Coforge Q3 FY’21 revenues up 10.9% Y-on-Y

Noida (Uttar Pradesh) [India], January 29 (ANI/PRNewswire): Coforge Limited, a leading global IT solutions organization that was earlier known as NIIT Technologies Ltd, on Thursday announced a strong growth-led operating performance for the quarter ended December 31, 2020 (Q3FY’21).
The Company has reported consolidated revenue of Rs 11,906 million during Q3FY’21, representing a growth of 10.9 per cent over the same quarter previous year. On a sequential basis, consolidated revenue grew 3.2 per cent over the preceding quarter in rupee terms, 3.3 per cent in constant currency terms, and 3.8 per cent in dollar terms.
EBITDA (before RSU costs i.e. cost of ESOPs) for the quarter under review stood at 18.0 per cent; down by 81 Bps QonQ to Rs 2,145 million as a result of selective wage hikes for employees in niche skills during the quarter. PAT stood at Rs 1,220 million.
“The 3.3 per cent sequential growth in constant currency terms during Quarter 3 has come on the back of an 8.1 per cent growth in constant currency terms during the preceding quarter. With the committed orderbook 18 per cent higher than at the same time last year the firm has primed itself for sustained, robust and profitable growth in the quarters to come. We remain hyper focused on execution and continue to engineer convergence at the intersection of Cloud, Automation and Data tech,” said Sudhir Singh, Chief Executive Officer, Coforge Ltd.
The BFS business grew 7.7 per cent sequentially and contributed to 18 per cent of total revenue. The Travel vertical recorded a quarter-on-quarter growth of 9.8 per cent and now contributes to 20 per cent of total Q3 revenue. Other segments collectively grew 4.7 per cent quarter-on-quarter and they now represent 30 per cent of the overall revenue. The Insurance vertical declined by 3.9 per cent QonQ contributing to 32 per cent of the quarter’s total revenue.
Among geographies, Americas grew by 6.7 per cent sequentially contributing 49 per cent to the revenue mix, EMEA grew by 3.9 per cent contributing 36 per cent to the revenue mix and Rest of the World declined by 6.5 per cent contributing 15 per cent to the revenue mix.
The order intake during the quarter was strong, with two large deal wins. Fresh business of US$ 192 million was secured during the quarter under review. A total of 11 new clients were added during the quarter. On the back of this continued deal signing momentum, the order book executable over the next twelve months increased to USD 501 million, representing a growth of 18 per cent YonY.
The firm also saw its attrition improve further to 10.4 per cent, among the best in the industry. Total employee strength increased to 11,424 at the end of the quarter, an increase of 262 people QonQ.
* Coforge is positioned as a ‘Leader’ in Everest Group’s Insurance Business Model Innovation Enablement Services PEAK Matrix® Assessment 2021
* Coforge recognized as a ‘Leader’ in NelsonHall NEAT Report 2020 for Cloud Infrastructure Brokerage, Orchestration and Management Services
* Coforge is positioned as a ‘Major Contender’ in Everest Group’s Pega Services PEAK Matrix® Assessment 2021
* Coforge identified as a prominent provider of Intelligent Text Ingestion for Insurers by Novarica in the report “Intelligent Text Ingestion: Overview and Prominent Providers, December 2020
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