In the wake of the ongoing crisis I hope you and your family are taking good care ofyour health and well-being. As humanity as a whole grapples with these unprecedentedtimes the pandemic has had widespread ramifications on economies and businesses alike. Inthis surrounding uncertainty the only thing that can be said with certainty is that thepost COVID era will permanently change the way we live work and socialise.
Notwithstanding the negative impact of the pandemic on the economy and businessesespecially during the fourth quarter we grew our FY20 revenues making meaningfulprogress on our strategic objectives. We adapted rapidly to a distributed operating modelto serve our clients' needs while ensuring the safety and well-being of our employees.
Revenue from operations grew 71% Y-o-Y to Rs 40986 Million
Operating Margin de-grew 3.8% Y-o-Y to Rs 4437 Million
Profit After Tax (PAT) fell 10.1% Y-o-Y to Rs 3397 Million.
This was primarily due to key investments undertaken to drive future growth and meetoperating challenges in the early part of the year.
Driven by strong momentum in the Mortgage and Collections businesses the BFSI verticalrecorded the fastest growth. Healthcare reported mixed performance with growth in theProvider segment partially offset by weakness in the Payer segment. Telecommunications andMedia was impacted by the re-balancing in a key client portfolio earlier during the yearas well as some execution challenges. However we are witnessing signs of improvement inthis vertical.
At Firstsource 'Digital First Digital Now' philosophy is at the core of all ourendeavours. Our digital revenues are scaling up well helping drive higher levels ofcustomer engagement and margin expansion. Our well-balanced industry portfoliogeo-delivery mix agile operating model and continued pivot on digital will enable us toweather these difficult times and emerge stronger under a new management team led by VipulKhanna. We welcome Vipul and other senior leaders who joined us this year. We willcontinue to make the requisite investments to further strengthen the team.
With uncertainty looming large we chose not to provide full-year guidance for thecurrent fiscal. As near-term volatility is expected to continue across most verticals wehope the situation will stabilise in the second half. We believe the business will gathermomentum and grow strong over the medium-to-long term.
I extend my heartfelt gratitude to 21000+ Firstsourcers for demonstrating theirunwavering commitment even during the difficult times of the lockdown. We are committed toproviding them a nurturing work environment that focuses on enhancing their capabilities.
We thank all our stakeholders and seek their continued support in our journey.
Dr. Sanjiv Goenka
Chairman RP-Sanjiv Goenka Group and Firstsource Solutions Limited