Cognizant Q4 profit up 16%

Led by broad-based growth, IT firm Cognizant on Thursday posted 16 per cent rise in consolidated net income at $278.77 million for the October-December quarter, but forecast a lower revenue growth of 17 per cent for 2013.

The company's net profit stood at $ 240.12 million in the fourth quarter of 2011, Cognizant said in a statement.

The IT major's revenues increased 17 per cent to $1.94 billion for the fourth quarter from $1.66 billion in the year-ago period, in line with its guidance of "at least $1.94 billion".

For the first quarter of 2013, Cognizant expects its revenues to be "at least $2 billion". For calendar 2013, Cognizant expects its revenues to grow at 17 per cent to "at least $8.6 billion" against 20 per cent growth achieved in 2012.

Cognizant's net income grew 19 per cent to $1.05 billion, while revenues were up 20 per cent to $7.34 billion in 2012.

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