Technology titan Cognizant goes past Infosys in quarterly revenues to emerge as the second largest IT services provider leveraging India.

The company reaffirms 20% revenue growth guidance for the calendar year 2012 as againstNasscom growth guidance of 11-14%.

Quarterly revenues rose to $1.795 billion, up 4.9% sequentially and 20.9% from the year-ago quarter. GAAP net income was $251.9 million, up 3.4% sequentially and 21.1% from the year-ago quarter.

Non-GAAP operating margin was 20.0%, at the top end of the company’s targeted 19-20% range.

The company added approximately 4,700 net during the quarter, taking the global headcount of approximately 145,200 as of June 30, 2012.

Cognizant has guided to at least $1.875 billion during the third quarter, indicating at least 4.5% sequential growth.

Fiscal 2012 revenue reaffirmed and is expected to be at least $7.34 billion, up at least 20% compared to 2011

Source : Times of India