WNS net profit more than doubles to $9.6 million in September quarter

MUMBAI: BPO major WNS today said its net profit has more than doubled to $9.3 million for the second quarter ended September 30, 2013, on the back of growth in BFSI, utilities and logistics verticals.

As per the US accounting standards, the company had a net profit of $ 4.3 million in the same quarter last year, WNS said in a statement.

WNS' revenues grew 8.8 per cent to $ 123.1 million in the reported quarter from $ 113.1 million in the same period last year, it added.

The year-on-year revenue improvement was broad-based with the growth rate paced by strength in the banking and financial services, utilities and shipping and logistics verticals, the statement said.

"WNS was able to post solid constant currency revenue growth in the second quarter, and significantly expand our adjusted operating and net income margins," WNS CEO Keshav Murugesh said.

During the quarter, the company added six new logos, including its third large deal of the year with a new client in the Retail/CPG vertical, he added.

Excluding repair payments, the company's revenue grew 7.6 per cent to $ 115.4 million in the reported period from $ 107.3 million in Q2 of last year, it added.

In 2011-12, WNS re-negotiated contracts with certain of its clients and repair centres in the auto claims business, whereby the primary responsibility for providing the services is borne by the repair centres instead of WNS.

As a result of these changes, WNS no longer accounts for the amount received from these clients for payments to repair centres and the payments made to repair centres for cases referred by these clients as revenue and cost of revenue, respectively.