Coforge Q4FY25 Consolidated Results

• Coforge reported revenue of $410.2 million, up 3.4% q-o-q/43.8% y-o-y in constant currency (cc) terms, beating our estimates of $408.1 million. Revenue in rupee terms stood at Rs. 3,469.1 crore, up 4.5% q-o-q/47.1% y-o-y. Sequential growth was led by BFS, TTH and Government verticals.
• Continuing business EBITDA margin improved ~134 bps q-o-q to 16.9% while Adj. EBITDA Margin improved ~100 bps q-o-q to 18.7%. Adjusted PAT stood at Rs 287.3 crore, up 24.1% q-o-q/ down 22.2% y-o-y.
• The company reported highest fresh order intake of $2.1 billion compared to $501 million in Q3FY25 and signed five large deals during the quarter. Order book executable over next 12 months stood at $1,505 million, up 10.3%/47.7% y-o-y.
• Management is targeting $2 billion with an EBITDA margin of 18% (translating to a 14% EBIT margin) by FY27 and anticipates achieving a significant portion of the EBIT increase from 13.2% to 14% by the end of FY26
• Net addition increased by 403 q-o-q taking the total headcount to 33,497. LTM attrition stood at 10.9%, down 100 bps q-o-q. Utilisation (including Trainees) improved 70bps q-o-q to 82%
• The number of clients in US$ 5-10 million category increased by 4 while the number of clients in US$ 1-5 million category declined by 3. Revenue from Top 5 and Top 10 client declined 6.1% and 4.6% q-o-q respectively
• We have Buy rating and will come out with detailed note.

Result Summary                                                                                  Rs Crore

Actual Vs Estimates                                                   Rs Crore