Syntel achieves Revenue of $189.1 Million in Q1 Results 2013

Syntel has announced financial results for the first quarter, ended March 31, 2013. The report highlighted that the Company's gross margin was 41.1 per cent in the first quarter, compared to 41.8 per cent in the prior-year period and 45.2 per cent in the fourth quarter of 2012. The Company’s revenue increased 11% to $189.1 million from $170.7 million in the previous year and increased one per cent sequentially from $187.8 million in the fourth quarter of 2012.

The first-quarter income from operations was 27.4 per cent of revenue as compared to 26.1 percent in the prior-year period and 30.2 percent in the fourth quarter of 2012. Net income for the first quarter was $46.4 million or $1.11 per diluted share, compared to $40.7 million or $0.98 per diluted share in the prior-year period and net income of $49.9 million or $1.19 per diluted share in the fourth quarter of 2012.

Syntel has spent $5.2 million in CAPEX. The Company added 772 net employees, ending the quarter with 22,179 employees globally.

Prashant Ranade, CEO & President, Syntel, said, "I am pleased with our revenue performance in this seasonally weak quarter. We are investing in our capabilities and growing our ranks with the aim of enhancing our market position while we pursue our long-term strategic initiatives.
Customers are demanding solutions that reflect an informed understanding of their industry. Our business is evolving with our customers' needs and the clear emphasis on capabilities vs. size plays to our particular strength."

In addition, Syntel has spent $5.2 million in CAPEX in the first quarter. The Company also added 772 net employees, ending the quarter with 22,179 employees globally.