Rising BPM star Firstsource's Q3 revenue up 8.2% to ₹8,854 mn
Sanjiv Goenka, Chairman of Firstsource Solution Limited, a global provider of customized Business Process Management (BPM) services and a RP Sanjiv Goenka Group company, after releasing the financial results for the quarter ended December 2016, stated that the company has recorded revenue as high as Rs 8,854 million, which is almost up by 8.2 percent, despite unstable pound records.
While Firstsource Solutions' current- earnings before interest and tax increased by 7.4 percent, generating Rs 916 million, its profit after tax rose by 3.8 percent, resulting in revenue of Rs 700 million.
Not only has the company recorded steady revenue and profit growth in their latest financial year, but has also signed a major extended agreement with Sky - Europe's largest entertainment company and a provider of DTH, mobile and broadband services in the UK. "I am happy to share with you that we have signed a ten year agreement with Sky. As our relationship with Sky spans over one and a half decades, it gives us immense pleasure to be the sole preferred partner in providing customer support services across their TV and broadband estate for another period of ten years," said Goenka while pointing out that another set of 1200 employees, in addition to the existing 4000, will be working on behalf of Sky since March 2017.
For the third quarter of 2015-16, Firstsource solution, which is the third-largest pure play BPO Company in India, derived a whopping 56.2 percent revenue from the US, followed by 37.6 percent from UK, and 6.2 percent from rest of the work, including India. From healthcare, it has derived 35.6 percent revenue, 32.9 percent from Telecom and Media, and 31.2 percent from BSFI. Besides these, they have earned 50.5 percent from Customer Management, 33.0 percent from healthcare, 10.8 percent from collections, and 5.6 percent from the domestic business.
In offshore transactions (India and Philippines), the Q3 annualized attrition has gone down to 37.5 percent from 43.7 percent recorded in the last financial year. In onshore (US and Europe), it has touched 38.2 percent straight from 49.9 percent and in domestic (India and Sri Lanka), it has gone up by 5 percent from last year's 71.7 percent. With 48 centres and over 25,000 employees, the company continues to focus on creating value added services to their clients and build long standing partnerships with them.