Q1 Revenue up 21.4% Y-o-Y.
Q1 revenue up 2.7% Q-o-Q in cc terms.
Coforge signs a five-year US$ 300 M TCV deal in the Banking space.
Net headcount increases by 1,000 employees.
Noida, July 20, 2023, Thursday:Coforge Limited (NSE: COFORGE), a leading global IT solutions organization, today announced its financial results for the quarter ended June 30, 2023 (Q1FY24). The Company reported strong operating and financial performance in a challenging quarter for the industry.
Q1FY24 – Financial Highlights
Q1FY24 – Business Highlights
“Exceptional execution by Team Coforge in a testing environment allowed us to deliver another quarter of sustained, robust and profitable growth. The five-year $ 300Mn TCV deal in the BFS space along with another five year $ 65 Mn TCV deal in the same sector underlined the execution rigor of the team. During the quarter we increased our net headcount by 1000 employees to support future growth, fully rolled out the annual salary increments for our employees on April 1st, honored all commitments to onboard campus hires, met our commitment to distribute around 21,500 i-pads to employees to mark our $ 1 Billion milestone and saw attrition drop down to 13.3%. The quarter’s performance sets us up very well for meeting our annual revenue guidance of 13% to 16% cc growth.” said Mr. Sudhir Singh, Chief Executive Officer, Coforge Ltd.
The firm reiterates its fiscal year 2024 annual revenue growth guidance of 13% to 16% in constant currency terms and reaffirmed gross margin improvement of 50 bps compared to FY23.
Q1FY24 – Awards, Recognitions and Partnerships
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 26 delivery centers across nine countries.
Learn more at www.coforge.com
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| Vikas Jadhav |
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| For media queries please contact: Santanu Bhattacharya |
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Forward Looking Statements Safe Harbor
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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.