Home > Uncategorized > As expected, Cognizant overtakes Wipro as India’s number 3 IT firm

As expected, Cognizant overtakes Wipro as India’s number 3 IT firm

Cognizant’s better-than-expected financials in its second quarter of the calender year 2011 might have changed the pecking order in the Indian IT services space, but it was never a surprise for Wipro.

Wipro’s billionaire chairman Azim Premji, while announcing the third quarter results in January, was quick to observe the weaknesses of his company which were the strengths for Cognizant and other competitors. “Many of our peers have outperformed us as the BFSI (banking, financial services and insurance) segment has been showing the strongest growth rates since the economic recovery. Companies such as Cognizant, which have been growing rapidly, have a 50-55 per cent revenue contribution from BFSI, while ours stands at 27 per cent,” Premji had said.

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