ICICI Direct: De-Growth In Top Client Impacts Firstsource Solutions’ Revenues  
An employee talks through a headset while working at the Avise Techno Solutions LLP call center in Kolkata, India. (Photograph Taylor Weidman/Bloomberg)

ICICI Direct: De-Growth In Top Client Impacts Firstsource Solutions’ Revenues  


BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Direct Report

Firstsource Solutions Ltd. reported 5.6% QoQ decline in reported dollar revenues, 4.3% QoQ decline in constant currency terms.

The revenue decline was mainly due to 36.3% QoQ fall in top client partly offset by 13.0% QoQ increase in top two-five clients.

Vertical wise, communications media and tech declined 33.2% QoQ mainly due to decline in top client, partly offset by 13.0% QoQ growth in banking and financial services and insurance clients.

Ebit margin improved 20 basis points QoQ to 11.0%. Going forward, the company expects revenues to improve and has guided for 6%-10% YoY growth in FY21E revenues in constant currency terms. The company also expects operating margins in the range of 11.0%-11.5%.

Click on the attachment to read the full report:

ICICI Direct Firstsource Company Update.pdf


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