Ma Foi revenue up 74%

Ma Foi Management Consultants Ltd, India's largest staffing and human resources service provider, has posted a revenue of Rs 84.56 crore in 2003-04, registering a growth of 74 per cent. The public limited company began its operations from Chennai in 1992.

Ma Foi Managing Director and CEO Pandia Rajan said staffing solution was the key growth driver, contributing 79.43 per cent to the overall revenue of the company in the last financial year.

In 2003-04, Ma Foi witnessed a sharp growth in the permanent- and flexi-staffing businesses with maximum revenue contributed by information technology, IT-enabled services verticals followed closely by telecom and consumer and retail business.

Vedior NV, the world's third largest staffing company, recently acquired a 76 per cent stake in Ma Foi for Rs 27 crore, Rajan said. The move will provide the company with Vedior's expertise in international staffing solutions.

Apart from this, Ma Foi's understanding of the Asian market will make it the largest player in the region. Ma Foi will provide Vedior with access to a rapidly growing staffing and business process outsourcing market in India as well as a vital source of highly qualified personnel recognised in international markets.

During the last financial year, the company became India's largest onsite-resourcing company, with over 5,500 deputees located across 344 cities. Around 5,923 job seekers were placed in 2003-04, increasing personnel placements to 31,970 across 27 countries.

The company's human resources consulting division was awarded the Certificate of Merit for Excellence in Consultancy Services by the Consultancy Development Centre (CDC) for the Maharashtra Health Systems Development Program (MHSDP) pilot project.

Ma Foi's executive search division closed the year with successful placement for 56 top management positions, of which 11 were CEOs.

In 2004-05, the company will focus on technology (IT & telecom), life sciences, energy, consumer/retail, health care and education.

The company plans for a smooth transition to an Indian multi-national, showcasing human capital and HR expertise to the world.

As a key strategic initiative for the current year, Ma Foi is all set to launch career skills training, primarily in the information technology, BPO and healthcare sectors. The vision to enhance the employability of personnel is primarily a backward integration measure.

At present, Ma Foi has 35 offices in the country and 4 overseas subsidiaries in London, Dubai, Singapore and Colombo, and over 880 clients, including 124 Fortune 500 Companies.

Ma Foi Management Consultants Asia Pacific Pte Ltd consolidated operations in Singapore by increasing depth in contract staffing through new client acquisitions.

The West Asia subsidiary at Dubai Media City formed an alliance with DULSCO, a Dubai based 65-year old conglomerate with diversified business interests including manpower services, to offer contract staffing services in the UAE market.

During the year, the subsidiary made significant gains in the oil and gas sector.