Teaneck, NJ – April 20, 2004 – Cognizant Technology Solutions Corporation (NASDAQ: CTSH), a leading provider of IT services, today announced its financial results for the first quarter ended March 31, 2004.

Highlights for the first quarter include:

• Quarterly revenue increased to $119.7 million, up 11% sequentially and 61% from the year ago quarter
• Operating margin of 19.8% compared to 19.8% sequentially and 19.5% in the year ago period
• Diluted quarterly EPS reached $0.28

Revenue for the first quarter increased to $119.7 million, up 11% from $108.2 million in the fourth quarter of 2003, and up 61% from $74.5 million in the first quarter of 2003. Net income for the first quarter increased to $19.8 million, or $0.28 per diluted share compared to $17.7 million, or $0.25 per diluted share in the fourth quarter of 2003. Operating margin for the quarter held steady at 19.8%, compared to 19.8% in the fourth quarter of 2003 and 19.5% in the first quarter of 2003.

"Cognizant continues to deliver strong operating and financial performance as demand for high value offshore services continues to grow, with particularly strong interest in core application development and management services," stated Lakshmi Narayanan, President and CEO of Cognizant. "We have maintained our position as the fastest-growing company among the major offshore IT Services firms through our strong focus and commitment to the superior execution of our onsite/offshore business strategy. Additionally, client satisfaction with our services remains strong as a result of the deep relationships we develop with our clients. Cognizant continues to solidify its position as a highly differentiated premium provider and demonstrates to clients the significant value it can deliver. We continue to see strong growth across our key verticals, especially in financial services and insurance. We expect the momentum to continue and reiterate our expectation to grow the business faster than the industry's growth rate throughout 2004."

"Our first quarter results are clearly the result of solid execution and strong momentum, as well as the strong demand environment for offshore services," said Gordon Coburn, Chief Financial Officer. "We expect to continue benefiting from these favorable trends and we have significant revenue visibility due to our high-level recurring revenue and the long-term nature of our customer relationships. We continue to experience a stable pricing environment as well as strong growth from strategic clients that we have won during the last 2 years, as these clients further leverage the advantages of offshore. During the quarter we increased our global staff by over 1,200 people to approximately 10,500 to meet current and anticipated demand. In addition, our sales pipeline is at a record level. We are optimistic about the outlook for this year and believe we are well-positioned to deliver strong financial and operating results."

Conference Call

Cognizant will host a conference call on April 20th, at 9:00 a.m. (ET) to discuss the Company’s quarterly results. To listen to the call please dial (800) 953-6584 domestic and (706) 645-0156 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 "6694091" from two hours after the end of the call until 11:59 p.m. (ET) on April 27, 2004.

About Cognizant

Cognizant Technology Solutions Corporation (Nasdaq: CTSH) is a leading provider of IT services. Focused on delivering strategic information technology solutions that address the complex business needs of its clients, Cognizant provides applications management, development, integration, and re-engineering, infrastructure management, business process outsourcing, and a number of related services such as enterprise consulting, technology architecture, program management and change management through its onsite/offshore outsourcing model.

Cognizant's more than 10,500 employees are committed to partnerships that sustain long-term, proven value for customers by delivering high-quality, cost-effective solutions through its development centers in India and Ireland, and onsite client teams. Cognizant maintains P-CMM and SEI-CMM Level 5 assessments from an independent third-party assessor and was recently ranked #1 in Forbes' Hot Shots 200 Up & Comers and ranked as the top information technology company in BusinessWeek's Hot Growth Companies. Further information about Cognizant can be found at http://www.cognizant.com.