Firstsource Solutions today said it will sell a portion of its domestic business in India to Vertex Customer Management India.
Firstsource Solutions (FSL), India’s one of the leading companies in BPO space, is planning to sell “a portion” of its domestic business in order to improve profitability. In a stock exchange filing on Friday, the RP-Sanjiv Goenka Group company said it has “signed definitive agreements to sell a portion of its India domestic business to Vertex Customer Management India Private Limited”. Closure of this sale was subject to approvals, the company said, without disclosing the details of the pact. Vertex India is an integrated end-to-end solution providers across Business Process Outsourcing (BPO), Customer Management Outsourcing and IT Services, serving host of clients across many sectors, according to the website of the Noida-based company.
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Significantly, announcing FSL’s fourth quarter results in May this year, Group chairman Sanjiv Goenka said the firm was looking to stop making losses in some parts of its businesses. “Some parts of our business is making losses. We cannot carry on funding losses of contracts which had been signed in the past. Bulk of it is stopped, there is still some. Large of these contracts are domestic,” Goenka had said.
During the last fiscal the company posted Rs. 280 crore net profit, registering over 7% year-on-year growth. Its revenues in FY17 rose 10.5% y-o-y at Rs. 3556 crore. The company derives 55% revenues from the US, and around 35% from the UK. On Friday, Firstsource Solutions’ scrip fell 0.57% to end the day at Rs. 34.95 a piece on BSE.