Cognizant Technology Solutions has reported a 12 per cent increase in net profit to $363 million in the fourth quarter ended December 31, 2014, compared to $324 million in the fourth quarter of 2013.
Revenue increased 16.4 per cent to $2.74 billion ($2.36 billion).
Excluding revenue from TriZetto (which Cognizant bought in September 2014), quarterly revenue was up 13 per cent from the year-ago quarter, said a company press release.
Net employee addition for the quarter was approximately 11,800, including TriZetto, and year-end headcount was approximately 211,500. The US-based IT company has over 80 per cent of its employees working in India.
Full year earnings
Net profit for the full year 2014 was up 17 per cent to $1.44 billion compared to $1.23 billion in 2013. Revenue was up 16.1 per cent to $10.26 billion in 2014 as compared with $8.84 billion for 2013.
“Despite unfavourable European currency movements during the fourth quarter, we finished 2014 with strong revenue performance and believe we are well positioned to continue that momentum into 2015 on the strength of our integrated consulting, technology, digital and business services capabilities,” said Francisco D'Souza, Chief Executive Officer of Cognizant.
Looking ahead
Cognizant expects first quarter 2015 revenue to be at least $2.88 billion and full year 2015 revenue expected to be at least $12.21 billion, up at least 19 per cent compared to 2014, the release said.