Coforge Limited, a leading global IT solutions organization, announced its financial results for the quarter ended September 30, 2024 (Q2FY25).
Q2FY25 – Financial Highlights
- Revenue for the quarter was INR 30,623 million / US$ 369.4 million
o Up 26.3% Q-o-Q and 33.0% Y-o-Y in constant currency (CC) terms
o Up 26.8% Q-o-Q and 32.8% Y-o-Y in USD terms
o Up 27.5% Q-o-Q and 34.5% Y-o-Y in INR terms
- EBITDA margin for the quarter stood at 15.8%, up 53 bps on a YoY basis
- Adjusted PAT (Excl Minority) at INR 2,552 million, up 35.6% on a YoY basis
- Cash Flow from Operations for the quarter stood at $ 10.9 million
· The Board has recommended an interim dividend of INR 19/- per share, and the record date for this payout will be October 11, 2024
Q2FY25 – Business Highlights
· Order intake at US$ 516 million – eleventh consecutive quarter of US$ 300+ million order intake.
· 13 new clients were added during the quarter.
· Headcount at the end of the quarter stood at 32,483; net addition of 5,871 sequentially, including 4,430 headcount from Cigniti.
· LTM attrition including Cigniti is 11.7%, down 130 bps YoY.
“Q2FY25 has been an exceptional quarter for the firm. A 27 percent sequential dollar growth with the organic business having grown 6.3 percent sequentially, a concurrent and very material expansion in EBITDA in H1, the second consecutive quarter of significant net headcount addition, a large deals pipeline that is looking very robust and an ever strengthening next twelve month signed order book which now is 40 percent higher YoY gives us confidence that the quarter and quarters to come shall see robust and sustained growth. The growth and the margin expansion at Cigniti are a preview of sustained growth and further increases in margin to follow. We have operationally fully integrated the Cigniti team and the synergies have exceeded even our expectations,” said Mr. Sudhir Singh, CEO and Executive Director, Coforge Ltd.
Q2FY25 – Partnerships and Awards
- Coforge launched an Innovative Sustainability Solution- Coforge ENZO – in collaboration with Salesforce
- Coforge won the Gold award for Excellence in Employee Engagement Strategy at the BW People HR Excellence Awards 2024.
- Coforge was felicitated as one of the Best Tech Brands of 2024 at the 5th edition of ET Now Best Tech Brands.
- Coforge was recognized for its exemplary commitment towards Sustainability by ET Edge at the Times Now Sustainable Organizations 2024
- Coforge was ranked 32 in BW India’s Most Sustainable Companies (IMSC) 2024.
- Sudhir Singh, CEO and Executive Director, Coforge was awarded “Intrapreneur of the Year Award, 2024” by Entrepreneur magazine.
Q2FY25 – Recognitions:
o Everest recognized Coforge as a Leader in the Low-code Application Development Services PEAK Matrix® Assessment 2024 – Focus on Appian
o QKS Group recognized Coforge as a Technology Leader in the SPARK Matrix: Managed Cloud Services Q4, 2024
o Everest recognized Coforge as a Major Contender in the Low-code Application Development Services PEAK Matrix® Assessment 2024 – Focus on Outsystems
o Everest recognized Coforge as a Major Contender in the Low-code Application Development Services PEAK Matrix® Assessment 2024 – Focus on Power Apps
o Everest positioned Coforge as a Major Contender in the Life Sciences Digital Services for Mid-market Enterprises PEAK Matrix® Assessment 2024
o Everest positioned Coforge as a Major Contender in the Capital Markets IT Services PEAK Matrix® Assessment 2024
o Everest recognized Coforge as a Major Contender in the Lending Services Operations PEAK® Matrix Assessment 2024
o Avasant recognized Coforge as an Innovator in the Travel, Transportation, and Hospitality Digital Services 2024 RadarView
o ISG recognized Coforge in the ‘Retail and CPG Services 2024’ ISG Provider Lens™ Study – U.S. as a Product Challenger in the Transformation Services and in the Digital Innovation Services
o Avasant positioned Coforge as a Disruptor in the Mortgage Business Process Transformation 2024 RadarView Survey
o Avasant positioned Coforge as a Disruptor in the Data Center Managed Services RadarView – Survey 2024
Covered By: NCN MAGAZINE / Coforge
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