Company adds 8 new clients and expanded 32 existing relationships in Q3
WNS is investing for the future and is making steady progress in its ability to design, build and run solutions leveraging cutting-edge technologies including AI and Generative AI.
“We remain committed to driving strong operational and financial execution, and generating long-term, sustainable business value for all of our stakeholders,” said WNS CEO Keshav Murugesh.
WNS grew year-over-year constant currency revenue less repair payments by 6% and expanded adjusted diluted earnings per share by 18% in the third quarter ended 31 Dec 2023.
“Despite the weak macro, the company continues to expect solid financial performance in fiscal 2024 with the midpoint of our guidance reflecting double-digit top line growth and industry-leading adjusted operating margin,” he said.
WNS has added global headquarters locations in both New York and London. The addition of these headquarters to the Mumbai location supports the company’s decentralization of senior leadership and decision-making as highlighted by our organizational structure change announced in April 2023.
“These new headquarters also reflect the evolution of the company over the past 25 years including the geographic diversification of the company’s revenue mix and delivery footprint,” said Murugesh.
The company added 8 new clients in the quarter, expanded 32 existing relationships. It had global headcount of 60,652 as of 31 Dec 2023.
Revenue less repair payments of US$315.9 million, was up 7.8% from US$292.9 million in Q3 of last year and down 2.8% from US$325.0 million last quarter
Adjusted Net Income (ANI) was $58.2 million, compared to $50.6 million in Q3 of last year and $54.1 million last quarter.
WNS updated guidance for the fiscal year ending March 31, 2024, as follows:
Revenue less repair payments is expected to be between US$1,270 million and US$1,292 million, up from US$1,162.0 million in fiscal 2023.
ANI is expected to range between US$212 million and US$218 million versus US$196.1 million in fiscal 2023.
Sanjay Puria, WNS’ Chief Financial Officer, said, “Our guidance for the full year reflects growth in revenue less repair payments of 9% to 11% on both a reported and constant currency basis.
“We currently have over 99% visibility to the midpoint of the revenue range. For the year, we continue to expect capital expenditures of up to $60 million.”
The WNS Board has granted approval for the company to move forward with plans to terminate its ADS program, exchange outstanding ADSs for its ordinary shares, and apply for the ordinary shares to be listed on the NYSE. WNS intends to complete this exercise prior to the end of fiscal Q1’25. Fiinews.com
