Nasdaq listed technology services and KPO firm, Syntel, Inc. announced the financial results for the fourth quarter and full year, ended December 31, 2008. The company’s revenue for the fourth quarter increased 11% to $104.7 million, compared to $94.0 million in the prior-year period.

Syntel's total revenue for 2008 increased 22% to $410.4 million, compared to $337.7 million in 2007. The Company's operating margins expanded to 24% for 2008, compared to 18.8% in 2007 (520 bps increase) while the net income for the year was $86.7 million.

Syntel has added 34 new clients during the year and ended 2008 with 12,363 employees globally. “As anticipated, the effects of a difficult global economic environment continue to impact our business. A weak economy, increasing pricing pressure, delays in spending decisions and political uncertainty have reduced our visibility to top-line acceleration at this point in time. Our initial revenue guidance is reflective of the current business environment,” said Keshav R Murugesh, Syntel’s President and COO.

Syntel has invested close to $3million in 2008 and has plan to invest approximately $35 million in 2009 as it makes progress on construction of its SEZ campus in Pune and Chennai. Phase 1 with 2,300 seats in Pune is ready and operational and Phase 1 of the Chennai campus having built up space of 6,50,000 sq.ft. will be ready by Q3 of 2009.