Cognizant strikes 60 percent income boost

By agencies   |   Thursday, 03 May 2007, 19:30 IST
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BANGALORE: Cognizant, a provider of global IT and business process outsourcing services announced that revenue for the first quarter ended March 31, 2007 increased by 61 percent to $460.3 million from $285.5 million in the first quarter of 2006. The company reported a 60 percent rise in net income to $75.4 million for the first quarter ended March 31, 2007, from $47.2 million in the first quarter of the last year. Based on the current visibility, the company expects revenue of at least $500 million in the second quarter of 2007 and $2.07 billion in the fiscal year. “Our strategic reinvestment in the business continues to fuel our growth by enabling us to deploy the right resources and deliver best of breed solutions that meet our clients’ unique business needs across industries, service-areas and geographies,” says Gordon Coburn, Chief Financial and Operating Officer. Reflecting the company’s plan to increase utilization throughout the remainder of the year, the total headcount expects to be approximately 55,000 by end of 2007.