Earlier, Cognizant had projected fiscal 2014 revenue at $10.3 billion, up at least 16.5 percent compared to 2013.

D'Souza added that the firm continues to believe that it has the right strategy and portfolio of services to deliver long-term industry leading growth and also meet the ever changing demands of the market.

On share repurchase, Cognizant said: "Our Board of Directors approved an increase of the company's stock repurchase program by $500 million, from $1.5 billion to $2 billion and extended the term of programme to December 31, 2015."

Since the inception of the programme, the company has repurchased over $1.1 billion of its shares, it added.

Cognizant CFO Karen McLoughlin said: "During the second quarter, we repurchased over $100 million of shares under our stock repurchase programme... Reflecting our ability to generate strong cash flows, confidence in our business, and our commitment to driving shareholder value."

The firm continues to generate healthy profitability during the first half of 2014, as its non-GAAP operating margins came in higher than the targeted range of 19 to 20 percent, she added.

"We believe these positions us well to absorb our annual wage increases in the third quarter of 2014," McLoughlin said.

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