FIRSTSOURCE SOL. Announces Quarterly Results (2QFY20); Net Profit Down 27.4%

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FIRSTSOURCE SOL. Announces Quarterly Results (2QFY20); Net Profit Down 27.4%
Fri, 8 Nov

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

FIRSTSOURCE SOL. Quarterly Financials

No. of Mths
Qtr. Ending
3
Sep-18*
3
Jun-19*
3
Sep-19*
QoQ ChangeYoY Change
Net SalesRs m9,5479,7989,8490.5%3.2%
Other incomeRs m5-14851570.6%
TurnoverRs m9,5529,7839,9341.5%4.0%
ExpensesRs m8,2198,1408,5254.7%3.7%
Gross profitRs m1,3281,6571,325-20.1%-0.3%
DepreciationRs m1844394553.5%147.0%
InterestRs m6513414810.5%128.0%
Profit before taxRs m1,0841,069806-24.6%-25.6%
TaxRs m156157132-15.8%-15.4%
Profit after taxRs m928912674-26.1%-27.4%
Gross profit margin%13.916.913.4
Effective tax rate%14.414.716.4
Net profit margin%9.79.36.8
* 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 3.2% on a year-on-year (YoY) basis. The expenses were up by 3.7% YoY during the same period.
  • The company's operating profit declined by 0.3% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 13.4% in 2QFY20 as against 13.9% in 2QFY19.
  • Depreciation charges increased by 147.0% and finance costs increased by 128.0% YoY, respectively.
  • Other income increased by 1570.6% YoY during the quarter.
  • Net profit for the quarter declined by 27.4% YoY. Net profit margins during the quarter declined from 9.7% in 2QFY19 to 6.8% in 2QFY20.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 0.5% on a quarter-on-quarter (QoQ) basis. The expenses were up by 4.7% QoQ during the same period.
  • The company's operating profit declined by 20.1% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 13.4% in 2QFY20 as against 16.9% in 1QFY19.
  • Net profit for the quarter declined by 26.1% QoQ, while net profit margins declined from 9.3% in 1QFY19 to 6.8% in 2QFY20.

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

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FIRSTSOURCE SOL. Share Price Performance

Over the last one year,FIRSTSOURCE SOL. share price has moved down from Rs 58.2 to Rs 46.0, registering a Loss of Rs 12.3 or around 21.0%.

Meanwhile, the S&P BSE IT Index is trading at Rs 15,379.8 (down 0.6%). Over the last one year it has moved up from 14,375.1 to 15,379.8, a gain of 1,005 points (up 7.0%).

Overall, the S&P BSE SENSEX is up 15.1% over the year.

Current Valuations

At the current price of Rs 46.0, the price to earnings (P/E) ratio of FIRSTSOURCE SOL. stands at 8.6 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 1.3 times.

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