BPO player Firstsource Solutions Ltd. announced its fiscal 2010-11 results reporting revenues of Rs.490 crore at a yoy growth of 1.3%  while sequentially it is seen at a decline of 3.2%.

The company’s operating EBIT stood at Rs.46.8 crore which is down 0.7% on a yearly comparison and down 6.6% on a sequential basis.

The company attributed the sequential drop to normal seasonality fall off in BFSI Collections business as well as to volume reduction and weaker pound sterling (GBP).

The PAT was at Rs.32.1 crore at a yearly fall of 15.6% compared to Rs.38 crore a year ago. The previous quarter PAT was at Rs.35.6 crore.

The company’s main revenues came from USA (62%) followed by UK (27%) and 11 % from APAC including India. Revenues from Telecoms & Media industry stood at 37%.

Commenting on the performance Matthew Vallance, MD & CEO said, “We have had good operational performance in what is for us a seasonally weak quarter and we are on course to achieve our growth targets. While the business environment across our verticals continues to improve, opposing pressures are at play: an element of uncertainty persists in the global outlook while at the same time, cost pressures and increasing regulatory requirements are driving demand for outsourcing. Our deepening focus and capabilities in our chosen businesses is steadily paying good dividends as far as client mindshare goes.”

“Being chairman of Firstsource for the last eight years has been an extremely rewarding experience”, said Dr. Ashok Ganguly. “I had the opportunity to look closely at one of India’s most dynamic, emerging sectors and to interact with a new generation of business leaders. However, my becoming a Member of Parliament in the Rajya Sabha makes it difficult for me to devote the time and attention that is needed to discharge my responsibilities as Chairman of a publicly listed global company. I wish the new team and particularly Matthew Vallance, the new MD & CEO the very best in the years ahead.”