Coforge Ltd

- 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.

- 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.

- 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.

- 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.

- 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.