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November 1, 2010

Syntel Q3 revenues up 34.3% to $141m

Operating income decreased by 6% to $31m in Q3 2010

By CBR Staff Writer

Syntel has reported revenue of $141m for the third quarter of 2010, up 34.3% compared to $105m from a year earlier quarter.

The company posted an operating income of $31m for the third quarter of 2010, a decrease of 6% compared to $33m for the same quarter previous year.

For the quarter ended 30 September 2010, the net income and diluted earnings per share remained flat at $30.4m and $0.73.

Syntel president and CEO Prashant Ranade said the revenue growth was broad-based across all key service offerings, and particularly strong in the Financial Services vertical.

"During the third quarter, Syntel added an additional 1,362 employees, and our headcount has now grown 30 percent globally since the beginning of 2010 and our new campus in Chennai is now operational, and we have initiated infrastructure expansion programs in both Pune and Mumbai," Ranade said.

The company expects revenue of $532m to $535m for the fourth quarter of 2010 and net income of $2.65 to $2.69 per diluted share.

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