WNS Q1 net profit up 4-fold at $2.8 mn

On sequential basis,the net profit was lower by 36.3 per cent as the net profit in the January-March 2012 quarter stood at 4.4 million.

“We remain cautiously optimistic about the market environment for BPO services,which currently remains stable and healthy. WNS will continue to invest in expanding our geographic footprint,technology-enabling our solutions and driving non-linear revenue growth,” WNS Group CEO Keshav Murugesh said.

The NYSE-listed BPO’s revenue during the reporting quarter stood at USD 107.8 million,down 14.2 per cent from USD 125.7 million revenue registered in the corresponding quarter last year,primarily due to change in accounting for repair payments.

The revenues dipped sequentially from USD 113.3 million in Q4 FY’12,down 4.9 per cent.

“Sequential revenue growth was broad-based with particular strength in insurance,healthcare and utilities verticals. Year-on-year,revenue improvement was also broad-based and driven by growth in utilities,travel and insurance verticals,” WNS said.

The company has increased its revenue (less repair payments) guidance for the fiscal year ending March 31,2013 to be between USD 420 million and USD 440 million.

WNS ended the fiscal first quarter with USD 52.2 million in cash and an additional USD 12.8 million in marketable securities.

The Fusion South Africa acquisition reduced the quarter-ending cash by about USD 8 million and the gross debt at the end of the first quarter was USD 87.2 million.

Meanwhile WNS’ Chief Financial Officer Alok Misra has resigned to return with his family to Bangalore. He will continue to be an employee through August 16,2012,and afterwards take up a consulting role to ensure smooth transition.

WNS has initiated a search for a new CFO and its Corporate Senior Vice President (Finance) Kumar Subramaniam will assume the role of interim CFO from August 17,2012.

The company’s total headcount stood at 25,939 as of June 30,2012.