Corporate Reporter

CHENNAI: Cognizant Technology Solutions Corporation , a leading provider of information technology, consulting and business process outsourcing services, has reported a 13 per cent rise in its second quarter revenue at $776.6 million against $ 685.4 million in the year-ago period. Net income was $141.3 million as compared to $103.9 million in the second quarter of 2008. The operating margin for the quarter was 19.5 per cent. Excluding stock based compensation expense of $8.4 million and stock-based Indian fringe benefit tax expense of $1.3 million, non-GAAP operating margin was 20.8 per cent.

President and CEO Francisco D’Souza, said “Despite a fluid economic environment, we posted industry-leading revenue growth this quarter, which demonstrates the resilience of our business model and our ability to adapt to evolving client needs.”

Based on the strength of second quarter results, the company has raised its 2009 revenue growth guidance from at least 10 per cent to at least 11.5 per cent.