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Axis Securities Report
Coforge Ltd.'s Q3 FY22 results stood below our expectations. The company's revenue grew by 4.2% QoQ in constant currency terms to Rs 1,658 crore.
Operating profits were reported at Rs 323 crore, exhibiting a growth of 8.8% QoQ and operating margins witnessed a marginal growth of 90 basis points QoQ and stood at 19.5%. This was largely on account of higher offshoring and healthy volume growth.
The management is confident of achieving sustainable operating margins of 19% moving forward which emanates from Coforge's focus on cost optimisation along with its execution efforts.
Deal pipeline remained strong in the quarter with Coforge signing an order intake of $247 million.
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