Firstsource Q3 Net soars six-fold to Rs 41.4 crore
New Delhi: Business process outsourcing firm Firstsource Solutions on Thursday reported an over six-fold jump in net profit at Rs 41.46 crore for the third quarter ended December 31, 2012.
The company had posted a net profit of Rs 6.85 crore in the same quarter last fiscal, Firstsource said in a statement.
Total income from operations rose 23.5 percent to Rs 713.2 crore for the third quarter of financial year 2013 as compared to Rs 577.06 crore in the same period last year.
"It has been a quarter with strong operating performance, significant margin expansion and a build up of a healthy sales pipeline, all of which positions us well for next year," Firstsource Solutions MD and CEO Rajesh Subramaniam said.
During the quarter, the company repaid its outstanding FCCBs worth USD 237 million.
Also, the RP-Sanjiv Goenka Group completed acquisition of 49.5 percent stake in Firstsource through a wholly-owned subsidiary of CESC Limited.
"This strategic investment in Firstsource makes the RP-Sanjiv Goenka Group the single largest shareholder. They have further acquired 7.36 percent in the open offer process taking their total shareholding to 56.86 percent," Firstsource said.
In a major top management rejig, the BPO firm appointed Sanjiv Goenka as its Chairman, while Dinesh Jain has been elevated as Chief Financial Officer.
Besides, David Strickler has been appointed President and CEO (Healthcare Provider Group) and Tim Franklin will take over as Senior Strategy Advisor in the UK and will focus on banking and financial services sector businesses.
The US contributed 45 percent of the firm's revenues followed by UK with 35 percent and 20 percent from rest of world, including India as on December 31, 2012.
As of December 31, 2012, Firstsource derived 45 percent revenues from Telecom & Media segment, 31 percent from Healthcare, 23 percent from BFSI.
The employee strength of the company stood at 31,902 as of December 31, 2012, a reduction of 463 employees in the quarter.