ICICI Direct's research report on Coforge
Coforge offers system integration, apps & BPO services to BFSI, travel & healthcare verticals. • Revenues grew at 21.8% CAGR in the past five years • Healthy OCF, EBITDA (~75%) and robust return ratios (RoCE > 20%). Coforge reported strong revenue growth in Q4FY23. Revenue grew 4.7% QoQ in CC terms and 5% QoQ in dollar terms • Adjusted EBITDA margin grew ~110 bps to 19.6% • Won fresh order of US$301 mn and added 10 new logos in Q4.
Outlook
We maintain our BUY rating on the stock. We value Coforge at Rs 4725 i.e. 25x P/E on FY25E EPS.
For all recommendations report, click here
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