Coforge Q3 Results Review - Retaining FY24 Guidance Implies A Strong Q4 Exit: Motilal Oswal

Motilal Oswal Report

Coforge Ltd.'s reported Q3 FY24 revenue growth of 1.8% QoQ in constant currency terms, above our estimates. Reported revenue stood at $282.0 million (up 1.4% QoQ/12.0% YoY).

The growth was driven by banking and financial services with 3.3% QoQ growth, while the other two verticals – TTH and insurance – were weak, declining 2.4% and 1.3% QoQ, respectively.

Coforge reported a robust order intake of $354 million in Q3 FY24 with three large deals one NN plus two renewals. These took the overall deals signed in 9M FY24 to $1.2 billion business telephone banking of 1.4 times), and resulted in a robust 12-month executable order book of $974 million (plus 16.8% YoY).

However, given the extreme furlough impact in Q3 FY24, management now expects FY24 USD CC revenue growth to be at the lower range of the guidance range (13-16% YoY).

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