Genpact Limited Enters into Five-Year Agreement with Credit Agricole Corporate and Investment Bank to Run All of Their North American It Operations
Nov 19 13
Genpact Limited announced a five-year, multimillion dollar services agreement to manage the U.S. IT operations for Credit Agricole CIB (CA-CIB). As a large multinational bank that must adapt to continued volatility and competitive market conditions, CA-CIB is embarking on a plan to make part of their operations more cost effective and flexible, while seeking continuous improvement and productivity in these operations. CA-CIB chose to partner with Genpact in this effort, whose IT capabilities are combined with analytics and Smart Enterprise Processes, its uniquely scientific approach to making processes more effective to drive business impact. Under the terms of the outsourcing agreement, Genpact will provide end-to-end IT services to the U.S. entity of CA-CIB's business, including IT development and maintenance, production support, infrastructure management and user support including the trading floor. Genpact will provide the services from New York City and other global delivery locations in its footprint. The majority of the current IT staff of CA-CIB will become employees of Genpact and will continue to be based in New York City, and a number of them will be assigned to this project.
Genpact Ltd. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013; Revised Earnings Guidance for the Full Year of 2013
Nov 6 13
Genpact Ltd. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported total net revenues of $491,157,000 compared with $534,886,000 for the same period a year ago. Income from operations was $69,952,000 compared with $85,957,000 for the same period a year ago. Income before income tax expense was $41,850,000 compared with $93,352,000 for the same period a year ago. Net income available to Genpact Limited common shareholders was $25,175,000 or $0.11 per diluted share compared with $70,262,000 or $0.30 per diluted share for the same period a year ago. Net cash provided by operating activities was $,000 compared with $,000 for the same period a year ago. Adjusted income from operations was $79,745,000 compared with $95,025,000 for the same period a year ago. Adjusted net income was $41,723,000 or $0.18 per diluted share compared with $77,251,000 or $0.33 per diluted share for the same period a year ago. Genpact generated $125.5 million of cash from operations in the quarter, up from $77.4 million in the third quarter of 2012.
For the nine months, the company reported total net revenues of $1,394,267,000 compared with $1,573,538,000 for the same period a year ago. Income from operations was $193,550,000 compared with $237,894,000 for the same period a year ago. Income before income tax expense was $182,905,000 compared with $243,548,000 for the same period a year ago. Net income available to Genpact Limited common shareholders was $124,815,000 or $0.55 per diluted share compared with $180,875,000 or $0.77 per diluted share for the same period a year ago. Net cash provided by operating activities was $209,472,000 compared with $233,217,000 for the same period a year ago. Purchase of property, plant and equipment was $60,141,000 compared with $37,061,000 for the same period a year ago. Adjusted income from operations was $229,150,000 compared with $266,974,000 for the same period a year ago. Adjusted net income was $162,145,000 or $0.71 per diluted share compared with $206,402,000 or $0.88 per diluted share for the same period a year ago.
As a result of lower than expected revenues and improved margins, the company is reducing its revenue guidance and increasing its margin guidance. For the full year 2013, the company now expects revenues to be in a range of $2.12 billion to $2.13 billion and adjusted operating income margin to be in a range of 16.5% to 16.8%.
Genpact Ltd. to Expand Operations in Brazil
Oct 31 13
Genpact Ltd. announced its plans to open a new services center in the city of Uberlandia, in Minas Gerais. The center, which will begin operations early in 2014, is part of the company's expansion plans in Brazil to help clients further transform their finance and accounting operations. This also reinforces Genpact's strategy of helping companies expand their global footprint by capturing growth in emerging markets without incurring unnecessary start-up operational costs. In its initial phase, Genpact's Uberlandia center will hire 200 to 300 new professionals, with plans to grow the workforce to up to 1,000 in the future. The company is applying its proven and unique Smart Enterprise Processes (SEP(SM)) framework of making business processes more effective based on Lean and Six Sigma to this new center, where it will provide business process outsourcing (BPO) services in finance and accounting, including accounts payable, billing, collections, procurement and supply chain management. The company will serve global multinationals with operations in Brazil. In addition to its facility in Sao Paulo that employs more than 70 professionals, this new services center increases the company's capacity for meeting current and future demand in Brazil. It also strengthens the company's presence in the Latin American region, where the company delivers services to clients in multiple industries from Mexico, Guatemala and Colombia.
Genpact Limited Announces an Agreement with Scripps Health to Provide Extensive Inpatient, Outpatient, and Emergency Room Hospital Coding Support and Other Business Services
Oct 28 13
Genpact Limited announced an agreement with Scripps Health to provide extensive inpatient, outpatient, and emergency room hospital coding support and other business services. Genpact is helping Scripps Health transform its business processes to adapt to the new regulatory environment and meet ICD-10 regulatory requirements while enhancing patient care. Under this agreement, Genpact is providing hospital coding support and overflow services for Scripps Health, as needed, for inpatient, outpatient, and emergency department records. Genpact is also managing an ICD-10 clinical documentation improvement (CDI) risk and workflow assessment to help Scripps Health optimize its business processes for ICD-10 compliance. Genpact used its Lean Six Sigma process reengineering expertise along with health information management (HIM) and coding expertise to standardize coding and operational processes for improved efficiencies, helping Scripps Health meet regulatory requirements.