Firstsource Solutions Q4 net rises 74% to Rs 40 crore

Mumbai: Business process outsourcing firm Firstsource Solutions today reported 74.2 per cent jump in its net profit at Rs 40.2 crore for the fourth quarter ended March 31, 2013.

The company had posted a net profit of Rs 23.1 crore in the same quarter last fiscal, Firstsource said in a statement. On sequential basis, the net profit was lower by three per cent as the same stood at Rs 41.5 crore in the October- December 2012 quarter. Revenues rose 14.6 per cent to Rs 712.5 crore for the reported quarter compared to Rs 621.8 crore in the corresponding period last year. For the fiscal 2012-13, the company’s net profit increased over two-fold to Rs 146.6 core, while revenues grew by 25 per cent to Rs 2,818.5 crore.

[caption id=“attachment_762575” align=“alignleft” width=“380”] Firstsource has completed the repayment of the outstanding FCCB amounting to $237 million. Reuters[/caption]

“The last fiscal saw many developments at Firstsource: significant were the repayment of the FCCB in full and induction of the RP-SG Group as the promoter in the company. “The year was also marked by a significant improvement in the financial performance of the company, demonstrated by revenue growth of 25 per cent and PAT growth of 137 percent coupled with margin expansion. The fundamentals of our business continue to remain the same with sharp focus on growth and profitability,” Firstsource Solutions MD and CEO Rajesh Subramaniam said.

Firstsource has completed the repayment of the outstanding FCCB amounting to $237 million on December 4, 2012, meeting its FCCB obligations in full. The US contributed 46 per cent of the firm’s revenues, followed by the UK with 34 per cent and 20 per cent from rest of world, including India as on March 31, 2013.

As on March 31, 2013, Firstsource derived 44 percent revenues from Telecom & Media segment, 32 percent from Healthcare and 24 per cent from BFSI. The employee strength of the company stood at 31,872 as on March 31, 2013, a reduction of 30 employees in the quarter. Its offshore (India and Philippines) attrition reduced to 49.2 per cent during the said quarter compared to 59.4 per cent in the third quarter of FY13. Onshore (US and Europe) attrition rate also reduced to 34.4 per cent in the January-March 2013 quarter.

During the fiscal, Firstsource reduced 614 employees in India, while adding 2,400 employees outside the country, it said. Also, the company added a centre in the UK, while two centres in India were closed down during the year, taking the total number of delivery centres to 47 as on March 31, 2013.

PTI