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Bangalore, Nov. 5 IT and business process outsourcing services company Cognizant Technology Solutions Corp reported a 31 per cent rise in revenue for the third quarter ended September 30, 2008, and maintained its outlook for the full year.

For the latest quarter, net profit was $112.8 million, compared with $96.2 million in the year-ago quarter, the company said in a statement. Revenue increased to $734.7 million from $558.8 million in the year-ago quarter.

“Through this period of economic uncertainty, we are working with clients across all sectors, including banking and financial services, to help with the twin challenges of simultaneously driving further cost savings while investing to capture new growth opportunities. We believe that this positions us well to navigate through this period of economic turbulence as well as for long-term growth once the economy improves,” said Mr Francisco D’Souza, President and CEO of Cognizant.

Cognizant said for the fourth quarter, it expects revenue of $746.7 million. For the full year, the company said it maintained its earlier forecast of revenue of $2.81 billion.

“Despite our stronger-than-expected third quarter revenue performance, we are maintaining our full year guidance in light of the current environment which requires caution and prudence,” said Mr Gordon Coburn, Chief Financial and Operating Officer. “We remain confident in our long-term strategy, and we will continue to focus on investment in the business and operational excellence to ensure we drive industry leading results over the long-term,” he added.

The company said for the quarter, it had a pre-tax foreign exchange loss of $14.8 million.

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