Cognizant net up 16%, reshuffles management

Cognizant Technology Solut-ions, the US-based global provider of information technology, consulting and business process outsourcing services, says it had 16.4 per cent growth in net profit, to $240.1 million, during the quarter ended December 31, as compared to $206 mn in the same quarter a year before. Revenue rose to $1.7 bn from $1.3 bn, up 26.9 per cent from the year-ago quarter.

In the calendar year 2011, revenue increased to $6.1 bn, up 33.3 per cent from $4.6 bn in 2010. The target is $1.7 bn for first quarter revenue in 2012.

Francisco D’Souza, chief executive officer, said the good results were the result of “continued investments in people, knowledge and technology”.

With business challenges driven by globalisation, regulatory changes, virtualisation and consolidation, and a confluence of new technology architectures such as mobile, social, cloud and big data, clients are increasingly looking to a partner like Cognizant that can create new levels of business value, he said.

“Last year was excellent for us. Broad-based revenue growth of 33 per cent and net staffing additions of 33,700 are testaments to our ability to scale and expand operations globally, while preserving our client-first culture and maintaining high levels of employee satisfaction,” said Gordon Coburn, president.

The net staffer addition for the quarter was about 7,300 and the year-end headcount around 137,700.

The company also announced a change in the top management.

Gordon Coburn, chief financial and operating officer, has been promoted to president, and Rajeev Mehta, chief operating officer ( global client services) to group chief executive (industries and markets). Chandra Sekaran, president and managing director (global delivery), has been promoted to group chief executive (technology and operations). Karen McLoughlin becomes CFO and Malcolm Frank promoted to executive vice-president (strategy and marketing).