Revenue up 11%
Syntel, a provider of IT and knowledge process outsourcing services, has reported a net income of $26.7m, or $0.64 per diluted share, for the fourth quarter ended December 31, 2008, compared to $15.9m, or $0.39 per diluted share, for the same period in 2007.
For the fourth quarter ended December 31, 2008, the company has reported revenue of $104.7m, a 11% increase compared to the revenue of $94m for the same period in 2007. The company’s gross margin was 48.3% in the fourth quarter of 2008, compared to 39.4% in 2007.
Net income for the year 2008 was $86.7m, or $2.10 per diluted share compared to $62.9m, or $1.52 per diluted share, in 2007. Both net income and earnings per share rose 38% for the full year.
Revenue for 2008 increased 22% to $410.4m, from $337.7m in 2007. The company’s operating margins expanded to 24% percent for 2008, compared to 18.8% in 2007.
Bharat Desai, chairman and CEO of Syntel, said: Despite the challenging macroeconomic environment, Syntel was able to continue its operational and financial progress during the fourth quarter. The company remains focused on helping our clients meet their changing business needs and continuing to drive operational excellence internally. While we are pleased with our overall performance in 2008, we remain cautious as to the business outlook for 2009.