Cognizant surpasses Infosys to become 2nd largest IT firm in terms of revenues

Cognizant surpasses Infosys to become 2nd largest IT firm
Nasdaq listed Cognizant Technology Solutions, which came into existence some 13 years after Infosys, surpassed the latter to become second largest IT company of India in terms of revenues at the end of March quarter.

For the last four quarters, Cognizant reported USD 7.655 billion in revenue, USD 255 million more than that of Infosys during this period. Not only this, Cognizant also beats Infosys in most of the operating parameters. For instance: the quarter on quarter increase in Cognizant's revenues at 3.7 per cent during March quarter was the best among India's top notch IT firms including Infosys, TCS, Wipro, HCL Tech.

On year-on-year basis, the company has reported 18.1 per cent growth in revenue during the first quarter at USD 2.02 billion as compared to USD 1.71 billion during the same quarter of 2012.

Net income of the company rose to USD 284.2 million in the first quarter from USD 243.7 million, a year earlier, helped by robust spending from top clients in Europe.

The company has reaffirmed full year guidance of at least 17 per cent, which is higher than NASSCOM's estimation for the overall industry growth of 12-14 per cent.

"Our performance during the first quarter was strong, and we are encouraged by the healthy demand for our broad range of services," said Francisco D'Souza, Chief Executive Officer. "We continue to make solid progress developing emerging offerings in new markets, new SMAC technologies, and new non-linear solutions and services," he added.

Cognizant expects its revenues to be around USD 8.6 billion in 2013, an increase of 17 per cent compared to 2012. Also read benefits of an online transfer of epf

Read more about: infosys
Story first published: Thursday, May 9, 2013, 10:30 [IST]
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