Syntel Inc News

"Revenue $103.4 Million (Rs.444.6 Crores) in the Second Quarter of 2008 is a Historical Achievement for Syntel"- Keshav Murugesh, President and COO, Syntel Inc.

MUMBAI, July 25 PRNewswire — Highlights: - First ever $100 million quarterly Revenue in the history of Syntel - Q2 revenue increase of 29% to $103.4M (Rs. 444.6 crores) over Q2, 2007 - Net Income increases 31.3% over Q2, 2007 - Q2 EPS of $0.42 per diluted share - Quarter-ending global headcount of 12,045 - Syntel now expects higher 2008 revenue in the range of $412 to $422 million and EPS between $1.74 to $1.82; - Syntel has been ranked in India's Top 15 IT software and service exporters for the year 2007-2008 by NASSCOM; - Will invest upto $45 million in 2008 in Pune and Chennai SEZ campuses

Syntel Inc., A global IT and KPO firm today announced its Second Quarter financial results. Keshav R Murugesh, President and COO, Syntel said, " Syntel's total revenue for the second quarter increased 29 percent to $103.4 million (Rs.444.6 crores) , compared to $80.4 million ( Rs.345.7 crores) in the prior-year period and 5 percent sequentially from $98.5 million ( Rs 423.5 crores) in the first quarter of 2008. The Company's gross margin was 41.1 percent in the second quarter, compared to 38.2 percent in the prior-year period and 40.3 percent in the first quarter of 2008."

Keshav further said, " Contributing to this healthy revenue growth during the second quarter, Applications Outsourcing accounted for 64 percent of total revenue, with Knowledge Process Outsourcing (KPO) at 20 percent, e-Business contributing 13 percent and Team Sourcing at three percent. The Company's Selling, General and Administrative (SG&A) expenses were 19.1 percent in the second quarter of 2008, compared to 20.1 percent in the prior-year period and 20.8 percent in the first quarter of 2008. Syntel's income from operations expanded to 22.1 percent in the second quarter, compared to 18.0 percent in the prior-year quarter and 19.4 percent in the first quarter of 2008. Operating margins during the quarter were favorably impacted by depreciation in the Indian Rupee. Net income for the second quarter was $17.4 million (Rs. 74.8 crores) or $0.42 per diluted share, compared to $13.3 million (Rs. 57.2 crores) (or $0.32 per diluted share in the prior-year period and net income of $20.4 million (Rs. 87.7 crores) or $0.49 per diluted share in the first quarter of 2008. The first quarter of 2008 had a favorable one time tax reversal that added to the EPS."

"Our focus is on leveraging our client base, strategic investments and market position to help drive top line acceleration which remains unchanged. Syntel is proud to be named on the list of Standard & Poor's Inc, which includes only 13 U.S. Information Technology Companies among 73 companies based in the United States that made its annual Global Challengers list. This list released Wednesday of mid-sized companies that show the 'highest growth characteristics included Syntel" said Keshav.

Media Contact: Sudhanshu Patni +91-9930313192 sudhanshu_patni@syntelinc.com

SOURCE Syntel Inc

Send this news item to a friend.

Print This Page