Cognizant to explore India IPO, says CFO Jatin Dalal

Core Viewpoint - Cognizant Technology Solutions is considering a potential Initial Public Offering (IPO) and secondary listing in India, as stated by the Chief Financial Officer Jatin Dalal during an investor call following the company's September quarter earnings [1][2]. Company Plans - The company is currently engaging with stakeholders in both India and the US to assess the implications of the potential offering and listing [2]. - The process for a primary offering and secondary listing by an overseas company in India is complex and viewed as a long-term project, still in its early phases [2]. Financial Performance - Cognizant reported a revenue of $5.42 billion for the quarter ended September 2025, achieving a 6.5% Constant Currency (CC) revenue growth, exceeding its own revenue guidance [7]. - On a sequential basis, the firm's revenue increased by 2.8% (CC) [7]. - However, net profit saw a significant decline of 53% to $274 million, attributed to a one-time non-cash income tax expense of $390 million [7]. Industry Insights - The financial services vertical has been highlighted as one of Cognizant's best-performing sectors, with clients transitioning from cost-cutting to innovation, particularly in the BFSI sector [4]. - There is an increase in discretionary spending across all segments within financial services, driven by lower deployment costs and higher confidence in experimentation [5]. - In healthcare, Cognizant's TriZetto platform is a key offering, contributing to over 10% growth in the BPO business this year [6].