Company: G
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001398659-25-000098
Chunk: 106

Company: Genpact LTD
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 1
Chunk 106
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 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.

58

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 interest expense on our senior notes issued in June 2024 and was partially offset by (i) the absence of interest expense in the first half of 2025 on our senior notes issued in 2019, which were repaid in December 2024, and (ii) lower interest expense on our revolving credit facility and term loan due to a lower SOFR and lower volume in the first half of 2025 compared to the first half of 2024. The weighted average rate of interest on our debt, including the net impact of interest rate swaps, increased from 4.3% in the first half of 2024 to 4.8% in the first half of 2025. See the section titled “Liquidity and Capital Resources—Financial Condition” for further discussion.

Other income (expense), net. Our other income (net of expense) was $12.1 million in the first half of 2025, compared to $9.0 million in the first half of 2024,