Syntel Posts Higher Q1 Profit; Revises 2014 Outlook - Quick Facts

(RTTNews) - Syntel Inc. (SYNT), an IT services provider and Knowledge Process Outsourcing or KPO company, said its first-quarter net income climbed to $58.1 million or $1.39 per share, from $46.4 million or $1.11 per share, a year earlier. On average, 13 analysts polled by Thomson Reuters expected earnings per share of $1.25 for the quarter. Analysts' estimates typically exclude one-time items.

Syntel's revenue for the first quarter grew 16 percent to $219.5 million, from $189.1 million in the prior-year period, whereas 12 analysts estimated revenues of $218.70 million.

During the quarter, Banking and Financial Services accounted for 49% of total revenue, with Healthcare and Life Sciences at 17%, Retail, Logistics and Telecom at 16%, Insurance at 15% and Manufacturing at 3%, the company noted.

Based on the current visibility levels and an exchange rate assumption of 60 Indian Rupees to the dollar, Syntel now expects 2014 revenue of $915 million to $940 million and earnings per share of $5.10 to $5.28. Analysts expect the company to report 2014 earnings per share of $5.35 on revenue of $932.07 million.