Firstsource Solutions Q2FY14 net up 24.54% at Rs 44.75cr

Global business process management (BPM) company Firstsource Solutions today reported 24.54 percent increase in net profit for the second quarter ended September 30 at Rs 44.75 crore on the back of strong operational performance. The company clocked a net profit of Rs 35.93 crore in the corresponding quarter last fiscal. Its revenues for the period under review stood at Rs 790.78 crore against Rs 717.63 crore a year ago, registering 10.19 percent growth.

"Our second quarter results have demonstrated margin expansion on the back of a strong operational performance. We continue on the path of profitable growth," company's Managing Director and Chief Executive Officer Rajesh Subramaniam said in a statement. He said the company's investment in productisation of services is seeing traction from clients and a concerted effort is being made to broaden our capability suite of value added services.

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Of the revenues, 46 percent came from the USA, 36 percent from the UK and 18 percent from rest of world, including India, the release said. Firstsource derived 45 percent revenues from telecom and media, 32 percent from healthcare, 22 per cent from BFSI and one percent from others.

"The company's focus on driving value and customer satisfaction is razor sharp and we are seeing results to this effect. I believe that Firstsource is well positioned for growth in the BPM industry," Sanjiv Goenka, Chairman, RP-Sanjiv Goenka Group and Firstsource said. During the quarter, the employee strength reduced by 1,233 and now stands at 30,390. Firstsource Group USA, wholly owned subsidiary of Firstsource Solutions made its second quarterly principal repayment of USD 11.25 million on its outstanding debt on September 30.