EXL's net income more than doubles

EXL Service saw its net income more than double to $7.5 million (Rs 34 crore) for the fourth quarter ended December 31, 2009, compared with $3.4 million (Rs 15 crore) in the corresponding quarter a year earlier.

Continued sequential growth in outsourcing, sharp rise in revenue from transformation services and a one-time payment of approximately $5.1 million (Rs 23 crore) from a client were among the reasons. Revenue for the quarter was $59.4 million (Rs 267 crore), up 36 per cent year-on-year from $43.7 million (Rs 196 crore). The revenue expectation for 2010 is $225-230 million (Rs 1,012-1,035 crore), 21-24 per cent annual growth.

Sequentially, the BPO’s net income soared 92 per cent from $3.9 million (Rs 17.5 crore) posted in the trailing quarter. For the full year ended December 31, 2009, EXL’s net income was $15.6 million (Rs 70 crore), up eight per cent from $14.4 million (Rs 65 crore) last year. Full year revenue at $191 million (Rs 860 crore), was up five per cent from $181.7 (Rs 817 crore) million in 2008.

EXL’s foreign exchange loss for the year was $5.9 million (Rs 26.5 crore). The company had a cash balance of $136.2 million (Rs 613 crore).