IT services company Cognizant Technology Solutions Corp, based in the US but with its operations in India, on Thursday surpassed India’s second-largest software services major Infosys in terms of revenue growth, reporting a 17% year-on-year rise in revenue at $1.95 billion (Rs 10,379 crore) for the October-December quarter.
The company reported a 16% year-on-year increase in net profit to $278.8 million (Rs 1,484 crore) during the quarter, aided by a 20% rise in revenue from core financial service management business and a 9.4 % increase in the healthcare management business.Cognizant added 6,300 people during the quarter, taking its total headcount to 156,700.
The company follows a January-December fiscal year. Though it is not listed in India, about 75% of its employees are based in India and is often referred to as an Indian entity.
In full-year results, Cognizant reported a 19% growth in net profit at $1.1 billion (Rs 5,852 crore) and a 20% growth in revenue at $7.3 billion (Rs 38,836 crore) in 2012.
The company gave a revenue guidance of $2 billion for the first quarter of 2013 and $8.6 billion for the full year 2013.
“We are pleased to once again deliver industry-leading revenue growth in 2012,” said Francisco D'Souza, CEO, Cognizant.