BUSINESS

Cognizant Q3 revenue up 60 p.c.

CHENNAI, OCT. 22. Cognizant Technology Solutions has increased its revenue to $98.1 million in the third quarter ended September 30, 2003, a rise of 60 per cent from the year-ago quarter. Sequentially the revenue was up by 12 per cent.

The operating margin was steady at 19.6 per cent. Net income for the quarter increased to $16 million or $0.23 per diluted share compared to $9.7 million o $0.15 per diluted share in the same quarter in the previous year.

According to Kumar Mahadeva, chairman and chief executive officer, the company continued to grow faster than the industry.

At the end of the third quarter, the worldwide headcount (including both technical professionals and support staff) totalled 7,740 representing a net increase of over 1,000 people during the quarter. The company expects to finish the year with close to 9,000 employees globally.

Polaris Software

Polaris Software revenues has achieved a total income of Rs. 311.09 crores for the half year ended September 30, 2003 against Rs. 149.44 crores and the gross profit before depreciation and interest charges stood at Rs. 115.08 crores against Rs. 58.93 crores in the same period in the previous year.

Software development expenses stood at Rs. 196 crores (Rs. 90.51 crores). The profit before tax was Rs. 46.88 crores (Rs. 27.01 crores) and the net profit Rs. 38.24 crores (Rs. 23.64 crores).

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