The US-based IT services firm
Cognizant Technology posted a 37.5 per cent jump in net profit to $208.32 million for the first quarter ended March 31.
Net profit stood at $151.50 million for the first quarter of 2010.
"We are pleased with yet another quarter of solid growth as we continue to benefit from a strong demand environment. During this time of significant secular change impacting our clients, we continue to enhance our competitive differentiation," Cognizant President and CEO Francisco D'Souza said in a statement.
The company's revenue increased by 42.88 per cent to $1.37 billion during January-March from $959.72 million in the same period last year.
Cognizant has forecast its second quarter revenues to be at least $1.45 billion, while for the year 2011, it expects revenue to grow at 29 per cent from 2010 to $5.92 billion.
"We remain confident in our strategy of maintaining our non-GAAP operating margins within a targeted range of 19-20 per cent, while allowing for strong and consistent investment in new service and delivery capabilities as well as in the best global talent," Cognizant Chief Financial and Operating Officer Gordon Coburn said.
Cash and cash equivalents stood at $1.29 billion at the end of March 31, 2011.
Cognizant had a net headcount addition of more than 7,200 for the reported quarter.
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