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Dolat Capital Report
Firstsource Solutions Ltd. reported revenue growth of 0.5% in constant currency terms (our estimate: 0.9%) led by softness in top client (down 6.2% QoQ) and banking, financial services and insurance vertical (down 0.5% QoQ).
Operating profit margin declined 25 basis points QoQ at 12.1% (our estimate: 12.4%) largely due to increase in depreciation expense (up 9.4% QoQ) while the operating expenses grew in-line with revenues (up 1.5% QoQ).
The company has retained the revenue growth guidance at 15%-18% in CC terms and operating profit margin band of 11.8%-12.3%.
Firstsource Solutions expect steady momentum across vertical while healthcare-provider segment would be key driver for growth in FY22 as opening-up in U.S. market would drive sharp recovery.
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