Firstsource Q1 net up 6% to Rs 56.4 cr

However, consolidated revenue of the company dipped by 1.1% in the quarter

BPO firm Firstsource Solutions today reported a six per cent increase in its consolidated net profit at Rs 56.4 crore for the first quarter ended June 30, 2015.

The company had posted a net profit of Rs 53.2 crore in the same period, a year ago.

However, consolidated revenue of the company dipped by 1.1 per cent in the quarter to Rs 746.9 crore as against Rs 755.6 crore in the same period of previous fiscal, Firstsource Solutions said in a statement.

"It has been a good quarter for the company with new wins in the Healthcare sector and a continued expansion of profit after tax. We continue to invest in analytics and our productized services which help provide value to our clients," RP Sanjiv Goenka Group and Firstsource Chairman Sanjiv Goenka said.

On sequential basis, the net profit was lower by 9.5 per cent (from Rs 62.3 crore in the March 2015 quarter), while revenue was down by 0.9 per cent (from Rs 754 crore).

The RP-Sanjiv Goenka Group company had a cash position of Rs 194.6 crore as of June 30, 2015.

As of June 30, 2015, Firstsource derived 56 per cent revenues from the US, 35 per cent from the UK and nine per cent from rest of the world, including India.

In terms of verticals, healthcare accounted for 40 per cent of the revenues in the said quarter, followed by telecom and media (36 per cent) and banking, financial services and insurance (24 per cent).

Firstsource added one delivery centre in the US and closed two in India, taking the total count to 46 centres.

It had 23,939 employees as of June 30, 2015, a reduction of 1,346 employees in the reported quarter. The annualised attrition for offshore (India and Philippines) stood at 50.3 per cent compared to 52.7 per cent in the January-March 2015 quarter.

Onshore (US and Europe) attrition rate stood at 46.4 per cent in the April-June 2015 quarter compared to 40 per cent in the preceding quarter.

The company's scrip closed at Rs 32.50 apiece on BSE, down 5.25 per cent from its previous close.