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Firstsource Q1 net up at Rs 28.98 cr

"Our financial performance is back on track and we are on a growth trajectory",said R Subramaniam.

Written by Agencies | New Delhi | Published: July 31, 2012 9:33:00 pm

BPO player Firstsource Solutions today said its net profit has more than doubled to Rs 28.98 crore for the quarter ended June 30,2012,on the back of strong business pipeline and cost optimisation initiatives.

The company’s net profit stood at Rs 10.65 crore for the same period last year,Firstsource said in a statement.

“Our financial performance is back on track and we are on a growth trajectory. The quarter has seen strong revenue and earnings growth coupled with significant savings achieved from our cost optimisation initiatives,” Firstsource Solutions

Managing Director and CEO Rajesh Subramaniam said.

As a company,the focus is on sustained profitable growth in key market segments,he added.

The company’s revenue from operations rose 29.1 per cent to Rs 675.17 crore for the reported period from Rs 523.08 crore in April-June quarter of 2011.

About 48 per cent revenues came from the US,while the UK and Rest of World,including India,accounted for 33 per cent and 19 per cent,respectively,the company said.

“We are also encouraged by a good build up of the new business pipeline across the company and are well positioned in number of client situations,” Subramaniam said.

The company’s cash position stood at Rs 750.7 crore as on June 30,2012.

Firstsource added 2,467 people in the quarter,taking its employee strength to 32,553 as of June 30,2012. The annualised attrition (post 180 days) rate in the quarter was up to 63.9 per cent (offshore – India and Philippines) from 59.4 per cent in the fourth quarter of FY12,while onshore (US and Europe) was up to 38.9 per cent from 34 per cent in the preceding quarter.

The company also appointed Kiran Kosaraju as Senior VicePresident (Operations) in June 2012 and he will be country Manager for the Philippines operations. He was earlier serving as the CEO and MD at CoOptions Corporations.

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