Firstsource profit up by 21.4 percent despite revenue fall

Business Process Outsourcing (BPO) firm Firstsource on Tuesday said its net profit for fiscal 2014-2015 rose by 21.4 percent at Rs.2,343.18 million against Rs.1,929.62 million during 2013-14 even as its revenues declined.

Consolidated net revenues for the timeperiod under review declined by 2.3 percent at Rs. 30,346.52 million against Rs.31,058.76 million in 2013-14.

During 2014-15, the company was able to clear Rs. 45 million debt payments with its current outstanding (2015-16) at Rs. 85 million.

US continued to feature as the major revenue contributor for the BPO company accounting for 53.8 percent of its earnings followed by Britain at 35.9 percent and India at 7.9 percent.

"Our focus has been on the bottomline and it will remain so this year too," company chairman, Sanjeev Goenka told media persons here while discussing about the company's results.

He said the firm's focus verticals, like the previous year will remain on the BFSI, telecom, media and healthcare verticals.

Asked about the volume of dollar earnings compared to rupee billing from its clients, Goenka said: "It has been significant for the year."

During 2014-15, the company downsized its manpower base by 8.6 percent at the current standing of 25,285 employees.

Goenka said the downsizing is a continuous process to "rightsize" the company.