Cognizant Tech as per reports has seen a 40% drop in profit and a 5% decline in revenue in FY'21 as per reports quoting Tofler as a data source. The Nasdaq-listed, New Jersey-based information technology services firm also revised its financial year guidance to 10.2 per cent to 11.2 per cent.
Attrition has been a big problem for the tech firm. Quarterly attrition rose to 31 per cent in the quarter ended June 30, and the firm said it is looking to hire 100,000 lateral hires, along with thousands of people at the graduate level this year.
US headquartered Cognizant has a significant presence in India with about 2 lakh employees.