The upwardly revision of FY 2010 revenue guidance towards the higher end of the previously expected range indicates an improvement in business conditions and increased Management visibility. This was also reflected in the client acquisitions reported by the company in 2Q 10. WNS added 5 new clients, expanded 5 relationships and renewed contracts in the retail, airlines, hotel and insurance sectors....

Unlike its rival Genpact Limited (Genpact), whose numbers underperformed street expectations, WNS' 1Q 10 revenue and operating performance surpassed consensus estimates. In addition, the company reiterated its FY 2010 revenue outlook, suggesting that its larger rival and BPO bellwether, Genpact's downwardly revised revenue guidance could have been more of a company specific issue with GE being its largest client....

WNS (Holdings) Ltd's (WNS) 4Q 09 revenues were in line with our and consensus estimates. Healthy y-o-y growth in revenues in 4Q 09 was driven by contributions from acquisitions completed in July 2008 and April 2008. WNS's profitability witnessed healthy y-o-y expansion attributable to reduced expenses on account of the synergy benefits associated with its acquisitions and a weak Indian rupee. However, higher acquisition related expenses led to a significant…