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Firstsource Solutions Ltd. — Interim / Quarterly Report 2023
May 4, 2023
61977_rns_2023-05-04_72e65061-b236-471b-a7b4-04fcbb38ced7.pdf
Interim / Quarterly Report
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4[th] May 2023
To:
National Stock Exchange of BSE Limited (Scrip Code: India Limited (Scrip Code: FSL) 532809) Exchange Plaza, Phiroze Jeejeebhoy Towers, Plot no. C/1, G Block, Dalal Street, Bandra-Kurla Complex Mumbai - 400 001 Bandra (East), Mumbai - 400 051
Dear Madam/ Sir,
Sub: Intimation of Analyst/ Institutional Investor Call
We are enclosing herewith a copy of the presentation regarding conference call to be held on Friday, 5[th] May, 2023 at 0900 Hours IST with the analysts and investors, on the financial results of the Company for the quarter and financial year ended 31[st] March 2023.
This is for your information and record.
Thanking you,
For Firstsource Solutions Limited
Digitally signed by POOJA POOJA SURESH SURESH NAMBIAR NAMBIAR Date: 2023.05.04 13:35:59 +05'30'
Pooja Nambiar Company Secretary
Encl.: A/a
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1
Q4 FY2023 Earnings Update
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© FIRSTSOURCE 2020 | CONFIDENTIAL I 4 May 2023
Disclaimer
Certain statements in this presentation concerning our future growth prospects are forwardlooking 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 BPO services 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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© FIRSTSOURCE 2021 | 4 May 2023
Summary of Performance for the Quarter ended March 31, 2023
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₹ REVENUES ₹ OPERATING MARGIN
₹ 15,568 Million ₹ 1,799 Million
(US$ 190 Million) (Margin 11.6%)
YoY growth of 0.8% YoY growth of 2.7%
Constant Currency YoY degrowth of 2.8% YoY Margin expansion of 21 bps
₹ EARNINGS PER SHARE
PROFIT AFTER TAX
(Diluted)
₹ 1,413 Million ₹ 2.02
(Margin 9.1%) per share
YoY growth of 6.7%
Q4FY’22 at ₹ 1.88 per share on reported basis
YoY Margin expansion of 50 bps
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© FIRSTSOURCE 2021 | 4 May 2023
Summary of Performance for the Full Year ended March 31, 2023
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₹ REVENUES ₹ OPERATING MARGIN
₹ 60,223 Million ₹ 5,633 Million
(US$ 750 Million) (Margin 9.4%)
YoY growth of 1.7% YoY degrowth of 20.7%
Constant Currency YoY degrowth of 1.1% YoY Margin contraction of 264 Bps
₹ EARNINGS PER SHARE
PROFIT AFTER TAX
(Diluted)
₹ 5,137 Million ₹ 7.32
(Margin 8.5%) per share
YoY degrowth of 4.4%
FY’22 at ₹ 7.62 per share
YoY Margin contraction of 55 Bps
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© FIRSTSOURCE 2021 | 4 May 2023
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REVENUE SPLIT BY VERTICALS
Q4FY232 Q4 FY23 40.3% 33.2% 22.3% 4.2%
Q3FY23 41.8% 34.2% 21.6% 2.4%
Q2FY23 43.4% 34.5% 20.2% 1.9%
Q1 FY23 46.3% 32.1% 20.2% 1.4%
Q4 FY22 49.0% 30.3% 19.0% 1.7%
Banking & Financial Services Healthcare
Communication, Media & Tech Diverse Industries
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REVENUE SPLIT BY SERVICE LINES
Q4 FY23 Q4FY23 52.6% 27.0% 20.4%
Q3FY23 50.4% 29.2% 20.4%
Q2FY23 47.7% 30.9% 21.4%
Q1 FY23 46.6% 32.7% 20.7%
Q4 FY22 44.4% 36.5% 19.1%
Digitally Empowered Contact Centre Intelligent Back Office
Platforms, Automation & Analytics
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Note: Numbers have rounding off impact
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© FIRSTSOURCE 2021 | 4 May 2023
Client Concentration
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Q4 FY23 Q4 FY23 15.4%
21.3 years
Total Tenure
Q3 FY23 15.8%
Q4 FY23 Q4 FY23 37.4%
18.4 years
Average Tenure
Q3 FY23 38.5%
Top Client
Top 5 Clients
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6 of Top 15 2 of Top 5 5 of Top 15
Mortgage servicers in Retail banks in the UK Mortgage Lenders in
the US the US
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1,000+ 7 of Top 10
Hospitals in the US Health insurance/ managed
care companies in the US
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1 of Top 3
Utility companies in the
UK
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5 of Top 10
Credit card issuers in
the US
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1 of Top 2 2 of Top 5
Broadcasting and media Telecom and broadcasting
companies in the UK companies in the US
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© FIRSTSOURCE 2021 | 4 May 2023
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Annexure
© FIRSTSOURCE 2021 | 4 May 2023
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Financial Performance (Quarterly)
| In ₹ million | Q4 FY 2021 | Q1 FY 2022 | Q2 FY 2022 | Q3 FY 2022 | Q4 FY 2022 | Q1 FY 2023 | Q2 FY 2023 | Q3 FY 2023 | Q4 FY 2023 |
|---|---|---|---|---|---|---|---|---|---|
| Income from services | 14,496 | 14,780 | 14,182 | 14,456 | 15,239 | 14,524 | 14,735 | 15,033 | 15,566 |
| Other operatingIncome | 132 | 68 | 104 | 182 | 201 | 199 | 147 | 16 | 2 |
| Revenue from operations | 14,628 | 14,848 | 14,286 | 14,638 | 15,439 | 14,724 | 14,882 | 15,049 | 15,568 |
| Revenue from operations(USD Mn) | $ 200 | $ 201 | $ 193 | $ 195 | $ 206 | $ 191 | $ 187 | $ 183 | $ 190 |
| QoQ Growth % - Constant Currency | 7.0% | 0.5% | (4.0%) | 1.4% | 5.2% | (5.1%) | 0.2% | (0.9%) | 2.5% |
| YoY Growth % - Constant Currency | 31.7% | 38.5% | 18.5% | 4.9% | 3.1% | (2.7%) | 1.8% | (0.3%) | (2.8%) |
| Personnel Expense | 10,057 | 10,219 | 9,728 | 9,676 | 9,845 | 9,597 | 9,527 | 9,861 | 9,690 |
| OperatingExpense | 2,229 | 2,246 | 2,171 | 2,583 | 3,146 | 3,316 | 3,438 | 3,092 | 3,437 |
| OperatingEBITDA | 2,342 | 2,383 | 2,388 | 2,379 | 2,448 | 1,810 | 1,917 | 2,097 | 2,441 |
| Operating EBITDA % | 16.0% | 16.1% | 16.7% | 16.3% | 15.9% | 12.3% | 12.9% | 13.9% | 15.7% |
| Depreciation / amortization | 534 | 584 | 597 | 617 | 697 | 639 | 663 | 687 | 642 |
| Operating Margin | 1,809 | 1,800 | 1,791 | 1,762 | 1,751 | 1,171 | 1,254 | 1,409 | 1,799 |
| Operating Margin % | 12.4% | 12.1% | 12.5% | 12.0% | 11.3% | 8.0% | 8.4% | 9.4% | 11.6% |
| Other Income /(expense) | (29) | (10) | 0 | (5) | (15) | 54 | 482 | 610 | 105# |
| Interest Income /(expense), net | (127) | (136) | (148) | (143) | (177) | (177) | (187) | (183) | (185) |
| Profit Before Taxes and exceptional item | 1,652 | 1,654 | 1,644 | 1,614 | 1,560 | 1,048 | 1,549 | 1,837 | 1,719 |
| Profit Before Taxes and exceptional item % | 11.3% | 11.1% | 11.5% | 11.0% | 10.1% | 7.1% | 10.4% | 12.2% | 11.0% |
| Exceptional Item | (1,099) | - | - | - | - | - | - | - | - |
| Profit Before Taxes | 553 | 1,654 | 1,644 | 1,614 | 1,560 | 1,048 | 1,549 | 1,837 | 1,719 |
| Profit Before Taxes % | 3.8% | 11.1% | 11.5% | 11.0% | 10.1% | 7.1% | 10.4% | 12.2% | 11.0% |
| Taxes and MinorityInterest | 87 | 309 | 293 | 259 | 236 | 197 | 255 | 257 | 306 |
| Profit After Tax | 467* | 1,345 | 1,350 | 1,355 | 1,324 | 851 | 1,294 | 1,579 | 1,413 |
| Profit After Tax % | 3.2% | 9.1% | 9.5% | 9.3% | 8.6% | 5.8% | 8.7% | 10.5% | 9.1% |
| Diluted EPS(₹ /Share) | 0.66 | 1.91 | 1.96 | 1.92 | 1.88 | 1.21 | 1.84 | 2.25 | 2.02 |
Note: Numbers have rounding off impact
- For Q4 FY21, PAT excluding the exceptional charge is INR 1,309 Mn or 8.9%
For Q4 FY23, Other Income includes ₹ 66 Mn on account of changes in the fair value of the liabilities for purchase of non controlling interest
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© FIRSTSOURCE 2021 | 4 May 2023
Financial Performance (Yearly)
| In ₹ million | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY2021 | FY2022 | FY2023 |
|---|---|---|---|---|---|---|---|
| Income from services | 34,569 | 34,315 | 37,867 | 40,502 | 50,327 | 58,657 | 59,859 |
| Other operatingIncome | 987 | 1,038 | 396 | 484 | 453 | 554 | 364 |
| Revenue from operations | 35,556 | 35,352 | 38,263 | 40,986 | 50,780 | 59,212 | 60,223 |
| Revenue from operations (USD Mn) | $ 530 | $ 548 | $ 548 | $ 578 | $ 685 | $ 795 | $ 750 |
| YoY Growth % - Constant Currency | 12.9% | 2.8% | 2.0% | 6.6% | 17.9% | 14.6% | (1.1%) |
| Personnel Expense | 23,834 | 23,955 | 25,573 | 27,735 | 34,672 | 39,468 | 38,675 |
| OperatingExpense | 7,342 | 6,809 | 7,336 | 6,962 | 8,065 | 10,145 | 13,283 |
| OperatingEBITDA | 4,380 | 4,589 | 5,355 | 6,289 | 8,042 | 9,599 | 8,265 |
| Operating EBITDA % | 12.3% | 13.0% | 14.0% | 15.3% | 15.8% | 16.2% | 13.7% |
| Depreciation / amortization | 590 | 659 | 744 | 1,852 | 2064 | 2,494 | 2,632 |
| Operating Margin | 3,790 | 3,930 | 4,610 | 4,437 | 5,979 | 7,105 | 5,633 |
| Operating Margin % | 10.7% | 11.1% | 12.0% | 10.8% | 11.8% | 12.0% | 9.4% |
| Other Income / (expense) | (21) | (11) | (26) | 17 | (13) | (30) | 1,251# |
| Interest Income / (expense), net | (400) | (338) | (225) | (512) | (496) | (604) | (732) |
| Profit Before Taxes and exceptional item | 3,369 | 3,580 | 4,359 | 3,942 | 5,469 | 6,471 | 6,152 |
| Profit Before Taxes and exceptional item % | 9.5% | 10.1% | 11.4% | 9.6% | 10.8% | 10.9% | 10.2% |
| Exceptional Item | - | - | - | - | (1,151) | - | - |
| Profit Before Taxes | 3,369 | 3,580 | 4,359 | 3,942 | 4,318 | 6,471 | 6,152 |
| Profit Before Taxes % | 9.5% | 10.1% | 11.4% | 9.6% | 8.5% | 10.9% | 10.2% |
| Taxes and MinorityInterest | 569 | 315 | 581 | 545 | 702 | 1,097 | 1,015 |
| Profit After Tax | 2,800 | 3,265 | 3,778 | 3,397 | 3,617* | 5,374 | 5,137 |
| Profit After Tax % | 7.9% | 9.2% | 9.9% | 8.3% | 7.1% | 9.1% | 8.5% |
| Diluted EPS (₹ /Share) | 4.08 | 4.73 | 5.45 | 4.89 | 5.13 | 7.62 | 7.32 |
Note: Numbers have rounding off impact
- For FY2021, PAT excluding the exceptional charge is INR 4,499 Mn or 8.9%
For FY23, Other Income includes ₹ 387 Mn and ₹ 955 Mn on account of changes in the fair value of the liabilities for purchase of non-controlling interest and contingent considerations respectively.
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© FIRSTSOURCE 2021 | 4 May 2023
Balance Sheet and Cash Flow Statement
| In ₹ million | As at 31-Mar-23 | As at 31-Mar-22 |
|---|---|---|
| Equity And Liabilities | ||
| Share Capital | 6,970 | 6,970 |
| Reserves & Surplus | 26,699 | 23,360 |
| Non- Controlling Interest | 4 | 4 |
| Borrowings | 8,270 | 10,097 |
| Other Non - Current Liabilities | 5,982 | 8,672 |
| Current liabilities | 8,720 | 7,986 |
| Total | 56,644 | 57,087 |
| Goodwill on Consolidation | 29,450 | 27,208 |
| Fixed Assets (includes Right-of-use assets) | 7,747 | 10,258 |
| Cash and Cash Equivalents | 1,515 | 898 |
| Current Investments | 596 | 1,185 |
| Trade Receivables (Billed + Unbilled) | 10,385 | 9,605 |
| Non - Current Assets | 5,365 | 5,409 |
| Current Assets | 1,587 | 2,523 |
| Total | 56,644 | 57,087 |
| In ₹ million | Quarter ended 31-Mar-23 |
Full year ended 31-Mar-23 |
|---|---|---|
| Cash Flow from Operating Activities | ||
| Operating Margin | 1,799 | 5,633 |
| Adjustment: Non-Cash Expense / (Other Income) | 1,320 | 2,208 |
| Operating Cash before Working Capital | 3,119 | 7,841 |
| Add: Working Capital Changes | 287 | 448 |
| Less: Income Taxes Paid | (109) | (656) |
| Net cash generated from Operating Activities (A) | 3,297 | 7,634 |
| Cash Flow from Investing Activities | ||
| Capital Expenditure, net | (97) | (514) |
| Proceeds from Current Investments | 275 | 648 |
| Net cash generated from / (used in) Investing Activities (B) | 178 | 134 |
| Cash Flow from Financing Activities | ||
| Net Decrease in Borrowings | (73) | (2,351) |
| Net Interest Paid | (221) | (787) |
| Payment of Lease Liabilities | (364) | (1,495) |
| Purchase of Treasury Shares, net | 12 | (140) |
| Dividend Paid | (2,384) | (2,384) |
| Net cash used in Financing Activities (C) | (3,030) | (7,157) |
| Net (decrease) / increase in Cash and Cash Equivalents | 445 | 610 |
| Cash and cash equivalents at the beginning of the period | 1,078 | 898 |
| Foreign exchange gain on translating Cash and cash equivalents | (7) | 7 |
| Closing Cash and Cash Equivalents | 1,515 | 1,515 |
| Cash and Cash Equivalents including Investments | 2,111 | 2,111 |
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Note: Numbers have rounding off impact
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© FIRSTSOURCE 2021 | 4 May 2023
Key Performance Indicators
Return on Equity
Return on Capital Employed
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17.6% 17.6%
17.7%
13.9% 13.9% 15.3% 14.1% 13.4%
12.9% 13.0% 12.3%
12.3%
FY18 FY19 FY20 FY21 FY22 FY23 FY18 FY19 FY20 FY21 FY22 FY23
Note: FY21 ROE will be 16.1% excluding for exceptional item
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Cash Flow (in ₹ million)
Debt Position (in ₹ million)
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8,921
7,870 7,634 10,097
7,225 7,141
7,119
8,433 8,270
6,723
6,045 6,950
4,000 4,104 5,577
5,271
3,151 2,913 3,156 3,490 8,013
2,526 8,341
6,526 4,367 6,159
5,273
5,390
3,885 3,846
3,233 3,147 2,999
187 92 1,678
FY18 FY19 FY20 FY21 Adj FY22 Adj FY23 FY18 FY19 FY20 FY21 FY22 FY23
Operating Cash Flow Free Cash Flow Long term Debt Short term Debt Net Debt
including current portion
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Note: FY21 and FY22 OCF and FCF adjusted for advance received from customers
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© FIRSTSOURCE 2021 | 4 May 2023
Operating Metrics
| Particulars | Q4 FY 2021 | Q1 FY 2022 | Q2 FY 2022 | Q3 FY 2022 | Q4 FY 2022 | Q1 FY2023 | Q2 FY2023 | Q3 FY2023 | Q4 FY2023 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue by Vertical |
Banking & Financial Services | 52.2% | 51.7% | 48.9% | 48.3% | 49.0% | 46.3% | 43.4% | 41.8% | 40.3% |
| Healthcare | 24.8% | 26.7% | 29.6% | 30.3% | 30.3% | 32.1% | 34.5% | 34.2% | 33.2% | |
| Communications Media & Tech | 20.8% | 19.6% | 19.5% | 19.6% | 19.0% | 20.2% | 20.2% | 21.6% | 22.3% | |
| Diverse Industries | 2.2% | 2.0% | 2.0% | 1.8% | 1.7% | 1.4% | 1.9% | 2.4% | 4.2% | |
| Revenue by Service Lines |
Digitally Empowered Contact Centre | 47.2% | 46.3% | 46.8% | 45.9% | 44.4% | 46.6% | 47.7% | 50.4% | 52.6% |
| Intelligent Back Office | 47.9% | 47.6% | 45.6% | 44.0% | 36.5% | 32.7% | 30.9% | 29.2% | 27.0% | |
| Platforms, Automation & Analytics | 4.9% | 6.1% | 7.6% | 10.1% | 19.1% | 20.7% | 21.4% | 20.4% | 20.4% | |
| Revenue by Geography |
US | 67.4% | 67.6% | 68.4% | 69.8% | 70.7% | 68.4% | 67.2% | 64.9% | 63.3% |
| UK | 31.5% | 31.1% | 30.1% | 28.5% | 27.5% | 30.1% | 31.3% | 34.1% | 36.3% | |
| Rest of World | 1.1% | 1.3% | 1.5% | 1.7% | 1.8% | 1.5% | 1.5% | 1.0% | 0.4% | |
| Revenue by Delivery |
Offshore | 30.6% | 29.3% | 31.0% | 30.8% | 27.0% | 27.4% | 25.9% | 25.1% | 24.6% |
| Onshore | 69.4% | 70.7% | 69.0% | 69.2% | 73.0% | 72.6% | 74.1% | 74.9% | 75.4% | |
| Top Clients Revenue |
Top client % | 17.5% | 16.3% | 15.8% | 15.2% | 14.8% | 15.2% | 14.9% | 15.8% | 15.4% |
| Top 5 client % | 42.3% | 42.0% | 41.2% | 37.6% | 35.9% | 36.4% | 36.6% | 38.5% | 37.4% | |
| Other Metrices | Total employees (end of period) | 28,004 | 27,916 | 27,835 | 27,398 | 26,557 | 25,234 | 23,932 | 23,627 | 23,018 |
| • Employees in India |
16,289 | 16,677 | 16,976 | 16,826 | 16,045 | 14,769 | 13,431 | 12,489 | 12,395 | |
| • Employees outside India |
11,715 | 11,239 | 10,859 | 10,572 | 10,512 | 10,465 | 10,501 | 11,138 | 10,623 | |
| Net Addition | 1,386 | (88) | (81) | (437) | (841) | (1,323) | (1,302) | (305) | (609) | |
| Offshore Attrition (180 days+) | 28.6% | 29.2% | 36.2% | 45.2% | 45.9% | 43.8% | 45.7% | 44.4% | 44.9% | |
| Onshore Attrition (180 days+) | 40.0% | 54.8% | 68.8% | 59.5% | 50.2% | 56.9% | 52.0% | 47.2% | 42.3% |
Note: Attrition data for Onshore and Offshore till FY2022 was depicted on a quarterly annualized basis. Effective Q1FY23 it will be depicted on a Trailing Twelve Months (TTM) basis | Numbers have rounding off impact
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© FIRSTSOURCE 2021 | 4 May 2023
Forex Hedges
Outstanding FX hedges at $60.5 million for USD and £69.9 million for GBP
| GBP-INR | GBP-INR | USD INR | USD INR | |
|---|---|---|---|---|
| Period | Hedged (Mn) | Average Rate | Hedged (Mn) | Average Rate |
| 0-12 Months | £44.0 | ₹101.9 /£ | $ 60.5 | ₹83.9 /$ |
| 12-24 Months | £12.5 | ₹105.0 /£ | ||
| More than 24 Months | £13.4 | ₹113.1 /£ |
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© FIRSTSOURCE 2021 | 4 May 2023
Prior Period Reports
(Hyperlinks)
| Annual Report | ESG Report | Published Results | Published Results | Published Results | Published Results | Published Results | Investor Presentations | Investor Presentations | Investor Presentations | Investor Presentations | Investor Presentations | Press Release | Press Release | Press Release | Press Release | Press Release |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY2022 | FY2022 | FY2023 | Q1 | Q2 | Q3 | Q4 | FY2023 | Q1 | Q2 | Q3 | Q4 | FY2023 | Q1 | Q2 | Q3 | Q4 |
| FY2022 | Q1 | Q2 | Q3 | Q4 | FY2022 | Q1 | Q2 | Q3 | Q4 | FY2022 | Q1 | Q2 | Q3 | Q4 | ||
| FY2021 | ||||||||||||||||
| FY2021 | Q1 | Q2 | Q3 | Q4 | FY2021 | Q1 | Q2 | Q3 | Q4 | FY2021 | Q1 | Q2 | Q3 | Q4 | ||
| FY2020 | ||||||||||||||||
| FY2020 | Q1 | Q2 | Q3 | Q4 | FY2020 | Q1 | Q2 | Q3 | Q4 | FY2020 | Q1 | Q2 | Q3 | Q4 | ||
| FY2019 | ||||||||||||||||
| FY2019 | Q1 | Q2 | Q3 | Q4 | FY2019 | Q1 | Q2 | Q3 | Q4 | FY2019 | Q1 | Q2 | Q3 | Q4 |
| Factsheet | Factsheet | Factsheet | Factsheet | Factsheet | Transcripts | Transcripts | Transcripts | Transcripts | Transcripts | Shareholding Pattern | Shareholding Pattern | Shareholding Pattern | Shareholding Pattern | Shareholding Pattern |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY2023 | Q1 | Q2 | Q3 | Q4 | FY2023 | Q1 | Q2 | Q3 | Q4 | FY2023 | Q1 | Q2 | Q3 | Q4 |
| FY2022 | Q1 | Q2 | Q3 | Q4 | FY2022 | Q1 | Q2 | Q3 | Q4 | FY2022 | Q1 | Q2 | Q3 | Q4 |
| FY2021 | Q1 | Q2 | Q3 | Q4 | FY2021 | Q1 | Q2 | Q3 | Q4 | FY2021 | Q1 | Q2 | Q3 | Q4 |
| FY2020 | Q1 | Q2 | Q3 | Q4 | FY2020 | Q1 | Q2 | Q3 | Q4 | FY2020 | Q1 | Q2 | Q3 | Q4 |
| FY2019 | Q1 | Q2 | Q3 | Q4 | FY2019 | Q1 | Q2 | Q3 | Q4 | FY2019 | Q1 | Q2 | Q3 | Q4 |
Click on ‘ Get quarterly updates ’ for future events
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Subscribe
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© FIRSTSOURCE 2021 | 4 May 2023
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US UK PHILIPPINES
About Us 3,913 24 5,511 10 971 2
12,395 11
228 1
INDIA
MEXICO
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Established in 2001
Revenues of ₹ 60.2 Billion
(approximately $750 Million) in FY2023
23,018 Firstsourcers
across US, UK, Mexico, India and Philippines
Leaders in chosen segments
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Domain driven BPM services company
Leveraging a ‘Digital First, Digital Now’ approach to solve key customer problems
150+ global clients including
18 Fortune 500 companies and 3 FTSE 100 companies
Publicly Traded on Indian Stock Exchanges
NSE: FSL BSE: 532809 Reuters: FISO.BO Bloomberg: FSOL:IN
across Banking & Financial Services, Healthcare, Communications, Media & Technology and Diversified Industries
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© FIRSTSOURCE 2021 | 4 May 2023
Leader in US non-bank lender market
Leading CX service providers in the UK across Media and BFS segments
Top 5 Consumer debt collections agency in the US
Top 3 in the chosen Revenue Cycle Management segments in US Healthcare
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Customer Service Mortgage Operations
Voice | Chat | Chat Origination | Servicing | • Asset Finance • Hospital Providers
bots | Text | Social Title, Closing & Escrow • Credit Cards • Health Plans Eligibility & Receivables
Enrollment Services Management
Digital Collections • Mortgages • Health Services
Compliance and Risk
Management • Retail & SME Banking • Med. Devices Debt Collections Intelligent Automated
• FinTech Eligibility & Enrollment
Dispute Management
Complaints Handling &
Remediation Digital Mailroom Intelligent Data
Factoring & Discounting Operations Capture
Lead Management, Sales
Conversion & Onboarding Claims Adjudication Telehealth Tech
Default Management
& Adjustments Support
Analytics and Business
Intelligence Fraud Management
Meter 2 Cash Self-Service /
Operations Digital Deflection Onboarding Inbound Sales and
Outbound Sales
Inbound Sales
Customer Insights / Tier 1 & Tier 2 Retention
and Outbound
Automation Customer Support and Loyalty
Sales & Service
• Utilities • Streaming Services Self-Service / Customer Insights /
Level 1 & Level 2Customer Support Complaints handling • Government Entities • Cable TV, Broadband and Telephony Contact Avoidance Analytics
• Consumer Tech Complaints Handling Revenue
• E-Commerce and Remediation Generation
Retention Debt Management • Shared Economy
and Loyalty
Q4FY2023 E
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Strong Domain Driven Operating Model
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© FIRSTSOURCE 2021 | 4 May 2023
Part of RP-Sanjiv Goenka Group
Carbon Black Power Consumer & Retail Media & Entertainment IT-Enabled Services Education & Infrastructure Combined Revenues of Sports $4.14 Billion in FY2022
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Select Recognition
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Ranked as top Business • Leader in ISG Provider • SILVER in the Most • Customers at the Heart of • Business Services Project • Named as ‘Disruptor’ in • Included in Bloomberg Process Services (BPS) Lens™quadrant report for Contact Centre – Customer Effective Distributed Workforce category • Everything™Gold WinnerCustomer Driven Business of the Year HFS Horizons for The Best Gender-Equality Index provider in ‘BPS Top 50™’ Experience Services for Change and Transformation, Service Providers for Retail 2022 report Europe GOLD Winner Banks, 2023. • Best Customer Service, GOLD Winner
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Recognized as Level 3 • Leader in NelsonHall's • Mortgage Professional Disability Confident Leader NEAT Mortgage and Loan America’s Top Mortgage in the UK. Services 2022 report for the Employer 2022 Overall Market Segment
Industry Associations
- NASSCOM Business • India CSR Leadership • European Contact Centre & • BPO Innovation Summit Process Innovation Summit 2022: Ranked Customer Service Awards & Awards 2022: Stratus Awards 2022: Strong second in the COVID-19 (ECCCSA): Silver for the Award for Cloud Leverage of Tier 2 & Tier 3 Warrior category ‘Most Effective Learning and Computing for Cities Development Initiative’ Healthcare Cloud
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© FIRSTSOURCE 2021 | 4 May 2023
ESG at Firstsource
We’re an ISO 27001, ISO 45001, ISO 14001, ISO 9001, ISO 50001 and BS OHSAS 18001 certified company with ESG practices as a foundational element for long-term value creation.
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Environment Social Governance FY 2022 Key Highlights 210% Conducted a ESG diagnostic to review and benchmark existing 44% 50% Increase in renewable energy consumption policies and processes, identified opportunities to further of the total workforce comprise of women of the Board consist of Independent Directors (India operations) deepen ESG within your strategy, operating model and culture 7.16% 20% 14.29% Assessed materiality of industry specific ESG themes and of the employees voluntarily of the Independent Directors of Renewable energy mix disclosed their disabilities the Board are Women consulted 140+ internal and external stakeholders to identify your priorities 14.48% 92,705 53.66% Reduction in water consumption Hours of total training Consist of Promoter shareholding Drafted an overarching ESG Policy , applicable to all entities 100% $1,160,885 Zero Integrated ESG within Enterprise Risk Management framework Responsible disposal of electronic waste Spent on trainings of employees Political contributions by mapping potential risks, assessed the impact of emerging ESG India Operations) risks on the business and identified mitigation strategies 16.42% 23K Zero Reduction in Scope 3 emission Lives impacted through various CSR projects Incidents of Bribery and Corruption Developed a pathway towards ESG leadership by crafting (UK operations) actions plans and functional roadmaps $204,865 Zero Spent directly through our CSR Fines and penalties related to unethical ESG report for FY22 has been published - projects in India business practices*
Conducted a ESG diagnostic to review and benchmark existing policies and processes, identified opportunities to further deepen ESG within your strategy, operating model and culture
Integrated ESG within Enterprise Risk Management framework by mapping potential risks, assessed the impact of emerging ESG risks on the business and identified mitigation strategies
ESG report for FY22 has been published - https://www.firstsource.com/esg
*anti-competitive, anti- corruption, bribery standards, information security breaches or cyber security incidents
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© FIRSTSOURCE 2021 | 4 May 2023
ESG at Firstsource - A year of progress; Growing with purpose
ESG Governance Framework at FSL
We recognize that to truly integrate ESG within organizational goals and objectives, a defined framework of roles and responsibilities reporting to the Board of Directors is crucial. Our 360-degree ESG governance arrangement aims to gradually build awareness across the organization, encouraging teams to collaborate and identify opportunities within Firstsource and beyond A new role “ ESG Lead ” has been designated to drive ESG at Firstsource.
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Key Focus Areas
Our Contribution Towards SDGs
ESG Strategy and Roadmap
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Ethical Governance
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Empowering Workplace
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Customer Centricity
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Technology And Innovation
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Community Impact
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Sustainable Economic Growth
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Responsible Supply Chain
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Environment And Climate Action
Firstsource is determined to move swiftly to create a better future in accordance with the Sustainable Development Goals (SDGs) established by the United Nations.
We are committed to creating long term value for which we have determined that UN SDG 3 (good health and well-being) and SDG 8 (decent work and economic growth) have the greatest potential to have a positive impact.
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Corporate Management Senior Leadership
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Dinesh Jain
Finance
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Prashanth Nandella Operations
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Venkatgiri Vandali Rajiv Malhotra Healthcare & Europe Business Lifesciences
Vipul Khanna
MD & Chief Executive Officer
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Arjun Mitra Collections
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Sameer Ahluwalia Banking & Financial Services
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Shuchika Sahay Sundara Sukavanam Human Resources Digital Services
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Helping customers stay ahead of the curve through transformational technologies and capabilities
Firstsource Solutions Limited, an RP-Sanjiv Goenka Group company, is a leading provider of transformational solutions and services spanning the customer lifecycle across Healthcare, Banking and Financial Services, Communications, Media and Technology and other industries.
Our ‘Digital First, Digital Now’ approach helps organizations reinvent operations and reimagine business models, enabling them to deliver moments that matter and build competitive advantage.
With an established presence in the US, Mexico, the UK, India and the Philippines, we act as a trusted growth partner for over 100 leading global brands, including several Fortune 500 and FTSE 100 companies.
www.firstsource.com
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© FIRSTSOURCE 2021 | 4 May 2023