Genpact Ltd.

Overview Key strengths Key risks Healthy revenue growth supported by good demand for business process outsourcing and transformational services. Elevated levels of attrition could constrain margin and growth prospects. Strong position in the niche segment of finance and accounting globally. Relatively small scale when compared with peers at similar rating level. Increasing proportion of higher value digital services and strong utilization rates cushion profitability. Potential for debt-funded acquisitions and sizable shareholder returns. We forecast Genpact?s growth at about 9% in 2022, before easing to 6%-7% in 2023, compared with the industry average of 5% for 2022. Our expectations for Genpact are supported by its healthy booking revenues. Apart from Genpact?s entrenched position in the business process outsourcing (BPO) segment, the

...Genpact Ltd. is likely to keep its revenue growth above industry average. We forecast Genpact's growth at about 9% in 2022, before easing to 6%-7% in 2023, compared with the industry average of 5% for 2022. Our expectations for Genpact are supported by its healthy booking revenues. Apart from Genpact's entrenched position in the business process outsourcing (BPO) segment, the company's transformation services are growing fast; it involves digital, consulting, and analytics business and will continue to benefit from higher IT spending from companies. We expect companies' spending on digital transformation and cloud-based services to remain robust, even as the disruption from COVID-19 subsides....

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