Genpact Q1 net up 21.3 pc at $46.7 million

Genpact Q1 net up 21.3 pc at $46.7 million Mumbai: BPO major Genpact on Thursday posted 21.3 percent jump in net profit at USD 46.7 million for the first quarter ended March 31, 2013.

The company's net profit stood at USD 38.5 million in the January-March quarter of 2012, Genpact said in a statement.

Revenues during the reported quarter stood at USD 503.8 million, up 15.7 percent from USD 435.5 million Q1 of 2012, it added.

The company follows a January-December fiscal.

"Genpact's first quarter results included solid growth in revenues, adjusted operating income and cash flow from operations. We have had a good start to 2013 with another quarter of consistent growth for Genpact," Genpact President and CEO N V Tyagarajan said.

The company continues to deliver clear, measurable business outcomes for clients and build on its strong position in large and underpenetrated target markets, he added.

On the outlook, Tyagarajan said: "While we continue to remain cautious, as are many of our clients, about the global economy in the near term, we do see signs of improvement, and we are bullish about the long term."

For 2013, Genpact expects revenues to be in the range of USD 2.15 to USD 2.20 billion, he added.

Revenues from clients other than GE, referred to as global client revenues (about 76.8 percent of the total revenue), grew by 21 percent.

About 76.2 percent of Genpact's revenues for the quarter came from BPO services, while IT services accounted for 23.8 percent of the revenues.

As of March 31, 2013, Genpact had about 60,200 employees worldwide, an increase from approximately 56,500 as on March 31, 2012. The attrition rate for the said quarter was 24 percent, up from 23 percent in the same period last year.

Genpact generated USD 31.5 million of cash from operations in the quarter, up from USD 4.9 million in the first quarter of 2012.

The company had about USD 493 million in cash and cash equivalents and short-term deposits as of March 31, 2013.

PTI