Coforge Limited (NSE: COFORGE), a leading global IT solutions organization, announced its audited financial results for the quarter and year ended March 31, 2024. The Company reported a strong performance despite the slowdown in the Global IT services industry.
FY24 – Financial Highlights
Revenue at US$ 1,119 million and INR 91,790 million
Up 13.3% in CC terms, up 14.5% in INR and 11.7% in US$ terms
Adj. EBITDA margin at 17.6% for the year
Adj. EBITDA at INR 16,185 million, up 10.5% YoY
PAT for the year at INR 8,080 million, up 16.5% YoY.
Q4 FY24 – Financial Highlights
Revenue for the quarter was US$ 286.8 million and INR 23,585 million
Up 1.5% in INR, 1.7% in USD and 1.9% in cc terms QoQ.
Up 8.7% in INR terms, 8.5% in US$ terms and 9.0% in CC terms on a YoY basis.
Adj. EBITDA margin for the quarter at 19.0%, sequentially up by 102 bps
PAT for the quarter at INR 2,237 million, was up 94.8% YoY in INR terms.
The Board has recommended an interim dividend of INR 19 per share and the record date for this will be 15th May 2024.
Q4 FY24 – Business Highlights
Total order book executable over the next 12 months stands at US$ 1,019 million, up 17.3% YoY.
Order intake was at US$ 774 million while 8 new client logos were added during the quarter.
Total order intake during the year stood at US$ 1,973 M, up 56% YoY.
Headcount at 24,726.
LTM Attrition (excl. BPS) stood at 11.5%, improved 60 bps QoQ and 258 bps YoY.
Acquisition of Cigniti Technologies
Coforge has signed a definitive agreement to take over Cigniti Technologies Limited.
Coforge believes that acquisition of Cigniti will not only help it grow to a US$ 2 bn by FY27, but equally importantly ensure that the Coforge’s operating margins improve by 150-200 bps by FY27 itself.
The Rationale of the acquisition is as follows–
The acquisition will create three new scaled up verticals – Retail, Technology and Healthcare.
Help Coforge realize its objective of scaling up its presence across South-West, Mid-West and Western US markets.
Help Coforge address the significant opportunities that the proliferation of AI is creating for specialized Assurance Services
Q4FY24 – Awards, Recognitions and Partnerships
Alliances, partnerships, and solutions offerings
Coforge was honored with the ServiceNow 2024 Emerging Industry Partner of the Year – Worldwide award
Coforge was recognized with the “Market Maker Partner of the Year” award at the Pega ANZ Partner Summit 2024
- Coforge launched Orion- A Gen AI-based autonomous self-service solution to enhance customer experience across multiple industries.
Analysts Accolades
HFS recognized Coforge as an Enterprise Innovator in the Best Service Providers for Asset and Wealth Management, 2024 Horizon assessment.
Avasant positioned Coforge as an Enterprise Innovator in the Airlines and Airports Digital Services 2024 RadarView.
NelsonHall positioned Coforge as a
-
-
- Leader in the Salesforce Services NEAT – in the MuleSoft Services
- High-Achiever’ in the Overall and Marketing Cloud Services segments.
- Major Player’ in the Experience Cloud Services segment.
-
Everest recognized Coforge as a Leader in the Pega Services PEAK Matrix® Assessment 2024
Avasant positioned Coforge as a Disruptor in the Intelligent Automation Services 2024 RadarView.
Forrester recognized Coforge in the Automation Fabric Services Landscape, Q1 2024
HFS recognized Coforge as a Disruptor in the HFS Horizons Assuring the Generative Enterprise™, 2024
Forrester recognized Coforge in Continuous Automation And Testing Services Landscape, Q1 2024
Everest recognized Coforge as a Major Contender in the Financial Crime and Compliance (FCC) Operations Services PEAK Matrix® Assessment 2024.