Chennai: Cognizant Technology Solutions beat its own and analysts' estimates for sales growth in the September quarter by a good margin, , thanks to strong demand for software solutions from various geographies, especially Europe.
The US-based software company, which has most of its 166,400 employees in India, reported a 15.4 per cent increase in net profit at Rs 1,975 crore against $276.9 million in the corresponding period last year.
For the said quarter, the company displaced India's top software exporter Tata Consultancy Services Ltd regarding revenues from North America.
Cognizant now expects annual revenue to grow 20.3% to $8.84 billion, more than its August forecast of $8.74 billion.
While announcing the results, chief executive Francisco D'Souza said that next year could bring strong growth momentum for the company as customers have indicated that they will increase spending on technology.
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