Cognizant Technologies plans to sell its office assets in Chennai and Hyderabad, including a 10-acre campus in Gachibowli, Hyderabad, and a 14-acre campus in Siruseri, Chennai. Cognizant is re-evaluating its entire real estate portfolio, relinquishing rented properties in some locations, and renegotiating rent.
This move is part of the company’s strategy to become asset-light and cut costs, aiming to save $400 million over two years, which includes vacating 11 million square feet of office space.
The company reported a 16% drop in net profit for Q3 2023, focusing on cost reduction, digital transformation, and generative AI to enhance operational discipline.
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