Any current/future new fundraising through debt or equity?

There is no mention of any new fundraising through debt or equity planned in the near term. The borrowings rose to USD 110 million in Q1 from USD 41 million in the previous quarter, primarily due to a USD 41 million payout for additional stake acquisition in Coforge BPS. Cash balances declined from USD 73 million to USD 45 million mainly due to this acquisition and routine bonus payouts. No indication of plans for fresh debt or equity issuance during the call. The company appears focused on organic growth and maintaining financial discipline without new external fundraising.

Future growth expectations in sales/revenue/volumes?

The company reiterates its annual revenue growth guidance of 13% to 16% in constant currency terms for FY '24. Q1 FY’24 registered sequential revenue growth of 2.7% in constant currency terms and 18.4% year-on-year. Recorded strong growth in key verticals: BFS (3.1% Q-on-Q), Insurance (4.3% Q-on-Q), and Travel (1.3% Q-on-Q). Executable order book grew by 20.4% year-on-year, giving confidence in revenue visibility. Large deals continue to ramp up uniformly over five years supporting steady revenue. Hiring plans align with growth expectations; bench strength is built to support large deal servic

Future growth expectations in earnings/operating earnings/profits/EPS?

Coforge expects annual revenue growth of 13% to 16% in constant currency terms for FY’24, supported by strong deal conversion and order executable growth of 20.4% YoY. Adjusted EBITDA margin guidance for FY’24 is around 18.3%, with a natural quarterly ramp-up expected (Q1 at 16%, finishing near 19.5-20.5% in Q4). Gross margin is projected to improve by 50 basis points over FY’23. Margin expansion drivers include increased offshore revenue share, pyramid flattening through fresh campus hires, cost containment measures, and timely increments/bonuses. Operating cash flow is expected to be about 7

Current/ Expected Orderbook/ Pending Orders?

Coforge's executable order book stands at approximately USD 897 million (nearly USD 900 million). This represents a 20.4% year-on-year increase compared to the same quarter last year. The order executable figure represents signed contracts expected to be executed over the next 12 months. The company has confidence in the integrity of these signed contracts, with no material slippages observed over the past 6 months. The large deals contributing to this order book include a USD 300 million 5-year contract and a USD 65 million 5-year contract, mostly from the BFS vertical. The order book growth

Coforge LtdQ1 FY24IT - Software

Coforge Ltd Q1 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹1,826P/E: 41.2Market Cap: ₹79.0K CrSector: IT - Software

Management growth scorecard

Revenue

Category 3

Margin

Category 2

Fundraise

Order

Yes

Capex

Yes

2 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 3

The company reiterates its annual revenue growth guidance of 13% to 16% in constant currency terms for FY '24.
Q1 FY’24 registered sequential revenue growth of 2.7% in constant currency terms and 18.4% year-on-year.
Recorded strong growth in key verticals: BFS (3.1% Q-on-Q), Insurance (4.3% Q-on-Q), and Travel (1.3% Q-on-Q).
Executable order book grew by 20.4% year-on-year, giving confidence in revenue visibility.
Large deals continue to ramp up uniformly over five years supporting steady revenue.
Hiring plans align with growth expectations; bench strength is built to support large deal servicing.
Focus on high-quality clients with large wallets limits client additions but increases value per client.
AI and automation investments seen as growth enablers, not deflationary risks.
Conservative revenue guidance with a cushion for demand uncertainties, underpinned by strong stress testing mechanisms.

Margin guidance

Category 2

Coforge expects annual revenue growth of 13% to 16% in constant currency terms for FY’24, supported by strong deal conversion and order executable growth of 20.4% YoY.
Adjusted EBITDA margin guidance for FY’24 is around 18.3%, with a natural quarterly ramp-up expected (Q1 at 16%, finishing near 19.5-20.5% in Q4).
Gross margin is projected to improve by 50 basis points over FY’23.
Margin expansion drivers include increased offshore revenue share, pyramid flattening through fresh campus hires, cost containment measures, and timely increments/bonuses.
Operating cash flow is expected to be about 70% of EBITDA for FY’24.
The company maintains a conservative outlook due to uncertain macro environment but is confident in achieving both revenue and margin guidance.
Focus on expanding wallet share in key accounts, large deal ramp-ups, and AI integration expected to support growth momentum.

See what Coforge Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

There is no mention of any new fundraising through debt or equity planned in the near term.
The borrowings rose to USD 110 million in Q1 from USD 41 million in the previous quarter, primarily due to a USD 41 million payout for additional stake acquisition in Coforge BPS.
Cash balances declined from USD 73 million to USD 45 million mainly due to this acquisition and routine bonus payouts.
No indication of plans for fresh debt or equity issuance during the call.
The company appears focused on organic growth and maintaining financial discipline without new external fundraising.

Order book

Yes

Coforge's executable order book stands at approximately USD 897 million (nearly USD 900 million).
This represents a 20.4% year-on-year increase compared to the same quarter last year.
The order executable figure represents signed contracts expected to be executed over the next 12 months.
The company has confidence in the integrity of these signed contracts, with no material slippages observed over the past 6 months.
The large deals contributing to this order book include a USD 300 million 5-year contract and a USD 65 million 5-year contract, mostly from the BFS vertical.
The order book growth has consistently mirrored actual revenue growth in previous years.
The company expects this order book to be a solid minimum base for revenues in the coming 12 months, with a high degree of certainty that contracts will not be deferred or put on hold.

See what Coforge Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

- Paid USD41 million for additional 20% stake in Coforge BPS, an acquisition completed in 2021 (Page 13). - Capex during Q1 FY’24 stood at USD8 million (Page 6). - Initiated investments in AI innovation labs to develop industry-specific AI use cases (Page 5). - Building AI capabilities in partnership with U.S. universities, co-innovating solutions with customers, and creating AI accelerators (Page 5). - Training and certifying over 1,000 AI specialists, with plans to train 1,000 more in upcoming quarters (Page 5). - Continued investments in workforce with net headcount addition of 1,000 employees in Q1 to support future growth (Pages 6, 11). - Commitment to employee-centric operations with timely increments and bonus payouts (Page 11). No explicit future capital expenditure guidance was detailed beyond current investments in technology and AI capabilities.

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