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Persistent pricing pressure in a competitive environment
View Risks →Coforge Ltd — Q3 FY24
Coforge reported a solid Q3 FY24 with organic CC revenue growth of 14.7% YTD and sequential growth of 1.8% CC, despite unusually high furloughs in BFS and a depressed demand environment.
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Coforge reported a solid Q3 FY24 with organic CC revenue growth of 14.7% YTD and sequential growth of 1.8% CC, despite unusually high furloughs in BFS and a depressed demand environment. The firm signed 3 large deals, taking the 12-month executable order book to $974 million (+15.8% YoY). Adjusted EBITDA margin expanded 39 bps sequentially to 18%, with PAT up 31.5% QoQ to INR 2,380 million. Management expects Q4 margins to improve sharply by 150-200 bps as furloughs reverse and new business ramps up. FY25 margins are guided higher, but revenue growth will be "clawed out" in a still-challenging macro. Key risk: persistent pricing pressure and flattish client budgets could limit growth acceleration.
Coforge ने तीसरी तिमाही में अच्छा प्रदर्शन किया। कंपनी की आय (रेवेन्यू) में इस साल अब तक 14.7% की बढ़ोतरी हुई है, और पिछली तिमाही से 1.8% की बढ़त दर्ज की गई। यह बढ़त उस समय आई है जब बैंकिंग और वित्तीय क्षेत्र में छुट्टियां (फरलो) ज्यादा थीं और मांग कमजोर थी। कंपनी ने 3 बड़े सौदे किए, जिससे ऑर्डर बुक बढ़कर 974 मिलियन डॉलर हो गया। मुनाफा (PAT) 31.5% बढ़कर 238 करोड़ रुपये हो गया। कंपनी को उम्मीद है कि अगली तिमाही में मुनाफा और बढ़ेगा। लेकिन चुनौती यह है कि ग्राहकों के बजट सीमित हैं और कीमतों पर दबाव है, जिससे तेज वृद्धि मुश्किल हो सकती है।
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Read Transcript →Quarter Snapshot
Organic YTD CC Revenue Growth
14.7%
+14.7pp YoY
Year-to-date organic constant currency revenue growth for the first nine months of FY24.
Order Intake
$354M
+8th consecutive quarter >$300M
Quarterly order intake, eighth consecutive quarter above $300 million.
Executable Order Book (12-month)
$974M
+15.8% YoY
Total value of locked orders over the next 12 months, up 15.8% year-on-year.
IT Services Attrition (LTM)
12.1%
-2.3pp YoY
Last twelve-month IT services attrition rate, indicating improved employee retention.
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Guidance and risk preview
Management expects to deliver within the annual guidance range of 13%-16% organic constant currency revenue growth, likely near the lower end.
Management acknowledged that pricing pressure remains acute and has been ongoing for five quarters, with no near-term relief expected.
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