Business
Cognizant revenue up
By Our Corporate Reporter
CHENNAI
FEB. 11.
Cognizant Technology Solutions has achieved a 22 per cent growth in revenue through applicant management during the fourth quarter and a 43 per cent increase for the full year. The company derived substantial growth in the fourth quarter in healthcare and financial service practices. This partially offset the decline in revenue from travel industry, according to a release. Revenue for the year ended December 31, 2001 has grown by 30 per cent to $177.8 million from $137 million. Proforma net income for 2001 has increased by 32 per cent to $23.4 million from $17.7 million in the prior year.
Net income for the year ended December 31, 2001, inclusive of the one-time charge, stood at $22.2 million. Revenue for the fourth quarter increased to $43.5 million up 6 per cent from $41.1 million. Gross margin and operating margin for the fourth quarter improved to 49.4 per cent and 20.8 per cent, from 48.8 per cent and 19.2 per cent respectively.
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