The IT firm's consolidated net profit declined 27.9% to Rs 149.7 crore despite a 5% increase in gross revenues to Rs 1,829.4 crore in Q1 FY23 over Q4 FY22.
As compared with Q1 FY22, the company's net profit and gross revenues are higher by 21.1% and 25.2%, respectively.
EBITDA contracted by 11.4% to Rs 291.8 crore in Q1 FY23 from Rs 329.3 crore in Q4 FY22. EBITDA margin in Q1 FY22 was 15.9% as against 18.9% in Q4 FY22.
Profit before tax in the first quarter stood at Rs 221.2 crore, down by 14.6% from Rs 259 crore recorded in the last quarter of previous fiscal.
In dollar terms, the company's revenue for the quarter was $238.7 million, up 2.7% QoQ and up 19.5% YoY. In constant currency terms, the company's revenue has risen by 4.7% QoQ.
Order intake in Q1 FY23 was $315 million, which almost equaled the record order intake of $318 million in Q1 FY22. Total order book executable over the next 12 months was at $745 million. The company added 12 new clients during the quarter.
Headcount at the end of the quarter increased to 22,742, up 1.1% QoQ and up 11% YoY. LTM attrition rate was at 18% in Q1 FY23 as compared with 17.7% in Q4 FY22 and 12.6% in Q1 FY22.
Sudhir Singh, chief executive officer, Coforge, said: The fifth deal in the last five quarters with a TCV greater than USD 50 Million was signed during this quarter.
The size and velocity of large deals, including a USD 100 plus million deal, sets us up for continued robust growth. Equally importantly it helps us further enhance our offshore operations helping us build strong moats around margin defence.
The firm has upgraded its annual revenue guidance to grow at least 20% in constant currency terms and reiterated its adjusted EBITDA margin guidance between 18.5% and 19.0% during the year.
The board has recommended an interim dividend of Rs 13 per share, and the record date for this payout will be 4 August 2022.
Coforge is a leading global IT solutions organization. Its proprietary platforms power critical business processes across the financial services and travel industries.
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