Cognizant Q3 net profit dips 3.6% to $477 mn on higher foreign exchange losses; revenue rises 8.3% to $4.08 bn


New Delhi: US-based IT main Cognizant on Tuesday mentioned its web revenue dipped 3.6 % to $477 million within the September quarter on account of upper international trade losses.

The corporate had registered a web revenue of $495 million in July-September 2017, Cognizant mentioned in an announcement.

“The lower in web revenue was primarily as a consequence of increased web non-operating international trade losses in 2018 pushed by the depreciation of the Indian rupee versus the prior yr interval,” it added.

Representational picture. Reuters

The corporate’s revenues rose 8.Three % to $4.08 billion within the third quarter, assembly its steering vary of $4.06-4.10 billion for the interval. Within the September 2017 quarter, its income was $3.77 billion.

Cognizant expects its income for the total yr to be within the vary of $16.09 billion to $16.13 billion. For the fourth quarter, it expects revenues to be within the vary of $4.09-4.13 billion.

The corporate, which follows January-December as fiscal, has a majority of its workforce in India.

“Cognizant delivered robust third-quarter leads to three of our 4 enterprise segments. We made continued progress in our shift to digital by constructing new capabilities and serving to our shoppers excel with digital providers and options,” Cognizant CEO and Vice Chairman of the Board Francisco D’Souza mentioned.

He added that the corporate’s efficiency this yr demonstrates its “skill to each make investments for development and obtain our monetary targets”.

“We delivered stable efficiency within the third quarter as we continued to give attention to sustainable income development whereas rising margins…The power of our steadiness sheet permits the corporate to keep up monetary flexibility whereas driving a considerable return of capital to shareholders,” Cognizant CFO Karen McLoughlin mentioned.



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