Yes, the new hot topic of discussion in Indian IT market. Cognizant Technology Solutions(CTS), a US based company but has most of its operations done in India beats the previously at no. 3 position Wipro Ltd. and now sneaking up on Infosys, the no. 2 in the market.
CTS has been the dark horse of the Indian IT outsourcing market with annual revenue of 1.48 billion in comparison with Infosys’s annual revenue of $1.67 billion and Wipro’s $1.41 billion. At the same time, TCS’s revenue was $2.67 billion. CTS which follows a January to December financial year unlike most of the Indian companies which follows an April 1 to March 31 financial year, posted 8.3% revenue growth the preceding quarter compared with sequential growth of 7.4% of TCS, 4.3% of for Infosys and just 0.5% of that for Wipro. These figures are inspiring for Cognizant since companies including Infosys and Wipro has already voiced their concern about the macroeconomic uncertainties.
CTS more likely will now position itself against Infosys to clinch the no. 2 position. CTS received $613 million , nearly 41% of its revenue for the quarter from financial and banking segment, the fastest growing in the IT market where as Infosys got $592 million from the June quarter and Wipro $376 million from Financial and banking sector, falling well behind Cognizant. However TCS was well ahead of the trio with over $1 billion from the financial and banking sector.