GLOBAL Business Process Outsourcer, Firstsource Solutions has reported its consolidated financial results for the quarter ending September 2014 according to Indian GAAP.

The company, which is one of Northern Ireland’s largest private sector employers, operates across three sites in Belfast and Derry/Londonderry and employs over 2,000 people.

Highlights for the quarter include a PAT growth (profit after tax growth) of $10 million, which is an increase of 36.8% Y-o-Y compared to €7m for the quarter ending September 2013.

Commenting on the results, Sanjiv Goenka, Chairman, RP-Sanjiv Goenka Group and Firstsource, said:

“I am delighted with the progress that Firstsource has made demonstrating a 36.8% net profit growth year on year. This fiscal the company has signed significant new business wins, which will translate into revenues over ensuing quarters. The investment into Analytics strengthens our capabilities to provide valuable insights to our clients. The focus on profitable margin growth and customer satisfaction continues as we deliver value to our clients.”

The company’s strong performance was bolstered further in its partnership with giffgaff with two award wins for Best Outsourced Customer Service Team and Best Business Process Outsourcing Team at the National Outsourcing Association’s (NOA) Outsourcing Professional Awards 2014.

Firstsource is one of the leading contact centre providers in the UK, offering a range of customer-facing services for leading brands in the telecom, media, banking & finance and healthcare industries. Services include customer acquisition, customer care, technical support, transaction processing and collections, web-chat, online forums and social media.

 Highlights for the Quarter ended September 30, 2014:

• Revenues of $ 128million, up 2.4% Q-o-Q compared to $ 124million for the quarter ended June 2014and down 2.1% Y-o-Y compared to $ 130million for the quarter ended September 2013.
• Operating EBIT (earnings before interest and tax) of $ 13million, up 2.2% Q-o-Q compared to$ 12million for the quarter ended June 2014and up 11.7% Y-o-Y compared to$ 11million for the quarter ended September 2013.
• PAT (profit after tax) of $ 10million, up 15.0% Q-o-Q compared to $ 9million for the quarter ended June 2014and up 36.8% Y-o-Y compared to $ 7million for the quarter ended September 2013.
• Cash position is at$ 30
• Employee strength at 26,923 as of September 30, 2014. Reduction of 224 employees in the quarter.
• As of September 30, 2014, Firstsource derived 47% revenues from the US, 36% from UK and 17% from Rest of World, including India.
• As of September 30, 2014, Firstsource derived 46% revenues from Telecom & Media, 34% from Healthcare, 20% from BFSI.

Key Company Highlights during the Quarter:

• New Business:
  • Firstsource reported additional wins of approx. USD45MN ACV (annual contract value) in this quarter across the business verticals with existing and new customers. This includes the entry and cross selling of Customer Management services into the Healthcare vertical in the US.
• Firstsource made a strategic investment in NanoBI, Bangalore based analytic company.
• Firstsource launched WF Suite, the fifth productized solution that encompasses Consulting, Managed Services and Capability Development.
• Added a new center in Louisville as a result of a significant contract expansion with a leading US telecommunications company.
• MedAssist, Firstsource’s Provider business earned for the seventh consecutive year the HFMA Peer Review Designation.
• Debt repayment:
  • Firstsource Group USA, wholly owned subsidiary of Firstsource Solutions successfully made its sixth quarterly principal repayment of USD11.25million on its outstanding debt on Sept. 30th, 2014.
• Awards & Recognitions:
  • Received two awards for: “Best Outsourced Customer Service Team” and “Best Business Process Outsourcing ”at National Outsourcing Association’s Outsourcing Professional Awards (Global) in partnership with Giffgaff.
  • Retained 7th position in the Top 15 BPM Exporters rankings released by NASSCOM for 2014.

Financial Highlights for Half Year ended September 2014:

• Revenues at $ 252million for the half year ended September 2014, a growth of 1.3% over corresponding period of the previous year.
• Operating EBIT of $ 25million for the half year ended September 2014, up 16.1% over corresponding period of the previous year.
• Profit after tax $ 19million for the half year ended September 2014, up 33.4% over corresponding period of the previous year.
• The YTD ACV (annual contract value) wins across business verticals is USD 51million net of client consolidation.