PRESS RELEASE
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WNS Announces Fourth Quarter and Full Year Fiscal 2014 Earnings
Provides Guidance for Fiscal 2015
Highlights – Fiscal Fourth Quarter 2014:
GAAP Financials
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Revenue of
$130.3 million , up 9.3% from$119.2 million in Q4 of last year and up 2.4% from$127.1 million last quarter -
Profit of
$13.4 million , compared to$8.2 million in Q4 of last year and$12.2 million last quarter -
Diluted earnings per ADS of
$0.25 , compared to$0.16 in Q4 of last year and$0.23 last quarter
Non-GAAP Financial Measures*
-
Revenue less repair payments of
$122.7 million , up 8.9% from$112.8 million in Q4 of last year and up 2.6% from$119.6 million last quarter -
Adjusted Net Income (ANI) of
$20.9 million , compared to$15.8 million in Q4 of last year and$19.8 million last quarter -
Adjusted diluted earnings per ADS of
$0.40 , compared to$0.30 in Q4 of last year and$0.38 last quarter
Other Metrics
- Added 5 new clients in the quarter, expanded 6 existing relationships
- Days sales outstanding (DSO) at 30 days
-
Global headcount of 27,020 as of
March 31, 2014
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Highlights – Fiscal Full Year 2014:
GAAP Financials
-
Revenue of
$502.6 million , up 9.2% from$460.3 million in fiscal 2013 -
Profit of
$41.6 million , compared to$21.4 million in fiscal 2013 -
Diluted earnings per ADS of
$0.79 , compared to$0.41 in fiscal 2013
Non-GAAP Financial Measures*
-
Revenue less repair payments of
$471.5 million , up 8.1% from$436.1 million in fiscal 2013 -
Adjusted Net Income (ANI) of
$72.4 million , compared to$53.1 million in fiscal 2013 -
Adjusted diluted earnings per ADS of
$1.37 , compared to$1.03 in fiscal 2013
Reconciliations of the non-GAAP financial measures discussed below to our GAAP operating results are included at the end of this release. See also “About Non-GAAP Financial Measures.”
Revenue less repair payments* in the fiscal fourth quarter was
Adjusted operating margin* for the quarter was 19.1%, as compared to 15.8% in Q4 of last year, and 18.4% reported in the third quarter. On a year-over-year basis, operating margin improved as a result of depreciation in the Indian rupee against the US dollar, improved productivity and operating leverage associated with higher revenue. Partially offsetting this favorability were investments in global infrastructure which reduced seat utilization and the impact of our annual wage increases. The sequential improvement in adjusted operating margin* from Q3 to Q4 was largely driven by exchange rate favorability.
Adjusted net income (ANI)* in the fiscal fourth quarter was
From a balance sheet perspective, WNS ended the fiscal fourth quarter
with
“In the fourth quarter, WNS continued to make progress in adding new
clients, strengthening our existing relationships and building the new
business pipeline. We successfully signed our fifth large deal of the
year, and the pipeline for large opportunities remains robust. Overall,
we are pleased with WNS’s performance in fiscal 2014, as the company was
able to post healthy revenue growth, expand margins and profits, improve
cash flow and solidify the balance sheet. Full year reported revenue
less repair payments* grew 8.1%, which represented 8.5% growth on a
constant currency* basis. Our adjusted operating margins* for the full
year came in at 17.0%, and adjusted net income* grew 36.3% to
“As we enter fiscal 2015, the demand environment for BPM services remains stable and healthy. WNS will, however, face revenue headwinds which are incremental to our normal business volume and productivity pressures. These include the rapid transition of a large online travel agency (OTA) client to another OTA pursuant to a strategic marketing agreement, and expected pricing and productivity headwinds from a proposed five plus year contract extension with a major client. Despite these short-term challenges, WNS is encouraged by our underlying business momentum and competitive positioning. In 2015, the company plans to continue our investment programs designed to drive long-term sustainable business value for our key stakeholders, with the ongoing objective of growing revenue and maintaining profit margins at or above industry levels.”
Fiscal 2015 Guidance
WNS has provided guidance for the fiscal year ending
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Revenue less repair payments* is expected to be between
$490 million and $520 million , up from$471.5 million in fiscal 2014. This assumes an average GBP to USD exchange rate of 1.66 versus 1.59 in fiscal 2014. -
ANI* is expected to range between
$77 million and $83 million , up from$72.4 million in fiscal 2014. This assumes an average USD to INR exchange rate of 60.0 versus 60.4 in fiscal 2014. Based on a diluted share count of 53.3 million shares, the company expects adjusted diluted earnings* per ADS to be in the range of$1.44 to $1.56 .
“The company has provided our initial forecast for fiscal 2015 based on
current visibility levels and exchange rates. Our guidance for the year
reflects top line growth of 4% to 10%, which represents 1% to 7% revenue
growth on a constant currency* basis. Consistent with previous year’s
guidance, we enter fiscal 2015 with 90% visibility to the midpoint of
the range. Profitability is again expected to expand faster than revenue
this fiscal year, with our ANI* guidance reflecting 6% to 15%
year-over-year improvement,” said
Board Changes
Effective
Conference Call
WNS will host a conference call on
About WNS
Safe Harbor Statement
This release contains forward-looking statements, as defined in the safe
harbor provisions of the US Private Securities Litigation Reform Act of
1995. These forward-looking statements are based on our current
expectations and assumptions about our Company and our industry.
Generally, these forward-looking statements may be identified by the use
of terminology such as “anticipate,” “believe,” “estimate,” “expect,”
“intend,” “will,” “seek,” “should” and similar expressions. These
statements include, among other things, the discussions of our strategic
initiatives and the expected resulting benefits, our growth
opportunities, industry environment, expectations concerning our future
financial performance and growth potential, including our fiscal 2015
guidance and future profitability, and expected foreign currency
exchange rates. Forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially from
those expressed or implied by such statements. Such risks and
uncertainties include but are not limited to worldwide economic and
business conditions; political or economic instability in the
jurisdictions where we have operations; regulatory, legislative and
judicial developments; our ability to attract and retain clients;
technological innovation; telecommunications or technology disruptions;
future regulatory actions and conditions in our operating areas; our
dependence on a limited number of clients in a limited number of
industries; our ability to expand our business or effectively manage
growth; our ability to hire and retain enough sufficiently trained
employees to support our operations; negative public reaction in the US
or the
References to “$” and “USD” refer to
About Non-GAAP Financial Measures
The financial information in this release is focused on non-GAAP
financial measures as we believe that they reflect more accurately our
operating performance. Reconciliations of these non-GAAP financial
measures to our GAAP operating results are included below. A discussion
of our GAAP measures will be contained in “Part I –Item 5. Operating and
Financial Review and Prospects” and our fiscal 2014 audited financial
statements will be included elsewhere in our annual report on Form 20-F
to be filed with the
For financial statement reporting purposes, WNS has two reportable
segments: WNS Global BPM and WNS Auto Claims BPM. Revenue less repair
payments is a non-GAAP financial measure that is calculated as (a)
revenue less (b) in the auto claims business, payments to repair centers
for “fault” repair cases where WNS acts as the principal in its dealings
with the third party repair centers and its clients. WNS believes that
revenue less repair payments for “fault” repairs reflects more
accurately the value addition of the business process management
services that it directly provides to its clients. For more details,
please see the discussion in “Part I – Item 5. Operating and Financial
Review and Prospects – Overview” in our annual report on Form 20-F filed
with the
Constant currency revenue less repair payments is a non-GAAP financial measure. We present constant currency revenue less repair payments so that revenue less repair payments may be viewed without the impact of foreign currency exchange rate fluctuations, thereby facilitating period-to-period comparisons of business performance. Constant currency revenue less repair payments is presented by recalculating prior period’s revenue less repair payments denominated in currencies other than in US dollars using the foreign exchange rate used for the latest period, without taking into account the impact of hedging gains/losses. Our non-US dollar denominated revenues include, but are not limited to, revenues denominated in pound sterling, South African rand, Australian dollar and euro.
WNS also presents (1) adjusted operating margin, which refers to adjusted operating profit (calculated as operating profit excluding amortization of intangible assets and share-based compensation expense) as a percentage of revenue less repair payments, and (2) ANI, which is calculated as profit excluding amortization of intangible assets and share-based compensation expense, and other non-GAAP measures included in this release as supplemental measures of its performance. WNS presents these non-GAAP measures because it believes they assist investors in comparing its performance across reporting periods on a consistent basis by excluding items that it does not believe are indicative of its core operating performance. In addition, it uses these non-GAAP measures (i) as a factor in evaluating management’s performance when determining incentive compensation and (ii) to evaluate the effectiveness of its business strategies. These non-GAAP measures are not meant to be considered in isolation or as a substitute for WNS’s financial results prepared in accordance with IFRS.
WNS (HOLDINGS) LIMITED |
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
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(Unaudited, amounts in millions, except share and per share data) |
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Revenue |
$ |
130.3 |
$ | 119.2 | $ | 127.1 | $ | 502.6 | $ | 460.3 | ||||||||||||
Cost of revenue | 81.9 | 81.4 | 81.7 | 327.7 | 311.0 | |||||||||||||||||
Gross profit | 48.3 | 37.8 | 45.5 | 174.9 | 149.3 | |||||||||||||||||
Operating expenses: | ||||||||||||||||||||||
Selling and marketing expenses | 9.5 | 7.8 | 8.9 | 35.2 | 30.2 | |||||||||||||||||
General and administrative expenses | 14.2 | 14.2 | 13.1 | 55.4 | 57.1 | |||||||||||||||||
Foreign exchange loss/ (gain), net | 2.7 | (1.1 | ) | 3.3 | 11.2 | 5.5 | ||||||||||||||||
Amortization of intangible assets | 5.9 | 6.7 | 5.8 | 23.8 | 26.4 | |||||||||||||||||
Operating profit | 15.9 | 10.2 | 14.4 | 49.4 | 30.1 | |||||||||||||||||
Other income, net | (3.1 | ) |
(1.6 |
) |
(2.5 | ) | (9.5 | ) | (4.8 | ) | ||||||||||||
Finance expense | 0.7 | 0.9 | 0.7 | 2.9 | 3.6 | |||||||||||||||||
Profit before income taxes | 18.3 | 10.9 | 16.1 | 55.9 | 31.3 | |||||||||||||||||
Provision for income taxes | 4.9 | 2.8 | 3.9 |
14.3 |
9.9 | |||||||||||||||||
Profit | $ | 13.4 | $ | 8.2 | $ | 12.2 | 41.6 | 21.4 | ||||||||||||||
Earnings per share of ordinary share | ||||||||||||||||||||||
Basic | $ | 0.26 | $ | 0.16 | $ | 0.24 | $ | 0.82 | $ | 0.43 | ||||||||||||
Diluted | $ | 0.25 | $ | 0.16 | $ | 0.23 | $ | 0.79 | $ | 0.41 | ||||||||||||
Growth of revenue (GAAP) and revenue less repair payments (non-GAAP) |
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(Amounts in millions) | (Amounts in millions) | ||||||||||||||||
Revenue (GAAP) | $ | 130.3 | $ | 119.2 | $ | 127.1 | $ | 502.6 | $ | 460.3 | |||||||
Less: Payments to repair centers | 7.5 | 6.5 | 7.5 | 31.1 | 24.1 | ||||||||||||
Revenue less repair payments (Non-GAAP) | $ | 122.7 | $ | 112.8 | $ | 119.6 | $ | 471.5 | $ | 436.1 | |||||||
Constant currency revenue less
repair payments (Non-GAAP) |
$ | 124.4 | $ | 115.4 | $ | 122.2 | $ | 477.7 | $ | 440.3 |
Reconciliation of cost of revenue (GAAP to non-GAAP) |
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(Amounts in millions) | (Amounts in millions) | ||||||||||||||||
Cost of revenue (GAAP) | $ | 81.9 | $ | 81.4 | $ | 81.7 | $ | 327.7 | $ | 311.0 | |||||||
Less: Payments to repair centers | 7.5 | 6.5 | 7.5 | 31.1 | 24.1 | ||||||||||||
Less: Share-based compensation expense | 0.2 | 0.3 | 0.4 | 1.3 | 1.0 | ||||||||||||
Adjusted cost of revenue (excluding payment to repair centers and
share-based
compensation expense) (Non-GAAP) |
$ | 74.2 | $ | 74.7 | $ | 73.8 | $ | 295.3 | $ | 285.9 |
Reconciliation of gross profit (GAAP to non-GAAP) |
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(Amounts in millions) | (Amounts in millions) | |||||||||||||||||||||
Gross profit (GAAP) | $ | 48.3 | $ | 37.8 | $ | 45.5 | $ | 174.9 | $ | 149.3 | ||||||||||||
Add: Share-based compensation expense | 0.2 | 0.3 | 0.4 | 1.3 | 1.0 | |||||||||||||||||
Adjusted gross profit (excluding share-based compensation expense) (Non-GAAP)
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$ | 48.5 | $ | 38.1 | $ | 45.9 | $ | 176.3 | $ | 150.2 | ||||||||||||
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2014 |
Mar 31,
2013 |
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Gross profit as a percentage of revenue (GAAP) | 37.1 | % | 31.7 | % | 35.8 | % | 34.8 | % | 32.4 | % | ||||||||||||
Adjusted gross profit (excluding share-based compensation expense) as a percentage of revenue less repair payments (Non-GAAP) |
39.6 | % | 33.8 | % | 38.3 | % | 37.4 | % | 34.5 | % | ||||||||||||
Reconciliation of selling and marketing expenses (GAAP to non-GAAP) |
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(Amounts in millions) | (Amounts in millions) | |||||||||||||||||||||
Selling and marketing expenses (GAAP) | $ | 9.5 | $ | 7.8 | $ | 8.9 | $ | 35.2 | $ | 30.2 | ||||||||||||
Less: Share-based compensation expense | 0.2 | 0.1 | 0.2 | 0.6 | 0.4 | |||||||||||||||||
Adjusted selling and marketing expenses (excluding share-based
compensation
expense) (Non-GAAP) |
$ | 9.3 | $ | 7.7 | $ | 8.7 | $ | 34.6 | $ | 29.8 | ||||||||||||
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Selling and marketing expenses as a percentage of revenue (GAAP) | 7.3 | % | 6.5 | % | 7.0 | % | 7.0 | % | 6.6 | % | ||||||||||||
Adjusted selling and marketing expenses (excluding share-based compensation expense) as a percentage of revenue less repair payments (Non-GAAP) | 7.6 | % | 6.8 | % | 7.3 | % | 7.3 | % | 6.8 | % | ||||||||||||
Reconciliation of general and administrative expenses (GAAP to non-GAAP) |
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(Amounts in millions) | (Amounts in millions) | |||||||||||||||||||||
General and administrative expenses (GAAP) | $ | 14.2 | $ | 14.2 | $ | 13.1 | $ | 55.4 | $ | 57.1 | ||||||||||||
Less: Share-based compensation expense | 1.2 | 0.6 | 1.2 | 5.0 | 3.9 | |||||||||||||||||
Adjusted general and administrative expenses (excluding share-based
compensation
expense) (Non-GAAP) |
$ | 13.0 | $ | 13.6 | $ | 11.9 | $ | 50.4 | $ | 53.2 | ||||||||||||
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General and administrative expenses as a percentage of revenue (GAAP) | 10.9 | % | 11.9 | % | 10.3 | % | 11.0 | % | 12.4 | % | ||||||||||||
Adjusted general and administrative expenses (excluding share-based compensation expense) as a percentage of revenue less repair payments (Non-GAAP) | 10.6 | % | 12.1 | % | 10.0 | % | 10.7 | % | 12.2 | % | ||||||||||||
Reconciliation of operating profit (GAAP to non-GAAP) |
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(Amounts in millions) |
(Amounts in millions) |
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Operating profit (GAAP) | $ | 15.9 | $ | 10.2 | $ | 14.4 | $ | 49.4 | $ | 30.1 | ||||||||||||
Add: Amortization of intangible assets | 5.9 | 6.7 | 5.8 | 23.8 | 26.4 | |||||||||||||||||
Add: Share-based compensation expense | 1.6 | 0.9 | 1.8 | 6.9 | 5.3 | |||||||||||||||||
Adjusted operating profit (excluding amortization of intangible assets and share-based compensation expense) (Non-GAAP) |
$ | 23.5 | $ | 17.9 | $ | 22.0 | $ | 80.1 | $ | 61.8 | ||||||||||||
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Operating profit as a percentage of revenue (GAAP) | 12.2 | % | 8.6 | % | 11.3 | % | 9.8 | % | 6.5 | % | ||||||||||||
Adjusted operating profit (excluding amortization of intangible assets and share-based compensation expense) as a percentage of revenue less repair payments (Non-GAAP) | 19.1 | % | 15.8 | % | 18.4 | % | 17.0 | % | 14.2 | % | ||||||||||||
Reconciliation of profit (GAAP to non-GAAP) |
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Profit (GAAP) | $ | 13.4 | $ | 8.2 | $ | 12.2 | $ | 41.6 | $ | 21.4 | ||||||||||||
Add: Amortization of intangible assets | 5.9 | 6.7 | 5.8 | 23.8 | 26.4 | |||||||||||||||||
Add: Share-based compensation expense | 1.6 | 0.9 | 1.8 | 6.9 | 5.3 | |||||||||||||||||
Adjusted net income (excluding
amortization of intangible assets and share-based compensation expense) (Non-GAAP) |
$ | 20.9 | $ | 15.8 | $ | 19.8 | $ | 72.4 | $ | 53.1 | ||||||||||||
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Profit as a percentage of revenue (GAAP) | 10.3 | % | 6.9 | % | 9.6 | % | 8.3 | % | 4.6 | % | ||||||||||||
Adjusted net income (excluding amortization of intangible assets and share-based compensation expense) as a percentage of revenue less repair payments (Non-GAAP) | 17.1 | % | 14.0 | % | 16.6 | % | 15.3 | % | 12.2 | % | ||||||||||||
Reconciliation of basic income per ADS (GAAP to non-GAAP) |
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Basic earnings per ADS (GAAP) | $ | 0.26 | $ | 0.16 | $ | 0.24 | $ | 0.82 | $ | 0.43 |
Add: Adjustments for amortization of intangible assets and share-based compensation expense | 0.15 | 0.15 | 0.15 | 0.60 | 0.63 | |||||
Adjusted basic earnings per ADS (excluding amortization of intangible assets and share-based compensation expense) (Non-GAAP) | $ | 0.41 | $ | 0.31 | $ | 0.39 | $ | 1.42 | $ | 1.06 |
Reconciliation of diluted income per ADS (GAAP to non-GAAP) |
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Diluted earnings per ADS (GAAP) | $ | 0.25 | $ | 0.16 | $ | 0.23 | $ | 0.79 | $ | 0.41 | |||||||
Add: Adjustments for amortization of
intangible assets and share-based compensation expense |
0.14 | 0.15 | 0.15 | 0.58 | 0.62 | ||||||||||||
Adjusted diluted earnings per ADS
(excluding amortization of intangible assets and share-based compensation expense) (Non-GAAP) |
$ | 0.40 | $ | 0.30 | $ | 0.38 | $ | 1.37 | $ | 1.03 | |||||||
WNS (HOLDINGS) LIMITED |
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CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
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(Amounts in millions, except share and per share data) |
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As at |
As at |
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ASSETS | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ | 33.7 | $ | 27.9 | ||||||
Investments | 83.8 | 46.5 | ||||||||
Trade receivables, net | 62.0 | 64.4 | ||||||||
Unbilled revenue | 34.7 | 25.5 | ||||||||
Funds held for clients | 15.9 | 19.9 | ||||||||
Derivative assets | 6.8 | 7.6 | ||||||||
Prepayments and other current assets | 16.9 | 12.0 | ||||||||
Total current assets | 253.8 | 203.8 | ||||||||
Non-current assets: | ||||||||||
Goodwill | 85.7 | 87.1 | ||||||||
Intangible assets | 67.2 | 92.1 | ||||||||
Property and equipment | 45.2 | 48.4 | ||||||||
Derivative assets | 4.1 | 3.8 | ||||||||
Investments | 28.7 | 43.2 | ||||||||
Deferred tax assets | 37.1 | 41.6 | ||||||||
Other non-current assets | 16.7 | 14.8 | ||||||||
Total non-current assets | 284.6 | 331.1 | ||||||||
TOTAL ASSETS | $ | 538.4 | $ | 534.9 | ||||||
LIABILITIES AND EQUITY | ||||||||||
Current liabilities: | ||||||||||
Trade payables | $ | 29.1 | $ | 29.3 | ||||||
Provisions and accrued expenses | 23.9 | 26.7 | ||||||||
Derivative liabilities | 9.1 | 3.9 | ||||||||
Pension and other employee obligations | 36.3 | 32.7 | ||||||||
Short term line of credit | 58.6 | 54.9 | ||||||||
Current portion of long term debt | 12.6 | 7.7 | ||||||||
Deferred revenue | 5.4 | 6.5 | ||||||||
Current taxes payable | 3.3 | 5.2 | ||||||||
Other liabilities | 6.6 | 15.4 | ||||||||
Total current liabilities | 184.8 | 182.4 | ||||||||
Non-current liabilities: | ||||||||||
Derivative liabilities | 1.4 | 1.3 | ||||||||
Pension and other employee obligations | 5.2 | 5.6 | ||||||||
Long term debt | 13.5 | 33.7 | ||||||||
Deferred revenue | 1.7 | 3.3 | ||||||||
Other non-current liabilities | 3.9 | 4.4 | ||||||||
Deferred tax liabilities | 2.9 | 3.6 | ||||||||
Total non-current liabilities | 28.6 | 51.9 | ||||||||
TOTAL LIABILITIES | $ | 213.5 | $ | 234.3 | ||||||
Shareholders' equity: | ||||||||||
Share capital (ordinary shares $ 0.16 (10 pence) par value, authorized 60,000,000 shares; issued: 51,347,538 and 50,588,044 shares each as at March 31, 2014 and March 31, 2013, respectively) | 8.0 | 7.9 | ||||||||
Share premium | 276.6 | 269.3 | ||||||||
Retained earnings | 121.7 | 80.1 | ||||||||
Other components of equity | (81.4 | ) | (56.7 | ) | ||||||
Total shareholders' equity | 325.0 | 300.6 | ||||||||
TOTAL LIABILITIES AND EQUITY | $ | 538.4 | $ | 534.9 |
1 See “About Non-GAAP Financial Measures” and the
reconciliations of the historical non-GAAP financial measures to our
GAAP operating results at the end of this release. **
Previously described as Business Process Outsourcing (BPO) in our prior
annual reports on Form 20-F and current reports on Form 6-K containing
our quarterly results for periods up to (and including) fiscal Q1 2014
ended
Source:
WNS (Holdings) Limited
Investors:
David Mackey,
201-942-6261
Corporate SVP–Finance & Head of Investor Relations
david.mackey@wns.com
or
Media:
Archana
Raghuram, +91 (22) 4095 2397
Head – Corporate Communications
archana.raghuram@wns.com
; pr@wns.com