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Cognizant net profit declines by 5.9% in Q1

Here is your daily dose of key developments from the technology world of India.

Cognizant net profit declines by 5.9% in Q1

Thursday May 02, 2024 , 5 min Read

Cognizant net profit declines by 5.9%

Cognizant, one of the leading IT services companies has reported a 5.9% year-on-year (YoY) decline in net profit for the first quarter of 2024 while its revenue also dipped by 1.1% on a YoY basis reflecting the challenges the sector continues to face.

The net profit for the first quarter came in at $546 million while the revenues stood at $4.76 billion.

Cognizant CEO Ravi Kumar S said, “As our clients navigate an uncertain economic environment, we are adapting to the market dynamics by helping them achieve operational efficiencies, supporting their innovation agendas, and preparing them for AI-driven transformation across their businesses."

This tepid performance by Cognizant was also reflected in its employee headcount which declined by 7,100 at the end of the first quarter to touch 3,44,400.

For the second quarter of FY24, the company has guided for a revenue in the range of $4.75-4.82 billion which translates into a growth rate of 0-1.5%.

Wipro bags order from US based Independent Health

Wipro has announced that it has been selected by Independent Health, Western New York’s Medicare Advantage Plan, to implement Wipro’s Medicare Prescription Payment Plan (MPPP360) platform for the upcoming open enrollment period.

Starting in 2025, the Medicare Prescription Payment Plan will allow enrollees to make capped monthly payments for out-of-pocket prescription drugs, amongst other changes. The new law aims to improve access to affordable treatments and strengthen Medicare.

Wipro’s MPPP360 platform will assist Independent Health in streamlining the payment process to integrate these new provisions, simplifying prescription cost management for Medicare recipients in Western New York.

L&T Technology Services bags contract from FORVIA

L&T Technology Services and FORVIA, a global automotive supplier have signed a partnership – which represents a contract of approximately €45 million - on engineering development activities for the benefit of its clean mobility division.

As part of this five-year partnership, approximately 300 engineers from FORVIA’s Augsburg (Germany) and Bangalore (India) sites, have transferred to LTTS. The partnership will deliver engineering services for FORVIA. A part of agreement is the capacity given by FORVIA to LTTS to train and reskill these engineers who, supported by the LTTS Global Engineering Academy, will be repositioned over time to work in other fields within the LTTS commercial network.

IBM’s software portfolio on AWS marketplace now available in 92 countries

IBM has announced that the availability of its software portfolio is expanding globally to 92 countries in AWS Marketplace, a digital catalog with thousands of software listings from independent software vendors (ISVs) that make it easy to find, test, buy, and deploy software that runs on Amazon Web Services (AWS).

The expansion beyond Denmark, France, Germany, the United Kingdom, and the United States, where the software is currently available, will help make procurement easier for clients, streamline purchasing and create new efficiencies, while allowing them to use their AWS committed spend for IBM software purchases, a statement said.

This expansion provides access to IBM’s artificial intelligence (AI) and data technologies within a portfolio of 44 listings and 29 SaaS offerings available for purchase. Included among those technologies are components of the watsonx AI and Data platform.

CleverTap unveils AI platform

CleverTap, a customer engagement and retention tech platform has announced the launch of Clever.AI, its AI engine. According to the company, Clever.AI seeks to enable brands with the next generation of AI capabilities required to build human-like understanding of customers and deliver personalised experiences efficiently that resonate with them, ultimately maximizing customer lifetime value. Clever.AI is built on the foundation of three AI pillars - Predictive, Generative, and Prescriptive.

According to CleverTap, with Clever.AI, brands have already experienced a boost in conversion with significantly higher operational efficiency. They witnessed a 66 percent increase in conversion rates, 35 percent boost in operational efficiency and a 3x improvement in click-through rates (CTRs), with an increase across metrics such as purchases, and average order values (AOVs).

Infosys gets new ranking in Forrester survey

Infosys has announced that it has been positioned as a Leader in The Forrester Wave: Application Modernisation and Migration Services, Q1 2024 report. It has been recognised for its broad range of assets related to service delivery and vertical industry solutions.

Infosys ranked among the top two in the strategy category and top three in the current offering category while also receiving the highest score possible in innovation, global delivery strategy, talent strategy, and 12 other criteria. The report evaluated Infosys for its expertise in executing modernisation and migration tasks under the umbrella of Infosys Cobalt, a set of services, solutions, and platforms designed to accelerate cloud-powered enterprise transformation.

UiPath announces Raghu Malpani as new CTO

UiPath, an enterprise automation and AI software company has announced Raghu Malpani is joining the company as Chief Technology Officer. Malpani will report to Chief Innovation Officer and UiPath Executive Chairman Daniel Dines and will lead the company’s engineering teams.

Malpani most recently served at Microsoft as Corporate Vice President for the Microsoft 365 Application and Data Platform. He led several global teams responsible for Microsoft Exchange Core, CoPilot semantic index platform, and Microsoft Graph. He has also led the global decisions platform team at Meta.

HCLTech and Cisco unveil new wireless mobility service

HCLTech, and Cisco have announced the launch of Pervasive Wireless Mobility as-a-Service for secure and seamless enterprise-wide connectivity. The service combines HCLTech’s managed network services expertise with Cisco’s Ultra-Reliable Wireless Backhaul (URWB) technology to create a resilient network infrastructure that provides robust connectivity.

According to a statement, this offers visibility and mobility for operations and experiences in industrial and mission-critical environments such as vehicle connectivity in factory areas, mobile worker connectivity in mining areas, remote patient care, real-time data access at retail stores and fleet connectivity at terminals.

Edited by Affirunisa Kankudti