Firstsource Q3 Net up 16 at Rs 48.3 crore

Revenues grew 12.1% to Rs 799.8 cr in the reported quarter from Rs 713.2 cr in the corresponding period last year

BPO firm Firstsource Solutions today posted over 16% rise in consolidated net profit at Rs 48.3 crore for the quarter ended December 2013.

 

The company's net profit stood at Rs 41.5 crore in the same period last year.

 

Revenues grew 12.1% to Rs 799.8 crore in the reported quarter from Rs 713.2 crore in the corresponding period last year.

 

Commenting on the performance, Chairman RP-Sanjiv Goenka Group and Firstsource Sanjiv Goenka said: "Costs have reduced and loss making accounts have been terminated. Our focus on the UK market as a key onshore delivery geography continues to be strengthened."

 

Firstsource Solutions CEO and Managing Director R Subramaniam said the company's focus on consolidating its business and doing away with non-profitable clients is bearing fruits.

 

"We have performed well despite the December quarter being a traditionally weak one," he told PTI.

 

Quarter-on-quarter (q-o-q), Firstsource's net profits rose 7.8% and revenues were up by 1.1%.

 

About 47% of the revenues were from the US, while the UK accounted for 36% and 17% was derived from Rest of World, including India.

 

In terms of verticals, 44% of the company's revenues came from Telecom and Media, while 32% was from Healthcare, 23% from BFSI and one% from others.

 

During the reported quarter, Firstosurce saw headcount reducing by 444 people, taking the total strength to 29,946.

 

The annualised attrition (post 180 days) stood at 49.2% for offshore (India and Philippines) operations (from 57.3% in Q2 FY2014), while that of onshore (US and Europe) was 33.8% (against 47.4%).

 

The company expanded operations in Philippines with the second delivery centre in Cebu during the quarter.

 

At the end of December 2013, it had cash of Rs 187.6 crore on its books.

 

Going forward, Goenka said: "We believe Healthcare business and Customer Management segment will be important areas of growth." PTI