FIRSTSOURCE SOL. Announces Quarterly Results (1QFY20); Net Profit Up 2.9%

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FIRSTSOURCE SOL. Announces Quarterly Results (1QFY20); Net Profit Up 2.9%
Mon, 5 Aug

FIRSTSOURCE SOL. has announced its results for the quarter ended June 2019. Here is a detailed performance review of the same:

FIRSTSOURCE SOL. Quarterly Financials

No. of Mths
Qtr. Ending
3
Jun-18*
3
Mar-19*
3
Jun-19*
QoQ ChangeYoY Change
Net SalesRs m9,1919,6729,7981.3%6.6%
Other incomeRs m1710-14-242.6%-186.5%
TurnoverRs m9,2089,6829,7831.0%6.3%
ExpensesRs m7,9108,2888,140-1.8%2.9%
Gross profitRs m1,2811,3841,65719.7%29.3%
DepreciationRs m180190439131.6%144.2%
InterestRs m629213445.4%114.7%
Profit before taxRs m1,0551,1121,069-3.9%1.3%
TaxRs m16913015721.0%-7.1%
Profit after taxRs m886982912-7.2%2.9%
Gross profit margin%13.914.316.9
Effective tax rate%16.011.714.7
Net profit margin%9.610.19.3
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The company's operating income during the quarter grew 6.6% on a year-on-year (YoY) basis. The expenses were up by 2.9% YoY during the same period.
  • The company's operating profit increased by 29.3% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 16.9% in 1QFY20 as against 13.9% in 1QFY19.
  • Depreciation charges increased by 144.2% and finance costs increased by 114.7% YoY, respectively.
  • Other income declined by 186.5% YoY during the quarter.
  • Net profit for the quarter increased by 2.9% YoY. Net profit margins during the quarter declined from 9.6% in 1QFY19 to 9.3% in 1QFY20.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 1.3% on a quarter-on-quarter (QoQ) basis. The expenses were down by 1.8% QoQ during the same period.
  • The company's operating profit increased by 19.7% QoQ during the quarter. Consequently, operating profit margins witnessed a growth and stood at 16.9% in 1QFY20 as against 14.3% in 4QFY19.
  • Net profit for the quarter declined by 7.2% QoQ, while net profit margins declined from 10.1% in 4QFY19 to 9.3% in 1QFY20.

To see how FIRSTSOURCE SOL. has performed over the last eight quarters,please visit here.

FIRSTSOURCE SOL. Share Price Performance

Over the last one year,FIRSTSOURCE SOL. share price has moved down from Rs 73.1 to Rs 47.0, registering a Loss of Rs 26.2 or around 35.8%.

Meanwhile, the S&P BSE IT Index is trading at Rs 15,627.6 (up 0.6%). Over the last one year it has moved up from 14,604.4 to 15,627.6, a gain of 1,023 points (up 7.0%).

Overall, the S&P BSE SENSEX is down 1.8% over the year.

Current Valuations

At the current price of Rs 47.0, the price to earnings (P/E) ratio of FIRSTSOURCE SOL. stands at 8.2 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 1.3 times.

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