 "Genpact")
BPO services provider Genpact has reported a 2.62 per cent jump in net income to $64.3 million for the second quarter ended June 30.
The company had reported a net income of $62.7 million in the same period last year. Net revenues of the company too rose 3 per cent to $630.5 million for the reported period as compared to $609.5 million last year.
Regarding the 2016 outlook, Genpact said it expects total revenue for the year to be $2.59-2.62 billion (including an assumed adverse foreign exchange impact of $41 million, almost all of which is reflected in global client revenue), which represents a growth range of 5-6%, or 7-8% on a constant currency basis.
Revenue from global clients was $521 million, representing approximately 83 per cent of total revenues. Total BPO revenue was USD 508 million, representing approximately 81 per cent of total revenues.
Genpact said it repurchased approximately 2 million of its common shares during the quarter at an average price of $27.27 per share for a total of approximately $53 million under its $500 million share repurchase programme.
Since the inception of this programme in February 2015, Genpact has repurchased 13.2 million of its common shares at an average price of $23.77 per share for a total of approximately $313 million.
"Challenging business conditions in the investment banking and healthcare industries have led to cuts in discretionary IT spending that weighed upon our Global Client IT revenue in the second quarter and will impact our top line outlook for the full year," NV "Tiger" Tyagarajan, Genpact's president and CEO said.
He added the company delivered steady second quarter results in an uncertain macro environment.
