Firstsource reports Annual and Fourth Quarter Results for Fiscal 2019

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Firstsource Solutions reports Fiscal 2019 Results and recommends a dividend of 20% (Rs. 2 per share)

Revenues of Rs. 38,263 million; Y-o-Y growth of 8.2%

EBIT of Rs. 4,610 million; Y-o-Y growth of 17.3%

PAT of Rs. 3,778 million; Y-o-Y growth of 24.9% over Normalised1 PAT and growth of 15.7% over reported PAT

Kolkata, May 6, 2019: Firstsource Solutions Limited (NSE: FSL, BSE:532809), a global provider of customised Business Process Management (BPM) services and a RP-Sanjiv Goenka Group company, reported its consolidated financial results for the quarter ended March 31st 2019 according to IndAS.

Financial Highlights for Year Ended March 31st 2019:

  • Revenues at Rs. 38,263 million, 8.2% Y-o-Y and 2% in CC; Normalising for Domestic business divestment, 9.9% YoY and 5% in CC
  • EBIT at Rs. 4,610 million or 12.0% of revenues, 17.3% Y-o-Y
  • PAT at Rs. 3,778 million or 9.9% of revenues, 24.9% Y-o-Y normalising for a one time deferred tax credit of Rs. 241 million in Q3FY2018 on account of reduction in Federal Tax rate in the US and 15.7% Y-o-Y on Reported basis
  • By Geography: Firstsource derived 55.0% revenues from the US, 43.9% from the UK and 1.1% from Rest of the World, including India.
  • By Vertical: Firstsource derived 34.3% revenues from Healthcare, 28.0% from Telecom & Media, 36.0% from BFSI and 1.7% from other verticals.
  • By Segment: Firstsource derived 56.1% revenues from Customer Management, 34.6% from Healthcare and 9.3% from Collections.
  • Board recommended a dividend of 20% (Rs 2.00 per share)

Mr. Sanjiv Goenka, Chairman, RP-Sanjiv Goenka Group and Firstsource Solutions said, “FY2018-19 has been a good year with growth in revenues and improved profitability. Our digital revenues are scaling up well and helping drive higher level of customer engagement and margin expansion. Going forward, we will continue to invest in technology and digital solutions that will empower our clients to stay ahead of the curve.


1One time deferred tax credit of Rs. 241 million in Q3FY18 on account of reduction in Federal Tax rate in the US

Financial Highlights for Quarter Ended March 31st 2019:

  • Revenues at Rs. 9,672 million, 7.8% Y-o-Y and 3.8% in CC; -1.8% Q-o-Q and 0.7% in CC
  • EBIT at Rs. 1,195 million or 12.4% of revenues, 3.6% Y-o-Y; 2.1% Q-o-Q
  • PAT at Rs. 982 million or 10.2% of revenues, 5.8% Y-o-Y; 0.1% Q-o-Q
  • By Geography: Firstsource derived 55.3% revenues from the US, 43.6% from the UK and 1.1% from Rest of the World, including India.
  • By Vertical: Firstsource derived 33.3% revenues from Healthcare, 27.5% from Telecom & Media, 36.8% from BFSI and 2.4% from other verticals.
  • By Segment: Firstsource derived 56.2% revenues from Customer Management, 33.4% from Healthcare and 10.4% from Collections.
  • Employee strength was 18,712 as of March 31, 2019, addition of 117 employees in the quarter.
  • Q4 FY19 annualized attrition (post 180 days):
    • Offshore (India and Philippines) – 41.5% compared to 39.3% in Q3 FY19
    • Onshore (US and Europe) – 42.9% compared to 45.8% in Q3 FY19

Highlights for Quarter Ended March 31st 2019:

Key Development:

  • Firstsource changed its mortgage business unit’s name from ISGN Solutions to Sourcepoint

Awards & Recognitions

  • MedAssist, Firstsource Healthcare Provider business, was named a 2019 Category Leader in the 2019 Best in KLAS: Software & Services Report. The award based on client ratings and experiences of more than 4,500 hospitals and 2,500 clinics, ranked MedAssist #1 in the ‘Eligibility Enrollment Services’ category
  • Won the ‘Customer Insight Strategy’ Award and was adjudged the ‘Overall Winner’ at the UK Complaints Handling (UKCH) Awards 2019. While the former recognises Firstsource’s partnership with NOWTV that has gone from strength to strength, the latter is indicative of the goodwill that Firstsource has earned over the years
  • Awarded the ‘Best Outsourcing Partnership 2018’ with TSB at the North East Contact Centre Awards (NECCA). This award win reinstates the strong partnership ethos that Firstsource endeavors to build with its’ clients and their customers. The partnership was focused on collaboration, transparency and trust to support TSB customers through a system migration in 2018
  • Recognised with the Wales HR Award for the ‘Best HR team’. The Awards recognise the best HR professionals across industries – showcasing the outstanding individuals and teams as the best in HR, learning and people management practice across Wales in the last 12 months
  • Won two awards at the Welsh Contact Centre Awards 2019, Gold for ‘People Engagement’ and Silver for the ‘Best Support Manager of the Year’. These awards acknowledge the contribution of the BPM players to the UK economy and their role in generating job opportunities
  • Recognised at the Future of HR Summit in India in the ‘Best Employee Engagement Practices’ category. The team represented Firstsource’s PeopleFirst strategy and all initiatives that come under Talent Integration, Engagement and Development. The team also showcased the philosophy around Inclusion and Diversity, Employee Wellness and CSR

About Firstsource

Firstsource Solutions Limited, a RP-Sanjiv Goenka Group company (NSE: FSL, BSE: 532809, Reuters: FISO.BO, Bloomberg: FSOL@IN), is a leading global provider of customised Business Process Management (BPM) services to the Healthcare, Telecom & Media and Banking & Financial Services industries. The company’s clients include Fortune 500 and FTSE 100 companies. Firstsource has a ‘Right-shore’ delivery model with operations in the US, the UK, India and the Philippines. (www.firstsource.com)

For more information, please visit www.firstsource.com

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