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| Genpact reaffirms outlook; net dips marginally |
| Press Trust of India / New Delhi Nov 05, 2009, 16:15 IST |
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The country's top business pocessing outsourcing firm Genpact today reported a 1.7 per cent dip in its net profit for the third quarter ended September 2009, but upheld its full-year revenue guidance on the back of positive global cues.
"We are confirming our guidance of 6-9 per cent revenue growth over 2008 and raising our adjusted operating margin guidance to 17.5-18 per cent (from 17 per cent). We see encouraging signs in the market. Client demand is coming back, decision-making is improving and our pipeline is strong," Genpact President and CEO Pramod Bhasin said.
Shares of Genpact closed at $13, up 7 per cent on the New York Stock Exchange on Wednesday.
Genpact posted a net income of $33.1 million, down 1.7 per cent from $33.6 million in the third quarter of 2008.
The company has reported a revenue of $284.4 million during the quarter under review, up 5.0 per cent from $270.8 million in same period in 2008.
"Our results for the third quarter of 2009 were solid and our outlook is positive. We grew revenue, gross profit and adjusted income from operations margin, both year-over-year and sequentially," he added.
Genpact, formerly a unit of General Electric, said its revenue from clients other than GE, grew 17.4 per cent over the third quarter of 2008.
Revenues from non-GE clients now represent 60.8 per cent of Genpact’s total revenues, with the remaining 39.2 per cent of revenues coming from GE.
About 84.9 per cent of Genpact’s revenues for the quarter came from business process services, up from 80.9 per cent for the third quarter of 2008.
However, revenues from IT services came down to 15.1 per cent of total revenues for the third quarter of 2009, as compared to 19.1 per cent in 2008.
As of September 30, 2009, Genpact had about 37,700 employees worldwide, an increase from 36,400 as of September 30, 2008.
Genpact’s employee attrition rate for the nine months ended September 30, 2009, measured from day one of employment, was 23 per cent, down from 26 per cent for the same period in 2008.
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