Cognizant beats Wipro

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE

Cognizant Technology Solutions Corp continued its scorching growth and forecast a strong third quarter, at a time when rival Indian IT services exporters have warned of slowing technology spending. The company, which posted quarterly revenue of $1.49 billion, outpaced India's No.3 software services exporter Wipro's IT services revenue of $1.41 billion.

Cognizant's net profit was up over 20 per cent to $208.04 million in the April-June 2011 quarter, up from $172.17 million in the year-ago period. Discretionary development spending by clients has been spurring growth at Cognizant, while many top players in India's showcase $76 billion software and services sector have raised concerns over economic uncertainties restricting their growth.

Wipro Ltd said the uncertain economic environment had resulted in volatility in business, but it was not seeing delays in the IT spending decision making process by customers.

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