Firstsource Q4 net profit up 46.4%

firstsource

BPO services provider Firstsource Solutions today reported a healthy 46.4% growth in consolidated net profit at Rs 58.8 crore for the fourth quarter ended March 31, 2014.

The Mumbai-headquartered firm had posted a net profit of Rs 40.2 crore in the year-ago period, it said in a BSE filing.

Consolidated income rose by 11.7% to Rs 796.2 crore in January-March quarter of 2013-14 fiscal against Rs 712.5 crore in the same quarter of 2012-13 fiscal.

Commenting on the performance, Firstsource Solutions Chairman Sanjiv Goenka said: “Fiscal 2014 has been a year of strong profitable growth with a net profit growth of 31.6% over the past year. We continue to deepen and strengthen our relationship with our clients through new value added services.”

The firms cash position stood at Rs 188.9 crore as of March 31, 2014.

During the January-March quarter, Firstsource reduced its employee base by 2,280 taking to total headcount to 27,666 as of March 2014.

Firstsource also expanded its presence in the Philippines by opening its second delivery centre in the country.

For the period ended March 31, 2014, the firm had a total of 46 centres.

For the entire 2013-14 fiscal, consolidated net profit grew by 31.6% to Rs 193 crore, while income was up 10.2% to Rs 3,105.9 crore.

During the fiscal, Firstsource’s US subsidiary made a principal repayment of $45 million towards debt repayment obligations.

The firm reduced its headcount by 4,200 people during the fiscal.

Going ahead, Goenka said: “A conscious decision to terminate non-profitable will yield benefits in the ensuing year. As we step into Fiscal 2015, our focus continues to be on profitability and margin accretive growth.”

As of March 31, 2014, Firstsource derived 48 per cent revenues from the US, 36% from the UK and 16% from rest of the World including India.

Segment-wise, Telecom & Media contributed 43% to its revenues followed by Healthcare (34%), BFSI (22%) and Others (1%) during the same period.

 

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