Firstsource Solutions Ltd. — Investor Presentation 2024

Oct 28, 2024

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28[th] October 2024

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: Earnings Presentation

We are enclosing herewith a copy of the Earnings presentation regarding conference call to be held on Monday, 28[th] October 2024 at 4.00 PM IST with the analysts and investors, on the financial results of the Company for the quarter and half year ended 30[th] September 2024.

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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EARNINGS PRESENTATION Q2FY25

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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 forwardlooking 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 BPS market 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.

2

About Us

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Specialized BPS partner

Established in 2001 Public listing in 2007

Hyper-focused, domain-centric teams with cutting-edge tech, data, and analytics

32,898* Firstsourcers

200+ global clients[#] including 19 Fortune 500 companies and 3 FTSE 100 companies

Across US, UK, India, Philippines, South Africa, Australia, Mexico, Romania, Trinidad & Turkey

Leaders in chosen segments

Part of RP-Sanjiv Goenka Group

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

Since 2012

Revenues of INR 63.4 Billion (US$765 Million) in FY2024

Deep partnerships with clients Average tenure of top 5 clients is over 20 years

For clients with trailing 12-months revenue over US$0.25mn *As on 30[th] September 2024

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Part of RP-Sanjiv Goenka Group

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Group turnover of
~US$4.4 Bn []
EBITDA of Asset base of
~US$855 Mn [] >US$7.3 Bn []
Over
1.1 Million Shareholders
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One of India’s new-age and fastest growing

Conglomerates

Strong workforce of 50,000+ employees, belonging to different nationalities

Presence in 50+ countries

100+ offices worldwide

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Committed to powering millions of Indian homes and businesses with reliable electricity through its A global player and a national leader with portfolio of Domain driven BPM services company leveraging a approach to solve key customer problems for 200+ global clients

Diversified and innovative media company, with music catalogue that spans the gamut from the and a strong video play, spread across making Films, TV serials, OTT series and short video content catering to the youth

Nature's Basket is India's with international food products Spencer is an experience led with varied assortments

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Too Yumm is a , captivating consumers with its Playing in the category with brands like Naturali and Within Beauty

Inspiring communities, unite fans, set new benchmarks, foster championship culture, contribute to the

Step into a world of unparalleled luxury. Quest, the first of its kind in Eastern India, curates

India’s producer of rubber & South India’s second largest cultivator of tea

dedicated to helping its readers succeed big in business through best-in-class storytelling

• All figures as on FY24

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Our Verticals

Banking & Financial Services

• Asset Finance

• Credit Cards

• Mortgages

• Retail & SME Banking

• FinTech

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Communications Media & Technology

• Streaming Services, Cable TV

• Broadband & Telephony

• Consumer Tech

• Ed Tech

• E-Commerce

4 of Top 15

Mortgage Servicers in the US

5 of Top 15

Mortgage Lenders in the US

6 of Top 10 Credit card issuers in the US

3 of Top 6

Retail Banks in the UK

1,000+

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Hospitals in the US

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Healthcare

• Hospital Providers

• Physician Groups

• Health Plans

• Healthcare Services

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Diversified Industries

• Utilities

• Government Entities

• Retail and e-commerce

11 of Top 15

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

3 of Top 5

Consumer-tech companies in the US

• Medical Devices

2 of Top 4

Utility companies in the UK

5

Our Leadership Team

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Ritesh Idnani
MD & CEO
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Dinesh Jain Sohit Brahmawar Aftab Javed Aniket Maindarkar Hasit Trivedi
Chief Financial Officer Chief Operating Officer Chief Human Resources Chief Marketing Officer Chief Digital & AI Officer
Officer
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Vivek Sharma Venkatgiri Vandali Rajiv Malhotra Arjun Mitra Ashish Chawla Sundara Sukavanam Head – CMT, BFS Head – Healthcare & Head – Europe, Middle Head – Collections Head – CX and Consulting Head – Enterprise and Emerging Geos Lifesciences East & Africa Transformation Office

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Performance Highlights | Q2FY25

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Performance summary | Q2FY25

REVENUE

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₹
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₹ 19,254 Million (US$ 230 Million)

YoY growth of 25.0% YoY constant currency growth of 22.7% QoQ constant currency growth of 6.9%

PROFIT AFTER TAX

₹ ₹ 1,382 Million (Margin 7.2%)

YoY growth of 9.3% YoY margin contraction of 100bps QoQ margin contraction of 40bps

EBIT

₹ ₹ 2,081 Million (Margin 10.8%*)

YoY growth of 27.3% YoY margin expansion of 20bps QoQ margin contraction of 20bps (including one-time charges)

EARNINGS PER SHARE

(Diluted)

₹ 1.96

per share

Q1FY25 at ₹ 1.92 per share Q2FY24 at ₹ 1.80 per share

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• Q2FY24 EBIT margin is 11.1% normalized for one-time charges

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Performance summary | H1FY25

REVENUE ₹ 37,165 Million (US$ 445 Million)

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₹
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YoY growth of 21.1% YoY constant currency growth of 18.7%

PROFIT AFTER TAX

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₹
₹ 2,735 Million
(Margin 7.4%)
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YoY growth of 8.3% YoY margin contraction of 80bps

EBIT

₹ ₹ 4,051 Million (Margin 10.9%*)

YoY growth of 18.3% YoY margin contraction of 30bps (including one-time charges)

EARNINGS PER SHARE (Diluted) ₹ 3.88 per share

H1FY24 at ₹ 3.60 per share TTM at ₹ 7.62 per share

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• H1FY25 EBIT margin is 11.0% normalized for one-time charges

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Key Deal Wins | Q2FY25

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• Won a large deal from a leading telecom player in Australia & New Zealand . This is a new logo for us and the first major win for our newly established ANZ operations

• Strengthened relationship with one of the top 5 mortgage companies in the US with a 5-year deal to support their enterprise-wide transformation initiative

• Expanded relationship as a strategic partner with a large cooperative financial institution in the UK for retail banking operations and customer interaction services

• Won additional business from one of the top 5 healthcare insurance companies in the US for claims processing services

• Secured additional business from a leading not-for-profit healthcare provider in the US for RCM services

• Won deal from a leading online marketplace , a new logo for us, for customer experience services

• Added a leading fintech player in the US as our client for first-party collection services

10

Employee Base | Q2FY25

• Total headcount of 32,898 employees

• QoQ net headcount addition of 3,667

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Firstsource is now Great Place To Work[®] Certified in India, the Philippines, the UK, and the USA

• TTM employee attrition at 30.9%*

• 46.3% of employees are women

Total headcount

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Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25
32,898
29,231
27,940
25,947
23,953
22,384
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Attrition*

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Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25
39.8%
37.7%
35.4%
32.0% 30.9%
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*For employees in employment for more than 180 days and excludes Ascensos

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Awards & Recognitions | Q2FY25

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PEAK Matrix® Assessment 2023 Lending Services Operations

PEAK Matrix® Assessment 2023 Healthcare Payer BPaaS Solutions

Firstsource among three payer BPaaS solutions ranked as a ‘Leader’ and among 14 service providers assessed

Firstsource among nine lending services provider ranked as a ‘Leader’ and among 30 service providers assessed

Firstsource's strong presence in established and emerging markets gives it a significant competitive advantage

Highlights strong partnership ecosystem across integrators, analytics, cloud, and automation providers along with its modular go-to-market strategy

It scored high across parameters for its comprehensive services, strategic investments in AI-driven solutions and diverse set of clients across the lending value chain

Acknowledged for strong client relationships and investments in digital tools, AI and process mining solutions

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Leader Major Contender Aspirant Star Performer

Leader Major Contender Aspirant Star Performer

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Read report
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Read report

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

Firstsource ranked as a ‘ Major Contender ’ and among 29 RCM operations providers assessed

It also featured as a ‘ Star Performer ’ for its top-quartile performance improvement versus 2023 on the PEAK Matrix Assessment

Partnership-driven approach, cost-effectiveness, quality of work and domain expertise were cited as Firstsource’s key strengths by its clients

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Leader Major Contender Aspirant Star Performer

Read report

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ESG Update | Q2FY25

FY24 ESG Report showcases our commitment to transform our ESG vision into impactful actions and outcomes

Read report

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Published Our 1[st] Task Our GHG Inventory for Force on Climate-related FY24 has been externally Financial Disclosures assured by BSI as report for FY24 “Satisfactory” Read report

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Business Outlook | FY25

19.5-20.5% constant currency revenue growth (Earlier: 11.5-13.5%)

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11-11.5% EBIT margin (Earlier: 11-12%)

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14

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Factsheet

15

Cons. IndAS financials | Profit & Loss Statement

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In ₹ million	Q1FY24	Q2FY24	Q3FY24	Q4FY24	FY24	Q1FY25	Q2FY25	QoQ	YoY
Income from services	15,267	15,417	15,948	16,693	63,325	17,839	19,326	8.3%	25.4%
Other operating income	25	(17)	18	12	37	72	(72)	-	-
Revenue from operations	15,292	15,400	15,966	16,705	63,362	17,911	19,254	7.5%	25.0%
Revenue from operations (USD Mn)	$ 186	$ 186	$ 192	$ 201	$ 765	$ 215	$230	7.1%	23.4%
QoQ Growth % - constant currency	(3.0%)	(0.1%)	3.4%	4.2%	-	6.5%	6.9%	-	-
YoY Growth % - constant currency	(1.6%)	(1.9%)	2.8%	4.5%	1.1%	14.8%	22.7%	-	-
Manpower expenses	9,239	9,402	9,895	10,558	39,093	11,268	12,104	7.4%	28.7%
Operating expenses	3,652	3,710*	3,700	3,643	14,705	3,944	4,277*	8.4%	15.3%
EBITDA	2,402	2,288	2,371	2,503	9,564	2,699	2,873	6.4%	25.6%
EBITDA margin	15.7%	14.9%	14.9%	15.0%	15.1%	15.1%	14.9%	-20bp	-
Depreciation & amortization	613	654	663	673	2,602	729	792	8.7%	21.1%
EBIT	1,789	1,634*	1,709	1,830	6,962	1,970	2,081*	5.6%	27.3%
EBIT margin	11.7%	10.6%	10.7%	11.0%	11.0%	11.0%	10.8%	-20bp	20bp
Other income / (expense)	6	153#	134#	3	296	(11)	(40)	-	-
Interest expense, net	(243)	(244)	(235)	(240)	(962)	(287)	(330)	15.2%	35.5%
Profit before taxes	1,553	1,543	1,608	1,593	6,296	1,673	1,710	2.3%	10.8%
Taxes and minority interest	293	278	321	258	1,150	320	328	2.5%	18.1%
Profit after tax	1,260	1,265	1,287	1,335	5,147	1,353	1,382	2.2%	9.3%
Net margin	8.2%	8.2%	8.1%	8.0%	8.1%	7.6%	7.2%	-40bp	-100bp
Diluted EPS (₹/share)	1.80	1.80	1.84	1.90	7.34	1.92	1.96	2.1%	8.9%

including other income on account of changes in the fair value of the liabilities for purchase of non-controlling interest and contingent considerations

*include one-time charges

16

Cons. IndAS financials | Balance Sheet

In ₹ million	As on 31-Mar-24	As on 30-Sep-24
Assets
Non-current assets
Fixed assets	2,461	4,646
Right-of-use assets	6,355	7,057
Goodwill on consolidation	29,885	36,136
Investment in associates	0	0
Financial assets
Investments	115	115
Other financial assets	825	847
Deferred tax assets	2,921	2,852
Income tax assets (net)	809	821
Other non-current assets	2,086	2,214
Total non-current assets	45,457	54,687
Current assets
Financial assets
Current investments	300	235
Trade receivables	11,608	14,702
Cash and cash equivalents	1,748	2,024
Other balances with bank	137	135
Other financial assets	94	83
Other current assets	1,486	2,121
Total current assets	15,374	19,300
Total assets	60,830	73,987

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In ₹ million	As on 31-Mar-24	As on 30-Sep-24
Equity and liabilities
Shareholder's Funds
Equity share capital	6,970	6,970
Reserve and surplus	30,034	32,015
Non-controlling interest	4	4
Total Equity	37,008	38,989
Non-current liabilities
Financial liabilities
Long-term borrowings	42	3,404
Lease liabilities	5,714	6,312
Other financial liabilities	0	1,713
Provisions	188	255
Deferred tax liabilities	1,470	1,524
Total non-current liabilities	7,414	13,207
Current liabilities
Financial Liabilities
Short-term and other borrowings	8,081	10,907
Trade payables	3,056	3,395
Lease liabilities	1,496	1,896
Other financial liabilities	2,047	3,559
Other current liabilities	1,057	1,282
Provisions	467	614
Provision for tax (net)	205	137
Total current liabilities	16,409	21,790
Total liabilities	60,830	73,987

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Cons. IndAS financials | Cash Flow Statement

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In ₹ million	6 Month ended Sep 30, 2023	6 Month ended Sep 30, 2024
Cash flow from operating activities
Netprofit before taxation and non controllinginterest	3,096	3,383
Depreciation and amortization	1,266	1,520
Finance costs(for borrowing& lease liabilities)	514	659
Adjustment: Non-cash expense /(other income)	(264)	469
Add: Workingcapital changes	(2,759)	(3,220)
Less: Income taxespaid	(296)	(601)
Net cashgenerated from /(used in) operating activities(A)	1,558	2,211
Cash flow from investing activities
Capital expenditure,net	(296)	(1,413)
Interest income received	1	5
(Increase)/decrease in current investments	(687)	190
Acquisition of business	0	(5,018)
Earmarked balances with banks	7	4
Net cashgenerated from /(used in) investing activities(B)	(975)	(6,232)
Cash Flow from financing activities
Net change in borrowings	555	6,188
Net interestpaid	(571)	(764)
Payment of lease liabilities	(668)	(755)
Purchase of treasuryshares,net	25	(152)
Purchase of non controllinginterest in subsidiary	(583)	(225)
Net cashgenerated from /(used in) financing activities(C)	(1,242)	4,292
Net increase/(decrease) in cash and cash equivalents(A+B+C)	(659)	271
Cash and cash equivalents at the beginningof theperiod	1,515	1,748
Foreign exchange(loss)/gain on translatingcash and cash equivalents	6	5
Closing cash and cash equivalents	862	2,024
Current investments	1,276	235
Short term fixed deposits	33	36
Cash and cash equivalents including investments	2,171	2,294

18

Operating Metrices | Q2FY25

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		Q2FY23	Q3FY23	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25
Revenue by Vertical	Banking & Financial Services	43.4%	41.8%	40.3%	40.8%	40.8%	38.3%	37.3%	36.4%	34.4%
	Healthcare	34.5%	34.2%	33.2%	32.6%	32.7%	33.5%	32.9%	35.7%	36.3%
	Communications, Media & Tech	20.2%	21.6%	22.3%	21.8%	21.2%	22.5%	23.6%	22.3%	21.3%
	Diverse Industries	1.9%	2.4%	4.2%	4.8%	5.3%	5.7%	6.2%	5.6%	8.0%
Revenue by Geography	North America	67.2%	64.9%	63.3%	63.5%	65.1%	65.4%	65.0%	68.2%	68.5%
	Europe, Middle East, and Africa	31.3%	34.1%	36.3%	36.4%	34.8%	34.5%	34.9%	31.8%	31.4%
	Rest of World	1.5%	1.0%	0.4%	0.1%	0.1%	0.1%	0.1%	0.0%	0.1%
Revenue by Delivery	Offshore & Nearshore	25.9%	25.1%	24.6%	25.6%	26.7%	30.3%	31.4%	35.0%	35.8%
	Onshore	74.1%	74.9%	75.4%	74.4%	73.3%	69.7%	68.6%	65.0%	64.2%
New Logos#	New logos added (during the quarter)	25	12	9	10	12	10	8	10	13
Client Concentration	Top 5 clients (share of total revenues)	36.6%	38.5%	37.4%	37.2%	35.0%	35.8%	36.7%	34.6%	32.5%
	Top 10 clients (share of total revenues)	50.6%	53.6%	53.6%	52.7%	51.3%	52.0%	52.6%	51.5%	48.6%
Client Distribution#	US$ 1m+ clients (nos.)	99	100	99	98	101	104	103	100	105
	US$ 5m+ clients (nos.)	29	29	28	24	24	25	25	25	26
	US$ 10m+ clients (nos.)	17	15	11	14	13	13	13	13	13
	US$ 20m+ clients (nos.)	9	7	7	9	8	8	8	9	11
	US$ 50m+ clients (nos.)	1	1	2	2	2	2	2	2	2
Revenue by Currency	USD	65.4%	63.3%	62.2%	63.2%	65.0%	64.9%	64.8%	67.9%	68.2%
	GBP	32.6%	35.5%	37.0%	36.3%	34.3%	34.4%	34.4%	31.4%	30.9%
	Others	2.1%	1.1%	0.9%	0.5%	0.7%	0.7%	0.8%	0.7%	0.9%
Employee Metrices	Total employees (period-end)	23,932	23,627	23,018	22,384	23,953	25,947	27,940	29,231	32,898
	Net addition	(1,302)	(305)	(609)	(634)	1,569	1,994	1,993	1,291	3,667
	Attrition* (TTM)	48.1%	45.5%	43.3%	41.7%	39.8%	37.7%	35.4%	32.0%	30.9%

• For employees in employment for more than 180 days and excludes Ascensos |[#] Excludes Ascensos

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Annexure

20

Financial performance snapshot | H1FY25

Revenue

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(in $ million)
5.6% 18.5% 16.0% -5.7% 2.0% 19.4%
6.6% 17.9% 14.6% -1.1% 1.1% 18.7%
FY19 FY20 FY21 FY22 FY23 FY24 H1FY25
YoY constant currency revenue growth YoY US$ revenue growth
795 750 765
685
548 578
445
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EBIT and Margin (%)

(in ₹ million)

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10,000 14.0%
9,000 12.0% 11.8% 12.0%
10.8% 11.0% 10.9% 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%
FY19 FY20 FY21 FY22 FY23 FY24 H1FY25
EBIT EBIT Margin (%)
7,105 6,962
5,979 5,633
4,610 4,437 4,051
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Note: FY24 EBIT margin was 11.1%, adjusted for one-time charges related to leadership changes in Q2FY24

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Revenue

(in ₹ million)

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7.1% 23.9% 16.6% 1.7% 5.2.% 21.1%
FY19 FY20 FY21 FY22 FY23 FY24 H1FY25
YoY INR revenue growth
59,212 60,223 63,362
50,780
38,263 40,986 37,165
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PAT and Margin (%)

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(in ₹ million)
8,000 12.0%
9.9%
7,000
9.1% 10.0%
6,000 8.3% 8.5% 8.1% 7.4%
7.1% 8.0%
5,000
4,000 6.0%
3,000
4.0%
2,000
2.0%
1,000
- 0.0%
FY19 FY20 FY21 FY22 FY23 FY24 H1FY25
PAT PAT Margin (%)
5,374 5,137 5,147
3,778 3,397 3,617
2,735
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Note: FY21 PAT was ₹ 4,499m excluding exceptional items

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Key performance indicators | H1FY25

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Return on Equity (%)

Return on Capital Employed (%)

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FY19 FY20 FY21 FY22 FY23 FY24 H1FY25
17.7%
15.3%
13.9% 12.3% 12.9% 13.9% 14.0%
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FY19 FY20 FY21 FY22 FY23 FY24 H1FY25
Debt Position (in ₹ million)
FY19 FY20 FY21 FY22 FY23 FY24 H1FY25
Long term Debt Short term Debt Net Debt
including current maturities
17.6% 17.6%
15.4% 15.2%
14.1% 13.4%
12.3%
10,281
6,950
5,271 12,018
8,341 6,673
4,367
5,390 8,013
6,526 6,159 6,042
3,885 3,846 3,147 2,999 4,031
187 92 1,678 1,451
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Cash Flow

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Cash Flow (in ₹ million) Debt Position
FY19 FY20 FY21 Adj FY22 Adj FY23 FY24 H1FY25 FY19
Operating Cash Flow Free Cash Flow
8,921
7,225 7,870 7,141 7,634 7,119 2,211
6,448
5,597 5,390
4,000 4,104 798
2,913 3,156 3,885
187 92
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*Annualised

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Total Shareholder Return | Trailing 5 years

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FSL, 561%
NIFTY IT, 182%
Oct-19 Apr-20 Oct-20 Apr-21 Oct-21 Apr-22 Oct-22 Apr-23 Oct-23 Apr-24 Oct-24
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Total Shareholders Return (including dividends) of 592% in past 5 years

Based on closing prices as of 25[th] October 2024

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Investor relations

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