EXL Service Q1 net up 7%

NEW DELHI: Noida-based BPO EXL Service Holdings, Inc, on Thursday reported a 43% rise in its first quarter revenues to $105 million, up from the same period last year, backed by an increased cash flow from acquisitions.

EXL acquired US-based finance and accounting firm Outsource Partners International (OPI) for $91 million, last year. Net profit for the Nasdaq listed BPO rose 7% to $8.9 million from the same period last year. In contrast, EXL's bigger rival Genpact has posted a 7% rise in net profit, at a slower growth rate of 32%, this week.

The company counts American Express and British Gas as its large customers. EXL said it expects annual revenues to be at the bottom of its current guidance range of $445.0 million to $455.0 million, 'due to recent rupee depreciation.' Since, EXL last provided guidance, the rupee has depreciated by 8%. "Should the rupee stay at its current level throughout 2012, it would reduce our annual forecasted revenues by approximately $6.0 million," said Vishal Chhibbar, CFO and EVP at EXL Service.