Varadha, I am also tilting towards your views that there might be something fishy here(am not sure however). consider following -
Hinduja Global is a BPO company with revenue 2612 Cr and operating profit 335 Cr and Market Cap of 1400 Cr :
http://www.screener.in/company/?q=532859&con=1
But yeah, Hinduja Global is trading at cheap valuations.
Genpact is similar company but trades at Mcap of 2 times the revenue but Genpact is fast-growing - the top-line grew by 50% in 2yrs (SourceHOV’s topline grew by <10% and do not know how much debt SourceHov carries)
http://www.vccircle.com/news/technology/2013/03/20/cvci-buying-out-apollo-global-bpo-firm-sourcehov