Cognizant, one of the world’s leading professional services companies announced its fourth-quarter and full-year 2022 financial results.
According to ET Reports, Rajesh Nambiar, MD and Chairman of Cognizant India said that the firm will be more employee-centric, strengthen on winning larger deals, and have better operational metrics to “accelerate growth”.
“The team, including the CEO, will meet 100 clients in 100 days. Ravi Kumar will also be in India later this month to visit delivery centres and do employee engagement (programmes)”, Rajesh added.
Commenting on the Q4FY22 results, Ravi Kumar S, Chief Executive Officer, Cognizant said, “The trust and longevity that define Cognizant’s strategic partnerships with global clients provide exciting opportunities to further strengthen and grow these relationships as we expand our portfolio of digital services,”
“As I continue to listen and learn, I have been deeply impressed with the knowledge, skills, and motivation of our associates. They are dedicated to helping our clients succeed and are determined to compete and win to expand our global leadership in technology services. My immediate focus is on creating the conditions for our associates to excel and ensuring that all 355,000 of us operate with a growth mindset.” He added
The company has announced the total headcount at the end of the fourth quarter was 355,300, an increase of 5,900 from Q3 2022 and an increase of 24,700 from Q4 2021.
Voluntary attrition, on a quarterly annualized basis, declined to 19% from 29% in Q3 2022 and 31% in Q4 2021. Voluntary attrition, on a trailing-twelve-month basis, declined to 26% from 28% in Q4 2021.
During the fourth quarter, the Company recorded a $59 million impairment of capitalized costs related to a large volume-based contract with a Health Sciences customer. The impairment is principally driven by the Company’s expectation of lower volumes.
This charge negatively impacted each of the Q4 2022 GAAP and Adjusted Operating Margin by 120 basis points and each of the full-year 2022 GAAP and Adjusted Operating Margin by 30 basis points. Q4 2022 and full-year 2022 GAAP and Adjusted Earnings per share were each negatively impacted by $0.08.
