Firstsource Solutions Ltd

About

Firstsource Solutions is engaged in the business of providing customer management services like contact center, transaction processing and debt collection services including revenue cycle management in the healthcare industry.

  • Market Cap 5,500 Cr.
  • Current Price 79.1
  • High / Low 80.0 / 20.1
  • Stock P/E 14.7
  • Book Value 41.5
  • Dividend Yield 3.16 %
  • ROCE 13.7 %
  • ROE 12.2 %
  • Face Value 10.0

Pros

  • Stock is providing a good dividend yield of 3.16%.
  • Company has been maintaining a healthy dividend payout of 39.73%

Cons

  • The company has delivered a poor growth of 6.20% over past five years.
  • Tax rate seems low
  • 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

Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020
887 897 919 955 985 967 980 985 1,053 1,080 1,062 1,188
771 765 791 822 849 829 814 852 887 916 895 1,000
Operating Profit 116 132 128 133 136 138 166 132 167 164 167 188
OPM % 13% 15% 14% 14% 14% 14% 17% 13% 16% 15% 16% 16%
Other Income 3 -3 2 1 1 1 -1 8 1 1 -0 2
Interest 10 9 6 6 7 9 13 15 16 14 13 12
Depreciation 17 17 18 18 19 19 44 45 48 47 50 52
Profit before tax 91 104 106 108 111 111 107 81 104 103 103 125
Tax % -9% 11% 16% 14% 11% 12% 15% 16% 14% 11% 14% 16%
Net Profit 100 93 89 93 98 98 91 67 90 92 89 105
EPS in Rs 1.45 1.35 1.29 1.34 1.42 1.42 1.32 0.97 1.29 1.32 1.28 1.52
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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 4,384
1,562 1,693 1,766 2,059 2,525 2,735 2,645 2,819 3,109 3,064 3,274 3,445 3,699
Operating Profit 187 278 290 196 293 371 390 398 447 471 552 654 685
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 56
Depreciation 96 87 89 89 88 76 72 61 59 66 74 185 198
Profit before tax 51 160 175 76 159 203 244 286 337 358 436 394 436
Tax % 39% 15% 20% 18% 8% 5% 4% 9% 17% 9% 13% 14%
Net Profit 31 136 139 62 147 193 234 260 280 327 378 340 375
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 5.41
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:12%
Compounded Profit Growth
10 Years:10%
5 Years:8%
3 Years:7%
TTM:6%
Stock Price CAGR
10 Years:14%
5 Years:13%
3 Years:25%
1 Year:92%
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

Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020
54.57 54.47 54.32 54.17 54.13 54.12 53.96 53.95 53.92 53.90 53.89 53.82
5.93 7.64 10.86 12.87 11.34 9.84 9.35 10.19 9.44 9.52 8.07 7.17
6.24 7.14 8.71 9.04 8.94 9.14 10.61 10.88 11.58 12.36 12.68 13.96
33.25 30.75 26.11 23.92 25.59 26.90 26.07 24.98 25.06 23.85 23.37 22.85
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.36 2.00 2.19

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