EXL Q3 net income at USD 7.8 mn; ups 2010 guidance

NEW YORK: BPO firm ExlService Holdings today posted 95 per cent jump in net income at USD 7.8 million for the third-quarter ended September 2010, driven by strong demand for outsourcing services.

This is against net income of USD 4 million for the same quarter last fiscal.

"EXL experienced a record quarter of growth driven by a significant number of new process migrations in outsourcing services and exceptionally strong demand for transformation services," EXL President and CEO Rohit Kapoor said.

The Nasdaq-listed firm has now increased its revenue guidance for the year 2010 to about USD 247 million.

"We are pleased to increase our calendar year 2010 revenue guidance to approximately SUD 247.0 million, based upon a seasonal decline in transformation services revenues that is in the fourth quarter," EXL CFO Vishal Chhibbar said.

Revenues for Q3 FY2010 increased 40.24 per cent to USD 67.6 million from USD 48.2 million during the same quarter last fiscal.

"Our focus remains on acquiring new clients, growing existing client relationships and making the right investments to sustain our growth. We are making significant investments in sales and marketing and developing proprietary solutions that leverage our domain expertise," Kapoor said.

The headcount for the quarter ended September 30, 2010 stood at approximately 12,200.

"We generated strong cash flow from operations for the quarter of USD 16.7 million, while still making the required growth investments in sales and marketing and capacity expansion," Chhibbar said.