Coforge signs highest number of large deals in its history during Q3 FY23


Coforge Limited, a leading global IT solutions organization, today announced its financial results for the quarter ended December 31, 2022 (Q3FY23).

The Company reported strong operating and financial performance in a seasonally weak quarter. The firm delivered robust constant currency growth and record deal signings.

Q3FY23 – Financial Highlights

  • Revenue for the quarter was INR 20,558 million and US$ 251.7 million

o   Up 3.7% Q-o-Q and 20.7% Y-o-Y in constant currency (CC) terms

o   Up 4.9% Q-o-Q and 24.0% Y-o-Y in INR terms

  • Adjusted EBITDA margin for the quarter stood at 18.5%
  • The Board has recommended an interim dividend of INR 19 per share, and the record date for this payout will be February 3, 2023

Q3 Y23 – Business Highlights

  • Record order intake was US$ 345 million, fourth consecutive quarter of US$ 300+ million order intake
  • Total order book executable over the next 12 months at US$ 841 million
  • 11 new clients were added during the quarter
  • Headcount at the end of the quarter at 22,505 and LTM attrition down 60 bps Q-o-Q to 15.8%
  • Offshore revenue contribution (IT revenue only) increased to 50.5%

“The firm has signed the largest number of large deals in a quarter in its history. As a consequence, the order intake at US$ 345 million has been the highest ever. This performance in a seasonally weak quarter sets us up very well for FY2024.” said Mr. Sudhir Singh, Chief Executive Officer, Coforge Ltd.

The firm has upgraded its fiscal year 2023 annual revenue growth guidance to 22% in constant currency terms and reaffirmed its Adjusted EBITDA annual margin guidance.

Q3FY23 – Key Announcements

  • Coforge announced a partnership with the Mack Institute for Innovation Management at the Wharton School of the University of Pennsylvania.
  • Coforge announced an expanded global partnership with Tokio Marine HCC (TMHCC) with the scope of services including ‘Run, Build and Transform’ to enable business agility, superior customer experience, and doing more with less.
  • As a premier Duck Creek partner, Coforge Insurance proudly partnered with Duck Creek Technologies for Argyle Insurance’s record-setting implementation journey.
  • Coforge launched an in-house proprietary ‘Document Processing Engine’ toolkit which will be available for clients across industries performing key functions such as Invoice Processing, Contract Life Cycle Automation, RFP Life Cycle Automation, etc. The proprietary toolkit and accelerator use AI technologies such as Computer Vision, Natural Language Processing (NLP), Natural Language Understanding (NLU), etc.
  • The company launched Coforge Xtreme Navigator – a 3D wayfinding solution that uses 3D visualization to help people navigate through physical spaces.
  • The Coforge Metaverse Center of Excellence (CoE) announced the Coforge Digital & Metaverse CoE Showcase, a VR space, that covers –

o   VR space to showcase and give a walkthrough of the Digital CoE capabilities and offerings,

o   VR space to show the demos and use cases already developed covering various industries,

o   Showcase to meet and greet the participants including clients and internal stakeholders.

Q3FY23 – Awards & Recognitions

  • Coforge was recognized among ‘India’s Best WorkplacesTM in IT & IT-BPM 2022 – Top 50’ by Great Place to Work® India.
  • The US Green Building Council has awarded the prestigious LEED Platinum Green Building Certification to Coforge consecutively for the second time. The company’s Greater Noida campus won the prestigious accolade for its healthy, efficient, carbon, and cost-saving green buildings.
  • Coforge won the STPI IT Export Award 2021-22 from the Government of Karnataka.
  • Coforge is a Star Performer in the ‘Major Contenders’ category in the Everest Group Application and Digital Services (ADS) in both Life & Annuity (L&A) Insurance and Property & Casualty (P&C) Insurance PEAK Matrix® Assessment 2023.
  • Coforge is now accredited by AWS with Public Sector Program.