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RP-Sanjiv Goenka group company Firstsource Solutions has reported a 46.4 per cent rise in net profit for the fourth quarter ended March 31, 2014, as it moved out of several non-profitable contracts.
The back-office company recorded a net profit of ₹58.8 crore in Q4, as against ₹40.2 crore in the corresponding year-ago period.
Revenue went up by 11.7 per cent to ₹796.2 crore (₹712.5 crore).
“A conscious decision to terminate non-profitable accounts will yield benefit in the ensuing year. As we step into fiscal 2015, our focus continues to be on profitability and margin accretive growth,” said Sanjiv Goenka, Chairman of the Mumbai-headquartered firm. In the process, the company’s headcount came down by 4,200 to 27,666, at Q4 end. The company shut down its delivery centres in Vashi (Navi Mumbai) and Coimbatore, even as it added a new one in the Philippines.
For the full year ended March 31, 2014, the company’s net profit rose by 31.6 per cent to ₹193 crore, while revenue went up by 10.2 per cent to ₹3,106 crore.
The Firstsource scrip ended 2.5 per cent higher to close at ₹32.8 on the Bombay Stock Exchange today.
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