Genpact has so many firsts to its credit that some of them often do not receive adequate attention; its emergence as a dual BPO and IT services provider would certainly count high on this list. There was a time when IT services players talked about integrated IT-BPO play. Genpact came from the other side of the fence and successfully showed that it could do that too, with a quarter of its revenues coming from IT.

Last year, Genpact decided to talk about that part, in a big way, even as it started preparing for listing which it completed in August this year.

However, the question that refuses to die is its dependence on GE. This sure will be a key metrics on which the newly listed Genpact will be measured, as the direct comparison with WNS, which does not even have its erstwhile parent BT as the largest client. Although the GE dependence came down to 74% from 91% a year earlier, the net revenues from GE increased, even though marginally. However, the long-term arrangement with GE that guarantees a minimum annual volume commitment of $360 mn means that the non-GE part has to grow more rapidly. Genpact has managed to get an impressive list of clientsmajor ones being Nissan, GlaxoSmithKline, Wachovia, in addition to Aon, BUPA, BT Financial Group, Honeywell and a few others. But the 26% non-GE revenue also includes significant business from Genworth Financial and Penske Truck Leasing, both older clients obtained because of the association with GE.

What often gets taken for granted is its depth of executionan inheritance from GE. It is not just the process excellence, but strong analytical metrics and solid recruitment strategies that have helped it grow without much pain. Its 26,500 odd employees include over 5,500 Six Sigma trained green-belts, 300 Six Sigma trained black-belts, and 60 Six Sigma trained master black-belts, as well as more than 4,500 lean trained employees. Let alone India and offshoring, very few companies around the world would be able to match that! DQ

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