Firstsource Solutions Ltd expects to clock a growth of about 10% in FY11 and expects to improve on that next fiscal. In 2011, for the first three quarters the company grew by about 7-8%. The company is seeing strength in the banking, financial services and insurance vertical, which accounted for 27% of its third-quarter revenue. In 2010, the company won two prominent orders from banks - one with Barclaycard, a unit of Barclays Plc, and the other with Axis Bank.
The company, which has year-to-date operating margins of about 9.6%, expects to end FY11 with operating margins of under 10%. The company has a debt of about $300 million, plans to focus on repaying debt, most of it in the form of foreign currency convertible bonds due December 2012.
