Genpact sees $4.48Bn total revenue in 2023
NEW YORK, UNITED STATES — Global professional services firm Genpact Limited recently announced its financial results for the full year and fourth quarter of 2023, showcasing strategic growth amid a challenging economic landscape.
The company reported total revenue of $4.48 billion, a 2% increase from the previous year and a notable 3% rise in constant currency terms.
Digital Operations Services emerged as a strong growth driver within the company, contributing $2.48 billion to the revenue pool, up by 3% (4% in constant currency).
Meanwhile, the firm’s Data-Tech-AI Services also saw a positive trajectory, with revenues reaching $1.99 billion, a 2% increase.
The company’s earnings narrative was equally compelling, with a diluted Earnings Per Share (EPS) of $3.41, up 81%, bolstered by a significant non-recurring tax benefit. The adjusted diluted EPS stood at $2.98, up by 9%.
Genpact’s 2023 finances were further boosted by a 79% increase in net income to $631 million. Operational income also saw a robust 26% growth, reaching $631 million.
BK Kalra, Genpact’s newly appointed President and CEO, expressed optimism about the company’s direction, stating, “While the macroeconomic environment remains challenging, we have identified and begun to implement several key initiatives to improve execution.”
“Looking ahead, 2024 will be a year of strengthening our foundation for future growth,” he added.
Looking forward, the firm provided an optimistic outlook for 2024, projecting total revenue in the range of $4.57 billion to $4.61 billion, which translates to a growth rate of approximately 2% to 3%.
The company anticipates continued growth in both its Digital Operations and Data-Tech-AI services, alongside a commitment to maintaining a gross margin of approximately 35% and an adjusted income from operations margin of around 17%.
Genpact announced an 11% increase in its quarterly dividend, setting it at $0.1525 per common share.
Genpact provides services to clients in over 30 countries worldwide. It recently ranked #16 in the OA500 2024, an objective index of the world’s top 500 outsourcing companies.
