Cognizant net up 37.6% to $505 mn; sees revenue 7-9% growth this year
IT company Cognizant has reported a 37.6 per cent rise in its March quarter net income at USD 505 million, and said it expects its revenue to grow 7-9 per cent during the year.
The company, which follows January-December financial year, said its net profit was at USD 367 million in the March 2020 quarter.
The US-headquartered company, which has about 2 lakh employees based in India, saw its March 2021 quarter revenue growing 4.2 per cent to USD 4.4 billion over the year-ago period.
"In the first quarter, we successfully executed our strategy of embracing digital, investing in international expansion and repositioning the Cognizant brand. Cloud migration and digital adoption create a significant opportunity for Cognizant in the coming years," Cognizant Chief Executive Officer Brian Humphries said.
He added that the ongoing humanitarian crisis, especially in India, is deeply concerning.
During an investor call, Humphries said Cognizant is making a multi-million dollar investment to assist India through the crisis.
"This is focused on covering operational expenses at hospitals throughout India that are caring for COVID19 patients. Funding the efforts of UNICEF in India to deploy oxygen generation plants, COVID diagnostic testing and medical supplies and partnering with one of India's leading hospital chains to set up vaccination centers in locations across the country, including some of Cognizant's own facilities," he added.
This is in addition to the ongoing support of associates, which includes homecare and hospitalisation assistance, vaccination cost reimbursement for associates and their families, and making vaccine availability easier for those with disabilities, he noted.
"The impact of the pandemic on industry attrition rates, absenteeism and client delivery remains somewhat uncertain. We monitor our situation daily, and we'll continue to prioritise the health and safety of our associates while serving our clients who've been particularly sup