Firstsource Solutions Ltd. — Investor Presentation 2025

Jul 30, 2025

==> picture [595 x 62] intentionally omitted <==

30[th] July 2025

To:

National Stock Exchange of India BSE Limited (Scrip Code: Limited (Scrip Code: FSL) 532809) Exchange Plaza, Phiroze Jeejeebhoy Towers, Plot no. C/1, G Block, Dalal Street, Bandra-Kurla Complex Mumbai - 400 001 Bandra (East), Mumbai - 400 051

Dear Madam/ Sir,

Sub: Intimation of Analyst/ Institutional Investor Call

We are enclosing herewith a copy of the presentation regarding conference call to be held on Wednesday, 30[th] July 2025 at 4.00 PM IST with the analysts and investors, on the financial results of the Company for the quarter ended 30[th] June 2025.

This is for your information and record.

Thanking you,

For Firstsource Solutions Limited

POOJA Digitally signed SURESH by POOJA SURESH NAMBIAR NAMBIAR

Pooja Nambiar Company Secretary

Encl.: A/a

==> picture [596 x 78] intentionally omitted <==

INVESTOR PRESENTATION July 2025

Disclaimer

==> picture [77 x 32] intentionally omitted <==

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 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?

==> picture [77 x 32] intentionally omitted <==

==> picture [177 x 414] intentionally omitted <==

Specialized BPS partner

Established in 2001 Public listing in 2007

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

200+ global clients[#] including

34,495* Firstsourcers

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

Several Fortune 500, FTSE 100 and ASX200 companies

Leaders in chosen verticals

Part of RP-Sanjiv Goenka Group

Banking & Financial Services, Healthcare, Communications, Media & Technology, Retail and Utilities

Since 2012

Revenues of INR 79.8 Billion (US$944 Million) in FY25

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] June 2025

3

Part of RP-Sanjiv Goenka Group

==> picture [77 x 32] intentionally omitted <==

==> picture [923 x 258] intentionally omitted <==

----- Start of picture text -----

Too Yumm , a
India’s first fully integrated utility company,
Group turnover of serving across Innovating in the through
~US$5 Bn [] new-age brands Naturali and Within Beauty
A transforming operations across
EBITDA of Asset base of
industries through its - delivering LSG is a premier IPL franchisee focused on
~US$930 Mn [] >US$8 Bn [] transformative, AI-powered solutions at speed and
scale
Over
1.2 Mn [] Shareholders
Eastern India’s definitive
A company and
Carbon Black player
----- End of picture text -----

One of India’s new-age and fastest growing

Conglomerates

Strong workforce of 55,000+ employees, belonging to different nationalities

An entertainment Company with having diverse portfolio of songs, films, TV serials, web series, artist management & live events.

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

Presence in 60+ countries

100+ offices worldwide

India’s organized retailer with varied assortments

Delivering —shaping conversations in business, culture, lifestyle and current affairs

*All figures are for FY25 or as on 31[st] March 2025

4

We work with the leading global enterprises…

==> picture [38 x 38] intentionally omitted <==

Banking & Financial Services

Communications, Media & Technology

• Streaming Services, Cable TV

• Asset Finance

• Broadband & Telephony

• Credit Cards

• Consumer Technologies

• Mortgages

• EdTech

• Retail & SME Banking

• E-Commerce

• FinTech

==> picture [77 x 32] intentionally omitted <==

14 of Top 20

Mortgage lenders and servicers in the US

7 of Top 10

Credit card issuers in the US

3 of Top 10

Retail banks in the UK

12 of Top 15

Health plans/managed care providers in the US

330+

Health systems in the US

1 of Top 2

==> picture [38 x 38] intentionally omitted <==

==> picture [38 x 37] intentionally omitted <==

Broadcasting and media companies in the UK

3 of Top 5

Telecom and broadcasting companies in the US

Healthcare

Diversified Industries

4 of Top 5

• Health Plans

• Healthcare Services

• Hospital Providers

• Physician Groups

• Medical Devices

• Utilities

• Government Entities

• Retail and E-Commerce

Consumer technology companies in the US

2 of Top 5

Energy providers in the UK

2 of Top 10

Retailers in the UK

5

And are market leaders in our solution offerings

==> picture [37 x 36] intentionally omitted <==

• Customer Experience (CX) • Omnichannel engagement

Collections

• White-labeled digital collections

• • First-party & third-party collections

• Active user personalization

• Intelligent automation

• Legal collections

• Virtual Copilot

• Compliance & risk management

==> picture [77 x 32] intentionally omitted <==

Market Leader

Healthcare Payer BPaaS Solutions Peak Matrix Assessment | 2024

Major Contender & Star Performer RCM Operations Peak Matrix Assessment | 2024

Market Leader

==> picture [37 x 39] intentionally omitted <==

• Consulting • Technology solutions

• CX strategy and design

• Process optimization

• Metrics & measurement

Domain-led Platforms/Solutions (DP&S)

• Sympraxis – Digital intake operations

• Firstsource Healthcare Cloud – Revenue cycle management

==> picture [38 x 38] intentionally omitted <==

Data & Analytics (D&A)

• Data annotation and labeling

• Predictive analytics

• Managed services

• AI-enabled services

==> picture [35 x 35] intentionally omitted <==

Trust & Safety (T&S)

• Audit of policies/queue structures

• Workflow optimization

• Real-time content monitoring

• Predictive analytics

Lending Services Operations Peak Matrix Assessment | 2024

Leader

Mortgage Business Process Transformation RadarView | 2024

Featured among ‘The Booming 15’ (Companies with revenue <US$1Bn) ISG Index | 2Q25

Front Runners

Operationalizing Generative AI in Healthcare Payer | 2025

Top Riser & Rank among Top25 Players (On CY24 revenue and YoY revenue growth) Everest Group BPS Top 50 | 2025

6

We introduced the playbook

==> picture [77 x 32] intentionally omitted <==

==> picture [906 x 378] intentionally omitted <==

----- Start of picture text -----

TM
Traditional BPO Approach The UnBPO Mindset
Front, middle and back-office tasks with defined boundaries
‘Service-as-a-software’; boundaries between process and IT blurring
Labor arbitrage/global delivery are the key assets
‘Technology arbitrage’ not just for cost, but for leverage
Labor-based resourcing model; focus on pyramid optimization
Skill-based resourcing; full/part time, gig, and agentic workforce
Shared service delivery models; one size fits all
‘Fit-for-purpose’ technology contextualized for deep domain
Location dispersion driving competitive differentiation
Location dispersion is ‘location debt’; AI centers of excellence
Hierarchical org. structure; generational workforce
Cross-functional structure; distributed decision-making
Traditional L&D; traditional incentive structures Personalized skilling and reskilling; Retooled incentive structures
Leverage AI for point solutions and drive productivity AI-at-the-core with human-in-the-loop
Use partners to fill technology gaps Orchestration of specialized partners integrated into the operating model
Linear revenue model Disruptive growth with non-linear commercial models
----- End of picture text -----

7

Our strategic priorities

==> picture [77 x 32] intentionally omitted <==

Cross-sell/up-sell into existing clients

==> picture [694 x 404] intentionally omitted <==

----- Start of picture text -----

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
----- End of picture text -----

8

That are showing results

==> picture [77 x 32] intentionally omitted <==

Some of our strategic deal wins over last 12 months

Secured a 5-year BPaaS deal with US$50mn+ ACV from a mid-market managed care provider* in the US

==> picture [38 x 126] intentionally omitted <==

Awarded a large deal by a leading dental health plan in the US to transform their claims and contact center operations

Won a large deal from one of the largest US based provider-sponsored health plan* for contact center services across multiple states

One of the Top3 consumer tech companies* in North America selected us for providing GenAI services

Expanded our business with one of the largest utilities companies in the UK, an existing client, with additional business for customer support 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

==> picture [36 x 84] intentionally omitted <==

Selected by a global leader in financial technology solutions* in the US for customer experience services

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

• *New logo for the respective quarter

Total headcount

==> picture [265 x 133] intentionally omitted <==

----- Start of picture text -----

Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26
32,898 34,144 34,651 34,495
29,231
----- End of picture text -----

Attrition*

==> picture [265 x 114] intentionally omitted <==

----- Start of picture text -----

Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26
31.8% 30.6% 31.4% 29.8% 28.9%
----- End of picture text -----

*For employees in employment for more than 180 days

9

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

==> picture [77 x 32] intentionally omitted <==

==> picture [90 x 61] intentionally omitted <==

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

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

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

Launched Gigsourcing Platform in Q1FY26 to connect businesses with skilled, on-demand global talent, offering a costeffective, flexible, and scalable workforce solution to streamline talent management and improve efficiency

Launched Agentic AI Studio, a core element of the relAI suite, in Q4FY25 that empowers businesses to deconstructs work into AI-powered micro-tasks, enabling intelligent, industry-specific transformation

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

Added AI capabilities to our HealthTech platform for improved efficiency on claims documentation

Acquired AccunAI, a GenAI application development startup, in Q3FY25 to add to our capabilities for AI services, especially to our technology clients

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

==> picture [159 x 58] intentionally omitted <==

==> picture [159 x 58] intentionally omitted <==

----- Start of picture text -----

Mortgage MLM
The Future of AI-Powered Mortgage Processing
----- End of picture text -----

==> picture [159 x 58] intentionally omitted <==

----- Start of picture text -----

Digital Debt Collection
----- End of picture text -----

==> picture [160 x 58] intentionally omitted <==

Firstsource Gigsourcing Platform

10

We are socially conscious

==> picture [77 x 32] intentionally omitted <==

==> picture [907 x 378] intentionally omitted <==

----- Start of picture text -----

ESG REPORT 2024-25
13 163.9%
26.3% 100% Zero
Offices are supplied Increase in
Environment Renewable energy with renewable Waste disposed Scope 1 emission renewable energy vs.
mix energy to waste handler tCO2e FY24
21,042 85%
~46% 81.5% ₹72.9 Mn
Prepared in accordance with Global Total hours of Suppliers (by spend)
of the total workforce Employee Total CSR Amount
Reporting Initiative (GRI) Standards, Social Community screened on E&S
2021 and Task Force on Climate- comprise of women satisfaction score Volunteering for FY25 KPIs
related Financial Disclosures (TCFD)
frameworks
Read our FY25 EGS report here
54.5% Zero
33.3% 53.6% Zero
of the Board are Incidents of conflict
BRSR REPORT 2024-25 of Independent Promoter Incidents of insider
Governance Independent Directors are Women shareholding of interest involving trading
Directors employees
‘A’ RATINGRATING
----- End of picture text -----

==> picture [169 x 61] intentionally omitted <==

----- Start of picture text -----

‘A’ RATINGRATING
CDP Supplier Engagement Assessment 2024
‘B’ RATING
CDP Climate Disclosure 2024
----- End of picture text -----

Silver RATING Leader in Carbon Management 2024

==> picture [121 x 9] intentionally omitted <==

----- Start of picture text -----

Read our FY25 BRSR report here
----- End of picture text -----

11

And focused on shareholder value creation

==> picture [77 x 32] intentionally omitted <==

5 Years Stock Performance

==> picture [885 x 426] intentionally omitted <==

----- Start of picture text -----

NSE: FSL | BSE: 532809 | Reuters: FISO.BO | Bloomberg: FSOL:IN
Market Capitalisation: US$2.9bn | Average daily trading volume: US$ 13.9mn
FSL, 609%
NSE IT, 98%
Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25
Shareholding Pattern Total Shareholder Return
Key institutional shareholders
• HDFC Mutual Fund
Public & Others • Life Insurance Corporation 1 Year return 24% 1%
12% • SBI Mutual Fund
• Tata Mutual Fund
3 Year return 198% 10%
DII • Vanguard Group
24% Promoter • Blackrock
54%
• HSBC Mutual Fund 5 Year return 609% 37%
• Dimensional Fund
FII
10% • White Oak 0% 100% 200% 300% 400% 500% 600% 700%
• Axis Mutual Fund Share price return Dividend yield
As on 30 [[th ]] June 2025 Stock data based on closing prices as of 29 [th ] July 2025; Average daily trading volume is the average for last six months
----- End of picture text -----

==> picture [71 x 7] intentionally omitted <==

----- Start of picture text -----

As on 30 [[th ]] June 2025
----- End of picture text -----*

12

Our Leadership Team

==> picture [77 x 32] intentionally omitted <==

==> picture [129 x 162] intentionally omitted <==

----- Start of picture text -----

Ritesh Idnani
MD & CEO
----- End of picture text -----

==> picture [645 x 162] intentionally omitted <==

----- Start of picture text -----

Dinesh Jain Sohit Brahmawar Shamita Mukherjee Aniket Maindarkar Hasit Trivedi
Chief Financial Officer Chief Operating Officer Chief Human Resources Chief Marketing Officer Chief Digital & AI Officer
Officer
----- End of picture text -----

==> picture [791 x 162] intentionally omitted <==

----- Start of picture text -----

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
----- End of picture text -----

13

In summary…

==> picture [77 x 32] intentionally omitted <==

We see potential to grow at an accelerated pace over the medium term…

• Discontinuities caused by macro and technology shifts are creating market opportunities We are disrupting the traditional business model with the UnBPO[TM] playbook Our ‘right’ scale 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

Bring technology and AI induced capabilities to solve clients’ business problems

…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

• Four large deal wins in Q1FY26; at-least three every quarter since Q1FY25

• 17 new logo added in Q1FY26, highest quarterly addition in last three years FY26 revenue growth guidance at the top decile of the peer group

14

==> picture [77 x 32] intentionally omitted <==

Factsheet

15

Financial performance snapshot | Q1FY26

Revenue

==> picture [437 x 429] intentionally omitted <==

----- Start of picture text -----

(in $ million)
18.5% 16.0% -5.7% 2.0% 23.3% 20.7%
17.9% 14.6% -1.1% 1.1% 22.6% 19.2%
FY20 FY21 FY22 FY23 FY24 FY25 Q1FY26
YoY constant currency revenue growth YoY US$ revenue growth
EBIT and Margin (%) (in ₹ million)
10,000 11.8% 12.0%
9,000 10.8% 11.0% 11.0% 11.3% 12.0%
8,000 9.4%
10.0%
7,000
6,000 8.0%
5,000
6.0%
4,000
3,000 4.0%
2,000
2.0%
1,000
- 0.0%
FY20 FY21 FY22 FY23 FY24 FY25 Q1FY26
EBIT EBIT Margin (%)
944
685 795 750 765 259
578
8,806
7,105 6,962 2,498
5,979 5,633
4,437
----- End of picture text -----

==> picture [77 x 32] intentionally omitted <==

Revenue

==> picture [426 x 209] intentionally omitted <==

----- Start of picture text -----

(in ₹ million)
23.9% 16.6% 1.7% 5.2% 25.9% 23.8%
FY20 FY21 FY22 FY23 FY24 FY25 Q1FY26
YoY INR revenue growth
79,803 22,177
59,212 60,223 63,362
50,780
40,986
----- End of picture text -----

PAT and Margin (%)

(in ₹ million)

==> picture [426 x 182] intentionally omitted <==

----- Start of picture text -----

8,000
9.1% 10.0%
7,000 8.3% 8.5% 8.1%
6,000 7.1% 7.4% 7.6% 8.0%
5,000
6.0%
4,000
3,000 4.0%
2,000
2.0%
1,000
- 0.0%
FY20 FY21 FY22 FY23 FY24 FY25 Q1FY26
PAT PAT Margin (%)
5,945
5,374 5,137 5,147 1,693
3,397 3,617
----- End of picture text -----

16

Key performance indicators | Q1FY26

Return on Equity (%)

==> picture [416 x 187] intentionally omitted <==

----- Start of picture text -----

FY20 FY21 FY22 FY23 FY24 FY25 Q1FY26
17.7%
16.3%
12.3% 12.9% 15.3% 13.9% 14.5%
----- End of picture text -----*

Cash Flow

(in ₹ million)

==> picture [406 x 204] intentionally omitted <==

----- Start of picture text -----

FY20 FY21 FY22 FY23 FY24 FY25 Q1FY26
Operating Cash Flow Free Cash Flow
9,756
8,060 7,950
7,036 7,436 7,011
6,307 6,441
5,590
4,775
4,104
3,158 3,556 3,317
----- End of picture text -----

==> picture [77 x 32] intentionally omitted <==

Return on Capital Employed (%)

==> picture [427 x 407] intentionally omitted <==

----- Start of picture text -----

FY20 FY21 FY22 FY23 FY24 FY25 Q1FY26
Debt Position (in ₹ million)
FY20 FY20 FY20 FY21 FY21 FY21 FY22FY22 FY22 FY23 FY23 FY23 FY24 FY24 FY24 FY25 FY25 FY25 Q1FY26 Q1FY26 Q1FY26
Long term Debt Short term Debt Net Debt
17.6% 17.6% 17.8%
15.4% 15.6%
13.4%
12.3%
11,908
10,908
7,364 13,169
11,225
8,406 6,876 8,049
5,199 8,083
6,526 6,159 6,001
3,903 3,419 3,430
28 846 2,733 1,394
----- End of picture text -----*

*Annualised

17

Performance Summary | Q1FY26

REVENUE

₹ 22,177 Million (US$ 259 Million)

YoY growth of 23.8% YoY constant currency growth of 19.2% QoQ constant currency growth of 1.6%

PROFIT AFTER TAX

EBIT

₹ 2,498 Million (Margin 11.3%)

YoY growth of 26.8% YoY margin expansion of 30bps QoQ margin expansion of 10bps

EARNINGS PER SHARE

==> picture [77 x 32] intentionally omitted <==

(Diluted)

₹ 1,693 Million

(Margin 7.6%)

YoY growth of 25.2% QoQ growth of 5.4%

₹ 2.40 per share

Q4FY25 at ₹ 2.28 per share Q1FY25 at ₹ 1.92 per share

18

Revenue distribution | Q1FY26

==> picture [77 x 32] intentionally omitted <==

==> picture [898 x 380] intentionally omitted <==

----- Start of picture text -----

By verticals By geography By delivery location
Diverse RoW
11.7% 1.2%
Offshore &
Nearshore
EMEA
BFS 41.2%
30.1%
32.5%
CMT
22.4%
Onshore
North 58.8%
America
68.7%
Healthcare
33.4%
Banking & Financial Services Healthcare North America EMEA Onshore
Communication, Media & Tech Diverse Industries Rest of World Offshore & Nearshore
----- End of picture text -----

19

Cons. IndAS financials | Profit & Loss Statement

==> picture [77 x 32] intentionally omitted <==

In ₹ million	FY24	Q1FY25	Q2FY25	Q3FY25	Q4FY25	FY25	Q1FY26	QoQ	YoY
Income from services	63,325	17,839	19,326	20,879	21,678	79,721	22,209	2.5%	24.5%
Other operating income	37	72	(72)	145	(63)	82	(33)	-	-
Revenue from operations	63,362	17,911	19,254	21,024	21,615	79,803	22,177	2.6%	23.8%
Revenue from operations (US$ mn)	$765	$215	$230	$249	$250	$944	$259	3.6%	20.7%
QoQ growth % - constant currency	-	6.5%	6.9%	7.6%	2.1%	-	1.6%	-	-
YoY growth % - constant currency	1.1%	14.8%	22.7%	27.7%	25.0%	22.6%	19.2%	-	-
Manpower expenses	39,093	11,268	12,104	13,070	13,515	49,958	13,207	-2.3%	17.2%
Operating expenses	14,705	3,944	4,277*	4,777	4,771	17,769	5,499	15.2%	39.4%
EBITDA	9,564	2,699	2,873	3,177	3,328	12,076	3,471	4.3%	28.6%
EBITDA margin	15.1%	15.1%	14.9%	15.1%	15.4%	15.1%	15.7%	30bp	60bp
Depreciation & amortization	2,602	729	792	844	906	3,270	972	7.3%	33.5%
EBIT	6,962	1,970	2,081*	2,333	2,422	8,806	2,498	3.1%	26.8%
EBIT margin	11.0%	11.0%	10.8%	11.1%	11.2%	11.0%	11.3%	10bp	30bp
Finance cost	1,034	316.0	343	393	426	1,479	434	1.9%	37.5%
Other income, net	368	18	(27)	(21)	21	(9)	68	-	-
Exceptional items, net	-	-	-	88	-	88	-	-	-
Profit before taxes	6,297	1,673	1,710	2,007	2,017	7,407	2,132	5.7%	27.5%
Taxes and minority interest	1,150	320	328	404	410	1,462	439.0	7.0%	37.2%
Profit after tax	5,147	1,353	1,382	1,603	1,607	5,945	1,693	5.4%	25.2%
Net margin	8.1%	7.6%	7.2%	7.6%	7.4%	7.4%	7.6%	20bp	-
Diluted EPS (₹/share)	7.34	1.92	1.96	2.27	2.28	8.42	2.40	5.3%	25.0%

*include one-time charges

20

Cons. IndAS financials | Balance Sheet

In ₹ million	As on Mar 31, 2025	As on Jun 30, 2025
Assets
Non-current assets
Fixed assets	3,254	3,234
Right-of-use assets	9,126	8,417
Goodwill on consolidation	36,799	37,114
Other intangible assets	1,248	1,167
Intangible assets under development	-	55
Investment in associates	0	0
Financial assets
Investments	115	116
Other financial assets	1,026	885
Deferred tax assets	2,735	2,991
Income tax assets, net	714	537
Other non-current assets	1,965	2,634
Total non-current assets	56,982	57,152
Current assets
Financial assets
Current investments	616	1,158
Trade receivables	16,860	15,935
Cash and cash equivalents	1,542	1,955
Other bank balances	128	129
Other financial assets	206	222
Other current assets	2,888	3,296
Total current assets	22,240	22,696
Total assets	79,222	79,847

==> picture [77 x 32] intentionally omitted <==

In ₹ million	As on Mar 31, 2025	As on Jun 30, 2025
Equity and liabilities
Shareholder's Funds
Equity share capital	6,970	6,970
Reserve and surplus	34,006	34,684
Non-controlling interest	4	4
Total equity	40,980	41,658
Non-current liabilities
Financial liabilities
Long-term borrowings	3,419	3,430
Lease liabilities	8,070	7,408
Other financial liabilities	580	1,551
Provisions	241	269
Deferred tax liabilities	1,645	1,682
Total non-current liabilities	13,955	14,341
Current liabilities
Financial liabilities
Short-term and other borrowings	11,908	10,908
Trade payables	3,976	4,936
Lease liabilities	2,296	2,208
Other financial liabilities	4,209	3,688
Other current liabilities	1,106	1,220
Provisions	643	595
Provision for tax, net	149	294
Total current liabilities	24,287	23,849
Total liabilities	79,222	79,847

21

Cons. IndAS financials | Cash Flow Statement

==> picture [77 x 32] intentionally omitted <==

In ₹ million	Quarter ended Jun 30, 2024	Quarter ended Mar 31, 2025	Quarter ended Jun 30, 2025
Cash flow from operating activities
Netprofit before taxation and non-controllinginterest	1,673	2,017	2,132
Depreciation and amortization	729	906	972
Finance costs(for borrowings & lease liabilities)	316	426	434
Non-cash expense	219	554	141
Non-operatingitems	(32)	(31)	(20)
Workingcapital changes	(2,643)	(1,469)	59
Income taxespaid	(321)	(329)	(163)
Net cashgenerated from/(used in) operating activities(A)	(60)	2,075	3,556
Cash flow from investing activities
Capital expenditure,net	(538)	(664)	(239)
Interest income received	2	16	8
(Increase)/decrease in current investments	30	178	(527)
Investment in short-term fixed deposits	-	1	(4)
Acquisition of business	(2,005)	(81)	-
Earmarked balances with banks	6	(60)	3
Payment of contingent consideration towards acquisition	-	-	(27)
Net cashgenerated from/(used in) investing activities(B)	(2,504)	(610)	785
Cash Flow from financing activities
Net change in borrowings	3,710	2,208	(1,334)
Net interestpaid	(388)	(406)	(425)
Payment of lease liabilities	(375)	(462)	(651)
Purchase of treasuryshares,net	(171)	(212)	19
Purchase of non controllinginterest in subsidiary	(225)	-	-
Dividendpaid	-	(2,759)	-
Net cashgenerated from/(used in) financing activities(C)	2,552	(1,631)	(2,390)
Net increase/(decrease) in cash and cash equivalents(A+B+C)	(12)	(167)	(381)
Cash and cash equivalents at the beginningof theperiod	1,748	1,710	1,542
Foreign exchange(loss)/gain on translatingcash and cash equivalents	(5)	(1)	33
Closing cash and cash equivalents	1,731	1,542	1,955
Current investments	385	616	1,158
Cash and cash equivalents including investments	2,116	2,158	3,113

22

Operating Metrices | Q1FY26

==> picture [77 x 32] intentionally omitted <==

		Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25	Q4FY25	Q1FY26
Revenue by Vertical	Banking & Financial Services	40.8%	40.8%	38.3%	37.3%	36.4%	34.4%	32.4%	33.4%	32.5%
	Healthcare	32.6%	32.7%	33.5%	32.9%	35.7%	36.3%	34.0%	33.8%	33.4%
	Communications, Media & Tech	21.8%	21.2%	22.5%	23.6%	22.3%	21.3%	20.3%	21.0%	22.4%
	Diverse Industries	4.8%	5.3%	5.7%	6.2%	5.6%	8.0%	13.3%	11.8%	11.7%
Revenue by Geography	North America	63.5%	65.1%	65.4%	65.0%	68.2%	68.5%	66.3%	67.7%	68.7%
	Europe, Middle East, and Africa	36.4%	34.8%	34.5%	34.9%	31.8%	31.4%	33.4%	31.5%	30.1%
	Rest of World	0.1%	0.1%	0.1%	0.1%	0.0%	0.1%	0.3%	0.8%	1.2%
Revenue by Delivery	Offshore & Nearshore	25.6%	26.7%	30.3%	31.4%	35.0%	35.8%	40.1%	37.8%	41.2%
	Onshore	74.4%	73.3%	69.7%	68.6%	65.0%	64.2%	59.9%	62.2%	58.8%
Client Addition	New logos (added during the quarter)	10	12	10	9	10	13	13	7	17
	Strategic logos (added during the quarter)	-	4	7	3	2	3	5	2	9
Client Concentration	Top 5 clients_(share of total revenues)_	37.2%	35.0%	35.8%	36.7%	34.6%	32.5%	29.0%	29.3%	29.6%
	Top 10 clients_(share of total revenues)_	52.7%	51.3%	52.0%	52.6%	51.5%	48.6%	43.4%	43.7%	42.6%
Client Distribution	US$ 1m+ clients_(nos.)_	98	101	104	103	100	105	107	116	141
	US$ 5m+ clients_(nos.)_	24	24	25	25	25	26	28	30	38
	US$ 10m+ clients_(nos.)_	14	13	13	13	13	13	14	15	17
	US$ 20m+ clients_(nos.)_	9	8	8	8	9	11	10	10	11
	US$ 50m+ clients_(nos.)_	2	2	2	2	2	2	2	2	2
Revenue by Currency	USD	63.2%	65.0%	64.9%	64.8%	67.9%	68.2%	64.9%	65.7%	67.9%
	GBP	36.3%	34.3%	34.4%	34.4%	31.4%	30.9%	34.2%	32.7%	30.1%
	Others	0.5%	0.7%	0.7%	0.8%	0.7%	0.9%	0.9%	1.6%	2.0%
Employee Metrices	Total employees_(period-end)_	22,384	23,953	25,947	27,940	29,231	32,898	34,144	34,651	34,495
	Net addition	(634)	1,569	1,994	1,993	1,291	3,667	1,246	507	(156)
	Attrition*(TTM)	41.7%	39.8%	37.7%	35.4%	31.8%	30.6%	31.4%	29.8%	28.9%

• For employees in continuous employment for more than 180 days

23

Business Outlook | FY26

13-15% constant currency revenue growth (Earlier: 12-15%) Does not include the proposed acquisition of Pastdue Credit Solutions

==> picture [285 x 286] intentionally omitted <==

==> picture [77 x 32] intentionally omitted <==

11.25-12.0% EBIT margin

24

==> picture [77 x 32] intentionally omitted <==

THANK YOU

Investor relations

Copyright © 2025 Firstsource