Coforge Q4 Review - Guides Robust Organic Growth, Improved Operating Profit Margin: Dolat Capital
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Dolat Capital Report
Coforge Ltd. reported revenue growth of 5.1% QoQ constant currency (our estimate: 5.0%) led by traction in other vertical (33% of revenue) with 17.9% QoQ growth.
Ebit margin stood at 13.3% (up 27 basis points QoQ) (our estimate: 13.5%) due to slightly higher selling general and administrative expenses (up 8.9% QoQ) negated by positive operating leverage.
Dividend announced at Rs 13 per share.
Guided for 'at least 17% constant currency' organic growth and better momentum in acquired SLK Global Solutions business (17% CAGR in three years).
This is driven by revival in travel vertical, strong pipeline (three large deals cumulating $200 million), 11% growth in 12 months order book and strong demand environment.
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