Genpact revenues up 4.8%
Key Financial Results – First Quarter 2014
• Revenues were $528.2 million, up 4.8% from $503.8 million in the first quarter of 2013. Revenues from Global Clients were up 7.1%, and business process management revenues from Global Clients were up 6.2%.
• Income from operations was $77.2 million, up 4.5% from $73.9 million in the first quarter of 2013.
• Net income attributable to Genpact Limited shareholders was $50.6 million, up 8.3% from $46.7 million in the first quarter of 2013. Net income margin for the first quarter of 2014 was 9.6%, up from 9.3% in the first quarter of 2013.
• Diluted earnings per common share were $0.21, up from $0.20 per share in the first quarter of 2013.
• Adjusted income from operations was $86.4 million, up 4.3% from $82.8 million in the first quarter of 2013.
• Adjusted income from operations margin was 16.4%, unchanged from the first quarter of 2013.
• Adjusted diluted earnings per share were $0.24, up from $0.23 in the first quarter of 2013.
N.V. ‘Tiger’ Tyagarajan, Genpact's president and CEO, said, “In the first quarter of 2014, Genpact delivered growth in revenues, adjusted income from operations, net income and earnings per share. The year is off to a good start as we execute on our growth strategy.
Revenues from Global Clients grew 7.1% over the first quarter of 2013. Business process management revenues from Global Clients grew by 6.2%, led by growth in the capital markets, consumer packaged goods, life sciences and healthcare verticals.
In the 12 months ending March 31, 2014, 81 client relationships each contributed more than $5 million in annual revenue, up from 75 such relationships as of March 31, 2013.
75.3% of Genpact's revenues for the quarter came from business process management services, compared to 76.2% in the first quarter of 2013. Revenues from IT services accounted for 24.7% of total revenues for the quarter, up from 23.8% in the first quarter of 2013.
Genpact generated approximately $14.2 million of cash from operations in the quarter, compared to $31.5 million in the first quarter of 2013. Genpact had approximately $567.3 million in cash and cash equivalents as of March 31, 2014.
As of March 31, 2014, Genpact had approximately 64,900 employees worldwide, an increase from approximately 60,200 as of March 31, 2013.
Tyagarajan added, “2014 is a pivotal year for Genpact as we position ourselves for accelerated long-term growth. Our pipeline continues to be healthy, with good inflows of larger, transformative deals, as we continue to invest in client-facing teams and domain experts.
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