Coforge delivers an exceptional Q2 performance. Revenue up 34.5% YoY, EBITDA up 39.2% YoY.

Next twelve months Signed Order book at $1.31 billion, up 40% YoY
Net headcount increases by 5,871 employees, up 22.1% QoQ

Noida and New Jersey, October 22, 2024, Tuesday: Coforge Limited (NSE: COFORGE), a leading global IT solutions organization, today announced its financial results for the quarter ended September 30, 2024 (Q2FY25).

Q2FY25 – Financial Highlights

Revenue for the quarter was INR 30,623 million / US$ 369.4 million
- Up 26.3% Q-o-Q and 33.0% Y-o-Y in constant currency (CC) terms

Up 26.8% Q-o-Q and 32.8% Y-o-Y in USD terms

Up 27.5% Q-o-Q and 34.5% Y-o-Y in INR terms

EBITDA margin for the quarter stood at 15.8%, up 53 bps on a YoY basis
Adjusted PAT (Excl Minority) at INR 2,552 million, up 35.6% on a YoY basis
Cash Flow from Operations for the quarter stood at $ 10.9 million
The Board has recommended an interim dividend of INR 19/- per share, and the record date for this payout will be October 11, 2024

Q2FY25 – Business Highlights

Order intake at US$ 516 million - eleventh consecutive quarter of US$ 300+ million order intake.
13 new clients were added during the quarter.
Headcount at the end of the quarter stood at 32,483; net addition of 5,871 sequentially, including 4,430 headcount from Cigniti.
LTM attrition including Cigniti is 11.7%, down 130 bps YoY.

“Q2FY25 has been an exceptional quarter for the firm. A 27 percent sequential dollar growth with the organic business having grown 6.3 percent sequentially, a concurrent and very material expansion in EBITDA in H1, the second consecutive quarter of significant net headcount addition, a large deals pipeline that is looking very robust and an ever strengthening next twelve month signed order book which now is 40 percent higher YoY gives us confidence that the quarter and quarters to come shall see robust and sustained growth. The growth and the margin expansion at Cigniti are a preview of sustained growth and further increases in margin to follow. We have operationally fully integrated the Cigniti team, and the synergies have exceeded even our expectations” said Sudhir Singh, CEO and Executive Director, Coforge Ltd.

Q2FY25 – Partnerships and Awards

Coforge launched an Innovative Sustainability Solution- Coforge ENZO – in collaboration with Salesforce
Coforge won the Gold award for Excellence in Employee Engagement Strategy at the BW People HR Excellence Awards 2024.
Coforge was felicitated as one of the Best Tech Brands of 2024 at the 5th edition of ET Now Best Tech Brands.
Coforge was recognized for its exemplary commitment towards Sustainability by ET Edge at the Times Now Sustainable Organizations 2024
Coforge was ranked 32 in BW India’s Most Sustainable Companies (IMSC) 2024.
Sudhir Singh, CEO and Executive Director, Coforge was awarded “Intrapreneur of the Year Award, 2024” by Entrepreneur magazine.

Q2FY25 - Recognitions:

Everest recognized Coforge as a Leader in the Low-code Application Development Services PEAK Matrix® Assessment 2024 - Focus on Appian
QKS Group recognized Coforge as a Technology Leader in the SPARK Matrix: Managed Cloud Services Q4, 2024
Everest recognized Coforge as a Major Contender in the Low-code Application Development Services PEAK Matrix® Assessment 2024 - Focus on Outsystems
Everest recognized Coforge as a Major Contender in the Low-code Application Development Services PEAK Matrix® Assessment 2024 - Focus on Power Apps
Everest positioned Coforge as a Major Contender in the Life Sciences Digital Services for Mid-market Enterprises PEAK Matrix® Assessment 2024
Everest positioned Coforge as a Major Contender in the Capital Markets IT Services PEAK Matrix® Assessment 2024
Everest recognized Coforge as a Major Contender in the Lending Services Operations PEAK® Matrix Assessment 2024
Avasant recognized Coforge as an Innovator in the Travel, Transportation, and Hospitality Digital Services 2024 RadarView
ISG recognized Coforge in the 'Retail and CPG Services 2024' ISG Provider Lens™ Study - U.S. as a Product Challenger in the Transformation Services and in the Digital Innovation Services
Avasant positioned Coforge as a Disruptor in the Mortgage Business Process Transformation 2024 RadarView Survey
Avasant positioned Coforge as a Disruptor in the Data Center Managed Services RadarView – Survey 2024

About Coforge

Coforge is a global digital services and solutions provider, that leverages emerging technologies and deep domain expertise to deliver real-world business impact for its clients. A focus on very select industries, a detailed understanding of the underlying processes of those industries and partnerships with leading platforms provides us a distinct perspective. Coforge leads with its product engineering approach and leverages Cloud, Data, Integration and Automation technologies to transform client businesses into intelligent, high growth enterprises. Coforge’s proprietary platforms power critical business processes across its core verticals. The firm has a presence in 21 countries with 25 delivery centers across nine countries.

Learn more at www.coforge.com

Forward Looking Statements Safe Harbor

This presentation contains forward-looking statements. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “predicts,” “intends,” “trends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Among other things, the outlook for the full fiscal year 2025, the business outlook and quotations from management in this announcement, as well as Coforge’s strategic and operational plans, contain forward-looking statements. Coforge may also make written or oral forward-looking statements in its periodic reports to regulators, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Coforge’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the performance of the Coforge's clients; the successful implementation of its business strategy; its ability to compete effectively; its ability to maintain its pricing, control costs or continue to grow its business; the effects of the novel coronavirus (COVID-19) on its business; the continued service of certain of its key employees and management; its ability to attract and retain enough highly trained employees; and its involvement in any disputes, legal, regulatory, and other proceedings arising out of its business operations. All information provided in this presentation is as of the date of this presentation, and Coforge undertakes no obligation to update any forward-looking statement, except as required under applicable law.

Disclaimer

This communication and the information contained herein is not an offer to sell securities in the United States or elsewhere. The securities of Coforge or any of its subsidiaries and affiliates may not be offered or sold in the United States or to, or for the account or benefit of U.S. person (as such term in defined in Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”)) absent registration pursuant to the Securities Act, or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or selling security holder and that will contain detailed information about the issuer and management, as well as financial statements. A Registration Statement on Form F-1 relating to certain securities of Coforge has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. The Form F-1 Registration Statement and all subsequent amendments may be accessed through the SEC’s website at www.sec.gov. Such securities not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective under the Securities Act. Nothing in this communication shall constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction in which such offer or sale would be unlawful.