Firstsource Solutions Ltd. — Investor Presentation 2023

Dec 1, 2023

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1[st] December 2023

To:

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

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

Dear Madam/ Sir,

Sub: Intimation of Investors’ Presentation

Further to our letter dated 30[th] November, 2023, please find enclosed a copy of the presentation to be made by the Company at the Investor meetings to be held as per the schedule referred to in our said letter.

The above information is being submitted in terms of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015.

This is for your information and record.

Thanking you,

For Firstsource Solutions Limited

POOJA SURESH Digitally signed by POOJA SURESH NAMBIAR NAMBIAR Pooja Nambiar Company Secretary

Encl.: A/a

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INVESTOR PRESENTATION

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1

© FIRSTSOURCE

Disclaimer

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Certain statements in this presentation concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in 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.

© FIRSTSOURCE | 2

Firstsource: Who we are?

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Established in 2001 Public listing in 2007

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Domain driven BPM services company leveraging a ‘Digital First, Digital Now’ approach to solve key customer problems

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150+ global clients including 18 Fortune 500 companies and 3 FTSE 100 companies

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23,953* Firstsourcers

across US, UK, India, Philippines and Mexico

*As on 30[th] Sept. 2023

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Part of RP-Sanjiv Goenka Group Since 2012

Leaders in chosen segments

across Banking & Financial Services, Healthcare, Communications, Media & Technology

Deep partnerships with clients

Average tenure of top 5 clients is over 18.7 years

Revenues of INR 60.2 Billion

(US$750 Million) in FY2023

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© FIRSTSOURCE | 3

We work with the leading global enterprises…

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Banking &

Communications Media & Technology

Financial Services

Asset Finance Streaming Services Credit Cards Cable TV Mortgages Broadband & Telephony Retail & SME Banking CMT Consumer Tech 21.2% FinTech E-Commerce BFS 40.8% Diverse 5.3% Healthcare Healthcare 32.7% Diversified Hospital Providers Industries Health Plans Utilities Healthcare Services Government Entities Medical Devices

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7 of Top 15

Mortgage Servicers in the US 5 of Top 15 Mortgage Lenders in the US 5 of Top 10 Credit card issuers in the US

2 of Top 6

Retail Banks in the UK 1,000+ Hospitals in the US 7 of Top 10 Health insurance/managed care providers in the US

1 of Top 2

Broadcasting and media companies in the UK

2 of Top 5

Telecom and broadcasting companies in the US

2 of Top 3

Consumer-tech companies in the US

2 of Top 3

Utility companies in the UK

© FIRSTSOURCE | 4

And are market leaders in our focus domains

Customer Experience (CX)

Collections

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Omnichannel engagement White-labeled digital collections
Active user personalization First-party & 3rd party collections
Intelligent automation Legal collections
Virtual Copilot Compliance & risk management
D&A IBO
T&S 25.2%
Consulting
Consulting DECX Collection Data & Analytics (D&A)
Technology solutions 52.9% CX Data annotation and labeling
CX strategy and design Predictive analytics
Process optimization Managed services
Metrics & measurement DP&S PAA AI-enabled services
21.9%
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Consulting

Data & Analytics (D&A)* Data annotation and labeling Predictive analytics Managed services AI-enabled services

Trust & Safety (T&S)* Audit of policies/queue structures Workflow optimization Real-time content monitoring Predictive analytics

Domain-led Platforms/Solutions (DP&S)

Sympraxis – Digital intake operations Firstsource Healthcare Cloud – Revenue cycle management

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Market Leader Star Performer Healthcare Payer Operations Peak Matrix Assessment | 2023

Major Contender RCM Operations Peak Matrix Assessment | 2023

Major Contender Star Performer Banking Operations Peak Matrix Assessment | 2023

Leader Quadrant Customer Experience Services Provider Lens | Europe | 2023

Leader

Mortgage and Loan Services NEAT Vendor Analysis | 2022

• Emerging services

DECX: Digitally Empowered Customer Experience | IBO: Intelligent Back Office | PAA: Platforms, Automation & Analytics

Source: The Everest Group, ISG, Nelson Hall

© FIRSTSOURCE | 5

We have realigned our strategic priorities…

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TOP-QUARTILE REVENUE GROWTH CONCURRENT MARGIN EXPANSION	Simplify t Cro E T Elev Improve	he organization ss-sell/up-sell into existing clients xpand capabilities Amplify the ‘Firstsource’ brand ech in everything we do ate employee experience margins

© FIRSTSOURCE | 6

And are focused on execution

Our recent deal wins

10-year renewal of contract as the primary outsourcing partner by the Top client, one of Europe’s leading media and entertainment companies

Selection by Education Testing Services , one of the largest education assessment organizations in the world, to provide student support and technology services

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Chosen by a prominent US reverse mortgage company to provide a comprehensive set of operational and tech services

New business for digital intake and digital customer engagement services with one of the largest managed health care and insurance companies in the US

Expanded footprint share in one of the Top5 healthcare insurance providers in the US with incremental business for digital intake and data management services

Additional business from one of the largest telecom and media companies globally , to provide core customer support and RPA implementation at its UK operations

Working with two of the largest consumer tech companies globally on training their proprietary AI tool leveraging its AI Ops framework

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Total headcount

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Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24
23,932 23,627 23,953
23,018
22,384
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Attrition*

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52.0%
47.2%
44.9% 45.3% 44.8%
45.7%
44.4%
42.3%
39.1%
36.1%
Onshore Offshore
Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24
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*For employees in employment for more than 180 days

© FIRSTSOURCE | 7

We expect Gen AI to open new revenue streams…

Most enterprises are still early in their adoption cycle

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• Cost to compute/cost to infer is still high

• Board mandates driving demand for advice and guidance

Focus is on improving data quality/PoCs

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• Selective Investments in proprietary LLMs

• Higher outsourcing for functions with high volumes + standard underlying data

Scale adoption to open new market opportunities

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• New services around data labelling/annotation and training of proprietary LLMs

• Co-develop domain/function-specific LLMs along with technology companies

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Enterprise GenAI adoption cycle*

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Deployed
GenAI
for 5+
processes
17%
Deployed
GenAI
Planning in <5
a pilot processes
38% 28%
Plan adoption
in near future No plans
15% 2%
Incremental cost of GenAI [[#]]
240%
70%
30%
Microsoft 365 with Salesforce enterprise GCP's Dialogflow CX
Copilot sales cloud Enterprise Chat
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Incremental cost of GenAI[[#]]

• *Based on a survey 53 enterprises, Aug 2023

• additional price over standard enterprise plans Source: The Everest Group

© FIRSTSOURCE | 8

And we are building capabilities to address the opportunity

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FirstSense.AI Partner
FirstSense.AI
Studio ecosystem
Our proprietary Sandbox Initiative to Across Robotics,
framework to ecosystem for proactively Process and Task
accelerate experimentation, engage Mining, and
client’s AI evaluation, and Firstsourcers in Conversational AI
deployment integration AI engineering
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Library of 100+ use Completed 25+ First batch of cases spanning POCs; 5 advancing trainees on prompt across industries to production pilots* engineering

*As on 30[th] Sept. 2023

© FIRSTSOURCE | 9

We are socially conscious

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Social

Environment

65%

46%

of the total workforce comprise of women

Increase in renewable energy consumption vs FY22 (India)

24% Recognized as a Level 3 Renewable energy Disability Confident Leader mix (India) in the UK

100%

15,298

Waste disposed to responsible waste handler

CSR – Hours of Volunteering

INR 68.4 Mn

4

Offices are Green Spent directly through our CSR Building Certified Initiatives Impacting 65,500+ Lives

77%

70%

Reduction in Scope 1 emission compared to the previous year

Of our new suppliers were screened on E&S criteria

Zero

Cases of discrimination reported

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Governance

50%

of the Board consist of Independent Directors

10%

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Read our FY23 ESG report
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of the Independent Directors of the Board are Women

54%

Promoter shareholding

Zero

Political contributions

Zero

Cases of insider trading

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Zero

Fines and penalties related to unethical business practices

© FIRSTSOURCE | 10

And focused on shareholder value creation

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5 Years Stock Performance NSE: FSL | BSE: 532809 | Reuters: FISO.BO | Bloomberg: FSOL:IN Market Capitalisation: US$1.5bn | Average daily trading volume: US$ 5.0m

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Nov-18 May-19 Nov-19 May-20 Nov-20 May-21 Nov-21 May-22 Nov-22 May-23 Nov-23
FSL NIFTY IT
Shareholding Pattern Total Shareholder Return
Key institutional shareholders
Public & Others ▪ HDFC Mutual Fund 1 Year return 61% 3.2%
22% ▪ ICICI Prudential Mutual Fund
▪ Vanguard Group
▪ LSV Asset Management 3 Year return 122% 12.6%
DII Promoter ▪ Tata Mutual Fund
54%
14% ▪ BlackRock
▪ SBI Mutual Fund 5 Year return 236% 27.7%
FII ▪ Steinberg India
10% ▪ Dimensional Fund
0% 50% 100% 150% 200% 250% 300%
▪ Kotak Mutual Fund
Share Price Return Dividend yield
As on 30 [th] Sept. 2023
All stock price data based on closing prices as of 29 [th] Nov. 2023; Average daily trading volume is average for the last six months
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© FIRSTSOURCE | 11

Leadership team

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Ritesh Idnani

MD & CEO

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Dinesh Jain Prashanth Nandella Chief Financial Officer Chief Operating Officer

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Arjun Mitra Ashish Chawla Head - Collections Head- IDEA, EdTech & Digital Media

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Venkatgiri Vandali Head - Healthcare

Rajiv Malhotra Head - Europe

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Sundara Sukavanam Aftab Javed Chief Digital Officer Chief Human Resources Officer

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Sameer Ahluwalia Head - BFS

© FIRSTSOURCE | 12

In summary…

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We see potential to grow at an accelerated pace over the medium term…

Discontinuities caused by macro and technology shifts are creating market opportunities Our ‘market positioning’ gives us an advantage

…Helped by our unique differentiators…

Roster of long-standing relationships with quality clients with large spend Recognized market leadership in our chosen domains

…And driven by the One Firstsource playbook…

Focus on account mining and expanding capabilities

Speed-to-market, clear accountability and improved market visibility are key imperatives

…Even as we remain focused on execution in the near term

Q2FY24 deal wins highest in the last four quarters/second highest in the last 3 years

Healthy pipeline replenishment despite the strong deal wins

© FIRSTSOURCE | 13

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Factsheet

© FIRSTSOURCE | 14

Financial performance snapshot

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Revenue (in $ million)
-0.1% 5.6% 18.5% 16.0% -5.7% -1.4%
2.0% 6.6% 17.9% 14.6% -1.1% -1.8%
FY18 FY19 FY20 FY21 FY22 FY23 H1FY24
Constant Currency Growth YoY Revenue Growth
795 750
685
548 548 578
372
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EBIT and Margin (%) (in ₹ million)

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10,000 14.0%
9,000 11.1% 12.0% 10.8% 11.8% 12.0% 11.2% 12.0%
8,000 9.4%
7,000 10.0%
6,000
8.0%
5,000
6.0%
4,000
3,000 4.0%
2,000
2.0%
1,000
- 0.0%
FY18 FY19 FY20 FY21 FY22 FY23 H1FY24
EBIT EBIT Margin (%)
7,105
5,979 5,633
4,610 4,437
3,930
3,424
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Revenue (in ₹ million)
8.2% 7.1% 23.9% 16.6% 1.7% 3.7%
FY18 FY19 FY20 FY21 FY22 FY23 H1FY24
YoY Revenue Growth
59,212 60,223
50,780
35,352 38,263 40,986
30,692
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PAT and Margin (%) (in ₹ million)
8,000 12.0%
9.9%
7,000 6,000 9.2% 8.3% 9.1% 8.5% 8.2% 10.0%
7.1% 8.0%
5,000
4,000 6.0%
3,000
4.0%
2,000
2.0%
1,000
- 0.0%
FY18 FY19 FY20 FY21 FY22 FY23 H1FY24
Note: FY21 PAT was ₹ 4,499 mn excluding exceptional items PAT PAT Margin (%)
5,374 5,137
3,265 3,778 3,397 3,617
2,525
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(in ₹ million)

© FIRSTSOURCE | 15

Key performance indicators

Return on Equity (%)

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FY18 FY19 FY20 FY21 FY22 FY23 H1FY24
Note: FY21 ROE was 16.1% excluding exceptional items
17.7%
15.3% 15.1%
13.9% 13.9% 12.3% 12.9%
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Cash Flow (in ₹ million)
FY18 FY19 FY20 FY21 Adj FY22 Adj FY23 H1FY24
Operating Cash Flow Free Cash Flow
8,921
7,225 7,870 7,141 7,634 7,119
1,558
4,000 4,104 1,262
3,151 2,526 2,913 3,156
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Return on Capital Employed (%)

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FY18 FY19 FY20 FY21 FY22 FY23 H1FY24
Debt Position (in ₹ million)
FY18 FY19 FY20 FY21 FY22 FY23 H1FY24
Long term Debt Short term Debt Net Debt
including current maturities
17.6% 17.6%
13.0% 14.1% 12.3% 13.4% 13.7%
6,950
5,271 6,596
3,490
8,341 8,013
4,367
5,390 6,526 6,159 6,653
5,273
3,885 3,846
3,233 3,147 2,999
187 92 1,678 2,229
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*On trailing twelve months (TTM) basis

© FIRSTSOURCE | 16

Summary of Performance for the Quarter ended September 30, 2023

REVENUE

EBIT

₹ 15,400 Million (US$ 186 Million)

₹ 1,634 Million (Margin 10.6%) YoY growth of 30.3% YoY Margin expansion of 220 bps (including one-time charges)

YoY growth of 3.5% Constant Currency YoY decline of 1.9%

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PROFIT AFTER TAX

EARNINGS PER SHARE (Diluted) ₹ 1.80 per share Q1FY24 at 1.80 per share Q2FY23 at ₹ 1.84 per share

₹ 1,265 Million (Margin 8.2%) YoY decline of 2.2% YoY Margin contraction of 50 bps

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© FIRSTSOURCE | 17

Summary of Performance for the Half year ended September 30, 2023

REVENUE

EBIT

₹ 30,692 Million (US$ 372 Million) YoY growth of 3.7% Constant Currency YoY decline of 1.8%

₹ 3,424 Million (Margin 11.2%) YoY growth of 41.2% YoY Margin expansion of 300 bps (including one-time charges)

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PROFIT AFTER TAX

EARNINGS PER SHARE (Diluted) ₹ 3.60 per share H1FY23 at 3.05 per share TTM EPS at ₹ 7.87 per share

₹ 2,525 Million (Margin 8.2%) YoY growth of 17.7% YoY Margin expansion of 100 bps

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© FIRSTSOURCE | 18

Revenue split | Q2FY24

Revenue split by verticals

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Diverse
5.3%
CMT
21.2%
Healthcare
32.7%
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BFS
40.8%
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Banking & Financial Services (BFS) Healthcare Communication, Media & Tech (CMT) Diverse Industries

Revenue split by geography

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RoW
0.1%
US
UK
65.1%
34.8%
United States (US) United Kingdom (UK)
Rest of World (RoW)
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Revenue split by service lines

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PAA
21.9%
DECX
52.9%
IBO
25.2%
Digitally Empowered Customer Experience (DECX)
Intelligent Back Office (IBO) Platforms, Automation & Analytics (PAA)
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© FIRSTSOURCE | 19

FY24 business outlook

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0-2%

constant currency revenue growth

11-11.5% EBIT margin

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© FIRSTSOURCE | 20

Profit & loss statement

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In ₹ million	Q1FY23	Q2FY23	Q3FY23	Q4FY23	FY23	Q1FY24	Q2FY24	QoQ	YoY
Income from services	14,524	14,735	15,033	15,566	59,859	15,267	15,417	1.0%	4.6%
Other operating Income	199	147	16	2	364	25	(17)	(169.1%)	(111.9%)
Revenue from operations	14,724	14,882	15,049	15,568	60,223	15,292	15,400	0.7%	3.5%
Revenue from operations (USD Mn)	$ 191	$ 187	$ 183	$ 190	$ 750	$ 186	$186	0.1%	(0.2%)
QoQ Growth % - Constant Currency	(5.1%)	0.2%	(0.9%)	2.5%	-	(3.0%)	(0.1%)	-	-
YoY Growth % - Constant Currency	(2.7%)	1.8%	(0.3%)	(2.8%)	(1.1%)	(1.6%)	(1.9%)	-	-
Personnel Expense	9,597	9,527	9,861	9,690	38,675	9,237	9,400	1.8%	(1.3%)
Operating Expense	3,316	3,438	3,092	3,437	13,283	3,653	3,712*	1.6%	8.0%
EBITDA	1,810	1,917	2,097	2,441	8,265	2,402	2,288	(4.7%)	19.3%
EBITDA Margin	12.3%	12.9%	13.9%	15.7%	13.7%	15.7%	14.9%	(85) bps	197 bps
Depreciation / amortization	639	663	687	642	2,632	613	654	6.7%	(1.4%)
EBIT	1,171	1,254	1,409	1,799	5,633	1,789	1,634	(8.7%)	30.3%
EBIT Margin	8.0%	8.4%	9.4%	11.6%	9.4%	11.7%	10.6%	(109) bps	220 bps
Other Income / (expense)	54	482#	610#	105#	1,251#	6	153	2279.1%	(68.3%)
Interest Income / (expense), net	(177)	(187)	(183)	(185)	(732)	(243)	(244)	0.4%	30.5%
Profit Before Taxes	1,048	1,549	1,837	1,719	6,152	1,553	1,543	(0.6%)	(0.4%)
Taxes and Minority Interest	197	255	257	306	1,015	293	278	(5.1%)	8.9%
Profit After Tax	851	1,294	1,579	1,413	5,137	1,260	1,265	0.4%	(2.2%)
Net Margin	5.8%	8.7%	10.5%	9.1%	8.5%	8.2%	8.2%	(2) bps	(50) bps
Diluted EPS (₹ /Share)	1.21	1.84	2.25	2.02	7.32	1.80	1.80	-	(2.2%)

© FIRSTSOURCE | 21

Balance sheet

In ₹ million	As on 30-Sep-23	As on 31-Mar-23
ASSETS
Non-Current Assets
Fixed assets	2,454	2,789
Right-of-use assets	5,550	4,958
Goodwill on consolidation	29,758	29,450
Investment in associates	0	0
Financial Assets
Investments	115	116
Other financial assets	739	488
Deferred tax assets	2,880	2,948
Income tax assets (net)	826	786
Other non-current assets	2,110	1,026
Total Non-Current Assets	44,431	42,561
Current Assets
Financial assets
Current investments	1,276	596
Trade receivables	11,468	10,385
Cash and cash equivalents	895	1,515
Other balances with bank	33	40
Other financial assets	123	40
Other current assets	1,795	1,507
Total Current Assets	15,589	14,082
TOTAL ASSETS	60,021	56,644

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In ₹ million	As on 30-Sep-23	As on 31-Mar-23
EQUITY AND LIABILITIES
Shareholder's Funds
Equity share capital	6,970	6,970
Reserve and surplus	29,727	26,699
Non - controlling interest	4	4
Total Equity	36,700	33,672
Non-Current Liabilities
Financial Liabilities
Long-term borrowings	622	1,394
Lease liabilities	4,969	4,467
Other Financial Liabilities	0	181
Provisions	176	137
Deferred tax liabilities	1,385	1,196
Total Non-Current Liabilities	7,151	7,375
Current Liabilities
Financial Liabilities
Short-term and other borrowings	8,202	6,876
Trade payables	2,498	2,314
Lease liabilities	1,352	1,195
Other financial liabilities	2,184	3,556
Other current liabilities	1,241	829
Provisions	567	826
Provision for tax (net)	126	-
Total Current Liabilities	16,169	15,597
TOTAL LIABILITIES	60,021	56,644

© FIRSTSOURCE | 22

Cash flow statement

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In ₹ million	Half-Year ended Sept 30, 2023	Half-Year ended Sept 30, 2022
Cash Flow from Operating Activities
Netprofit before taxation and non controllinginterest	3,096	2,597
Depreciation and amortization	1,266	1,302
Finance costs (For borrowing & lease liabilities)	514	386
Adjustment: Non-Cash Expense / (Other Income)	(264)	(1,638)
Add: WorkingCapital Changes	(2,759)	1,522
Less: Income Taxes Paid	(296)	(355)
Net cashgeneratedfrom / (used in) Operating Activities (A)	1,558	3,813
Cash Flow from Investing Activities
Capital Expenditure, net	(296)	(270)
Interest income received	1	1
(Increase)/Decrease in current investments	(654)	175
Earmarked balances with banks	7	44
Net cashgeneratedfrom / (used in) Investing Activities (B)	(942)	(50)
Cash Flow from Financing Activities
Net Change in Borrowings	555	(1,570)
Net Interest Paid	(571)	(389)
Payment of Lease Liabilities	(668)	(771)
Purchase of TreasuryShares, net	25	(173)
Purchase of non controllinginterest in subsidiary	(583)	(276)
Net cashgeneratedfrom /(used in) Financing Activities(C)	(1,242)	(3,180)
Net increase/(decrease) in Cash and Cash Equivalents(A+B+C)	(626)	583
Cash and cash equivalents at the beginningof theperiod	1,515	828
Foreign exchange (loss) /gain on translatingCash and cash equivalents	6	3
Closing Cash and Cash Equivalents	895	1,414
Current Investments	1,276	1,032
Cash and Cash Equivalents including Investments	2,172	2,446

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Operating metrics

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	Particulars	Q2FY22	Q3FY22	Q4FY22	Q1FY23	Q2FY23	Q3FY23	Q4FY23	Q1FY24	Q2FY24
Revenue by Vertical	Banking & Financial Services	48.9%	48.3%	49.0%	46.3%	43.4%	41.8%	40.3%	40.8%	40.8%
	Healthcare	29.6%	30.3%	30.3%	32.1%	34.5%	34.2%	33.2%	32.6%	32.7%
	Communications Media & Tech	19.5%	19.6%	19.0%	20.2%	20.2%	21.6%	22.3%	21.8%	21.2%
	Diverse Industries	2.0%	1.8%	1.7%	1.4%	1.9%	2.4%	4.2%	4.8%	5.3%
Revenue by Service Lines	Digitally Empowered Customer Experience	46.8%	45.9%	44.4%	46.6%	47.7%	50.4%	52.6%	51.8%	52.9%
	Intelligent Back Office	45.6%	44.0%	36.5%	32.7%	30.9%	29.2%	27.0%	27.0%	25.2%
	Platforms, Automation & Analytics	7.6%	10.1%	19.1%	20.7%	21.4%	20.4%	20.4%	21.2%	21.9%
Revenue by Geography	US	68.4%	69.8%	70.7%	68.4%	67.2%	64.9%	63.3%	63.5%	65.1%
	UK	30.1%	28.5%	27.5%	30.1%	31.3%	34.1%	36.3%	36.4%	34.8%
	Rest of World	1.5%	1.7%	1.8%	1.5%	1.5%	1.0%	0.4%	0.1%	0.1%
Revenue by Delivery	Offshore	31.0%	30.8%	27.0%	27.4%	25.9%	25.1%	24.6%	25.6%	26.7%
	Onshore	69.0%	69.2%	73.0%	72.6%	74.1%	74.9%	75.4%	74.4%	73.3%
Top Clients Revenue	Top client %	15.8%	15.2%	14.8%	15.2%	14.9%	15.8%	15.4%	14.6%	12.7%
	Top 5 client %	41.2%	37.6%	35.9%	36.4%	36.6%	38.5%	37.4%	37.2%	35.0%
Other Metrices	Total employees (end of period)	27,835	27,398	26,557	25,234	23,932	23,627	23,018	22,384	23,953
	• Employees in India	16,976	16,826	16,045	14,769	13,431	12,489	12,395	12,457	14,437
	• Employees outside India	10,859	10,572	10,512	10,465	10,501	11,138	10,623	9,927	9,516
	Net Addition	(81)	(437)	(841)	(1,323)	(1,302)	(305)	(609)	(634)	1,569
	Offshore Attrition (180 days+)	36.2%	45.2%	45.9%	43.8%	45.7%	44.4%	42.3%	39.1%	36.1%
	Onshore Attrition (180 days+)	68.8%	59.5%	50.2%	56.9%	52.0%	47.2%	44.9%	45.3%	44.8%

Note: Attrition data till FY22 is on a quarterly annualized basis and on a Trailing Twelve Months (TTM) basis effective Q1FY23

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