Cognizant Technology Solutions India has reported a 40 percent decline in net profit at Rs. 3265 crore in FY21 from Rs. 5464 crore in the last financial year.
The revenue of the company also decreased by 5 percent at Rs. 29682 crore in the FY20 from Rs. 31196 crore in fiscal 2019, according to Registrar of Companies filings shared by market intelligence firm Tofler.
Cognizant India reported increased expenses at Rs. 24981.7 crore in FY21. The employee benefit expenses have risen to Rs. 19827 crore in the year over the last financial year, as per the document.
However, Cognizant India continues to witness growth due to its enhanced relationships with trusted clients and initiating new long-term partnerships with leading businesses in India across private banks, pharma, and consumer goods companies during the fiscal, according to the filings.
The company has revised its fiscal year guidance to 10.2 percent to 11.2 percent or 9 to 10 percent on a constant currency term. It has guided growth of 5.5 percent to 7.5 percent for the first quarter of 2021.
From end-to-end IT outsourcing to multi-year matured services, from strategic digital transformation to new-age infrastructure services, Cognizant India is currently working with some of the top enterprises in India. Additionally, it is helping some of the leading global organizations make their India-based operations more efficient.
The company has witnessed the evolution of the sector and the growth of the Indian economy. It stays committed to growing and focusing on clients’ demands in India with more than a decade of experience in serving them.
According to the filling, “Cognizant India has demonstrated its commitment by investing in the team to equip them with latest digital skills, onboarding expert leaders with experience in a wide range of industries and technologies to strengthen Industry and Technology alliances.”
Recently, Cognizant US reached a 95 million USD settlement to resolve a lawsuit accusing the company of deceiving shareholders by concealing bribes to officers in India.