Stock FSL FIRSTSOURCE SOLUTIONS LIMITED
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Financials Firstsource Solutions Limited Bombay S.E.

Equities

FSL

INE684F01012

Business Support Services

Delayed Bombay S.E.
Other stock markets
 03:55:25 2024-04-29 am EDT 		5-day change 1st Jan Change
216.4 INR -0.60% Intraday chart for Firstsource Solutions Limited +8.31% +17.10%
Apr. 17 Boise Cascade Company : Wood is your best bet Our Logo
Apr. 01 Firstsource Solutions Limited Announces Resignation of Pratip Chaudhuri as Independent Director CI

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 32,446 19,046 78,926 85,320 72,085 149,918 - -
Enterprise Value (EV) 1 36,214 19,046 82,766 92,689 77,600 153,999 151,785 146,784
P/E ratio 8.57 x 5.61 x 22.2 x 16.4 x 14.4 x 29.3 x 23.8 x 20 x
Yield 4.26% 9.11% 2.63% 2.8% 3.32% 1.86% 2.09% 2.47%
Capitalization / Revenue 0.85 x 0.46 x 1.57 x 1.45 x 1.2 x 2.38 x 2.15 x 1.93 x
EV / Revenue 0.95 x 0.46 x 1.64 x 1.58 x 1.3 x 2.44 x 2.18 x 1.89 x
EV / EBITDA 6.76 x 3.03 x 10.3 x 9.66 x 10.3 x 16 x 13.5 x 11.6 x
EV / FCF 13.1 x 6.03 x 10.3 x 15 x 10.5 x 26.7 x 21.6 x 18.6 x
FCF Yield 7.63% 16.6% 9.7% 6.67% 9.55% 3.75% 4.63% 5.38%
Price to Book 1.19 x - - 2.91 x 2.18 x 4.42 x 4.15 x 3.76 x
Nbr of stocks (in thousands) 691,065 693,827 692,943 682,288 683,270 688,328 - -
Reference price 2 46.95 27.45 113.9 125.0 105.5 217.8 217.8 217.8
Announcement Date 5/6/19 5/26/20 5/11/21 5/5/22 5/4/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 38,263 40,986 50,327 58,657 59,859 63,073 69,735 77,746
EBITDA 1 5,355 6,289 8,042 9,599 7,537 9,604 11,207 12,659
EBIT 1 4,610 4,437 5,979 7,105 4,906 6,991 8,344 9,594
Operating Margin 12.05% 10.83% 11.88% 12.11% 8.2% 11.08% 11.97% 12.34%
Earnings before Tax (EBT) 1 4,359 3,942 4,318 6,471 6,152 6,422 8,017 9,459
Net income 1 3,778 3,397 3,617 5,374 5,137 5,189 6,486 7,602
Net margin 9.87% 8.29% 7.19% 9.16% 8.58% 8.23% 9.3% 9.78%
EPS 2 5.480 4.890 5.130 7.620 7.320 7.433 9.167 10.91
Free Cash Flow 1 2,763 3,156 8,025 6,185 7,414 5,774 7,026 7,904
FCF margin 7.22% 7.7% 15.95% 10.54% 12.39% 9.15% 10.08% 10.17%
FCF Conversion (EBITDA) 51.6% 50.19% 99.78% 64.44% 98.37% 60.12% 62.7% 62.44%
FCF Conversion (Net income) 73.14% 92.92% 221.87% 115.1% 144.32% 111.29% 108.34% 103.97%
Dividend per Share 2 2.000 2.500 3.000 3.500 3.500 4.050 4.560 5.381
Announcement Date 5/6/19 5/26/20 5/11/21 5/5/22 5/4/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 13,652 14,496 14,780 14,182 14,456 15,239 14,524 14,735 15,033 15,566 15,267 15,536 15,725 16,487
EBITDA 1 2,103 2,342 2,383 2,388 2,379 2,448 1,810 1,917 2,097 2,437 2,402 2,439 2,379 2,526
EBIT 1 1,590 1,809 1,800 1,791 1,762 1,751 1,171 1,254 1,409 1,795 1,789 1,802 1,681 1,841
Operating Margin 11.65% 12.48% 12.18% 12.63% 12.19% 11.49% 8.06% 8.51% 9.38% 11.53% 11.72% 11.6% 10.69% 11.16%
Earnings before Tax (EBT) 1 1,476 553.4 - 1,644 - - 1,048 1,549 1,837 1,719 1,553 1,639 1,489 1,662
Net income 1 1,210 466.8 - 1,350 1,355 1,324 850.9 1,294 1,579 1,413 1,260 1,331 1,222 1,376
Net margin 8.87% 3.22% - 9.52% 9.37% 8.69% 5.86% 8.78% 10.51% 9.08% 8.25% 8.57% 7.77% 8.35%
EPS 2 1.720 0.6600 - - 1.920 1.880 1.210 1.840 2.250 2.020 1.800 1.900 1.760 1.957
Dividend per Share - - - - - - - - - - - - - -
Announcement Date 2/9/21 5/11/21 7/29/21 11/10/21 2/4/22 5/5/22 8/3/22 11/2/22 2/2/23 5/4/23 8/2/23 - - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 3,768 - 3,839 7,369 5,515 4,081 1,867 -
Net Cash position 1 - - - - - - - 3,134
Leverage (Debt/EBITDA) 0.7037 x - 0.4774 x 0.7678 x 0.7317 x 0.4249 x 0.1666 x -
Free Cash Flow 1 2,763 3,156 8,025 6,185 7,414 5,774 7,026 7,904
ROE (net income / shareholders' equity) 14.9% 12.4% 13% 18.4% 16.1% 14.8% 16.6% 18.5%
ROA (Net income/ Total Assets) - - - - - - - -
Assets 1 - - - - - - - -
Book Value Per Share 2 39.40 - - 43.00 48.30 49.20 52.50 57.90
Cash Flow per Share - - - - - - - -
Capex 1 1,088 946 1,731 850 536 1,625 1,871 2,127
Capex / Sales 2.84% 2.31% 3.44% 1.45% 0.9% 2.58% 2.68% 2.74%
Announcement Date 5/6/19 5/26/20 5/11/21 5/5/22 5/4/23 - - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Firstsource Solutions Limited

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
9
Last Close Price
217.8 INR
Average target price
225 INR
Spread / Average Target
+3.31%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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