Cognizant's Q3 revenue up 31%, expects $6 bn in FY11-12

Cognizant Technology Solutions, an American information technology, consulting, and business process outsourcing services provider, announced its third quarter 2011 financial results reporting a growth of 31.6% , with the revenue reaching $1.6bn compared to $1.2 bn in the year ago quarter.

The company expects its fourth quarter revenue to reach atleast $1.66 bn, and forecasts a $6.11 bn revenue for the entire fiscal.

The net income for the third quarter ended September 30, reached $227.1 million , compared to $203.7 million for the same period in 2010.

''Cognizant has delivered another strong quarter of industry leading revenue growth with non-GAAP operating margins within our target range.The company's continued investments across multiple service horizons help address these dual mandates and drive superior business value regardless of the economic environment.''said Francisco D'Souza, President and CEO, Cognizant during the announcement.

''The company has stepped up its share repurchase program by spending over $163 million to repurchase shares during the quarter, reflecting confidence in our ability to generate strong cash flows.''said Gordon Coburn, Chief Financial and Operating Officer.

'The net headcount addition for the quarter exceeded 12,000, which included approximately 4,000 employees from the CoreLogic India acquisition, said the company.