EXL Service : Dj vu

Take it as a positive or negative. EXL, which had two major relationships
with insurance firm Aviva (one BOT and one outsourcing relationship), lost the
BOT one in July 2008, while getting the renewal of the contract for outsourcing
till 2012. Considering that Aviva was one of the top two clients, this will
impact the revenue of EXL this year.

It reminds of Exls recovery a few years back after the then parent company
Conseco had filed for Chapter 11. EXL had then bagged a voice services contract
from Dell, which stabilized it to a great extent. Last year saw the company
bagging a contract from the UK wireless operator, Orange, its first major client
in a non-financial sector/services in many years.

Its new service contracts in FY 08 include cost optimization using process
re-engineering and an enterprise back-office consolidation and re-engineering
project, both for insurance companies. Not surprisingly, its revenue from
advisory services was 8% of its total revenue.

RANK 14
	Rohit Kapoor, CEO
FACTSHEET
l Start-up Year: 1999 l Delivery Presence: Noida (5), Gurgaon (2), Pune (1), New Jersey (1), Manila (1) l Address: A-48, Sector 58, Noida 201301 UP, India l Tel:+91- 0120-2445900 l Website: www.exlservice.com

Centrica, the other major client of EXL, also extended its outsourcing
contract with EXL for another year in an outcome-based engagement model. In FY
09, the company plans to get into legal services outsourcing segment.