ICICI Direct has given Hold recommendation for Firstsource Solutions with a target price of Rs. 180 in its research report issued on Nov 25, 2021

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).


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

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