Coforge Q4 revenue forecast outpaces larger peers; shares rise

Indian IT services provider Coforge Ltd’s Q4 revenue and revenue growth forecast for 2024 were in line with analysts’ expectations. In contrast, bigger peers Tata Consultancy Services Ltd, Infosys Ltd and HCL Technologies Ltd are struggling with delayed and cancelled orders. Coforge anticipates a 13-16% FY 2024 revenue growth, supported by a robust deal pipeline, while Infosys and HCLTech are forecasting single-digit growth. Coforge’s Q4 revenue of INR 21.7bn ($266m) and net profit of INR 1.15bn were in line and down YoY, respectively, due to employee benefits and one-off charges.

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