Coforge clocks highest intraday gain in 7 months on increased FY23 revenue guidance

Stocks

Coforge has signed the largest number of large deals in a quarter in its history. As a consequence, the order intake at $ 345 million has been the highest ever, said CEO Sudhir Singh


Coforge's performance comes as a pleasant surprise when most of IT companies are flagging off growth concerns in the European and US markets

Coforge’s performance comes as a pleasant surprise when most of IT companies are flagging off growth concerns in the European and US markets

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}); }); function redirectToTradeOpenDematAccountOnline(){ if (stock_isinid && stock_tradeType) { window.open(`https://www.moneycontrol.com/open-demat-account-online?classic=true&script_id=$ {stock_isinid}&ex=$ {stock_tradeType}&site=web&asset_class=stock&utm_source=moneycontrol&utm_medium=articlepage&utm_campaign=tradenow&utm_content=webbutton`, ‘_blank’); } } Midcap IT firm Coforge was rewarded by the Street after the company raised its FY23 constant currency revenue growth guidance to 22 percent from at least 20 percent on January 20. The stock gained as much as 7 percent intraday, clocking its maximum gain since June 2022.At 2:30 pm, the stock was quoting at Rs 4,102 apiece on the NSE, higher by 3.43 percent.The stock has lost 21 percent in the past one year, amid fears of recession in the US and Europe impacting client spends.Follow our live blog for all the market actionRevenue for the quarter was Rs 2,055 crore in rupee terms and $ 251.7 million in dollar terms. This indicates 3.7 percent sequential gain and 20.7 percent year-on year gain in constant currency (CC) terms.Company’s attrition cooled down 60 basis points QoQ to 15.8 percent, one of the lowest across the industry, said the company in an exchange filing.“The firm has signed the largest number of large deals in a quarter in its history. As a consequence, the order intake at $ 345 million has been the highest ever. This performance in a seasonally weak quarter sets us up very well for FY2024,” Sudhir Singh, chief executive officer at Coforge said.The company maintained its adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) annual margin guidance at 18.5-19 percent.Coforge’s performance comes as a pleasant surprise when most of IT companies are flagging off growth concerns in the European and US markets. The company’s revenue from the Americas grew 14 percent YoY to Rs 1011 crore while revenue from Europe, Middle East and Africa rose 48.5 percent YoY to Rs 829 crore.The company’s total order book executable over the next 12 months now stands at $ 841 million. It also added 11 new clients during the quarter, as per the earnings press release.