Kolkata/IBNS: The RP-Sanjiv Goenka Group is adjusting the balance between its offshore and onshore operations to enhance Firstsources profit margins, Chairman Sanjiv Goenka revealed to Moneycontrol on Thursday (Sept. 19).
Goenka mentioned that Firstsource, the groups business process outsourcing firm, is actively seeking acquisition opportunities in both the US and UK, while also introducing value-added services such as Generative AI for its clients.
He further noted that the group-owned Spencers Retail aims to reach break-even by March next year and is planning to shift towards a quick commerce model, offering deliveries within 30 minutes.
When asked about Firstsources offerings for the Australian consumers, Sajiv Goenka told Moneycontrol, Its a small beginning which we hope will become big. We start in Melbourne. Weve been very encouraged by the response of the Melbourne administration, by the Victoria administration and there are a few large corporates headquartered there and we begin with providing services for them.
If we can continue to serve them well, we hope that this will grow. We dont want to restrict it to just one or two clients. We want to take it across all the companies there, he said.
Talking about the investment and job creation, Goenka told Moneycontrol, Weve identified an office in Exhibition Street, which is the main street in the CBD there and to begin with, well create about 500 jobs in Melbourne. But as our business grows, we hope to expand on that.
Speaking on the growth outlook for Firstsource, he said, The US Fed raised rates by 50 basis points, thats a good step. It helps us in certain segments of our business, for example, the mortgage business. What weve adopted for the company are simple building blocks.
Weve built building blocks to grow our margins by 3 percent over the next 30 to 36 months and that is something that we are working on very aggressively, Goenka told Moneycontrol.
Weve invested in good GA and we are beginning to see the results of this investment by way of additional business. We are making inroads into world majors, he added. Were doing well in the healthcare, BFSI, and telecom spaces. Weve made a beginning in the generative AI space. So, were getting into value-added spaces.
Were looking at adding margins. Were looking at adding revenues. So, its about how do we grow the company such that by 2028, we can increase our bottom lines by two and a half times. That is the focus, Goenka said during the interview.
Talking about the companys global expansions, Goenka said, Were expanding within India, South Africa, Australia, the US, and the UK. Were looking at organic plus inorganic. And as we speak, there are multiple opportunities in the inorganic space that were examining. But till they dont happen, they dont.
There are multiple geographies that we are looking at. But US, UK, South Africa, Australia, I think one or two geographies in Latin America. I think were looking at expanding in all these, he told Moneycontrol.
