Conference Call with Coforge Management and Analysts on Q1FY24 Performance and Outlook. Listen to the full earnings transcript.
IT Consulting & Software company Coforge announced Q1FY24 results: Revenue for the quarter was INR 22,210 million and USD 271.8 million Up 2.7% QoQ and 18.4% YoY in constant currency (CC) terms Up 2.8% QoQ and 13.9% YoY in USD terms Up 2.4% QoQ and 21.4% YoY in INR terms Adjusted EBITDA margin for the quarter stood at 16%. The Board has recommended an interim dividend of Rs 19 per share, and the record date for this payout will be August 3, 2023 Total order book executable over the next 12 months at USD 897 million Record order intake was USD 531 million, sixth consecutive quarter of USD 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 YoY. Two USD 50 million+ deals signed in the Banking and Financial Services (BFS) vertical. Highest ever order intake of USD 531 million during the quarter. Reiterates FY24 annual revenue growth guidance of 13% to 16% in CC terms. “Exceptional execution by Team Coforge in a testing environment allowed us to deliver another quarter of sustained, robust and profitable growth. The five-year USD 300 million TCV deal in the BFS space along with another five year USD 65 million 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 USD 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 Sudhir Singh, Chief Executive Officer, Coforge. Result PDF