Ma Foi Q1 revenue rises
26 July 2003
Chennai: The city-based closely-held Ma Foi Management Consultants, a leading human resource (HR) service provider, has posted a net revenue of Rs 5.44 crore for the first quarter ended 30 June 2003, showing a growth of 60 per cent over the comparable period last year.
During the period under review, Ma Foi forayed into franchisee business, making it the first HR services provider to venture into franchising in India. The company got into the franchisee mode to expand its presence. Ma Foi has signed up two franchisees and is in the process of concluding two more such deals.
The company's staffing solutions division posted a net revenue of Rs 4.05 crore as the number of deputees in telecom, retail and other segments went up to 5,136.
The permanent staffing division closed around 183 database placements vis-à-vis 105 placements made during the same period last year. The turnkey segment recruited over 1,195 personnel with clients in IT-enabled services, education, healthcare and banking and finance industries. On the other hand, the assessment practice business fetched the company an income of Rs 7.44 lakh.
Ma Foi's fully-owned subsidiary, Ma Foi Outsourcing Solutions (MOSL), achieved a net revenue Rs 40.2 lakh. Currently, MOSL has 60 professionals and services over 40 clients and plans to increase capacity to 100 seats by the yearend. MOSL took over the compensation and benefits division of its parent (Ma Foi) so that the later gets a strategic investor and expand its presence in the HR business process outsourcing space.