Cognizant Q3 net up 9.5% at $276 mn

Cognizant has reported a 9.5 per cent increase in profit during the third quarter at $276 million as compared to $252 million the previous quarter. The company's revenue rose 5.6 per cent to $189 billion from $1.79 billion.  The company has estimated a 20 per cent growth in revenue for calendar 2012.

“The results reaffirm the acceptance of our value proposition that helps clients address the dual mandate of driving efficiency and effectiveness in their core business while investing in innovation and business transformation for long-term growth,” said Francisco D’Souza, Chief Executive Officer of Cognizant.

The company's growth was broad-based across services and geographies, added Gordon Coburn, President, Cognizant. He said: "Of particular note this quarter is the performance of our newer service offerings of consulting, business process outsourcing and IT infrastructure services."

He added that On a combined basis, these services had been growing materially faster than company average.

“They will continue to be important drivers of our long-term growth as each represents a large addressable market with low penetration of the global delivery model” Coburn added.

On the guidance, the company said during the fourth quarter 2012 revenue anticipated to be at least $1.94 billion and for fiscal 2012 revenue expected to be around $7.34 billion, up by around 20 per cent compared to 2011.