Syntel, Inc. (NASDAQ: SYNT), a all-around advice technology casework and Knowledge Process Outsourcing (KPO) firm, today appear banking after-effects for the additional division concluded June 30, 2009.
Highlights
• Q2 Net Income increases 44% yoy to $25.1M (Rs.121 crore)
• Q2 acquirement added 4% sequentially to $100.1M (Rs.481 crore)
• Q2 Operating Income grows 20% yoy to $27.4M (Rs.132 crore)
• Q2 EPS of $0.61 per adulterated allotment
• Added 3 new audience this quarter;
• Work progresses on new campus architecture in Chennai.
Phase I is tracking for admission in Q4 of 2009.
• Syntel is afterlight 2009 guidance,
-from Revenue of $385 actor (Rs.1875 crore) to $415 million(Rs.2021 crore) to Revenue of $395 actor (Rs.1924 crore) to $415 million(Rs.2021 crore) and
-from EPS of $2.12 to $2.42 to EPS of $2.40 to $2.50
Syntel's absolute acquirement for the additional division added 4 percent to $100.1 actor (Rs.481 crore), compared to $96.4 actor (Rs.464 crore) in the aboriginal division of 2009 and decreased 3% compared to $103.4 actor (Rs 497 crore) in the above-mentioned year period. The Company's gross allowance was 48.2 percent in the additional quarter, compared to 41.1 percent in the prior-year aeon (710 bps increase).
Syntel's assets from operations broadcast to 27.4 percent in the additional quarter, compared to 22.1 percent in the prior-year aeon (530 bps increase) .
Net assets for the additional division was $25.1 actor (Rs.121 crore) or $0.61 per adulterated share, compared to $17.4 actor (Rs.84 crore) or $0.42 per adulterated allotment in the prior-year period.
During the additional quarter, Syntel added 3 new audience and two new "Hunting Licenses" or adopted affiliation agreements, bringing the absolute amount to 96 cardinal relationships.
Operational Highlights
“Syntel was encouraged by bigger stabilization in the exchange and the added absolute discussions accomplished with our audience during the quarter,” said Keshav R Murugesh, Chief Executive Officer& President, Syntel. “While arbitrary projects abide sidelined, barter are alpha to already afresh attending at amount abridgement initiatives which are accumbent with their longer-term cardinal objectives.”
“The timing of new activity starts and changes in the exchange are ambiguous traveling forward. However, based on today’s bread-and-butter ambiance and our accepted afterimage levels, we accept that the additional division acquirement run-rate represents a minimum akin for the antithesis of 2009. Syntel will abide to focus on active key investment initiatives and proactive amount administration in the additional bisected of the year with the cold of appropriately accession the aggregation for abiding acceptable growth.”
Syntel has invested abutting to $37M (Rs. 185 crore) in 2008 and has plan to advance approx. $25Mn (Rs.120 crore) in 2009 as it makes advance on architecture of its SEZ campuses in Pune and Chennai. Phase 1 of our new Chennai campus accepting complete up amplitude of 6,50,000 sq.ft. and 5000 seats will be accessible by Q4 of 2009. We will anon aswell arise Phase 2 of Pune SEZ with 4,500 basement capacity, Cafeteria and a Training accommodation of 1,200 seats.
2009 Guidance
Based on accepted afterimage levels and an barter amount acceptance of 48.7 rupees to the dollar, the Company is afterlight 2009 advice from acquirement of $385 million(Rs.1875 crore) to $415 million(Rs.2021 crore) and EPS in the ambit of $2.12 to $2.42 to acquirement of $395 million(Rs.1924 crore) to $415 million(Rs.2021 crore) and EPS in the ambit of $2.40 to $2.50
About Syntel
Syntel (NASDAQ: SYNT) is a arch all-around provider of chip advice technology and Knowledge Process Outsourcing (KPO) solutions spanning the absolute lifecycle of business and advice systems and processes. The Company is apprenticed by its mission to actualize new opportunities for audience by harnessing the passion, aptitude and addition of Syntel advisers worldwide. Syntel leverages committed Centers of Excellence, a adjustable Global Delivery Model, and a able clue almanac of architecture collaborative applicant partnerships to actualize acceptable business advantage for Global 2000 organizations. Recently called one of the "50 Best Managed Global Outsourcing Vendors" by The Black Book of Outsourcing, Syntel is adjourned at SEI CMMi Level 5, and is ISO 27001 and ISO 9001:2000 certified. As of June 30, 2009, Syntel active added than 11,300 humans worldwide. To apprentice more, appointment us at: www.syntelinc.com.
Safe Harbor Provision
This account absolution includes advanced statements, including with account to the approaching akin of business for Syntel, Inc. These statements are necessarily accountable to accident and uncertainty. Actual after-effects could alter materially from those projected in these advanced statements as a aftereffect of assertive accident factors set alternating in the Company's Annual Form 10-K certificate anachronous March 12, 2009 and the Company’s Quarterly Report on Form 10-Q for the aeon catastrophe March 31, 2009.
Contact: Sudhanshu Patni, Syntel, Cell No.# 9930313192, Sudhanshu_patni@syntelinc.com
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