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Sustained Macro Uncertainty in BFS
View Risks →Coforge Ltd — Q1 FY24
Coforge delivered a solid Q1 FY24 with constant currency revenue growth of 2.7% QoQ and 18.4% YoY, despite a challenging macro environment.
bullish
high
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Coforge delivered a solid Q1 FY24 with constant currency revenue growth of 2.7% QoQ and 18.4% YoY, despite a challenging macro environment. Record quarterly order intake of $531 million, including a $300 million TCV BFS deal and a $65 million TCV deal, underpins confidence in the 13%-16% CC revenue guidance for FY24. Adjusted EBITDA margin came in at 16%, down 50bps YoY due to salary hikes, visa costs, and hedge losses, but management reiterated the annual margin guidance of 18.3%. Net headcount increased by 1,000 to 24,224, and attrition fell to 13.3%. The executable order book stands at $897 million, up 19.1% YoY. Key risks include sustained macro uncertainty in BFS and potential deflationary impact from AI on BPO and testing revenues.
कोफोर्ज ने पहली तिमाही में अच्छा प्रदर्शन किया। मुश्किल समय में भी कंपनी की कमाई पिछली तिमाही से 2.7% और पिछले साल से 18.4% बढ़ी। कंपनी को रिकॉर्ड 531 मिलियन डॉलर के नए ऑर्डर मिले, जिसमें बैंकिंग से 300 मिलियन और दूसरा 65 मिलियन डॉलर का बड़ा सौदा शामिल है। इससे उम्मीद है कि पूरे साल कमाई 13-16% तक बढ़ेगी। मुनाफा 16% रहा, जो पिछले साल से थोड़ा कम है, क्योंकि तनख्वाह बढ़ी और विदेश यात्रा के खर्चे बढ़े। कंपनी ने 1,000 नए लोगों को काम पर रखा और नौकरी छोड़ने वालों की संख्या घटकर 13.3% रह गई। बकाया ऑर्डर 897 मिलियन डॉलर है। मुश्किलें: बैंकिंग क्षेत्र में अनिश्चितता और AI से कुछ कामों पर असर पड़ सकता है।
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Order Intake
$531M
+$231M QoQ
Record quarterly order intake, including two large BFS deals ($300M and $65M TCV).
Executable Order Book
$897M
+19.1% YoY
12-month executable order book growth supports revenue guidance of 13%-16% CC.
Net Headcount Addition
1,000
+4.3% QoQ
Headcount increased to 24,224 to support future growth, including 200 campus hires.
Attrition Rate
13.3%
-2.7pp YoY
Attrition continues to decline, among the lowest in Indian IT services.
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Guidance and risk preview
Management reiterated annual constant currency revenue growth guidance of 13%-16% for fiscal year 2024, supported by record order intake and strong...
BFS clients remain in wait-and-watch mode, with discretionary spending deferrals potentially impacting growth if macro conditions worsen.
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