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Cognizant Q2 net rises to $23.8 m

Our Bureau

Chennai , July 26

COGNIZANT Technology Solutions Corporationhas reported increased revenue of $138.7 million during the second quarter ended June 30, a 59-per cent increase over revenues in the corresponding quarter last year of $87.4 million.

Net profit for the second quarter increased to $23.8 million ($13.50 million).

Cognizant has raised its revenue guidance for the second time during this calendar year to at least $565 million for calendar 2004.

At the end of first quarter, Cognizant raised its revenue guidance from $520 million to $530 million for calendar 2004, says a company press release.

The US-based firm has a strong offshore presence in India, and its shares are listed only on the Nasdaq. "The second quarter was exceptionally strong as we reported substantially better than expected results with solid growth across all of our verticals," said Mr Lakshmi Narayanan, President and CEO.

"Application development services continued to show strong momentum, growing 77 per cent year-over-year. Our focus on building long-term customer relationships has led to increased client penetration and opportunities to cross-sell our services to existing and new strategic customers, enabling Cognizant to grow faster than any of our peers in the industry."

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