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Prabudas Lilladher Report
Coforge Ltd.'s revenue growth of 6.5% U.S. dollar QoQ, below our estimates, but above consensus estimates.
Miss in revenue was led by lower than estimated organic growth up 2.9% QoQ U.S. dollar, mainly due to flattish growth in insurance vertical because of delayed Advantage Go license realisation which is expected to bounce back in Q3 aiding both revenue and margins.
Inorganic contribution from SLK Global Solutions is at ~$22 million (in-line with our estimates).
Coforge's management raised organic growth guidance to ‘at least’ 22% YoY constant currency for FY22 from earlier 19% on back of sustained strong deal momentum- 1. Q2 order book at $285 million, up 42% YoY and 2. robust next 12 months’ executable order book of $688 million, up 40.7% YoY including $603 million organic component.
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