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Time of India
a day ago
- Time of India
Cognizant adds 7,500 in Q2, lifts outlook on robust deal wins
Bengaluru: While TCS is grappling with layoffs and other Indian IT firms with minimal net headcount additions, Nasdaq-listed Cognizant added 7,500 employees sequentially in the June quarter, bringing its workforce to 3.3 lakh. A significant portion of this came from onboarding fresh graduates in India. The company aims to hire 15,000 to 20,000 freshers this year, similar to last year. CEO S Ravi Kumar said the talent strategy will include hiring from non-traditional streams—biology majors, chartered accountants, legal experts—and training them on AI use cases relevant to their domains. "Our operating model is changing—we are moving towards smaller, agile teams that deliver specific outcomes," he added. Managers will lead teams comprising both human employees and AI agents. Kumar said freshers are now expected to write code alongside AI. "We want the productive to be more productive. We want broader access to these technologies so people can reimagine delivery for clients," he said. CFO Jatin Dalal said, "There will be some increase in the second half, but not large, as we double down on AI-led productivity and doing more with less. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Elevate Business Writing With This Desktop App Grammarly Learn More Undo We'll keep hiring recent graduates while optimizing through AI." You Can Also Check: Bengaluru AQI | Weather in Bengaluru | Bank Holidays in Bengaluru | Public Holidays in Bengaluru Cognizant's attrition fell to 15.2% in the June quarter from 15.8% in the prior quarter. The company raised the lower end of its full-year revenue guidance to 4–6% in constant currency after a strong Q2 performance. It reported 7.2% YoY constant currency revenue growth, driven by execution and large deal wins. The Belcan acquisition contributed about 400 basis points to this growth. Last year, Cognizant acquired US engineering R&D firm Belcan for $1.3 billion—its second-largest deal. This growth surpasses the upper end of its previous guidance. Cognizant closed six large deals in the quarter, including two mega contracts over $1 billion each. Kumar said, "We are gaining momentum in our execution, which is why we've raised the lower end of our guidance." Growth was fuelled by digital transformation and AI-led deals, especially in healthcare and financial services. AI is creating new tech services spending cycles, especially across finance, procurement, legal, and R&D—beyond traditional productivity-led arbitrage. The company now runs 2,500 active AI projects, up from 1,400 last quarter, many aligned with growth and innovation. Kumar added that both growth "swim lanes"—productivity and innovation—were active this quarter. Dalal emphasized that while the macro environment remains uncertain, narrowing the guidance is not due to visibility concerns. "Our outlook assumes no major macro improvement, but clients are clearly engaging in innovation spend," he said. Products and resources grew 14.7% in constant currency, followed by BFSI (6%), healthcare (5.3%), and communications (2.2%). Cognizant also plans to return $2 billion to shareholders via dividends and buybacks.
The Wire
2 days ago
- The Wire
Mastek Celebrates 30 Years of its Listing on the National Stock Exchange
Mastek has evolved from fueling India's enterprise tech ambitions to becoming a global catalyst for AI-led digital transformation across 40 countries Mumbai, Maharashtra, India (NewsVoir) Mastek (NSE: MASTEK; BSE: 523704), a trusted AI-first digital engineering and cloud transformation partner, proudly marks 30 years since its listing on the National Stock Exchange (NSE) of India. An early pioneer in enterprise-scale IT services, Mastek was first listed on the Bombay Stock Exchange in 1993, followed by its NSE listing in 1995. Over the years, Mastek has been instrumental in advancing India's digital ascent through strong governance and enterprise innovation. Today, it stands as a global catalyst for AI-led transformation across industries in 40 countries. Founded in 1982, Mastek has had a defining influence on India's IT sector. From its early roots in enterprise IT services, Mastek's exemplary journey has transcended boundaries, evolving into an AI-powered partner delivering mission-critical digital and cloud-native transformations. With AI-led innovation at its core, Mastek is shaping the future of digital transformation, tapping new opportunities, and delivering value through 5,000 professionals to create purposeful, adaptive solutions. A major strategic shift occurred with the demerger of Majesco in 2014, Mastek's insurance platform arm, which became an independent insurance technology company. Mastek then scaled its capabilities through strategic acquisitions: TAISTech (digital commerce, 2016), Evosys (Oracle Cloud, 2020), MST Solutions (Salesforce, 2022), and BizAnalytica (cloud data & analytics, 2023). These integrations transformed Mastek into a comprehensive transformation partner for Fortune 1000 enterprises, underpinned by data, cloud, and platform modernization. Mastek has maintained consistent growth. In Q4 FY25, the company posted revenue of Rs. 905.4 crore, a 16.1% YoY rise, with EBITDA at Rs. 138.8 crore. In Q1 FY26, net profit rose by nearly 29% YoY, while the stock gained 13%—signaling strong market trust. Robust free cash flow and disciplined cost management have positioned Mastek for sustainable, margin-accretive growth. Mastek's newly launched suite, powered by 80 AI Agent assets and 100 use cases, accelerates outcomes across three core dimensions: for Technology, for Business, and for Data, guiding clients through seamless AI adoption from incubation to enterprise maturity. Mastek advances its AI vision through its AI Engineering Center of Excellence (CoE) and AI Academy, which has trained 3,600 professionals in GenAI and earned more than 6,500 across a spectrum of AI competencies including advanced specializations in platforms like Oracle, Microsoft, AWS and Salesforce. These initiatives aim to build an AI-ready workforce and develop AI-enabled applications for industry-specific use cases. Project Deep Blue, Mastek's flagship buildathon, bridges academia and industry by empowering young students with creative problem-solving skills, mentorship, and real-world experience to deliver solutions that are technically solid, socially relevant, and market-ready. 'As we celebrate three decades as a listed company, we draw strength from Mastek's legacy of trust, innovation, and growth. Our vision is anchored in an AI-powered future, creating transformative solutions that are sustainable and responsible. With initiatives like we are shaping intelligent enterprises, empowering our global workforce, and delivering purposeful outcomes with trust, value, and velocity,' said Umang Nahata, CEO, Mastek. Mastek's future remains purpose-driven—focused on AI-first innovation, client-centric growth, expansion into key global markets, and deeper investments in ESG and inclusion initiatives. About Mastek Mastek is a global provider of enterprise AI, digital, and cloud services, enabling clients to achieve measurable and sustainable returns on their technology investments. The company has a presence in over 40 countries and a skilled workforce of more than 5,000 employees. Mastek partners with industry leaders such as Oracle, Salesforce, Microsoft, AWS, Snowflake, and Databricks, serving key sectors such as Public Sector, Healthcare, Retail, Manufacturing, Higher Education, and Financial Services. Mastek is committed to driving innovation by developing strong ecosystem of start-ups, academia and IPs. With its core values of trust, value, and velocity, the company empowers 400 active customers to transform their business in the evolving tech landscape. Mastek has always been a solutions-focused and a relationship-centric company, valuing both employees and clients. With its humane approach, Mastek fosters growth through sustainable goals, high ethical standards, and responsible governance. (Disclaimer: The above press release comes to you under an arrangement with Newsvoir and PTI takes no editorial responsibility for the same.). PTI PWR This is an auto-published feed from PTI with no editorial input from The Wire.
Business Standard
2 days ago
- Business Standard
Mastek Celebrates 30 Years of its Listing on the National Stock Exchange
NewsVoir Mumbai (Maharashtra) [India], August 1: Mastek (NSE: MASTEK; BSE: 523704), a trusted AI-first digital engineering and cloud transformation partner, proudly marks 30 years since its listing on the National Stock Exchange (NSE) of India. An early pioneer in enterprise-scale IT services, Mastek was first listed on the Bombay Stock Exchange in 1993, followed by its NSE listing in 1995. Over the years, Mastek has been instrumental in advancing India's digital ascent through strong governance and enterprise innovation. Today, it stands as a global catalyst for AI-led transformation across industries in 40+ countries. Founded in 1982, Mastek has had a defining influence on India's IT sector. From its early roots in enterprise IT services, Mastek's exemplary journey has transcended boundaries, evolving into an AI-powered partner delivering mission-critical digital and cloud-native transformations. With AI-led innovation at its core, Mastek is shaping the future of digital transformation, tapping new opportunities, and delivering value through 5,000+ professionals to create purposeful, adaptive solutions. A major strategic shift occurred with the demerger of Majesco in 2014, Mastek's insurance platform arm, which became an independent insurance technology company. Mastek then scaled its capabilities through strategic acquisitions: TAISTech (digital commerce, 2016), Evosys (Oracle Cloud, 2020), MST Solutions (Salesforce, 2022), and BizAnalytica (cloud data & analytics, 2023). These integrations transformed Mastek into a comprehensive transformation partner for Fortune 1000 enterprises, underpinned by data, cloud, and platform modernization. Mastek has maintained consistent growth. In Q4 FY25, the company posted revenue of Rs. 905.4 crore, a 16.1% YoY rise, with EBITDA at Rs. 138.8 crore. In Q1 FY26, net profit rose by nearly 29% YoY, while the stock gained 13%--signaling strong market trust. Robust free cash flow and disciplined cost management have positioned Mastek for sustainable, margin-accretive growth. Mastek's newly launched suite, powered by 80+ AI Agent assets and 100+ use cases, accelerates outcomes across three core dimensions: for Technology, for Business, and for Data, guiding clients through seamless AI adoption from incubation to enterprise maturity. Mastek advances its AI vision through its AI Engineering Center of Excellence (CoE) and AI Academy, which has trained 3,600+ professionals in GenAI and earned more than 6,500 across a spectrum of AI competencies including advanced specializations in platforms like Oracle, Microsoft, AWS and Salesforce. These initiatives aim to build an AI-ready workforce and develop AI-enabled applications for industry-specific use cases. Project Deep Blue, Mastek's flagship buildathon, bridges academia and industry by empowering young students with creative problem-solving skills, mentorship, and real-world experience to deliver solutions that are technically solid, socially relevant, and market-ready. "As we celebrate three decades as a listed company, we draw strength from Mastek's legacy of trust, innovation, and growth. Our vision is anchored in an AI-powered future, creating transformative solutions that are sustainable and responsible. With initiatives like we are shaping intelligent enterprises, empowering our global workforce, and delivering purposeful outcomes with trust, value, and velocity," said Umang Nahata, CEO, Mastek. Mastek's future remains purpose-driven--focused on AI-first innovation, client-centric growth, expansion into key global markets, and deeper investments in ESG and inclusion initiatives. Mastek is a global provider of enterprise AI, digital, and cloud services, enabling clients to achieve measurable and sustainable returns on their technology investments. The company has a presence in over 40 countries and a skilled workforce of more than 5,000 employees. Mastek partners with industry leaders such as Oracle, Salesforce, Microsoft, AWS, Snowflake, and Databricks, serving key sectors such as Public Sector, Healthcare, Retail, Manufacturing, Higher Education, and Financial Services. Mastek is committed to driving innovation by developing strong ecosystem of start-ups, academia and IPs. With its core values of trust, value, and velocity, the company empowers 400+ active customers to transform their business in the evolving tech landscape. Mastek has always been a solutions-focused and a relationship-centric company, valuing both employees and clients. With its humane approach, Mastek fosters growth through sustainable goals, high ethical standards, and responsible governance.
