Saturday, Jan 29, 2022
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Cognizant Technology Solutions India Net Profit Plunges 40% To Rs 3,265 Crore In FY21

The company's revenue also dipped nearly 5% to Rs 29,682 crore in the fiscal ended March 31, 2021, from Rs 31,196 crore in FY2020

Cognizant Technology Solutions India Net Profit Plunges 40% To Rs 3,265 Crore In FY21
Cognizant Technology Solutions India Net Profit Plunges 40% To Rs 3,265 Crore In FY21 -

Cognizant Technology Solutions India's (CTSI) net profit declined by about 40% to Rs 3,265 crore in FY21 from Rs 5,464 crore in FY20, according to regulatory documents.        

The company's revenue also dipped nearly 5% to Rs 29,682 crore in the fiscal ended March 31, 2021, from Rs 31,196 crore in FY2020, according to a Registrar of Companies filing that was shared by market intelligence firm Tofler.        

When contacted, Cognizant in an emailed statement said the statutory filings in India are not representative of the company's overall performance.

“Cognizant has reported a record-setting second quarter; highest ever quarterly revenue at $4.6 billion; the largest-percentage quarterly growth since 2015, up to 14.6%; and the company beat Wall Street expectations and increased revenue and earnings per share guidance,” it added.  

Cognizant has a significant presence in India with about 2 lakh employees.        

CTSI saw its total expenses increasing to Rs 24,981.7 crore in FY21. The employee benefit expense has risen to Rs 19,827 crore in FY21 over the previous fiscal, as per the document.        

“During the financial year, the company continues to witness growth owing to an enhanced relationship with company's most trusted customers and initiating new long term partnerships with leading businesses in India spanning across private banks, large pharma and consumer good companies," the filing said.        

(With inputs from PTI)

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