EXL Services net income up 26% y-o-y

EXL Services net income up 26% y-o-y

BS Reporter / New Delhi May 7, 2008

Growth in transformational business services led Nasdaq listed business process outsourcing firm EXL Service Holdings net income grow by 26 per cent for the first quarter ended March 31, 2008. The growth was from $5.4 million (about Rs 22.2 crore at a conversion rate of Rs 41) in the corresponding quarter of last financial year to $6.8 million (Rs 27.8 crore) for the current quarter.

Its revenue for the quarter ended March 31, 2008 was at $50.9 million (Rs 208.6 crore) was up 27.8 per cent from $39.9 million (Rs 163.5 crore) registered during the same quarter of the last financial year.

Reduction in interest income due to lower market interest rates, lower gains from foreign exchange hedge contracts and a higher effective tax rate impacted the firms quarter-on-quarter results. Sequentially (compared to last quarter), its net income dipped by 30.2 per cent from $9.8 million