Cognizant revenue growth increased in Q4 2015

Francisco D'Souza, CEO of Cognizant Technology
IT services provider Cognizant today said its revenue for the fourth quarter of 2015 rose 17.9 percent to $3.23 billion.

The 18 percent growth in revenue indicates that Cognizant has done better than Infosys, HCL Technologies, Wipro and Tata Consultancy Services (TCS).

Cognizant CEO Francisco D’Souza said: “At a time when major technology shifts are disrupting all industries, clients are looking to a partner like Cognizant to work with them to create the winning business models of tomorrow at the intersection of the physical and digital worlds.”

Cognizant revenue in 2015 increased 21 percent to $12.42 billion.

After the December floods in Chennai, Cognizant in January said that it executed its Business Continuity Plan, which largely mitigated the financial impact of the flooding. Incidentally, the Chennai rains and floods impacted several IT companies in India.

Net employee addition at Cognizant for the fourth quarter was approximately 2,400 to end the year with around 221,700. During the fourth quarter, healthcare reported a 23.2 percent increased in revenue followed by financial services with 16.6 percent, manufacturing, retail and logistics 14.3 percent and others 15.3 percent.

Cognizant said revenue from North America increased 18.7 percent, Europe by 9 percent and rest of the world by 34 percent.

Gordon Coburn, President, Cognizant, said that while digital opportunities significantly expand the company’s addressable market, the rapidly growing consulting, infrastructure and business process services and geographic market expansion, continue to be drivers of demand for services.

Cognizant added eight customers in the quarter, defined as clients that have the potential to generate at least $5-50 million or more in annual revenue, bringing the total number of strategic clients to 300.

Cognizant is targeting revenue in the range of $3.18 billion to $3.24 billion in the first quarter of 2016 and in the range of $13.65 billion to $14.20 billion in 2016.

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