Firstsource reported net profit of Rs 29 crore for the second quarter ended September 30, 2009 at a yoy rise of 2.8%. Revenues were Rs 488.7 crore as compared to Rs 424.9 crore last year.

On a sequential basis, the net profit was down 23.68 % while revenues were marginally up by 0.8 %.

The company said that the net profit was down sequentially as the June quarter had an unusual income gain on foreign currency convertible bonds (FCCBs) buyback and cancellations of hedges.

“We had a strong quarter both in terms of growth and margins. Even in terms of deal pipeline this quarter has done well. The volume pick that we have seen in the first nine months this year has been better than the first-nine months of last year. In the healthcare segment the total annual contract value of deals that we have closed in the first half has been better than last year,” said Ananda Mukerji, Managing Director and Chief Executive Officer, Firstsource.

Contribution from telecom vertical increased to 38.1%.