Jobaaj Stories
Coforge, a key player in the technology solutions sector, has reported a commendable performance in Q2 FY24, showcasing resilience and growth amid market challenges. The financials reveal a robust upward trajectory, with a 16.2% surge in revenue, reaching ₹2,276.2 crore compared to the previous quarter's ₹2,221 crore. Profits also witnessed a significant 9.5% rise, climbing to ₹181 crore from the preceding ₹165.3 crore in the quarter ending June 30.
In constant currency terms, Coforge's revenue experienced a sequential uptick of 2.5%, amounting to ₹2,276.2 crore. The dollar denomination further enhanced this performance, with revenue increasing to $278.1 million from $271.8 million.
Sudhir Singh, CEO of Coforge Ltd., expressed satisfaction and pride in the face of challenging market conditions, acknowledging the exceptional execution intensity and unwavering commitment of Team Coforge.
Looking forward, Coforge maintains its annual revenue growth forecast for fiscal year 2024, projecting a range between 13% and 16% in constant currency terms. The ambitious goal includes a 50 basis points surge in gross margin over FY23, along with a commitment to maintaining adjusted EBITDA margin at FY23 levels.
Beyond the financials, Coforge reported a robust order intake, reaching $313 million for the quarter. This marks the seventh consecutive quarter of surpassing the $300 million milestone in deal closures. The order book stands at an impressive $935 million for the next 12 months, reflecting sustained success.
Client conquests also contribute to Coforge's narrative, with eight new clients added in the quarter. The company's headcount now stands at 24,638, with 414 new additions QoQ and a notable 1,647 YoY.
Coforge has declared an interim dividend of ₹19 per share, with a record date set for November 2, 2023.
Market sentiment aligns positively, with Coforge's stock poised for an upward trajectory. Analysts predict movement towards 5400 in the near term, supported by a strong foundation around 5100.
In the dynamic landscape of technology solutions, Coforge not only survives but thrives, crafting a narrative of success, resilience, and unwavering commitment to excellence.
