Coforge Q4 Review - Strong Performance, Robust Guidance: ICICI Direct
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ICICI Direct Report
Coforge Ltd. reported healthy revenue growth, up 5.1% QoQ in constant currency terms, above our estimate of 3.0% QoQ growth.
The revenue growth was led by insurance (up 3.9% QoQ), others (up 17.9% QoQ) and banking and financial services (up 1.3% QoQ).
The company declared a dividend of Rs 13 per share.
The company has guided for organic revenue growth of 17% in constant currency terms (highest in our coverage universe) in FY22E and Ebitda margin (excluding employee stock ownership plan and acquisition related costs) expansion of 1% to 19% in FY22E.
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