Firstsource Solutions Ltd. — Investor Presentation 2023

Nov 8, 2023

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8[th] November 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 Wednesday, 8[th] November 2023 at 4:00 PM IST with the analysts and investors, on the financial results of the Company for the quarter & half year ended 30[th] September 2023.

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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Q2FY24

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

About Us

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Established in 2001

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Revenues of INR 60.2 Billion (US$750 Million) in FY2023

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23,953* Firstsourcers

across US, UK, India, Philippines and Mexico *As on 30[th] Sept. 2023

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Leaders in chosen segments

across Banking & Financial Services, Healthcare, Communications, Media & Technology and Diversified Industries

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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

Deep partnerships with clients Average tenure of top 5 clients is over 18.7 years

Publicly Traded on Indian Stock Exchanges

NSE: FSL | BSE: 532809| Reuters: FISO.BO| Bloomberg: FSOL:IN

© FIRSTSOURCE | 3

Part of RP-Sanjiv Goenka Group

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Power
Consumer & Retail
Education & Infrastructure
Sports
Combined FY23 Revenues
US$4.2 Billion
Carbon Black
Media & Entertainment
IT-Enabled Services
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© FIRSTSOURCE | 4

Our Verticals

Banking & Financial Services

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• Asset Finance

• Credit Cards

• Mortgages

• Retail & SME Banking

• FinTech

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Healthcare

• Hospital Providers

• Health Plans

• Healthcare Services

• Medical Devices

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Communications Media & Technology

• Streaming Services

• Cable TV, Broadband and Telephony

• Consumer Tech

• E-Commerce

• Shared Economy

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Diversified Industries

• Utilities

• Government Entities

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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 | 5

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
EBIT and Margin (%) (in ₹ million)
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 (%)
795 750
685
548 548 578
372
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 (%)

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(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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© FIRSTSOURCE | 6

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)

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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 | 7

Leadership Team

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Ritesh Idnani

MD & CEO

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Dinesh Jain
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Chief Financial Officer
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Arjun Mitra

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Head - Collections
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Prashanth Nandella Chief Operating Officer

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Ashish Chawla

Head- IDEA, EdTech & Digital Media

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Venkatgiri Vandali
Head - Healthcare
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Sundara Sukavanam
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Chief Digital Officer

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Rajiv Malhotra
Head - Europe
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Aftab Javed
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Chief Human Resources Officer

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Sameer Ahluwalia

Head - BFS

© FIRSTSOURCE | 8

ESG at Firstsource

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Environment Social Governance

65%

Increase in renewable energy consumption vs FY22 (India)

46%

of the total workforce comprise of women

50%

of the Board consist of Independent Directors

Recognized as a Level 3 Disability Confident Leader in the UK

24%

Renewable energy mix (India)

100%

15,298

Waste disposed to responsible CSR – Hours of Volunteering waste handler

INR 68.4 Mn

4

Spent directly through our CSR Initiatives Impacting 65,500+ Lives

Offices are Green Building Certified

10%

of the Independent Directors of the Board are Women

54%

Promoter shareholding

Zero Political contributions

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Read our FY23 ESG report

77%

Reduction in Scope 1 emission compared to the previous year

70%

Of our new suppliers were screened on E&S criteria

Zero

Cases of insider trading

Zero

Cases of discrimination reported

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Zero

Fines and penalties related to unethical business practices

© FIRSTSOURCE |

9

Total Shareholders Return

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FSL | 173%
Nifty IT | 111%
Nov/2018 May/2019 Nov/2019 May/2020 Nov/2020 May/2021 Nov/2021 May/2022 Nov/2022 May/2023 Nov/2023
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Total Shareholders Return (including dividends) of 198% in past 5 years

Based on closing prices as of 7[th] Nov, 2023

© FIRSTSOURCE | 10

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Performance Highlights | Q2FY24

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Summary of Performance for the Quarter ended September 30, 2023

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REVENUE EBIT
₹
₹
₹ 15,400 Million ₹ 1,634 Million
(US$ 186 Million) (Margin 10.6%)
YoY growth of 3.5% YoY growth of 30.3%
Constant Currency YoY decline of 1.9% YoY Margin expansion of 220 bps
(including one-time charges)
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PROFIT AFTER TAX EARNINGS PER SHARE
₹
(Diluted)
₹ 1,265 Million ₹ 1.80
(Margin 8.2%) per share
YoY decline of 2.2% Q1FY24 at 1.80 per share
YoY Margin contraction of 50 bps Q2FY23 at ₹ 1.84 per share
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© FIRSTSOURCE | 12

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

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REVENUE EBIT
₹
₹
₹ 30,692 Million ₹ 3,424 Million
(US$ 372 Million) (Margin 11.2%)
YoY growth of 3.7% YoY growth of 41.2%
Constant Currency YoY decline of 1.8% YoY Margin expansion of 300 bps
(including one-time charges)
PROFIT AFTER TAX EARNINGS PER SHARE
₹
(Diluted)
₹ 2,525 Million ₹ 3.60
(Margin 8.2%) per share
YoY growth of 17.7% H1FY23 at 3.05 per share
YoY Margin expansion of 100 bps TTM EPS at ₹ 7.87 per share
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© FIRSTSOURCE | 13

Revenue Split | Q2FY24

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Revenue split by Revenue split by
verticals geography
Diverse RoW
5.3% 0.1%
US
CMT UK
65.1%
32.7% 34.8%
BFS
40.8%
Healthcare
21.2%
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Banking & Financial Services (BFS) Healthcare Communication, Media & Tech (CMT) Diverse Industries

United States (US) United Kingdom (UK) Rest of World (RoW)

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 | 14

Deal Wins

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• We were selected by Education Testing Services , one of the largest education testing and assessment organizations in the world, to provide student support and technology services. As part of the deal, we recently launched a state-of-the-art Global Capability Center to deliver a cross-section of services across technology, assessment operations, business intelligence, product management, and finance operations for ETS.

• Firstsource expanded its offshore footprint for one of Europe’s leading media and entertainment companies , by adding new complex service queues and launching chat services for customers in Ireland.

• Firstsource was selected by a prominent US reverse mortgage company to provide a comprehensive set of operational and tech services. They will collaborate to create new capabilities to support the client's growth strategy and enhance their modern retirement solutions platform, focusing on home-related offerings like reverse mortgages, home improvement loans, and homesharing services.

• Further strengthened the multi-decade relationship with one of the largest managed health care and insurance companies in the US with additional business for providing digital intake and digital engagement services.

• Expanded footprint and wallet share in one of the Top5 healthcare insurance providers in the US with additional business for providing digital intake and provider data management services.

• Firstsource won additional business from one of the largest telecom and media companies globally , an existing client, to provide core customer support and RPA implementation at its UK operations.

• Firstsource is working with two of the largest consumer tech companies globally on training their proprietary AI tool leveraging its AI Ops framework.

© FIRSTSOURCE | 15

Gen AI – progress update

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• Launched FirstSense.AI our proprietary framework to accelerate client’s AI deployment

• Developed Firstsense.AI Studio sandbox ecosystem for experimentation, evaluation, and integration

• Investing in a robust partner ecosystem across AI, Robotics, Process and Task Mining, and Conversational AI

• Library of 100+ use cases spanning across industries

• Completed 25+ POCs; 5 advancing to production pilots

• Launched First ColLab – an initiative to proactively engage Firstsourcers in AI engineering

• First batch of trainees on prompt engineering

Large US regional bank

Top5 US health plan

Global telecom giant

Top5 US health plan

What are we doing

Building an AI-based co-pilot for analyzing, extracting, and correlating complex terms and numbers from structured and

unstructured documents

Expected business outcome

• 50%+ productivity improvement for underwriters

What are we doing

Creating an instructional design co-pilot using GenAI

Expected business outcome

• 50% cut in the time to produce training content and simulations

What are we doing

• providing real-time Gen AI-based agent guidance

Expected business outcome

• Quick query resolution, cost saving from optimised technician visits, higher customer satisfaction

What are we doing

implementing a claims decision agent leveraging AI

Expected business outcome

Accelerated claims processing at lower costs with improved provider experience

© FIRSTSOURCE | 16

Employee base

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• QoQ net headcount addition of 1,569

• India employee base higher by 1,980 ; RoW lower by 411

• YoY net headcount addition of 21

• India employee base higher by 1,006 ; RoW lower by 985

• TTM employee attrition[#] at 44.8% for onshore and 36.1% for offshore

• 45.7% of employees are women

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Total headcount Attrition
52.0%
47.2%
44.9% 45.3% 44.8%
45.7%
44.4%
42.3%
39.1%
36.1%
Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24
Onshore Offshore
23,932 23,627 23,018 22,384 23,953
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• #For employees in employment for more than 180 days

*RoW: Rest Of the World

© FIRSTSOURCE | 17

Select Recognition

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PEAK Matrix® Assessment 2023 Healthcare Payer Operations

Firstsource among nine payer operations ranked as a ‘Leader’ among 29 service providers assessed

It also featured as one of only two ‘Star Performer’ for the strongest forward and upward movement versus 2022 on the PEAK Matrix

Firstsource’s Healthcare Payer Operations scored high across parameters , particularly on portfolio mix, scope of services offered, and delivery footprint

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Leader Major Contender Aspirant Star Performer

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PEAK Matrix® Assessment 2023 Revenue Cycle Management (RCM) Operations ​

Firstsource ranked as a ‘Major Contender’ among 31 RCM operations providers assessed

Cost-effectiveness of solutions, receptiveness to feedback and pre-registration automation were cited as FSL’s key strengths by its clients

Its technology portfolio, especially Firstsource Healthcare Cloud , and an extensive presence in the patient access segment are other differentiators

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Leader Major Contender Aspirant Star Performer

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PEAK Matrix® Assessment 2023 Banking Operations – Services

Firstsource ranked as a ‘ Major Contender’ among 34 banking operations service providers assessed

It also featured as a ‘Star Performer’ for the strongest forward and upward movement versus 2022 on the PEAK Matrix Assessment

Established capabilities around asset finance, credit cards and mortgages, and Platforms, analytics and automation solutions were cited as the key strengths

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Leader Major Contender Aspirant Star Performer

Read the full report

Read the full report

Read the full report

© FIRSTSOURCE | 18

Select Recognition

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Customer Experience Services | Europe | SEPTEMBER 2023​

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ISG Provider Lens™ quadrant report covers the following four quadrants for services/solutions: Digital Operations, Hybrid Working Solutions, Intelligent CX (AI & Analytics); and Social Media CX Services

Firstsource rated as a Leader in all the four quadrants by ISG for the third consecutive year

Key strengths of Firstsource cited in the report include

Digitally Empowered Contact Center that combines human interactivity and technology for rapid resolutions

Digitally Enabled CX driven by a core of generative AI

First Customer Intelligence solution for speech and text analytics

In-house labs and prototyping Social media SMM suite & framework

Read the full report

© FIRSTSOURCE | 19

FY24 business outlook

0-2% constant currency revenue growth

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11-11.5% EBIT margin

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© FIRSTSOURCE | 20

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Factsheet

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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%)

Q2-Q4FY23: include changes in the fair value of liabilities for the purchase of the non-controlling interest

© FIRSTSOURCE | 22

*Q2FY24: include one-time charges

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

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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
Net profit before taxation and non controlling interest	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: Working Capital Changes	(2,759)	1,522
Less: Income Taxes Paid	(296)	(355)
Net cash generated from / (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 cash generated from / (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 Treasury Shares, net	25	(173)
Purchase of non controlling interest in subsidiary	(583)	(276)
Net cash generated from / (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 beginning of the period	1,515	828
Foreign exchange (loss) / gain on translating Cash 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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