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Coforge crosses the US$ 1 bn revenue milestone gifts Apple iPad to 21,000+ employees

Coforge crosses the US$ 1 bn revenue milestone gifts Apple iPad to 21,000+ employees

Coforge Limited (NSE: COFORGE), a leading global IT solutions organization, today announced its audited financial results for the quarter and year ended March 31, 2023. The Company reported a strong performance exceeding its full-year revenue growth guidance and expanding profitability in the last quarter.

In recognition of reaching the $1 billion revenue milestone in its Q4 earnings, IT solutions company Coforge will give an Apple iPad to every one of its more than 21,000 employees. As of March 31 of this year, Coforge had 21,815 billable employees, excluding sales and marketing staff and others. 

According to a press release by the company they have set aside Rs 80.3 crore for the purpose.

“We believe that our performance during the quarter was marked by two key achievements. The first was a quarterly sequential dollar growth of 5.0 per cent. The second major landmark has been the firm crossing the $1 billion revenue mark. Our performance heading into FY24 sets us up well to deliver robust growth.” said Sudhir Singh, chief executive officer, of Coforge Ltd.

Coforge’s net profit for the fourth quarter of FY23 declined 48.08 per cent to Rs 116.7 crore from Rs 224.8 crore in the same quarter last year. The reason for the decline was largely due to a one-off expense of Rs 52.3 crore. This was part of the company’s effort to curtail fundraising bid which was approved in 2021.

FY23 – Financial Highlights

  • Revenue at US$ 1,002 million and INR 80,146 million
    • Up 22.4% in CC terms, up 24.6% in INR and 15.6% in US$ terms
  • Gross Margin expanded by 55 bps YoY to 32.5%
  • Adj. EBITDA margin at 18.3% for the year
    • Adj. EBITDA at INR 14,649 million, up 21.5% YoY
  • PAT for the year, excluding one-off expenses, at INR 8,117 million, up 22.7% YoY

Q4 FY23 – Financial Highlights

  • Revenue for the quarter was US$ 264.4 million and INR 21,700 million
    • Up 5.6% in INR, 5.0% in USD and 4.7% in cc terms QoQ
    • Up 24.5% in INR terms and 13.8% in US$ terms YoY
  • Adj. EBITDA margin for the quarter at 19.6%, sequentially up by 109 bps
  • PAT for the quarter, excluding one-off expense, at INR 2,327 million, increased 12.1% YoY in INR terms

Q4 FY23 – Business Highlights

  • Total order book executable over the next 12 months stands at US$ 869 million, up 20.7% YoY
  • Order intake was at US$ 301 million while 10 new client logos were added during the quarter
  • Year ended headcount at 23,224. Net addition of 719 people during the quarter
  • LTM Attrition (excl. BPS) stood at 14.1%, improved 172 bps QoQ and 362 bps YoY. Continues to be amongst the lowest in the industry
  • Coforge wins Duck Creek Technologies 2022 Innovation Award for OnDemand Enablement Tooling
  • Coforge received the Bronze award by Economic Times Human Capital Awards #ETHCA for Excellence in Employee Retention Strategy
  • Coforge enters strategic partnership with Denodo, to offer data modernization for banks and financial services organizations
  • Coforge launches Quasar eBOL for the logistics sector. It’s an edge compute/cloud-based platform solution which would be used for extraction and process automation of unstructured paper Bills of Lading and help in improving asset utilization and reducing costs

“We believe that our performance during the quarter was marked by two key achievements. The first was a quarterly sequential US$ growth of 5.0%. The second major landmark has been the firm crossing the US$ one billion revenue mark. Our performance heading into FY24 sets us up well to deliver robust growth.” said Mr. Sudhir Singh, Chief Executive Officer, Coforge Ltd.

For FY24, the firm issued an annual revenue growth guidance of 13%-16% in constant currency terms, expects a gross margin increase of about 50 bps and adjusted EBITDA margin to be at similar levels as FY23. The Board has recommended an interim dividend of INR 19 per share, and the record date for this payout will be 9 th May 2023.

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