Syntel Q2 2013 reports revenue up 13% from year-ago quarter

Knowledge Process Outsourcing (KPO) firm, Syntel has announced the financial results for the second quarter, ended June 30, 2013. Its revenue for this quarter increased 13 percent to $202.5 million from $179.0 million in the prior-year period, and increased seven percent sequentially from $189.1 million in the first quarter of 2013. During this quarter, Applications Outsourcing accounted for 76 percent of total revenue, with Knowledge Process Outsourcing (KPO) at 16 percent, e-Businesses contributing six percent and Team Sourcing at 2 percent.

Syntel's gross margin was 41.3 percent in the second quarter, compared to 41.3 percent in the prior-year period. The second quarter income from operations was 31.9 percent of revenue as compared to 30.7 percent in the prior-year period and 27.4 percent in the first quarter. Net income for the second quarter was $47.5 million or $1.14 per diluted share and net income of $46.4 million or $1.11 per diluted share in the first quarter of 2013.

Prashant Ranade , CEO and President,  Syntel said, "We executed well during the second quarter, crossing the $200 million revenue milestone for the first time. We are delivering these results by demonstrating value to our customers each day through our innovation and domain knowledge."

He added, "We are positioning ourselves for long-term success through client-driven investments in offerings that will help us deepen our customer relationships. The breadth of our pipeline continues to improve due to these investments and we look forward to helping our customers meet their future business and operational goals."

The Company also added 687 net employees, ending the quarter with 22,866 employees globally.