Cognizant Technology Solutions reported strong third quarter results as it saw increased demand for its outsourcing and consulting services.
Its net income rose to $276.9 million in the third quarter from $227.1 million in the third quarter of 2011.
Its revenues in the third quarter of 2012 rose to $1.892 billion, up 18.2 per cent from $1.601 billion in the third quarter of 2011 and 5.4 per cent sequentially.
"Cognizant's strong results reaffirm the acceptance of our value proposition that helps clients address the dual mandate of driving efficiency and effectiveness in their core business while investing in innovation and business transformation for long-term growth," said Chief Executive Officer
Francisco D'Souza. "Our consulting-led approach, intimate client relationships, deep domain knowledge and robust execution give us the confidence to deliver revenue growth of at least 20 per cent in 2012."
Cognizant, most of whose employees are based in India, saw a net headcount addition of about 5,100 during the quarter.
Cognizant expects fourth quarter 2012 revenue of at least $1.94 billion and fiscal 2012 revenue of at least $7.34 billion, up at least 20 per cent compared to 2011.
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