BPO firm EXLService Holdings today said its net income rose by 73.46 per cent

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to $8.5 million in the quarter ended June 30, 2011.

This is against a net income of $4.9 million in the same period last year, EXL said in a statement.

"Our outsourcing business enjoyed strong revenue growth this quarter in F&A and industry vertical-focused processes... In the marketplace, we are seeing positive demand signals from our clients for F&A services across geographies," EXL President and CEO Rohit Kapoor said.

Revenues for the reporting quarter stood at $85 million, compared to $60.6 million for the quarter ended June 30, 2010, translating into a 40.26 per cent increase.

EXLService Holdings' revenues increased by 16.59 per cent on a quarter-on-quarter basis.

During the quarter, EXL acquired finance and accounting (F&A) outsourcing service provider Outsource Partners International (OPI) for $91 million.

The company has also revised its outlook for the year.

"Based on our strong year-to-date results and additional confidence in the performance of our recent acquisition, we now expect revenues to be between $354-358 million, representing annual growth of 40-42 per cent and adjusted operating margins of 13.5-14 per cent," EXL CFO Vishal Chhibbar said.

At the time of announcement of the OPI acquisition, EXL had said it expected revenues to be between $347-355 million, translating into year-on-year growth of 37.3-40.5 per cent.

EXL's outsourcing services revenues stood at $68.7 million, while transformation services revenue amounted to $16.3 million for the quarter ended June 30, 2011.

The outsourcing services revenues include $7.4 million, related to one month of OPI revenues.

About 3,800 employees were added to EXL's rolls following its acquisition of OPI.

EXL's headcount stood at 17,400 as of June 30, 2011, compared to about 13,000 in March, 2011.

Attrition in the second quarter, stood at 32.9 per cent, compared to 34.6 per cent in the second quarter of 2010 and 32.4 per cent in the first quarter of 2011.