Coforge aims for 13-16% revenue growth by FY24
Coforge, a global digital services provider, plans to achieve a 13-16% increase in revenue by the end of fiscal year 2024. The company's CEO, Sudhir Singh, shared insights, saying, "We believe that the current demand situation will help us achieve the growth we projected at the beginning of the year."
Coforge, a global digital services provider, plans to achieve a 13-16% increase in revenue by the end of fiscal year 2024. The company's CEO, Sudhir Singh, shared insights, saying, " about a 13 to 16% growth guidance that we gave at the beginning of the year, given the macros as they exist right now and given the specific deal pipeline that we have, we believe we will deliver within that range."
Singh highlighted the IT company's confidence in the upcoming quarters, noting, "Even in the traditionally slower quarter three, we anticipate a significant increase in margins. Following a 160 basis points growth in margins from quarter one to quarter two, we expect a strong improvement in margins in quarter three. Although traditionally a seasonally weak period, we anticipate growth, albeit tepid, as is characteristic of quarter threes."
He further added, "Looking ahead to quarter four, we foresee a rebound driven by the solid deal pipeline and agreements already secured. This positions us well to achieve our targeted 13 to 16% range."
On the subject of Artificial Intelligence (AI), the Noida-based company emphasised its commitment to AI integration within its services.
Singh shared, "Our AI platform is operational, featuring three distinct modules: a cognitive AI module, a Gen AI module, and soon, we will unveil a responsible AI module on the 11th."
Singh shed light on the role of AI in their business strategies, stating, "While conversations about AI are abundant, we are not currently signing AI-only projects. Almost every interaction, proposal, and pitch we engage in across Coforge's service lines incorporates AI as an integral component. It has become a vital part of our offerings."
However, Singh clarified, "At this stage, we are not signing material AI-only projects. The focus remains on integrating AI across our diverse service lines."
The market cap of Coforge is ₹35,142 crore and it competes with industry rivals such as Accenture, Wipro and Cognizant.
Also Read | 76% Indian business leaders fear missing out on AI benefits — here is how things can change
(Edited by : Ajay Vaishnav)
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