Company: G
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0001398659-25-000035
Chunk: 100

Company: Genpact LTD
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 100
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—“Restructuring” to our consolidated financial statements under Part IV, Item 15—“Exhibits and Financial Statement Schedules.”

Income from operations.    As a result of the foregoing factors, income from operations as a percentage of total net revenues increased from 14.1% in 2023 to 14.7% in 2024. Income from operations increased by $71.2 million from $630.9 million in 2023 to $702.1 million in 2024, primarily due to a higher gross margin, partially offset by an increase in SG&A expenses in 2024 compared to 2023.

Foreign exchange gains (losses), net.   We recorded a net foreign exchange gain of $2.9 million in 2024, compared to $4.3 million in 2023. The gains in both years resulted primarily from the depreciation of the Indian rupee against the U.S. dollar. 

Interest income (expense), net.   Our interest expense (net of interest income) was $47.2 million in 2024, down $0.7 million from $47.9 million in 2023, reflecting the net impact of a $13.9 million increase in interest income in 2024 compared to 2023 and an offsetting $13.2 million increase in interest expense in 2024 compared to 2023. Our interest income increased from $18.4 million in 2023 to $32.3 million in 2024 due to higher cash balances in 2024 compared to 2023. The increase in interest expense was largely due to incremental interest expense on the senior notes issued in June 2024, which we discuss in the section titled “Liquidity and Capital Resources—Financial Condition” below. The weighted average rate of interest on our debt, including the net impact of interest rate swaps, increased from 3.7% in 2023 to 4.5% in 2024.

Other income (expense), net.   Our other income (net of expense) was $19.0 million in 2024, compared to $15.0 million in 2023. This change was primarily driven by a gain on the sale of land and higher sublease income in 2024 compared to 2023.

Income tax expense/(benefit).   Our income tax expense was $163.2 million in 2024, compared to an income tax benefit of $29.