Coforge, a global IT solutions organization, announced its audited financial results for the quarter and year ended 31 March 2023. The company reported a revenue at US$ 1,002 million and Rs 80,146 million. Sudhir Singh, chief executive officer, Coforge stated that this growth is attributed to the strategy change, recreated technology stack, refreshed execution culture, and leadership change that the company executed around three years ago.
“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 in to FY24 sets us up well to deliver robust growth,” said Singh.
He also mentioned that the company could achieve a broad based growth also due to its renewed focus on financial services and travel, which includes the airlines industry, and its platforms like Mona Lisa that drove the differentiation.
“We believe in a robust growth driven by significant changes, a strategy that is focused equally on technology and process, no surprise exceptions, which in turn lead to exceptional value creation, tenured client relationships, deep partnerships with platform players, and an always successful acquisition integration record,” added Singh.
Low Employee Attrition Rates
Coforge also states that they are one of the few companies that report very low attrition rates at 14.1%, improved 172 bps QoQ and 362 bps YoY. The year ended with a headcount of 23,224 employees, with a net addition of 719 people during the quarter. Sudhir Singh stated that the culture of the company was the reason for employees to stay around, and said that each employee would receive an Apple iPad as a token of gratitude. The company also plans to hire around 1500 freshers this year. As far as the salary hikes are concerned, Singh said that they would come into place from 1 April 2023. “However, the increments would be lower as they were outsized in the last two years,” he said.
Other Important Highlights of Coforge Results
Some of the other highlights of the results are as follows:
- Revenue for the quarter was US$ 264.4 million and INR 21,700 million: Up 5.6% in INR, 5.0% in USD and 4.7% in cc terms QoQ, and Up 24.5% in INR terms and 13.8% in US$ terms YoY.
- Adj. EBITDA margin for the quarter at 19.6%, sequentially up by 109 bps.
- PAT for the quarter, excluding one off expenses, at INR 2,327 million, increased 12.1% YoY in INR terms.