Cognizant reported a significant increase in net income for the December quarter, driven by AI efficiencies and strong performance in the financial services sector. The company also announced a major deal and provided guidance for the upcoming year.
US-based IT major Cognizant, which has a substantial number of employees in India, on Wednesday reported a better-than-expected growth with its revenue rising 7.3 per cent year-over-year to $5,415 million for the quarter ended September 2025. In the last quarter, the company had guided its third-quarter revenue to be between $5.27-5.35 billion.
Information-technology (IT) services major Cognizant has kept its full-year guidance on revenue growth unchanged at 3.5-6 per cent in constant currency even as the industry is becoming cautious about macro conditions because of tariff wars.
Cognizant has said it aims to be back among India's top four IT services companies by 2027 by improving revenue, market share, bagging large deals, and gradual margin expansion. The Nasdaq-listed company does a major part of its business in India, but has trailed peers such as Tata Consultancy Services and Accenture over the last few years as growth tapered, margins squeezed, and attrition soared.
Information Technology (IT) major Infosys escalated the legal tussle with Cognizant by filing a countersuit in a US court, accusing the Nasdaq-listed firm and its Chief Executive Officer (CEO) Ravi Kumar of anticompetitive practices by maintaining its monopoly. Infosys has also alleged that Kumar misused sensitive information that slowed the launch of the company's health care platform Helix.
In the ongoing saga of senior management resignations, Wipro announced on Monday that its chief technology officer (CTO) Subha Tatavarti has resigned. Her resignation will be effective from August 16, 2024. In a regulatory filing, the company said: "Subha Tatavarti, CTO, resigned from the services of the company to pursue opportunities outside Wipro."
Nasdaq-listed IT services major Cognizant on Tuesday said the firm's Chief Financial Officer (CFO) Jatin Dalal (pictured) had reached a settlement in the "non-compete" lawsuit filed by Wipro. The terms of the settlement, which was reached without any admission of liability by either party, are confidential. The settlement resolves all pending disputes between Dalal and Wipro, said the company in a statement. Cognizant has paid $505,087 (around Rs 4.1 crore) in connection with Dalal's settlement.
Trouble started brewing after Cognizant announced that Ravi Kumar, former Infosys president, would take over as the Nasdaq-listed company's CEO.
Even as Srini Pallia, a Wipro veteran, is set to take charge as the chief executive officer (CEO) of the company, analysts expect the stock's underperformance to continue in the near-future. This, they believe, will be on the back of likely loss of market share, and difficult business environment. "We expect Wipro to underperform peers on growth once again in FY25 as channel checks and media reports suggest Wipro is losing share with select clients across multiple verticals.
The writing has been on the wall for some time. Exodus of senior leadership and growth behind its peers are reasons that have prompted Thierry Delaporte, the chief executive officer (CEO) of Wipro to resign, analysts said. Delaporte, Wipro's seventh CEO, also resigned without completing his five-year term, like his predecessor Abidali Neemuchwala decided to end his tenure prematurely in 2020. Phil Fersht, HFS Research CEO and chief analyst believes the change in leadership was at least six months overdue.
Indian IT major Wipro on Saturday announced the resignation of its CEO Thierry Delaporte and named Srinivas Pallia as the new chief executive officer effective immediately. Wipro's Board noted the resignation of Delaporte with effect from April 6, 2024, the company said in a BSE filing, and added he will be relieved from the employment of the company with effect from the close of business hours on May 31, 2024.
IT services company Wipro Ltd on Wednesday reported about a 21 per cent year-on-year fall in its consolidated net profit to Rs 2,563.6 crore for the first quarter ended June 2022. The profit for the period (attributable to the equity holders of the company) stood at Rs 3,242.6 crore in the year-ago period. The net profit was down 20.6 per cent on a year-on-year basis, according to a filing.
Rishad Premji, chairman of IT services major Wipro, saw his compensation for FY23 decline by almost 50 per cent year-on-year, due to a fall in the firm's profit. According to the Form 20-F, filed with the US Securities and Exchange Commission by Wipro, Premji's compensation for FY23 was $951,353, down 50 per cent from $1,819,022 in FY22. "Rishad A Premji is entitled to a commission at the rate of 0.35 per cent on incremental consolidated net profits of Wipro Limited over the previous fiscal year. However, in light of the fact that the incremental consolidated net profits for fiscal year 2023 was negative, the Company determined that no commission was payable for fiscal year 2023 to Mr Rishad A. Premji," said the company in the filing.
IT company Wipro on Friday posted a 4 per cent rise in consolidated profit at Rs 3,092.5 crore in the fourth quarter ended March 2022. The company had registered a profit of Rs 2,974.1 crore in the same period a year ago. "We have had an outstanding year, finishing with USD 10.4 billion in revenues, and an industry-leading growth of 27 per cent Year-on-Year (Y-o-Y).
IT services major Wipro on Wednesday posted a consolidated net profit of Rs 2,969 crore for the December 2021 quarter, and said it has logged strong performance in revenues and order bookings. The net profit attributable to shareholders in the year-ago period had stood at Rs 2,968 crore, according to a regulatory filing by Wipro. On a sequential basis, its net profit was up 1.3 per cent, it added.
Wipro has guided for 0.8-2.8 per cent sequential growth in IT service revenue for December quarter, saying revenue from that business is expected to be $ 2,065-2,106 million.
Indian IT companies like Tata Consultancy Services, Infosys, HCL Technologies and others have taken the buyback route to return some wealth to their shareholders, while potentially boosting their stock prices.
Wipro said it expects its IT service revenue for the October-December quarter of 2016-17 to be in the range of $1,916 million to $1,955 million
Top Indian IT firms, such as TCS, Infosys, and Wipro, have signalled taking aggressive cost take-out measures, including reduction in sub-contracting costs, travel expenses, freeze in salary hikes, and holding back variable payments, among others.
Wipro posted a 4.6 per cent rise in revenue at Rs 15,711 crore in January-March quarter compared to Rs 15,006.3 crore in the year-ago period.
Total income of Wipro was almost flat at Rs 15,571.4 crore at the end of the first quarter of 2020-21 compared to Rs 15,566.6 crore in the corresponding quarter of the fiscal year 2019-20.
Wipro, which gets bulk of its topline from IT services, said it expects revenues from that business to be in the range of $1,962-2,001 million in the September quarter.
Abidali Neemuchwala, who had joined Wipro in 2015 as group president and chief operating officer, was also given 200,000 in stock options in the financial year ended March 2016.
The company's profit rose with better IT spending by global clients and a rise in high margin digital projects.
The company's total income from operations rose 10.7 per cent to Rs 13,697.6 crore.
For the March 2017 quarter, Wipro expects revenues from IT services business to be in the range of $1,922 million to $1,941 million.
Almost all Indian IT companies would pay between $8,000 and $10,000 per H1B visa from April 1
In a bonanza to its shareholders, country's third largest IT firm Wipro on Thursday said it will buyback up to four crore shares worth around Rs 2,500 crore (Rs 25 billion).
Its revenue from operations, however, grew 8.3 per cent to Rs 14,541 crore during the period under review from Rs 13,423.4 crore in the same quarter last year.
In a pre-Budget meeting with Finance Minister Nirmala Sitharaman, the corporate leaders highlighted several issues, including certain income tax matters which were coming in the way of mergers and acquisitions or slowing them down and roles that need to be played by state businesses to prosper at the ground level.
The company's growth was driven by a decline in total expenses, lower finance cost and higher other income.
IT major Wipro on Friday reported a 9 per cent rise in Q3 net profit at Rs 2,192.8 crore in Q3.
According to analysts, IT firms like Infosys, TCS and HCL Technologies are likely to benefit the most on account of larger US exposures and dollar billing.
Wipro results follow estimate-beating earnings by larger rivals Tata Consultancy Services Ltd and Infosys Ltd .
For the full 2016-17, Wipro's profit fell nearly 5 per cent to Rs 8,518 crore while total income grew 7.4 per cent to Rs 57,995 crore compared to the previous fiscal.
At Infosys and Wipro, 8,200 roles have been impacted in six months.
Revenue from its IT services business rose 9 percent to $1.86 billion.
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