Coforge Limited, a leading global IT solutions organization, announced its audited financial results for the quarter and year ending March 31, 2023. The Company reported a strong performance exceeding its full-year revenue growth guidance and expanding profitability in the last quarter.
Coforge Crosses the US$ 1 billion Revenue Milestone to celebrate the same the company gifts an Apple iPad to each of its 21,000+ employees to celebrate the milestone.
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Sudhir Singh, Chief Executive Officer, Coforge Ltd said, “We believe that our performance during the quarter was marked by two key achievements. The first was a quarterly sequential US$ growth of 5.0%.”
“The second major landmark has been the firm crossing the US$ one billion revenue mark. Our performance heading into FY24 sets us up well to deliver robust growth,” Sudhir Singh added.
The company has given a revenue growth guidance of 13-16 per cent in CC terms. The growth guidance target is a marginal increase of 50 bps and its adjusted EBITDA margin remains to be at a similar level as it was in the previous financial year.
For FY24, the firm issued an annual revenue growth guidance of 13%-16% in constant currency terms, expects a gross margin increase of about 50 bps, and adjusted EBITDA margin to be at similar levels as FY23.
The Board has recommended an interim dividend of INR 19 per share, and the record date for this payout will be on 9 May 2023.
Coforge is a global digital services and solutions provider, that leverages emerging technologies and deep domain expertise to deliver real-world business impact for its clients.
The company leads with its product engineering approach and leverages Cloud, Data, Integration, and Automation technologies to transform client businesses into intelligent, high-growth enterprises. Coforge’s proprietary platforms power critical business processes across its core verticals. The firm has a presence in 21 countries with 25 delivery centers across nine countries.
