Chennai: Cognizant Technology Solutions Corp, a leading provider of custom software development, integration and maintenance services, recorded a seven per cent growth in its revenue for the first quarter amounting to $ 46.5 million, according to an official Press release.

While the company saw a revenue growth of seven per cent (over $ 43.4 million during first quarter in 2001), it recorded a gross margin of 48 per cent and operating margin of 19.7 per cent, over previous figures of 48.5 per cent and 19.3 per cent respectively, the release said.

Net income for the first quarter increased to $ 7.1 million ($ 0.35 per diluted share) from $ 5.6 million ($ 0.28 per diluted share) in the first quarter of 2001, the release added.

"The large application management deals we have won over the last year continued to ramp up strongly in the first quarter and the new deal pipeline remains very strong," company chairman and CEO Kumar Mahadeva said.

The company would be exploiting the vast potential that has emerged in the offshore projects. It would also adopt the sophisticated knowledge transfer and change management capabilities for attaining further growth, he added.