Firstsource Solutions Ltd. — Investor Presentation 2024

Jul 30, 2024

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30[th] July 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: Investor Presentation

We are enclosing herewith a copy of the presentation regarding conference call to be held on Tuesday, 30[th] July 2024 at 4.00 PM IST with the analysts and investors, on the financial results of the Company for the quarter ended 30[th] June 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 JULY 2024

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

29,231* Firstsourcers

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

Across US, UK, India, Philippines, South Africa, Australia, & Mexico

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 18 years

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

3

Part of RP-Sanjiv Goenka Group

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Committed to powering millions of Indian homes and
Group turnover of businesses with reliable electricity through its
~US$4.4 Bn []
EBITDA of Asset base of
A global player and a national leader with portfolio of
~US$855 Mn [] >US$7.3 Bn []
Over
1.1 Million Shareholders
Domain driven BPM services company leveraging a
approach to solve key
customer problems for 200+ global clients
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One of India’s new-age and fastest growing

Conglomerates

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

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

Presence in 50+ countries

100+ offices worldwide

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

5 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

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

• ▪ Active user personalization

• White-labeled digital collections

• ▪ First-party & third-party collections ▪ Legal collections ▪ Compliance & risk management

• Intelligent automation

• Virtual Copilot

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Consulting

Data & Analytics (D&A)

• Technology solutions ▪

• ▪ CX strategy and design ▪ Predictive analytics ▪ Process optimization ▪ Managed services ▪ Metrics & measurement ▪ AI-enabled services

• Data annotation and labeling

• ▪ Predictive analytics ▪ Managed 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 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

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

Selected by one of the Top five banks in the UK , a long-standing client for a large transformational program

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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 and provider services, and end-to-end claims processing services

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New logo addition with a scale deal from a leading pension administrator in the UK to improve their service coverage

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

Selected by a large cooperative financial institution in the UK for services in the areas of financial crime and compliance

Additional business from one of the largest utilities companies in the UK , to provide core customer support

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Expanded footprint and wallet share in one of the Top5 healthcare insurance companies in the US for providing digital intake, claims, and provider data management services

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Total headcount

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

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Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25
41.7% 39.8% 37.7% 35.4%
32.0%
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*For employees in employment for more than 180 days

8

We expect wider adoption of Gen AI …

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Most enterprises are still early in their GenAI adoption cycle

• After initial exuberance, enterprises are now looking at Gen AI in a more holistic manner

• Cost of compute and predicting same for future is gaining attention

• Scaling experiments and its implication are being discussed

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Focus on Trustworthy and Responsible AI

• Copyrights, Data Security, and compliance has become key areas of focus

• Explainability and guardrails for model response is important to increase adoption

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Scale adoption to open new market opportunities

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

• Need for Open Source & OnPrem LLMs by a few enterprise

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Continued focus on POCs/Data quality as field evolves

• Move towards building agents that perform tasks along with other features

• Grounding the models with enterprise data to improve model output

• Pre-built integrations to enterprise systems to accelerate time-to-market

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And building capabilities to address the opportunity

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FirstSense.AI Partner FirstSense.AI Studio ecosystem Suite of AI led Our proprietary Sandbox ecosystem An initiative to across Robotics, solutions and framework to for experimentation, proactively engage Process and Task platforms to drive accelerate clients’ AI evaluation, and Firstsourcers in AI Mining, and transformation of deployment integration engineering Conversational AI clients in a responsible manner

Multi-language GenAI based Mortgage Quality proprietary LLMs FirstSense.AI supported; Completed FirstAssist Audit co-pilot demos has influenced 5+ 55+ POCs; 8+ launched across org customer wins launched to production policy Q&A co-pilots in production

10

We are socially conscious

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Firstsource ranked in the top 96th percentile on the Dow Jones Sustainability Index Score of 62 on the CSA metric as well as on the ESG metric in the first year of participation One of only three Indian IT & ITES companies included in the S&P Global Sustainability Yearbook 2024

	Environment	~14% Renewable energy mix	All UKOffices are Supplied with Green Energy	100% Waste disposed to waste handler	68.7% Reduction in Scope 1 emission vs. FY23	100% Beverage vending machines in UK are plastic free
	Social	~46% 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	18.1% of Independent Directors are Women	53.6% Promoter shareholding	Zero Fines and penalties related to unethical business practices	Zero Cases of insider trading

11

And focused on shareholder value creation

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5 Years Stock Performance

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NSE: FSL | BSE: 532809 | Reuters: FISO.BO | Bloomberg: FSOL:IN
Market Capitalisation: US$2.2bn | Average daily trading volume: US$ 7.8mn
FSL | 445%
Nifty IT | 163%
Jul-19 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24
Shareholding Pattern Total Shareholder Return
Key institutional shareholders
▪ HDFC Mutual Fund
▪ Tata Mutual Fund
1 Year return 90% 2.5%
Public & Others
19% ▪ Vanguard Group
▪ BlackRock
▪ SBI Mutual Fund 3 Year return 37% 5.4%
Promoter
DII ▪ ICICI Prudential Mutual Fund
54%
17%
▪ Steinberg India 5 Year return 445% 32.6%
▪ Dimensional Fund
FII
10% ▪ LSV Asset Management 0% 100% 200% 300% 400% 500%
▪ Axis Mutual Fund Share Price Return Dividend yield
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*As on 30[th] Jun. 2024 All stock price data based on closing prices as of 29 July, 2024; Average daily trading volume is average for the last six months

12

Our Leadership Team

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Ritesh Idnani
MD & CEO
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Dinesh Jain

Chief Financial Officer

Sohit Brahmawar

Chief Operating Officer

Aftab Javed

Chief Human Resources Officer

Aniket Maindarkar

Chief Marketing Officer

Hasit Trivedi

Chief Digital & AI Officer

Vivek Sharma

Venkatgiri Vandali

Rajiv Malhotra

Arjun Mitra

Ashish Chawla

Akash Pugalia

Sundara Sukavanam

Head – CMT, BFS Head – Healthcare & and Emerging Geos Lifesciences

Head – Europe, Middle East & Africa

Head – Collections

Head – CX and Consulting

Head – Trust & Safety

Head – Enterprise Transformation Office

13

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

• 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 Q1FY25

• Robust Q1FY25 exit deal pipeline

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Factsheet

15

Financial performance snapshot | Q1FY25

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Revenue

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(in $ million)
5.6% 18.5% 16.0% -5.7% 2.0% 15.4%
6.6% 17.9% 14.6% -1.1% 1.1% 14.8%
FY19 FY20 FY21 FY22 FY23 FY24 Q1FY25
YoY constant currency revenue growth YoY US$ revenue growth
EBIT and Margin (%) (in ₹ million)
10,000 14.0%
9,000 12.0% 11.8% 12.0%
10.8% 11.0% 11.0% 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 Q1FY25
EBIT EBIT Margin (%)
795 750 765
685 215
548 578
7,105 6,962 1,970
5,979 5,633
4,610 4,437
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Note: FY24 EBIT margin was 11.1%, adjusted for one-time charges related to leadership changes in Q2FY24

Revenue

(in ₹ million)

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7.1% 23.9% 16.6% 1.7% 5.2.% 17.1%
FY19 FY20 FY21 FY22 FY23 FY24 Q1FY25
YoY INR revenue growth
59,212 60,223 63,362 17,911
50,780
38,263 40,986
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PAT and Margin (%)

(in ₹ million)

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8,000 12.0%
9.9%
7,000
9.1% 10.0%
6,000 8.3% 8.5% 8.1% 7.6%
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 Q1FY25
PAT PAT Margin (%)
5,374 5,137 5,147 1,353
3,778 3,397 3,617
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Note: FY21 PAT was ₹ 4,499m excluding exceptional items

16

Key performance indicators | Q1FY25

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Return on Equity (%)

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FY19 FY20 FY21 FY22 FY23 FY24 Q1FY25
17.7%
15.3%
13.9% 12.3% 12.9% 13.9% 14.1%
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Cash Flow

(in ₹ million)

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FY19 FY20 FY21 Adj FY22 Adj FY23 FY24 Q1FY25
Operating Cash Flow Free Cash Flow
8,921
7,225 7,870 7,141 7,634 7,119
6,448
5,597
4,000 4,104
2,913 3,156 (60) (597)
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Return on Capital Employed (%)

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FY19 FY20 FY21 FY22 FY23 FY24 Q1FY25
Debt Position (in ₹ million)
FY19 FY20 FY21 FY22 FY23 FY24 Q1FY25
Long term Debt Short term Debt Net Debt
including current maturities
17.6% 17.6%
15.4% 15.7%
14.1% 13.4%
12.3%
8,686
6,950
9,684
5,271
8,013
8,341 6,673
6,526 4,367 6,159 6,042
5,390
3,885 3,846
3,147 2,999 3,147
187 92 1,678 1,451
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*Annualised

17

Performance summary | Q1FY25

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REVENUE ₹

₹ 17,911 Million (US$ 215 Million) YoY growth of 17.1% YoY constant currency growth of 14.8% QoQ constant currency growth of 6.5%

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EBIT
₹
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₹ 1,970 Million (Margin 11.0%) YoY growth of 10.1% YoY margin contraction of 70bps QoQ margin flat

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PROFIT AFTER TAX EARNINGS PER SHARE
₹
(Diluted)
₹ 1,353 Million ₹ 1.92
(Margin 7.6%) per share
YoY growth of 7.4%
Q4FY24 at ₹ 1.90 per share
YoY margin contraction of 60bps
Q1FY24 at ₹ 1.80 per share
QoQ margin contraction of 40bps
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18

Revenue distribution | Q1FY25

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By verticals By geography By delivery location
Diverse
RoW
5.6%
0.0%
Offshore
CMT 35.0%
22.3%
UK US
31.8% 68.2%
BFS
36.4%
Onshore
65.0%
Healthcare
35.7%
Banking & Financial Services Healthcare North America EMEA Onshore
Communication, Media & Tech Diverse Industries Rest of World Offshore
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19

Cons. IndAS financials | Profit & Loss Statement

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In ₹ million	Q1FY24	Q2FY24	Q3FY24	Q4FY24	FY24	Q1FY25	QoQ	YoY
Income from services	15,267	15,417	15,948	16,693	63,325	17,839	6.9%	16.8%
Other operating Income	25	(17)	18	12	37	72	-	-
Revenue from operations	15,292	15,400	15,966	16,705	63,362	17,911	7.2%	17.1%
Revenue from operations (USD Mn)	$ 186	$ 186	$ 192	$ 201	$ 765	$ 215	6.7%	15.4%
QoQ Growth % - Constant Currency	(3.0%)	(0.1%)	3.4%	4.2%	-	6.5%	-	-
YoY Growth % - Constant Currency	(1.6%)	(1.9%)	2.8%	4.5%	1.1%	14.8%	-	-
Manpower Expenses	9,239	9,402	9,895	10,558	39,093	11,268	6.7%	22.0%
Operating Expenses	3,652	3,710*	3,700	3,643	14,705	3,944	8.3%	8.0%
EBITDA	2,402	2,288	2,371	2,503	9,564	2,699	7.8%	12.4%
EBITDA Margin	15.7%	14.9%	14.9%	15.0%	15.1%	15.1%	10bp	-60bp
Depreciation / amortization	613	654	663	673	2,602	729	8.2%	18.9%
EBIT	1,789	1,634*	1,709	1,830	6,962	1,970	7.7%	10.1%
EBIT Margin	11.7%	10.6%	10.7%	11.0%	11.0%	11.0%	NM	-70bp
Other Income / (expense)	6	153#	134#	3	296	(11)	-	-
Interest expense, net	(243)	(244)	(235)	(240)	(962)	(287)	19.4%	18.1%
Profit Before Taxes	1,553	1,543	1,608	1,593	6,296	1,673	5.0%	7.7%
Taxes and Minority Interest	293	278	321	258	1,150	320	24.1%	9.2%
Profit After Tax	1,260	1,265	1,287	1,335	5,147	1,353	1.3%	7.4%
Net Margin	8.2%	8.2%	8.1%	8.0%	8.1%	7.6%	-40bp	-60bp
Diluted EPS (₹ /Share)	1.80	1.80	1.84	1.90	7.34	1.92	1.1%	6.7%

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

*Q2FY24: include one-time charges

20

Cons. IndAS financials | Balance Sheet

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In ₹ million	As on 31-Mar-24	As on 30-Jun-24
ASSETS
Non-Current Assets
Fixed assets	2,461	3,164
Right-of-use assets	6,355	6,515
Goodwill on consolidation	29,885	32,464
Investment in associates	0	0
Financial Assets
Investments	115	114
Other financial assets	825	1,009
Deferred tax assets	2,921	2,813
Income tax assets (net)	809	831
Other non-current assets	2,086	2,187
Total Non-Current Assets	45,457	49,096
Current Assets
Financial assets
Current investments	300	385
Trade receivables	11,608	13,497
Cash and cash equivalents	1,748	1,731
Other balances with bank	137	130
Other financial assets	94	167
Other current assets	1,486	1,982
Total Current Assets	15,374	17,893
TOTAL ASSETS	60,830	66,989

In ₹ million	As on 31-Mar-24	As on 30-Jun-24
EQUITY AND LIABILITIES
Shareholder's Funds
Equity share capital	6,970	6,970
Reserve and surplus	30,034	31,444
Non - controlling interest	4	4
Total Equity	37,008	38,418
Non-Current Liabilities
Financial Liabilities
Long-term borrowings	42	2,132
Lease liabilities	5,714	5,937
Other Financial Liabilities	0	568
Provisions	188	230
Deferred tax liabilities	1,470	1,492
Total Non-Current Liabilities	7,414	10,358
Current Liabilities
Financial Liabilities
Short-term and other borrowings	8,081	9,702
Trade payables	3,056	3,106
Lease liabilities	1,496	1,463
Other financial liabilities	2,047	2,345
Other current liabilities	1,057	971
Provisions	467	490
Provision for tax (net)	205	136
Total Current Liabilities	16,409	18,213
TOTAL LIABILITIES	60,830	66,989

21

Cons. IndAS financials | Cash Flow Statement

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In ₹ million	3 Month ended June 30, 2023	3 Month ended June 30, 2024
Cash Flow from Operating Activities
Netprofit before taxation and non controllinginterest	1,553	1,673
Depreciation and amortization	613	729
Finance costs(For borrowing& lease liabilities)	254	316
Adjustment: Non-Cash Expense /(Other Income)	(116)	187
Add: WorkingCapital Changes	(1,832)	(2,643)
Less: Income Taxes Paid	(90)	(321)
Net cashgenerated from /(used in) Operating Activities(A)	380	(60)
Cash Flow from Investing Activities
Capital Expenditure,net	(151)	(538)
Interest income received	0	2
(Increase)/Decrease in current investments	(604)	30
Acquisition of business	-	(2,005)
Earmarked balances with banks	7	6
Net cashgenerated from /(used in) Investing Activities(B)	(748)	(2,504)
Cash Flow from Financing Activities
Net Change in Borrowings	1,070	3,710
Net Interest Paid	(305)	(388)
Payment of Lease Liabilities	(349)	(375)
Purchase of TreasuryShares,net	17	(171)
Purchase of non controllinginterest in subsidiary	(583)	(225)
Net cashgenerated from /(used in) Financing Activities(C)	(150)	2,552
Net increase/(decrease) in Cash and Cash Equivalents(A+B+C)	(518)	(12)
Cash and cash equivalents at the beginningof theperiod	1,515	1,748
Foreign exchange(loss)/gain on translatingCash and cash equivalents	(1)	(5)
Closing Cash and Cash Equivalents	997	1,731
Current Investments	1,210	385
Short term fixed deposits	-	33
Cash and Cash Equivalents including Investments	2,207	2,149

22

Operating Metrices | Q1FY25

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		Q1FY23	Q2FY23	Q3FY23	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25
Revenue by Vertical	Banking & Financial Services	46.3%	43.4%	41.8%	40.3%	40.8%	40.8%	38.3%	37.3%	36.4%
	Healthcare	32.1%	34.5%	34.2%	33.2%	32.6%	32.7%	33.5%	32.9%	35.7%
	Communications, Media & Tech	20.2%	20.2%	21.6%	22.3%	21.8%	21.2%	22.5%	23.6%	22.3%
	Diverse Industries	1.4%	1.9%	2.4%	4.2%	4.8%	5.3%	5.7%	6.2%	5.6%
Revenue by Geography	North America	68.4%	67.2%	64.9%	63.3%	63.5%	65.1%	65.4%	65.0%	68.2%
	Europe, Middle East, and Africa	30.1%	31.3%	34.1%	36.3%	36.4%	34.8%	34.5%	34.9%	31.8%
	Rest of World	1.5%	1.5%	1.0%	0.4%	0.1%	0.1%	0.1%	0.1%	0.0%
Revenue by Delivery	Offshore	27.4%	25.9%	25.1%	24.6%	25.6%	26.7%	30.3%	31.4%	35.0%
	Onshore	72.6%	74.1%	74.9%	75.4%	74.4%	73.3%	69.7%	68.6%	65.0%
New Logos	New logos added (during the quarter)	8	25	12	9	10	12	10	8	10
Client Concentration	Top 5 clients (share of total revenues)	36.4%	36.6%	38.5%	37.4%	37.2%	35.0%	35.8%	36.7%	34.6%
	Top 10 clients (share of total revenues)	50.0%	50.6%	53.6%	53.6%	52.7%	51.3%	52.0%	52.6%	51.5%
Client Distribution	US$ 1m+ clients (nos.)	97	99	100	99	98	101	104	103	100
	US$ 5m+ clients (nos.)	31	29	29	28	24	24	25	25	25
	US$ 10m+ clients (nos.)	15	17	15	11	14	13	13	13	13
	US$ 20m+ clients (nos.)	8	9	7	7	9	8	8	8	9
	US$ 50m+ clients (nos.)	2	1	1	2	2	2	2	2	2
Revenue by Currency	USD	68.0%	65.4%	63.3%	62.2%	63.2%	65.0%	64.9%	64.8%	67.9%
	GBP	30.0%	32.6%	35.5%	37.0%	36.3%	34.3%	34.4%	34.4%	31.4%
	Others	2.1%	2.1%	1.1%	0.9%	0.5%	0.7%	0.7%	0.8%	0.7%
Employee Metrices	Total employees (period-end)	25,234	23,932	23,627	23,018	22,384	23,953	25,947	27,940	29,231
	Net addition	(1,323)	(1,302)	(305)	(609)	(634)	1,569	1,994	1,993	1,291
	Attrition (TTM)	48.6%	48.1%	45.5%	43.3%	41.7%	39.8%	37.7%	35.4%	32.0%

• For employees in employment for more than 180 days

23

FY25 Business outlook

11.5-13.5% constant currency revenue growth (Earlier: 10-13%)

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

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24

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THANK YOU

Investor relations

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