Teaneck, NJ – February 10, 2004 – Cognizant Technology Solutions Corporation (NASDAQ: CTSH), a leading provider of IT services, today announced its financial results for the fourth quarter and full-year ended December 31, 2003.

Highlights for the fourth quarter include:

• Quarterly revenue increased to $108.2 million, up 10% sequentially and 61% from the year ago quarter
• Operating margin of 19.8% compared to 19.6% sequentially and 19.8% in the year ago period
• Diluted quarterly EPS reached $0.25

Revenue for the fourth quarter increased to $108.2 million, up 10% from $98.1 million in the third quarter of 2003, and up 61% from $67.0 million in the fourth quarter of 2002. Net income for the fourth quarter increased to $17.7 million, or $0.25 per diluted share compared to $16.0 million, or $0.23 per diluted share in the third quarter of 2003. Operating margin for the quarter increased slightly to 19.8%, compared to 19.6% in the third quarter of 2003 and 19.8% in the fourth quarter of 2002.

"We are pleased to report that Cognizant has delivered yet another strong quarter's performance," stated Lakshmi Narayanan, President and CEO of Cognizant. "Cognizant's consistent industry leading growth rate is due to our strategic offering, the quality of our employees, exceptional execution, and unparalleled customer satisfaction. Cognizant continues to solidify its position as a highly differentiated premium provider of offshore outsourcing services, and this is reflected in our continuing ability to broaden and deepen our relationships with existing clients, as well as maintaining a high-win rate against the traditional offshore competitors and the global systems integrators. In addition to seeing continued demand for application management work, clients are now increasingly engaging Cognizant on highly complex, large-scale development and integration initiatives."

Revenue for the full year 2003 was $368.2 million compared to $229.1 million in 2002. Net income for 2003 increased to $57.4 million, or $0.84 per diluted share on a split-adjusted basis, including a $0.03 per share expense related to the IMS Health exchange offer in the first quarter of 2003.

"We finished 2003 with a solid pipeline and another strong quarter of performance across all our key financial and operational metrics, including increasing our cash balance by $34 million during the quarter to over $194 million," said Gordon Coburn, Chief Financial Officer. "Additionally, our new strategic clients are continuing to ramp up quickly and we are seeing strong revenue growth from our established customer base. We have significant revenue visibility due to the high level of recurring revenue and the long-term nature of our customer relationships and are confident in our ability to deliver healthy sequential revenue growth throughout 2004."

Conference Call

Cognizant will host a conference call on February 10th, at 10:00 AM. (ET) to discuss the Company’s quarterly and full year results. To listen to the call please dial (800)-508-1412 domestic and (706)-643-1946 internationally. The call will also be broadcast live via the Internet at Cognizant’s web site, www.cognizant.com. Please go to the web site at least fifteen minutes prior to the call to register, download and install any necessary audio software. A replay will be made available on the web site at www.cognizant.com or by calling 800-642-1687 for domestic callers and 706-645-9291 for international callers and entering "4976393" from two hours after the end of the call until 11:59 p.m. (EST) on February 17, 2004.