Even as IT bellwether Cognizant Technology Solutions raised its outlook for 2009-10, it reported a 21 per cent growth in net profit for the quarter ended September 30, 2009, to $136.6 million compared with $112.8 million during the corresponding period a year ago.

The Nasdaq-listed company’s revenue rose to $853.5 million from $734.7 million, an increase of 16 per cent from the year-ago quarter and 10 per cent sequentially (compared to the trailing quarter).

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“We experienced strong organic growth across all industry sectors, geographies and service lines this quarter. The sequential revenue increase of $76.9 million is the largest in our history,” said Francisco D’Souza, president and CEO, Cognizant.

He added: “Clients are now increasingly approaching us to serve as a consultative business partner as their industries face comprehensive upheavals from the recession.”

D’Souza added revenue for the fourth quarter was expected to be around $880 million, indicating a sequential revenue growth of 3.1 per cent. Revenue for 2008-09 is expected to be at least $3.255 billion, up around 15.5 per cent compared to 2008.

The diluted EPS for 2008-09 was expected to be $1.75 on a GAAP basis, and $1.88 on a non-GAAP basis, which excludes $0.13 of estimated stock-based compensation and stock-based Indian fringe benefit tax expense. Due to continued volatility in currency markets, EPS guidance excludes any future non-operating foreign currency exchange gain or loss. The company’s cash (short-and long-term investments) position increased by over $195 million during the quarter to touch $1.34 billion.

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