Firstsource Solutions Q4FY'24 net profit falls 5.6% to ₹133.5 crore
Upstox
2 min read • Updated: May 3, 2024, 7:13 PM
Summary
Firstsource Solutions reported a 5.6% decline in net profit for Q4FY'24 compared to the same period last year, despite experiencing revenue growth. Net profit stood at ₹133.5 crore, down from ₹141.3 crore. Revenue from operations, however, saw an increase to ₹1669 crore from ₹1556 crore.
RP Sanjiv Goenka Group's business process management services company, Firstsource Solutions Limited, posted a consolidated decline of 5.6% in net profit to ₹133.5 crore for the quarter ended March 2024, compared to ₹141.3 crore registered in the same period last year, despite higher sales.
The BPO firm's revenue from operations for the quarter was ₹1669 crore, against ₹1556 crore in the year-ago quarter. Meanwhile, the company announced the acquisition of Quintessence Business Solutions & Services Private Limited (QBSS), an India-based leader in outsourced Revenue Cycle Management (RCM) services and a technology firm in health services.
The company stated that the deal size will not exceed ₹327.81 crore on an all-cash and debt-free basis. This strategic acquisition strengthens Firstsource's RCM solutions offerings, providing more comprehensive and AI-enabled RCM solutions for health systems, and growing its offshore capabilities, the company said in a statement. Shares of Firstsource Solutions fell 1.4% to close at ₹207.35 a share.
About Firstsource Solutions:
Headquartered in Mumbai, Firstsource Solutions Limited is an Indian business process management company headquartered in Mumbai, India. It is owned by RP-Sanjiv Goenka Group. Firstsource provides business process management in the banking and financial services, customer services, telecom and media, and healthcare sectors.
Shares of Firstsource Solutions closed 1.40% lower at ₹207.35 on NSE.
With inputs from PTI.