Genpact income up 33%

Genpact, the country’s largest business process ousourcing and technology management company, on Monday said its fourth-quarter net income rose 33 per cent to $46 million from $34.6 million a year earlier. Revenues for the three months to December jumped by 15 per cent to $341.5 million.

For the full year, the New York Stock Exchange-listed company reported a net income of $142.2 million, up 11.7 per cent from $127.3 million in 2009.

Global client revenues grew by 16 per cent over 2009, led by finance and accounting and analytics service offerings. Global client business process management (BPM) revenues rose 19 per cent for 2010, and 23 per cent in the fourth quarter. Revenues from global clients represented approximately 62 per cent of Genpact's total revenues in 2010, with the rest coming from GE.

GE revenues increased by seven per cent in 2010, primarily due to an increase in procurement sourcing, finance and accounting, and analytics service offerings. In the fourth quarter, GE revenues rose three per cent sequentially.

“We continue to drive strong growth in global client business process management services, with global client BPM revenues increasing 23 per cent in the fourth quarter and 19 per cent for the full year. We had 44 clients contributing $5 million or more of annual revenues in 2010, up from 35 in 2009. Of those, three client relationships each accounted for $25 million or more of annual 2010 revenues,” said N V “Tiger” Tyagarajan, chief operating officer.

The company added 76 new clients during the year, up from 52 added in 2009. As on December 31, 2010, Genpact had approximately 43,900 employees worldwide, an increase from approximately 38,600 at the end of 2009. The attrition rate for the entire year, measured from day one, was 31 per cent, compared to 23 per cent in 2009.