Coforge soars after stellar Q3 performance; raises CC revenue growth guidance to 22%

Coforge jumped 4.94% to Rs 4162.15 after the company reported 13.5% rise in consolidated net profit to Rs 228.2 crore on a 4.9% increase in gross revenues to Rs 2,055.8 crore in Q3 FY23 over Q2 FY23.

EBITDA improved by 5% to Rs 361.5 crore in Q3 FY23 from Rs 344.4 crore in Q2 FY23. EBITDA margin remained stable at 17.6% in Q3 FY23.

Profit before tax in Q3 FY23 stood at Rs 307.4 crore, up by 14.7% from Rs 268 crore in Q2 FY23.

As compared with Q3 FY22, the company's net profit and revenue are higher by 24.2% and 24%, respectively.

 

In dollar terms, the company's revenue was $251.7 million, up 2% QoQ and up 13.6% YoY. In constant currency (CC) terms, revenue was higher by 3.7% QoQ and 20.7% YoY.

In Q3 FY23, the company's order intake was US$ 345 million. This was the fourth consecutive quarter for the company of US$ 300+ million order intake.

Total order book executable over the next 12 months at US$ 841 million. 11 new clients were added during the quarter.

Headcount at the end of the quarter was 22,505 and the LTM attrition down 60 bps QoQ to 15.8%.

The firm has upgraded its fiscal year 2023 annual revenue growth guidance to 22% in constant currency terms and reaffirmed its Adjusted EBITDA annual margin guidance band at 18.5-19%.

The board has recommended an interim dividend of Rs 19 per share, and the record date for this payout will be 3 February 2023.

Sudhir Singh, chief executive officer, Coforge, said: The firm has signed the largest number of large deals in a quarter in its history. As a consequence, the order intake at US$ 345 million has been the highest ever. This performance in a seasonally weak quarter sets us up very well for FY2024.

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. The firm has a presence in 21 countries with 25 delivery centers across nine countries.

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