Firstsource reports First Quarter Fiscal 2015 Revenues of Rs 7,556 million

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Y-o-Y growth of 5.1%

Operating EBIT of Rs 755million
Up Y-o-Y by 21.0%

PAT (profit after tax) of Rs 532million
Higher Y-o-Y by 29.7%

Both EBIT and PAT margins expanded by 1.3% on Y-o-Y basis

On a Q-o-Q basis the Revenue is down by 5.1% and PAT is down by 9.5%.

Firstsource Solutions Limited (NSE:FSL, BSE:532809), a global provider of customized Business Process Management (BPM) services company today reported its consolidated financial results for the quarter ended June 2014 according to Indian GAAP.

Highlights for the Quarter ended June 30, 2014:

  • Revenues of Rs 7,556million is up by 5.1% Y-o-Y compared to Rs 7,191million for the quarter ended June 2013 and down by 5.1% Q-o-Q compared to Rs 7,962 million for the quarter ended March 2014.
  • Operating EBIT (earnings before interest and tax) of Rs 755million is up by 21.0% Y-o-Y compared to Rs 624million for the quarter ended June 2013 and down by 6.6% Q-o-Q compared to Rs 808million for the quarter ended March 2014.
  • PAT (profit after tax) of Rs 532million is up by 29.7% Y-o-Y compared to Rs 410million for the quarter ended June 2013 and down by 9.5% Q-o-Q compared to Rs 588million for the quarter ended March 2014.
  • Cash position is at Rs 2,100million.
  • Employee strength is 27,147 as of June 30, 2014. Reduction of 519 employees in the quarter.
  • Q1annualized attrition (post 180 days):
    • Offshore (India and Philippines) – 56.6% compared to 54.8% in Q4FY2014
    • Onshore (US and Europe) – 46.4% compared to 38.6% in Q4FY2014
    • Domestic (India and Sri Lanka) – 102.5% compared to 85.6% in Q4FY2014 

Business Highlights for Q1 FY 2014-15:

  • Signed new deals worth $36 million ACV (annual contract value) across the business verticals with existing and new customers, which includes a significant contract expansion with a leading US telecommunications company.
  • Firstsource Group USA, wholly owned subsidiary of Firstsource Solutions successfully made the fifth quarterly principal repayment of $11.3 million on its outstanding debt on June 30, 2014.

Awards & Accolades:

  • Awarded the ‘Outsourcing Partnership of the Year’ in the European Call Centre and Customer Service Awards 2014 (ECCCSA) for our longstanding relationship with giffgaff
  • Won the “Outsourcing Excellence Award 2014” for the “Best Business Process” category in partnership with BSkyB, one of our flagship clients
  • Received the “Innovator of the Year” for Excellence in Voice of Customer Analytics by Verint Technologies. This award is in recognition for the First Customer Intelligence (FCI) solution

Industry Rankings & Recognitions

  • Firstsource has been ranked #12 by The International Association of Outsourcing Professionals (IAOP) in the 2014 Global Outsourcing 100® rankings

Commenting on the performance, Sanjiv Goenka, Chairman, RP-Sanjiv Goenka Group and Firstsource Solutions said, “It has been a good quarter for the company with new business wins and year on year profit expansion of 30%.  We are encouraged by a good build up of our business pipeline and are well positioned in number of client situations. We continue to focus on creating value added services in the customer management and healthcare business to enhance customer journeys and deliver growth to our clients.”.

About Firstsource:

Firstsource (NSE: FSL, BSE: 532809, Reuters: FISO.BO, Bloomberg: FSOL@IN) is a global provider of customized BPO (Business Process Outsourcing) services to the Banking & Financial Services, Insurance, Telecommunications, Media and Publishing and Healthcare sectors. Its clients include FTSE 100, Fortune 500 and Nifty 50 companies. Firstsource has a “Rightshore” delivery model with operations in India, Ireland, Philippines, Sri Lanka, UK and USA. (www.firstsource.com).

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