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Key Details
Company Name: WNS (Holdings) Limited
Corporate Headquarters: Gate No. 4, Godrej & Boyce Complex, Pirojshanagar, Vikhroli (West), Mumbai - 400 079
Sales Revenue (2011): USD 616.25Million
1-Year Sales Growth: 5.80%
Net Income (2011): $9.82M
Total Assets: $528.42M
No. of Employees (2011): Above 21,000
Established: 1996
Quote Symbol Exchange: WNS [New York Stock Exchange]
Primary SIC Code: 7389 - Business Services
Industry: Business services
Company website: http://www.wns.com
Phone: 91 22 4095 2100 / 91 22 67976100
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2. Table of Content
1. Key Details………………………………………………………………………………………………………………1
2. Table of Content……………………………………………………………………………………………………..2
3. Company Overview…………………………………………………………………………………………………3
4. History of WNS………………………………………………………………………………………………………..4
5. WNS Family Tree……………………………………………………………………………………………………..5
6. Products & Services…………………………………………………………………………………………………6
7. Key People & employee statistics…………………………………………………………………………….8
8. Company Analysis…………………………………………………………………………………………………….9
9. Financial Performance…………………………………………………………………………………………….11
10. Competitors…………………………………………………………………………………………………………….12
11. Significant Development in 2011……………………………………………………………………………..13
12. SWOT Analysis…………………………………………………………………………………………………………14
13. Conclusion……………………………………………………………………………………………………………….19
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3. Company Overview
About WNS
WNS is a leading global business process outsourcing (BPO) company. It is engaged in providing services to
travel, banking, financial services, insurance, industrial and infrastructure, and emerging services businesses
worldwide. The company is involved in providing data, voice, and analytical services to its clients across the
globe. It is also involved in the execution of clients’ business processes, monitoring the processes against
multiple performance metrics, and continuously improving business processes.
Global Presence
WNS network of more than 20 global delivery centers responds to needs for language, cultural alignment,
redundancy and 24/7 operations. They have operations based in America, Europe, APAC and Middle East.
Americas - USA and Costa Rica
Europe - UK and Romania
APAC and Middle East – Australia, India, Philippines, Sri Lanka and UAE
Clientele
WNS serves a diverse client base with over 220 clients across various industries. The company markets its
offerings through 117 sales and sales support professionals based in the US, Eastern Europe, the UK and India.
Some of the Major Clients are:
 Major US retail bank
 European Airline
 Leading European travel conglomerate
 Leading US residential mortgage bank
 Major North American airline
 North American travel agency
 Leading UK insurer
 Leading global beverage brand
 Leading Logistics Company
 Major energy and gas utility company
 Leading hospitality firm
 Major US building supply company
 Global reinsurer
 Global telecom provider
 Global Cosmetics Company
 Consumer electronics giant
 Global market research Company
 Leading US financial advisory firm
 Major US auto insurers
 Two global investment banks
 Leading global CPG brand
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4. History of WNS
 In 1996, WNS Global Services was established.
 In 1999, The Company started its second delivery station in Pune, India.
 In 2002, The Company’s majority stakes were acquired by Warburg Pincus.
 In 2002, the healthcare business of GreenSnow was acquired by the company.
 In 2002, The Company developed its Knowledge Services Business.
 In 2002, the business of ClaimsBPO was acquired by the company.
 In 2003, the company and Scandinavian Airlines entered into an agreement.
 In 2004, The Company developed delivery centers in Colombo (Sri Lanka) and Gurgaon (India).
 In 2005, Trinity Partners was acquired by the company.
 In 2006, The Company was listed on the New York Stock Exchange.
 In 2006, the company and Wells Fargo & Company entered into a partnership agreement.
 In 2007, a privately-owned leader in offshore analytics services, Marketic Technologies (India), was
acquired by the company.
 In 2007, The Company entered into an agreement to establish a delivery center in an approved Special
Economic Zone (SEZ) in Navi Mumbai.
 In 2008, The Company’s facility was launched in Manila, the Philippines.
 In 2008, The company's subsidiary Call 24-7, acquired Chang Limited
 In 2008, BizAps was acquired by the company for optimizing Finance and
Accounting processes.
 In 2008, The Company signed two different agreements with AVIVA.
 In 2008, The Company entered into a contract with SAS Airlines.
 In 2009, The Company’s BizAps acquired XiBuy from Houston-based Paymetric, Inc.
 In 2009, WNS signed a five year contract with SITA, the world's leading specialist
 In air transport communication and information technology (IT) solutions.
 In 2009, The Company’s WNS Assistance entered into a contract with UK-based
Automobile Association Accident Management.
 In 2009, WNS received the 2009 Golden Peacock Eco-Innovation Award from The
World Environment Foundation, for its Green Lean Sigma program.
 In 2009, WNS entered into a strategic partnership with Trintech Group Plc
 In 2009, WNS launched its delivery center in San Jose, Costa Rica.
 In 2009, WNS signed a multi-year contract with Chiquita Brands International, Inc.
 In 2009, WNS secured a multi-services contract from InterContinental Hotels Group.
 In 2010, WNS recognized as 'Best New BPO Locator of the Year' at the 2010 International ICT Awards
ceremony.
 In 2010, The company's WNS Global Services were SAP-certified, which enables it to provide hosting and
application management services in India and the UK
 In 2010, The Company launched a new delivery center in Manila, the Philippines.
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5. Family Tree
Other Locations
WNS Global Services (North America) WNS Global Services (Romania)
420 Lexington Avenue Westgate Unit H1
Suite 2515 10170 197 Luliu Maniu Street, Sector 6
United States Bucharest 061125 Bucharest
Tel: +1 212 5996960 Romania
Fax: +1 212 5996962 Tel: +40 372 3030000
Fax: +40 372 3030001
WNS UK
The Lodge, Harmondsworth Lane
West Drayton Middlesex, UB7 0AB
United Kingdom
Tel: +44 208 7548289
Fax: +44 208 7548570
Subsidiaries
WNS Global Services Netherlands Cooperative WNS North America, Inc.
U.A. DE
Netherlands United States
WNS Global Services (UK) Limited WNS (Mauritius) Limited
United Kingdom Mauritius
WNS Philippines Inc. WNS Mortgage Services Private Limited
Philippines Gate No. 4, Godrej & Boyce Complex
Pirojshanagar Mumbai, Maharashtra
400 079, India
Tel: +91 22 40952100
WNS Customer Solutions (Singapore) Private WNS Customer Solutions (Private) Limited
Limited Sri Lanka
Singapore
Baizan International Software Technology Marketics, Inc.
(Beijing) Co. Ltd. China DE
United States
Hi-Tech Off shoring Services Private Limited Call 24-7 Limited
India United Kingdom
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6. Products & Services
WNS Global Services is engaged in providing offshore business process outsourcing services.
The key services of the company are:
 Business process outsourcing (BPO) services
 Data services
 Voice services
 Analytical services
 Client processing services
These services, WNS bifurcated into two section i.e. Industry Focused Solutions and Cross Industry
Solutions.
Industry Focused Solutions (BPO Solutions)
Banking and Financial Services Communication Industry
 Banking Operations Outsourcing  Customer Acquisition
 Lending Outsourcing Services  Operations and CRM
 Asset Management and Brokerage  Sales and Contracts Administration
Outsourcing  Order Provisioning and Order Management
Healthcare Industry Insurance Industry
 DME Manufacturers  Property and Casualty
 Payers and Third Party  Life, Pensions and Annuities
Administrators
 Providers
Shipping & Logistics Industry Manufacturing Industry
 New Product Development
 Supply Chain Planning and Execution
 Marketing and Order Management
 Operations
 After Sales and Support
Retail and Consumer Products Industry Travel and Leisure Industry
 Supply Chain Management  Sales and Customer Care
 Logistics  Operations
 Sales, Marketing and Customer  Platform Based Service Offerings
Care
Utilities and Energy Industry
 Sales Management
 Meter Operations and Billing
 Customer Service Management
 Customer Financial Management
 Supply Chain and Distribution Management
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7. Cross Industry Solutions
Legal Services Customer Care Outsourcing
 Property Law  Services
 Personal Injury Claims  Channels (Voice, White Mails, Chat,
 Law Firm Back Office email)
 Corporate Legal Support  Languages
Finance and Accounting Outsourcing Procurement Outsourcing
 Procure to Pay  Supplier Research and Analysis
 Record to Report  Sourcing Support and Administration
 Supply Chain Finance  Contract Management
 Industry-Specific Accounting  Market Intelligence
 Order to Cash  Competitive Intelligence
 Procurement Analytics
 Performance Reporting
Research and Analytics Outsourcing Transformation Solutions
 Business and Financial Research  Consulting and Program Management
 Market Research Services
 Domain Based Analytics  Process and Quality Services
 Data Services: Business Intelligence  Technology Services
and Reporting
 Business Services
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8. Key People & Employees statistics
Corporate Management Team
Eric B. Herr Chairman WNS Group
Keshav Murugesh CEO WNS Group
Alok Misra CFO WNS Group
R. Swaminathan Chief People Officer WNS Group
Sanjay Jain Head, Global TransformationPractice
Mike Garber Global Head, Sales and Marketing
Manish Vora Head of Sales, Asia Pacific and Middle East region
Ronald Strout Chief of Staff and Head-Americas
Business Unit Management Team
Ambreesh Mahajan Business Unit Leader, Utilities and Head, International Delivery Locations
Anup Basrurkar Business Unit Leader, Banking and Financial Services
Arun Kharbanda Business Unit Leader, Research and Analytics Services
C S Anand Business Unit Leader, Shipping and Logistics Services
David P. Spencer BU Leader Manufacturing, Telecom, Retail and Consumer Packaged Goods,Diversified Businesses
Deepak Gupta Business Unit Leader, Contact Center Operations
Edwin Harrell Chief Executive Officer, WNS Assistance
Gautam Barai Business Unit Leader, Insurance Services
John Westfield Business Unit Leader, Travel and Leisure Services
Sulakshana Patankar Business Unit Leader, India Business and Strategic Initiatives
Tasneem Lakdawalla Business Unit Leader, Finance and Accounting Services
As per LinkedIn, Before WNS Global services, Employees worked at Genpact LLC, EXL Services, IBM Global
Process services and Wipro BPO. After WNS Global services, most of the WNS employees went to Accenture,
Cognizant, Capgemini, Tata Consultancy Services, Evalueserve, Intelenet Global services and Infosys.
Note - Employee statistics are based on 5,345 LinkedIn users at this company. For example, Out of 5,345 WNS
employees, 47% of users are in General & Administrative function and 54% of users of same function in Peer
companies of WNS.
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9. Company Analysis
Business Segments
The business of the company is operated through two segments, name WNS Global BPO segment and WNS
namely,
Auto Claims BPO segment. For the fiscal year ended March 2011, the revenue generated from WNS Global
BPO segment amounted to $332.647m, a decrease of 2.59% over 2010. The segment accounted for 53.80% of
the company's total revenue in 2011. Whereas, the WNS Auto Claims BPO segment generated revenue of
l
$284.429m, an increase of 17.51% over 2010. The segment accounted 46.20% of the company's total revenue
in 2011.
Region-wise
Geographically, the company operates its business in four regions, namely, the UK, Europe (excluding the UK),
North America, and Rest of the World. For the fiscal year ended March 2011, the UK region reported 60.9% of
,
the company’s total revenue, followed by North America (22.2%), Europe (15.9%), and Rest of the World (1%)
),
of the company's total revenues.
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10. Industry & their Services
In April 2011, the company reorganized its offerings into various business units, namely, Insurance,
travel and leisure, banking and financial services, consulting and professional services, healthcare, utilities,
Shipping and logistics, and manufacturing, retail, consumer products, telecom and diversified Businesses. For
gistics,
the fiscal year ended March 2011, Company’s Insurance business contributed 60.1% of the total revenues of
the company; followed by travel and leisleisure (13.6%), manufacturing, Retail, consumer products, telecom and
,
Diversified businesses (8.9%), banking and financial Services (4.3%), consulting and professional services
, ,
(4.3%); healthcare (4.2%); utilities (
); (3.2%); and Shipping and logistics (1.6%) of the company's total revenues.
)
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11. Financial Performance
The company reported revenues of (USD) $616.25 million during the fiscal year ended March 2011, an increase of
5.80% over 2010. The operating profit of the company was $12.05 million during the fiscal year 2011, a decrease of
50.93% from 2010. The net profit of the company was $9.46 million during the fiscal year 2011, an increase of
155.04% over 2010.
Annual revenue & Net Income of last 5 years
Stock & Share details
Traded: New York Stock Exchange: WNS
rd
As of 3 June,2011 USD
Recent Price $9.33
High Price $11.98
Low Price $9.30
EPS $0.21
Market Cap 468.9
Shares Outstanding 44
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12. Competitors
Though WNS believes in delivering High Business Value, deep Domain expertise and Operational excellence, there
is a stiff competition in BPO Industry. Some of the Major Competitors are:
 Infosys Technologies Limited
 Tata Consultancy Services Limited
 Firstsource Solutions Limited
 ExlService Holdings, Inc.
 Accenture Plc
 Genpact Limited
 HP Enterprise Services
 Affiliated Computer Services, Inc.
 IBM
Competitive Landscape of Top 3 Competitors
2011 Key Details
WNS (Holdings) Infosys ExlService Holdings Genpact
Annual Sales $616.25M $6,041.00M $252.75M $1,258.96M
Employees 21,958 130,820 12,700 45,500
Location India India USA Bermuda
2011 Annual Sales comparison
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13. Significant Development in 2011
WNS Opens New Center in Europe
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On 23 May, 2011, in London, WNS announced the opening of its fourth office in Europe at Hyde Park Hayes,
Middlesex, to support its rapid expansion in the region. This new facility will house WNS's consulting division,
revenue recovery group, client partners and general administration for Europe.
Everest Group's Top 5 2010 FAO Market Star Performers
th
On 7 April, 2011, WNS was recognized as one of the five star performers in the Finance and Accounting
Outsourcing (FAO) services domain in 2010. WNS was identified as a 2010 FAO star performer based on the
relative movement on the Everest PEAK Matrix for FAO from 2009 to 2010 of 20+ FAO service providers. WNS was
honored to be recognized among the '5 FAO Market Star Performers' by Everest Group, for the second consecutive
year.
Star Alliance appoints WNS as Preferred Vendor for Sales Audit and Revenue Protection
Services
th
On 15 March, 2011, WNS announced that it has been appointed as a preferred vendor with Star Alliance to
perform audit and revenue protection services for its member airlines. Under the agreement, WNS will offer a
TM
comprehensive revenue recovery service through state-of-the-art Web-based service called Verifare to protect
carriers' revenue.
BPO Excellence Awards 2010-11
th
On 15 Feb, 2011 WNS was awarded the distinguished 'Stars of the Industry - BPO Excellence Awards' in two
categories ‘Social Change Agent' and 'Use of Technology’ for Operational Excellence. WNS is honored to receive
this dual recognition.
WNS Wins the Golden Peacock National Quality Award
th
On 29 Jan, 2011, in Mumbai, The Institute of Directors, a non-profit apex association of company directors
committed to improving the competitiveness of Indian Business, has awarded WNS (Holdings) Limited (NYSE:
WNS), the Golden Peacock National Quality Award for the year 2011, for its excellence in delivering
transformational and cutting-edge outsourcing solutions.
Fourth Quarter and Full Year Fiscal 2011 Earnings
On 31st March, 2011, WNS announced results for the fiscal fourth quarter and fiscal year 2011 ended March 31,
2011. Revenue for the fiscal fourth quarter 2011 increased by 1.2 percent to $159.5 million, compared to $157.6
million in the corresponding quarter in the prior fiscal year, and increased by 4.5 percent sequentially from $152.7
million in the fiscal third quarter of 2011.
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14. SWOT Analysis
Strength Weaknesses
 Excellent Client base  Over dependence on UK Operations
 Strong Market presence  Reliable on Limited Customers
 Wide Service offerings  Current Financial Health
Opportunities Threats
 Growth of BPO Industry  High Competition
 Recognitions  Changes in Technology
Strength-
Excellent Client base
 WNS provides various BPO services to 220 clients across the world. The company serves a large,
diversified client base across Asia, Europe, Middle East and North America.
 It offers BPO services to clients across the multiple sectors of the insurance, travel and leisure, banking
and financial services industries and other industries such as consulting and professional services,
healthcare, utilities, shipping and logistics, and manufacturing, retail, consumer products and telecom.
 The company services more than 31 airlines, hotels and travel intermediaries.
 It also serve a large US-based financial advisory provider, a top ten UK auto insurer, a large insurance loss
adjuster, several self-insured fleet owners and several mortgage-related companies.
Strong Market presence
 WNS has a wide presence across the world including, client service offices located in New York (the US),
New South Wales (Australia), London (the UK), and Singapore and delivery centers in San Jose (Costa
Rica), Bangalore, Chennai, Gurgaon, Mumbai, Nashik and Pune (India), Manila (the Philippines), Bucharest
(Romania), Colombo (Sri Lanka) and Ipswich and Manchester (the UK).
 According to the National Association of Software and Service Companies, (NASSCOM), an industry
association in India, WNS is among the top three India based offshore business process outsourcing
companies based on export revenue for fiscal year ended. 2010.
 According to the Shared Services & Outsourcing Network (SSON), WNS is the one of the India-based BPO
services provider which is recognized as the Best New Outsourced Services Delivery (2010).
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15. Wide Service Offerings
 WNS provides technology services such as enterprise resource planning and business applications, mail
room and business process management services, business intelligence and analytical tools, infrastructure
and network services, and industry specific platforms and developments to various industries including
travel, banking, financial services and insurance services (BFSI), industrial and infrastructure services, and
emerging services.
 It provides research and analytics services including, market, business, and financial research and
analytical services such as business and financial research, market research, domain specific analytical
services, data services and business services to pharmaceutical companies, consulting firms, market
research companies and investment banks.
 WNS also offers industrial and infrastructure services for logistics, manufacturing, telecommunications
and utilities industries.
 The company's emerging services are provided to consumer products, retail, professional services,
Pharmaceuticals and media and entertainment industries.
Weaknesses-
Over dependence on UK Operations
 WNS generates a significant amount of revenue from the UK region, which could have an adverse impact
on its business operations.
 In 2011, the company generated 76.8% of its total revenue from the UK, followed by North America by
22.2% and Asia Pacific with 1%.
 The Economic conditions of the UK region are not favorable, which could affect the company's
Operations. The trend of depending on the UK was evident in the previous fiscal years as well, as the
Company derived similar percentage of its total revenue in 2010 and 2009 from the UK
 The over dependence on a particular region could increase the risk of the company. If the business
environment of the region turns adverse or the demand declines, then it will have an adverse affect on
the operations of the company.
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16. Reliable on Limited Customers
 In 2011, the largest client contributed 16.4% of the company's total revenue and 20.4% of its revenue less
repair payments.
 In 2011, WNS's three largest clients individually accounted for 16.4%, 13.2% and 12.2%, respectively, of
its total revenue as compared to 15.5%, 13.4% and 12.6%, respectively, in 2010.
 Its biggest client, AVIVA, individually accounted for 20.4% of the company's total revenue less repair
payments compared to 23.1% in 2010.
 The top five clients of the company derived 54.3% of the company's total revenue in 2011 as compared to
53% in 2010. Similarly, its top ten and twenty clients derived 65.8% and 77.8% in 2011, as compared to
64.8% and 76.5% in 2010.
 It indicates that the company generated a significant portion of its revenue from limited set of clients,
which increases the risks associated with a particular business operation. The concentration of revenue
from limited number of clients could adversely affect the profitability of the company
Financial Health
 The decline in the operating margins and increase in the cost represents the company's poor financial
operations, which may adversely affect its business commitments and also hamper its growth.
 The company’s operating income accounted for $12.05m in 2011, a decrease of 50.9% over $24.56m in
2010. The company's operating margin decreased to 1.96% in 2011 as compared to 4.217% in 2010. This
was below the IT Services & Consulting sector average of 4.52%.
 A lower than sector average operating margin may indicate inefficient cost management or a Weak
pricing strategy by the company. The operating margin has decreased 226 bps over 2010 which may
indicate management's low focus on profitability.
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17. Opportunities-
Growth of BPO Industry
 India is the leading geography for providing BPO services, followed by Canada, the Philippines, and Central
and Eastern Europe. Such growth in BPO market could enhance the demand for the company's BPO
offerings, increasing its revenue.
 According to the estimates of NASSCOM, the Indian BPO industry has grown at 19% during 2010 to $76
billion. Also, the BPO export market in India is expected to grow 14% to cross $14.1 billion in 2011.
 The global BPO market is expected to generate $450 billion in revenue by 2012.
 The economic slowdown will drive globalization as companies will use offshore outsourcing not only to
reduce costs, but also to expand their abilities to leverage growth opportunities in emerging markets.
Recognitions
 The strong recognitions and honors show the company's market leading capabilities and operational
potentiality to perform for further growth.
 In April 2011, WNS recognized as one of the five star performers in the Finance and Accounting
Outsourcing (FAO) services domain in 2010.
 In February 2011, the company awarded the distinguished 'Stars of the Industry - BPO Excellence Awards'
in two categories: 'Social Change Agent' and 'Use of Technology for Operational Excellence' at the World
HRD Congress.
 In January 2011, The Institute of Directors awarded WNS, the Golden Peacock National Quality Award
2011, for its excellence in delivering transformational and cutting-edge outsourcing solutions.
 WNS received the NetApp Enterprise Innovation Award, for demonstrating innovative deployment of
NetApp products. Furthermore, the company was also recognized as 'Best New BPO Locator of the Year'
at the 2010 International ICT Awards ceremony.
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18. Threats-
High Competition
 WNS faces very high competition from world’s leading BPO service providers. It faces competition from
Infosys Technologies Limited, Tata Consultancy Services Limited, Firstsource Solutions Limited, ExlService
Holdings Inc., International Business Machines Corporation, Accenture Plc, Genpact Limited, HP Enterprise
Services and Affiliated Computer Services, Inc.
 The competitors of the company are the world’s leading players with better resources than the company
hence the competitors may raise product quality and offer them at highly competitive prices, which may
impact the operations of WNS.
 WNS operates its business in a highly competitive environment thus increase in competition could affect
the company’s financial position.
Changes in Technology
 WNS services offerings are characterized by rapid technological changes, which may affect its business
operations.
 Inability to study the evolving technological landscape may impact the company’s competitive position.
 The introduction of products using new technologies or the adoption of new industry standards could
make existing products, or products under development, obsolete or unmarketable.
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19. Conclusion
WNS’ mission is to strengthen the operating performance and reputation of their clients by managing and
operating their business processes. Wide range of service offerings, Current market presence and strong
Client base place the company at an advantage over its peers. The major drawback is declining operating
margin, dependence in limited customers and too much reliable on UK Operations. In future, the
company's growth could be limited owing to factors such as rapid technological changes and competitive
environment. However, the growing BPO markets and awards and recognitions could provide growth
opportunities to the company.
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