Focus has always been to work with a limited number of customers, establish deep relationships and provide increasing value as we grow those relationships - Cognizant
Cognizant Technology Solutions expects the share of revenues from its top five and top ten customers to continue to decline over time even as it keeps adding new customers and increases its penetration with existing customers. For instance, its top five and top ten customers accounted for 19.4 per cent and 30 per cent, respectively, of its total revenues for the year ended December 31, 2008 as compared with 23.9 per cent and 34.3 per cent, respectively, in the previous year.
"As we continue to add new customers and cross-sell more services within our existing customer base, it is natural for the share of revenues from our top five and top ten customers to decline over time. Having said that, it would be pertinent to note that our average revenue from our top five and top 10 customers has grown year on year," said Mr R. Chandrasekaran, President and Managing Director (Global Services), Cognizant.
In calendar 2008, the company's average revenue per customer from its top five customers increased to $109.26 million from $102.1 million in the previous year. The average revenue per customer from its top ten customers increased to $84.48 million from $73.26 million in the previous year, said the company's 2008 annual report. "Our focus has always been to work with a limited number of customers, establish deep relationships and provide increasing value as we grow those relationships," Mr Chandrasekaran said.
Source: The Hindu Business Line
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