BPO major Genpact today posted 6.7% jump in net profit at $38.5 million for the first quarter ended March 31 and forecast strong revenue for 2012.
The net profit was $36.1 million in the January-March quarter of 2011, Genpact said in a statement.
Revenues during the quarter stood at $435.5 million, up 31.7% from $330.6 million Q1 of 2011.
"Genpact had a great first quarter with more than 30% growth in both revenues and adjusted operating income. The market environment overall is stable, with increasing interest in long-term, transformative business process management engagements," Genpact President and CEO N V Tyagarajan said.
The pipeline remains healthy, reflecting both the investments the company has been making in the front-end and the slow recovery in global markets, he added.
On the outlook, Tyagarajan said, "We continue to expect Genpact full year revenues of $1.84-1.88 billion, before the addition of at least $24 million from the Accounting Plaza acquisition. As a result, our current outlook for the year is revenues of $1.86-1.90 billion".
Revenues from clients other than GE, referred to as global client revenues (about 73.4% of the total), grew 46.6%.
About 75.8% of Genpact's revenues for the quarter came from BPO services, while IT services accounted for 24.2% of the revenues.
As of March 31, 2012, Genpact had about 56,500 employees worldwide, an increase from approximately 45,500 as on March 31, 2011. The attrition rate for the quarter was 23%, down from 29% for the same period in 2011.
The company had about $405.89 million in cash and cash equivalents as of March 31, 2012.