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| Cognizant net income in fourth quarter up 28% |
| BS Reporter / Chennai Feb 10, 2010, 00:38 IST |
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Cognizant Technology Solutions’ fourth-quarter net income rose to $144 million (Rs 662.4 crore), up 28 per cent from $112.3 million (Rs 516 crore in the same period last year. Revenue rose to $902.7 million (Rs 4,149.2 crore) from $753 million (Rs 3,463.8 crore) last year, an increase of 20 per cent.
The information technology, consulting and business-process outsourcing company’s net headcount addition exceeded 10,300 employees, taking the company’s global headcount to approximately 78,400, according to its statement.
Earnings for the quarter included $4.5 million (Rs 20.7 crore) of net pre-tax non-operating foreign exchange losses.
“Despite a very difficult economy, Cognizant delivered strong results, with 16 per cent annual revenue growth. The investments we made in our business leave us in an even stronger position than when we entered 2009,” said Francisco D’Souza, president and chief executive officer.
The company said revenue in the first quarter of 2010 is likely to be around $935 million (Rs 4,301 crore) and for the entire financial year, $3.935 billion (Rs 18,078 crore), up at least 20 per cent compared to 2009.
A continued focus on operational excellence, combined with aggressive hiring in the latter part of last year, leaves us well-positioned for a strong 2010, said Gordon Coburn, chief financial and operating officer.
The company, said Coburn, strengthened the balance sheet in 2009, with cash, short-term and long-term investments increasing by over $210 million (Rs 966 crore) during the fourth quarter and over $625 million (2,875 crore) for the full year, to a total of $1.55 billion (Rs 7,130 crore).
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