Cognizant may lose market share as CY21 revenue guidance lags Indian IT peers

MUMBAI : The March quarter earnings of global IT company Cognizant Technology Solutions were better than anticipated. In Q1CY21, revenue in constant currency terms grew 2.4%, aided by the improved performance of its healthcare vertical. The company follows calendar year as financial year. Revenue at $4.4 billion, was only marginally better than $4.2 billion seen in the previous quarter. Net profit at $505 million rose from $367 million compared with the year ago period and from $316 million in December.

Following its March quarter earnings, Cognizant revised it revenue growth guidance for CY21 upward. It now foresees full year 2021 revenue to be around $17.8 billion-$18.1 billion.