Cognizant Q3 net profit up 11% at $495 million

Cognizant Q3 net profit up 11% at $495 million

Cognizant Q3 net profit up 11% at $495 million

US-based IT major Cognizant on Wednesday said its net profit has jumped 11.4% to $495 million during September 2017 quarter from the year-ago period.

This is against a net profit of $444 million in July-September 2016, Cognizant said in a statement.

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

The company's revenues rose 9.1% to $3.77 billion in the third quarter, meeting its guidance range of $3.73-3.78 billion for the period.

Cognizant has also revised its revenue growth outlook for the full year to 9.5-10% ($14.78-14.84 billion) compared  with a previous forecast of 9-10% growth.

For the fourth quarter, it expects revenues to be in the range of  $3.79-3.85 billion.

"We are making consistent progress in executing the plan to accelerate our shift to digital services and solutions," Cognizant CEO Francisco D'Souza said.

Cognizant has systematically built the significant capabilities needed to help clients transform their business, operations, and technology models, he added.

"We believe our long-term relationships with clients and deep understanding of their priorities put us in a privileged position to help them adapt, compete, and grow," he said.