The Hindu : Business : CTS to invest $200 m

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Friday, Nov 03, 2006
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CTS to invest $200 m

Staff Correspondent

To build fully-owned techno-complexes

CHENNAI: Cognizant Technology Solutions (CTS) has announced that it will invest over $200 million (over Rs. 900 crore) in India infrastructure expansion through the end of 2008 on land acquisition, facilities construction and furnishing.

The company expects to build new fully owned techno-complexes and expand its infrastructure in Chennai, Coimbatore, Hyderabad, Kolkata, and Pune. Total headcount by the end of 2006 is expected to be 38,000 (revised upward from 36,000 announced at the end of June). Cognizant's third quarter revenue increased to $377.5 million, up 60 per cent from the year-ago quarter. For the nine months ended September 2006, revenue increased to $999.8 million, up 59 per cent from the year-ago period.

Net income under Generally Accepted Accounting Principles (GAAP) was $61 million as compared to $40.6 million in the third quarter of 2005. Based on current visibility, revenue guidance for calendar 2006 has been revised upward to at least $1.405 billion (up from $1.370 billion).

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