Operating EBIT of ₨. 624 million
Up Y-o-Y by 86.5%, up Q-o-Q by 1.8%
PAT (profit after tax) of ₨. 410 million
Up Y-o-Y by 41.6%, up Q-o-Q by 2.1%
Mumbai, August 6, 2013: Firstsource Solutions Limited (NSE:FSL, BSE:532809), a global provider of customized Business Process Management (BPM) services and also India’s only listed BPM company reported its consolidated financial results for the quarter ended June, 2013 according to Indian GAAP.
Highlights for the Quarter ended June 30, 2013:
- Revenues of Rs.7,191 million, up 6.5% Y-o-Y compared to Rs.6,752 million for the quarter ended June 2012 and up 0.9% Q-o-Q compared to Rs.7,125 million for the quarter ended March 2013.
- Operating EBIT (earnings before interest and tax) of Rs.624 million, up 86.5% Y-o-Y compared to Rs.334 million for the quarter ended June 2012 and up 1.8% Q-o-Q compared to Rs.613 million for the quarter ended March 2013.
- PAT (profit after tax) of Rs.410 million, up 41.6% Y-o-Y compared to Rs.290 million for the quarter ended June 2012 and up 2.1% Q-o-Q compared to Rs.402 million for the quarter ended March 2012.
- Cash position is at Rs.1,530 million.
- Employee strength at 31,623 as of June 30, 2013 reduced 249 employees in the quarter.
- Q1 annualized attrition (post 180 days) :
- Offshore (India and Philippines) – 52.7% compared to 49.2% in Q4 FY2013
- Onshore (US and Europe) – 39.9% compared to 34.4% in Q4 FY2013
- Domestic (India and Sri Lanka) – 101.3% compared to 87.9% in Q4 FY2013
- As of June 30, 2013, Firstsource derived 46% revenues from the US, 34% from UK and 20% from Rest of World, including India.
- As of June 30, 2013, Firstsource derived 45% revenues from Telecom & Media, 32% from Healthcare, 22% from BFSI and 1% from others.
- Key business highlights during the quarter:
- Debt repayment: Firstsource Group USA, wholly owned subsidiary of Firstsource Solutions successfully made its first quarterly repayment of USD 11.25 million on its outstanding debt on June 26, 2013.
- New business/ client wins:
§ Won a Customer Management and Complaints Management contract with a leading UK financial services company.
§ Won a Customer Insight Analytics and Consulting contract with a leading Irish Bank
- · Innovative Service Product:
§ Firstsource launched a new webchat product called “FirstChat”: a web-based customer engagement solution to enhance Customer Engagement strategies for organisations.
- Sanjiv Goenka, Chairman of RP-Sanjiv Goenka Group and of Firstsource Solutions, received the 2013 Indian Business Leader of the Year Award at the Global India Business Conference in Belfast, Northern Ireland.
- Firstsource strengthens it Rights Management solution (to deliver Licensing and Acquiring Rights and Permissions for 3rd Party copyrighted content) with the Patent issued to its partner Digi-Express® in the Publishing business.
- Awards & Accolades
- Firstsource has been ranked #24 by The International Association of Outsourcing Professionals (IAOP) in the 2013 Global Outsourcing 100® rankings.
- Won the “Outsourcing Excellence Award 2013” at the 17th Annual Outsourcing Excellence Awards held in Texas, US, for the “Best Business Process” category in partnership with Giffgaff Ltd.
- Awarded the Employer of Choice at the annual Business in the Community Northern Ireland (BITCNI) Awards in Belfast, Northern Ireland.
- The Irish News Workplace and Employment Awards awarded Firstsource the accolade of Innovative Employer Award 2013 in Ireland.
Speaking on the occasion, Sanjiv Goenka, Chairman, RP-Sanjiv Goenka Group and Firstsource, said, “Growing legacies is a philosophy at the RP-Sanjiv Goenka Group. With this, we made a strategic investment in Firstsource, to widen our business portfolio and an entry into the business process management (BPM) industry. We are optimistic about Firstsource and the consistent growth in margins that the company has demonstrated.”
“Commenting on the performance Rajesh Subramaniam, Managing Director & Chief Executive Officer, said, “Our focus continues to be on disciplined growth and consistent margin expansion. The productization efforts in customer insight analytics and webchat solutions are delivering better margin profiles and are great value add to our clients businesses. The Customer Management and Healthcare business continues to look positive with new client wins. The four awards won this quarter is a testament of our commitment to Customer Service Excellence and being an Employer of Choice in the delivery markets. The quarterly repayment of USD 11.25 million on the outstanding debt was paid and we continue to generate cash for subsequent repayments.”
About Firstsource:
Firstsource (NSE: FSL, BSE: 532809, Reuters: FISO.BO, Bloomberg: FSOL@IN) is a leading global provider of customized Business Process Management (BPM) services and India’s only listed BPM company to the Banking & Financial Services, Healthcare, Telecom & Media industries. The company’s clients include Fortune 500, FTSE 100 & Nifty 50 companies. Firstsource has a “rightshore” delivery model with operations in India, Ireland, Philippines, Sri Lanka, U.S. and UK. (www.firstsource.com).