(RTTNews) - Wednesday, Genpact Ltd. (G:
News ), a business processes management company, reported a slight fall in third quarter earnings from a year ago, on higher tax expenses, even as revenues grew 5%from last year. Going forward, the company reiterated its fiscal 2009 revenue outlook.
The Hamilton, Bermuda-based company's third quarter net income attributable to Genpact common shareholders edged down to $33.06 million from $33.63 million a year ago. Earnings on a per share basis, was $0.15, flat with last year.
Excluding items, adjusted net income declined to $41.58 million or $0.19 per share from $45.71 million or $0.21 per share in the same period last year.
Quarterly revenues rose 5% to $284.44 million from $270.8 million in the prior year period.
Pramod Bhasin, Genpact's president and chief executive officer said, "Our results for the third quarter of 2009 were solid and our outlook is positive. We grew revenue, gross profit and adjusted income from operations margin, both year-over-year and sequentially. We are encouraged by the strength and expansion of our pipeline, some faster deal conversion times, higher win rates and the caliber and scope of recent client wins."
Approximately 84.9% of Genpact's revenues for the quarter came from business process services, up from 80.9% for the third quarter of 2008, while revenues from IT services were approximately 15.1% of total revenues for the third quarter of 2009, as compared to 19.1% for the third quarter of 2008.
Year-to-date, the company reported net income of $92.71 million or $0.42 per share, up from $78.14 million or $0.36 per share last year. Adjusted net income was $118.71 million or $0.54 per share, up from $115.87 million or $0.53 per share in the corresponding period last year.
For the nine-month period, the company recorded revenues of $823.13 million, up from $759.0 million in the corresponding period last year.
Looking ahead, the company confirmed its fiscal 2009 revenue guidance of 6% to 9% growth over last year.
G is trading at $12.97, up $0.83 or 6.84%, on a volume of about 541 thousand shares.
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by RTT Staff Writer
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