External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>In Q2FY25, Coforge Ltd. reported revenue of Rs 3,062 Cr, reflecting a 28% QoQ increase, and a 15% QoQ increase in constant currency terms, which was above expectations.</li><li>The company’s operating profit stood at Rs 484 Cr, up 18% QoQ due to lower operating expenses and acquisition-related costs.</li><li>Operating margins declined by 122 bps to 16%, primarily due to increased operating expenses during the quarter. </li></ul>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.

In Q2FY25, Coforge Ltd. reported revenue of Rs 3,062 Cr, reflecting a 28% QoQ increase, and a 15% QoQ increase in constant currency terms, which was above expectations.The company’s operating profit stood at Rs 484 Cr, up 18% QoQ due to lower operating expenses and acquisition-related costs.Operating margins declined by 122 bps to 16%, primarily due to increased operating expenses during the quarter. 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. - Beat on All Fronts; Strong Outlook Continues

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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 reported an in-line set of results in Q1; revenue grew 1.6% QoQ (similar in cc terms), whereas adj. EBITDAM declined by 100bps to 17.9%. Growth ex-India was healthy at 3.7% QoQ cc.</li><li>BFS declined 3.9% QoQ, which the management attributed to a blip after 12 straight quarters of sequential growth, and should grow Q2 onward.</li><li>The mgmt expects robust growth ahead, aided by a healthy NTM executable order book (up 19.3% YoY), some rebound in demand, and strong headcount addition (billable headcount grew 7.7% QoQ).</li></ul>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 reported an in-line set of results in Q1; revenue grew 1.6% QoQ (similar in cc terms), whereas adj. EBITDAM declined by 100bps to 17.9%. Growth ex-India was healthy at 3.7% QoQ cc.BFS declined 3.9% QoQ, which the management attributed to a blip after 12 straight quarters of sequential growth, and should grow Q2 onward.The mgmt expects robust growth ahead, aided by a healthy NTM executable order book (up 19.3% YoY), some rebound in demand, and strong headcount addition (billable headcount grew 7.7% QoQ).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 - Steady Performance; One-Off Causes Profit Miss

<ul><li>In Q1FY25, Coforge Ltd. (Coforge) reported revenue of Rs 2,401 Cr, reflecting a 1.8% QoQ increase, and a 1.8% QoQ increase in constant currency terms, which was below expectations.</li><li>The company’s operating profit stood at Rs 409 Cr, down 3.8% QoQ due to higher operating expenses and acquisition-related costs.</li><li>Operating margins declined by 100bps to 17%, primarily due to increased operating expenses during the quarter. </li></ul>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.

In Q1FY25, Coforge Ltd. (Coforge) reported revenue of Rs 2,401 Cr, reflecting a 1.8% QoQ increase, and a 1.8% QoQ increase in constant currency terms, which was below expectations.The company’s operating profit stood at Rs 409 Cr, down 3.8% QoQ due to higher operating expenses and acquisition-related costs.Operating margins declined by 100bps to 17%, primarily due to increased operating expenses during the quarter. 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. - Results Below Expectations; Strong Outlook Continues

<ul><li>In Q4FY24, Coforge Ltd. (Coforge) reported revenue of Rs 2,359 Cr, up 1.5% QoQ and 1.8% QoQ (in CC terms) which stood below expectations.</li><li>The company’s operating profit stood at Rs 425 Cr, up 5.9% QoQ due to moderated operating expenses.</li><li>Its operating margins improved by 75bps to 18%, which was largely led by moderated operating expenses and higher utilization during the quarter. </li></ul>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.

In Q4FY24, Coforge Ltd. (Coforge) reported revenue of Rs 2,359 Cr, up 1.5% QoQ and 1.8% QoQ (in CC terms) which stood below expectations.The company’s operating profit stood at Rs 425 Cr, up 5.9% QoQ due to moderated operating expenses.Its operating margins improved by 75bps to 18%, which was largely led by moderated operating expenses and higher utilization during the quarter. 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 - Results Below Expectations; Strong Outlook Continues

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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>Sharekhan's research report onCoforge Fund-raising through QIP to assist the company in acquiring horizontal capability, forging partnerships/alliances and expansion in existing verticals or building new verticals.</li><li>The company expects a complete reversal of furloughs and deal ramp-ups to contribute to a sharp uptick in margins in Q4FY24.</li><li>Further, moderating attrition, peaking out of SG&amp;A expenses, higher offshoring and better utilization would aid in margins uptick in FY25.</li></ul>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.

Sharekhan's research report onCoforge Fund-raising through QIP to assist the company in acquiring horizontal capability, forging partnerships/alliances and expansion in existing verticals or building new verticals.The company expects a complete reversal of furloughs and deal ramp-ups to contribute to a sharp uptick in margins in Q4FY24.Further, moderating attrition, peaking out of SG&amp;A expenses, higher offshoring and better utilization would aid in margins uptick in FY25.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 - Well Placed to Deliver Top Quadrant Performance

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 Ltd. - Beat on All Fronts; Strong Outlook Continues

In Q2FY25, Coforge Ltd. reported revenue of Rs 3,062 Cr, reflecting a 28% QoQ increase, and a 15% QoQ increase in constant currency terms, which...

Axis Direct

Coforge - Steady Performance; One-Off Causes Profit Miss

Coforge reported an in-line set of results in Q1; revenue grew 1.6% QoQ (similar in cc terms), whereas adj. EBITDAM declined by 100bps to 17.9%....

Emkay

Coforge Ltd. - Results Below Expectations; Strong Outlook Continues

Net profit for Q1FY25 was Rs 229 Cr, marking a 2.1% QoQ decrease, attributed to transaction costs incurred during the quarter.

Axis Direct

Coforge - Results Below Expectations; Strong Outlook Continues

In Q4FY24, Coforge Ltd. (Coforge) reported revenue of Rs 2,359 Cr, up 1.5% QoQ and 1.8% QoQ (in CC terms) which stood below expectations.

Axis Direct

Coforge Ltd - Well Placed to Deliver Top Quadrant Performance

Further, moderating attrition, peaking out of SG&A expenses, higher offshoring and better utilization would aid in margins uptick in FY25.

Sharekhan

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