1. Cognizant Q4 net up 16.7% to $423.4 million

Cognizant Q4 net up 16.7% to $423.4 million

IT services major Cognizant today posted a 16.7 per cent rise in net profit at $ 423.4 million for the December quarter from $ 362.9 million a year ago.

By: | New Delhi | Updated: February 8, 2016 7:53 PM
cognizant technology

Cognizant had forecast its revenues for the fourth quarter to be at least $ 3.23 billion and $ 12.41 billion for 2015 (higher by at least 21 per cent year-on-year). (Reuters)

IT services major Cognizant today posted a 16.7 per cent rise in net profit at $ 423.4 million for the December quarter from $ 362.9 million a year ago.

The US-based firm, which has a large part of its workforce based in India, met its revenue guidance at USD 3.23 billion in the said quarter, up 17.9 per cent from $ 2.74 billion in the October-December 2014 quarter.

For 2015, its net profit rose by 13.2 per cent to $ 1.62 billion, while revenues were up 21 per cent at $ 12.42 billion.

Cognizant had forecast its revenues for the fourth quarter to be at least $ 3.23 billion and $ 12.41 billion for 2015 (higher by at least 21 per cent year-on-year).

However, it has given a lower revenue guidance for 2016 as compared to the previous fiscal. It expects revenues to grow 9.9-14.3 per cent over 2015 to be in the range of $ 13.65 billion to $ 14.20 billion.

For the January-March 2016 quarter, it has forecast revenues to be in the range of $ 3.18-3.24 billion.

The company follows January-December as its fiscal year.

“We are pleased with our strong performance in 2015. Our investments in disruptive technologies, new business models and best-in-class delivery uniquely position us to enable clients to drive digital transformation at enterprise scale,” Cognizant CEO Francisco D’Souza said.

The firm added (net) about 2,400 employees to take the year-end headcount to around 2,21,700.

“In 2015, we strengthened our position as a leading digital transformation partner for our clients. While digital opportunities significantly expand our addressable market, our rapidly growing consulting, infrastructure and business process services and geographic market expansion, continue to be solid drivers of demand for our services,” Cognizant President Gordon Coburn said.

 

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