Mumbai — Shares of Firstsource Solutions fell more than 10% Thursday after the company reported a sharp sequential decline in first-quarter profit and operating margins.
The business process management and technology services provider posted a net profit of Rs 166 crore for the quarter ended June 30, down 19% from Rs 205 crore in the previous quarter, according to a stock exchange filing.
Revenue from operations declined to Rs 2,725 crore from Rs 2,853 crore in the preceding quarter.
Earnings before interest and taxes fell 45.2% sequentially to Rs 337 crore from Rs 615.2 crore. The EBIT margin narrowed to 12.4% from 24%.
Investors reacted negatively to the results, sending Firstsource shares down 10.53% to Rs 303.65 during Thursday’s session.
The stock has declined 3.46% over the past five trading days and more than 22% in the past month. It is also down 4.8% over six months and nearly 9% since the beginning of the year.
Firstsource Solutions, part of the RP-Sanjiv Goenka Group, provides business process management and technology services to clients in several industries.
Its offerings include artificial intelligence-led customer experience services, healthcare support, banking and financial process management, and back-office automation.
The Mumbai-based company operates in markets including India, the United States, the United Kingdom, the Philippines, Mexico and Australia. (Source: IANS)
