Firstsource Solutions Q1 net up 26% to Rs 29 cr
Firstsource Solutions' first quarter net profit shot up by 25.6% quarter-on-quarter to Rs 29 crore from Rs 23.1 crore.
July 31, 2012 / 16:57 IST
Firstsource Solutions' first quarter net profit shot up by 25.6% quarter-on-quarter to Rs 29 crore from Rs 23.1 crore.
Overall the performance has been improving on every count. In the fourth quarter, net profit had grown by 237% QoQ to Rs 23.1 crore.Revenues rose by 8.6% to Rs 675.2 crore from Rs 621.8 crore during the same period; In the last quarter, that went up by 7.8%.Earnings before interest and tax grew by 7.74% QoQ to Rs 33.4 crore in the first quarter while the same increased 55% in the previous quarter.EBIT margin improved to 4.94% as against 5% QoQ. In the fourth quarter, margin rose to 5% versus 3.48%.Turnaround in financials was due to change in the company's strategy six months ago. Firstsource increased its focus on the Asia-Pacific region with finance, healthcare, and telecom as major verticals. It has realigned these verticals as key service lines. The company has opened up six new centres on a net basis in FY12, taking the total number of centres to 48. It reported new project wins worth USD 160 million (approximately Rs 900 crore) in FY12 across verticals, which is nearly one-third of its revenue of Rs 2,255 crore. The company faced a higher operating expense on account of rapid expansion. In FY13, the company is expected to rationalise these costs once the investments made in business centres start earning returns as these facilities come on stream. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
