Firstsource Q1 net profit dips 11% at Rs 65.4 cr

BPO firm Firstsource Solutions Ltd today posted about 11 per cent decline in net profit at Rs 65.4 crore for the first quarter ended June 30, 2017.
Its net profit stood at Rs 73.3 crore in the year-ago period, Firstsource said in a statement.
Revenues fell 1.8 per cent to Rs 877.7 crore in the reported quarter from Rs 893.5 crore in the corresponding period of last year, it added.
"...We are excited about the future growth prospects... Our continued investment in innovation is enabling us to strengthen our relationships with existing clients and win new logos," RP-Sanjiv Goenka Group and Firstsource Solutions Chairman Sanjiv Goenka said.

He added that as part of the company's strategic and long term plans, it has signed definitive agreements to sell a portion of the India domestic business unit to Vertex Customer Management India.
During the quarter, Firstsource derived 52.6 per cent of its revenues from the US, 41.2 per cent from the UK and 6.2 per cent from rest of world, including India.

Healthcare vertical accounted for 36.2 per cent of the revenues, Telecom and Media 36.6 per cent and Banking, Financial services and insurance (BFSI) 27.1 per cent.
The company had 25,013 employees as of June 30, 2017, a reduction of 858 employees in the quarter. The attrition rate stood at 40.5 per cent for offshore (India and Philippines) operations and 48.2 per cent onshore (US and Europe).

Attrition rate for Domestic (India) operations was at 94.4 per cent in the reported quarter, up from 81.1 per cent in the January-March 2017 period.
Shares of the company closed 3.09 per cent down at Rs 34.45 on BSE.