Genpact profit declines 12.6%, lowers revenue forecast to 16%
This company had reported a net profit of USD 61.1 million for the December quarter of 2011.
Revenues for the quarter under review stood at USD 507.7 million, up 14.7 per cent from USD 442.7 million in the same period of the previous year.
The company follows January to December fiscal year.
The Nasdaq-listed company's net profit for full-year in 2012 declined 3.3 per cent to USD 178.2 million from USD 184.3 million in 2011.
The company attributed fall in full year profit to special dividend payouts. It paid a special cash dividend of USD 2.24 per share, aggregating to about USD 502 million, from its sale of shares to Bain Capital Partners.
In August last year, Bain Capital had bought a combined 30 per cent stake in Genpact for USD 1 billion from General Atlantic and Oak Hill Capital Partners.
The special dividend was funded through a combination of surplus cash on Genpact's balance sheet and a portion of the proceeds of borrowings under a new USD 925 million senior credit facility.
"The costs and expenses associated with the above transactions are reflected in Genpact's results for 2012, and adversely impacted net income for the year," Genpact President and CEO N V Tyagarajan said.
Genpact's revenues in 2012, however, grew nearly 19 per cent to USD 1.9 billion.
It had about USD 477.5
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