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Dolat Capital Report
Firstsource Solutions Ltd. reported revenue growth of 1.4% in constant currency terms (our estimate: 0.8% growth) and 4.9% YoY (out of which 4% was inorganic growth).
Healthcare vertical grew by 3.7% QoQ, however, banking and financial services declined 8% QoQ organically. Operating profit margin declined by 50 basis points QoQ at 12% (our estimate: 11.5%).
Firstsource Solutions has cut its revenue growth guidance to 14%-14.5% from 14.5% to 15.5% in CC terms (despite further inorganic boost of about 280 bps from American Recovery Services Inc integration effective December 2021).
The cut is largely due to softness in mortgage business (slowdown in re-financing volumes) and volume impact accentuated by increased absenteeism.
Operating profit margin band is revised down at 11.8%-12% (earlier 11.8-12.3%) because of need for talent investments.
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