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Syntel Inc revenue increases to Rs 286 crore

By Staff
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Chennai, May 2 (UNI) Syntel Inc., a global information technology services firm, has increased its revenue to Rs 286 crore, up by 25 per cent and the net profit by 34 per cent to Rs 54 crore.

Announcing the financial results for the first quarter, ended March 31, 2006, a company release here said the sequential revenue growth of 2 per cent and Syntel's global headcount grew to 6357.

The company has added six new clients in the quarter and launched 151 new engagements, the release said adding Syntel's total revenue for the first quarter increased more than 25 per cent to 63.5 million US dollar, compared to 50.7 million US dollar in the prior-year period.

The Company's gross margin was 38.3 per cent in the first quarter, compared to 41.4 per cent in the prior-year period and 40.1 per cent in the fourth quarter of 2005.

During the first quarter, Syntel's focus area of Applications Outsourcing accounted for 73 per cent of total revenue, with e-Business contributing 14 per cent, team sourcing at 8 per cent and Business Process Outsourcing (BPO) at 5 per cent, the release added.

''The company is setting up approximately 100,000 sq ft of space in Mumbai to accommodate an additional 1000 people in both IT and BPO. All these seats will be ready between April and May,'' Mr Keshav Murugesh, Chief Operating Officer, Syntel Inc. said.

''We are also establishing a 45,000 sq ft office to accommodate an additional 500 people in Chennai. This new facility will be ready in April next year and is located on the old Mahabalipuram road,'' he added.

The company has taken new facilities for 500 seats in Pune as the company awaits operationalisation of its 40 acre, Rs 90 crore campus in Talawade, Pune. The campus in Pune is expected to have a capacity of 3000 people by the end of this year. New facilities have been set up in Memphis, USA and Stuttgart in Germany, he said.

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