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Updated on: Thursday, September 23, 2021, 10:05 AM IST

Cognizant Technology Solutions India net profit falls 40% to Rs 3,265 cr in FY21

PTI
Cognizant Technology Solutions India's revenue dipped nearly 5% to Rs 29,682 crore in the fiscal ended March 31, 2021/ Representational image |

Cognizant Technology Solutions India's revenue dipped nearly 5% to Rs 29,682 crore in the fiscal ended March 31, 2021/ Representational image |

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Cognizant Technology Solutions India's (CTSI) net profit declined by about 40 per cent 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 per cent 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 per cent; 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 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.

From end-to-end IT outsourcing to multi-year matured managed services, from strategic digital transformation to new-age infrastructure services, the company is today working with some of the top enterprises in India and helping some of the leading global organisations in making their India-based operations more efficient, it added.

"With more than a decade of experience in servicing customers in India, the company has witnessed evolution of the sector and the growth of Indian economy and continues to stay committed to grow and focus on the demands of customers in India.

"The company has demonstrated its commitment by investing in our team to equip them with latest digital skills, onboarding leaders with expertise in a wide range of industries and technologies and strengthening our Industry/Technology Alliances," the filing said.

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Published on: Thursday, September 23, 2021, 10:05 AM IST
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