Cognizant Q4 results mark its return to double digit annual revenue growth
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Nasdaq listed IT services company Cognizant reported growth of 10 per cent in its annual revenue for CY2021 at $18.5 billion. This marks the company’s return to double-digit annual revenue growth for the first time after 2015.
Cognizant also guided that for FY2022 it expects revenue growth to be in the range of 8.5 per cent to 11.5 per cent, which means revenue outlook of $20 billion to $20.5 billion.
Cognizant reported revenue of $4.8 billion in Q4 (December quarter), up 14.5 per cent year-on-year in constant currency. For the same quarter TCS reported revenue growth of 15.4 per cent at $6.52 billion. And Infosys reported growth of 21.5 per cent at $4.25 billion for the Oct-Dec quarter.
The company which has been severely hit by rising attrition said that it has seen record year in hiring at both fresher and lateral levels. It added 33,000 college graduates in India in 2021. It hired a total number of 41,000 associates for the fiscal. Attrition for the fourth quarter was at 28 per cent (LTM basis) and voluntary annualized attrition was up 31 per cent. Still higher than TCS, and Infosys. Attrition for the company has come down from 33 per cent in Q3.
"We successfully executed our strategy by meaningfully enhancing our digital portfolio, strengthening our international presence, and helping our clients be successful,” said CEO Brian Humphries. “We enter 2022 with momentum and confidence that our talented employees position us to capture the substantial market opportunity."
Cognizant also reported that its digital revenue is now 45 per cent of its total revenue and grew 20 per cent year-on-year.
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