US-based information technology firm, Cognizant Technology Solutions Corporation, having a large network of BPO’s in India, reported 11 per cent increase in its net profit for the quarter ended March 31, 2009. Its revenue rose 16 per cent to $746 million during the quarter as compared to its revenue in the same period last year.

Francisco D'Souza, President and CEO of Cognizant, said, "We are pleased with our performance during the first quarter which exceeded our revenue guidance and demonstrated Cognizant's continued ability to outperform the industry."

The firm expects revenue of at least $760 million in the second quarter with diluted EPS is expected to be $1.53 on a GAAP basis while at least $1.71 on a non-GAAP basis.

Mr. D’Souza expressed hopes to achieve revenue growth of at least 10 per cent for the full financial year, adopting new strategies and capturing new opportunities in the market.

Gordon Coburn, Chief Financial and Operating Officer of the company said that the firm maintained sufficient liquidity of around $969 million during the first quarter and hopes to strengthen company’s balance sheet during the forthcoming quarters.