The Hindu Business Line : Cognizant sees 50% growth in turnover

Mr Lakshmi Narayanan, President & CEO, Cognizant Technology Solutions (left), and Mr R. Rajagopalan, Vice-President - Finance, at a press conference in Mumbai on Wednesday. — Paul Noronha

Mumbai , Aug. 31

COGNIZANT Technology Solutions India Pvt Ltd on Wednesday inaugurated its Mumbai Development Centre at the Hiranandani IT Park.

The company has approximately 100 professionals at the centre and will raise this to 400 by the end of the year, according to Mr Lakshmi Narayanan, President and CEO, Cognizant. The centre is about 25,000 sq ft and will acquire an additional 50,000 sq ft at the centre, which can accommodate 750 professionals.

According to Mr Narayanan, the company is expecting a turnover of over $870 million this calendar year — a 50 per cent growth over last year's turnover. He said the company was on track to achieve the increased turnover as it had done very well in the first two quarters of the year.

In the next two years, the company will invest roughly $60 million in expanding its operations in the country.

In terms of headcount, the company expects to employ over 23,000 people by the year's end, with 16,000 of them based in India.

Mr Narayanan said the company was expanding operations to Mumbai to take advantage of business from the financial services and pharmaceuticals industries. A number of global pharma companies also have operations in Mumbai and many large local players are also located here.

In value terms, the company derives 48 per cent of its revenues from financial services (banking, capital market and insurance), 22 per cent from the healthcare and life sciences segment, 18 per cent from retail, manufacturing and logistics and the rest from telecommunications and others. It derives 85 per cent of its revenues from the US.

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