Firstsource Q4 net zooms 265% at Rs 47 cr

BPO services provider Firstsource Solutions today reported 265.53 per cent rise in its net profit at Rs 47.30 crore for the fourth quarter ended March 31, 2009, buoyed by gains on buyback of bonds from the international markets.

The firm had net profit of Rs 12.94 crore in the March quarter of FY08, Firstsource said in a filing to the Bombay Stock Exchange.

The income from operations rose by 11.58 per cent to Rs 144.93 crore during the March quarter from Rs 129.89 crore in the corresponding period a year ago.

"We continue to see the US recession impacting specific business segments like collections and healthcare. We have taken advantage of market conditions and bought back FCCBs worth $49.7 million and we will look at selectively continuing to do so if prices are favourable," Firstsource Global CFO Carl Saldanha said.

During the quarter, the company has bought back 497 FCCBs of the face value of $1,00,000 each aggregating $49.7 million. The company has recognised a net gain of Rs 63.49 crore on the said buyback, the company said.

For the financial year ended March 31, the company reported net profit of Rs 15.11 crore, down 74 per cent from Rs 57.64 crore in FY08.