IT service provider Cognizant continues to defy market uncertainty, reporting sales growth of more than 30% in its latest three-month period.
Sales for the third quarter of 2011 were worth $1.6bn, which was 31.6% higher than the same period a year ago. Profits rose to $227m in the quarter, compared with $203m in the same quarter last year.
Cognizant, which is grouped with the Indian suppliers despite being US-owned because most of its staff are in India, has been the fastest growing of this fast growing group in recent years. The company added about 12,000 employees during the three-month period.
"In spite of persistent macro-economic uncertainties, clients throughout the world continue to invest thoughtfully and strategically in their businesses and are directing investments toward building agility to drive the dual mandates of operational efficiency and business transformation," said Cognizant CEO Francisco D'Souza. "Cognizant's continued investments across multiple service horizons help address these dual mandates and drive superior business value regardless of the economic environment."
Last month, the biggest of the group of Indian suppliers, Tata Consultancy Services (TCS), reported $2.52bn revenues for its second quarter, 26% higher than the same period last year, and profits 21% higher than last year at $684m. It added in excess of 20,000 workers to its ranks, taking its total workforce to 214,770.