Syntel's Q3 net profit crosses Rs 65 cr

Chennai, Oct 24 (UNI) Syntel Inc, a global information technology services firm, would make substantial investments in its Special Economic Zone (SEZ) facilities in Chennai and Pune over a period of three years.

A company release here today said the investment was aimed at creating 1.1 million sq ft in each of the locations during the next three years.

Announcing the Q3 results, the release said Syntel has registered a net profit of Rs 65.2 crore and revenue of Rs 311.4 crore during the third quarter that ended October 18 this year.

Compared to last year, the net profit was up by 23.8 per cent and 31.5 per cent sequentially against Q2 of 2006, while the revenue grew by over 18.3 per cent. The revenue growth against Q2 of 2006 stood at 7.5 per cent, the highest growth sequentially for any quarter for Syntel.

The company has been achieving revenue improvement for the 10th consecutive quarter.

The company experienced revenue gains in all of its key verticals.

The healthcare segment, particularly, grew exponentially, registering a 20 per cent gain versus Q2.

The BPO segment too performed well, growing by 27 per cent in the quarter and now represents 8.2 per cent of overall revenues.

Observing that the Syntel Market Cap crossed one billion dollars last week, Company COO Keshav R Murugesh said "Our aggressive growth this quarter, both in revenues and profits, is a strong testament to our talented workforce, service offerings and strong commitment to help our clients succeed".

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