Y-o-Y decline of 6.1%,
Operating EBIT of `746 Million
Up Y-o-Y by 0.6%,
PAT (profit after tax) of `575 Million
Down Q-o-Q by 6.1%, Up Y-o-Y by 19.0%,
For Nine months ended Dec 31, 2014, Revenue decreased by 1.3%, EBIT increased by 10.5% and PAT increased by 28.3%
EBIT and PAT margins expanded by 1.1% and 1.7% during the same period
Mumbai, February 09, 2015:Firstsource Solutions Limited (NSE:FSL, BSE:532809), a global provider of customized Business Process Management (BPM) services company today reported its consolidated financial results for the quarter ended December 2014 according to Indian GAAP.
Highlights for the Quarter ended December 31, 2014:
- Revenues of `7,510 Million, down 3% Q-o-Q compared to `7,740 Million for the quarter ended September 2014 and down 6.1% Y-o-Y compared to `7,998 Million for the quarter ended December 2013.
- Operating EBIT (earnings before interest and tax) of `746 Million, down 3.3% Q-o-Q compared to`771 Million for the quarter ended September 2014 and up 0.6% Y-o-Y compared to`742 Million for the quarter ended December 2013.
- PAT (profit after tax) of `575 Million, down 6.1% Q-o-Q compared to `612 Million for the quarter ended September 2014 and up 19% Y-o-Y compared to `483 Million for the quarter ended December 2013.
- Cash position is at USD23 Million.
- Employee strength at 26,621 as of December 31, 2014. Reduction of 302 employees in the quarter.
- Q3 annualized attrition (post 180 days) :
- Offshore (India and Philippines) – 47.1% compared to 49.6% in Q2 FY2015
- Onshore (US and Europe) – 37.4% compared to 43.6% in Q2 FY2015
- Domestic (India and Sri Lanka) – 80.6% compared to 85.7% in Q2 FY2015
- As of December 31, 2014, Firstsource derived 49% revenues from the US, 36% from UK and 16% from Rest of World, including India.
- As of December 31, 2014, Firstsource derived 44% revenues from Telecom & Media, 36% from Healthcare, 20% from BFSI.
Key Company Highlights during the Quarter:
- Debt repayment: Firstsource Group USA, wholly owned subsidiary of Firstsource Solutions successfully made its seventh quarterly principal repayment of USD11.25 Million on its outstanding debt on Dec. 31st, 2014
- New Business: Firstsource reported additional wins of approx. USD9.8 Million ACV (annual contract value) for the quarter across the business verticals with existing customers.
- Awards & recognitions
- Awarded the “Telecommunications Utilities and High-Tech Outsourcing Project of the Year Award 2014” for its partnership with giffgaff at the National Outsourcing Association’s (NOA) awards 2014
- First Customer Intelligence, the company’s flagship product, won the “2014 Technology Leadership Award” at the 2014 Ventana Research Summit. The award recognizes Firstsource for the development of First Customer Intelligence (FCI) solution, using Verint technology.
- Ranked #16 in Business World’s biggest employers List
Commenting on the results, Sanjiv Goenka, Chairman, RP-Sanjiv Goenka Group and Firstsource, said, “I am delighted with the progress that Firstsource has made in the first 3 quarters of this fiscal, registering a 28 % profit growth. I am further pleased to announce that the company has made inroads and won incremental wins from existing customers and this further demonstrates the value proposition that Firstsource provides to its customers worldwide.”
About Firstsource:
Firstsource (NSE: FSL, BSE: 532809, Reuters: FISO.BO, Bloomberg: FSOL@IN) is a leading global provider of customized Business Process Outsourcing (BPO) services to the Healthcare, Telecom &Media and Banking & Financial Services industries. The company’s clients include Fortune 500, FTSE 100 & Nifty 50 companies. Firstsource has a “rightshore” delivery model with operations in India, Philippines, Sri Lanka, UK and U.S. (www.firstsource.com).