Cognizant Technology Solutions IMAGE.
Exactly a year after Cognizant overtook Wipro as as the third largest software exporter from India, the New-Jersey based IT firm has now overthrown Infosys as the second largest IT player after TCS in revenue terms in the June quarter.
The software company reported a revenue of $1.79 billion (about Rs 9,938 crore) for the April-June quarter this year. The revenue of Infosys for the same period was $1.75 billion (about Rs 9,716 crore). However, the company has to wait till the end of the financial year to see whether it can really cement its place as the second largest IT services provider.
But with a bullish annual revenue outlook, Cognizant may remain at the number two spot as Infosys has given a muted guidance of 5 percent growth for the year, given the uncertainty in the global environment. Infosys expects revenues to be $7.343 billion in FY13.
Cognizant, most of whose employees are in India, has been gaining ground over Infosys and Wipro as it has traditionally worked with relatively lower margins, helping it win more contracts. The company entered into a $330 million deal in June with the US unit of Dutch insurer ING Group NV to expand the business process management contract between the two.
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