New Delhi, May 11 (PTI) Business process management firm Startek on Tuesday reported narrowing of its loss to USD 12.2 million in the first quarter ended on March 31, 2021.

The company, which has nearly 50 per cent of its employee base in India, had posted a loss of USD 26.6 million in the same period a year ago.

Net loss in the first quarter of 2021 reflects a one-time charge related to expenses associated with the debt refinancing the company completed in February 2021, Startek said in a statement.

"Even though the first quarter typically represents a seasonally soft period for our business, we generated year-over-year growth across all financial metrics. In addition to an increase in net revenue, we generated strong expansion across gross profit, gross margin and adjusted EBITDA, which also benefited from continued grants from some governments during the quarter," Startek executive chairman and global CEO Aparup Sengupta said in the statement.

The company's net revenue grew marginally to USD 163.1 million during the reported quarter compared to USD 160.9 million it recorded in the corresponding quarter of 2020.

“With certain geographies still heavily impacted by the pandemic, as well as the uneven pace of recovery and vaccine access around the world, we have focused on keeping our agents safe while flexibly addressing our clients' evolving needs. About 65 per cent of our global team is currently working remotely, and we have diligently ensured that they have the resources they need to complete their work," Sengupta said.

The company has global workforce of around 40,000 people, of which 18,000 are in India across tier 1, 2 and 3 towns.

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