Coforge reports strong Q1FY24 financial results
Coforge a global IT solutions organization, has released its financial results for the quarter ending on June 30, 2023 (Q1FY24), showcasing robust performance despite industry challenges.
Financial Highlights for Q1FY24:
During the quarter, the company reported a revenue of INR 22,210 million and US$ 271.8 million, representing a Q-o-Q increase of 2.7% and a Y-o-Y increase of 18.4% in constant currency (CC) terms. In USD terms, revenue increased by 2.8% Q-o-Q and 13.9% Y-o-Y, while in INR terms, it rose by 2.4% Q-o-Q and 21.4% Y-o-Y.
The Adjusted EBITDA margin for Q1FY24 stood at 16%. Additionally, the company’s Board has recommended an interim dividend of INR 19 per share, with the record date set for August 3, 2023.
Business Highlights for Q1FY24:
Coforge reported a total order book executable over the next 12 months, amounting to US$ 897 million. The company achieved a record order intake of US$ 531 million during the quarter, marking the sixth consecutive quarter of order intake surpassing US$ 300 million.
Throughout the quarter, Coforge successfully added six new clients to its portfolio. As of June 30, 2023, the company’s headcount reached 24,224, with a net addition of 1,000 employees during the quarter. The Last Twelve Months (LTM) attrition rate decreased to 13.3%, showing a decline of 470 basis points year on year.
In response to the financial results, Mr. Sudhir Singh, Chief Executive Officer of Coforge Ltd., praised the team’s exceptional execution in a challenging environment. He highlighted significant achievements, including securing two major TCV deals in the BFS space, increasing net headcount, implementing annual salary increments, and lowering attrition.
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Coforge a global IT solutions organization, has released its financial results for the quarter ending on June 30, 2023 (Q1FY24), showcasing robust performance despite industry challenges.
Financial Highlights for Q1FY24:
During the quarter, the company reported a revenue of INR 22,210 million and US$ 271.8 million, representing a Q-o-Q increase of 2.7% and a Y-o-Y increase of 18.4% in constant currency (CC) terms. In USD terms, revenue increased by 2.8% Q-o-Q and 13.9% Y-o-Y, while in INR terms, it rose by 2.4% Q-o-Q and 21.4% Y-o-Y.
The Adjusted EBITDA margin for Q1FY24 stood at 16%. Additionally, the company’s Board has recommended an interim dividend of INR 19 per share, with the record date set for August 3, 2023.
Business Highlights for Q1FY24:
Coforge reported a total order book executable over the next 12 months, amounting to US$ 897 million. The company achieved a record order intake of US$ 531 million during the quarter, marking the sixth consecutive quarter of order intake surpassing US$ 300 million.
Throughout the quarter, Coforge successfully added six new clients to its portfolio. As of June 30, 2023, the company’s headcount reached 24,224, with a net addition of 1,000 employees during the quarter. The Last Twelve Months (LTM) attrition rate decreased to 13.3%, showing a decline of 470 basis points year on year.
In response to the financial results, Mr. Sudhir Singh, Chief Executive Officer of Coforge Ltd., praised the team’s exceptional execution in a challenging environment. He highlighted significant achievements, including securing two major TCV deals in the BFS space, increasing net headcount, implementing annual salary increments, and lowering attrition.
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end of article
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