Coforge Q4 Review - A Champion: Prabhudas Lilladher

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Prabhudas Lilladher Report

Coforge Ltd. surprised us with a strong beat on revenue growth of 5.1% QoQ constant currency, 7.1% QoQ U.S. dollar, much above (up 310 basis points) our estimates (our estimate: 4% QoQ U.S. dollar).

Strong growth in three consecutive quarters despite 28% (pre-Covid-19) exposure to the worse affected travel sector resulted in 6% YoY constant currency growth, exactly in line with their guidance for FY21.

The company’s strong and niche capabilities in banking and financial services, insurance and others led to very strong growth ex-travel at 18.4% YoY constant currency in FY21.

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