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Firstsource reports third quarter fiscal 2019 results

Posted On: 2019-02-04 17:09:58


- Revenues of Rs. 9,852 million; Y-o-Y growth of 11.0%
- EBIT of Rs. 1,170 million; Y-o-Y growth of 18.2%.
- PAT of Rs. 981 million; Y-o-Y growth of 30.0% over Normalized* PAT and degrowth of (-1.4)% over reported PAT

Firstsource Solutions Limited (NSE:FSL, BSE:532809), a global provider of customised Business Process Management (BPM) services and a RP-Sanjiv Goenka Group company, reported its consolidated financial results for the quarter ended December 2018 according to Ind AS.

Financial Highlights for Quarter Ended December 2018:

- Revenues at Rs. 9,852 million, 11.0% Y-o-Y and 3.5% in CC; 3.2% Q-o-Q and 0.9% in CC
- EBIT at Rs. 1,170 million or 11.9% of revenues, 18.2% Y-o-Y; 2.3% Q-o-Q
- PAT at Rs. 981 million or 10.0% of revenues, 30.0% Y-o-Y normalizing* for a one time deferred tax credit of Rs. 241 million in Q3FY2018 on account of reduction in Federal Tax rate in the US and (-1.4)% Y-o-Y on Reported basis; 5.7% Q-o-Q

- By Geography: Firstsource derived 55.2% revenues from the US, 43.8% from the UK and 1.0% from Rest of the World, including India.

- By Vertical: Firstsource derived 34.1% revenues from Healthcare, 28.5% from Telecom & Media, 35.3% from BFSI and 2.1% from other verticals.

- By Segment: Firstsource derived 56.6% revenues from Customer Management, 31.8% from Healthcare and 11.6% from Collections.

- Employee strength was 18,595 as of December 31, 2018, addition of 226 employees in the quarter.

Q3 FY19 annualized attrition (post 180 days):

- Offshore (India and Philippines) - 39.3% compared to 44.8% in Q2 FY19

- Onshore (US and Europe) - 45.8% compared to 54.9% in Q2 FY19

Commenting on the results, Mr. Sanjiv Goenka, Chairman, RP-Sanjiv Goenka Group and Firstsource Solutions said, "It has been a good quarter as business records steady growth through margin expansion and strong revenues. We continue to partner with clients providing them with cuttingedge solutions that deliver differentiated business outcomes."

Shares of FIRSTSOURCE SOLUTIONS LTD. was last trading in BSE at Rs.48.9 as compared to the previous close of Rs. 50.6. The total number of shares traded during the day was 319439 in over 1321 trades.

The stock hit an intraday high of Rs. 51.4 and intraday low of 48.45. The net turnover during the day was Rs. 15788259.


Source: Equity Bulls

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