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 7,713 Cr.
  • Current Price 111
  • High / Low 126 / 28.6
  • Stock P/E 19.0
  • Book Value 41.4
  • Dividend Yield 2.71 %
  • ROCE 13.7 %
  • ROE 12.2 %
  • Face Value 10.0

Pros

  • Company has been maintaining a healthy dividend payout of 39.73%

Cons

  • Stock is trading at 2.68 times its book value
  • The company has delivered a poor sales growth of 6.20% over past five years.
  • Company has a low return on equity of 13.80% for last 3 years.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
897 919 955 985 967 980 985 1,053 1,080 1,062 1,188 1,365
765 791 822 849 829 814 852 887 916 895 1,000 1,155
Operating Profit 132 128 133 136 138 166 132 167 164 167 188 210
OPM % 15% 14% 14% 14% 14% 17% 13% 16% 15% 16% 16% 15%
Other Income -3 2 1 1 1 -1 8 1 1 -0 2 1
Interest 9 6 6 7 9 13 15 16 14 13 12 13
Depreciation 17 18 18 19 19 44 45 48 47 50 52 51
Profit before tax 104 106 108 111 111 107 81 104 103 103 125 148
Tax % 11% 16% 14% 11% 12% 15% 16% 14% 11% 14% 16% 18%
Net Profit 93 89 93 98 98 91 67 90 92 89 105 121
EPS in Rs 1.35 1.29 1.34 1.42 1.42 1.32 0.97 1.29 1.32 1.28 1.52 1.74

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
1,749 1,971 2,055 2,255 2,819 3,106 3,035 3,217 3,556 3,535 3,826 4,099 4,696
1,562 1,693 1,766 2,059 2,525 2,735 2,645 2,819 3,109 3,064 3,274 3,445 3,967
Operating Profit 187 278 290 196 293 371 390 398 447 471 552 654 729
OPM % 11% 14% 14% 9% 10% 12% 13% 12% 13% 13% 14% 16% 16%
Other Income 71 24 21 39 46 2 7 9 3 5 4 9 4
Interest 111 54 46 69 92 94 80 61 54 53 46 83 53
Depreciation 96 87 89 89 88 76 72 61 59 66 74 185 200
Profit before tax 51 160 175 76 159 203 244 286 337 358 436 394 480
Tax % 39% 15% 20% 18% 8% 5% 4% 9% 17% 9% 13% 14%
Net Profit 31 136 139 62 147 193 234 260 280 327 378 340 407
EPS in Rs 0.72 3.17 3.22 1.44 2.23 2.92 3.52 3.87 4.11 4.76 5.47 4.90 5.86
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0% 32% 37% 51%
Compounded Sales Growth
10 Years:8%
5 Years:6%
3 Years:5%
TTM:18%
Compounded Profit Growth
10 Years:10%
5 Years:8%
3 Years:7%
TTM:17%
Stock Price CAGR
10 Years:19%
5 Years:24%
3 Years:22%
1 Year:218%
Return on Equity
10 Years:12%
5 Years:14%
3 Years:14%
Last Year:12%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
428 429 431 431 658 660 666 673 681 687 691 694 695
Reserves 951 995 992 999 1,056 1,432 1,422 1,104 1,347 1,665 2,030 2,072 2,188
Borrowings 1,395 1,358 1,493 2,112 1,276 1,189 1,031 891 965 667 557 843 1,123
269 218 327 390 382 409 307 286 316 352 352 905 520
Total Liabilities 3,043 3,000 3,243 3,931 3,372 3,689 3,427 2,954 3,309 3,371 3,630 4,514 4,527
2,507 2,248 2,263 2,498 2,514 2,730 2,444 2,022 2,068 2,080 2,223 2,871 2,824
CWIP 7 8 11 9 2 0 8 2 4 2 2 0 0
Investments 2 101 133 80 3 5 73 85 163 34 134 12 83
528 643 836 1,345 853 953 901 845 1,074 1,255 1,271 1,630 1,620
Total Assets 3,043 3,000 3,243 3,931 3,372 3,689 3,427 2,954 3,309 3,371 3,630 4,514 4,527

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
175 172 246 6 199 396 246 297 200 315 400 410
-88 -147 -60 -476 583 -13 -104 -101 -233 96 -203 10
-92 1 17 333 -881 -286 -246 -207 4 -327 -273 -277
Net Cash Flow -6 25 203 -137 -98 96 -105 -11 -30 84 -76 143

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 7% 8% 7% 4% 7% 9% 10% 12% 14% 13% 15% 14%
Debtor Days 50 48 42 57 50 35 35 34 31 39 37 50
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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