Firstsource Solutions Ltd. — Investor Presentation 2024

Oct 28, 2024

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28[th] October 2024

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: Investor Presentation

We are enclosing herewith a copy of the 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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INVESTOR PRESENTATION October 2024

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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

Firstsource: Who we are?

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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

3

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

4

We work with the leading global enterprises…

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Communications Media & Technology

Banking & Financial Services

• Streaming Services, Cable TV

• Asset Finance

• Credit Cards

• Broadband & Telephony

• Consumer Tech

• Mortgages

• Retail & SME Banking

• Ed Tech

• E-Commerce

• FinTech

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

And are market leaders in our solution offerings

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Customer Experience (CX) Collections

• Omnichannel engagement

• White-labeled digital collections

• Active user personalization

• First-party & third-party collections

• ▪ Legal collections

• Intelligent automation

• Virtual Copilot

• Compliance & risk management

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Consulting

Data & Analytics (D&A)

• Technology solutions

• Data annotation and labeling

• CX strategy and design

• Predictive analytics

• Process optimization

• Managed services

• Metrics & measurement

• AI-enabled services

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Domain-led Platforms/Solutions (DP&S)

Trust & Safety (T&S)

• Sympraxis – Digital intake operations

• Audit of policies/queue structures

• Firstsource Healthcare Cloud – Revenue cycle management

• Workflow optimization

• Real-time content monitoring

• Predictive analytics

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Market Leader

Healthcare Payer BPaaS Solutions Peak Matrix Assessment | 2024

Major Contender

Star Performer RCM Operations Peak Matrix Assessment | 2024

Market Leader

Lending Services Operations Peak Matrix Assessment | 2024

Featured among ‘The Booming 15’ (Companies with revenue <US$1Bn) ISG Index | 3Q24

Horizon 2

Customer Experience Services HFS Horizons | 2024

Horizon 1

HCP Service Providers HFS Horizons | 2024

Leader

Cost Optimization & Revenue Generation Capability NEAT Vendor Analysis | 2024

6

Our strategic priorities…

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Cross-sell/up-sell into existing clients

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Simplify Expand
the organization capabilities
Improve Amplify
margins the ‘Firstsource’ brand
Elevate TOP-QUARTILE Tech
REVENUE GROWTH
employee experience in everything we do
CONCURRENT
MARGIN EXPANSION
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7

That are showing results

Our recent strategic deal wins

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Won a large deal from a leading telecom player in Australia & New Zealand, a new logo, and first major win for our newly launched ANZ operations

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Won a large deal from a Fortune500 managed health care companies in the US , one of our existing clients, for member services and end-to-end claims processing services

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

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

Selected by a large cooperative financial institution in the UK for services in the areas of financial crime, compliance, operations and customer service solutions

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

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Total headcount
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Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25
32,898
29,231
27,940
25,947
23,953
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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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Large deal from a premier SaaS platform provider for the Freight Industry in North America , a new logo for us, for providing customer service and back-office operations

*For employees in employment for more than 180 days; excludes Ascensos

8

With relAI, we are building capabilities to address the AI opportunity

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Launched Firstsource relAI is a suite of AI led platforms, solutions and digital services to drive digital transformation for our clients in a responsible and ethical manner

Strengthening the suite by leveraging our partner ecosystem across niche startups to hyperscalers to drive co-creation and joint go-to-market efforts

Strategic investment in building a specialized large language model for the US mortgage market, leveraging our domain expertise to create a seamless digital process and significantly reduce cycle times

Infused our digital collection platform with the power of generative AI to enable empathetic, persona-based communication, significantly improving collection efficiency

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Mortgage LLM
The Future of AI-Powered Mortgage Processing
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Added AI capabilities to our HealthTech platform for improved efficiency on claims documentation

Leveraging AI for Operational Impact: AI Coach - our in-house agent training program – has improved speed to competency by 25%; 100% of internal technology team is AI enabled

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Digital Debt Collection
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9

We are socially conscious

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Read the full report
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Firstsource ranked in the top 96th percentile on the Dow Jones Sustainability Index Published our FY24 ESG report

Published Our 1[st] Task Force on Climate-related Financial Disclosures report for FY24

	Environment	~15.42% Renewable energy mix	All UKOffices are supplied with renewable energy	100% Waste disposed to waste handler	68.97% Reduction in Scope 1 emission vs. FY23	100% Beverage vending machines in UK are plastic free
	Social	~44.41% of the total workforce comprise of women	Level 3 Disability Confident Leader in the UK	15,507 CSR – Hours of Volunteering	INR 11 Mn Spent directly through our CSR Initiatives	75% New suppliers screened on E&S KPI
	Governance	54.5% of the Board are Independent Directors	18.2% of Independent Directors are Women	53.6% Promoter shareholding	Zero Fines and penalties related to unethical business practices	Zero Cases of insider trading

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$2.8bn | Average daily trading volume: US$ 22.1mn

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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
Shareholding Pattern Total Shareholder Return
Key institutional shareholders
▪ HDFC Mutual Fund
1 Year return 117% 2.3%
▪ Tata Mutual Fund
Public & Others
16% ▪ Vanguard Group
▪ SBI Mutual Fund 3 Year return 66% 5.2%
▪ BlackRock
DII
Promoter
18% ▪ Dimensional Fund
54% 5 Year return 561% 31.8%
▪ Steinberg India
▪ Whiteoak
FII 0% 100% 200% 300% 400% 500% 600% 700%
12% ▪ AllianceBernstein
Share Price Return Dividend yield
▪ Axis MF
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Shareholding Pattern* Key institutional shareholders ▪ HDFC Mutual Fund ▪ Tata Mutual Fund Public & Others 16% ▪ Vanguard Group ▪ SBI Mutual Fund ▪ BlackRock DII Promoter 18% ▪ Dimensional Fund 54% ▪ Steinberg India ▪ Whiteoak FII 12% ▪ AllianceBernstein ▪ Axis MF

*As on 30[th] September. 2024

All stock price data based on closing prices as of 25[th] October, 2024; Average daily trading volume is average for the last six months

11

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

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 OneFirstsource playbook…

• Focus on account mining and expanding capabilities

• Steady upward movement in client numbers across revenue buckets

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

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

• Three large deal wins in each of Q1 and Q2 of FY25

• Robust Q2FY25 exit deal pipeline

13

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Factsheet

14

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

15

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

16

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

17

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

18

Revenue distribution | Q2FY25

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By verticals By geography By delivery location
Diverse
RoW
8.0% Offshore &
0.1%
Nearshore
35.8%
CMT BFS
21.3% 34.4% EMEA US
31.4% 68.5%
Onshore
64.2%
Healthcare
36.3%
Banking & Financial Services Healthcare North America EMEA Onshore
Communication, Media & Tech Diverse Industries Rest of World Offshore & Nearshore
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19

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

20

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

21

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

22

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

23

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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24

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THANK YOU

Investor relations

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