Staffing solutions help Ma Foi post gross revenue of Rs 39 crore
20 October 2003
Chennai: Ma Foi Management Consultants, the city-based human resource service provider, closed the first half of the current fiscal with a gross revenue of Rs 39.08 crore as against Rs 18.30 crore posted for the corresponding period last year.
The key driver of this sharp growth has been the upswing in the staffing solutions business — both permanent placement and flexi-staffing. Ma Foi placed 2,974 personnel during this period, capitalising on the buoyancy in the IT-enabled services (ITES), IT, insurance, consumer/retail and auto-component sectors.
With need for specialist flexible staffing growing, Ma Foi currently has 5,124 deputees spread across 275 locations in India. A significant innovation has been to package the staffing solutions offering with psychometric assessment to enhance better job fitness and employee retention.
Ma Foi emerged as the first HR company in India to foray into franchising its business in 10 locations — Trichy, Madurai, Pondicherry, Coimbatore, Hosur, Thiruvananthapuram, Ernakulam, Mangalore, Mysore and Bhubaneshwar — in the first phase. This strategy leads to greater geographical coverage (besides 13 locations presently serviced through own offices) that is crucial in effective deputee servicing and sourcing talent for ITES space.
Ma Foi's 100-per cent domestic subsidiary, Ma Foi Outsourcing Solutions, earned Rs 80.07 lakh while the foreign subsidiaries netted Rs 70.85 lakh for the period under review.