Cognizant Reported 11.4% Fall in Profit
Cognizant Technology Solutions India’s (CTSI) net profit declined 11.4 per cent to Rs 5,455 crore in FY20 from Rs 6,160 crore in FY19, as per regulatory documents.
The company’s revenue, however, increased 2.3 per cent to Rs 31,050 crore in the fiscal ended March 31, 2020 from Rs 30,347 crore in FY2019, according to Registrar of Companies filing shared by market intelligence firm Tofler.
Emails sent to the company did not elicit any response. Cognizant has a significant presence in India with about 2 lakh employees.
The company’s expenditure was almost flat at Rs 21,763 crore in FY20 as compared to last year.
“During the financial year, the company continues to witness growth owing to enhanced relationship with company’s most trusted customers and initiating new long term partnerships with leading businesses in India spanning across private banks, large pharma and consumer goods companies,” the filing said.
From end-to-end IT outsourcing to multi-year matured managed services, and from strategic digital transformation to new-age infrastructure services, Cognizant is today working with some of the top enterprises in India, it added.
The company is also helping some of the leading global organisations in making their India based operations more efficient, it said.
“With more than a decade of experience in servicing customers in India, the company has witnessed evolution of the sector and the growth of Indian economy and continues to stay committed to grow and focus on the demands of customers in India,” it noted.
Cognizant has demonstrated its commitment by investing in its team to equip them with latest digital skills, onboarding leaders with expertise in a wide range of industries and technologies and strengthening its industry/technology alliances, it added.