Cognizant reports 11.48% rise in Q1 Profit after Tax at USD $563 mn

Global IT solutions provider Cognizant on Thursday reported a 11.48 per cent increase in net profit for the quarter ended March 31 at USD 563 million.

Mumbai, May 5: Global IT solutions provider Cognizant on Thursday reported a 11.48 per cent increase in net profit for the quarter ended March 31 at USD 563 million. The company had reported a profit of USD 505 million in the same quarter last year. Its revenue for the January-March quarter rose to USD 4.8 billion from USD 4.4 billion in the corresponding quarter last year. Registering a growth of 9.7 per cent. “Thanks to our talented employees. We delivered on our first quarter commitments in what is an intensely competitive global labor market”. Said Brian Humphries, Chief Executive Officer. He further said while the economic backdrop is uncertain. We remain optimistic about the demand outlook for our solutions. “Our strategic repositioning enables us to engage more deeply with clients. Helping them succeed, and supports our growth trajectory”.

He added. Commenting on the performance of the company, its CFO Jan Siegmund said. “Our first quarter performance reflects strong revenue growth in our digital portfolio. And a healthy demand environment. We remain focused on investing to support growth opportunities. While also executing on pricing to offset the impact of compensation pressure. Driven by the continued labor supply-demand imbalance”. The company has set a revenue guidance of 7.2-9.2 per cent or 9-11 per cent. In constant currency for the full year 2022. “Our updated 2022 constant currency revenue guidance includes an improved organic revenue growth outlook. And a lower inorganic contribution, reflecting a disciplined acquisition strategy”. He added.

(Except for the headline. This story has not been edited by Business Upturn staff and is published from a syndicated feed.)

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