Genpact Limited reported strong financial performance for the third quarter and the first nine months of 2024, with notable increases in revenue, profitability, and cash flow compared to the same periods in 2023.
For the three months ended September 30, 2024, net revenues reached $1,210.9 million, a 6.6% increase from $1,135.8 million in Q3 2023. The nine-month figures also showed growth, with net revenues of $3,518.4 million, up 5.6% from $3,330.6 million in the prior year. This growth was driven by both the Data-Tech-AI and Digital Operations segments, which reported revenues of $569.4 million and $641.5 million, respectively, for Q3 2024.
Gross profit for Q3 2024 was $431.4 million, reflecting a 7.1% increase from $402.8 million in Q3 2023. For the nine months, gross profit rose to $1,244.3 million, a 7.0% increase from $1,163.1 million. Income from operations also improved, with Q3 2024 reporting $181.7 million, up 9.6% from $165.7 million in Q3 2023, and a nine-month total of $511.9 million, a 9.3% increase from $468.1 million.
Net income for Q3 2024 was $132.8 million, a 12.9% increase from $117.6 million in Q3 2023. For the nine months, net income rose to $371.8 million, up 9.4% from $339.9 million. Basic earnings per share for Q3 2024 increased to $0.75 from $0.65 in Q3 2023, while diluted earnings per share rose to $0.74 from $0.64.
The company’s cash and cash equivalents as of September 30, 2024, were $1,022.6 million, a significant increase of 75.2% from $583.7 million at the end of 2023. Long-term debt also increased to $1,201.4 million, up 45.7% from $824.7 million as of December 31, 2023.
In terms of strategic developments, Genpact continued its share repurchase program, repurchasing 4,720,308 shares at an average price of $35.50 per share during the nine months ended September 30, 2024, totaling $167.6 million. The company also announced an increase in its quarterly cash dividend to $0.1525 per share, up from $0.1375 in 2023.
Overall, Genpact's performance in 2024 reflects a robust growth trajectory, supported by strategic investments and operational efficiencies across its service segments.
About Genpact LTD
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