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Cognizant Q3 revenues up 35%

Calcutta, Oct. 17: Cognizant Technology Solutions (CTS) has recorded a 35 per cent rise in revenues to $61.2 million for the third quarter ended September 30, from $ 45.5 million a year back.

Net income in the third quarter increased to $ 9.7 million from $ 6.1 million last year.

The software solutions company has revised its annual revenue guidance for the second time this year from $ 218 million to $ 226 million. Earlier, at the end of the second quarter, the company revised its annual revenue guidance from $ 200 million to $ 218 million.

“We have exceeded our own expectations as the trend to move work offshore builds increasing momentum,” said Kumar Mahadeva, chairman and chief executive officer of CTS.

“Application management revenue increased 14 per cent sequentially and 47 per cent year over year. We signed six new customers this quarter, the majority of which are blue chip companies with potential for large revenue outlays.”

Application management contributed to 58 per cent of the revenues this quarter, with the rest coming from application development and integration.

The major chunk of revenues came from the US, with Europe contributing 13 per cent and Asia a mere 1 per cent.

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