The Economic Times: Firstsource Q4 net rises 28% to Rs 80 crore

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Publication: The Economic Times

NEW DELHI:

BPO firm Firstsource Solutions today reported 28 per cent increase in its consolidated net profit to Rs 79.66 crore for the fourth quarter ended March 31, 2016.

The company had posted a net profit of Rs 62.31 crore in the same period a year ago.

The consolidated revenue of the company rose by 15.8 per cent in the fourth quarter to Rs 873 crore from Rs 754 crore in the same period of previous fiscal, Firstsource Solutions said in a statement.

For the year ended March 2016, the company posted a consolidated net profit of Rs 264.9 crore, up 13.1 per cent, as compared to Rs 234.31 crore for the year ended March 2015.

The company’s revenue grew 6.4 per cent in 2015-16 at Rs 3,230.28 crore, as against Rs 3,034.65 crore a year ago.

“FY16 has been a great year for Firstsource. We have deepened and strengthened our relationship with our existing clients and have demonstrated steady financial performance over last year with a revenue growth of 6 per cent and net profit growth of 14 per cent,” RP Sanjiv Goenka Group and Firstsource chairman Sanjiv Goenka said.

In January this year, Firstsource said it will acquire the BPO division of ISGN, which will help the former penetrate into the growing us mortgage BPO market.

“The ISGN acquisition gives us an entry into the growing US mortgage market and potential opportunities to cross-sell our existing services to the marquee customers that we have acquired through this acquisition,” he said.

He further said: “In FY17 and beyond, we will continue to focus on growth and profitability becoming a true partner to our clients”.

In FY15-16, Firstsource Group USA repaid USD 45 million on its outstanding long-term debt.

The company had 23,886 employees as of March 31, 2016. This is lower by 1,399 people compared to the previous year and 32 people from the October-December 2015 quarter.

As of March 31, 2016, Firstsource derived 54 per cent revenues from the US, 37 per cent from the UK and 8 per cent from Rest of World, including India.

About 37 per cent revenues came from Telecom & Media, 39 per cent from Healthcare and 24 per cent from BFSI.

Firstsource has 45 centres, compared to 47 as on March 31, 2015 on account of reduction of 2 delivery centres in India, the statement said.

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