Cognizant Net profit at $361 million in Q2, drops 29%

US-based IT services major Cognizant Technology Solutions recorded a 29 percent fall in June quarter with a total income of $361 million (around Rs 2,701 crore). However, the giant is confident about setting its growth back in the upcoming quarters.

During the said period (June) of last year, the company posted a total earning of $509 million and said it expects an income ranging between $16.4-16.7 billion in the financial year 2020. But in reality, the company witnessed a 3.4 percent fall in the revenue collection in June 2020.

Cognizant Technology Solutions is the second-largest software company in India after TCS and it holds a significant workforce in India, touching around 2 lakh employee base alone in India. The company follows January-December as a financial year.

Cognizant CEO Brian Humphries said –”We delivered a solid second-quarter performance whilst continuing to improve our competitiveness. Against an uncertain economic backdrop, we remain steadfast in investing in our clients and our associates, and in executing our digital strategy to position Cognizant for accelerated momentum.”

The coronavirus pandemic has hit the company hard primarily in April.

Brian Humphries anticipates landing on a positive side during the second half of this year. He also said when compared to the other peer companies like TCS and Wipro, his company didn’t perform as expected but he is very much confident about regaining his numbers by entering the competition again.

As per the experts, Cognizant Technology Solutions has outperformed its peers mainly in the European region.

He also informed that his company is busy hiring sources to take the growth to the new level. The company has done quite well in June despite the ongoing pandemic.

He further said in the first half of the year the company witnessed markable progress on the digital side, where bookings are made up to 50 percent. So, he believes that his company is doing everything to get a strong result in the second half of the year.

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