-o-Q and 13.9% Y-o-Y in USD terms
    • Up 2.4% Q-o-Q and 21.4% Y-o-Y in INR terms
  • Adjusted EBITDA margin for the quarter stood at 16%.
  • The Board has recommended an interim dividend of INR 19 per share, and the record date for this payout will be August 3, 2023

Q1FY24 – Business Highlights

  • Total order book executable over the next 12 months at US$ 897 million
  • Record order intake was US$ 531 million, sixth consecutive quarter of US$ 300+ million order intake.
  • 6 new clients were added during the quarter
  • Headcount as of 30th June 2023, at 24,224; a net addition of 1,000 people during the quarter.
  • LTM attrition at 13.3%, down 470 bps Y-o-Y

“Exceptional execution by Team Coforge in a testing environment allowed us to deliver another quarter of sustained, robust and profitable growth. The five-year $ 300Mn TCV deal in the BFS space along with another five year $ 65 Mn TCV deal in the same sector underlined the execution rigor of the team. During the quarter we increased our net headcount by 1000 employees to support future growth, fully rolled out the annual salary increments for our employees on April 1st, honored all commitments to onboard campus hires, met our commitment to distribute around 21,500 i-pads to employees to mark our $ 1 Billion milestone and saw attrition drop down to 13.3%. The quarter’s performance sets us up very well for meeting our annual revenue guidance of 13% to 16% cc growth.” 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.

Q1FY24 – Awards, Recognitions and Partnerships

  • Coforge secured the esteemed Great Place to Work 2023-2024 award for the third consecutive year, Coforge was also selected as one of the 'Most Preferred Workplaces of 2023-2024' by Marksmen Daily in collaboration with India Today for the second consecutive year.
  • Leadership Factories of India - Coforge has been recognized for Best-in-class Leadership Capability Practices by The Great Manager Institute. This recognition is a testament to Coforge being focused on building People capabilities to create a future-ready workforce with a well-rounded agile learning & development framework focusing on technical, domain & functional, human & leadership skills.
  • Coforge ranked joint second among IT service providers in customer satisfaction in Whitelane Research’s 2023 UK IT Sourcing Study. Coforge’s customers in the UK have given an overall satisfaction rating of 79%, well above the industry average of 72%. Whitelane Research conducted the study in collaboration with PA Consulting.
  • Coforge has been accredited as a Salesforce Summit (Platinum) level partner.
  • Coforge was recognized with the Duck Creek Standard of Excellence Award at Formation '23
  • Coforge and FundMore partnered to Deliver Compliance Automation Solutions for Mortgage Lenders in Canada
  • Coforge was recognized as a Rising Star by ISG analysts for our ServiceNow offerings.

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.

Forward Looking Statements Safe Harbor

This presentation contains forward-looking statements. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “predicts,” “intends,” “trends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Among other things, the outlook for the full fiscal year 2022, the business outlook and quotations from management in this announcement, as well as Coforge’s strategic and operational plans, contain forward-looking statements. Coforge may also make written or oral forward-looking statements in its periodic reports to regulators, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Coforge’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the performance of the Coforge's clients; the successful implementation of its business strategy; its ability to compete effectively; its ability to maintain its pricing, control costs or continue to grow its business; the effects of the novel coronavirus (COVID-19) on its business; the continued service of certain of its key employees and management; its ability to attract and retain enough highly trained employees; and its involvement in any disputes, legal, regulatory, and other proceedings arising out of its business operations. All information provided in this presentation is as of the date of this presentation, and Coforge undertakes no obligation to update any forward-looking statement, except as required under applicable law.


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.

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