ICICI Direct has given Hold recommendation for Firstsource Solutions with a target price of Rs. 127 in its research report issued on May 09, 2022

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 70% revenues from the US and 27% from the UK • FSL is a domain driven BPM company, which has 150+ clients, including 17 Fortune 500 companies and nine FTSE 100 companies. The company has 26,557 employees across the US, UK, India and Philippines.


We continue to maintain our HOLD rating. We value FSL at Rs 127 i.e. 14x P/E on FY24E.

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