Firstsource net up by 143% on back of dividend income

Firstsource net up by 143% on back of dividend income
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First Published: Tue, Oct 30 2007. 12 09 AM IST
Updated: Tue, Oct 30 2007. 12 09 AM IST
Mumbai: Business process outsourcing (BPO) firm Firstsource Solutions Ltd recorded net profit of Rs45.6 crore for quarter ending 30 September—a 143% rise from the year-ago period as other income rose. The company had other income of Rs16 crore—up nearly 12 times from the corresponding period, on the back of dividend income from the surplus cash invested and foreign translation gain on the loan book.
Total revenue of the company for the quarter grew by 61.8%, to Rs 296.5 crore. “Growth in profits this quarter has been a combination of continued focus on operational performance and prudent hedging policy,” said Rajesh Subramaniam, chief financial officer, Firstsource Solutions. “Our diversified revenue stream and geographical spread have stood us in good stead.” On 20 September, Firstsource acquired MedAssist Holding Inc., a provider of revenue cycle management services in the health-care industry, in the US. “Strategic acquisition of MedAssist is expected to bring growth in future,” said Ananda Mukerji, managing director and chief executive officer, Firstsource.
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First Published: Tue, Oct 30 2007. 12 09 AM IST