Firstsource Solutions has announced its third quarter results of FY10. It has reported 14.43% rise in its consolidated net profit of Rs 33.3 crore as against Rs 29.1 crore, on quarter-on-quarter basis (QoQ).
Consolidated net sales increased to Rs 490.9 crore from Rs 488.4 crore (QoQ).
The company reported unimpressive set of numbers with margin fall.
Operating EBIT (earning before interest and tax) was down 4.3% to Rs 46.7 crore and margins declined to 9.5% versus 10.2%.
Quarter-on-quarter 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.
Firstsource derived 58% revenues 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.
Commenting on the performance Ananda Mukerji, MD & CEO, said, “Performance in the year to date continues to be strong. In the nine months of this fiscal we have seen both growth in revenues and improvement in profitability. Telecom has been a particularly strong performing sector as have been the healthcare provider and credit card collections businesses.”
Carl Saldanha, Global CFO, said, “This quarter we have seen a decline in margins both due to seasonal weakness and continuing ramps in a number of business units. We expect margins to recover in the next quarter with positive seasonality and ramps completed
At 09:26 am, the share was trading at Rs 33.55, up Rs 0.35, or 1.05%. The market cap stood at Rs 1,439.72 crore at current market price.
Source: CNBC-TV18Courtesy moneycontrol.com
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