On a sequential basis, profit was down 14% and revenue was down 2.3%.
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Year-over-year, profit increased as a result of revenue growth, improved productivity, a one-time tax benefit of $9.5 million resulting from the reversal of a deferred tax liability , and favorable impacts from currency movements, said the company statement.
These benefits were partially offset by increases in wages, return-to-office costs, amortization, and net interest expense. Sequentially, Q3 profit decreased as a result of Q2 benefits received from the reversal of a provision for contingent acquisition consideration, higher SG&A expenses driven by Q2 provision reversals for performance incentives and bad debt, and lower revenue.
Keshav Murugesh, WNS’ chief executive officer indicated strong financial performance in the fiscal 2024 despite macroeconomic headwinds. “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.
Year-over-year, revenue improved as a result of new client additions, the expansion of existing relationships, fiscal 2023 acquisitions, and favorable currency movements, said the company in a statement. These benefits were partially offset by the ramp-down of a large HealthCare process, the offshore delivery transition of a large internet client, and volume reductions with certain clients. Sequentially revenue impact was seen from headwinds from the offshore delivery transition of a large internet client, volume reductions with certain clients, and unfavorable currency movements.
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Murugesh added that WNS is aggressively investing for the future and is making steady progress in our ability to design, build, and run solutions leveraging cutting-edge technologies including AI and Generative AI. On Thursday, WNS formally announced that the company 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.
