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FIRSTSOURCE SOL. Announces Quarterly Results (3QFY19); Net Profit Down 1.4%

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FIRSTSOURCE SOL. Announces Quarterly Results (3QFY19); Net Profit Down 1.4%
Tue, 5 Feb

FIRSTSOURCE SOL. has announced its results for the quarter ended December 2018. Here is a detailed performance review of the same:

FIRSTSOURCE SOL. Quarterly Financials

No. of Mths
Qtr. Ending
3
Dec-17*
3
Sep-18*
3
Dec-18*
QoQ ChangeYoY Change
Net SalesRs m8,8729,5479,8523.2%11.0%
Other incomeRs m265739.7%-72.9%
TurnoverRs m8,8989,5529,8593.2%10.8%
ExpensesRs m7,7118,2198,4913.3%10.1%
Gross profitRs m1,1611,3281,3612.5%17.2%
DepreciationRs m1721841913.7%11.1%
InterestRs m10465708.4%-32.2%
Profit before taxRs m9121,0841,1072.1%21.4%
TaxRs m-84156126-19.7%
Profit after taxRs m9969289815.7%-1.4%
Gross profit margin%13.113.913.8
Effective tax rate%-9.214.411.4
Net profit margin%11.29.710.0
* 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 11.0% on a year-on-year (YoY) basis. The expenses were up by 10.1% YoY during the same period.
  • The company's operating profit increased by 17.2% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 13.8% in 3QFY19 as against 13.1% in 3QFY18.
  • Depreciation charges increased by 11.1% and finance costs declined by 32.2% YoY, respectively.
  • Other income declined by 72.9% YoY during the quarter.
  • Net profit for the quarter declined by 1.4% YoY. Net profit margins during the quarter declined from 11.2% in 3QFY18 to 10.0% in 3QFY19.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter grew 3.2% on a quarter-on-quarter (QoQ) basis. The expenses were up by 3.3% QoQ during the same period.
  • The company's operating profit declined by 2.5% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 13.8% in 3QFY19 as against 13.9% in 2QFY18.
  • Net profit for the quarter increased by 5.7% QoQ, while net profit margins increased from 9.7% in 2QFY18 to 10.0% in 3QFY19.

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 up from Rs 40.4 to Rs 47.9, registering a Gain of Rs 7.6 or around 18.7%.

Meanwhile, the S&P BSE IT Index is trading at Rs 15,372.8 (down 0.5%). Over the last one year it has moved up from 12,457.9 to 15,372.8, a gain of 2,915 points (up 23.4%).

Overall, the S&P BSE SENSEX is up 5.2% over the year.

Current Valuations

At the current price of Rs 47.9, 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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For the quarter ended September 2018, FIRSTSOURCE SOL. has posted a net profit of Rs 928 m (up 35.0% YoY). Sales on the other hand came in at Rs 10 bn (up 9.4% YoY). Read on for a complete analysis of FIRSTSOURCE SOL.'s quarterly results.

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