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Genpact Revenues Rise 17%

May 6, 2019

Genpact reported financial results for the first quarter ended March 31, 2019.

“We had a great start to the year, and I am very excited with the momentum we are seeing in our business. Strong top-line performance from both Global Clients and GE led us to our highest year-over-year revenue growth rate in any quarter in the last six years,” said “Tiger” Tyagarajan, Genpact’s president and CEO. “We believe our strategy to concentrate and build depth in a few select industry verticals and service lines, combined with our two highly synergistic routes to market, Transformation Services and Intelligent Operations, is working really well, leading to greater traction in our underpenetrated target markets.”

Key Financial Results – First Quarter 2019

  • Total revenue was $809 million, up 17% year-over-year (up ~19% on a constant currency basis).
  • Income from operations was $90 million, up 41% year-over-year, with a corresponding margin of 11.1%.  Adjusted income from operations was $122 million, up 25% year-over-year, with a corresponding margin of 15.0%.3
  • Diluted earnings per share were $0.31, down 5% year-over-year, and adjusted diluted earnings per share were $0.43, up 10% year-over-year. 

Revenue Details – First Quarter 2019

Total Company

  • Total BPO revenue was $681 million, up 19% year-over-year, representing approximately 84% of total revenues. 
  • Total IT revenue was $128 million, up 11% year-over-year, representing approximately 16% of total revenues.

Global Clients

  • Revenue from Global Clients was $700 million, up 11% year-over-year (up ~12% on a constant currency basis), representing approximately 87% of total revenues.
  • Global Client BPO revenue was $605 million, up 12% year-over-year (up ~14% on a constant currency basis).
  • Global Client IT revenue was $95 million, up 5% year-over-year.

GE

  • Revenue from GE was $109 million, up 88% year-over-year, representing approximately 13% of total revenues.  
  • GE BPO revenue was $76 million, up 126% year-over-year.
  • GE IT revenue was $33 million, up 35% year-over-year.

Cash Flow from Operations

  • Genpact utilized $5 million of cash for operations in the first quarter of 2019, compared to utilizing $27 million of cash for operations in the first quarter of 2018.

2019 Outlook

Genpact continues to expect:

  • Total revenue for the full-year 2019 of $3.33 to $3.39 billion, representing growth in the range of 11% to 13%, or 12% to 14% on a constant currency basis.
  • Global Client revenue growth in the range of 9% to 10.5%, or 10.0% to 11.5% on a constant currency basis.
  • Adjusted income from operations margin4 of approximately 16.0%.
  • Adjusted diluted EPS5 of $1.96 to $2.00.

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