Firstsource Q3 net up 19% at Rs 58 cr

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BPO firm Firstsource Solutions today posted 19% rise in consolidated net profit at Rs 57.5 crore for the third quarter ended December 31, 2014-15.

The company's net profit stood at Rs 48.3 crore in the same period of the previous fiscal.

However, revenues declined 6.1% to Rs 751 crore in the October-December quarter of the current fiscal, from Rs 799.76 crore in the year-ago period, Firstsource said in a statement.

On a quarter-on-quarter basis, the company's net profit dipped 6.1% (from Rs 61.24 crore), while revenues were declined by 3% from Rs 773.98 crore in the July- September quarter.

About 49% of the revenues were from the US, while the UK accounted for 36% and 16% was derived from Rest of World, including India.

In terms of verticals, 44% of the company's revenues came from Telecom and Media, while 36% was from Healthcare and 20% from BFSI.

During the reported quarter, Firstosurce saw headcount reducing by 302 people, taking the total strength to 26,621.

The annualised attrition (post 180 days) stood at 47.1% for offshore (India and Philippines) operations (from 49.6% in Q2 FY2015), while that of onshore (US and Europe) was 37.4% (against 43.6%).

At the end of December 2014, it had cash of USD 23 million on its books.

Firstsource Group USA, wholly owned subsidiary of Firstsource Solutions successfully made its seventh quarterly principal repayment of USD 11.25 million on its outstanding debt on December 31, 2014, it said.

The company reported additional wins of about USD 9.8 million ACV (annual contract value) for the quarter across the business verticals with existing customers, it added.

"The company has made inroads and won incremental wins from existing customers and this further demonstrates the value proposition that Firstsource provides to its customers worldwide," RP-Sanjiv Goenka Group and Firstsource Chairman Sanjiv Goenka said.