Earnings |Coforge Ltd (NSE:COFORGE): Q3FY23 Results Out; Total Income rise 25% YoY

Coforge Ltd (NSE:COFORGE) is a leading global IT solutions and services company that provides a wide range of services, including application development and maintenance, enterprise solutions, infrastructure management, testing, and engineering services. It has a global presence in over 30 countries and serves clients in various industries such as banking, financial services, insurance, healthcare, manufacturing, retail, and travel.

Coforge Ltd, announced its Q3FY23 results, reporting a revenue of Rs 20,558 million and US$ 251.7 million, which is a 3.7% QoQ and 20.7% YoY growth in constant currency terms. In Rs terms, the revenue grew by 4.9% QoQ and 24.0% YoY. The company’s adjusted EBITDA margin for the quarter was 18.5%.

Coforge Ltd’s board recommended an interim dividend of Rs 19 per share, with a record date of February 3, 2023. The company also reported a record order intake of US$ 345 million, the fourth consecutive quarter of US$ 300 million order intake. The total order book executable over the next 12 months was at US$ 841 million.

During the quarter, Coforge Ltd added 11 new clients, and its headcount at the end of the quarter was at 22,505, with LTM attrition down 60 bps QoQ to 15.8%. Offshore revenue contribution (IT revenue only) increased to 50.5%.

The company’s CEO, Sudhir Singh, said, “The firm has signed the largest number of large deals in a quarter in its history. Consequently, 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.”