The Hindu Business Line : Ma Foi targets Rs 500-cr turnover

Coimbatore, Aug. 7 Staffing and HR services provider Ma Foi Management Consultants Ltd is targeting a turnover of Rs 500 crore this year against Rs 328 crore last year.

Its Managing Director, Mr K. Pandia Rajan, said the company would strengthen the depth of its international offices. “We have about 150 people working in our international offices, contributing to about 10 per cent of our revenue. We are aiming to reach 30 per cent over the next two years,” he told Business Line.

The company has over the years expanded its operations from 15 to 97 offices, of which 14 are located outside the country. It recently commenced operations in Shanghai. By opening yet another branch in Dubai, Ma Foi took the total count of its offices in the Gulf region to five.

“The move is aimed at servicing the increasing assignments and recruitments in that region. There is a boom in the banking, energy and infrastructure space. Our revenue from servicing clients in this space jumped by 4 per cent last year. We are expecting the same growth this year too,” Mr Pandiarajan said.

Emphasising the need for creating talent rather than developing talent Mr Pandiarajan said industries would have to work with educational institutions to groom talent pool.

Performance

The company has declared topline growth of 36 per cent during the first half of this year. Gross revenues for the six-months ended June 2007 stood at Rs 195.51 crore (Rs 144.65 crore), while the net revenue grew by 46 per cent to Rs 63.49 crore (Rs 43.53 crore).

During the first six months, 7,479 permanent placements were executed, increasing the total number of people placed to over 147,922 across 34 countries. Banking, energy and infrastructure, IT and ITES, and manufacturing were the major contributors to the revenues, Mr Pandiarajan said.

He also noted that the Public Systems Practices was gaining ground with large assignments being implemented in West Bengal, Rajasthan, Tamil Nadu and Uttarakhand. ‘State governments are now seeking the services of recruitment companies, not for filling up core governmental positions but for placing rural development professionals. We have signed up with 8 State governments. Over 50,000 recruitments have happened in the last one year,” he added.

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