IT services major Cognizant today posted 15.4 per cent jump in net profit for the third quarter ended September 30, 2013 helped by growth in Europe, rising demand for outsourcing services and uptick in discretionary spend on consulting and technology services.
The US-based company’s net profit, which beat market expectations, rose to $319.6 million for the third quarter from $276.9 million during the year ago period.
Revenues were up 6.7 per cent to $2.31 billion on a sequential basis and 21.9 per cent ($1.89 billion) on a year-on-year (y-o-y) basis.
“Our performance during the quarter was stronger than anticipated due to a faster ramp up in demand for outsourcing services and strong discretionary spend on consulting and technology services,” Cognizant president Gordon Coburn said.