Firstsource Reports 232% Growth In Q1 Profit

MUMBAI: Business process outsourcing firm Firstsource Solutions registered a 232 per cent growth in profit after tax at Rs 44 crore in the first quarter ended June 30, against the same period last fiscal. Total income was Rs 282 crore for the quarter, up 75 per cent over the corresponding period last year. The sequential revenue and profit, however, have been modest with the respective figures witnessing a increase of two per cent and 27 per cent during the June quarter over the previous quarter. Although the company has been on a hiring spree with number of employees increasing from 8,350 in March 2006 to 15,314 in June 2007, the attrition rate was also high at 51 per cent. Firstsource, a pure play BPO unit originally promoted by ICICI Bank, gives customised services to global leaders in banking and finance, telecom, media and healthcare sector.