4th February 2020

To: National Stock Exchange Limited (Scrip Code: FSL) Exchange Plaza, Plot no. C/ 1, G Block, Bandra-Kurla Complex• Bandra (East), Mumbai - 400 051

of India BSE Limited (Scrip Code: 532809) Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001

Dear Madam/ Sir,

Sub: Declaration of Audited Standalone and Consolidated financial results for the quarter ended 31st December 2019 (03 FY2019-20) and Outcome of the Board Meeting

We wish to inform you that the Board of Directors of the Company at their meeting held today i.e. 4th February 2020, interalia approved the following:

1. The Audited Standalone and Consolidated financial Results for the quarter ended 31st December 2019, copies of which are enclosed herewith along with copies of Auditors' Reports thereon.
1. Re-appointment of Ms. Grace Koshie as an Independent Director of the Company for a period of three (3) consecutive years effective from 9th February 2020.

The Meeting commenced at I \ ~ ^¼'i° ⁰ ."".and concluded at c, \: 3 o f . ""' .

We request you to take the above on record.

Thanking you,

For Firstsource ~ions Limited

Poo~~ Company Secretary & Compliance Officer L=l'..~L-· ~ ~ L ct_

FIRSTSOURCE SOLUTIONS LTD.,

Paradigm B, 5th Floor, Mindspace, New Link Road, Malad (Wl, Mumbai - 400 064. India. Tel: +91 22 6666 0888 I Fax: +9122 6666 0887 I Web: www.firstsource.com

Deloitte Chartered Accountants Haskins & Sells LLP

!ndiabulls Finance Centre Tower 3, z7•h_3z"" Floor Senapati Bapat Marg Elphinstone Road (West) Mumbai - 400 01 3 Maharashtra, India

Tel: +91 22 6185 4000 Fax: +91 22 6185 4001

INDEPENDENT AUDITOR'S REPORT ON AUDIT OF INTERIM CONSOLIDATED FINANCIAL RES UL TS

TO THE BOARD OF DIRECTORS OF FIRSTSOURCE SOLUTIONS LIMITED

Opinion

We have audited the accompanying Statement of Consolidated Financial Results of Firstsource Solut ions Limited (the 'Company') and its subsidiaries (the Company and its subsidiaries together referred to as the 'Group'), and its share of the net profit after tax and total comprehensive income of its associate company for the quarter and nine months ended 31 December 2019 (the 'Statement') being submitted by the Group pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the 'Listing Regulations').

In our opinion and to the best of our information and according to the explanations given to us, the Consolidated Financial Results:

(i) include the results of the following entities:

Subsidiaries:

1. Firstsource Group USA, Inc.
1. Firstsource Solutions UK Limited
1. Firstsource Solutions S.A.
1. Firstsource Advantage LLC
5- Firstsource Business Process Services, LLC
1. Firstsource Transaction Services LLC
1. Firstsource Process Management Services Limited
1. Firstsource BPO Ireland Limited
1. Firstsource Dialog Solutions (Private) Limited
1. One Advantage LLC
1. MedAssist Holdings LLC
1. Firstsource Solutions USA, LLC
1. Sourcepoint, Inc.
1. Sourcepoint Fulfillment Services, Inc.
1. ISGN Fulfillment Agency, LLC (upto 24 June 2019)

Associate:

1. Nanobi Data and Analytics Private Limited
(ii) are presented in accordance with the requirements of Regulation 33 of the Listing Regulations; and
(iii) give a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standard 34 'Interim Financial Reporting' ('Ind AS 34') and other accounting principles generally accepted in India of the consolidated net profit and consolidated total comprehensive income and other financial information of the Group for the quarter and nine months ended 31 December 2019.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ('SAs') specified under Section 143(10) of the Companies Act, 2013 ('the Act'). Our responsibil ities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Results section of our report. We are independent of the Group and its associate in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ('ICAI') together with the ethical requirements that are relevant to our audit of the Consolidated Financial Results under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

Management's Responsibilities for the Consolidated Financial Results

This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been compiled from the related audited condensed consolidated financial statements. The Company's Board of Directors is responsible for the preparation and presentation of the Consolidated Financial Results that give a true and fair view of the consolidated net profit and consolidated other comprehensive income and other financial information of the Group including its associate in accordance with the recognition and measurement principles laid down in the Ind AS 34, prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations.

The respective Boards of Directors of the companies included in the Group and of its associate are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and its associate and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the respective financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of these Consolidated Financial Results by the Directors of the Company, as aforesaid.

In preparing the Consolidated Financial Results, the respective Boards of Directors of the companies included in the Group and of its associate are responsible for assessing the ability of the respective entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Boards of Directors either intend to liquidate their respective entities or to cease operations, or has no realistic alternative but to do so.

The respective Boards of Directors of the companies included in the Group and of its associate are also responsible for overseeing the financial reporting process of the Group and of its associate.

Auditor's Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Consolidated Financial Results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the Consolidated Financial Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its associate to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Consolidated Financial Results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and its associate to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the Consolidated Financial Results, including the disclosures, and whether the Consolidated Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial results of entities within the Group and its associate to express an opinion on the Consolidated Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of entities included in the Consolidated Financial Results of which we are the independent auditors. For the associate included in the Consolidated Financial Results, which has been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

Materiality is the magnitude of misstatements in the Consolidated Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Consolidated Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Consolidated Financial Results.

We communicate with those charged with governance of the Company and such other entities included in the Consolidated Financial Results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matters

The consolidated financial results also includes the Group's share of profit after tax oft Nil million (less than'{ 0.01 million) and'{ 0.01 million for the quarter and nine months ended 31 December 2019 respectively and total comprehensive income oft Nil million (less than t 0.01 million) and t 0.01 million for the quarter and nine months ended 31 December 2019, as considered in the Statement, in respect of an associate whose interim financial information have not been audited by us. This financial information is unaudited and has been furnished to us by the Management and our opinion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this associate, is based solely on such unaudited interim financial information. In our opinion and according to the information and explanations given to us by the Board of Directors of the Company, this interim financial information is not material to the Group.

Our opinion on the Statement is not modified in respect of the above matter with respect to our reliance on the interim financial information certified by the Board of the Directors of the Company.

For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018)

Sanjiv V. Pilgaonkar Partner (Membership No.39826) (UDIN: !?J..D() :3't8 ~6AAAAAU l) 804 )

Kolkata, 4 February 2020

Firstsource Solutions Limited

AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31 , 2019

CIN: L64202MH2001PLC134147

Registered office: 5th Floor, Paradigm 'B' wing, Mindspace, Link Road, Malad (West), Mumbai 400 064

Tel: + 91 22 66660888 Fax:+ 91 22 6666 0887 web: www.firstsource.com, email:[email protected]

(Rs. in millions, except per share data and per equily data)
		Quarter ended		Nine months ended	Year ended
	December 31	Seotember 30	December 31	December 31	December 31	March 31
	2019	2019	2018	2019	2018	2019
Particulars	(Audited)	(Audited)	(Audited)	(Audited)	(Audited)	(Audited)

Income
Revenue from operations	10,445.84	9,7 14.65	9, 723. 13	29,829.29	28, 224.92	37,867.07
Other operating income, net	88.94	134.43	129.29	352.37	366.03	395.70
Other income	12.36	84.53	7.07	82.49	28.77	38.87
Total income	10,547.14	9,933.61	9,859.49	30,264.15	28,619.72	38,301.64
Expenses
Employee benefils expense	7,052.70	6,721 .51	6, 564.72	20,385.53	19,228.32	25,572.59
Depreciation and amortisation	484.31	45464	190 79	1,37828	554.69	744.35
Finance costs	158.61	148. 10	70 .40	440. 74	197.80	290.00
Other expenses	1,815.73	1,803.05	1,926.65	5,1 48.50	5,392.13	7,335.5 1
Total expenses	9,511.35	9,127.30	8,752.56	27,353.05	25,372.94	33,942.45

Profit before tax and share in net profit I
(loss) of associate	1,035.79	806.31	1,106.93	2,911.10	3,246.78	4,359.19
Share in net profit/ (loss) of associate	-	-	-	0.01	(0.01)	(0.01 )
Profit before tax	1,035.79	806.31	1,106.93	2,911.11	3,246.77	4,359.18
Tax expense
Current tax	112.73	70.53	75.71	253.80	339.80	343.63
Deferred tax	27.64	61 .89	49.95	176.24	111.65	237.78
Net profit after tax	895.42	673.89	981.27	2,481.07	2,795.32	3,777.77
Other comprehensive income, net of taxes	(249.91)	278.56	160.13	19.78	945.31	967,01
Total comprehensive income	645.51	952.45	1,141.40	2,500.85	3,740.63	4,744.78

Profit attributable to:
Owners of the equity	895.40	673.90	981.28 (001)	2,481.09	2,795.43	3,777.86
Non - controlling interest	0.02	(0.01) 673.89	981.27	(0.02) 2,481.07	(0.11}	(0.09)
Total comprehensive income attributable to:	895.42				2,795.32	3,777.77
Owners of the equity	645.41	952.43	1,142.13	2,500.92	3,741.55	4,745.45
Non - controlling interest	0.10	0.02	(0.73)	(0.07)	(0.92)	(0.67)
	645.51	952.45	1,141.40	2,500.85	3,740.63	4,744.78

Paid-up equity share capital (Face value per share of Rs 10)	6,935.70	6,932.01	6,908.52	6,935.70	6,908.52	6, 910.65
Other Equity	-	-	~	-	-	20,296.61
Earning per share (Rs) : {Face value per share of Rs 10)
-Basic	1.29	0.97	1.42	3.58	4.06	5.48
-Diluted	1.29	0.97	1.41	3.57	4.02	5.45

Notes to financials results :

The audiled consolidated financial statements for the quarter and nine months ended December 31 , 2019 have been taken on record by the Board of Directors at its meeting held on February 4, 2020. The statutory auditors have expressed an unmodified audit opinion. The informalion presented above is extracted from the audited consolidated financial statements. These financial statements are prepared in accordance with the Indian Accounting Standard (Ind AS} as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016.
During the nine months ended December 31 , 2019, 2,504,811 equity shares were issued pursuant to exercise of stock options under the Employee Stock Option Scheme of the Company.
Effective April 1, 2019 (date of initial application), the Group has adopted the Indian Accounting Standard 116 on Leases (lnd AS 116), notified by the Ministry of Corporate Affairs, which replaces the existing lease standard Indian Accounting Standard 17 on Leases (Ind AS 17). The Group has applied the standard to all !ease contracts existing on April 1, 2019 retrospectively with the cumulative effect of initially applying the standard recognised as an adjustment to Retained Earnings at the date of initial application.

Firstsource Solutions Limited AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 201 9

						(Rs in millions)
4. Standalone Information (Audited)
Particulars		Quarter ended		Nine months ended	Year ended
	December 31	September 30	December31	December31	December 31	March 31 2019
	2019	2019	2018	2019	2018
Total income	2,654.70	2 252.13	1,949.80	7,029.76	5,942.54	8,300.29
Net profit before taxation	621 .65	341.49	490.70	1,509.11	1,519.71	2,228.73
Net profit after taxation and before other comprehensive
income	524.38	300. 17	456.04	1,310.15	1 330.35	1,990.21

5. Segment Reporting - Consolidated audited (Rs in millions) Quarter ended Nine months ended Year ended Particulars December31 September 30 December 31 December 31 December31 March 31 2019 2019 2018 2019 2018 2019 (Audited\ (Audited) /Auditedl f Auditedl /Audited) (Audited) Segment revenue a) Customer management 3,974.93 3,849.22 4,574.36 12,108.87 13,429.02 17,911.03 b) Healthcare 3,386.04 3,346.88 3,338.13 9,970.55 9,867.22 13,094.80 c) Collections 1,101.87 1,045.07 883.62 3,208.53 2,536.31 3,536.29 d) Mortgage 1,983.00 1 473.48 927.02 4,541.34 2,392.37 3,324.95 Total 10,445.84 9,714.65 9,723.13 29,829.29 28,224.92 37,867.07 less: Inter-segment revenue - - - - - - Net segment revenue 10,445.84 9,71 4.65 9,723.13 29,829.29 28,224.92 37,867.07 Segment results before tax and finance costs a) Customer management 495.32 446.15 658.32 1,411 .51 1,829.01 2,405.76 b) Healthcare 738.76 596.15 496.42 1,990.32 1,799.00 2,501.27 c) Collections 155.15 142.47 125.12 475.13 409.82 617.83 d) Mortgage 274.41 225.19 118.67 615.76 245.08 360.06 Total 1,663.64 1,409.96 1,398.53 4,492.72 4,282.91 5,884.92 i) Finance costs (158.61) (148.10) (70.40) {440.74) (197.80) (290.00) ii) Other unallocable expenditure net of unallocable income {469.24) (455.55) (221 .20) (1 ,140.88) (838.33) (1,235.73) iii) Share in net profit I (loss) of associate - - - 0.01 10.01) l0.01) Profit before tax and other comprehensive income 1,035.79 806.31 1,106.93 2,911.11 3,246.77 4,359.18 Segment assets a) Customer management 8,657.90 8,585.00 6,707.24 8,657.90 6,707.24 6,563.37 b) Healthcare 21,208.05 21,568.24 19,073.47 21,208.05 19,073.47 19,063.83 c) Collections 3,788.01 3,680.45 3,012.73 3,788.01 3,01 2.73 3,069.14 d) Mortgage 3,616.40 2,990.1 1 1,585.38 3,616.40 1,585.38 1,636.69 el Unallocable 5, 877.85 5,770.35 5,590.38 5 877.85 5,590.38 6 424.44 43,148.21 42,594.1 5 35,969.20 43,148.21 35,969.20 36,757.47 Segment liabilities a) Customer management 9,554.77 9,897.61 7,894.37 9,554.77 7,894.37 7,349.10 b) Healthcare 2,614.37 2,652.46 739.15 2,614.37 739.15 801 .88 c) Collections 747.41 761 .01 224.09 747.41 224.09 287. 54 d) Mortgage 1,493.69 1,277.17 170.80 1,493.69 170.80 180.02 el Unallocable 999.27 916.73 746.76 999.27 746.76 925.78 15,409.51 15,504.98 9,775.17 15,409.51 9,775.17 9, 544.32

Note on segment information

Business segments

Operating segments are defined as components of an enterprise for which discrete financial information is available that is evaluated regularly by the Chief Operating Decision Maker ('CODM'), in deciding how to allocate resources and in assessing performance. Operating segments are identified based on the internal organization at the Balance Sheet date. The Group has identified the business segments as reportable segments, which comprise: Customer Management, Healthcare, Collections and Mortgage. With the growth in the mortgage revenues, during the current period, 'Mortgage' has been separated from 'Customer Management' and disclosed as a new reportable segment for the CODM. Following the change in the composition of the reportable segment, the Company has restated the corresponding amounts. Revenues and expenses directly attributable to the segments are reported under each reportable segment. The accounting principles used in the preparation of the segment infollllation are consistently applied to record revenue and expenditure in individual business segments.

By order of the Board

Fy~OOd

Vipul Khanna February 4, 2020 Manaaina Director and CEO

Kolkata, India

Chartered Accountants lndiabulls Finance Centre Tower 3, 27"'-32"" Floor Senapati Bapat Marg Elphinstone Road [West) Mumbai - 400 013 Maharashtra, India

Tel: +91 22 61 BS 4000 Fax: +91 22 6185 4001

INDEPENDENT AUDITOR'S REPORT ON AUDIT OF INTERIM STANDALONE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF FIRSTSOURCE SOLUTIONS LIMITED

Opinion

We have audited the accompanying Statement of Standalone Financial Results of Firstsource Solutions Limited (the 'Company'), for the quarter and nine months ended 31 December 2019 {the 'Statement'), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended {'the Listing Regulations').

In our opinion and to the best of our information and according to the explanations given to us, these Standalone Financial Results:

a. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations; and
b. give a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standard 34 'Interim Financial Reporting' ('Ind AS 34') and other accounting principles generally accepted in India of the net profit and total comprehensive income and other financial information of the Company for the quarter and nine months ended 31 December 2019.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ('SAs') specified under Section 143(10) of the Companies Act, 2013 (the 'Act'). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Results section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India {'ICAI') together with the ethical requirements that are relevant to our audit of the Standalone Financial Results under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

Management's Responsibilities for the Standalone Financial Results

This Statement, which is the responsibility of the Company's Management and approved by the Board of Directors, has been compiled from the related audited condensed standalone financial statements. The Company's Board of Directors is responsible for the preparation and presentation of the Standalone Financial Results that give a true and fair view of the net profit and other comprehensive income and other financial information of the Company in accordance with the recognition and measurement principles laid down in the Ind AS 34, prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations, This responsibility

also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Financial Results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Results, the Board of Directors is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the financial reporting process of the Company.

Auditor's Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the Standalone Financial Results as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Financial Results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the Standalone Financial Results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
Conclude on the appropriateness of the Board of Director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern . If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the Standalone Financial Results, including the disclosures, and whether the Standalone Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial results of the Company to express an opinion on the Standalone Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities or business activities included in the Standalone Financial Results of which we are the independent auditors. We remain solely responsible for our audit opinion

Materiality is the magnitude of misstatements in the Standalone Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Standalone Financial Results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and {ii) to evaluate the effect of any identified misstatements in the Standalone Financial Results.

We communicate with those charged with governance regarding, among ot her matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018)

Sanjiv V. Pilgaonkar Partner (Membership No. 39826) (UDIN: ~C>D3 9 8 ;;z6-AAAAAVCf610)

Kolkata, 4 February 2020

Firstsource Solutions Limited

AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2019

GIN: L64202MH2001PLC134147

Registered office: 5th Floor, Paradigm 'B' wing, Mindspace, Link Road, Malad (West), Mumbai 400 064

Tel:+ 91 22 66660888 Fax:+ 91 22 6666 0887 web: www.firstsource.com, email:[email protected]

					(Rs in millions, except per share data and per equity data)
		Quarter ended		Nine months ended	Year ended
	December 31	September 30	December31	December 31	December31	March 31
	2019	2019	2018	2019	2018	2019
Particulars	(Audited)	(Audited)	(Audited)	(Audited)	(Audited)	(Audited)
Income
Revenue from operations	2,456.78	2,068.08	1,740.33	6,460. 23	5,467 61	7,247 52
Other operating income, net	61.59	13805	170.46	339.85	387.23	433.54
Other income	136.33	46.00	39.01	229 68	87.70	619.23
Total income	2,654.70	2,252.13	1,949.80	7,029.76	5,942.54	8,300.29
Expenses
Employee benefits expense	1,256.31	1,214.96	932.55	3,492.02	2,82837	3, 83333
Depreciation and amortisation	1 B2.31	170.68	61 .69	515.02	177.82	243.19
Finance costs	45.77	38.41	4.21	119.02	11 61	1545
Other expenses	548.66	486.59	460.65	1,394.59	1,405.03	1,979.59
Total expenses	2,033.05	1,910.64	1,459.10	5,520.65	4,422.83	6,071.56
Profit before tax	621.65	341.49	490.70	1,509.11	1,519.71	2,228.73
Tax expense
Current tax	105.34	49.75	43.53	21 6.40	189.74	168.94
Deferred tax	(8.07)	(8.43)	(8.87)	(17.44)	(0.38)	69.58
Net profit after tax	524.38	300.17	456.04	1,310.15	1,330.35	1,990.21
Other comprehensive income, net of taxes	(340.72)	39.10	85808	(148.95)	441 .72	51 3.09
Total comprehensive income	183.66	339.27	1,314.12	1,161.20	1,772.07	2,503.30
Paid-up equity share capital (Face value per share of Rs 10)	6,935.70	6,932.01	6,908.52	6,935.70	6,90852	6,910.65

Other equity	-	-	-	-	-	15,882.37
Earning per share (Rs): {Face value per share of Rs 10)
-Basic	0.76	0.43	0.66	1.89	1.93	2.89
-Diluted	0.75	0.43	0.66	1.89	1.91	287

Notes to fi nancials results :

The audited standalone financial statements for the quarter and nine months ended December 31, 2019 have been taken on record by the Board of Directors at its meeting held on February 4, 2020. The statutory auditors have expressed an unmodified audit opinion. The information presented above is extracted from the audited standalone financial statements. These financial statements are prepared in accordance with the Indian Accounting Standard (Ind AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016.
During the nine months ended December 31, 2019, 2,504,811 equity shares were issued pursuant to exercise of stock options under the Employee Stock Option Scheme of the Company.
Effective April 1, 2019 (date of initial application), the Company has adopted the Indian Accounting Standard 116 on Leases ( Ind AS 116), notified by the Ministry of Corporate Affairs, which replaces the existing lease standard Indian Accounting Standard 17 on Leases (Ind AS 17). The Company has applied the standard to all lease contracts existin·g on April 1, 2019 retrospectively with the cumulative effect of initially applying the standard recognised as an adjustment to Retained Earnings at the date of initial application.
As per Ind AS 108 - Operating Segment ('Ind AS 108'), if a financial report contains both consolidated financial statements of a parent that is within the scope of this Ind AS as well as the parent's separate financial statements, segment information is required only in the consolidated financial statements. Accordingly, information required to be presented under Ind AS 108 - Operating Segment has been given in the consolidated financial results.

Kolkata, India

By order of the Board Fo,Fi~~lt~

Vipul Khanna February 4, 2020 Managing Director and CEO

Firstsource Solutions Reports Third Quarter Fiscal 2020 Results

Revenues at Rs. 10,535 million, 6.9% Y-o-Y and 8.3% in constant currency

Kolkata, February 4, 2020: Firstsource Solutions Limited (NSE: FSL, BSE:532809), a global provider of customised Business Process Management (BPM) services and a RP‐Sanjiv Goenka Group company, reported its consolidated financial results for the quarter ended December 31, 2019 according to IndAS.

Financial Highlights for Quarter Ended December 31st 2019:

Revenues at Rs. 10,535 million, 6.9% Y‐o‐Y and 8.3% in constant currency; 7.0% Q‐o‐Q and 4.7% in constant currency
Operating Margin (OM) at Rs. 1,182 million or 11.2% of revenues
Profit After Taxes (PAT) at Rs. 895 million or 8.5% of revenues
Diluted Earnings Per Share (EPS) of Rs 1.29
Added 481 employees in the quarter taking total employee strength to 20,482

Commenting on the quarter, Dr. Sanjiv Goenka, Chairman, RP‐Sanjiv Goenka Group and Firstsource Solutions, said, "We saw strong growth across sectors underpinned by our continued investment in digital and growth capacity. As our clients evolve their businesses with increasingly sophisticated Technology, Digital solutions are the way forward for us."

Key Developments:

Strong growth across our businesses exemplified by 3 new logo wins in Mortgage and 2 in Healthcare
Solid pipeline of opportunities as we head towards end of the year
We continue to pivot strongly on Digital:
o We launched our Healthcare Digital Receivables Management solution with an anchor client. This solution offers frictionless patient financial engagement and increases propensity to collect by 35%;
o Automated Auditor built on our proprietary platform, Sympraxis won the Healthcare Payer business, top recognition at a giant client's Global Innovation Challenge
Our efforts to reimagine our CM offerings with Digital is being recognised by industry and clients. During the quarter, we
o Won two major awards at the Global Sourcing Association (GSA) UK Awards 2019 for 'Technology‐Enabled Project of the Year' with NOW TV and 'Customer Experience Provider of the Year' with giffgaff
Won the 'Outsourced Contact Centre of the Year' award with one of our banking clients at the Contact Centre Network Northern Ireland (CCNNI) Awards, making this our second win in a row
Won the Gold award for 'Best Use of Customer Insight' at the UK Customer Experience Awards (CXA '19), in collaboration with NOW TV
Firstsource Academy in the UK geography was recognised at the CCA Excellence Awards 2019 in the 'Excellence in Skills, Learning and Development' category

About Firstsource:

Firstsource Solutions Limited, a RP‐Sanjiv Goenka Group company (NSE: FSL, BSE: 532809, Reuters: FISO.BO, Bloomberg: FSOL@IN), is a leading global provider of customised Business Process Management (BPM) services to the Healthcare, Telecom & Media and Banking & Financial Services industries. The company's clients include Fortune 500 and FTSE 100 companies. Firstsource has a 'Right‐shore' delivery model with operations in the US, the UK, India and the Philippines. (www.firstsource.com)

Media Contact	Investors Contact
[email protected] (+91 98863 78198)	[email protected] +91(80) 6633 6075 +91 90085 02229
	[email protected] +91 (22) 4215 0210 +91 98339 04971

4th February 2020

To:

National Stock Exchange of India Limited (Scrip Cod~: FSL) Exchange Plaza, Plot no. C / 1, G Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051

BSE Limited (Scrip Code: 532809) Phiroze J eej ee bhoy Towers, Dalal Street, Mumbai - 400 001

Dear Madam/ Sir,

Sub: Declaration under Regulation 33 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations 2015 read with SEBI circular CIR/CFD/CMD/56/2016 dated 27th May 2016

We hereby declare that as mentioned under the Independent Auditor's Report dated 4th February 2020 for Consolidated and Standalone Financial Results respectively for the quarter ended 31st December 2019, are with unmodified opinion.

Kindly take the same on record.

Thanking you,

For Firstsource Solutions Limited

~◊ PookZ

Company Secretary & Compliance Officer