Firstsource Solutions Ltd

About [ edit ]

Firstsource Solutions Limited is a leading player in the Business Process Management (BPM) industry. Part of the RP-Sanjiv Goenka Group, Firstsource provides bespoke services and solutions to its customers across Banking and Financial Services, Healthcare, Communications, Media and Technology and other diverse industries. It serves to 100+ global clients from 36 delivery centres across four geographies – US, UK, Philippines and India. #

Key Points [ edit ]
  • Market Cap 8,712 Cr.
  • Current Price 125
  • High / Low 134 / 28.6
  • Stock P/E 23.8
  • Book Value 31.2
  • Dividend Yield 2.40 %
  • ROCE 18.9 %
  • ROE 17.3 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 20.17% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 73.90%

Cons

  • Stock is trading at 4.01 times its book value
  • Tax rate seems low
  • Company has a low return on equity of 11.40% for last 3 years.
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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
202 192 191 183 208 221 252 260 251 300 368 406
142 143 139 158 138 170 180 184 166 189 225 252
Operating Profit 61 49 52 25 70 50 71 76 84 111 143 154
OPM % 30% 26% 27% 14% 34% 23% 28% 29% 34% 37% 39% 38%
Other Income 2 3 4 53 5 5 14 8 5 7 7 9
Interest 0 0 0 0 3 4 5 4 4 4 4 4
Depreciation 6 6 6 7 16 17 18 19 19 20 20 21
Profit before tax 57 46 49 71 55 34 62 61 67 94 127 138
Tax % 18% 12% 7% 7% 11% 12% 16% 16% 9% 11% 15% 17%
Net Profit 47 40 46 66 49 30 52 51 61 84 107 115
EPS in Rs 0.68 0.58 0.66 0.95 0.70 0.43 0.76 0.74 0.88 1.21 1.54 1.65

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
662 703 754 881 917 914 875 940 861 768 940 1,325
541 605 688 745 727 706 676 710 627 581 672 833
Operating Profit 121 98 66 136 190 208 198 230 235 187 268 492
OPM % 18% 14% 9% 15% 21% 23% 23% 24% 27% 24% 28% 37%
Other Income 28 56 102 93 15 19 18 15 13 62 31 28
Interest 35 27 66 53 18 21 9 7 7 2 16 15
Depreciation 52 57 60 58 53 46 32 19 22 24 71 80
Profit before tax 62 70 42 117 134 160 176 219 219 223 212 425
Tax % -8% 5% -8% 0% 0% -2% 14% 14% 12% 11% 14% 14%
Net Profit 67 66 45 117 134 164 151 188 192 199 182 367
EPS in Rs 1.57 1.54 1.05 1.78 2.04 2.46 2.25 2.77 2.80 2.88 2.62 5.27
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 54% 69% 95% 57%
Compounded Sales Growth
10 Years:7%
5 Years:9%
3 Years:15%
TTM:41%
Compounded Profit Growth
10 Years:21%
5 Years:20%
3 Years:25%
TTM:107%
Stock Price CAGR
10 Years:22%
5 Years:27%
3 Years:21%
1 Year:314%
Return on Equity
10 Years:10%
5 Years:11%
3 Years:11%
Last Year:17%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
429 431 431 658 660 666 673 681 687 691 694 696
Reserves 560 492 449 575 720 962 1,100 1,318 1,448 1,588 1,371 1,476
Borrowings 1,206 1,335 1,196 120 194 235 193 186 16 11 175 241
75 194 217 268 195 100 91 83 98 81 126 216
Total Liabilities 2,270 2,452 2,293 1,620 1,769 1,963 2,056 2,268 2,249 2,372 2,366 2,629
111 157 137 96 86 58 39 55 56 72 249 291
CWIP 6 0 2 2 0 0 1 2 0 0 0 0
Investments 1,111 1,105 1,192 1,169 1,173 1,246 1,268 1,345 1,219 1,316 1,199 1,287
1,042 1,189 963 354 510 658 748 866 974 984 918 1,051
Total Assets 2,270 2,452 2,293 1,620 1,769 1,963 2,056 2,268 2,249 2,372 2,366 2,629

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
157 78 92 330 -17 51 77 78 41 222 388 418
-88 28 222 600 0 -51 -21 -105 124 -106 78 -148
-73 29 -395 -970 20 -3 -45 6 -166 -117 -433 -307
Net Cash Flow -3 136 -82 -41 3 -3 10 -21 -1 -1 33 -36

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
ROCE % 4% 4% 5% 10% 10% 10% 9% 11% 10% 10% 10% 19%
Debtor Days 55 79 75 34 74 93 133 144 239 206 145 143
Inventory Turnover

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
54.32 54.17 54.13 54.12 53.96 53.95 53.92 53.90 53.89 53.82 53.77 53.72
10.86 12.87 11.34 9.84 9.35 10.19 9.44 9.52 8.07 7.17 8.34 10.45
8.71 9.04 8.94 9.14 10.61 10.88 11.58 12.36 12.68 13.96 15.83 14.31
26.11 23.92 25.59 26.90 26.07 24.98 25.06 23.85 23.37 22.85 19.69 19.08
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.36 2.00 2.19 2.37 2.44

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