BackFirstsource Solutions Q1 profit up 29.7%
Net profit in the April-June quarter rose 29.7% to `53.2 crore, from `41.05 crore in the year-ago period
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Mumbai: Firstsource Solutions Ltd, a Mumbai-based outsourcing company, on Wednesday said net profit in the April-June quarter rose 29.7% to ₹ 53.2 crore, from ₹ 41.05 crore in the year-ago period.
However, on a sequential basis, net profit fell 9.5% from ₹ 58.8 crore in the quarter ended 31 March, due to a fifth quarterly debt repayment in the June quarter.
Firstsource’s revenues rose 5.1% to ₹ 755 crore from ₹ 719.12 crore a year earlier. On a sequential basis, revenues declined 5.1% from ₹ 796.2 crore in the March quarter.
Operating Ebit (earnings before interest and tax) at ₹ 75.5 crore was up by 21% year-on-year from ₹ 62.4 crore in the quarter ended June 2013. On a sequential basis, operating Ebit was down by 6.6% from ₹ 80.8 crore in the quarter ended March 2014.
“Both Ebit and PAT (profit after tax) margins expanded by 1.3% on year-on-year basis," the company said in its media release.
Wholly-owned subsidiary Firstsource Group USA Inc. made its fifth quarterly debt repayment of $11.25 million towards its outstanding debt on 30 June.
The company’s cash as of 30 June is ₹ 210 crore.
In the quarter, Firstsource reduced the number of employees by 519, taking the total employee strength to 27,147 employees as of 30 June.
The company said that it signed deals worth $36 million in annual contract value across business verticals.
At 2pm, the company’s shares fell 2.08% to ₹ 37.70 apiece on BSE, while the exchange’s benchmark Sensex declined 0.78% to 25,692.54 points.
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