Coforge delivers another exceptional performance in Q3 FY25

Revenue up 40.3% YoY, 8.4% QoQ in CC terms
EBITDA up 29.3% YoY, 7.2% QoQ
Operating Cash Flow at $47.0 Mn, up 211% QoQ
Order Executable at $1.37 bn, up 40.1% YoY

Noida and New Jersey, January 22, 2025: Coforge Limited (NSE: COFORGE), a leading global IT solutions organization, today announced its financial results for the quarter ended December 31, 2024 (Q3 FY25).

Key Financial Highlights

Revenue: INR 3,318.2 crore/ US$ 397.1 million
- Up 8.4% Q-o-Q and 40.3% Y-o-Y in constant currency (CC) terms
- Up 7.5% Q-o-Q and 40.8% Y-o-Y in USD terms
- Up 8.4% Q-o-Q and 42.8% Y-o-Y in INR terms
EBITDA: INR 519.0 crore, up 29.3% YoY.
Adjusted PAT: INR 268.0 crore (Excl Minority), up 10.3% on a YoY basis
The Board has recommended an interim dividend of INR 19/- per share, and the record date for this payout will be January 30th, 2025.

"A 8.4% sequential cc growth, a 40.3% cc YoY growth in a seasonally weak quarter, four large deals in that same quarter, a concurrent and material sequential expansion of 122 bps in margins, a Cigniti business that has already touched an EBITDA margin of 17.3%, a large deals pipeline that is looking very robust and finally an ever strengthening next twelve month signed order book which now is 40% higher YoY gives us confidence that the coming year shall once again see robust and sustained growth.” said Sudhir Singh, Chief Executive Officer and Executive Director, Coforge.

Key Business Highlights

Order Intake: US$ 501 million - second consecutive quarter of US$ 500+ million order intake
Sustained Large Deal Momentum: Four large deals signed this quarter across North America and ASEAN
Headcount: stood at 33,094; net addition of 611 sequentially. Headcount has increased 16% organically since the beginning of the year
Broad based growth across Americas (69.2%), EMEA (20.5%) and RoW (3.3%) YoY
Cigniti business delivered 3.5% cc QoQ growth; EBITDA margin improved to 17.3%; up from 11% in Q4 FY24

Recognitions

ISG recognized Coforge as a ‘Leader’ in the Insurance Services 2024 ' ISG Provider Lens Study – North America
Nelson Hall recognized Cigniti, A Coforge Company, as a ‘Leader’ in NEAT Quality Engineering 2024 in the following categories – Overall, Gen AI Use Cases, AI-Based Analytics and Automation, RPA-Based Automation, Application Migration to Cloud Testing
Nelson Hall recognized Coforge as a ‘Major Player’ in the Market Assessment on Transforming Core Banking Services in the AI & Analytics Services and Operation Services market segments
ISG positioned Cigniti, A Coforge Company, as a ‘Leader’ in ISG Provider Lens™ – Next Gen ADM Services 2024 – Continuous Testing Specialist – US
Everest Group positioned Cigniti, A Coforge Company, as ‘Leader’ in Quality Engineering Services for Mid-Market Enterprises PEAK Matrix® Assessment 2024

Partnerships

Coforge was announced as the winner of the Appian Europe 2024 Partner Impact and Excellence—Industry Award for Public Sector
Coforge was awarded the Microsoft Azure Expert Managed Service Provider (AEMSP) status, third year in a row
Coforge gained the Microsoft “Solutions Partner” designation for Data and AI

Awards

The Coforge Public Library was honored as the Best Education Initiative for the General Public of the Year, at the prestigious Indian CSR Awards 2024.
Coforge was recognized as one of India's Best Workplaces in IT & IT-BPM 2024 by Great Place to Work third time in a row
Coforge was recognized as one of the Most Preferred Workplaces for Women 2024-2025 by Marksmen Daily
The Hyderabad campus of Coforge was awarded the coveted LEED Gold certification by the U.S. Green Building Council (USGBC) for Interior Design and Construction

Contact Information

Investor Relations: investors@coforge.com
Media Relations: Santanu.B@coforge.com

For more information, visit 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.