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Syntel posts record revenue and net income

Revenues for the quarter were $41.6 million, a 58 per cent increase over $26.3 million for the same period in 1997.

T O D A Y

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Net income increased 280 per cent for the first quarter to $6 million, or $0.15 per share (diluted), compared to pro forma net income of $1.6 million or $0.04 per share (diluted) for the same period in 1997.

All diluted per share amounts have been restated to give effect to the three-for-two stock split paid on April 22, 1998.

Pre-split earnings for the quarter increased to $0.23 per share (diluted), compared to pro forma earnings per share of $0.06 (diluted) for the first quarter 1997.

"The strong results from the first quarter illustrate Syntel's continued momentum in the global information technology services marketplace,'' said Bharat Desai, president and chief executive.

"We are pleased with the results because they represent increased demand for our services from our current clients as well as from newly-established customer relationships. During the first three months of 1998, demand increased for our IntelliSourcingSM applications management services, packaged software implementation services, as well as year 2000 compliance initiatives," he claimed

- Compiled from the Indian media

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