The Hindu : Business : Cognizant's revenue up 59 p.c. in 2004

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Friday, Feb 11, 2005

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Business

Cognizant's revenue up 59 p.c. in 2004

By Our Special Correspondent

CHENNAI, FEB. 10. Cognizant Technology Solutions Corporation today reported that its fourth quarter revenue for the period ended December 2004 increased to $172.8 million, up 11 per cent sequentially and 60 per cent from the year-ago quarter. The revenue for the fourth quarter increased to $172.8 million from $155.4 million in the third quarter of 2004. It was up 60 per cent from $108.2 million in the fourth quarter of 2003. Net income for the fourth quarter increased to $30.6 million compared to $17.7 million in the fourth quarter of 2003.

The revenue for 2004 increased to $586.7 million from $368.2 million, up 59 per cent year-over-year.

Net income for the full year increased to $100.2 million from $57.4 million in 2003. The company has projected revenue of $180 million for the first quarter in 2005, a 50 per cent jump over the corresponding period in 2004.

The total headcount is also expected to be over 22,500 by the end of fiscal 2005. Currently, it has around 15,300 employees.

Lakshmi Narayanan, President and CEO, said in a release that the company continued to expand existing clinet relationships through cross-selling an ever increasing range of high value services.

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