Firstsource Solutions Releases Fourth Quarter Earnings Results

Mumbai: Firstsource Solutions Limited (NSE:FSL, BSE:532809), among India’s leading pure-play BPO companies reported its consolidated financial results for the quarter ended December 2009 according to Indian GAAP.

Highlights for the Quarter ended December 31, 2009

• Revenues of USD 101.63 million, up 10.5% Y-o-Y compared to USD 91.97 million for the quarter ended December 2008 and up 0.4% Q-o-Q compared to USD 101.18 million for the quarter ended September 2009.

• Operating EBIT of USD 9.67 million, up 133% Y-o-Y compared to USD 4.15 million for the quarter ended December 2008 and down 4.3% Q-o-Q compared to USD 10.11 million for the quarter ended September 2009

•  Q-o-Q reduction is due to lesser number of working days in the quarter, continuing ramps in the Telecom & Media business unit and lower than expected volumes in Asia Business unit.  

• PAT of USD 6.90 million, up 188.1% Y-o-Y compared to USD 2.39 million for the quarter ended December 2008 and up 14.4% Q-o-Q compared to USD 6.03 million for the quarter ended September 2009.

• Firstsource derived 58% revenue from the US, 28% from UK and 13% from the Domestic market.

• Firstsource derived 22% revenue from BFSI vertical, 40% from Telecoms & Media, 36% from Healthcare and 2% of revenue from others.

• Employee strength at 27,308 as of December 31, 2009 as compared to 26,432 employees on September 30, 2009.