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EARNINGS PRESENTATION Q4FY25
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Copyright © 2025 Firstsource. All rights reserved. 2 Disclaimer Certain statements in this presentation concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in BPS market including those factors which may affect our cost advantage, wage increases, our ability to attract and retain highly skilled professionals, time and cost overruns on client contracts, client concentration, our ability to manage ramp-ups and growth, our ability to manage our international operations, reduced demand in our key focus verticals, disruptions in telecom infrastructure and technology, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, performance of our subsidiaries, withdrawal of government fiscal incentives, political instability, legal restrictions on raising capital and acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our industry. Firstsource may, from time to time, make additional written and oral forward-looking statements, including our reports to shareholders. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company.
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Copyright © 2025 Firstsource. All rights reserved. 3 About Us #For clients with trailing 12-months revenue over US$0.25mn *As on 31st March 2025 Established in 2001 Public listing in 2007 Revenues of INR 79.8 Billion (US$944 Million) in FY25 34,651* Firstsourcers Across US, UK, India, Philippines, South Africa, Australia, Mexico, Romania, Trinidad & Turkey 200+ global clients# including Several Fortune 500, FTSE 100 and ASX200 companies Specialized BPS partner Hyper-focused, domain-centric teams with cutting-edge tech, data, and analytics Leaders in chosen verticals Banking & Financial Services, Healthcare, Communications, Media & Technology, Retail and Utilities Deep partnerships with clients Average tenure of top 5 clients is over 20 years Part of RP-Sanjiv Goenka Group Since 2012
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Copyright © 2025 Firstsource. All rights reserved. 4 Part of RP-Sanjiv Goenka Group Committed to powering millions of Indian homes and businesses with reliable electricity through its generation and distribution services A global player and a national leader with portfolio of Carbon Black & Specialty Chemicals Global leader in specialized Business Process Services leveraging hyper-focused, domain-centric teams with cutting-edge tech, data, and analytics to deliver value for over 200 clients Diversified and innovative media company, with music catalogue that spans the gamut from the first recorded Indian songs to the latest hits and a strong video play, spread across making Films, TV serials, OTT series and short video content catering to the youth Nature's Basket is India's finest gourmet retailer with international food products Spencer is an experience led multi-format retailer with varied assortments Too Yumm is a rapidly growing snack brand, captivating consumers with its flavorful and better-for- you snacking Playing in the Personal care category with brands like Naturali and Within Beauty Inspiring communities, unite fans, set new benchmarks, foster championship culture, contribute to the development & growth of sports culture globally Step into a world of unparalleled luxury. Quest, the first of its kind in Eastern India, curates premium experiences that elevate your lifestyle India’s largest producer of rubber & South India’s second largest cultivator of tea Global media organization dedicated to helping its readers succeed big in business through best-in-class storytelling One of India’s new-age and fastest growing Conglomerates Presence in 50+ countries Strong workforce of 50,000+ employees, belonging to different nationalities 100+ offices worldwide * All figures as on FY24 Group turnover of ~US$4.4 Bn* EBITDA of ~US$855 Mn* Asset base of >US$7.3 Bn* Over 1.1 Million Shareholders
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Copyright © 2025 Firstsource. All rights reserved. 5 Our Verticals Banking & Financial Services • Asset Finance • Credit Cards • Mortgages • Retail & SME Banking • FinTech • Health Plans • Healthcare Services • Hospital Providers • Physician Groups • Medical Devices Communications, Media & Technology • Streaming Services, Cable TV • Broadband & Telephony • Consumer Technologies • EdTech • E-Commerce Healthcare Diversified Industries • Utilities • Government Entities • Retail and E-Commerce 1 of Top 2 Broadcasting and media companies in the UK 2 of Top 5 Telecom and broadcasting companies in the US 1,000+ Hospitals in the US 12 of Top 15 Health plans/managed care providers in the US 4 of Top 5 Consumer technology companies in the US 3 of Top 6 Retail banks in the UK 15 of Top 20 Mortgage lenders in the US 6 of Top 10 Credit card issuers in the US 2 of Top 5 Utility companies in the UK 2 of Top 8 Retailers in the UK
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Copyright © 2025 Firstsource. All rights reserved. 6 Our Leadership Team Sundara Sukavanam Head – Enterprise Transformation Office Ritesh Idnani MD & CEO Aftab Javed Chief Human Resources Officer Rajiv Malhotra Head – Europe, Middle East & Africa Arjun Mitra Head – Collections Ashish Chawla Head – CX and Consulting Vivek Sharma Head – CMT, BFS and Emerging Geos Venkatgiri Vandali Head – Healthcare & Lifesciences Hasit Trivedi Chief Digital & AI Officer Sohit Brahmawar Chief Operating Officer Aniket Maindarkar Chief Marketing Officer Dinesh Jain Chief Financial Officer
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Copyright © 2025 Firstsource. All rights reserved. 7 Performance Highlights | Q4FY25
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Copyright © 2025 Firstsource. All rights reserved. 8 Performance Summary | Q4FY25 ₹ 21,615 Million (US$ 250 Million) REVENUE YoY growth of 29.4% YoY constant currency growth of 25.0% QoQ constant currency growth of 2.1% EBIT PROFIT AFTER TAX ₹ 2.28 per share EARNINGS PER SHARE (Diluted) ₹ 2,422 Million (Margin 11.2%) YoY growth of 32.4% YoY margin expansion of 20bps QoQ margin expansion of 10bps ₹ 1,607 Million (Margin 7.4%) YoY growth of 22.6%* QoQ growth of 6.1%* (*normalized for non-recurring items) Q3FY25 at ₹ 2.27 per share Q4FY24 at ₹ 1.90 per share
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Copyright © 2025 Firstsource. All rights reserved. 9 Performance Summary | FY25 ₹ 79,803 Million (US$ 944 Million) REVENUE YoY growth of 25.9% YoY constant currency growth of 22.6% EBIT PROFIT AFTER TAX ₹ 8.42 per share EARNINGS PER SHARE (Diluted) ₹ 8,806 Million (Margin 11.0%) YoY growth of 26.5% YoY margin flat ₹ 5,945 Million (Margin 7.4%) YoY growth of 21.7%* (*normalized for non-recurring items) FY24 at ₹ 7.34 per share
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Copyright © 2025 Firstsource. All rights reserved. 10 Key Deal Wins | Q4FY25 • Secured a multi-year BPaaS deal from a leading managed care provider in North America, a new logo for us • Selected by a global leader in financial technology solutions in the US for CX services • Won business from a trusted provider of employee benefits and pensions administration service in the UK for transforming their contact center operations • One of the Top10 healthcare payers in North America, an existing client, selected us for ensuring accuracy and compliance of claims processing • Expanded our relationship with one of leading media and entertainment companies in the UK by growing nearshore footprint for customer support • Chosen by a US based national payer federation to elevate member and provider experiences and improve care outcomes • An established physician network in the US selected us for tech-enabled eligibility services
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Copyright © 2025 Firstsource. All rights reserved. 11 Total headcount Attrition* *For employees in employment for more than 180 days • Total headcount of 34,651 employees • QoQ net headcount addition of 507 • YoY net headcount addition of 6,711 • TTM employee attrition at 29.8% • 46.4% of employees are women 27,940 29,231 32,898 34,144 34,651 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 35.4% 31.8% 30.6% 31.4% 29.8% Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Employee Base | Q4FY25 Recognized among the Top50 India’s Best Workplaces 'Building a Culture of Innovation by All - 2025’ (Large Category) by Great Place To Work®
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Copyright © 2025 Firstsource. All rights reserved. 12 Awards & Recognitions | Q4FY25 Firstsource recognized as an ‘Industry Mover’ and in Top 5% of S&P Global CSA score; Included in S&P Sustainability Yearbook, for second consecutive year Firstsource rated a ‘B’ in the CDP Climate Change disclosure 2025 Received Silver rating, and recognized as a Leader in Carbon Management Firstsource recognized as ‘Front Runners’ in Generative AI in Healthcare Payer by Everest Group Ranked in the top 35% of all firms evaluated on their Gen AI scale, use cases, partnerships, and value delivered The report highlights Firstsource's AI platform & strong domain expertise as key to identifying use cases across segments Read report
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Copyright © 2025 Firstsource. All rights reserved. 13 Business Outlook | FY26 12-15% constant currency revenue growth 11.25-12.0% EBIT margin
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Copyright © 2025 Firstsource. All rights reserved. 14 Factsheet
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Copyright © 2025 Firstsource. All rights reserved. 15 In ₹ million Q4FY24 FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 QoQ YoY FY25 YoY Income from services 16,693 63,325 17,839 19,326 20,879 21,678 3.8% 29.9% 79,721 25.9% Other operating income 12 37 72 (72) 145 (63) - - 82 121.1% Revenue from operations 16,705 63,362 17,911 19,254 21,024 21,615 2.8% 29.4% 79,803 25.9% Revenue from operations (USD Mn) $ 201 $ 765 $ 215 $230 $249 $250 0.4% 24.3% $944 23.3% QoQ Growth % - constant currency 4.2% - 6.5% 6.9% 7.6% 2.1% - - - - YoY Growth % - constant currency 4.5% 1.1% 14.8% 22.7% 27.7% 25.0% - - 22.6% 22.6% Manpower expenses 10,558 39,093 11,268 12,104 13,070 13,515 3.4% 28.0% 49,958 27.8% Operating expenses 3,643 14,705 3,944 4,277* 4,777 4,771 -0.1% 31.0% 17,769 20.8% EBITDA 2,503 9,564 2,699 2,873 3,177 3,328 4.8% 33.0% 12,076 26.3% EBITDA margin 15.0% 15.1% 15.1% 14.9% 15.1% 15.4% 30bp 40bp 15.1% - Depreciation & amortization 673 2,602 729 792 844 906 7.3% 34.6% 3,270 25.7% EBIT 1,830 6,962 1,970 2,081* 2,333 2,422 3.8% 32.4% 8,806 26.5% EBIT margin 11.0% 11.0% 11.0% 10.8% 11.1% 11.2% 10bp 20bp 11.0% - Other income / (expense) 3 296 (11) (40) (39) (14) - - (104) -134.9% Interest expense, net (240) (962) (287) (330) (375) (391) 4.3% 62.9% (1,383) 43.8% Exceptional items, net income - - - - 88 - - - 88 - Profit before taxes 1,593 6,296 1,673 1,710 2,007 2,017 0.5% 26.6% 7,407 17.6% Taxes and minority interest 258 1,150 320 328 404 410 1.7% 59.0% 1,462 27.2% Profit after tax 1,335 5,147 1,353 1,382 1,603 1,607 0.2% 20.4% 5,945 15.5% Net margin 8.0% 8.1% 7.6% 7.2% 7.6% 7.4% -20bp -60bp 7.4% -70bp Diluted EPS (₹/share) 1.90 7.34 1.92 1.96 2.27 2.28 0.4% 20.0% 8.42 14.7% *include one-time charges Cons. IndAS financials | Profit & Loss Statement
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Copyright © 2025 Firstsource. All rights reserved. 16 Cons. IndAS financials | Balance Sheet In ₹ million As on 31-Mar-24 As on 31-Mar-25 Equity and liabilities Shareholder's Funds Equity share capital 6,970 6,970 Reserve and surplus 30,034 34,006 Non-controlling interest 4 4 Total Equity 37,008 40,980 Non-current liabilities Financial liabilities Long-term borrowings - 3,419 Lease liabilities 5,714 8,070 Other financial liabilities - 580 Provisions 188 241 Deferred tax liabilities 1,470 1,645 Total non-current liabilities 7,372 13,955 Current liabilities Financial Liabilities Short-term and other borrowings 8,049 11,908 Trade payables 3,056 3,976 Lease liabilities 1,496 2,296 Other financial liabilities 2,047 4,209 Other current liabilities 1,057 1,106 Provisions 467 643 Provision for tax (net) 205 149 Total current liabilities 16,376 24,287 Total liabilities 60,756 79,222 In ₹ million As on 31-Mar-24 As on 31-Mar-25 Assets Non-current assets Fixed assets 2,461 4,502 Right-of-use assets 6,355 9,126 Goodwill on consolidation 29,885 36,799 Investment in associates 0 0 Financial assets Investments 115 115 Other financial assets 777 1,026 Deferred tax assets 2,921 2,735 Income tax assets (net) 809 714 Other non-current assets 2,086 1,965 Total non-current assets 45,409 56,982 Current assets Financial assets Current investments 300 616 Trade receivables 11,608 16,860 Cash and cash equivalents 1,748 1,542 Other balances with bank 137 128 Other financial assets 68 206 Other current assets 1,486 2,888 Total current assets 15,347 22,240 Total assets 60,756 79,222
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Copyright © 2025 Firstsource. All rights reserved. 17 In ₹ million Year ended Mar 31, 2024 Year ended Mar 31, 2025 Cash flow from operating activities Net profit before taxation and non controlling interest 6,297 7,407 Depreciation and amortization 2,602 3,270 Finance costs (for borrowing & lease liabilities) 1,034 1,479 Exceptional items, net - (88) Adjustment: Non-cash expense/(other income) (363) 1,106 Add: Working capital changes (2,411) (4,944) Less: Income taxes paid (718) (1,219) Net cash generated from/(used in) operating activities (A) 6,441 7,011 Cash flow from investing activities Capital expenditure, net (850) (2,236) Interest income received 10 27 (Increase)/decrease in current investments 357 (160) Redemption of short-term fixed deposits (33) 1 Acquisition of business - (5,099) Earmarked balances with banks (64) 9 Net cash generated from/(used in) investing activities (B) (580) (7,459) Cash Flow from financing activities Net change in borrowings (283) 6,787 Net interest paid (1,011) (1,579) Payment of lease liabilities (1,410) (1,636) Purchase of treasury shares, net 59 (362) Purchase of non controlling interest in subsidiary (583) (225) Dividend paid (2,406) (2,759) Net cash generated from/(used in) financing activities (C) (5,635) 226 Net increase/(decrease) in cash and cash equivalents (A+B+C) 226 (222) Cash and cash equivalents at the beginning of the period 1,515 1,748 Foreign exchange (loss)/gain on translating cash and cash equivalents 6 16 Closing cash and cash equivalents 1,748 1,542 Current investments 300 616 Cash and cash equivalents including investments 2,048 2,158 Cons. IndAS financials | Cash Flow Statement
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Copyright © 2025 Firstsource. All rights reserved. 18 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Revenue by Vertical Banking & Financial Services 40.3% 40.8% 40.8% 38.3% 37.3% 36.4% 34.4% 32.4% 33.4% Healthcare 33.2% 32.6% 32.7% 33.5% 32.9% 35.7% 36.3% 34.0% 33.8% Communications, Media & Tech 22.3% 21.8% 21.2% 22.5% 23.6% 22.3% 21.3% 20.3% 21.0% Diverse Industries 4.2% 4.8% 5.3% 5.7% 6.2% 5.6% 8.0% 13.3% 11.8% Revenue by Geography North America 63.3% 63.5% 65.1% 65.4% 65.0% 68.2% 68.5% 66.3% 67.7% Europe, Middle East, and Africa 36.3% 36.4% 34.8% 34.5% 34.9% 31.8% 31.4% 33.4% 31.5% Rest of World 0.4% 0.1% 0.1% 0.1% 0.1% 0.0% 0.1% 0.3% 0.8% Revenue by Delivery Offshore & Nearshore 24.6% 25.6% 26.7% 30.3% 31.4% 35.0% 35.8% 40.1% 37.8% Onshore 75.4% 74.4% 73.3% 69.7% 68.6% 65.0% 64.2% 59.9% 62.2% New Logos# New logos added (during the quarter) 9 10 12 10 9 10 13 13 7 Client Concentration Top 5 clients (share of total revenues) 37.4% 37.2% 35.0% 35.8% 36.7% 34.6% 32.5% 29.0% 29.3% Top 10 clients (share of total revenues) 53.6% 52.7% 51.3% 52.0% 52.6% 51.5% 48.6% 43.4% 43.7% Client Distribution# US$ 1m+ clients (nos.) 99 98 101 104 103 100 105 107 116 US$ 5m+ clients (nos.) 28 24 24 25 25 25 26 28 30 US$ 10m+ clients (nos.) 11 14 13 13 13 13 13 14 15 US$ 20m+ clients (nos.) 7 9 8 8 8 9 11 10 10 US$ 50m+ clients (nos.) 2 2 2 2 2 2 2 2 2 Revenue by Currency USD 62.2% 63.2% 65.0% 64.9% 64.8% 67.9% 68.2% 64.9% 65.7% GBP 37.0% 36.3% 34.3% 34.4% 34.4% 31.4% 30.9% 34.2% 32.7% Others 0.9% 0.5% 0.7% 0.7% 0.8% 0.7% 0.9% 0.9% 1.6% Employee Metrices Total employees (period-end) 23,018 22,384 23,953 25,947 27,940 29,231 32,898 34,144 34,651 Net addition (609) (634) 1,569 1,994 1,993 1,291 3,667 1,246 507 Attrition* (TTM) 43.5% 41.7% 39.8% 37.7% 35.4% 31.8% 30.6% 31.4% 29.8% * For employees in employment for more than 180 days | # Excludes Ascensos Operating Metrices | Q4FY25
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Copyright © 2025 Firstsource. All rights reserved. 19 Annexure
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Copyright © 2025 Firstsource. All rights reserved. 20 Financial performance snapshot | FY25 Revenue Revenue (in ₹ million) (in $ million) EBIT and Margin (%) PAT and Margin (%) 3,778 3,397 3,617 5,374 5,137 5,147 5,945 9.9% 8.3% 7.1% 9.1% 8.5% 8.1% 7.4% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 FY19 FY20 FY21 FY22 FY23 FY24 FY25 PAT PAT Margin (%) 2.0% 1.1% 548 578 685 795 750 765 944 FY19 FY20 FY21 FY22 FY23 FY24 FY25 YoY constant currency revenue growth YoY US$ revenue growth (in ₹ million) (in ₹ million) 6.6% 5.6% 17.9% 18.5% 14.6% 16.0% -1.1% -5.7% 7.1% 23.9% 16.6% 1.7% 5.2% 38,263 40,986 50,780 59,212 60,223 63,362 79,803 FY19 FY20 FY21 FY22 FY23 FY24 FY25 4,610 4,437 5,979 7,105 5,633 6,962 8,806 12.0% 10.8% 11.8% 12.0% 9.4% 11.0% 11.0% 0.0 % 2.0 % 4.0 % 6.0 % 8.0 % 10. 0% 12. 0% - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 FY19 FY20 FY21 FY22 FY23 FY24 FY25 EBIT EBIT Margin (%) YoY INR revenue growth Note: FY25 EBIT margin was 11.1%, adjusted for one-time charges related to acquisitions in Q2FY25 Note: FY25 PAT includes one-time gain of ₹ 88mn in Q3FY25 23.3% 22.6% 25.9%
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Copyright © 2025 Firstsource. All rights reserved. 21 3,885 6,526 3,846 8,013 6,159 6,001 13,169 FY19 FY20 FY21 FY22 FY23 FY24 9MFY25 Key performance indicators | FY25 4,000 4,104 8,921 7,870 7,634 6,441 7,011 2,913 3,156 7,225 7,141 7,119 5,590 4,775 FY19 FY20 FY21 FY22 FY23 FY24 FY25 13.9% 12.3% 12.9% 17.7% 15.3% 13.9% 14.5% FY19 FY20 FY21 FY22 FY23 FY24 FY25 14.1% 12.3% 17.6% 17.6% 13.4% 15.4% 15.6% FY19 FY20 FY21 FY22 FY23 FY24 FY25 Long term Debt including current maturities Short term Debt Net DebtOperating Cash Flow Free Cash Flow (in ₹ million) (in ₹ million) Return on Equity (%) Return on Capital Employed (%) Cash Flow Debt Position 187 92 1,678 3,147 2,999 1,376 3,419 5,390 8,341 4,367 6,950 5,271 6,673 11,908 FY19 FY20 FY21 FY22 FY23 FY24 FY25FY20 FY21 FY22 FY23 FY24FY19 FY25
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Copyright © 2025 Firstsource. All rights reserved. 22 Total Shareholder Return | Trailing 5 years Total Shareholders Return (including dividends) of ~10x in past 5 years Based on closing prices as of 25th April 2025 Apr-20 Oct-20 Apr-21 Oct-21 Apr-22 Oct-22 Apr-23 Oct-23 Apr-24 Oct-24 Apr-25 FSL, 936% NSE IT, 177%
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