Firstsource reports Third Quarter Fiscal 2015 revenues of Rs.7,510 Million

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Y-o-Y decline of 6.1%,

Operating EBIT of Rs.746 Million
Up Y-o-Y by 0.6%,

PAT (profit after tax) of Rs.575 Million
Down Q-o-Q by 6.1%, Up Y-o-Y by 19.0%,

For Nine months ended Dec 31, 2014, Revenue decreased by 1.3%, EBIT increased by 10.5% and PAT increased by 28.3%
EBIT and PAT margins expanded by 1.1% and 1.7% during the same period

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 December 2014 according to Indian GAAP.

Highlights for the Quarter ended December 31, 2014:

  • Revenues of Rs.7,510 Million, down 3% Q-o-Q compared to Rs.7,740 Million for the quarter ended September 2014 and down 6.1% Y-o-Y compared to Rs.7,998 Million for the quarter ended December 2013.
  • Operating EBIT (earnings before interest and tax) of Rs.746 Million, down 3.3% Q-o-Q compared to Rs.771 Million for the quarter ended September 2014 and up 0.6% Y-o-Y compared to Rs.742 Million for the quarter ended December 2013.
  • PAT (profit after tax) of Rs.575 Million, down 6.1% Q-o-Q compared to Rs.612 Million for the quarter ended September 2014 and up 19% Y-o-Y compared to Rs.483 Million for the quarter ended December 2013.
  • Cash position is at USD23 Million.
  • Employee strength at 26,621 as of December 31, 2014. Reduction of 302 employees in the quarter.
  • Q3 annualized attrition (post 180 days) :
    • Offshore (India and Philippines) – 47.1% compared to 49.6% in Q2 FY2015
      Onshore (US and Europe) – 37.4% compared to 43.6% in Q2 FY2015
      Domestic (India and Sri Lanka) – 80.6% compared to 85.7% in Q2 FY2015
  • As of December 31, 2014, Firstsource derived 49% revenues from the US, 36% from UK and 16% from Rest of World, including India.
  • As of December 31, 2014, Firstsource derived 44% revenues from Telecom & Media, 36% from Healthcare, 20% from BFSI.
  • Key Company Highlights during the Quarter:

    Commenting on the results, Sanjiv Goenka, Chairman, RP-Sanjiv Goenka Group and Firstsource, said, “I am delighted with the progress that Firstsource has made in the first 3 quarters of this fiscal, registering a 28 % profit growth. I am further pleased to announce that the company has made inroads and won incremental wins from existing customers and this further demonstrates the value proposition that Firstsource provides to its customers worldwide.”

    About Firstsource

    Firstsource (NSE: FSL, BSE: 532809, Reuters: FISO.BO, Bloomberg: FSOL@IN) is a leading global provider of customized Business Process Outsourcing (BPO) 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. (www.firstsource.com).

    Download Press Release

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