Firstsource Solutions' profit rises in a tough quarter

Firstsource Solutions, a business process management (BPM) firm, reported a consolidated profit of Rs 134.5 crore in the first quarter of fiscal year (FY) 2022. It jumped 188 percent sequentially, and was 52 percent more than the profit in the same quarter a year ago.

The company, owned by the RP-Sanjiv Goenka (RPSG) Group, clocked revenue of Rs 1,484.8 crore in the first quarter of FY2022. It was up 1.6 percent sequentially, and 40 percent more than the revenue in the same quarter last year.

"Our systematic focus and investment in sales, account management, digital solutions and skills is seeing encouraging results," said Sanjiv Goenka, Chairman, RPSG Group and Firstsource Solutions.

Firstsource Solutions added 17 new clients in the quarter ended June 2021. Around 52 percent of its revenue comes from the banking, financial services, and insurance industry, which grew marginally (by 0.7 percent) over the previous quarter.

Its revenue from the communication, media and technology industry dropped 3.6 percent sequentially. This segment contributes nearly 20 percent of Firstsource Solutions' revenue.

But, the healthcare segment salvaged the quarter for Firstsource, growing 9.7 percent sequentially. The company added five new healthcare clients.

On July 21, Firstsource announced it will work with patient engagement platform Upfront Healthcare to offer personalised recommendations and communication to patients to improve care facilities and reduce patient fatigue.