Firstsource reports Second Quarter Fiscal 2017 revenues of Rs 8,844 million
Y-o-Y growth of 12.3%
EBIT of Rs 965 million
Up Y-o-Y by 28.3%
PAT (profit after tax) of Rs 713 million
Up Y-o-Y by 21.5%
Kolkata, October 27, 2016: Firstsource Solutions Limited (NSE:FSL, BSE:532809), a global provider of customized Business Process Management (BPM) services and a RP-Sanjiv Goenka Group company, reported its consolidated financial results for the quarter ended September 2016 according to Indian Accounting Standards (IND AS).
Highlights for the Quarter ended September 30, 2016:
- Revenues of Rs 8,844 million is up by 12.3% Y-o-Y compared to Rs 7,878 million for the quarter ended September 2015.
- Operating EBIT (earnings before interest and tax) of Rs 965 million is up by 28.3% Y-o-Y compared to Rs 752 million for the quarter ended September 2015.
- PAT (profit after tax) of Rs 713 million is up by 21.5% Y-o-Y compared to Rs 587 million for the quarter ended September 2015.
- Cash position is at Rs 1,220 million.
- For the quarter ended September 30, 2016, Firstsource derived 55.1% revenues from the US, 38.1% from UK and 6.8% from Rest of World, including India.
- For the quarter ended September 30, 2016, Firstsource derived 34.5% revenues from Healthcare, 29.8% from Telecom & Media and 35.5% from BFSI.
- For the quarter ended September 30, 2016, Firstsource derived 51.3% revenues from Customer Management, 31.9% from Healthcare, 10.9% from Collections and 5.9% from the Domestic business.
- As of September 30, 2016, Firstsource has 48 centers, compared to 47 as on June 30, 2016. Added 2 centers (one in India and one in UK) while shutdown one center in India.
- Employee strength is 24,910 as of September 30, 2016, addition of 762 employees in the quarter.
- Q2 annualized attrition (post 180 days):
- Offshore (India and Philippines) – 43.7% compared to 50.1% in Q1 FY17
- Onshore (US and Europe) – 49.9% compared to 49.3% in Q1 FY17
- Domestic (India and Sri Lanka) – 71.7% compared to 76.8% in Q1 FY17
Business Highlights for Q2 FY 2016-17
- Firstsource announced a 10-year contract extension worth USD 40 million with one of its largest Healthcare clients in the US. The company will deliver claims adjudication and customer service from two of its US locations
- The consolidation activity of Sky’s partner network has commenced following the signing of a 10 year strategic partnership between Firstsource Solutions and Sky UK. As a result of this, transition of Operations to Firstsource is in progress
- Firstsource Solutions and BBC Worldwide signed a contract to provide ‘bespoke digital customer support’ for BBC’s newly-launched BBC Store ‘buy-to-keep’ programming services
- Won additional contracts in the quarter for the Customer Management, Healthcare, Collections and Mortgage business with existing and new clients.
- Firstsource Group USA, wholly-owned subsidiary of Firstsource Solutions successfully made the quarterly principal repayment of USD 11.25million on its outstanding debt on September 30, 2016.
Rewards & Recognitions
- Received the Gold Award jointly with NOW TV in the ‘Technology and Telecoms’ category and Silver Award in partnership with giffgaff in the ‘Engaging Customers Online’ categories at the UK Customer Experience Awards, 2016
- Dual-award win at the Asia Pacific HRM Congress Awards, 2016 in the categories – Organisation with Innovative HR Practices and Young HR Professional
- Won three awards at the Asia’s Best Employer Brand Awards, 2016 in the categories- Best B-school recruiting programme, Organisation with Innovative HR Practices and Best HR Strategy in line with Business
- Ranked #6 and #18 by NASSCOM in the Annual Rankings for the ‘Top 10 BPM Exporters’ and ‘Top 20 IT-BPM Employers’ in India for 2016, respectively
- ISGN Solutions, a FSL company mentioned as a ‘High Performer’ amongst industry peers in HfS Blueprint Report: Mortgage As-A-Service 2016
Sanjiv Goenka, Chairman, RP-Sanjiv Goenka Group and Firstsource Solutions said, “The second quarter results for Firstsource are consistent with our expectations. We had few wins from clients in the quarter. Moving forward, we will continue to maintain our growth and invest in our solutions portfolio that will provide value to clients and stakeholders.”
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 customized Business Process Management (BPM) services to the Healthcare, Telecom & Media and Banking & Financial Services industries. The company’s clients include Fortune 500, FTSE 100 & Nifty 50 companies. Firstsource has a “rightshore” delivery model with operations in India, Philippines, Sri Lanka, UK and U.S.
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