Company: G
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001398659-25-000098
Chunk: 194

Company: Genpact LTD
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 8
Chunk 194
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 decrease was primarily due to the completion of useful lives of intangible assets acquired in prior periods.

Other operating (income) expense, net. Other operating income (net of expense) was $0.2 million in the first half of 2025, compared to $5.5 million in the first half of 2024. The decline in other operating income (net of expense) was primarily due to a gain upon the redemption of a loan note associated with the sale of a business previously classified as held for sale and the waiver by a vendor of a liability, both in the first half of 2024, with no corresponding income recorded in the first half of 2025.

Income from operations. As a result of the foregoing factors, income from operations as a percentage of net revenues increased from 14.3% in the first half of 2024 to 14.7% in the first half of 2025. Income from operations increased by $32.9 million from $330.2 million in the first half of 2024 to $363.1 million in the first half of 2025, primarily due to higher gross margin, partially offset by higher SG&A expenses in the first half of 2025 compared to the first half of 2024.

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Foreign exchange gains, net. We recorded a net foreign exchange gain of $1.7 million in the first half of 2025, compared to $3.3 million in the first half of 2024. The gain in the first half of 2025 resulted primarily from gains on fair value hedges, partially offset by losses on remeasurement resulting from the appreciation of the Indian rupee against the U.S. dollar. The gain in the first half of 2024 was primarily due to gains on fair value hedges and the depreciation of the Indian rupee against the U.S. dollar. 

Interest income (expense), net. Our interest expense (net of interest income) was $24.9 million in the first half of 2025, up $1.2 million from $23.8 million in the first half of 2024. Our interest income decreased from $12.4 million in the first half of 2024 to $10.8 million in the first half of 2025, due to lower interest rates and lower cash balances in the first half of 2025 compared to the first half of 2024. The increase in interest expense was largely due to incremental