Hold Firstsource Solutions; target of Rs 180: ICICI Direct

ICICI Direct's research report on Firstsource Solutions

Firstsource Solutions (FSL) provides business process services to BFSI, Communication, Media, Tech and Healthcare • The company generates 49% revenues from BFSI while healthcare and communication form 30% and 20%, respectively • FSL has witnessed healthy revenue improvement (up 19% YoY in FY21).

Outlook

We maintain HOLD rating. We value FSL at Rs 180 i.e. 19x P/E on FY23E EPS.

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