Syntel Inc. (SYNT, Financial) filed Quarterly Report for the period ended 2010-09-30.
Syntel Inc. has a market cap of $2.15 billion; its shares were traded at around $51.63 with a P/E ratio of 17.99 and P/S ratio of 5.14. The dividend yield of Syntel Inc. stocks is 0.46%. Syntel Inc. had an annual average earning growth of 15.6% over the past 10 years. GuruFocus rated Syntel Inc. the business predictability rank of 2-star.SYNT is in the portfolios of Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC, Jeremy Grantham of GMO LLC.
KPO Revenues. KPO revenues increased to $20.9 million for the three months ended September 30, 2010, or 14.9% of total revenues, from $19.0 million, or 18.2% of total revenues for the three months ended September 30, 2009. The $2.0 million increase was attributable primarily to revenues from new engagements contributing $3.6 million, largely offset by $1.7 million in lost revenues as a result of project completion and net reduction in revenues from existing projects. The revenues for the nine months ended September 30, 2010 increased to $58.8 million, or 15.2% of the total revenues, from $56.9 million, or 18.9% of the total revenues for the nine months ended September 30, 2009. The $1.9 million increase for the nine months ended September 30, 2010 was attributable primarily to revenues from new engagements contributing $5.2 million, largely offset by $3.3 million in lost revenues as a result of project completion and net reduction in revenues from existing projects.
e-Business Revenues. E-Business revenues increased to $10.3 million for the three months ended September 30, 2010, or 7.4% of total revenues from $5.8 million for the three months ended September 30, 2009, or 5.5% of total revenues. The $4.6 million increase was attributable primarily to an $8.2 million increase in revenues from new engagements, largely offset by $3.6 million in lost revenues as a result of project completion and net reduction in revenues from existing projects. The revenues for the nine months ended September 30, 2010 increased to $26.8 million, or 6.9% of total revenues, from $20.7 million or 6.9% of total revenues for the nine months ended September 30, 2009. The $6.0 million increase for the nine months ended September 30, 2010 was attributable principally to $19.2 million increase in revenues from new engagements, largely offset by $13.1 million in lost revenues as a result of project completion and net decrease in revenues from existing projects.
TeamSourcing Revenues. TeamSourcing revenues increased to $2.8 million for the three months ended September 30, 2010, or 2.0% of total revenues, from $2.5 million, or 2.4% of total revenues for the three months ended September 30, 2009. The $0.33 million increase was attributable primarily to increase in revenues from new engagements and revenue from the SkillBay web portal, which helps clients of Syntel with their supplemental staffing requirements. Additionally there was a net increase in revenues from existing projects of $1.8 million, partially offset by $1.5 million in lost revenues as a result of project completion and conversion of staffing engagements into Syntel managed engagements. The revenues for the nine months ended September 30, 2010 increased to $9.2 million, or 2.4% of total revenues, from $6.6 million or 2.2% of total revenues for the nine months ended September 30, 2009. The $2.7 million increase for the nine months ended September 30, 2010 was attributable principally to increase in revenues from new engagements and revenue from the SkillBay web portal contributing $5.8 million, largely offset by $3.1 million in lost revenues as a result of project completion and net reduction in revenues from existing projects.
The 0.4% decrease is primarily due to an increase in revenue that resulted in a 6.1% decrease, partially offset by an increase in foreign exchange loss of $1.5 million that resulted in a 1.5% increase. Selling, general and administrative expenses for the three months ended September 30, 2010 was impacted by increases in compensation and benefits of $1.7 million, training & recruiting expenses of $0.4 million, facility costs of $1.8 million, donations for charitable purposes of $0.4 million and others, primarily corporate and marketing expenses of $0.5 million, partially offset by decrease in customer claims by $0.3 million, which has resulted in an approximately 4.2% net increase.
Net cash used in investing activities was $85.5 million for the nine months ended September 30, 2010, consisting principally of $13.5 million of capital expenditures primarily for construction/acquisition of Global Development Center at Pune, Knowledge Process Outsourcing facility at Mumbai and an additional facility in Chennai, as well as for acquisition of computers and software and communications equipment and the purchase of short term investments of $230.8 million and investment in term deposit of $110.3 million, largely offset by $236.6 million from the sale of short term investments and $32.5 million from maturities of term deposit. Net cash used in investing activities was $49.3 million for the nine months ended September 30, 2009, consisting principally of $14.9 million of capital expenditures primarily for construction/acquisition of Global Development Center at Pune, Knowledge Process Outsourcing facility at Mumbai and an additional facility in Chennai, as well as for acquisition of computers and software and communications equipment and the purchase of short term investments of $175.7 million and investment in term deposit $ 49.9 million, largely offset by $180.5 million from the sale of mutual fund and $10.7 million from maturities of term deposit.
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Syntel Inc. has a market cap of $2.15 billion; its shares were traded at around $51.63 with a P/E ratio of 17.99 and P/S ratio of 5.14. The dividend yield of Syntel Inc. stocks is 0.46%. Syntel Inc. had an annual average earning growth of 15.6% over the past 10 years. GuruFocus rated Syntel Inc. the business predictability rank of 2-star.SYNT is in the portfolios of Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC, Jeremy Grantham of GMO LLC.
Highlight of Business Operations:
Applications Outsourcing Revenues. Applications Outsourcing revenues increased to $106.3 million for the three months ended September 30, 2010 or 75.7% of total revenues, from $77.4 million, or 73.9% of total revenues for the three months ended September 30, 2009. The $28.9 million increase was attributable primarily to revenues from new engagements contributing $66.2 million, largely offset by $37.1 million in lost revenues as a result of project completion and net reduction in revenues from existing projects. The revenues for the nine months ended September 30, 2010 increased to $292.4 million, or 75.5% of total revenues, from $217.1 million or 72.1% of total revenues for the nine monthsKPO Revenues. KPO revenues increased to $20.9 million for the three months ended September 30, 2010, or 14.9% of total revenues, from $19.0 million, or 18.2% of total revenues for the three months ended September 30, 2009. The $2.0 million increase was attributable primarily to revenues from new engagements contributing $3.6 million, largely offset by $1.7 million in lost revenues as a result of project completion and net reduction in revenues from existing projects. The revenues for the nine months ended September 30, 2010 increased to $58.8 million, or 15.2% of the total revenues, from $56.9 million, or 18.9% of the total revenues for the nine months ended September 30, 2009. The $1.9 million increase for the nine months ended September 30, 2010 was attributable primarily to revenues from new engagements contributing $5.2 million, largely offset by $3.3 million in lost revenues as a result of project completion and net reduction in revenues from existing projects.
e-Business Revenues. E-Business revenues increased to $10.3 million for the three months ended September 30, 2010, or 7.4% of total revenues from $5.8 million for the three months ended September 30, 2009, or 5.5% of total revenues. The $4.6 million increase was attributable primarily to an $8.2 million increase in revenues from new engagements, largely offset by $3.6 million in lost revenues as a result of project completion and net reduction in revenues from existing projects. The revenues for the nine months ended September 30, 2010 increased to $26.8 million, or 6.9% of total revenues, from $20.7 million or 6.9% of total revenues for the nine months ended September 30, 2009. The $6.0 million increase for the nine months ended September 30, 2010 was attributable principally to $19.2 million increase in revenues from new engagements, largely offset by $13.1 million in lost revenues as a result of project completion and net decrease in revenues from existing projects.
TeamSourcing Revenues. TeamSourcing revenues increased to $2.8 million for the three months ended September 30, 2010, or 2.0% of total revenues, from $2.5 million, or 2.4% of total revenues for the three months ended September 30, 2009. The $0.33 million increase was attributable primarily to increase in revenues from new engagements and revenue from the SkillBay web portal, which helps clients of Syntel with their supplemental staffing requirements. Additionally there was a net increase in revenues from existing projects of $1.8 million, partially offset by $1.5 million in lost revenues as a result of project completion and conversion of staffing engagements into Syntel managed engagements. The revenues for the nine months ended September 30, 2010 increased to $9.2 million, or 2.4% of total revenues, from $6.6 million or 2.2% of total revenues for the nine months ended September 30, 2009. The $2.7 million increase for the nine months ended September 30, 2010 was attributable principally to increase in revenues from new engagements and revenue from the SkillBay web portal contributing $5.8 million, largely offset by $3.1 million in lost revenues as a result of project completion and net reduction in revenues from existing projects.
The 0.4% decrease is primarily due to an increase in revenue that resulted in a 6.1% decrease, partially offset by an increase in foreign exchange loss of $1.5 million that resulted in a 1.5% increase. Selling, general and administrative expenses for the three months ended September 30, 2010 was impacted by increases in compensation and benefits of $1.7 million, training & recruiting expenses of $0.4 million, facility costs of $1.8 million, donations for charitable purposes of $0.4 million and others, primarily corporate and marketing expenses of $0.5 million, partially offset by decrease in customer claims by $0.3 million, which has resulted in an approximately 4.2% net increase.
Net cash used in investing activities was $85.5 million for the nine months ended September 30, 2010, consisting principally of $13.5 million of capital expenditures primarily for construction/acquisition of Global Development Center at Pune, Knowledge Process Outsourcing facility at Mumbai and an additional facility in Chennai, as well as for acquisition of computers and software and communications equipment and the purchase of short term investments of $230.8 million and investment in term deposit of $110.3 million, largely offset by $236.6 million from the sale of short term investments and $32.5 million from maturities of term deposit. Net cash used in investing activities was $49.3 million for the nine months ended September 30, 2009, consisting principally of $14.9 million of capital expenditures primarily for construction/acquisition of Global Development Center at Pune, Knowledge Process Outsourcing facility at Mumbai and an additional facility in Chennai, as well as for acquisition of computers and software and communications equipment and the purchase of short term investments of $175.7 million and investment in term deposit $ 49.9 million, largely offset by $180.5 million from the sale of mutual fund and $10.7 million from maturities of term deposit.
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