Firstsource Q3 net profit up 4% at Rs 70 cr

BPO firm Firstsource Solutions today posted a 3.8 per cent rise in consolidated net profit at Rs 70 crore for the quarter ended December 2016.
The company's net profit stood at Rs 67.4 crore in the same period last year.
Revenues from operations grew 8.2 per cent to Rs 885.4 crore in the reported quarter from Rs 818.5 crore in the corresponding period last year.
"It has been a good quarter for the company with continued revenue and profit growth year-on-year. We continue to focus on creating value added services to our clients and build long standing partnerships with them," RP-Sanjiv Goenka Group and Firstsource Solutions Chairman Sanjiv Goenka said.

However, on sequential basis, the net profit was lower by 1.8 per cent (from Rs 71.2 crore), while revenue was marginally up at Rs 885.4 crore compared to Rs 884.3 crore.
The company's cash position at the end of December 2016 quarter was at Rs 126.5 crore.

Firstsource derived 56.2 per cent of the quarter's revenues from the US, 37.6 per cent from the UK and 6.2 per cent from rest of the world, including India.
Healthcare accounted for 35.6 per cent of the revenues, telecom and media (32.9 per cent) and 31.2 per cent from banking, financial services and insurance (BFSI).

Its total headcount stood at 25,992 people at the end of December 2016, with an addition of 1,082 employees in the quarter.
Firstsource Group USA, wholly-owned subsidiary of Firstsource Solutions, made the quarterly principal repayment of USD 11.25 million on its outstanding debt on December 31, 2016, it said.
The company said its UK subsidiary has signed a contract for the previously announced 10-year strategic partnership.