Firstsource Solutions Ltd. — Investor Presentation 2024

May 3, 2024

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3[rd] May 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 Friday, 3[rd] May 2024 at 4.00 PM IST with the analysts and investors, on the financial results of the Company for the quarter & financial year ended 31st March 2024.

This is for your information and record.

Thanking you,

For Firstsource Solutions Limited

POOJA SURESH Digitally signed by POOJA NAMBIAR SURESH NAMBIAR

Pooja Nambiar Company Secretary

Encl.: A/a

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Q4FY24

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 63.4 Billion (US$765 Million) in FY2024

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27,940* Firstsourcers across US, UK, India, Philippines and Mexico

*As on 31[st] Mar. 2024

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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 18.4 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 Carbon Black Media & Entertainment IT-Enabled Services

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Combined Revenues Asset Base Shareholders US$4.5 Billion[] US$6 Billion[] 1 Million+[*]

• All figures as on FY23 © 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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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+

Hospitals in the US

7 of Top 10

Health insurance companies 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

2 of Top 4

Utilities 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% 2.0%
2.0% 6.6% 17.9% 14.6% -1.1% 1.1%
FY18 FY19 FY20 FY21 FY22 FY23 FY24
Constant Currency Growth YoY Revenue Growth
795 750 765
685
548 548 578
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EBIT and Margin (%) (in ₹ million)

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10,000 14.0%
9,000 11.1% 12.0% 10.8% 11.8% 12.0% 11.0% 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%
FY18 FY19 FY20 FY21 FY22 FY23 FY24
EBIT EBIT Margin (%)
7,105 6,962
5,979 5,633
4,610 4,437
3,930
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Revenue (in ₹ million)
8.2% 7.1% 23.9% 16.6% 1.7% 5.2.%
FY18 FY19 FY20 FY21 FY22 FY23 FY24
YoY Revenue Growth
59,212 60,223 63,362
50,780
35,352 38,263 40,986
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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% 8.1% 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 FY24
PAT PAT Margin (%)
5,374 5,137 5,147
3,265 3,778 3,397 3,617
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Note: FY24 EBIT margin was 11.1%, adjusted for on-time charges related to leadership changes in Q2FY24

Note: FY21 PAT was ₹ 4,499 m excluding exceptional items

© FIRSTSOURCE | 6

Key Performance Indicators

Return on Equity (%)

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FY18 FY19 FY20 FY21 FY22 FY23 FY24
17.7%
15.3%
13.9% 13.9% 12.3% 12.9% 13.9%
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Cash Flow (in ₹ million)
FY18 FY19 FY20 FY21 Adj FY22 Adj FY23 FY24
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
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 FY24
Debt Position (in ₹ million)
FY18 FY19 FY20 FY21 FY22 FY23 FY24
Long term Debt Short term Debt Net Debt
including current maturities
17.6% 17.6%
15.4%
13.0% 14.1% 12.3% 13.4%
6,950
5,271
3,490 6,673
8,341 8,013
4,367
5,390 6,526 6,159 6,042
5,273
3,885 3,846
3,233 3,147 2,999
187 92 1,678 1,451
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© FIRSTSOURCE | 7

Leadership Team

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Ritesh Idnani
MD & CEO
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Dinesh Jain
Chief Financial Officer
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Prashanth Nandella
Chief Operating Officer
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Aniket Maindarkar Hasit Trivedi
Chief Marketing Officer Chief Digital & AI Officer
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Aftab Javed Chief Human Resources Officer

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Arjun Mitra
Head – Collections
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Ashish Chawla Akash Pugalia Sundara Sukavanam
Head – CX and Consulting Head – Trust & Safety Head – Enterprise
Transformation Office
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Vivek Sharma Venkatgiri Vandali Rajiv Malhotra Head – CMT, BFS Head – Healthcare & Head – Europe, Middle East and Emerging Geos Lifesciences & Africa

© FIRSTSOURCE | 8

Total Shareholders Return

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FSL | 331%
Nifty IT | 106%
May-19 Nov-19 May-20 Nov-20 May-21 Nov-21 May-22 Nov-22 May-23 Nov-23 May-24
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Total Shareholders Return (including dividends) of 363% in past 5 years

Based on closing prices as of 2[nd] May 2024

© FIRSTSOURCE |

9

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Performance Highlights | Q4FY24

© FIRSTSOURCE | 10

Summary of Performance for the Quarter ended March 31, 2024

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REVENUE EBIT
₹
₹
₹ 16,705 Million ₹ 1,830 Million
(US$ 201 Million) (Margin 11.0%)
YoY growth of 7.3% YoY growth of 1.7%
Constant Currency YoY growth of 4.5% YoY Margin contraction of 60bps
Constant Currency QoQ growth of 4.2% QoQ margin expansion of 30bps
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PROFIT AFTER TAX EARNINGS PER SHARE
₹
(Diluted)
₹ 1,335 Million ₹ 1.90
(Margin 8.0%) per share
YoY decline of 5.5% Q3FY24 at ₹ 1.84 per share
YoY Margin contraction of 110bps Q4FY23 at ₹ 2.02 per share
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*excluding other income on account of changes in the fair value of the liabilities for purchase of non-controlling interest and contingent considerations

© FIRSTSOURCE | 11

Summary of Performance for the Full Year ended March 31, 2024

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REVENUE EBIT
₹
₹
₹ 63,362 Million ₹ 6,962 Million
(US$ 765 Million) (Margin 11.0%)
YoY growth of 5.2% YoY growth of 25.4% [#]
Constant Currency YoY growth of 1.1% YoY Margin expansion of 180 bps [#]
PROFIT AFTER TAX EARNINGS PER SHARE
₹
(Diluted)
₹ 5,147 Million ₹ 7.34
(Margin 8.1%) per share
YoY growth of 26.8%
FY23 at 7.32 per share
YoY Margin expansion of 130 bps
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• excluding one-time charges related to leadership changes in Q2FY24

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

© FIRSTSOURCE | 12

Revenue Split | Q4FY24

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Revenue split by Revenue split by
verticals geography
Diverse RoW
6.2% 0.1%
CMT
US
23.6% UK
65.0%
34.9%
BFS
37.3%
Healthcare
32.9%
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United States (US) United Kingdom (UK)
Rest of World (RoW)
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Banking & Financial Services (BFS) Healthcare Communication, Media & Tech (CMT) Diverse Industries

Revenue split by service lines

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PAA
19.3%
DECX
54.9%
IBO
25.8%
Digitally Empowered Customer Experience (DECX)
Intelligent Back Office (IBO) Platforms, Automation & Analytics (PAA)
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© FIRSTSOURCE | 13

Deal Wins

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

• Additional business from a large retail bank , an existing client, to provide customer support and back-office services

• Added one of the oldest and largest education services company for their transformation initiatives

• Secured new business for management of low dollar claims denials and follow-up of unpaid insurance claims from one of the top-ranked hospitals in the US

• Selected by a major player in the US healthcare delivery system to manage claims operations spanning their commercial, Medicare, and Medicaid divisions

• Additional business from one of the largest telecom and media companies globally, an existing client, for outbound service and seasonal ramp to accommodate increased volumes

• Expanded footprint in one of the leading providers of health insurance in the US for contact center operations

• 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

• Selected by a leading subservicing firm in the US to transform its Quality Control and compliance systems by leveraging Generative AI tools

© FIRSTSOURCE | 14

Employee base

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• Q4FY24: QoQ net headcount addition of 1,993

• India employee base higher by 1,718 ; RoW higher by 275

• FY24: net headcount addition of 4,922

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‘Dream Employer of the Year’ ‘Dream Companies to Work For’

• India employee base higher by 5,592 ; RoW lower by 670

• TTM employee attrition[#] at 42.5% for onshore and 30.8% for offshore

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iVolunteer Awards 2023

‘Leader in Employee Volunteering’

• 44.4% of employees are women

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Total headcount
Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24
27,940
25,947
23,953
23,018 22,384
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Attrition
44.9% 45.3% 44.8%
43.3% 42.5%
42.3%
39.1%
36.1%
33.8%
30.8%
Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24
Onshore Offshore
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• #For employees in employment for more than 180 days

• *RoW: Rest Of the World

© FIRSTSOURCE | 15

Select Recognition | Q4FY24

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Horizon 2 For offering a dedicated HFS Horizons consulting framework, resulting Customer Experience Service in an elevated CX Providers, 2024

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Leader
in Cost Optimization and Revenue
Generation Capability
NelsonHall NEAT Innovator
vendor assessment for
in CX Improvement Capability
CX Services Transformation 2024
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Everest Group Financial Crime and Compliance Operations Services PEAK Matrix® Assessment 2024 Aspirant

Everest Group Marketing Services PEAK Matrix® Assessment 2024 Aspirant

Everest Group’s Intelligent Process Automation PEAK Matrix® Assessment 2024 Major Contender

© FIRSTSOURCE | 16

Our ESG journey

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Included in the S&P Global YearBook ‘2024 “Sustainability Yearbook Member”

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© FIRSTSOURCE | 17

FY25 business outlook

10-13%

constant currency revenue growth

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11-12% EBIT margin

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© FIRSTSOURCE | 18

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Factsheet

© FIRSTSOURCE | 19

Profit & Loss Statement Consolidated IndAS financials

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In ₹ million	Q4FY23	FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	QoQ	YoY	FY24	YoY
Income from services	15,566	59,859	15,267	15,417	15,948	16,693	4.7%	7.2%	63,325	5.8%
Other operating Income	2	364	25	(17)	17.6	12	(33.5%)	505.2%	37.17	(89.8%)
Revenue from operations	15,568	60,223	15,292	15,400	15,966	16,705	4.6%	7.3%	63,362	5.2%
Revenue from operations (USD Mn)	$ 190	$ 750	$ 186	$ 186	$ 192	$ 201	4.9%	6.2%	$ 765	2.0%
QoQ Growth % - Constant Currency	2.5%	-	(3.0%)	(0.1%)	3.4%	4.2%			-
YoY Growth % - Constant Currency	(2.8%)	(1.1%)	(1.6%)	(1.9%)	2.8%	4.5%			1.1%
Personnel Expense	9,692	38,680	9,239	9,402	9,895	10,558	6.7%	8.9%	39,093	1.1%
Operating Expense	3,435	13,278	3,652	3,710*	3,700	3,643	(1.5%)	6.1%	14,705	10.7%
EBITDA	2,441	8,265	2,402	2,288	2,371	2,503	5.6%	2.5%	9,564	15.7%
EBITDA Margin	15.7%	13.7%	15.7%	14.9%	14.9%	15.0%	10bps	(70bps)	15.1%	140bps
Depreciation / amortization	642	2,632	613	654	663	673	1.6%	4.8%	2,602	(1.1%)
EBIT	1,799	5,633	1,789	1,634*	1,709	1,830	7.1%	1.7%	6,962	23.6%
EBIT Margin	11.6%	9.4%	11.7%	10.6%	10.7%	11.0%	30bps	(60bps)	11.0%	160bps
Other Income / (expense)	105#	1,251#	6	153#	134#	75	(44.2%)	(28.8%)	368	(70.5%)
Interest Income / (expense), net	(185)	(732)	(243)	(244)	(235)	(312)	32.8%	68.3%	(1,034)	41.3%
Profit Before Taxes	1,719	6,152	1,553	1,543	1,608	1,593	(0.9%)	(7.3%)	6,296	2.4%
Taxes and Minority Interest	306	1,015	293	278	321	258	(19.5%)	(15.6%)	1,150	13.3%
Profit After Tax	1,413	5,137	1,260	1,265	1,287	1,335	3.7%	(5.5%)	5,147	0.2%
Net Margin	9.1%	8.5%	8.2%	8.2%	8.1%	8.0%	(10bps)	(110bps)	8.1%	(40bps)
Diluted EPS (₹ /Share)	2.02	7.32	1.80	1.80	1.84	1.90	3.3%	(5.8%)	7.34	0.3%

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

© FIRSTSOURCE | 20

*Q2FY24: include one-time charges

Balance Sheet

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Consolidated IndAS financials

In ₹ million	As on 31-Mar-23	As on 31-Mar-24
ASSETS
Non-Current Assets
Fixed assets	2,789	2,461
Right-of-use assets	4,958	6,355
Goodwill on consolidation	29,450	29,885
Investment in associates	0	0
Financial Assets
Investments	116	115
Other financial assets	488	825
Deferred tax assets	2,948	2,921
Income tax assets(net)	786	809
Other non-current assets	1,026	2,086
Total Non-Current Assets	42,561	45,457
Current Assets
Financial assets
Current investments	596	300
Trade receivables	10,385	11,608
Cash and cash equivalents	1,515	1,748
Other balances with bank	40	137
Other financial assets	40	94
Other current assets	1,507	1,486
Total Current Assets	14,082	15,374
TOTAL ASSETS	56,644	60,830

In ₹ million	As on 31-Mar-23	As on 31-Mar-24
EQUITY AND LIABILITIES
Shareholder's Funds
Equity share capital	6,970	6,970
Reserve and surplus	26,699	30,034
Non - controlling interest	4	4
Total Equity	33,672	37,008
Non-Current Liabilities
Financial Liabilities
Long-term borrowings	1,394	42
Lease liabilities	4,467	5,714
Other Financial Liabilities	181	0
Provisions	137	188
Deferred tax liabilities	1,196	1,470
Total Non-Current Liabilities	7,375	7,414
Current Liabilities
Financial Liabilities
Short-term and other borrowings	6,876	8,081
Trade payables	2,314	3,056
Lease liabilities	1,195	1,495
Other financial liabilities	3,556	2,047
Other current liabilities	829	1,057
Provisions	826	467
Provision for tax (net)	0	205
Total Current Liabilities	15,597	16,409
TOTAL LIABILITIES	56,644	60,830

© FIRSTSOURCE | 21

Cash Flow Statement

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Consolidated IndAS financials

In ₹ million	Full year ended March 31, 2023	Full year ended March 31, 2024
Cash Flow from Operating Activities
Netprofit before taxation and non controllinginterest	6,152	6,297
Depreciation and amortization	2,632	2,602
Finance costs(For borrowing& lease liabilities)	790	1,034
Adjustment: Non-Cash Expense/ (Other Income)	(1,732)	(363)
Add: WorkingCapital Changes	765	(2,404)
Less: Income Taxes Paid	(656)	(718)
Net cashgeneratedfrom/ (used in) Operating Activities(A)	7,950	6,448
Cash Flow from Investing Activities
Capital Expenditure,net	(514)	(850)
Interest income received	10	10
(Increase)/Decrease in current investments	637	357
Short term fixed deposits	-	(33)
Earmarked balances with banks	30	(64)
Net cashgeneratedfrom/ (used in) Investing Activities(B)	164	(580)
Cash Flow from Financing Activities
Net Change in Borrowings	(2,351)	(291)
Net Interest Paid	(787)	(1,011)
Payment of Lease Liabilities	(1,495)	(1,410)
Purchase of TreasuryShares,net	(140)	59
Purchase of non controllinginterest in subsidiary	(276)	(583)
Dividend Paid(Net)	(2,384)	(2,406)
Net cashgeneratedfrom/ (used in) Financing Activities(C)	(7,434)	(5,642)
Net increase/ (decrease) in Cash and Cash Equivalents(A+B+C)	680	226
Cash and cash equivalents at the beginningof theperiod	828	1,515
Foreign exchange(loss) / gain on translatingCash and cash equivalents	7	6
Closing Cash and Cash Equivalents	1,515	1,748
Current Investments	596	300
Short term fixed deposits	-	33
Cash and Cash Equivalents including Investments	2,111	2,081

© FIRSTSOURCE | 22

Operating Metrics

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	Particulars	Q4FY22	Q1FY23	Q2FY23	Q3FY23	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24
Revenue by Vertical	Banking & Financial Services	49.0%	46.3%	43.4%	41.8%	40.3%	40.8%	40.8%	38.3%	37.3%
	Healthcare	30.3%	32.1%	34.5%	34.2%	33.2%	32.6%	32.7%	33.5%	32.9%
	Communications Media & Tech	19.0%	20.2%	20.2%	21.6%	22.3%	21.8%	21.2%	22.5%	23.6%
	Diverse Industries	1.7%	1.4%	1.9%	2.4%	4.2%	4.8%	5.3%	5.7%	6.2%
Revenue by Service Lines	Digitally Empowered Customer Experience	44.4%	46.6%	47.7%	50.4%	52.6%	51.8%	52.9%	53.5%	54.9%
	Intelligent Back Office	36.5%	32.7%	30.9%	29.2%	27.0%	27.0%	25.2%	25.8%	25.8%
	Platforms, Automation & Analytics	19.1%	20.7%	21.4%	20.4%	20.4%	21.2%	21.9%	20.7%	19.3%
Revenue by Geography	US	70.7%	68.4%	67.2%	64.9%	63.3%	63.5%	65.1%	65.4%	65.0%
	UK	27.5%	30.1%	31.3%	34.1%	36.3%	36.4%	34.8%	34.5%	34.9%
	Rest of World	1.8%	1.5%	1.5%	1.0%	0.4%	0.1%	0.1%	0.1%	0.1%
Revenue by Delivery	Offshore	27.0%	27.4%	25.9%	25.1%	24.6%	25.6%	26.7%	30.3%	31.4%
	Onshore	73.0%	72.6%	74.1%	74.9%	75.4%	74.4%	73.3%	69.7%	68.6%
Top Clients Revenue	Top client %	14.8%	15.2%	14.9%	15.8%	15.4%	14.6%	12.7%	13.7%	14.9%
	Top 5 client %	35.9%	36.4%	36.6%	38.5%	37.4%	37.2%	35.0%	35.8%	36.7%
Other Metrices	Total employees (end of period)	26,557	25,234	23,932	23,627	23,018	22,384	23,953	25,947	27,940
	• Employees in India	16,045	14,769	13,431	12,489	12,395	12,457	14,437	16,269	17,987
	• Employees outside India	10,512	10,465	10,501	11,138	10,623	9,927	9,516	9,678	9,953
	Net Addition	(841)	(1,323)	(1,302)	(305)	(609)	(634)	1,569	1,994	1,993
	Offshore Attrition (180 days+)	45.9%	43.8%	45.7%	44.4%	42.3%	39.1%	36.1%	33.8%	30.8%
	Onshore Attrition (180 days+)	50.2%	56.9%	52.0%	47.2%	44.9%	45.3%	44.8%	43.3%	42.5%

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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