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Cognizant Q1 net rises 62 pc

Our Bureau

Chennai , April 27

COGNIZANT Technology Solutions Corporation, the US-based provider of IT services with strong offshore presence in India, has reported a net profit of $32 million on revenues of $182 million for the first quarter ended March 31, 2005, as against a net profit of $20 million on revenues of $120 million for the corresponding quarter last year. This represents a 62-per cent increase in net profit, according to a company press release.

Cognizant added over 1,700 associates in the first quarter and ended the quarter with approximately 17,000 employees. "We are pleased to report that Cognizant has delivered another quarter of strong financial results, driven by continued demand for premium IT solutions from our onsite/offshore model," said Mr Lakshmi Narayanan, President and CEO of Cognizant.

Based on current visibility, the company said in the second quarter revenue is anticipated to be at least $206 million, including an expected contribution of approximately $6 million from the recently acquired consultancy, Fathom. The fiscal 2005 revenue is likely to be at least $870 million, including an expected contribution from Fathom of approximately $20 million.

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