Mumbai, August 6: Firstsource Solutions, an IT company under the RP-Sanjiv Goenka Group, announced its financial results for the first quarter of fiscal year 27 on Thursday. The company’s profit for the April-June period dropped by 19% quarter-on-quarter to ₹166 crore, down from ₹205 crore in the fourth quarter of fiscal year 26.
In the June quarter of fiscal year 27, the company’s operational income increased by 5.5% quarter-on-quarter, reaching ₹2,725 crore, compared to ₹2,583 crore in the March quarter of fiscal year 26.
However, the company’s operating EBITDA fell by 45.2% quarter-on-quarter to ₹337 crore.
The EBIT margin for the first quarter of fiscal year 27 improved by 20 basis points to 12.4%, up from 12.2% in the fourth quarter of fiscal year 26.
Following the results, Firstsource Solutions saw a significant drop in its shares. By 2:30 PM, the stock was trading around ₹296, reflecting a 12% decline. During intraday trading, the stock hit a low of ₹280.30 and a high of ₹339, indicating considerable volatility.
Despite the sharp decline, the stock has delivered a positive return of 19% over the past month. On a semi-annual basis, this figure stands at 3%. However, over the past year, the stock has recorded a negative return of 15%.
In contrast, the Indian stock market is experiencing an upward trend. The Sensex rose by 192 points or 0.30% to 78,817, while the Nifty gained 13 points to reach 24,637.
Banking stocks are leading the market rally, with the Nifty Bank index up by 302 points or 0.50% at 58,033.
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