Cognizant Q1 profit up 62%
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Cognizant Q1 profit up 62%

By agencies   |   Thursday, 28 April 2005, 07:00 Hrs
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CHENNAI:Cognizant Technology Solutions Corporation, Nasdaq-listed IT services provider, today reported a 62 percent growth in profit for first quarter ended March 31, 2005.

The net income (net profit) of the company for the first quarter increased to $32 million compared to $19.8 million reported in the same period previous year, a company statement said here.

Revenue for the quarter recorded a growth of 52 percent to $181.7 million from previous years $119.7 million.

Operating margin increased to 20.5 percent compared to 19.8 percent in the first quarter of 2004.

"Cognizant has delivered another quarter of strong financial results, driven by continued demand for premium IT solutions from our onsite and offshore model," President and CEO of Cognizant," Lakshmi Narayanan said.

It added over 1700 people in the first quarter taking the total strength to around 17,000 at the end of the quarter.

Total headcount is expected to reach 23,000 by end of 2005.

In its outlook for second quarter, it said that it would expect revenue of $206 million, including an expected contribution of $6 million from Fathom, which was acquired in mid-April, for the second quarter of 2005.

For full year 2005, the revenue is expected to touch $870 million, including a contribution of $20 million from Fathom.

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