Company: G
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001398659-25-000109
Chunk: 111

Company: Genpact LTD
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 111
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 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, with no corresponding income recorded in the nine months ended September 30, 2025. During the nine months ended September 30, 2025, we recorded a charge related to the abandonment of certain leased premises with no such corresponding charge in the nine months ended September 30, 2024.

Income from operations. As a result of the foregoing factors, income from operations as a percentage of net revenues increased from 14.5% in the nine months ended September 30, 2024 to 14.7% in the nine months ended September 30, 2025. Income from operations increased by $42.9 million from $511.9 million in the nine months ended September 30, 2024 to $554.7 million in the nine months ended September 30, 2025, primarily due to higher gross margin, partially offset by higher SG&A expenses in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024.

Foreign exchange gains, net. We recorded a net foreign exchange gain of $5.3 million in the nine months ended September 30, 2025, compared to $4.4 million in the nine months ended September 30, 2024. The gain in the nine months ended September 30, 2025 and 2024 was primarily due to the depreciation of the Indian rupee against the U.S. dollar. 

Interest income (expense), net. Our interest expense (net of interest income) was $37.7 million in the nine months ended September 30, 2025, up $1.5 million from $36.2 million in the nine months ended September 30, 2024. Our interest income decreased from $22.7 million in the nine months ended September 30, 2024 to $15.9 million in the nine months ended September 30, 2025, due to lower interest rates and lower cash balances in the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024. The decrease in interest expense was largely due to (i) the absence of interest expense in the nine months ended September 30, 2025 on our senior notes issued in 2019, which were repaid in December