ICICI Direct's research report on Coforge
Coforge offers system integration, apps & BPO services to BFSI, travel & healthcare verticals. Coforge’s revenues and PAT have grown at a CAGR of ~12% each over the past five years Healthy OCF/EBITDA (~75%) and robust return ratios (RoCE > 20%)
We upgrade the stock to BUY (from HOLD earlier) We value Coforge at Rs 5870 i.e. 40x P/E on FY23E EPS
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