Cognizant Q2  profit up 11.6 per cent

New Delhi: IT major Cognizant on Thursday posted 11.6% increase in net profit to USD 509 million for June 2019 quarter, and said it expects 3.9-4.9% growth in annual revenue this year. The US-based company, which has a significant portion of its workforce based in India, had posted a net profit of USD 456 million in the year-ago period, Cognizant said in a statement.

Its revenue grew 3.4% to USD 4.14 billion in the second quarter of 2019, compared to USD 4 billion in the year-ago period. The topline rose 4.7% on constant currency basis, meeting the guidance of 3.9-4.9% growth in the June 2019 quarter. For July-September quarter, Cognizant expects its revenues to be 3.8-4.8% in constant currency, while for the full year, the topline is forecast to grow by 3.9-4.9%.

"We are taking the necessary steps to position Cognizant for improved commercial and financial performance. While there is lots of work ahead, I am encouraged by what I have seen to date and am optimistic on our future," Cognizant Chief Executive Officer Brian Humphries said. Cognizant CFO Karen McLoughlin said the second quarter results were in-line with its guidance, and the company is set to achieve its full-year outlook.

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