Monday, August 4, 2014

#Firstsource Solutions Q1 profit up 29.7% to Rs. 53.2 crore

Firstsource Solutions has reported a 29.7 per cent rise in net profit for the first quarter ended June 30, 2014.Net profit for the of the company went up to Rs. 53.2 crore from Rs. 41 crore in the corresponding year-ago period.

Highlights for the Quarter ended June 30, 2014:
·         Revenues of Rs.7,556million is up by 5.1% Y-o-Y compared to Rs.7,191million for the quarter ended June 2013 and down by 5.1% Q-o-Q compared to Rs.7,962 million for the quarter ended March 2014.
·         Operating EBIT (earnings before interest and tax) of Rs.755million is up by 21.0% Y-o-Y compared to Rs.624million for the quarter ended June 2013 and down by 6.6% Q-o-Q compared to Rs.808million for the quarter ended March 2014.
·         PAT (profit after tax) of Rs.532million is up by 29.7% Y-o-Y compared to Rs.410million for the quarter ended June 2013 and down by 9.5% Q-o-Q compared to Rs.588million for the quarter ended March 2014.
·         Cash position is at Rs.2,100million.
·         Employee strength is 27,147 as of June 30, 2014. Reduction of 519 employees in the quarter.
·         Q1annualized attrition (post 180 days) :
·         Offshore (India and Philippines) – 56.6% compared to 54.8% in Q4FY2014

·         Onshore (US and Europe) – 46.4% compared to 38.6% in Q4FY2014
·         Domestic (India and Sri Lanka) – 102.5% compared to 85.6% in Q4FY2014

Business Highlights for Q1 FY 2014-15:
·         Signed new deals worth $36 million ACV (annual contract value) across the business verticals with existing and new customers, which includes a significant contract expansion with a leading US telecommunications company.
·         Firstsource Group USA, wholly owned subsidiary of Firstsource Solutions successfully made the fifth quarterly principal repayment of $11.3 million on its outstanding debt on June 30, 2014.