Cognizant net up 16.6

The US-headquartered IT-services firm Cognizant,which has most of its employees based in India,on Wednesday posted a 16.6 per cent jump in quarterly profit backed by strong growth in manufacturing and financial services verticals as well as rise in outsourcing demand from Europe,which grew 23 per cent annually.

The Nasdaq-listed software services company recorded revenue of 2.02 billion during the January-March period,up 18.1 per cent year-on-year. The New Jersey-based IT firms net income during the quarter stood at 284.2 million,against 243.7 million a year ago. Sequentially,profit for the quarter grew 2 per cent for Cognizant while Infosys recorded a growth of 2.3 per cent during the period.

Cognizant CEO Francisco DSouza said,Our performance during the first quarter was strong and we are encouraged by the healthy demand for our broad range of services. We continue to make solid progress developing emerging offerings in new markets,new SMAC technologies,and new non-linear solutions and services.