Coforge continues to drive strong organic growth. Q3 YTD CC Organic Revenue up 14.7%

Coforge continues to drive strong organic growth. Q3 YTD CC Organic Revenue up 14.7%

Coforge continues to drive strong organic growth.  Q3 YTD CC Organic Revenue up 14.7%Gurugram, January 23, 2024: 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.
  • Coforge won the 6th CHRO Vision & Innovation Awards 2023 in three categories- Employee Engagement, Learning & Development and Corporate Social Responsibility

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.