Cognizant retaining market share post the change of guard

Locally listed Infosys was expected to pull ahead of Cognizant this year in the revenue sweepstakes, building on the 15% annual growth logged over past two years, but a pronounced tempering in sales guidance by India’s second-biggest software exporter will likely allow its Nasdaq-listed rival to widen the gap.

While Infosys clocked $18.2 billion for the fiscal year-ended 2023, Cognizant reported a revenue of $19.4 billion for calendar year 2022. According to ET’s calculations, the New Jersey-based firm’s revenue for the comparable FY23 period too came in at $19.4 billion. The gap could widen instead of narrowing as Cognizant is defending its market share since the change of guard earlier this year, according to analyst reports.