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Dolat Capital Report
Firstsource Solutions Ltd. reported revenue growth of 5.2% in constant currency terms (our estimate: 5.0% growth) and 3.1% YoY (bulk of it was inorganic).
Key verticals, banking, financial services and insurance and healthcare grew by 6.5% and 5.1% QoQ respectively.
Operating profit margin declined by 70 basis points QoQ at 11.3% (our estimate: 11.5%).
For full year FY23, Firstsource Solutions has guided for revenue growth of 7%-10% in constant currency terms (includes nearly 6% inorganic component), adjusted for expected decline in mortgage origination volumes, that is expected to bottom out by Q2 FY23.
In healthcare business, provider business is expected to revive with re-opening of hospitals and payer business continues to see a healthy pipeline and request for proposals.
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