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Nirmal Bang Report
Coforge Ltd. delivered a decent performance in Q1 FY25 with a marginal miss in constant currency revenue growth, solid beat on margins and continued momentum in 12-month executable order book.
A robust performance is expected to continue in the remaining quarters of FY25. This will be led by growth rebound in banking, financial services vertical, sustained momentum from Aviation (in transportation) and rebound in Insurance business.
Testimony to this is the very robust 12-month executable order book of $1.07 billion (+19% YoY and +5% QoQ) and ~1,886 employee addition in Q1 FY25 (highest in last 12 quarters and above the average for the last 17 quarters).
Taking this into account, we have marginally raised our revenue estimate by 1% each for FY26/FY27E.
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