Genpact Reports Strong Quarter on Client Growth

Global BPO provider Genpact Limited (NYSE: G) Tuesday reported increased earnings and revenues for the third quarter on the strength of expanded relationships with clients other than former owner General Electric.

Gurgaon, India-based Genpact reported third quarter net income of $16.3 million, up 27 percent from the third quarter of 2006 and up 130 percent from the second quarter of 2007. Revenues were $214.6 million, up 32 percent from the third quarter of 2006, and up 7 percent from the second quarter of 2007, driven primarily by its so-called Global Client group, which includes clients other than GE.

Genpact was started in 1997 as a captive business process outsource and information technology provider for GE’s global operations. In late December 2004, GE spun the company off as a stand-alone firm, allowing it to take on other clients. Genpact went public in August. Genpact provides a full range of BPO services, including collections and customer service.

Although Genpact has been actively signing other clients, GE remains its major account, generating 57 percent of its revenues in the third quarter. Still, revenue from Global Clients grew nearly 79 percent in the quarter while revenues from GE increased 11 percent.

At the end of the third quarter, Genpact counted 31,700 employees, an 8 percent increase from the third quarter of 2006, at service centers in India, China, Hungary, Mexico, the Philippines, the Netherlands, Romania, Spain and the United States.