The company's Quarterly revenue rose to $1.795 billion, up 4.9% sequentially and 20.9% from the year-ago quarter. Quarterly diluted EPS on a GAAP basis stood at $0.82, when compared to $0.67 in the year-ago quarter.

Cognizant beats Infosys to become India's second largest software firm.

Net headcount addition for the quarter was approximately 4,700. GAAP net income was $251.9 million, or $0.82 per diluted share, compared to $208.0 million, or $0.67 per diluted share, in the second quarter of 2011.

"Clients continue to turn to Cognizant to help reinvent their business models in the face of secular industry changes, evolving demographics, and a new stack of social, mobile, analytics, and cloud technologies," said Francisco D'Souza, Chief Executive Officer.

"We are well positioned to capitalize on these opportunities due to our unique combination of management consulting and operational capabilities in areas such as large scale program management and change management. With our robust global delivery model, we make the complexities of managing large scale transformation programs seamless and transparent to our clients," he added.

The company expects its third quarter revenues to be at least $1.875 billion. Revenue for the current fiscal is expected to be at least $7.34 billion, up 20% compared to 2011.

"We are pleased to maintain our full-year revenue guidance as we continue to execute as we expected," said Karen McLoughlin, Chief Financial Officer.

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