I gave WNS Holdings (NYSE: WNS ) a hold rating from my last coverage on 23 rd July. My key thesis was that the business growth outlook was poor as the majority ofI'm a passionate investor with a strong foundation in fundamental analysis and a keen eye for identifying undervalued companies with long-term growth potential. My investment approach is a blend of value investing principles and a focus on long-term growth. I believe in buying quality companies at a discount to their intrinsic value and holding the ...

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Financial Data and Key Metrics Changes - The company reported net revenue of $310.7 million, a year-over-year decrease of 4.4% and a 5.2% decrease on a constant currency basis [4][15] - Adjusted operating margin for Q2 was 18.6%, down from 21.5% in the same quarter last year [16] - Adjusted net income for Q2 was $51.5 million, compared to $54.4 million in the same quarter of fiscal 2024 [17] - The effective tax rate for Q2 was 8.5%, significantly lower than 22% last year, primarily due to a one-time tax benefit [17] Business Line Data and Key Metrics Changes - The company added nine new logos and expanded 41 existing relationships during the quarter [4] - Revenue declines were partially offset by the ramp of large deals closed in Q4 and healthy demand for digitization and cost reduction initiatives [15] - Excluding the loss of a large healthcare client, each vertical posted sequential growth [15] Market Data and Key Metrics Changes - The company has more than 20 large deals in the pipeline, representing over $500 million in annual contract value [5] - OTA revenues in Q2 were below 4% of total company revenue, reflecting ongoing challenges in that sector [37] Company Strategy and Development Direction - The company is focused on delivering outcomes at the intersection of domain, digital, and data, with strategic investments in these areas [6][12] - WNS aims to leverage AI and generative AI to enhance its service offerings and drive long-term growth [12][51] - The company has removed large deal revenue contributions from its fiscal 2025 guidance due to timing uncertainties [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to strong growth rates, citing specific client-related issues rather than overall demand trends as the cause of current challenges [29] - The company anticipates sequential revenue growth in Q3 and Q4, despite the removal of large deal contributions from guidance [14][31] - Management emphasized the importance of maintaining investments in capabilities and infrastructure to support future growth [45] Other Important Information - The company repurchased 2.8 million shares in the first half of the year, with another 1.3 million shares remaining under the authorization [67] - The attrition rate was 34%, consistent with the previous quarter, and headcount at the end of Q2 was 62,951 [19] Q&A Session All Questions and Answers Question: Can you provide clarity on the large deal pipeline and win rates? - Management confirmed that the large deal pipeline remains strong, with over 25 large deals in progress, but emphasized the need for executive involvement and the complexity of these deals [22][23] Question: How do you view the company's ability to return to historical growth rates? - Management expressed confidence in returning to strong growth rates, attributing current challenges to specific client-related issues rather than overall demand trends [29][30] Question: Can you comment on the OTA side and its impact on guidance? - Management indicated that the OTA sector's challenges contributed approximately 1% to 2% impact on the full-year guidance reduction [33] Question: What are the expectations for margins in the back half of the year? - Management expects adjusted operating margins to improve in Q3 and Q4, aiming for low 20s EBIT margins in the long term [45][46] Question: How is client behavior changing regarding AI and analytics? - Management noted that clients are increasingly recognizing the value of AI and analytics, leading to more significant discussions about transformation and business model changes [49][51]

Exhibit 99.1 WNS Announces Fiscal 2025 Second Quarter Earnings, Revises Full Year Guidance NEW YORK, LONDON, MUMBAI; October 17, 2024 — WNS (Holdings) Limited (WNS) (NYSE: WNS), a digital-led business transformation and services partner, today announced results for the fiscal 2025 second quarter ended September 30, 2024. | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period ended June 30, 2024 Or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Transition Period from to Commission file number: 001-32945 WNS (HOLDINGS) LIMITED (Exact name of registrant as specified in its charter) | --- | --- | |----------------------------- ...

Paul Bradbury I give a hold rating to WNS Holdings (NYSE:WNS). My summarized thesis is that WNS near-term growth is going to be poor as a large portion of its revenue is facing headwinds, and as such, it is very unlikely that WNS can achieve its FY25 guidance. Notably, the implied 2H25 growth acceleration is quite significant, which leaves little room for error. With a poorer growth outlook and weaker margin profile relative to peers, I think WNS is going to continue trading at a discount to peers. WNS is a ...

WNS (Holdings) Limited (NYSE:WNS) Q1 2025 Earnings Conference Call July 18, 2024 8:00 AM ET Company Participants David Mackey - EVP, Finance and Head of IR Keshav Murugesh - CEO Sanjay Puria - CFO Arijit Sen - Corporate Financial Controller Conference Call Participants Ryan Potter - Citi Surinder Thind - Jefferies Bryan Bergin - TD Cowen Nate Svensson - Deutsche Bank Maggie Nolan - William Blair Puneet Jain - JPMorgan Dave Koning - Baird Vincent Colicchio - Barrington Research Operator Good morning, and wel ...

Revenue Performance - Revenue in Q1 was $323.1 million, down 1.0% YoY and 4.1% sequentially[12] - Revenue less repair payments in Q1 was $312.4 million, down 1.6% YoY and 4.1% sequentially[12] - Revenue (GAAP) for Q2 2024 was $323.1 million, a decrease of 1.0% compared to Q2 2023 and a decrease of 4.1% compared to Q1 2024[25] - Revenue less repair payments (non-GAAP) for Q2 2024 was $312.4 million, a decrease of 1.6% compared to Q2 2023 and a decrease of 4.1% compared to Q1 2024[25] - Revenue less repair payments is expected to be between $1,290 million and $1,354 million for fiscal 2025, up from $1,284.3 million in fiscal 2024[27] Profit and Income Metrics - Profit in Q1 was $28.9 million, compared to $32.0 million in Q1 of last year and $14.5 million last quarter[13] - Adjusted Net Income (ANI) in Q1 was $44.0 million, compared to $51.1 million in Q1 of last year and $53.9 million last quarter[6] - Adjusted diluted earnings per share in Q1 was $0.93, compared to $1.02 in Q1 of last year and $1.12 last quarter[4] - Adjusted operating income (non-GAAP) for Q2 2024 was $57.6 million, a decrease of 9.7% compared to Q2 2023 and a decrease of 15.5% compared to Q1 2024[25] - Adjusted net income (non-GAAP) for Q2 2024 was $44.0 million, a decrease of 13.9% compared to Q2 2023 and a decrease of 18.4% compared to Q1 2024[26] - Adjusted diluted earnings per share (non-GAAP) for Q2 2024 was $0.93, a decrease of 8.8% compared to Q2 2023 and a decrease of 17.0% compared to Q1 2024[26] - Adjusted net income is expected to range between $203 million and $215 million for fiscal 2025, compared to $218.0 million in fiscal 2024[27] - Adjusted diluted earnings per share is expected to be in the range of $4.42 to $4.68 for fiscal 2025, compared to $4.42 in fiscal 2024[27] Client and Workforce Growth - Added 8 new clients and expanded 36 existing relationships in Q1[4] - Global headcount was 60,513 as of June 30, 2024[4] - WNS had 60,513 professionals across 64 delivery centers worldwide as of June 30, 2024[29] Financial Position and Liquidity - Days sales outstanding (DSO) was 36 days in Q1, compared to 34 days in Q1 of last year and 33 days last quarter[14] - Total assets increased to $1,497.6 million as of June 30, 2024, compared to $1,434.1 million as of March 31, 2024[34] - Current assets rose to $595.2 million from $529.7 million, driven by increases in cash and cash equivalents ($83.9 million to $87.4 million) and investments ($217.3 million to $156.5 million)[34] - Accounts receivable increased to $128.9 million from $124.6 million, indicating growth in revenue recognition[34] - Short-term borrowings surged to $73.0 million from $40.0 million, reflecting increased liquidity needs[34] - Current portion of long-term debt rose to $56.6 million from $36.7 million, signaling higher near-term debt obligations[34] Guidance and Future Expectations - Updated guidance for fiscal 2025 reflects growth in revenue less repair payments of 0% to 5% on both reported and constant currency basis[16] - Capital expenditures for fiscal 2025 are expected to be up to $65 million[16] - The company cannot provide forward-looking GAAP revenue, profit, and EPS due to uncertainties in repair payments, share-based compensation, and currency fluctuations[38] Non-GAAP Measures and Definitions - Revenue less repair payments is a non-GAAP measure used to reflect the value addition of business process management services[35] - Adjusted operating margin and ANI (Adjusted Net Income) are non-GAAP measures excluding items like goodwill impairment and share-based compensation[36] Corporate Events - WNS will host a conference call on July 18, 2024, at 8:00 am (Eastern) to discuss the company's quarterly results[28]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g ...

WNS (Holdings) Limited (NYSE:WNS) Q4 2024 Earnings Conference Call April 25, 2024 8:00 AM ET Company Participants David Mackey - EVP, Finance & Head of IR Keshav Murugesh - Chief Executive Officer Sanjay Puria - Chief Financial Officer Arijit Sen - Corporate Financial Controller Conference Call Participants Surinder Thind - Jefferies Bryan Bergin - TD Cowen Nate Svensson - Deutsche Bank Moshe Katri - Wedbush Mayank Tandon - Needham Maggie Nolan - William Blair Ryan Potter - Citi Puneet Jain - JPMorgan Vince ...