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Dolat Capital Report
Firstsource Solutions Ltd. reported growth of 0.2% QoQ in constant currency terms (our estimate: 2.0%) due to 8.3% QoQ decline in banking, financial services business as result of deteriorating, and weaker than expected macro environment of high interest rates and inflation, adversely affecting collections and refinancing volumes.
FY23 guidance was downgraded further to -2% -0% YoY growth in CC terms from 2-4% CC in Q1, due to worsening macro environment.
On an organic basis and excluding acquisition, guidance is 12-14% CC growth. Operating profit margin rose marginally by 48 bps QoQ at 8.4% (our estimate: 9.3%), due to weak revenues.
For FY23, Firstsource Solutions' management has guided OPM margins in range of 9-9.5% downgrading from 10%-10.5% as expressed in Q1 FY23.
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