Let me introduce you to a new face in the potential investment crowd: Indian outsourcing specialist WNS Holdings (NYSE:WNS). The ink is still drying on the ADS receipts that were minted on July 25, and the first quarterly earnings report as a NYSE stock is already out. But before we dig into that, let's get to know the company a little bit better.

An introduction is in order
WNS is an offshoot of British Airways (NYSE:BAB), where it started as an internal business unit that handled business processes like insurance claims and financing operations. It separated from its corporate parent long ago, and has traded separately on the Bombay stock market since 2004. The recent IPO was simply a step onto the American marketplace, and raised a comparatively insignificant $78 million in new money. WNS already carries a billion-dollar market cap. The American Depositary Shares (ADS) are registered as Level III shares on a one-to-one basis to the underlying Indian stock.

The outsourcing market that WNS calls home is quite crowded. Among its chief competitors, the company lists IBM (NYSE:IBM), Accenture (NYSE:ACN), and Electronic Data Systems (NYSE:EDS). The focus on airline support services is evident from its customer list, which includes Virgin Atlantic Airways, Air Canada, British Airways, and Travelocity. However, the company has also diversified into other areas, and now supports financial businesses across Europe and North America. Examples include privately held First Magnus Financial and publicly traded IndyMacBancorp (NYSE:NDE).

Very well, but how are you doing?
So how about those earnings, then? Well, revenues improved slightly over last year's comparable quarter, growing from $51 million to $53 million. GAAP net income grew by 5% year over year to $4.6 million, which gives us a very respectable 8.7% net margin. That's slightly down from the 9% net margin reported for the full fiscal year 2005, despite gross margins improving by 1.3 percentage points to 29.4%. The difference is explained by high SG&A expenses -- in turn due to increased recruitment, staff welfare, and legal expenses -- on top of a recent pay hike for employees manning the trenches.

It looks like WNS has a handle on margin management, though the growth is a bit slow for a company trading at 50 times trailing earnings and over 5 times sales. Let's give this young pup some time to prove itself before jumping to any conclusions. The NYSE will make sure that we get all the information we need to make an informed decision in a few quarters.

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Fool contributor Anders Bylund holds no position in any of the companies discussed here, but he believes in coyotes and time as an abstract. You can check out Anders' holdings if you like. Foolish disclosure is global and never up for negotiation.