IT COMPANY Cognizant has reported a 16.7 per cent drop in its March quarter net income at USD 367 million, and said it expects a challenging demand environment throughout 2020 amid the coronavirus pandemic. Cognizant follows January-December as financial year. Its net profit was at USD 441 million in the March 2019 quarter. The US-headquartered company, which has about 2 lakh employees based in India, had previously withdrawn its FY20 guidance amid uncertainties on account of COVID-19 pandemic. It remains confident that its strong business mix, balance sheet and liquidity will help the company weather the COVID-19 storm.