Firstsource Solutions Ltd. — Interim / Quarterly Report 2022

Oct 6, 2022

Chartered Accountants One International Center Tower 3, 27[th] - 32[nd] Floor Senapati Bapat Marg Elphinstone Road (West) Mumbai 400 013 Maharashtra, India

Deloitte Haskins & Sells LLP

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

ON AUDIT OF INTERIM CONSOLIDATED FINANCIAL

RESULTS

TO THE BOARD OF DIRECTORS OF FIRSTSOURCE SOLUTIONS LIMITED

Opinion

We have audited the Consolidated Financial Results for the quarter ended 30 June 2022 included in ed Consolidated Financial Results for the Quarter Ended 30 June 2022 FIRSTSOURCE SOLUTIONS 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 for the quarter then ended 30 June 2022 (the Statement ), being submitted by the Company pursuant to the requirements 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 for the quarter ended 30 June 2022:

(i) includes the results of the following entities:

Subsidiaries:

1. Firstsource Group USA, Inc.

2. Firstsource Solutions UK Limited

3. Firstsource Solutions S.A.

4. Firstsource Advantage LLC

5. Firstsource Business Process Services, LLC

6. Firstsource Health Plans and Healthcare Services, LLC (formerly Firstsource Transaction Services LLC ('FTS'))

7. Firstsource Process Management Services Limited

8. Firstsource BPO Ireland Limited

9. Firstsource Dialog Solutions (Private) Limited

10. One Advantage LLC

11. MedAssist Holdings LLC

12. Firstsource Solutions USA, LLC

13. Sourcepoint, Inc.

14. Sourcepoint Fulfillment Services, Inc.

15. PatientMatters LLC

16. Kramer Technologies, LLC

17. Medical Advocacy Services for Healthcare, Inc.

18. Firstsource Employee Benefit Trust

19. The Stonehill Group,Inc. (acquired on 9 November 2021)

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1. American Recovery Services, Inc. (acquired on 29 December 2021)

2. Firstsource Solutions México, S. de R.L. de C.V (incorporated on 13 December 2021)

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Regd. Office. One International Center, Tower 3, 32[nd] Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai 400 013, Maharashtra, India. (LLP Identification No. AAB-8737)

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Haskins & Sells LLP

Associate:

1. Nanobi Data and Analytics Private Limited

2. (ii) is presented in accordance with the requirements of Regulation 33 of the Listing Regulations; and

3. (iii) gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standard 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 ended 30 June 2022.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ( SA s) specified under Section 143(10) of the Companies Act, 2013 (the Act ). Our responsibilities under those Standards are quarter ended 30 June 2022 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 for the quarter ended 30 June 2022 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 e obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

This Statement, which includes the Consolidated Financial Results is the responsibility of the The Statement has been compiled from the related audited condensed interim consolidated financial statements as at and for the quarter ended 30 June 2022. This responsibility includes the preparation and presentation of the Consolidated Financial Results for the quarter ended 30 June 2022 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 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 the 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 subsidiaries and of its associate to continue as a going concern, disclosing, as applicable, matters

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Haskins & Sells LLP

related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends 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 responsible for overseeing the financial reporting process of the Group and of its associate.

Responsibilities for audit of the Consolidated Financial Results for the quarter ended 30 June 2022

Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Results for the quarter ended 30 June 2022 as a whole are free from material misstatement, whether due to 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 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 made by the Board of Directors.

• Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations.

• 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 Consolidated Financial Results or, if such disclosures are inadequate, to modify our opinion. Our 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.

• Perform procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations to the extent applicable.

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• Obtain sufficient appropriate audit evidence regarding the Standalone Financial Results, 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 within the Group included in the Consolidated Financial Results of which we are the independent auditors. We have evaluated the materiality of revenue, net profit and total assets of an associate whose unaudited interim financial information was included in the Consolidated Financial Results of the Group and have concluded that those were not material to the Group. 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.

For DELOITTE HASKINS & SELLS LLP Chartered Accountants

-100018)

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Sanjiv V. Pilgaonkar Partner (Membership No. 39826)

UDIN:

Mumbai, 3 August 2022

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Deloitte Haskins & Sells LLP

Chartered Accountants One International Center Tower 3, 27[th] - 32[nd] Floor Senapati Bapat Marg Elphinstone Road (West) Mumbai 400 013 Maharashtra, India

Tele: + 91 22 6185 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 Standalone Financial Results for the quarter ended 30 June 2022 ( Standalone Financial Results ) included in the accompanying Statement of Standalone Audited Financial Results for the Quarter Ended 30 June 2022 of FIRSTSOURCE SOLUTIONS LIMITED (the Company ), (the Statement ), being submitted by the Company pursuant to the requirements 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 Standalone Financial Results for the quarter ended 30 June 2022:

• i. is presented in accordance with the requirements of Regulation 33 of the Listing Regulations; and

• ii. gives 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 then ended.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ( SA s) specified under Section 143(10) of the Companies Act, 2013 (the Act ). Our responsibilities under those Standards are quarter ended 30 June 2022 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 (the ICAI ) together with the ethical requirements that are relevant to our audit of the Standalone Financial Results for the quarter ended 30 June 2022 under the provisions of the Act and the Rules thereunder, and we have Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

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Board of Directors, and has been approved by them for the issuance. The Statement has been compiled from the related audited interim condensed standalone financial statements as at and for the quarter ended 30 June 2022. This responsibility includes the preparation and presentation of the Standalone Financial Results for the quarter 30 June 2022 that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in the Ind AS 34, prescribed under Section 133 of

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Regd. Office. One International Center, Tower 3, 32[nd] Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai 400 013, Maharashtra, India. (LLP Identification No. AAB-8737)

Deloitte

Haskins & Sells LLP

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 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 is free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Results, the Board of Directors are responsible for assessing the 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 intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

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

ended 30 June 2022

Our objectives are to obtain reasonable assurance about whether the Standalone Financial Results for the quarter ended 30 June 2022 as a whole is free from material misstatement, whether due to fraud nce 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 the 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 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 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors.

• Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations.

• Conclude on the appropriateness of the Boar 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

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Haskins & Sells LLP

disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence 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 Standalone Financial Results of the Company to express an opinion on the Standalone Financial Results.

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 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.

For DELOITTE HASKINS & SELLS LLP Chartered Accountants

-100018)

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Sanjiv V. Pilgaonkar Partner (Membership No. 39826) UDIN:

Mumbai, 3 August 2022

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