
                                                                    Exhibit 99.1
                                                                   Press Release


                                    FOR:  Cognizant Technology Solutions Corp.
                                          500 Glenpointe Centre West
                                          Teaneck, NJ  07666


                                CONTACT:   Gordon Coburn
                                           Chief Financial Officer
                                           201-678-2712

FOR IMMEDIATE RELEASE                      Investors: Ian Bailey/Kirin Smith
---------------------                      Press: Brian Maddox/Scot Hoffman
                                           Financial Dynamics
                                           212-850-5600
                                           shoffman@fd-us.com

    COGNIZANT TECHNOLOGY SOLUTIONS REPORTS RECORD FOURTH QUARTER AND FULL-
                                  YEAR RESULTS
 * Quarterly Revenue exceeds expectations, growing 10% sequentially to $108.2
                                     Million
                           *Solid Cash Flow Generation
                         *Margins & Pricing Remain Firm
        * Diluted 4th quarter EPS exceeds expectations reaching $0.25

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:

     o    Quarterly revenue increased to $108.2 million, up 10% sequentially and
          61% from the year ago quarter
     o    Operating margin of 19.8% compared to 19.6%  sequentially and 19.8% in
          the year ago period
     o    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



<PAGE>


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.

About Cognizant Technology Solutions
------------------------------------
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 9,500 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 CMMi 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.

This press release  includes  statements  which may  constitute  forward-looking
statements made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, the accuracy of which are necessarily  subject to
risks,  uncertainties  and assumptions as to future events that may not prove to
be accurate.  Factors that could cause actual results to differ  materially from
those expressed or




<PAGE>


implied include  general  economic  conditions and the factors  discussed in our
most  recent  Form 10-Q and  other  filings  with the  Securities  and  Exchange
Commission.   Cognizant  undertakes  no  obligation  to  update  or  revise  any
forward-looking  statements,  whether  as a result  of new  information,  future
events or otherwise.

                               -tables to follow-


<PAGE>


<TABLE>
<CAPTION>
                   COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION
           CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
                      (In thousands, except per share data)

                                          Three Months Ended     Twelve Months Ended
                                              December 31,          December 31,
                                       ----------------------    ----------------------
                                         2003         2002         2003         2002
                                       ---------    ---------    ---------    ---------

<S>                                    <C>          <C>          <C>          <C>
Revenues ...........................   $ 108,158    $  62,147    $ 365,656    $ 208,657
Revenues -related party ............        --          4,864        2,575       20,429
                                       ---------    ---------    ---------    ---------
Total revenues .....................     108,158       67,011      368,231      229,086

Cost of revenues ...................      58,598       36,194      199,724      122,701
                                       ---------    ---------    ---------    ---------
Gross profit .......................      49,560       30,817      168,507      106,385

Selling, general and administrative
  expenses .........................      24,635       15,412       84,259       53,345

Depreciation and amortization
  expense ..........................       3,539        2,163       11,936        7,842
                                       ---------    ---------    ---------    ---------
Income from operations .............      21,386       13,242       72,312       45,198
                                       ---------    ---------    ---------    ---------

Other income (expense):
Interest income ....................         770          503        2,128        1,808
Other income / (expense), net ......         (79)        (146)        (199)        (235)
Split-off costs (non tax deductible)        --         (1,680)      (2,010)      (1,680)
                                       ---------    ---------    ---------    ---------
Total other income / (expense) .....         691       (1,323)         (81)        (107)
                                       ---------    ---------    ---------    ---------

Income before provision for income
  taxes ............................      22,077       11,919       72,231       45,091

Provision for income taxes .........      (4,352)      (2,780)     (14,866)     (10,529)
                                       ---------    ---------    ---------    ---------
Net income .........................   $  17,725    $   9,139    $  57,365    $  34,562
                                       =========    =========    =========    =========
Basic earnings per share (1) .......   $    0.28    $    0.15    $    0.92    $    0.58
                                       =========    =========    =========    =========
Diluted earnings per share (1) .....   $    0.25    $    0.14    $    0.84    $    0.54
                                       =========    =========    =========    =========
Weighted average number of common
  shares outstanding ...............      63,939       60,674       62,505       59,241
                                       =========    =========    =========    =========
Weighted average number of common
  and dilutive shares outstanding...      70,321       65,689       67,907       63,693
                                       =========    =========    =========    =========

(1) Reflects a 3-for-1 stock split distributed on April 1, 2003

                                -Table to follow-

</TABLE>


<PAGE>


                   COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION
             CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
                                   (Unaudited)
                                 (In thousands)

                                                        December    December
                                                           31,         31,
                                                      ------------------------
                                                          2003        2002
                                                      ------------------------
      ASSETS
      Current Assets
        Cash and cash equivalents ..................   $194,221   $126,211
        Trade accounts receivable, net of allowances
        of $989 and $861, respectively .............     52,253     35,092
        Trade accounts receivable - related party ..       --        1,605
        Unbilled accounts receivable ...............      9,543      4,159
        Unbilled accounts receivable - related party       --          149
        Current tax asset ..........................     14,066      3,711
        Other current assets .......................      8,414      4,907
                                                       --------   --------
                 Total Current Assets ..............    278,497    175,834

      Property and equipment - net .................     58,438     39,090

      Goodwill - net ...............................      4,477        878

      Other Intangible assets - net ................     16,436     12,870

      Other assets .................................      2,741      2,801
                                                       --------   --------
      TOTAL ASSETS .................................   $360,589   $231,473
                                                       ========   ========

      LIABILITIES AND STOCKHOLDERS' EQUITY

      CURRENT LIABILITIES

      Accounts payable .............................   $  9,423   $  6,948

      Accrued and other current liabilities ........     53,213     34,539
                                                       --------   --------
             Total Current Liabilities .............     62,636     41,487

      Deferred income taxes ........................     23,883     24,505
                                                       --------   --------
      TOTAL LIABILITIES ............................     86,519     65,992
                                                       --------   --------
      STOCKHOLDERS' EQUITY .........................    274,070    165,481
                                                       --------   --------
      TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY ...   $360,589   $231,473
                                                       ========   ========

                                       ###

