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WNS Q1 results: Net profit at $26.8 mn; revenue jumps 21.9% to $253.2 mn

WNS Q1 results: Net profit at $26.8 mn; revenue jumps 21.9% to $253.2 mn

WNS registered $26.8 million in profit in Q1 of FY22, as compared to $14.8 million in Q1 of last year and $27.5 million in the previous quarter

Revenue less repair payments in Q1 was $236.3 million, an increase of 17.3 per cent year-over-year and a 3.5 per cent increase sequentially Revenue less repair payments in Q1 was $236.3 million, an increase of 17.3 per cent year-over-year and a 3.5 per cent increase sequentially

Global Business Process Management (BPM) solutions provider WNS announced on Thursday that its revenue jumped to $253.2 million in Q1 of FY22. This was a 21.9% increase from the year-ago period and a 3.8 per cent jump from the previous quarter.

WNS registered $26.8 million in profit in Q1 of FY22, as compared to $14.8 million in Q1 of last year and $27.5 million in the previous quarter.

Revenue less repair payments in Q1 was $236.3 million, an increase of 17.3 per cent year-over-year and a 3.5 per cent increase sequentially. Excluding exchange rate impacts, constant currency revenue less repair payments in June-end quarter was up 11.4 per cent versus Q1 of last year and 3 per cent, sequentially.

"Year-over-year, fiscal Q1 revenue improved as a result of reduced COVID-19 headwinds, new client additions, the expansion of existing relationships, and currency movements net of hedging. Sequentially, revenue improvement was driven by broad-based revenue growth and currency movements net of hedging," noted the firm a press release.

As per the firm, year-over-year, profit increased as a result of easing pandemic-related pressures, revenue growth driven by new logos and client expansions, currency movements net of hedging, lower amortization of intangibles expense, interest income associated with a tax refund, and a non-recurring tax benefit on liquid mutual funds.

These benefits allowed WNS to offset the impact of wage increases, contractual productivity commitments, the reinstatement of its corporate leave policy, and higher share-based compensation expense, as per the release.

Adjusted net income in the June-end quarter was $39.0 million, as compared to $26.1 million in Q1 of last year and $36.7 million in the previous quarter. WNS ended Q1 of FY22 with $311.3 million in cash and investments and $16.8 million in debt, read the release.

Keshav Murugesh, WNS's Chief Executive Officer, "We are pleased with our fiscal first quarter financial performance, as the company posted solid revenue growth and healthy margins. Despite challenges related to a spike of COVID-19 cases in India during the quarter, WNS was able to execute well in a difficult environment, protecting the health and safety of our employees and the mission-critical operations of our clients".

"The company continues to see significant opportunities to capitalize on an under-penetrated customer base, a strong new business pipeline, and a robust BPM market driven by demand for digital transformation and improved competitive positioning," he added.

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Published on: Jul 15, 2021, 8:31 PM IST
Posted by: Mohammad Haaris Beg, Jul 15, 2021, 8:07 PM IST