According to a latest update, technology company Cognizant has surpassed Infosys in quarterly revenues to emerge as the second largest IT services provider leveraging India.

If reports are to be believed, Cognizant Technology Solutions Corp. has beaten its own earnings per share (EPS) outlook and met revenue guidance, replacing the Infosys as India’s No. 2 software services provider based on quarterly revenue.

It is worth noticing, Cognizant has also overtook Wipro Ltd on the same basis, last year.

Latest stats revealed, Cognizant has posted 20 percent revenue growth guidance for the calendar year 2012, over taking Nasscom’s growth guidance of 11-14 percent. Company’s quarterly revenues rose to $1.795 billion, up by 4.9 percent and over 20 percent from the year-ago quarter report. 

All in all, the company has added approximately 4,700 net during the quarter, taking the global headcount of approximately 145,200 as of quarter ending June 30. 

As far as fiscal 2012 revenue is concerned, Cognizant is expected to report at least $7.34 billion, up at least 20 percent compared to 2011.