ExlService Q2 net income up three-fold to $4.9 mn

Outsourcing company ExlService Holdings today reported an over three-fold jump in net income to $4.9 million for the second quarter ended June 30,2010, driven by a strong order book and acquisitions.

The company had a net income of $1.3 million in the same quarter previous fiscal, Nasdaq-listed ExlService Holdings said in a statement.

Revenues for the second quarter rose 43.1 per cent to $60.6 million from $42.4 million for the same period a year ago.     

"EXL's second quarter revenues grew 43.1 per cent year-on-year. This growth was broad-based across our service lines and driven by a combination of volume expansions with new and existing clients as well as our recent acquisitions," ExlService Holdings CFO Vishal Chhibbar said.     

During the quarter, the company's cash and cash equivalents stood at $88.83 million.     

The company is bullish on its revenue guidance for the full year and expects it to be in the range of $235 million to $240 million.      

"Based on our strong year-to-date business results, we now expect to be at the top-end of our calendar year 2010 revenue guidance range and continue to expect to be at the top-end of our adjusted operating margin guidance range," Chhibbar added.     

The company's revenue from outsourcing services surged to $46.6 million in April-June period 2010 compared to $34.5 million in the quarter ended June 30, 2009.     

As of June 30, ExlService has about 12,200 employees.