Net income for fiscal 2008 was $9.5 million (Rs 40.4 crore), a decrease of 64.3 per cent from the prior fiscal year. Revenue for fiscal 2008 of $459.9 million (Rs 1,959.7 crore) increased 30.5 per cent over the prior fiscal year.
The decrease in net income was primarily due to a one-time impairment charge of $15.5 million in respect of goodwill and intangible assets and also costs related to the redeployment of resources associated with the bankruptcy of First Magnus Financial Corporation, said the company.
Neeraj Bhargava, group chief executive officer said, "In spite of challenges in the mortgage area, we have accomplished 32 per cent growth in our revenue less repair payments, expanded our global footprint, diversified our client base, delivered significant value to our clients and strengthened our industry-focused BPO businesses. We are excited about our prospects in fiscal 2009 and are well prepared to execute against the tremendous opportunities we see in the global BPO market."
As guidance, the company expects revenue less repair to be between $373 million and $378 million. And net income (excluding share-based compensation and related fringe benefit taxes, amortization and impairment of goodwill and intangible assets) is expected to be between $44 million and $46 million.
