Cognizant set to hire 45,000 freshers in India

IT major Cognizant has reported about 56.3 per cent rise in September quarter net income at $544 million (around Rs 4,073.2 crore), and said it expects to make offers to 45,000 new graduates in India in the Q4 for onboarding in 2022.

The US-based company, which posted a net income of $348 million in September 2020 quarter, said the talent demand-supply imbalance in the industry remains particularly acute and that its third quarter voluntary attrition inched up to 33 per cent on an annualised basis, or 24 per cent on a trailing 12-month basis.

Cognizant’s revenue was about 12 per cent higher at $4.7 billion in the quarter as against $4.2 billion in the year-ago period. It had forecast its third quarter revenue to be in the range of $4.69-4.74 billion (a growth of 10.6-11.6 per cent or 10-11 per cent in constant currency). Cognizant – which has about 2 lakh employees based in India – follows January-December as financial year. “We executed well in the third quarter, delivering revenue of USD 4.7 billion, up 11.8 per cent year-over-year or 11 per cent in constant currency. Bookings growth, a key leading indicator, accelerated to 24 per cent y-o-y growth in the third quarter,” Cognizant CEO Brian Humphries said during the investor call.

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