Date: Monday , October 01, 2007
On September 28, 2007 Syntel CEO Bharat Desai opened the NASDAQ. The event celebrates Syntel’s 10th year of trading on NASDAQ. “Syntel is truly honored to open the NASDAQ market as we commemorate 10 years of company growth and outstanding shareholder returns,” said Bharat Desai, Syntel Chairman and CEO. “Since becoming a public company in 1997, Syntel’s stock has appreciated more than 300 percent and we’ve returned more than $200 million in dividends to shareholders. I’m also proud of the fact that Syntel is listed on the NASDAQ Global Select Market, which has the highest listing standards of any market in the world as measured by financial and liquidity requirements.”
Syntel launched its initial public offering and began listing on NASDAQ in August, 1997. Since then, Syntel has grown exponentially from a regional technology player to a global IT and BPO services firm with almost 10,000 employees worldwide and a market cap of more than $1.6 billion.
Syntel’s total revenue for the second quarter ended June 30, 2007 increased 25 percent to $80.4 million, compared to $64.4 million in the prior-year period and 7 percent sequentially from $75.4 million in the first quarter of 2007. Net income for the second quarter was $13.3 million or $0.32 per diluted share, compared to $11.1 million or $0.27 per diluted share in the prior-year period and net income of $15.4 million or $0.37 per diluted share in the first quarter of 2007.
“Syntel’s customer-centric approach to global sourcing continues to resonate extremely well with current and prospective clients,” said Syntel Chairman and Chief Executive Officer Bharat Desai. “As validated by recent research reports from both Forrester and the Aberdeen Group, clients are looking for nimble, innovative partners like Syntel, who place a strong focus on responsiveness, domain expertise, and innovation.”