Cognizant Technology Solutions India's net profit falls 40% to Rs 3,265 crore in FY21

Cognizant Technology Solutions India's (CTSI) net profit declined by about 40% to Rs 3,265 crore in FY21 from Rs 5,464 crore in FY20, according to regulatory documents.

The company's revenue also dipped nearly 5% to Rs 29,682 crore in the fiscal ended March 31, 2021, from Rs 31,196 crore in FY2020, according to a Registrar of Companies filing that was shared by market intelligence firm Tofler.

“The statutory filings in India are not representative of the company’s overall performance," the Nasdaq-listed company said. "Cognizant has reported a record-setting second quarter; highest ever quarterly revenue at $4.6 billion; the largest-percentage quarterly growth since 2015, up to 14.6%; and the company beat Wall Street expectations and increased revenue and earnings per share guidance.”

Source: Economic Times