Calcutta, May 5: Firstsource Solutions Ltd, the BPO company of RP Sanjiv Goenka Group, has recorded a 7.48 per cent growth in consolidated net profit at Rs 279.9 crore for the financial year ended March 31, 2017.

Consolidated net profit stood at Rs 260.4 crore in the previous fiscal.

The company's consolidated revenue from operations for the fiscal under review was up 10.5 per cent to Rs 3,555.6 crore in 2016-17 from Rs 3,217.2 crore a year ago.

However, for the January-March quarter of 2016-17, consolidated net profit fell 15.67 per cent to Rs 65.36 crore from Rs 77.5 crore in the same period last year. Revenue from operations for the fourth quarter grew 2.6 per cent to Rs 892.3 crore from Rs 869.4 crore in the same period a year ago.

"The profit is lower because of forex valuation losses of Rs 35 crore impacted by the Brexit move," Sanjiv Goenka, chairman of RP-Sanjiv Goenka Group and Firstsource Solutions, said in Calcutta on Friday.

The IT company's total debt is $66.25 million and is repaying $11.75 million every quarter.

"Every quarter we are paying the debt and this will continue for the next six to seven quarters, that is assuming we don't take any further debt. However, there could be growth, expansion and further investments which will add to it," said Goenka.

During the fiscal under review, Firstsource Solutions derived 55 per cent revenue from the US, 38 per cent from the UK and 7 per cent from the rest of the world, including India.

Firstsource plans to expand its mortgage services business under ISGN Solutions in the UK. In the US, the mortgage business has been affected after Donald Trump came to power, according to Goenka. The healthcare business, too, has been impacted after Obamacare was repealed.

"However, the businesses are recovering now," he said.

"The growth in the first quarter of the current fiscal year is likely to be muted but the benefits of the contract with Sky will start coming in from the second quarter which will boost growth," Goenka said.

NIIT show

IT company NIIT Technologies today reported a consolidated net profit of Rs 100.3 crore for the fourth quarter ended March 31, 2017, up almost 23 per cent over Rs 81.6 crore in the year-ago period.

The growth came on the back of a one-time settlement from a government contract as well as strong momentum in the banking and financial services and Geographic Information Systems businesses.