Oct 30 (Reuters) - Cognizant Technology Solutions ( CTSH )

beat Wall Street estimates for third-quarter profit on

Wednesday, helped by recovery in demand as more businesses turn

to the IT services provider.

The results signal a recovery in the business environment,

with clients increasingly relying on the IT and consulting

services offered by Cognizant to digitize their business

operations.

The company's adjusted profit per share came in at $1.25 in

the quarter ended Sept. 30, compared with estimates of $1.15 per

share, according to data compiled by LSEG.

"We are seeing a gradual rebound of spend cycles and gaining

wallet share in financial services," CEO Ravi Kumar said on a

post-earnings call.

Cognizant, which is primarily a consulting service firm, is

diversifying its portfolio by entering into the aerospace and

defense sector with the acquisition of Belcan for $1.3 billion

in June.

Rival Accenture ( ACN ) beat quarterly revenue and profit

expectations on strong demand for its services in late

September.

The New Jersey-based company expects fourth-quarter revenue

in the range of $5 billion and $5.1 billion, compared to

analysts' estimates of $5.09 billion.

Cognizant now expects annual revenue between $19.7 billion

and $19.8 billion, up from its prior expectations of $19.3

billion to $19.5 billion.

The company's third-quarter revenue stood at $5.04 billion,

compared to analysts' average expectations of $5 billion.