4th February 20 19

To:

Limited (Scrip Code: FSL) Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Plot no. C/l, ^G Block, Mumbai — Bandra—Kurla Complex Bandra (East), Mumbai — 400 051

National Stock Exchange of India BSE Limited (Scrip Code: 532809) 400 001

Dear Madam/ Sir,

Sub: Post intimation of Analvst/ Institutional Investor Call

Pursuant to Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, we are enclosing herewith a copy of the presentation regarding conference call held with the analysts and investors, on the financial results of the Company for the quarter and nine months ended 31st December 2018.

This is for your information and records.

Thanking you,

FIRSTSOURCE SOLUTIONS LTD..

Paradigm B. 5th Floor. Mindspace. New Link Road. Malad (W). Mumbai - 400 064. India. Tel: +91 22 6666 0888 ^| Fax: +91 22 6666 0887 ^| Web: wwwfirstsourcecom

Firstsource Solutions Limited Q3 FY2019 Earnings Update

Disclaimer firstsource

Certain statements in this presentation concerning our future growth prospects are forwardelooking statements, which involve ^a number of risks, and uncertainties that could cause actual results to differ materially from those in such forwardelooking 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 professional, time and cost overruns on client contracts, client concentration, our ability to manage rampeups 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 forwardelooking statements, including our reports to shareholders. The company does not undertake to update any forwardelooking statements that may be made from time to time by or on behalf of the company.

O1 | Performance Analysis

02 | Business Outlook

Q3 FY2019 Executive Summary

Revenues: Q3FV'19 Revenues at ¥ 985.2 crore, Q2FV'19 at ¥ 954.7 crore, Q3FV'18 at ¥ 887.2 crore

7 Q7071] growth of 3.2" Rupee rerrns; growth ofn.s% in constant currency
7 VrarV growth af11.fl"o in Rupee rerrns; growth of3.5% in constant currency

EBITDA: Q3FV'19 EBITDA of ¥ 136.1 crore or 13.8% of Revenues

7 Q7071] higher by fij crore or 2.5". gmwth; Margin reduction ofn.1%
r VrarV gner by vim crore nr 17.2". gmwth; Margin expansion of 0.7%

EBIT: Q3FV'19 Operating EBIT of ¥ 117.0 crore or 11.9% of Revenues

7 Q7071] higher by v.6 crore or 2.3". gmwth; Margin reduction of 0.1%
r VrarV higher by § 13.0 crore nr 13.2". gmwth; Margin expansion affl.7"o

PAT: Q3FV'19 PAT of ¥ 98.1 crore or 10.0% of Revenues

7 Q7071] higher by v.3 crore or 5.7". gmwth; Margin expansion affl.2"o
r VrarV lower by? 1.4 crore or1.4% dargmwth; Margin reduction of1.3%
7 0n Norma/fled oasis, vrorvnigneroy {22.7cmre or30.0% growin- Margin expansion of1.5%

Cash ⁸¹ Cash equivalent as on December 31", 2018 at ¥ 99.8 crore vs. ¥ 74.1 crore as on September 30'", 2018

9M FY2019 Executive Summary firstsource'

Revenues: 9MFV'19 Revenues at § 2,859.1 crore, 9MFV'18 at § 2,638.0 crore

YrOrYgrowth 0f8.4°u in Rupee terms; growth 0f1.5°u in constant currency
ProformaABU then YrOrYgrowlh of11.5% in Rupee terms; growth 0f4.8°u on constant currency terms

EBITDA: 9MFV'19 EBITDA of § 397.1 crore or 13.9% of Revenues

— YVOVY higher by i 70.7 crore or21.6"a growth; Margin expansion 0f1.5°u

EBIT: 9MFV'19 Operating EBIT of § 341.6 crore or 11.9% of Revenues

— YVOVY higher by i 63.9 crore or 23.0"a growth; Margin expansion of1.4%

PAT: 9MFV'19 PAT of § 279.5 crore or 9.8% of Revenues

YVOVY higher by i 45.8 crore or 19.6"a growth; Margin expansion 0f0.9°u
On ^a normalized basis, YurY higher by \$9.9 Clare ar33.4% gmwth,' Margin expansion ufl.8%

Financial Performance Q3 FY19 and 9M FY19

In ₹ million	Q3 FY 2019	Q2 FY 2019	Q3 FY 2018
Income from services	9,723	9,442	8,631
Other operating Income	129	105	241
Revenue from operations	9,852	9,547	8,872
Personnel and Operating Expense	8,491	8,219	7,711
Operating EBITDA	1,361	1,328	1,161
Operating EBITDA %	13.8%	13.9%	13.1%
Depreciation / amortization	191	184	172
Operating EBIT	1,170	1,144	990
Operating EBIT %	11.9%	12.0%	11.2%
Other Income / (expense)	(3)	(8)	12
Interest Income / (expense), net	(60)	(52)	(90)
PBT	1,107	1,084	912
PBT (% of total income)	11.2%	11.4%	10.3%
Taxes and Minority Interest	126	156	(84)
Normalised PAT	981	928	754
Normalised PAT (% of total income)	10.0%	9.7%	8.5%
Reported PAT	981	928	995
Reported PAT (% of total income)	10.0%	9.7%	11.2%

In र million	9M FY 2019	9M FY 2018
Income from services	28,225	25,602
Other operating Income	366	778
Revenue from operations	28,591	26,380
Personnel and Operating Expense	24,620	23,115
Operating EBITDA	3,971	3,264
Operating EBITDA %	13.9%	12.4%
Depreciation / amortization	555	487
Operating EBIT	3,416	2,777
Operating EBIT %	11.9%	10.5%
Other Income / (expense)	(1)	20
Interest Income / (expense), net	(168)	(255)
PBT	3,247	2,542
PBT (% of total income)	11.4%	9.6%
Taxes and Minority Interest	451	205
Normalised PAT	2,795	2,096
Normalised PAT (% of total income)	9.8%	7.9%
Reported PAT	2,795	2,337
Reported PAT (% of total income)	9.8%	8.9%

Other Highlights

Employee and Attrition Details

Headcount:

18,595 empioyees as on December31, 2018
8,621 empioyees in india
9,974empioyees based outside india
Net addition of226 empioyees in Q3 FV19

Attrition Detaiis:

Onshore (us and Europe)745.8% compared to 54.9% in Q2 FV19
ofisnore (india and Phiiippines) 739.3% compared to 44.8% in Q2 FV19
Eariy attrition 83.4% compared to 43.9%in QZFVlS in UK

Net Debt Position

Net Cash of\$0.3 miiiion as on December31, 2018
Repaid GBP 11 Mn in Q3 FV'19

Foreign Exchange Hedges

Outstanding FX hedges at \$71 miiiion for USD and £107 miiiion forGBP

Next ¹² months: 85% coverage forUSD at iNR 70.1 ieveis, 90% coverage forGBP at iNR 99.4 ieveis, and 51% coverage forGBP at PHP 71.8 ieveis
Next ¹³ 7 24 months: 60% coverage for USD rates at iNR 73.8 ieveis, 84% coverage for GBP at iNR 102.0 ieveis
Post 24 Months: 88% coverage forGBP at iNR 110.4 ieveis

Q₃ FY₁₉ Revenue Snapshot

01 | Performance Analysis

02 | Business Outlook

I Revenue outlook to be softerthan expected
I Higherthan anticipated early attrition in UK and tightening of labour markets led to Revenue loss (actual and opportunity); Remediation underway to reduce early stage attrition and improving hiring output
I Deferment ofa multi-year deal (TCV OfSZO-Zl Mn) from expected go-live in November 2018 to March 2019
I Continue to see momentum in our Mortgages. Collections and Healthcare Provider business
I Demand environment in CM business is attractive; pipeline is robust. Playout of Brexit and supply chain constraints are being monitored/ acted upon
Headwinds in our Payer business. Likely to impact Q4 and rvzo
I Journey of margin expansion to continue

f" Helping customers stay ahead of the curve through transformational

Firstsource is ^a leading provider of customised Business Process Management (BPM) services. We specialise in helping customers stay ahead of the curve through transformational solutions in order to reimagine business processes and deliver increased efficiency. deeper insights and superior outcomes.

We are trusted brand custodians and long»term partners to 100+ leading brands with presence in the US, UK, Philippines and India.

Our 'rightshore' delivery model offers solutions covering complete customer lifecycle across Healthcare. Telecommunications & Media and Banking. Financial Services & Insurance verticals.

AI assistant

Firstsource Solutions Ltd. Investor Presentation 2019