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Firstsource Solutions Jan-Mar Q net down 39.7%

The company's net profit stood at Rs 38.3 crore for the same period last fiscal.

Written by Agencies | New Delhi | Published: May 16, 2012 7:58:37 pm

BPO services major Firstsource Solutions today reported 39.7 per cent decline in net profit at Rs 23.1 crore for the quarter ended March 31,2012.

The company’s net profit stood at Rs 38.3 crore for the same period last fiscal.

Revenues of the company increased 13.8 per cent in the reported quarter to Rs 621.8 crore,as compared to Rs 546.4 crore for the quarter ended March 31,2011,Firstsource said in a statement.

The company’s employee strength stood at 30,086 as of March 31,2012,compared to 30,121 as of December 31,2011.

“The Q4 annualised attrition (post 180 days) was as follows: Offshore (India and Philippines) ¿ 59.4 per cent compared to 56.4 per cent in the previous quarter; and Onshore (US and Europe) 34.0 per cent compared to 37.7 per cent in the previous quarter,” the statement said.

Cash and cash equivalents stood at USD 150 million as of March 31,2012.

For the year ended March 31,2012,the net profit decreased 55.2 per cent to Rs 62 crore from Rs 138.5 crore in 2010-11.

Revenues stood at Rs 2,255 crore,up 9.7 per cent from Rs 2,055.3 crore in 2011.

As of March 31,2012,Firstsource derived 52 per cent revenues from the US,31 per cent from UK and 17 per cent from Rest of World,including India.

About 37 per cent of the company’s revenues came from Telecoms & Media segment,34 per cent from Healthcare,28 per cent from BFSI and one per cent from other verticals.

The company has appointed Rajesh Subramaniam as Managing Director and CEO with effect from today,while Dinesh Jain and Deep Babur have been appointed as Joint Chief Financial Officers.

Jain will be in-charge of Financial Control,responsible for Accounting,MIS,Financial Planning and Analysis,Pricing,Tax,Treasury Operations and Procurement.

On the other hand,Babur will be in-charge of Corporate Finance,responsible for Finance Strategy,Fund Raising,Liability Management,Investor Relations and Corporate Development.

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