Syntel revenue up 26% Y-o-Y

By : |October 30, 2005 0

PUNE: Syntel Inc., an information technology services firm, today reported a 25.5 per cent growth in total revenue for the third quarter ended September 30 2005.

The total revenue in Q3 increased to Rs 263.25 crores from Rs 209.7 crores in the year-ago period, and 7.0 per cent sequentially from Rs 246.15 reported in Q2 FY05.

Syntel said in a statement that during the third quarter its focus area of applications outsourcing accounted for 75.0 per cent of the total revenue, with e-Business contributing 13.6 per cent, TeamSourcing 8.1 per cent and Business Process Outsourcing 3.3 per cent.

The company’s income from operations was 21.7 per cent in the latest quarter, compared to 23.0 percent in the prior-year quarter, and 20.5 per cent in the second quarter.

Net income for the third quarter was Rs 52.65 crores compared to Rs 43.65 crores in the second quarter of 2005.

Announcing the results, Syntel COO Keshav Murugesh said, “We will continue to focus on driving enhanced value for our clients, through the use of new technology.”

Syntel added five new corporate clients in the third quarter, started 87 new engagements, and signed two new “Hunting Licenses” or preferred partnership agreements.

Global headcount grew to 5,536 in the third quarter of 2005, compared to 4,920 in the second quarter 2005.

The company ended the quarter with more than Rs 531 crore in cash and short-term investments.

“This is the fourth quarter of sequential revenue growth and our headcount increased by more than 600 people in this quarter. We continue to invest strongly in domain expertise, technology depth, new strategic offering areas, people and processes and India based facilities and infrastructure. Our BPO business in our chosen verticals continues to make good progress,” Murugesh said.

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