Syntel posts 31 pc increase in revenue

Chennai, Apr 30 (UNI) Syntel Inc, a leading global provider of custom outsourcing solutions, has registered a 31 per cent increase in revenue in the first quarter, January to March, 2008.

A company release here said the revenues for the quarter increased 31 per cent to Rs 394 crore and the net income for the quarter was Rs 81.6 crore.

In the wake of these developments, the Company had commenced construction of its 29 acre of Special Economic Zone facility at Siruseri, near here.

In the first Phase, it would construct 6.5 lakh sq ft of space.

This would consist of three Software Development Blocks, each having a capacity of 1,700 seats, a food court with 1,000 seating capacity, a Training Block of 1,200 seating capacity, a Welcome Block, a Recreation Block and a Utility Block.

Most of the phase one is scheduled for completion by the end of this year, the release said.

It would also progress with the construction of its 40 acre SEZ facility at Talawade, Pune. In the first phase, the Company would construct two Software Development Blocks each having a capacity of 1300 seats. This was scheduled for opening in the second quarter of this year.

With this, Syntel would add 6,000 new seats in India. The investments in these two campuses alone would be approx Rs 240 crore in 2008, it said.

The global headcount in the first quarter end for Syntel was 12,093. Syntel added 11 new clients this quarter, the highest ever in the last four years. Syntel also added one new "Hunting License" or preferred partnership agreement, bringing the total number to 89 strategic relationships.

Syntel's Knowledge Process Outsourcing segment, grew over 120 per cent year-over-year and 15 per cent sequentially and represented more than 20 per cent of overall revenues at the end of first quarter.

This marked the 16th consecutive quarter of organic revenue growth for Syntel, the release said.

UNI WS SJ 1652