Bangalore: Cognizant Technology Solutions on July 17 reported an increased revenue – up by 20 per cent as compared to the same period last year – in the second quarter ended June 30, according to an official press release.

Revenue at $ 54.4 million during the second quarter of this year was up from $ 45.4 reported during the corresponding period of the previous year. The revenue was up 17 per cent sequentially from the first quarter and the net income for the second quarter increased to $ 8.6 million, according to the press release.

Operating margin for the quarter was 19.7 per cent up from 19.5 per cent in the year ago quarter. Gross margin was 46.0 per cent, compared with 48.5 per cent in the year ago quarter, and 48.0 per cent in the first quarter of 2002, the release said.

"The increasing recognition of Cognizant’s market-leading service offerings combined with the fuller acceptance of the offshore outsourcing model, accelerated our results beyond our own internal expectations this quarter," chairman and chief executive officer Kumar Mahadeva said.

"Application management revenues increased, and we also recorded a modest rebound in development revenues from existing customers. Twelve new customers were signed this quarter, primarily large blue chip names with substantial revenue potential, and our new deal pipeline remains strong," he said.

"Furthermore, client satisfaction remained high as approximately 90 per cent of our second quarter revenue came from customers who have employed our services for more than one year," chief financial officer Gordon Coburn said.

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