Cognizant Technology Solutions, the US-based IT company with a large employee presence in India, ended the year 2021 with record numbers. Net profit was up 82 per cent at $576 million for the fourth quarter ended December 31, 2021 as against $316 million over the same period last year. It reported the highest ever quarterly revenue $4.8 billion, up 14.5 per cent over the corresponding period last year.
Double-digit annual revenue
Net profit for 2021 increased by 54 per cent to $2.14 billion ($1.4 billion). Annual revenue rose by 10 per cent to $18.5 billion - the highest ever. The 2021 annual revenue of $18. 5 billion also marked the company’s return to double-digit annual revenue growth for the first time since 2015, says a press release.
The company’s performance during this period amid unprecedented demand for IT services and digital transformation led to several significant milestones in the company’s 27-year history.
Cognizant ended the year with the highest-ever employment of 330,600 employees, up 14 per cent year-over-year. It added a record 33,000 new college graduate hires in India in 2021; overall it hired 41,000 employees in the year..
The company is projecting its 2022 annual revenue to be $20 billion- $20.5 billion, up 8.5%-11.5% and the highest ever annual revenue outlook, the release said.
"I am proud of Cognizant’s broad-based progress over the past year. We successfully executed our strategy by meaningfully enhancing our digital portfolio, strengthening our international presence, and helping our clients be successful,” said Brian Humphries, CEO, Cognizant. “We enter 2022 with momentum and confidence that our talented employees position us to capture the substantial market opportunity."