Cognizant Technology Solutions has beaten rival Wipro for the second consecutive quarter by posting 31.6 per cent growth in revenue at $1.60 billion for the July-September period.
Cognizant's revenue was $1.21 billion in the same quarter last year.
Wipro's IT revenues on the other hand stood at $1.47 billion in the July-September. The Bangalore-based company follows April-March fiscal, while for Cognizant it is January through December.
Azim Premji-led Wipro earns 75 per cent of its revenue from the IT services. The division does not report net profit for the segment.
This is the second consecutive quarter Cognizant has beaten its own guidance and registered higher revenues than Wipro.
In the April-June quarter, Cognizant for the first time toppled Wipro from its spot as the third largest software exporter in India, with revenues of $1.49 billion.
Wipro in the same quarter had registered revenues to the tune of $1.40 billion.
Cognizant's profit for the third quarter ended September 30, 2011, grew 11.48 per cent growth at $227.1 million from $203.7 million in the same period last year.
Cognizant expects its revenues for the October-December quarter to be "at least $1.66 billion".
Wipro on the other hand has given a somewhat conservative revenue guidance of $1.5-1.53 billion for the same period.
"In spite of persistent macro-economic uncertainties, clients throughout the world continue to invest thoughtfully and strategically in their businesses and are directing investments toward building agility to drive the dual mandates of operational efficiency and business transformation," Cognizant President and CEO Francisco D'Souza said.
Cognizant's continued investments across multiple service horizons help address these dual mandates and drive superior business value regardless of the economic environment, he added.
For the year 2011, revenue is expected to be at least $6.11 billion, up at least 33 per cent compared to 2010, the company said.During the quarter under review, Cognizant's net headcount addition exceeded 12,000, which included about 4,000 employees from the CoreLogic India acquisition. Its attrition rate in the quarter was 13.4 per cent.