New York/New Delhi: Third largest software exporter Cognizant Technology Solutions has beaten rival Wipro for the second consecutive quarter by posting 31.6 percent growth in revenue at USD 1.60 billion for the July-September period.

Cognizant's revenue was USD 1.21 billion in the same quarter last year. Wipro's IT revenues on the other hand stood at USD 1.47 billion in the July-September. The Bangalore-based company follows April-March fiscal, while for Cognizant it is January through December.

Azim Premji-led Wipro earns 75 percent of its revenue from the IT services. The division does not report net profit for the segment.

Though Cognizant is not listed in India, 75 percent of its over 1.3 lakh employees are based in India.

This is the second consecutive quarter Cognizant has beaten its own guidance and registered higher revenues than Wipro.

In the April-June quarter, Cognizant for the first time toppled Wipro from its spot as the third largest software exporter in India, with revenues of USD 1.49 billion.

Wipro in the same quarter had registered revenues to the tune of USD 1.40 billion.

Cognizant's profit for the third quarter ended September 30, 2011, grew 11.48 percent growth at USD 227.1 million from USD 203.7 million in the same period last year.

Cognizant expects its revenues for the October-December quarter to be "at least USD 1.66 billion".

Wipro on the other hand has given a somewhat conservative revenue guidance of USD 1.5-1.53 billion for the same period.

"In spite of persistent macro-economic uncertainties, clients throughout the world continue to invest thoughtfully and strategically in their businesses and are directing investments toward building agility to drive the dual mandates of operational efficiency and business transformation," Cognizant President and CEO Francisco D'Souza said.

Cognizant's continued investments across multiple service horizons help address these dual mandates and drive superior business value regardless of the economic environment, he added.

For the year 2011, revenue is expected to be at least USD 6.11 billion, up at least 33 percent compared to 2010, the company said.

During the quarter under review, Cognizant's net headcount addition exceeded 12,000, which included about 4,000 employees from the CoreLogic India acquisition. Its attrition rate in the quarter was 13.4 percent.

Earlier this year, Cognizant acquired CoreLogic's Indian operations for a cash payment of USD 50 million.

It added 56 new customers (gross) and closed the quarter with 777 active customers. The company finished the quarter with about USD 2.3 billion of cash and short-term investments.

"We spent about USD 74 million for capital expenditures during the quarter and USD 56 million on acquisitions. As previously announced, in 2011, we expect to spend about USD 285 million on capital expenditures - the majority of which will support our current wave of facility expansion," Cognizant Chief Financial and Operating Officer Gordon Coburn said.

During the quarter, 78.1 percent of revenue came from its clients in North America, 18.2 percent from Europe and 3.7 percent from Asia Pacific, the Middle East and Latin America.

North America revenues grew 32.2 percent year-on-year, while Europe grew 26.5 percent y-o-y.

Financial services, which comprised 41 percent of Cognizant's revenues, grew 26 percent y-o-y, while Healthcare grew 42 percent y-o-y (26 percent revenue contribution).