Firstsource Solutions, a leading global BPO company, today clocked a 343.6 per cent jump in its profit after tax (PAT) in FY10 at Rs 136.1 crore as against Rs 30.7 crore in the year-ago period. The company's revenues in FY10 stood at Rs 1,970-crore, up 12.7 per cent, as compared to Rs 1,749-crore in the year-ago period.
"Our profit has gone up as collection business outperformed on the back of seasonbility. Our marquee client base continues to be a growth driver for us with eight of our top 10 clients having increased engagements with us during the course of this financial year," Firstsource's Managing Director and Chief Executive Officer, Ananda Mukerji told reporters here.
In Q4 FY10, the company's net profit jumped 6.9 per cent at Rs 35.6 crore quarter-on-quarter (Q-o-Q) compared to Rs 33.3 crore for the quarter ended December 2009 and down 12.9 per cent year-on-year (Y-o-Y) compared to Rs 40.9 crore for the quarter ended March 2009.
Its revenues stood at Rs 506.7 crore, up 3.2 per cent Q-o-Q compared to Rs 490.9 crore for the quarter ended December 2009 and up 7.3 per cent Y-o-Y compared to Rs 472.3 crore for the quarter ended March 2009.
The company's operating earnings before interest and taxes (EBIT) stood Rs 50.1-crore, a jump of 7.2 per cent Q-o-Q compared to Rs 46.7-crore for the quarter ended December 2009 and up 38.5 per cent Y-o-Y compared to Rs 36.1-crore for the quarter ended March 2009.
The company's employee strength was 24,860 as of March 31, 2010 compared to 21,570 as of March 31, 2009. It has hired 3,290 employees during the year. "We have hired 1,925 employees for India operation and 1,365 for oversea markets," Mukerji said.
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"Our 60 per cent revenues (come) from the US, 27 per cent from UK and 13 per cent from (Asia-Pacific) APAC including India," he said. Vertical-wise, the company said its 38 per cent revenues came from telecom and media, 37 per cent from healthcare, 23 per cent from Banking, Financial Services and Insurance (BFSI) and 2 per cent from others.
As of March, 2010, Firstsource has 42 centers compared to 43 centers last year. "We have set up one delivery center in Bhopal and shut one center in Bangalore. Besides, our Buenos Aires, Argentia delivery center shut down and work migrated to Manila and Philippines," he said.
"We were able to expand our margins in FY 10 by 190 bps on the back of strong operational performance and significant improvement in capacity utilisation. Moving forward, we will continue to focus on improving operational efficiencies to further improve margins," the company's Global Chief Financial Officer (CFO), Carl Saldanha, said.