Demand for offshore services likely to progress: Syntel | india | Hindustan Times
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Demand for offshore services likely to progress: Syntel

Syntel Inc, a global information technology services and Knowledge Process Outsourcing (KPO) firm, expects demand for offshore services to continue to progress in 2010.

india Updated: Feb 14, 2010 12:16 IST

Syntel Inc, a global information technology services and Knowledge Process Outsourcing (KPO) firm, expects demand for offshore services to continue to progress in 2010.

"As we look forward into 2010, we are optimistic that demand for offshore services will continue to progress," Syntel's Chairman, Bharat Desai said in Mumbai.

"We anticipate that our clients' budgets will remain relatively flat in 2010. However, we believe that a larger share of their spending will be allocated to offshore partners. Currently, our clients remain comfortable moving forward with cost-reduction initiatives and are increasingly willing to discuss strategic technology and process-related investments," Desai said.

Syntel has registered a 12 per cent jump in revenue at $117.8 million (Rs 549 crore) in Q4 2009 as compared to $ 104.7 million (Rs 488 crore) in the prior-year period, and also increased 12 per cent sequentially from $104.7 million (Rs 488 crore) in the third-quarter of 2009.

Sequential revenue improvement was driven by broad-based growth across verticals and service offerings, and by approximately $six million (Rs 28 crore) of short-term discretionary project work.

During the fourth-quarter, applications outsourcing accounted for 75 per cent of total revenue, with Knowledge Process Outsourcing (KPO) at 17 per cent, e-Business contributing five per cent and TeamSourcing at three per cent.