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Syntel Inc (NASDAQ:SYNT), a leading global provider of integrated information technology and knowledge process services announced financial results for the first quarter ended March 31, 2018. The company’s revenue for the first quarter increased 8.6 per cent to $245.3 million from $225.9 million as compared to previous year, and 2.3 per cent increase from $239.8 million …

Syntel Inc (NASDAQ:SYNT), a leading global provider of integrated information technology and knowledge process services announced financial results for the first quarter ended March 31, 2018.

The company’s revenue for the first quarter increased 8.6 per cent to $245.3 million from $225.9 million as compared to previous year, and 2.3 per cent increase from $239.8 million in the fourth quarter of 2017.

As quoted in the press release:

During the first quarter, Banking and Financial Services accounted for 43.4 percent of total revenue, with Retail, Logistics and Telecom at 18.4 percent, Healthcare and Life Sciences at 18.2 percent, Insurance at 15.3 percent, and Manufacturing at 4.7 percent.

The Company’s gross margin was 37.2 percent in the first quarter, compared to 36.6 percent in the prior-year period and 41.4 percent in the fourth quarter of 2017. Selling, General and Administrative (SG&A) expenses were 11 percent of revenue in the first quarter, compared to 13.4 percent in the prior-year period and 12.1 percent in the previous quarter.

“During Q1, we continued to make progress in expanding across our top 50 client relationships,” said Syntel CEO and President Rakesh Khanna. “As a result of our client-facing efforts and strong service offerings, the pace of deal closures has been healthy.”

The first quarter income from operations was 26.2 percent of revenue as compared to 23.2 percent in the prior-year period and 29.3 percent in the fourth quarter of 2017. Net income for the first quarter was $45.6 million or $0.55 per diluted share, compared to $38.4 million or $0.46 per diluted share in the prior-year period and $42.4 million or $0.51 per diluted share in the fourth quarter of 2017.

“We saw broader contribution across our industry segments during the quarter, and are tackling each opportunity with high-impact digital solutions as well as cutting-edge automation and modernization services to support our customers’ technology and business initiatives,” said Khanna. “The pace of change is intensifying across each industry we serve. Our ability to help our customers evolve and stay ahead of the competition will lead to our mutual success.”

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