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Chennai May 2 Cognizant Technology Solutions has reported revenues of $460.3 million for the first quarter ending March, a 61 per cent growth over $285.5 million reported in March 2006.

According to a release on the company's Web site, demand for existing services especially in geographies like Europe and a "strong momentum" in new offerings in verticals like retail, manufacturing and logistics have been key drivers for growth.

Net income was reported at $75.4 million against $47.2 million in the first quarter of 2006. The operating margin was 18.2 per cent, the release said.

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