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Corporate Aug 6, 2012

Cognizant Q2 net income rises to $252 mn, beats estimates

IT major Cognizant reported a higher quarterly profit, beats estimates on increased demand for its outsourcing services.

The information technology services provider's net income rose to $251.9 million ( approximately to Rs 14o0 crore), or 82 cents per share, for the second quarter from $208 million (approximately to Rs 12o0 crore), or 67 cents per share, a year earlier.

It's quarterly revenue rose to $1.795 billion (approximately Rs 9900 crore), up 4.9 percent sequentially and 20.9 percent from the year-ago quarter.

Reuters

Excluding items, the company earned 88 cents per share.

Revenue rose 21 percent to $1.8 billion (approximately Rs 600 crore).

The company added 4,700 employees in the quarter.

Cognizant, unlike peers such as Infosys has reaffirmed its full-year revenue guidance, expected to be at least $7.34 billion ( Rs 40,700 crore), up at least 20% compared to 2011. It has also increased the full-year EPS expectations.

"We are well positioned to capitalize on these opportunities due to our unique combination of management consulting and operational capabilities in areas such as large scale program management and change management.With our robust global delivery model, we make the complexities of managing large scale transformation programs seamless and transparent to our clients," said Francisco D'Souza, Chief Executive Officer.

Reuters

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