Genpact Limited reported a total net revenue of $4.77 billion for the fiscal year ending December 31, 2024, marking a 6.5% increase from $4.48 billion in 2023. The growth was driven by both its Data-Tech-AI services, which generated $2.23 billion (up 6.9%), and Digital Operations services, which contributed $2.53 billion (up 6.1%). The company's gross profit also saw an increase, rising to $1.69 billion, resulting in a gross margin of 35.5%, up from 35.1% in the previous year. However, net income decreased by 18.6% to $513.7 million, primarily due to a non-recurring tax benefit recorded in 2023.
In terms of operational metrics, Genpact's average headcount rose to approximately 135,400 in 2024, up from 123,400 in 2023. The company continues to focus on expanding its service offerings and enhancing its capabilities, particularly in advanced technology solutions. The filing noted that the company is actively investing in strategic partnerships and alliances to drive growth and innovation, which is critical in a competitive landscape increasingly influenced by AI and other advanced technologies.
Geographically, Genpact's revenue remains heavily reliant on North America and Europe, with over 70% of its revenues derived from clients in these regions. The company reported that its top five clients accounted for 14.1% of total net revenues in 2024, down from 17.5% in 2023, indicating a diversification in its client base. The filing also highlighted the challenges posed by economic conditions, including inflation and geopolitical tensions, which could impact client spending and demand for services.
Looking ahead, Genpact anticipates continued growth driven by its focus on digital transformation and advanced technology solutions. The company is implementing a new enterprise resource planning (ERP) system, which is expected to enhance operational efficiency but may also pose risks during the transition. Additionally, the company is closely monitoring regulatory changes, particularly in data privacy and tax legislation, which could affect its operations and financial performance. Overall, Genpact's management remains optimistic about its strategic direction and the potential for future revenue growth.
About Genpact LTD
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