Cognizant net up 17%; lowers 2012 guidance | business | Hindustan Times
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Cognizant net up 17%; lowers 2012 guidance

business Updated: May 07, 2012 21:23 IST

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US-based software services firm Cognizant Technology Solutions on Monday posted a 17% year-on-year rise in net profit at $243.7 million for January-March, 2012.

The company had registered a net profit of $208.3 million in the first quarter of 2011, Cognizant said in a statement.

Cognizant, the third largest software services firm in India after Tata Consultancy Services and Infosys, follows a January-December fiscal. Though it is not listed in India, 75% of its over 140,000 employees are based in India and it is often referred to as an Indian entity.

The revenue of the company grew by 24.8% to $1.71 billion in the quarter under review, which was marginally lower than that of Infosys for the same quarter.

Cognizant has lowered its revenue guidance for 2012 to at least $7.34 billion from $7.53 billion forecast earlier.