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Firstsource Solutions Q3 PAT falls 68% at Rs 6.85 cr
Firstsource Solutions, a business process outsourcing company, has reported a profit after tax of Rs 6.85 crore in the October-December quarter of FY12, falling 68% as compared to Rs 21.45 crore in the previous quarter.
Firstsource Solutions , a business process outsourcing company, has reported a profit after tax of Rs 6.85 crore in the October-December quarter of FY12, falling 68% as compared to Rs 21.45 crore in the previous quarter.
Profit after tax was lower due to loss on FCCB buyback at Rs 7.14 crore as against profit of Rs 38 lakh and lower other income at Rs 63 lakh versus Rs 5.1 crore.
Total income rose 8.2% to Rs 577 crore from Rs 533 crore quarter-on-quarter.
Earnings before interest and tax declined to Rs 20.1 crore from Rs 23.7 crore during the same period. EBIT too dropped at 3.48% versus 4.4% QoQ.
Q3 highlights
* Revenue growth was driven by ramps in the telecom segment and favorable currency, partially offset by softness in the BFSI collections segment
* Margins slipped sequentially driven by investments and cost of growth towards recently won large deals
* Total contract value worth USD 160 million won in the quarter.
FCCB position
* The company repurchased FCCBs worth USD 21.6 million during the quarter.
* Outstanding FCCBs post the repurchase stand at USD 169.8 million.
Attrition also high for the company (post 180 days):
* Offshore (India and Philippines) went up to 56.4% Q3 compared to 48.8% in Q2 FY12
* Onshore (US and Europe) fell to 37.7% compared to 40.9% in Q2 FY12
* Domestic (India and Sri Lanka) rose to 88.8% compared to 74.7% in Q2 FY12
