Syntel Inc declares net profit high at Rs 444.79 cr for Q2

Mumbai, July 25 (UNI) US-Based Syntel Inc, a global IT and Knowledge Processing Outsourcing (KPO) firm, today said its profit after tax has increased to Rs 444.70 crore for the second quarter ended June 2008, as compared to Rs 345.54 crore for the corresponding period last fiscal.

In a statement here today, Keshav Murugesh, President and COO, Syntel Inc said, ''Revenue of the Company has recorded Rs 444.6 crore (USD 103.4 million) in the Second Quarter of 2008, which was a historical achievement for Syntel. The company's total income for second quarter of the current fiscal has grown by 22.55 per cent to Rs 4,299.56 crore from Rs 3,508.34 crore, during the same period last fiscal. Syntel has been ranked in India's Top 15 IT software and service exporters for the year 2007-2008 by NASSCOM and it will invest upto USD 45 million in 2008 in Pune and Chennai SEZ campuses.'' ''During the second quarter, Syntel added five new clients and one new 'Hunting License' or preferred partnership agreement, bringing the total number to 90 strategic relationships. While the timing of certain client spending decisions remains in question, several other operational trends continued to track favourably.

These include key supply-side metrics, currency, pricing and the sales pipeline,'' he said.

''Syntel is proud to be named on the list of Standard&Poor's Inc, which includes only 13 US Information Technology Companies, among 73 companies based in the United States that made it to the annual Global Challengers list. Based on the current visibility levels and an exchange rate assumption of 43 rupees to the dollar, the Company is updating 2008 guidance to reflect revenue of USD 412 to USD 422 million and EPS in the range of USD 1.74 to USD 1.82,'' Mr Murugesh said.

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