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Genpact Reports Results For 2011 Full Year & Fourth Quarter
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Tuesday, February 07, 2012:
Genpact Limited (NYSE: G), a global leader in business process and technology management, today announced financial results for the fourth quarter and full-year ended December 31, 2011.
Key Financial Results – Full-Year 2011
· Revenues were $1.60 billion, up 27.1% from $1.26 billion in 2010.
· Net income attributable to Genpact Limited shareholders was $184.3 million, up 29.6% from $142.2 million in 2010; net income margin for 2011 was 11.5%, up from 11.3% in 2010.
· The effective tax rate was 27.7%, up from 19.4% in 2010.
· Diluted earnings per common share were $0.81, up from $0.63 per share in 2010.
· Adjusted income from operations increased 29.8% to $264.5 million, up from $203.7 million in 2010.
· Adjusted income from operations margin was 16.5%, up from 16.2% in 2010.
· Adjusted diluted earnings per share were $0.98, up from $0.74 in 2010.
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Key Financial Results – Fourth Quarter 2011
· Revenues were $442.7 million, up 29.6% from $341.5 million in the fourth quarter of 2010.
· Net income attributable to Genpact Limited shareholders was $61.1 million, up 32.8% from $46.0 million in the fourth quarter of 2010; net income margin for the fourth quarter of 2011 was 13.8%, up from 13.5% in the fourth quarter of 2010.
· Diluted earnings per common share were $0.27, up from $0.20 per share in the fourth quarter of 2010.
· Adjusted income from operations totaled $77.1 million, up from $63.7 million in the fourth quarter of 2010.
· Adjusted income from operations margin was 17.4%, compared to 18.7% in the fourth quarter of 2010.
· Adjusted diluted earnings per share were $0.32, up from $0.23 in the fourth quarter of 2010.
N.V. ‘Tiger’ Tyagarajan, Genpact's President and CEO said, “We had a great 2011 and finished the year with a very strong fourth quarter. Genpact delivered growth in revenues, adjusted operating income and margin, as well as EPS for the year. We also generated record cash flows. In 2011, we took a number of actions that have more sharply defined who we are and how we add value to our clients. For example, we expanded and refocused our front-end teams by key industry verticals to better serve clients’ needs, we now have half of our leadership team closer to clients which reflects our global footprint, we accelerated investment in new products and services, and we added substantial domain expertise through acquisitions. Genpact won a record 107 new logos during the year and expanded relationships with existing clients across all size-of-engagement categories. The number of clients in the category from $1 million to $5 million of annual revenues grew the fastest, to 121 from 64 at the end of 2010. This combination of new logo wins, expansion of existing client relationships, and strengthened domain capabilities gives us a tremendous runway for future growth.”
Revenues from Global Clients grew 42.7% for the full year 2011 and 46.9% in the fourth quarter. Business process management revenues from Global Clients grew by 23.4% for the full year, and 20.5% in the fourth quarter and were led by growth in Smart Decision Services of 52.4% for the full year and 54.8% for the fourth quarter. Revenues from Global Clients represented approximately 69.8% of Genpact's total revenues in 2011, with the remaining 30.2% of revenues coming from GE. GE revenues increased 1.6% for the full year 2011 and were relatively unchanged in the fourth quarter.
As of the end of 2011, 56 client relationships each contributed revenues of $5 million or more in the last twelve months, up from 44 such relationships as of December 31, 2010. As of the end of 2011, nine client relationships each contributed revenues of $25 million or more in the last twelve months, up from three such client relationships as of December 31, 2010.
Approximately 78.2% of Genpact's revenues for the full year 2011 and 75.4% for the fourth quarter came from business process management services, compared to 86.1% for 2010 and 86.9% for the fourth quarter of 2010. Revenues from IT services represented approximately 21.8% of total revenues for full year 2011 and 24.6% for the fourth quarter, up from 13.9% for 2010 and 13.1% for the fourth quarter of 2010.
Genpact generated $266.6 million of cash from operations in 2011 and $89.5 million in the fourth quarter of 2011, up from $163.1 million of cash from operations in 2010 and $85.1 million in the fourth quarter of 2010, primarily due to increased cash earnings and to some non-recurring items. Genpact had approximately $408.0 million in cash and cash equivalents as of December 31, 2011.
As of December 31, 2011, Genpact had approximately 55,400 employees worldwide, an increase from approximately 43,900 at the end of 2010. The attrition rate for the entire year, measured from day one, was 30%, down from 31% in 2010. Revenue per employee in 2011 was $34,100, up from $31,100 in 2010.
2012 Outlook
Tyagarajan continued, "Our relationships with existing clients are strong and expanding, our pipeline is healthy and client decision cycle times appear to be stable. With our widely diversified portfolio of services across key industries and geographies, we are well positioned to adapt to evolving client needs in a sharply differentiated way. In an environment where our clients are facing ongoing macro-economic uncertainty and volatility, we expect annual revenues for 2012 between $1.84 billion and $1.88 billion. As we have discussed previously, we will continue to invest for growth and expect adjusted income from operations margin in 2012 of 16% to 16.5%.”
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