(WNS LOGO)
    
    Fiscal Q1 2012
WNS (Holdings) Limited
 WNS Announces First Quarter Fiscal 2012 Earnings
 Highlights:
 GAAP Financials1
 
    
    Q1 revenue of $125.7 million, down 16.2% from the corresponding quarter last year and down 21.2% sequentially(primarily due to change in accounting for repair payments)
    
    Q1 profit of $0.7 million, compared to loss of $5.8 million in the corresponding quarter last year and profit of $8.8 million sequentially
    
    Q1 diluted earnings per ADS of $0.01, compared to diluted loss per ADS of $0.13 in the corresponding quarter last year and diluted earnings per ADS of $0.19 sequentially
 Non-GAAP Financial Measures*
 
    
    Q1 revenue less repair
payments2of $97.8 million, up 9.6% from the corresponding quarter last year and up 3.7% sequentially
    
    Q1 adjusted net income
(ANI)3of $10.4 million excluding the adjustment of the impact of the difference in hedge accounting under IFRS, compared to $1.9 million the corresponding quarter last year and $14.5 million
sequentially
    
    Q1 ANI of $10.0 million after including the impact of hedge accounting under IFRS, compared to $2.2 million the corresponding quarter last year and $18.2 million sequentially
    
    Q1 adjusted diluted net income per ADS of $0.23, excluding the adjustment of the impact of the difference in hedge accounting under IFRS, compared to $0.04 in the corresponding quarter last year and $0.32 sequentially
    
    Q1 adjusted diluted net income per ADS of $0.22 after including the impact of hedge accounting under IFRS, compared to $0.05 in the corresponding quarter last year and $0.40 sequentially
 Operations Update
 
    
    6 new clients in the quarter
    
    Expanded relationships with 9 existing clients
    
    Days sales outstanding (DSO) at 39 days
    
    Global headcount of 21,808 as of June 30, 2011
 NEW YORK, NY and MUMBAI,
INDIA, July 21, 2011
  
 1
    
    GAAP refers to International Financial Reporting
Standards (IFRS) as issued by International Accounting Standards Board (IASB).2
    
    Payments to repair centers, and therefore a difference between
revenue and revenue less repair payments, only applies to the Auto Claims
business. For all other businesses, revenue less repair payments is the same as
revenue.3
    
    Profit under IFRS excluding amortization of intangible
assets and share-based compensation expense.*
    
    This is a non-GAAP measure. Reconciliations of non-GAAP financial measures to
GAAP operating results are included at the end of this release. See also
About Non-GAAP Financial Measures below.




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(WNS LOGO)
    
    Fiscal Q1 2012
WNS (Holdings) Limited
   Fiscal First Quarter 2012 Financial Results
 All discussions below refer to non-GAAP financial measures. The financial information in this
release is focused on non-GAAP measures as we believe that this is a true representation of our
operating performance. Reconciliations of these non-GAAP measures to our GAAP operating results are
included at the end of this release. See also About Non-GAAP Financial Measures below. A discussion
of our GAAP measures will be contained in our Managements Discussion and Analysis of Financial
Condition and Results of Operations accompanying our first fiscal quarter 2012 financial statements
to be submitted to the SEC under a report on Form 6-K shortly.
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(WNS LOGO)
    
    Fiscal Q1 2012
WNS (Holdings) Limited
     .
   Fiscal 2012 Guidance
  
    
    Revenue less repair payments is expected to be between $387 million and $407 million.
This assumes an average GBP to USD exchange rate of 1.60for the fiscal year 2012.
    
    Adjusted net income continues to be expected to range between $43 million and $47
million. This assumes an average USD to INR exchange rate of 44.5for the fiscal year 2012.
   Page 3 of 9




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(WNS LOGO)
    
    Fiscal Q1 2012
WNS (Holdings) Limited
 Conference Call
  About WNS
  About Non-GAAP Financial Measures
      Page 4 of 9




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(WNS LOGO)
    
    Fiscal Q1 2012
WNS (Holdings) Limited
 Safe Harbor Statement under the provisions of the United States Private Securities Litigation
Reform Act of 1995
   CONTACT:Investors:
    
    Media:Alok Misra
    
    Sumi GuptaChief Financial Officer
    
    Public RelationsWNS (Holdings) Limited
    
    WNS (Holdings) Limited+1 213 337 3653 Extn: 66743
    
    +91 (22) 4095 2263ir@wns.com
    
    sumi.gupta@wns.com; pr@wns.com
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(WNS LOGO)
    
    Fiscal Q1 2012
WNS (Holdings) Limited
 Growth of revenue (GAAP) and revenue less repair payments (non-GAAP)
 Three month ended Jun 30,Three month ended
    
    
    2011 compared toJun 30,
    
    
    Jun 30,
    
    
    Mar 31,
    
    
    Jun 30,
    
    
    Mar 31,2011
    
    
    2010
    
    
    2011
    
    
    2010
    
    
    2011(US dollars in millions)
    
    
    (% growth)Revenue (GAAP)
    
    $
    125.7
    
    
    $
    150.0
    
    
    $
    159.5
    
    
    
    (16.2
    )%
    
    
    (21.2
    )%Less: Payments to repair centers
    
    
    27.8
    
    
    
    60.7
    
    
    
    65.2
    
    
    
    (54.1
    )%
    
    
    (57.3
    )%Revenue less repair payments (Non-GAAP)
    
    $
    97.8
    
    
    $
    89.3
    
    
    $
    94.3
    
    
    
    9.6
    %
    
    
    3.7
    %
 Reconciliation of cost of revenue (GAAP to non-GAAP)
 Three months endedJun 30,
    
    
    Jun 30,
    
    
    Mar 31,2011
    
    
    2010
    
    
    2011(US dollars in millions)Cost of revenue (GAAP)
    
    $
    95.4
    
    
    $
    122.7
    
    
    $
    125.8Less: Payments to repair centers
    
    
    27.8
    
    
    
    60.7
    
    
    
    65.2Less: Share-based compensation expense
    
    
    0.3
    
    
    
    0.0
    
    
    
    0.3Adjusted cost of revenue (excluding payment to repair centers and share-based compensation expense) (Non-GAAP)
    
    $
    67.3
    
    
    $
    62.0
    
    
    $
    60.3
 Reconciliation of gross profit (GAAP to non-GAAP)
 Three months endedJun 30,
    
    
    Jun 30,
    
    
    Mar 31,2011
    
    
    2010
    
    
    2011(US dollars in millions)Gross profit (GAAP)
    
    $
    30.3
    
    
    $
    27.2
    
    
    $
    33.7Add: Share-based compensation expense
    
    
    0.3
    
    
    
    0.0
    
    
    
    0.3Adjusted gross profit (excluding share-based compensation expense) (Non-GAAP)
    
    $
    30.6
    
    
    $
    27.2
    
    
    $
    34.0
 Three months endedJun 30,
    
    
    Jun 30,
    
    
    Mar 31,2011
    
    
    2010
    
    
    2011Gross profit as a percentage of revenue (GAAP)
    
    
    24.1
    %
    
    
    18.2
    %
    
    
    21.1
    %Adjusted gross profit (excluding share-based compensation expense) as a percentage of revenue less repair payments (Non-GAAP)
    
    
    31.3
    %
    
    
    30.5
    %
    
    
    36.1
    %
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(WNS LOGO)
    
    Fiscal Q1 2012
WNS (Holdings) Limited
 Reconciliation of selling and marketing expenses (GAAP to non-GAAP)
 Three months endedJun 30,
    
    
    Jun 30,
    
    
    Mar 31,2011
    
    
    2010
    
    
    2011(US dollars in millions)Selling and marketing expenses (GAAP)
    
    $
    6.6
    
    
    $
    5.1
    
    
    $
    5.9Less: Share-based compensation expense
    
    
    0.1
    
    
    
    0.0
    
    
    
    0.1Adjusted selling and marketing expenses (excluding share-based compensation expense) (Non-GAAP)
    
    $
    6.5
    
    
    $
    5.1
    
    
    $
    5.8
 Three months endedJun 30,
    
    
    Jun 30,
    
    
    Mar 31,2011
    
    
    2010
    
    
    2011Selling and marketing expenses as a percentage of revenue (GAAP)
    
    
    5.3
    %
    
    
    3.4
    %
    
    
    3.7
    %Adjusted selling and marketing expenses (excluding share-based compensation expense) as a percentage of revenue less repair payments (Non-GAAP)
    
    
    6.7
    %
    
    
    5.7
    %
    
    
    6.1
    %
 Reconciliation of general and administrative expenses (GAAP to non-GAAP)
 Three months endedJun 30,
    
    
    Jun 30,
    
    
    Mar 31,2011
    
    
    2010
    
    
    2011(US dollars in millions)General and administrative expenses (GAAP)
    
    $
    12.7
    
    
    $
    14.1
    
    
    $
    15.3Less: Share-based compensation expense
    
    
    1.0
    
    
    
    0.0
    
    
    
    1.1Adjusted general and administrative expenses (excluding share-based compensation expense) (Non-GAAP)
    
    $
    11.7
    
    
    $
    14.1
    
    
    $
    14.2
 Three months endedJun 30,
    
    
    Jun 30,
    
    
    Mar 31,2011
    
    
    2010
    
    
    2011General and administrative expenses as a percentage of revenue (GAAP)
    
    
    10.1
    %
    
    
    9.4
    %
    
    
    9.6
    %Adjusted
general and administrative expenses (excluding amortization
of intangible assets and share-based compensation expense) as a
percentage of revenue less repair payments (Non-GAAP)
    
    
    12.0
    %
    
    
    15.8
    %
    
    
    15.1
    %
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(WNS LOGO)
    
    Fiscal Q1 2012
WNS (Holdings) Limited
 Reconciliation of operating profit (GAAP to non-GAAP)
 Three months endedJun 30,
    
    
    Jun 30,
    
    
    Mar 31,2011
    
    
    2010
    
    
    2011(US dollars in millions)Operating profit (GAAP)
    
    $
    4.4
    
    
    $
    3.1
    
    
    $
    8.9Add: Amortization of intangible assets
    
    
    7.8
    
    
    
    8.0
    
    
    
    8.0Add: Share-based compensation expense
    
    
    1.5
    
    
    
    0.0
    
    
    
    1.4Adjusted operating profit (excluding amortization of intangible assets and share-based compensation expense) (Non-GAAP)
    
    $
    13.7
    
    
    $
    11.1
    
    
    $
    18.3
 Three months endedJun 30,
    
    
    Jun 30,
    
    
    Mar 31,2011
    
    
    2010
    
    
    2011Operating profit as a percentage of revenue (GAAP)
    
    
    3.5
    %
    
    
    2.1
    %
    
    
    5.6
    %Adjusted operating profit (excluding amortization
of intangible assets and share-based compensation
expense) as a percentage of revenue less repair
payments (Non-GAAP)
    
    
    14.0
    %
    
    
    12.5
    %
    
    
    19.4
    %
 Reconciliation of profit (GAAP to non-GAAP)
 Three months endedJun 30,
    
    
    Jun 30,
    
    
    Mar 31,2011
    
    
    2010
    
    
    2011(US dollars in millions)Profit/(loss) (GAAP)
    
    $
    0.7
    
    
    $
    (5.8
    )
    
    $
    8.8Add: Amortization of intangible assets
    
    
    7.8
    
    
    
    8.0
    
    
    
    8.0Add: Share-based compensation expense
    
    
    1.5
    
    
    
    0.0
    
    
    
    1.4Adjusted net income (excluding amortization of intangible assets and share-based compensation expense) (Non-GAAP)
    
    
    10.0
    
    
    
    2.2
    
    
    
    18.2Add: Adjustment for impact of hedge accounting
    
    
    0.4
    
    
    
    (0.3
    )
    
    
    (3.8
    )Adjusted net income (excluding the impact of hedge accounting)
    
    $
    10.4
    
    
    $
    1.9
    
    
    $
    14.5
 Three months endedJun 30,
    
    
    Jun 30,
    
    
    Mar 31,2011
    
    
    2010
    
    
    2011Profit/(loss) as a percentage of revenue (GAAP)
    
    
    0.5
    %
    
    
    (3.9
    )%
    
    
    5.5
    %Adjusted net income (excluding amortization of
intangible assets and share-based compensation
expense) as a percentage of revenue less
repair payments (Non-GAAP)
    
    
    10.2
    %
    
    
    2.4
    %
    
    
    19.3
    %
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(WNS LOGO)
    
    Fiscal Q1 2012
WNS (Holdings) Limited
 Reconciliation of basic income per ADS (GAAP to non-GAAP)
 Three months endedJun 30,
    
    
    Jun 30,
    
    
    Mar 31,2011
    
    
    2010
    
    
    2011Basic earnings/(loss) per ADS (GAAP)
    
    $
    0.01
    
    
    $
    (0.13
    )
    
    $
    0.20Add: Adjustments for amortization of intangible assets and share-based compensation expense
    
    
    0.21
    
    
    
    0.18
    
    
    
    0.21Basic adjusted net income per ADS (excluding amortization of intangible assets and share-based compensation expense) (Non-GAAP)
    
    $
    0.22
    
    
    $
    0.05
    
    
    $
    0.41
 Reconciliation of diluted income per ADS (GAAP to non-GAAP)
 Three months endedJun 30,
    
    
    Jun 30,
    
    
    Mar 31,2011
    
    
    2010
    
    
    2011Diluted earnings per ADS (GAAP)
    
    $
    0.01
    
    
    $
    (0.13
    )
    
    $
    0.19Add: Adjustments for amortization of intangible assets and share-based compensation expense
    
    
    0.21
    
    
    
    0.18
    
    
    
    0.21Diluted adjusted net income per ADS (excluding amortization of intangible assets and share-based compensation expense) (Non-GAAP)
    
    
    0.22
    
    
    
    0.05
    
    
    
    0.40Add: Adjustment for impact of hedge accounting
    
    
    0.01
    
    
    
    (0.01
    )
    
    
    (0.08
    )Adjusted diluted net income per ADS (after excluding the impact of hedge accounting)
    
    
    0.23
    
    
    
    0.04
    
    
    
    0.32
  Page 9 of 9