India’s Coforge Q3 profit rises on deal wins, maintains FY revenue forecast

BENGALURU (Reuters) – Indian IT services company Coforge reported a 4.3% increase in third-quarter profit, aided by deal wins in a challenging macroeconomic environment, and reiterated its revenue growth forecast for fiscal year 2024.

Consolidated net profit rose to 2.38 billion rupees ($28.6 million) for the quarter ended Dec. 31 from 2.28 billion rupees a year earlier. Its revenue from operations rose 13% to 23.23 billion rupees.

Order intake rose to $354 million from $345 million a year earlier.

The company will deliver full-year revenue growth in the 13%-16% range forecast at the beginning of the year, CEO Sudhir Singh said.


Indian IT companies reported mixed quarterly results, yet their commentary suggests that the demand environment has not deteriorated sequentially, alleviating initial concerns.

Infosys, India’s second-largest IT company, narrowed its revenue forecast for the year, while HCLTech, the third-largest, trimmed its outlook.

Peer Persistent Systems will report results on Tuesday.


Valuation (next Estimates (next 12 Analysts’ sentiment

12 months) months)

RIC PE EV/EBITDA Revenue profit Mean # of Stock to price Div yield

growth growth rating analy target (%)


Coforge Ltd COFO.NS 34.87 21.95 14.67 28.98 BUY 25 1.11 1.17

Persistent Systems PERS.NS 44.93 28.68 15.97 27.36 HOLD 30 1.26 0.52


LTIMindtree Ltd LTIM.NS 31.15 21.61 9.49 14.12 HOLD 34 0.97 1.19

Tech Mahindra Ltd TEML.NS 26.34 16.91 4.16 39.24 HOLD 36 1.18 2.07

* Mean of analysts’ ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** Ratio of the stock’s last close to analysts’ mean price target; a ratio above 1 means the stock is trading above the PT


$1 = 83.1020 Indian rupees

(Reporting by Aleef Jahan and Varun Vyas in Bengaluru; Editing by Dhanya Ann Thoppil)