Firstsource Solutions Q4FY'24 Net Income Declines 5.6%

RP Sanjiv Goenka Groups business process management services company, Firstsource Solutions Limited, posted a consolidated decline of 5.6 per cent in net profit to Rs 133.5 crore for the quarter ended March 2024, compared to Rs 141.3 crore registered in the same period last year, despite higher sales.

RP Sanjiv Goenka Group's business process management services company, Firstsource Solutions Limited, posted a consolidated decline of 5.6 per cent in net profit to Rs 133.5 crore for the quarter ended March 2024, compared to Rs 141.3 crore registered in the same period last year, despite higher sales. The BPO firm's revenue from operations for the quarter was Rs 1669 crore, against Rs 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 Rs 327.81 crore on 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 per cent to close at Rs 207.35 a share.

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