WNS Q3 net down 23% on stronger Re

Business process outsourcing major and NYSE-listed WNS, reported net income for the third quarter ended December 31, 2007 at $5.5 million (approximately Rs 21.7 crore, at a conversion rate of Rs 39.54), a decrease of 23.1 per cent from $7 million (around Rs 27.6 crore) in the corresponding quarter of previous financial year.

The company's revenue grew 13.4 per cent at $115.6 million (around Rs 457.08 crore) for the third quarter from $101.9 million (around Rs 402.9 crore).

Revenue growth was flat on a quarter-on-quarter basis at $115.6 million.

Neeraj Bhargava, group chief executive officer, WNS, said, "We are targeting better-than-expected profits for the year due to expansion of current client relationships, the accelerated growth of our analytics services businesses, and an ability to control costs, which have allowed us to weather pressure from currency appreciation and declines in mortgage revenue."

Net income (excluding share-based compensation, related fringe benefit taxes and amortisation of intangible assets) was $8.1 million, a decrease of 8.9 per cent from the corresponding quarter last year. This decrease is primarily due to the appreciation of the rupee against the dollar.