Cognizant revenue up 11% to $119.7 mn

By SiliconIndia   |   Wednesday, 21 April 2004, 07:00 Hrs
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CHENNAI: Cognziant Technology Solutions has reported a higher net profit of $19.8 million for the first quarter ended March 31, 2004 , compared to $17.7 million in the immediately preceding quarter, and $10.17 million in the corresponding period last year.

Total revenue of $119.7 million for the quarter was up by 11% over $108.2 million for Q4 of 2003, and 61% over $74.5 million in the corresponding period last year. The operating margin for the quarter remains steady at 19.8%, identical in Q4 of 2003 and 19.5% in Q1 of 2003.

Mr Lakshmi Narayanan, president and CEO, Cognizant said, “We have maintained our position as the fastest-growing company among the major offshore IT services firms. We continue to see strong growth across our key verticals, especially in financial services and insurance. We expect the momentum to continue and reiterate our expectation to grow the business faster than the industry’s growth rate throughout 2004.”

“Our first quarter results are clearly the result of solid execution and strong momentum, as well as the strong demand environment for offshore services,” said Mr Gordon Coburn, CFO.

“We expect to continue benefiting from these favourable trends and we have significant revenue visibility due to our high-level recurring revenue and the long-term nature of our customer relationships. We continue to experience a stable pricing environment as well as strong growth from strategic clients that we have won during the last 2 years, as these clients further leverage the advantages of offshore,” he said.

During the quarter, Cognizant increased its global staff by over 1,200 people to about 10,500 to meet its current and anticipated demand. With a strong sales pipeline, the company is optimistic about the outlook for this year.

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