Syntel, Inc. (SYNT) has reported a 27.66 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $38.38 million, or $0.46 a share in the quarter, compared with $53.06 million, or $0.63 a share for the same period last year.
Revenue during the quarter dropped 6.43 percent to $225.87 million from $241.39 million in the previous year period. Gross margin for the quarter contracted 68 basis points over the previous year period to 36.49 percent. Total expenses were 76.92 percent of quarterly revenues, up from 75.12 percent for the same period last year. That has resulted in a contraction of 180 basis points in operating margin to 23.08 percent.
Operating income for the quarter was $52.13 million, compared with $60.05 million in the previous year period.
"We saw weak trends for the Banking and Financial Services and Healthcare segments in Q1 as customers remained cautious in a challenging business environment," said Syntel Interim chief executive officer and president Rakesh Khanna. "Despite this, we have continued to invest in our capabilities and are making solid progress in our plans to strengthen deal closures and return to growth."
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