Syntel has announced its financial results for the third quarter, ended September 30, 2013. The company’s revenue for the third quarter increased 13 percent to $209.9 million from $186.4 million in the prior-year period, and increased four percent sequentially from $202.5 million in the second quarter of 2013.
During the third quarter, Applications Outsourcing accounted for 77 percent of total revenue, with Knowledge Process Outsourcing (KPO) at 15 percent, e-Businesses contributing seven percent and Team Sourcing at one percent.
Net income for the third quarter was $59.4 million or $1.42 per diluted share, compared to $51.5 million or $1.23 per diluted share in the prior-year period and net income of $47.5 million or $1.14 per diluted share in the second quarter of 2013.
The Company's gross margin was 46.6 percent in the third quarter, compared to 45.5 percent in the prior-year period and 41.3 percent in the second quarter of 2013. The third quarter income from operations was 35.6 percent of revenue as compared to 29.9 percent in the prior-year period and 31.9 percent in the second quarter.
Prashant Ranade, CEO and President, Syntel said, We made solid progress on our strategic initiatives during the third quarter and built on the successes we have seen year-to-date. We are strengthening our customer relationships by investing in the technology areas that are relevant to our clients.
The Company also added 70 net employees, ending the quarter with 22,936 employees globally.
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Syntel Reports Q3Financial Results for 2013
