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| FirstObject plans 150-seat facilities in Vizag, Kakinada |
| K Rajani Kanth / Chennai/ Hyderabad Feb 09, 2010, 00:31 IST |
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FirstObject Technologies Limited, a Mumbai-based provider of integrated business, technology and process solutions with operations in Hyderabad, is looking at derisking its delivery model in view of the recent strikes and bandhs on the Telangana issue in the city.
The publicly-listed company is planning to set up 150-seater facilities – one each at the Visakhapatnam special economic zone (SEZ) and Software Technology Parks of India (STPI)-Kakinada — with an investment of $2.5 million (approximately Rs 12 crore), according to FirstObject chairman Vivek Hebbar.
“Almost 15 productive days were lost because of the recent strikes in Hyderabad. This is affecting our regular functioning and client servicing. Also, factors like attrition and non-availability of required manpower in Hyderabad are prompting us to look at Tier-II and Tier-III cities,” he told Business Standard.
Hebbar said the company had already initiated discussions, which are expected to be finalised in a month, with the officials of the SEZ and STPI-Kakinada. The company is looking to start operations from March this year.
“The two new facilities will develop MBBS, law, management, engineering and other high-end courseware for Indian and foreign colleges and universities, besides providing courseware for entrance tests like IIT-JEE through an ASP (active server pages) platform,” Hebbar said, adding the zero-debt company proposes to fund the expansion through internal accruals.
The scrip of FirstObject ended the trade at Rs 25.70 on the BSE on Monday, up 0.59 per cent, as against the previous close of Rs 25.55.
FirstObject, which forayed into the knowledge process outsourcing (KPO) business one-and-a-half years ago, has 125 active clients including newswire services like Bloomberg, Reuters and Dow Zones.
The company currently employs 85 globally and 45 in India, of which 20 service the KPO clients from Hyderabad. It plans to add 50 more customers across businesses by March 2010.
Hebbar said the company clocked revenues of Rs 17.89 crore and a net profit of Rs 1.4 crore in the last financial year. It was expecting a 25 per cent growth in topline and about 20 per cent in bottom line this fiscal “primarily on the back of increase in KPO clientele and e-learning initiatives.”
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