Cognizant Q3 net up 11%, eyes 9.510% revenue growth in 2017

NEW YORK: US-based IT major Cognizant said on Wednesday its net profit has jumped 11.4 per cent to $495 million during September 2017 quarter from the year-ago period. This is against a net profit of $444 million in July-September 2016.

Cognizant, which follows January-December as a fiscal, has a majority of its workforce in India.

Revenues rose 9.1% to $3.77 billion in the third quarter, meeting its guidance range of $3.73-3.78 billion for the period.

Cognizant has also revised its revenue growth outlook for the full year to 9.5-10% ($14.78-14.84 billion) compared to a previous forecast of 9-10% growth.

For the fourth quarter, it expects revenues to be in the range of $3.79-3.85 billion.

“We are making consistent progress in executing the plan to accelerate our shift to digital services and solutions,” Cognizant CEO Francisco D’Souza said.

Cognizant has systematically built the significant capabilities needed to help clients transform their business, operations, and technology models, he added.

“We believe our long-term relationships with clients and deep understanding of their priorities put us in a privileged position to help them adapt, compete, and grow,” he said.

D’Souza recently told Mint in an interview that Cognizant would always remain open to engaging with and listening to “constructive” suggestions from key shareholders.