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Revenue
₹2,318 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Coforge reported a strong Q4 FY24 with PAT up 94.8% YoY to INR 2,237 million, driven by robust order intake of $774 million and a record executable order book of $1.02 billion. Full-year organic CC revenue growth was 13.3%, meeting guidance for the fourth consecutive year. The company announced the acquisition of Cigniti Technologies, expected to create three new verticals (retail, healthcare, high tech) and expand US presence. Management guided for 50 bps EBITDA margin expansion in FY25 and targets $2 billion revenue by FY27 with 150-250 bps margin improvement from synergies. Key risk: integration challenges and potential disruption from AI in testing services.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects adjusted EBITDA margin to increase by approximately 50 basis points in fiscal year 2025.
- Management pointed to the 17.3% YoY growth in the executable order book as a strong indicator of robust organic revenue growth in FY25.
- Post Cigniti acquisition, Coforge aims to become a $2 billion firm by fiscal year 2027 with operating margins improving by 150-250 basis points.
- CFO Saurabh Goel stated the company endeavors to be a net cash company by the end of fiscal year 2025.
Risks flagged
- The large acquisition may distract management and pose integration challenges, potentially impacting organic growth momentum.
- Generative AI could disrupt traditional functional testing, posing a risk to Cigniti's revenue if not proactively addressed.
- Cigniti's client portfolio has churn in smaller accounts, which could affect revenue stability post-acquisition.
- New large deals, especially in new accounts, come with lower initial margins, which could pressure overall profitability.
Key quotes
- We are now entering fiscal year 25 with our order executable 17.3% higher year-over-year, and hence our confidence around delivering robust growth again in FY 25 is very high.
- We believe that the acquisition of Cigniti will help us grow into a $2 billion firm by fiscal year 27, with a 150-250 basis points higher margin.
- We are endeavoring to be a net cash company by end of fiscal 2025.
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