Cognizant Q4 net up 16.44%; expects FY12 revenue at $7.53 bn

NEW YORK: IT major Cognizant on Wednesday reported a growth of 16.44 per cent in its net income at USD 240.1 million for the fourth quarter ended December 31, 2011.

The company had a net income of USD 206.2 million in the same period last year, NASDAQ-listed Cognizant said in a statement.

"We are very pleased, once again, to deliver industry leading revenue growth in 2011 while maintaining stable margins and investing for our long-term success," Cognizant CEO Francisco D'Souza said.

Revenue for the fourth quarter of 2011, rose to USD 1.66 billion, up 26.9 per cent from USD 1.31 billion.

Giving its outlook for the first quarter of 2012, the company said it expects first quarter revenue to be at least USD 1.70 billion. Cognizant expects the revenues for the entire 2012 to be at least USD 7.53 billion, up at least 23 per cent compared to the last year.

For the full year 2011, the company posted a net income of USD 883.6 million, up 20.46 per cent from USD 733.5 million in 2010. Revenue during the quarter under review increased to USD 6.12 billion, up 33.3 per cent from USD 4.59 billion.

"2011 was an excellent year for us. Broad-based revenue growth of 33 per cent and net staffing additions of 33,700 are testaments to our ability to scale and expand our operations globally while preserving our client-first culture and maintaining high levels of employee satisfaction," Cognizant President Gordon Coburn said.

The company's net headcount addition for the quarter exceeded 7,300, taking its total employees 137,700 at the end of year.