External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Coforge offers system integration, apps &amp; BPO services to BFSI, travel &amp; healthcare verticals.</li><li>Revenues grew at 18.1% CAGR in the past five years</li><li>Healthy OCF, EBITDA (~75%) and robust return ratios (RoCE &gt; 20%).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Coforge offers system integration, apps &amp; BPO services to BFSI, travel &amp; healthcare verticals.Revenues grew at 18.1% CAGR in the past five yearsHealthy OCF, EBITDA (~75%) and robust return ratios (RoCE &gt; 20%).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Coforge - Attrition Lowest Among IT Services Companies…

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Coforge Ltd (Coforge) Q2FY23 results stood above our expectations as its revenue grew by 6.2% QoQ in CC terms to Rs 1,959 Cr.</li><li>The company reported operating profits of Rs 359.6 Cr, exhibiting a growth of 15% QoQ.</li><li>In line with the operating profits growth, its operating margins also witnessed a growth of 163bps QoQ to 17.6%.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Coforge Ltd (Coforge) Q2FY23 results stood above our expectations as its revenue grew by 6.2% QoQ in CC terms to Rs 1,959 Cr.The company reported operating profits of Rs 359.6 Cr, exhibiting a growth of 15% QoQ.In line with the operating profits growth, its operating margins also witnessed a growth of 163bps QoQ to 17.6%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Coforge Ltd (COFORGE) - Strong Results; Outlook Continues to Be Healthy

<div><ul><li>Encouraging growth across verticles - <span style="font-size: var(--content-font-size);">On the vertical front, the BFS vertical exhibited a robust growth of 3% QoQ.</span></li></ul><div><ul><li>Outlook &amp; Valuation - <span style="font-size: var(--content-font-size);">Coforge has a robust business structure coupled with multiple long-term contracts spread across verticals which will help it generate sustainable growth momentum moving ahead.</span></li></ul><div><div><div><div><ul><li>We recommend a BUY rating on the stock and assign a 24x P/E multiple to its FY24E earnings of Rs 177.8/share which gives a TP of Rs 4,200 /share.</li></ul></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Encouraging growth across verticles - On the vertical front, the BFS vertical exhibited a robust growth of 3% QoQ.Outlook &amp; Valuation - Coforge has a robust business structure coupled with multiple long-term contracts spread across verticals which will help it generate sustainable growth momentum moving ahead.We recommend a BUY rating on the stock and assign a 24x P/E multiple to its FY24E earnings of Rs 177.8/share which gives a TP of Rs 4,200 /share.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Coforge Ltd (COFORGE) - Strong Results; Outlook Remains Healthy

<ul><li>Coforge Ltd (Coforge) Q3FY22 results stood below our expectations. The company’s revenue grew by 4.2% QoQ in CC terms to Rs 1,658 C</li><li>Operating profits were reported at Rs 323 Cr, exhibiting a growth of 8.8% QoQ and operating margins witnessed a marginal growth of 90bps QoQ and stood at 19.5%</li><li>We recommend a BUY rating on the stock and assign a 28x P/E multiple to its FY24E earnings of Rs 177.8/share which gives a TP of Rs 5,060 /share. TP implies an upside of 15% from CMP.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Coforge Ltd (Coforge) Q3FY22 results stood below our expectations. The company’s revenue grew by 4.2% QoQ in CC terms to Rs 1,658 COperating profits were reported at Rs 323 Cr, exhibiting a growth of 8.8% QoQ and operating margins witnessed a marginal growth of 90bps QoQ and stood at 19.5%We recommend a BUY rating on the stock and assign a 28x P/E multiple to its FY24E earnings of Rs 177.8/share which gives a TP of Rs 5,060 /share. TP implies an upside of 15% from CMP.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Result Update:Coforge: Results Below Expectations; Outlook Remains Healthy

<ul><li>Coforge offers system integration, apps &amp; BPO services to BFSI, travel &amp; healthcare verticals.</li><li>Revenues and PAT grew at a CAGR of ~12% each over the past five years</li><li>Target Price and Valuation: We value Coforge at Rs 5870 i.e. 30x P/E on FY24E EPS</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Coforge offers system integration, apps &amp; BPO services to BFSI, travel &amp; healthcare verticals.Revenues and PAT grew at a CAGR of ~12% each over the past five yearsTarget Price and Valuation: We value Coforge at Rs 5870 i.e. 30x P/E on FY24E EPSContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

Coforge Limited is an Indian multinational information technology company specializing in digital transformation, consulting, and IT services. It provides solutions in areas such as artificial intelligence, cloud, data, and automation to industries including banking, financial services, insurance, travel, and healthcare. The company is headquartered in Noida, Uttar Pradesh, India, and was founded in 1992.

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Coforge (COFORGE IN)

Coforge - Attrition Lowest Among IT Services Companies…

Coforge offers system integration, apps & BPO services to BFSI, travel & healthcare verticals. Revenues grew at 18.1% CAGR in the past five years

ICICI Securities Limited

Coforge Ltd (COFORGE) - Strong Results; Outlook Continues to Be Healthy

Coforge Ltd (Coforge) Q2FY23 results stood above our expectations as its revenue grew by 6.2% QoQ in CC terms to Rs 1,959 Cr.

Axis Direct

Coforge Ltd (COFORGE) - Strong Results; Outlook Remains Healthy

Coforge Ltd (Coforge) Q4FY22 results stood above our expectations. The company’s revenue grew by 5.1% QoQ in CC terms to Rs 1,743 Cr.

Axis Direct

Result Update:Coforge: Results Below Expectations; Outlook Remains Healthy

Coforge Ltd (Coforge) Q3FY22 results stood below our expectations. The company’s revenue grew by 4.2% QoQ in CC terms to Rs 1,658 Cr

Axis Direct

Coforge Ltd: Outlook Remains Strong

Coforge offers system integration, apps & BPO services to BFSI, travel & healthcare verticals. Revenues and PAT grew at a CAGR of ~12% each over...

ICICI Securities Limited

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