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January 26, 2010

Firstsource Q3 revenue up 10.5% to INR4.44bn

PAT up 188% on year ago quarter

By CBR Staff Writer

Firstsource Solutions has reported revenues of INR4.9bn for the third quarter of 2009, an increase of 10.5% compared to INR4.44bn for the same period last year. Revenue was up 0.4% sequentially.

For the quarter ended December 31, 2009, the operating EBIT was INR467m, an increase of 133% compared to INR201m for the third quarter of 2008. EBIT down 4.3% on sequential basis. 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.

The company posted a profit after tax (PAT) of INR333m, an increase of 188% compared to INR116m for the same period last year. PAT increased by 14.4% on a sequential basis.

The company has delivered 58% revenue from the US, 28% from UK and 13% from the domestic market. Firstsource’s BFSI vertical delivered a revenue of 22%, telecoms & media delivered 40%, healthcare and others revenue delivered revenue of 36% and 2%, respectively.

Employee strength for the quarter increased to 27,308, compared to 26,432 employees for the same period a year ago.

Ananda Mukerji, MD and 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.”

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