Genpact reports Q3 2011 results
Genpact has announced financial results for the third quarter ended September 30, 2011. Revenues were $429.6 million, up 33.6% from $321.6 million in the third quarter of 2010. Revenues from Global Clients were up 53.6% and business process management revenues from Global Clients were up 22.9%. Net income attributable to Genpact Limited shareholders was $48.0 million, up 19.7% from $40.1 million in the third quarter of 2010; net income margin for the third quarter of 2011 was 11.2%, compared to 12.5% in the third quarter of 2010. Diluted earnings per common share were $0.21, up 18.7% from $0.18 in the third quarter of 2010. Adjusted diluted earnings per share were $0.26, up 25.9% from $0.20 in the third quarter of 2010.
N.V. 'Tiger' Tyagarajan, Genpact's president and CEO said, "Genpact delivered another great quarter in Q3, with strong growth in revenues, adjusted operating income, earnings per share and cash flows. Overall revenues increased 34% and Global Clients business process management revenues increased 23% year-over-year. The integration of the Headstrong acquisition is going well and cross-sell continues to gain momentum, as we won an additional six deals this quarter to go along with the five from last quarter. Client demand for our products and services was strong in the third quarter and we won a total of 27 new logos. Overall we increased the number of clients representing between $1- 5 million in annual revenues to 112, from 59 in Q3 of 2010, giving us a great runway for growth and demonstrating the value we bring to clients."
Approximately 74.3% of Genpact's revenues for the quarter came from business process management services, compared to 86.1% for the third quarter of 2010. Revenues from IT services including IT services revenues attributable to Headstrong represented approximately 25.7% of total revenues for the third quarter of 2011, up from 13.9% for the third quarter of 2010. Genpact generated $95.1 million of cash from operations in the third quarter of 2011, up from $68.0 million of cash from operations in the third quarter of 2010, primarily due to increased cash earnings and better working capital management. Genpact had approximately $409.1 million in cash and cash equivalents as of September 30, 2011.
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