EBITDA de-grew by 18.7% to Rs 331.6 crore in Q1 FY24 from Rs 407.6 crore in Q4 FY23. EBITDA margin slipped to 14.9% in Q1 FY24 as against 18.8% in Q4 FY23.

Profit before tax and exceptional items declined 16.2% to Rs 240.7 crore in Q1 FY24 as against Rs 287.2 crore in Q4 FY23.

As compared with Q1 FY23, the company's net profit rose 10.4% while revenue jumped 21.4%, respectively.

In dollar terms, the company's revenue was $271.8 million, up 2.8% QoQ and up 13.9% YoY. In constant currency (CC) terms, revenue was higher by 2.7% QoQ and 18.4% YoY.

In Q4 FY23, the company's order intake was $531 million. Total order book executable over the next 12 months at $897 million. 6 new clients were added during the quarter.

Headcount at the end of the quarter was 24,224 and the LTM attrition improved to 13.3% in Q1 FY24 as against 14.1% in Q4 FY23.

The firm reiterated its fiscal year 2024 annual revenue growth guidance of 13% to 16% in constant currency terms and reaffirmed gross margin improvement of 50 bps compared to FY23.

Sudhir Singh, chief executive officer (CEO), Coforge, said, “The five-year $300 million TCV deal in the BFS space along with another five year $65 million TCV deal in the same sector underlined the execution rigor of the team. During the quarter we increased our net headcount by 1000 employees to support future growth and saw attrition drop down to 13.3%. The quarter's performance sets us up very well for meeting our annual revenue guidance of 13% to 16% cc growth.”

Meanwhile, the board has recommended an interim dividend of Rs 19 per share, and the record date for this payout will be 3 August 2023.

Coforge is a global digital services and solutions provider that leverages emerging technologies and deep domain expertise to deliver real-world business impact for its clients. The firm has a presence in 21 countries with 25 delivery centers across nine countries.

The scrip declined 1.29% to end at Rs 4,812.95 on the BSE.