Rank - 1 : Waning Legacy

Then Genpact got listed in 2007, it was faced with the strategic dilemma To
GE or not to GE. The decision taken was to continue servicing the existing
accounts from earlier GE legacy, but to go more aggressively for new clients.
FY10 proved the decision was correct; in a challenging year, when Genpact
recorded its lowest ever growth (though it still remained #1 by a mile), the
revenue from non-GE clients grew 16%, nearly four times those of the clients
brought forward from GE. Despite recessionary challenges, Genpact added
fifty-two new clients, including Walgreens, AstraZeneca and SABMiller; these
deals helped expand Genpacts global footprint tooWalgreens brought the
Danville facility in Illinois while SAB brought the shared services center in
Johannesburg.

Despite the topline growth slowing down, the operating margins for the year
(CY09) grew from 17.1% to 17.8%. More sales personnels were added in Europe, to
address the anomaly of not generating revenues proportionate to the delivery
footprint. Adding global relationship managers to key accounts like Walgreens,
Cadbury-Schweppes, Max New York Life paid good dividends. Pharma and consumer
products had a higher uptake in the second half of the year.

The India-to-India and China-to-China strategies, formulated fifteen months
back, also started paying off for Genpact in FY10. Though revenue realization
should start from FY11, prestigious deals like Chinas Hello Communications and
ICICI in India helped raise Genpacts brand equity further in these geographies.
The acquisition of Uninor as a client gave Genpact telecom toehold; more
importantly, deals like Bengal Aerotropolis and Carnation Auto gave
opportunities to set up back-offices from scratch.

Unlike many IT services companies who were increasingly harping on integrated
IT-BPO deals, Genpact remained focused on its core expertise. In fact, IT
revenues dwindledwithin BPO, F&A (United Biscuits came as a client) and
procurement and supply chain were the fastest growing businesses; the
acquisition of Symphony Marketing Services pepped up the analytics business.
Genpact was never short of media speculation though: there were talks of
acquiring WNS and of Pramod Bhasin retiring and anointing Tiger as the
successor.