Cognizant Q2 net income up 41.8% to $512 million; to hire 1 lakh people this year

Cognizant has reported 41.8% increase in June quarter net income at $512 million (around ₹3,801.7 crore), and said it expects to hire about one lakh people this year as the IT major looks to arrest hi

Cognizant has reported 41.8% increase in June quarter net income at $512 million (around ₹3,801.7 crore), and said it expects to hire about one lakh people this year as the IT major looks to arrest high attrition rates in the company. The US-based company, which posted a net income of $361 million in the June 2020 quarter, has also raised its FY2021 revenue growth guidance to 10.2-11.2 per cent (9-10 per cent in constant currency) on the back of strong booking momentum. Cognizant's revenue rose 14.6 per cent (12 per cent in constant currency) at $4.6 billion in the quarter under review, from $4 billion in the year-ago period. This is higher than the company's guidance of 10.5-11.5 per cent revenue growth for the June 2021 quarter.