Sanjiv Goenka Group firm Firstsource Solutions' annual profit gallops by 10.5%

Firstsource Solutions Limited, a RP – Sanjiv Goenka Group company, which is a global provider of customized Business process Management (BPM) services announced its consolidated financial results for the quarter and year ended March 2017.

Revenues of the company stood at Rs 35,556 million for the year ended March 2017 – a growth of 10.5 percent over corresponding period of the previous year.

The operating Earnings Before Interest and Taxes (EBIT) was Rs 3790 million for the year ended March 2017 – which is an up by 15.1 percent over corresponding period of the previous year.

The Profit after Tax (PAT) was Rs 2800 million for the year ended March 2017, which was up by 7.5 percent over corresponding period of the previous year.

Firstsource Group USA, wholly owned subsidiary of Firstsource Solutions successfully made the principal repayment of $45 million during the year.

As of March 31, this year, Firstsource derived 55 percent revenues from the US, 38 percent from UK and 7 percent from rest of world including India. The company derived 32 percent revenue from Telecom and Media, 36 percent from healthcare and 32 percent from Banking, Financial Services and Insurance till this year's March.

"We have successfully navigated headwinds and continued our trajectory of growth for the year with revenuesgrowing by 10.5 percent year-over-year (Y-o-Y) and Operating EBIT expanding 15 percent Y-o-Y. The most significant highlight of the year has been the 10-year deal we signed with Sky, one of our long standing clients, making us their only outsourced partner in the UK for TV and broadband customer support services," said Sanjiv Goenka, Chairman, RP-Sanjiv Goenka Group and Firstsource Solutions.

As per the 10-year partnership deal with Sky, Firstsource welcomed 1200 new employees in its Derby site in UK.

The revenue of the last Quarter that ended in March 31, this year, stood at Rs 8923 million which is up by 2.6 percent over corresponding period of the previous year. The Operating EBIT was Rs 880 million, which was down by 10 per cent compared to Rs 978 million for the Quarter ended March 2016.

The PAT was Rs 654 million, which was down by 15.7 percent over corresponding period of the previous year, compared to Rs 775 million for the quarter ended March 2016.