Nasdaq listed IT services company Cognizant reported growth of 10% in its annual revenue for CY2021 at $18.5 billion. This marks the company’s return to double-digit annual revenue growth for the first time after 2015.
Cognizant also guided that for FY2022 it expects revenue growth to be in the range of 8.5% to 11.5%, which means revenue outlook of $20 billion to $20.5 billion.
Cognizant reported revenue of $4.8 billion in Q4 (December quarter), up 14.5% year-on-year in constant currency. For the same quarter, TCS reported revenue growth of 15.4% at $6.52 billion & Infosys reported growth of 21.5% at $4.25 billion for the Oct-Dec quarter.
The company which has been severely hit by rising attrition said that it has seen a record year in hiring at both fresher and lateral levels. It added 33,000 college graduates in India in 2021. It hired a total number of 41,000 associates for the fiscal. Attrition for the fourth quarter was at 28% (LTM basis) and voluntary annualized attrition was up 31%. Still higher than TCS, and Infosys. Attrition for the company has come down from 33% in Q3.
Cognizant also reported that its digital revenue is now 45% of its total revenue and grew 20% year-on-year.
