Syntel reports Third Quarter 2013 financial results

18th October 2013 | By Mouseworld Now Correspondent |

New Delhi, India, October 18, 2013: Syntel, a global information technology services and Knowledge Process Outsourcing (KPO) firm, has announced financial results for the third quarter, ended September 30, 2013.

Syntel’s revenue for the third quarter increased 13 percent to $209.9 million from $186.4 million in the prior-year period, and increased four percent sequentially from $202.5 million in the second quarter of 2013. During the third quarter, Applications Outsourcing accounted for 77 percent of total revenue, with Knowledge Process Outsourcing (KPO) at 15 percent, e-Business contributing seven percent and TeamSourcing at one percent.

The Company’s gross margin was 46.6 percent in the third quarter, compared to 45.5 percent in the prior-year period and 41.3 percent in the second quarter of 2013. Selling, General and Administrative (SG&A) expenses were 11 percent of revenue in the third quarter, compared to 15.6 percent in the prior-year period and 9.4 percent in the previous quarter.

The third quarter income from operations was 35.6 percent of revenue as compared to 29.9 percent in the prior-year period and 31.9 percent in the second quarter. The sequential rise in operating margin during the third quarter reflects the impact of the depreciation in the Indian rupee, lower visa and immigration-related expenses and an ongoing focus on operational efficiency.

Net income for the third quarter was $59.4 million or $1.42 per diluted share, compared to $51.5 million or $1.23 per diluted share in the prior-year period and net income of $47.5 million or $1.14 per diluted share in the second quarter of 2013.

During Q3, Syntel spent $4.3 million in CAPEX, largely in support of campus infrastructure, and finished the quarter with cash and short-term investments of $579 million. The Company also added 70 net employees, ending the quarter with 22,936 employees globally.

 

© Mouseworld Now News Service

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