Coforge Reports Strong Financial Performance, Posts 20.7% YoY Revenue Jump In Q3

Coforge announced its financial results on Friday for the quarter ended December 31, 2022 (Q3FY23).

During the quarter, Coforge’s revenue for the quarter was Rs 2055.8 crore and USD 251.7 million. The company’s revenue was up 3.7 per cent quarter-on-quarter (QoQ) and 20.7 per cent year-on-year (YoY) in constant currency (CC) terms and up 4.9 per cent QoQ and 24 per cent YoY in INR terms.

The company’s adjusted EBITDA margin for the quarter stood at 18.5 per cent.

Coforge Board has recommended an interim dividend of Rs 19 per share, and the record date for this payout will be February 3, 2023.

In Q3, the company recorded order intake of USD 345 million, fourth consecutive quarter of USD 300+ million order intake. Additionally, the company announced that its total order book executable over the next 12 months was at USD 841 million.

Coforge added 11 new clients were added during the quarter.

“The firm has signed the largest number of large deals in a quarter in its history. As a consequence, the order intake at USD 345 million has been the highest ever. This performance in a seasonally weak quarter sets us up very well for FY2024,” said Sudhir Singh, Chief Executive Officer, Coforge Ltd.

The company’s headcount at the end of the quarter was 22,505 and LTM attrition was down 60 bps QoQ to 15.8 per cent.