Cognizant Technology Solutions outperformed rivals once again with a reported a growth of 16.44 per cent in its net income at $240.1 million for the fourth quarter ended December 31, 2011.

Cognizant said it expected to grow 23% to $7.53 billion in 2012, nearly twice the average projected by the National Association of Software and Services Companies (Nasscom).

Cognizant's revenue forecast of $1.7 billion is close to Infosys' March quarter guidance of $1.80-1.81 billion.

Francisco D'Souza, CEO of Cognizant said that when they look at spending patterns for 2012, they continue to see normal budget cycles in North America and Europe. The company’s view remains that 2012 IT and operations budgets will remain flat with a slight upward bias in the US as the recovery continues.

For the full year 2011, the company posted a net income of $883.6 million, up 20.46 per cent from $733.5 million in 2010.

Revenue during the quarter under review increased to $6.12 billion, up 33.3 per cent from $4.59 billion.

"2011 was an excellent year for us. Broad-based revenue growth of 33 per cent and net staffing additions of 33,700 are testaments to our ability to scale and expand our operations globally while preserving our client-first culture and maintaining high levels of employee satisfaction," Cognizant President Gordon Coburn said.

The company's net headcount addition for the quarter exceeded 7,300, taking its total employees 137,700 at the end of year.