Cognizant Q1 net profit up 37.6% to $505 mn

IT company Cognizant has reported a 37.6% rise in its March quarter net income at $505 million, and said it expects its revenue to grow 7-9% during the year. The company, which follows January-December financial year, said its net profit was at $367 million in the March 2020 quarter.

The firm, which has about 200,000 employees based in India, saw its March 2021 quarter revenue growing 4.2% to $4.4 billion over the year-ago period.

“In the first quarter, we successfully executed our strategy of embracing digital, investing in international expansion and repositioning the Cognizant brand. Cloud migration and digital adoption create a significant opportunity for Cognizant in the coming years,” Cognizant chief executive officer Brian Humphries said.