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Cognizant to recruit 2,000 over two years

BS Corporate Bureau

Cognizant Technology Solutions, an application management and e-business solutions provider, has said that it plans to recruit additional 2,000 employees over the next two to three years.

The company also said it would not repatriate profits from India to US, and would utilise the same for capex in India and for overseas acquisitions. Cognizant officials said they were planning to hire around 700 people from current round of campus recruitment. The company has also initiated active discussions with clients to offer BPO on client-specific basis.

Cognizant chairman and CEO Kumar Mahadeva, in a conference call, said that the capital expenditure and infrastructure plans in India were on in full speed, adding that they were building three technocomplexes in India at an cost of $40 million.

The three complexes, located in Pune, Calcutta and Chennai, with over 620,000 square feet will have capacity to house 6,000 employees. The company, meanwhile, reported a net profit of $7.1 million on a turnover of $46.4 million during the first quarter ended March 2002 as against a net profit of $5.5 million on a turnover of $43.4 million. While total revenues increased by 7 per cent, net profit increased by 29 per cent. Sequential growth in revenue was around 7 per cent.

Mahadeva said, "The large application management deals we have won over the last year continued to ramp up strongly in the first quarter, and the new deal pipeline remains very strong".

The company was hopeful of posting a sequential revenue growth of between 7 to 10 per cent during the current fiscal.

On revenue guidance, he said that they would be able to clock a turnover of $49.5 million in the second quarter of 2002 and at least $200 million for entire calendar 2002.

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