In a recent announcement, WNS (Holdings) Limited, in Business Process Management (BPM), revealed its financial results for the third quarter of fiscal year 2024, ending December 31, 2023. The report highlights significant growth and strategic expansions, reflecting the company’s robust performance in a dynamic market.
Key Financial Highlights
- Revenue Growth: WNS reported revenue of $326.2 million in Q3, marking a 6.3% increase from the same period last year.
- Profit Increase: The company’s profit rose to $39.6 million, up from $34.7 million in the previous year’s third quarter.
- Earnings Per Share: Diluted earnings per share stood at $0.81, showing substantial growth from $0.69 in the same quarter last year.
Non-GAAP measures also showed positive trends, with revenue-less repair payments reaching $315.9 million, a 7.8% year-over-year increase, and Adjusted Net Income (ANI) at $58.2 million.
Operational and Strategic Developments
- Client Growth: WNS added 8 new clients and expanded 32 existing relationships, indicating strong market traction.
- Global Expansion: The company announced the addition of global headquarters in New York and London, complementing its Mumbai location. This move aligns with WNS’s strategy to decentralize leadership and reflects its geographic and operational diversification.
Fiscal 2024 Guidance Revision
WNS has updated its guidance for the fiscal year ending March 31, 2024. The revised forecast includes:
- Revenue Forecast: Expected revenue less repair payments between $1,270 million and $1,292 million, indicating a significant increase from fiscal 2023.
- Adjusted Net Income: ANI is projected to be between $212 million and $218 million, surpassing the previous year’s figures.
- Earnings Per Share: The company anticipates adjusted diluted earnings per share to range from $4.27 to $4.39.
CEO and CFO Insights
Keshav Murugesh, CEO of WNS, expressed confidence in the company’s performance amidst a challenging macro environment. He emphasized WNS’s commitment to leveraging advanced technologies like AI and Generative AI to drive sustainable business value.
Sanjay Puria, WNS’s CFO, highlighted the upward revision in the fiscal 2024 forecast, attributing it to strong demand for automation and cost-reduction solutions and a high visibility level to the revenue target midpoint.
Conclusion
WNS’s fiscal 2024 third-quarter results and revised full-year guidance reflect the company’s strong financial health and strategic positioning in the BPM industry. With its global expansion, client growth, and investment in cutting-edge technologies, WNS is well-positioned to continue its trajectory of robust growth and market leadership.