(Adds details, analyst comments)

By Purwa Naveen Raman

BANGALORE, Feb 7 (Reuters) - Cognizant Technology Solutions Corp (CTSH.O: Quote, Profile, Research), a provider of low-cost software development services in India, posted a higher quarterly profit and forecast first-quarter and fiscal 2008 revenue above expectations.

Shares of the company rose almost 13 percent to $30.75 in after-hours trading.

Cognizant said fourth-quarter profit was driven by strong growth across its business segments, service offerings and geographic regions.

Fourth-quarter net income rose to $96.3 million, or 32 cents a share, compared with $69.5 million, or 23 cents a share, a year ago. Excluding items, earnings were 36 cents a share.

Revenue rose 41 percent to $600 million.

Analysts on average were expecting earnings of 31 cents a share, excluding items, on revenue of $593.8 for the quarter, according to Reuters Estimates.

Cognizant derives 70 percent of its revenue from the financial services and healthcare industries, raising concerns of being exposed to a slowdown in the U.S. economy.