Business Daily from THE HINDU group of publications
Thursday, May 08, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Thursday, May 08, 2008 ePaper | Mobile/PDA Version | Audio |
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Info-Tech
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Financial Performance Corporate Results - Software Cognizant Q1 net income surges 36% Our Bureau Chennai, May 7 Cognizant Technology Solutions, the US-based software company with offshore centres in India, reported 36 per cent increase in net income at to $102 million during the first quarter ended March 2008 against $75 million in the corresponding quarter last year. Revenues increased by 40 per cent to $643 million ($460 million), but the sequential growth was 7.2 per cent from $600 million. The company expects its second quarter revenues to be around $680 million, which will be 5.75 per cent higher than the March quarter. For fiscal 2008, revenues will be around $2.95 billion, a 38 per cent increase over 2007, says a company press release. The March quarter’s results was achieved despite the increased economic uncertainty and challenges in the financial services industry, Mr Francisco D’Souza, President and CEO, Cognizant, said. ‘more cautious’“We have adopted a more cautious view for the remainder of the year to reflect the heightened economic challenges over the past two months. However, we believe that the current environment also presents us with opportunities to help clients in industries such as financial services, healthcare and media adapt to the structural changes that are transforming their industries,” he said in the release. In addition, clients are also seeking cost rationalisation solutions in order to compensate for the pressures on their businesses. The investments the company has made in broadening its service offerings, building domain expertise and advanced consulting and analytics capabilities position us well to capitalise on these needs, he said. More Stories on : Financial Performance | Software
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