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Motilal Oswal Report
Cognizant, one of the key peers of our Indian IT services coverage companies, reported its Q1 CY22 earnings. Its Q1 revenue of $4.82 billion rose 10.9% YoY in constant currency and was in line with Bloomberg consensus.
While Cognizant maintained its CY22 guidance (10% YoY at mid-point), its organic guidance was raised by 100 basis points led by strong demand environment.
Cognizant highlighted supply as the gating factor rather than demand, echoing its Indian peers, and suggested marginal impact of elevated inflation and the conflict in Europe.
Its commentary on pricing was positive, which drove its confidence in margin guidance (up 20-30 bps versus CY21).
Attrition declined in Q1 CY22 but is expected to go up again, which remains a concern for the industry.
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