Firstsource Solutions Ltd. — Investor Presentation 2025

Aug 29, 2025

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29[th] August 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: Investor Presentation for September 2025.

We are enclosing herewith a copy of the Latest Investor presentation.

This is for your information and record.

Thanking you,

For Firstsource Solutions Limited

POOJA Digitally signed SURESH by POOJA NAMBIAR SURESH NAMBIAR

Pooja Nambiar Company Secretary

Encl.: A/a

Firstsource Solutions Ltd

1[st] Floor, Athena Towers, Mindspace Malad, Goregaon (W), Mumbai – 400 063 India Tel: +91 (22) 6666 0888 | Fax: +91 (22) 6666 08887 | Web: www.firstsource.com

(CIN: L64202MH2001PLC134147)

So far…And beyond

Disclaimer

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

We are a part of RP-Sanjiv Goenka Group

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

LSG is a premier IPL franchisee focused on

Eastern India’s definitive

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

3

Strategy refresh & impact

Strategy refresh & impact OneFirstsource has been our strategy playbook over the past two years

Cross-sell/up-sell into existing clients

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

5

Strategy refresh & impact We have strengthened our client relationships

We are adding new logos at a faster pace…

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US$1m+ clients (nos.) US$5m+ clients (nos.)
Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26
US$10m+ clients (nos.) US$20m+ clients (nos.)
Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26
38
141
101 104 103 100 105 107 116 24 25 25 25 26 28 30
17
11
13 13 13 13 13 14 15 8 8 8 9 11 10 10
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Number of clients across revenue buckets on a TTM basis

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17
13 13
12
9
10 10 3
9 5
2
7
2
Strategic logos
Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26
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…And winning more large deals
5 5
4
3 3 3
2
1
Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26
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Strategic logo defined as one with potential of US$5m+ relationship Large deal defined as one with annual contract value of US$5m+

6

Strategy refresh & impact Driven consistent industry leading revenue growth

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27.7%
25.0%
22.7%
19.2%
14.8%
4.5%
2.8%
-1.9%
Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26
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24.5%
~2x
12.6%
10.2%
3.4%
Firstsource IT large-cap Select IT Select BPO
mid-cap peers
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Reported YoY US$ revenue growth on TTM-basis as of 30[th] June 2025 IT large-cap include TCS, Infosys, HCL Tech, Wipro, Tech Mahindra and LTI Mindtree IT mid-cap include Mphasis, Persistent, Coforge and Zensar BPO peers include TP, Concentrix, Genpact, EXL Services, WNS and eClerx

YoY constant currency revenue growth

7

Strategy refresh & impact We improved our margins even while investing in the business

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11.3% Expanded sales team
11.2%
11.1% Senior leadership hires
11.0%
11.0% New roles to drive strategic initiatives
10.8%
Capability expansion
10.7%
10.6% AI infusion across services
Vertical-specific language models
Brand amplification
Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26
Key investments areas
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8

Strategy refresh & impact Creating strong shareholder returns

Stock performance: Last 5 years

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NSE: FSL | BSE: 532809 | Reuters: FISO.BO| Bloomberg: FSOL:IN
Market Capitalisation: US$2.9bn
Average daily trading volume (TTM): US$15.7mn
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FSL;432%
Nifty50;110%
NiftyIT;96%
Aug-20 Feb-21 Aug-21 Feb-22 Aug-22 Feb-23 Aug-23 Feb-24 Aug-24 Feb-25 Aug-25
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Total Shareholder Return^

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1 Year return 1%
13%
Share price return
3 Year return 229% 10%
Dividend yield
5 Year return 432% 27%
Shareholding Pattern
Key institutional shareholders
HDFC Mutual Fund
Public & Others
12% Life Insurance Corporation
SBI Mutual Fund
Promoter Tata Mutual Fund
DII
54% Vanguard Group
24%
Blackrock
HSBC Mutual Fund
FII Dimensional Fund
10%
White Oak
Axis Mutual Fund
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^Till 28[th] August 2025 *As on 30[th ] June 2025

9

Leading in the unBPO[TM] world

Leading in the unBPO[TM] world Macro trends reshaping the global business environment

Geopolitical

• Rise of nationalistic policies, tariffs and trade barriers

• Growing client demand for closer cultural & time zone alignment

• Accelerated pace of technology innovation

Technological

• Diminishing barriers to access

• Growing regulations around AI on data privacy and security concerns

Anthropological

• Increased lifespans leading to multi-generational workforce

• Integrated workforce of digital and human employees

11

Leading in the unBPO[TM] world Traditional business model is at risk

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TM
The UnBPO Mindset
Traditional BPO Approach
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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
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12

Leading in the unBPO[TM] world UnBPO[TM ] unlocks a ~7x larger addressable market

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Enterprise
Software & Tech Spend
Global
Services-as-Software
Market Opportunity
US$1.5tn
Enterprise
Global BPO Services Spend
services market
US$220bn^
Growing at 4-5% CAGR
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^Source: Gartner Research *By 2035; Source: HfS Research

13

Leading in the unBPO[TM] world Our deep domain expertise is a key differentiator

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BANKING &
HEALTHCARE
FINANCIAL SERVICES
US$326m 33% US$337m 34%
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COMMUNICATION, DIVERSIFIED
MEDIA & TECHNOLOGY INDUSTRIES
US$209m 21% US$111m 12%
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14 of Top 20
Mortgage lenders & servicers in the US
7 of Top 10
Credit card issuers in the US
3 of Top 6
Retail banks in the UK
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12 of Top 15
Health plans in the US
300+
Health systems in the US
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1 of Top 2
Media companies in the UK
3 of Top 5
Telecom & media companies in the US
4 of Top 5
Consumer Tech companies in the US
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2 of Top 5
Energy providers in the UK
2 of Top 10
Retailers in the UK
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*US$ revenue and % revenue contribution, on TTM basis

14

Leading in the unBPO[TM] world We have infused AI to make our core services UnBPO[TM] ready

CUSTOMER EXPERIENCE

Domain led solutions tailored for industryspecific pain points

Tech-embedded global delivery operations

AI-powered solutions for AI-first CX operations

35%+ improvement in customer feedback Top 5 retail bank in the UK

COLLECTIONS

E2E collection capabilities, covering firstparty, third-party and legal collections AI/ML infusion for hyper-personalized engagement AI-driven, privacy-first compliance and monitoring systems

20%+ improvement in collections Leading auto lender in the US

DOMAIN-LED PLATFORMS & SOLUTIONS

AI embedded into existing platforms for smarter workflows

Leverage models (hyper-personalization, SLM) for scalable and reliable outcomes Applied agentic workflows/co-pilots to aid decisions and automate L1 support

30%+ improvement in content extraction HealthTech Digital Intake Platform

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85%+ resolution by autonomous agents Leading financial services firm in the US

24%+ increase in 6-month liquidation rate ‘Emerging50’ fintech player in the US

500mn+ claim documents processed HealthTech Digital Intake Platform

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60%+ reduction in mean-time-to-repair Top 5 telecom & media company in the US

21%+ reduction in cost-to-collect Top 3 credit card issuer in the US

40%+ reduction in cycle-time Mortgage Workflow Platform

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20%+ reduction in cost-to-serve One of the largest media player in the UK

20%+ savings in 1[st] party servicing Top3 consumer bank in the US

10%+ improvement in collections CX Tech Platform

15

Leading in the unBPO[TM] world We are leveraging our core strengths to expand into AI-native services

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Domain Capabilities AI CONSULTING SERVICES
AI Maturity Assessment
10+
Industry verticals expertise AI Strategy & Roadmap
1000+
AI Labs setup
Processes transformation experience
AI Platform Selection & Benchmarking
Tech Expertise
CX strategy and design
100+ Process modelling and industrialization
Pre-built GenAI solutions & models
AI SOLUTIONS & IMPLEMENTATION SERVICES
25+
IPs and tools Data Strategy & Architecture
Data annotation and labeling
Talent Pool & Partner Ecosystem
Managed services
2000+
AI & Automation Implementation Services
Certified AI professionals
25+
Agentic AI Assets
Partners across AI ecosystem
Low code/No Code Implementation
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16

Leading in the unBPO[TM] world relAI is at the core of our UnBPO[TM] strategy

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AI-first Platforms Data & AI Services
Mortgage LM
01 02
The Future of AI-Powered Mortgage Processing
GenAI Creator
06 03 Agentic AI
Economy
05 04
Firstsource Agentic AI Studio
AI labs &
GenAI Solutions
Innovation Network
Firstsource Gigsourcing Platform
Q1FY25
Q3FY25
Q4FY25
Q4FY25
Q1FY26
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17

Leading in the unBPO[TM] world UnBPO[TM] in action: Case study #1

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Client : Multi-state Medicare & Medicaid health plan

The challenge

Achieve cost optimization targets while maintaining service excellence Enhance accuracy and efficiency of the process through AI-driven interventions Scale AI adoption in operations, overcoming integration and scalability hurdles Accelerate time-to-value and seamless adoption of new processes

The UnBPO[TM] Solution

The impact

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Domain expertise embedded into software solutions

• Implemented Claims-as-a-Service for all lines of businesses

20% Cost savings over the deal term

• Combined operational transformation with cutting-edge AI technologies

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• Right shored operations while navigating regulatory restrictions

Customized GenAI solutions

• AI/GenAI claims decision agents and copilots to transform operations

• ‘EAD’ framework leveraging AI agents/bots process mining for efficiency

Creative financial structuring

• Deliver savings early in the program with creative solutioning

• Move towards an outcome-based model beyond just SLAs

20% Faster speed to competency

33% FTE effort saved

Faster TAT & efficiency gains

18

Leading in the unBPO[TM] world UnBPO[TM] in action: Case study #2

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Client :
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One of the largest building societies
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The challenge

Optimize TCO, modernize operations, and build a future-ready service model Transformation spanned 16 core processes, 99 sub-processes, and 72 tools Address complexity from fragmented systems and manual workloads Client’s first outsourcing partnership; mutual trust and alignment was critical

The UnBPO[TM] Solution

The impact

Innovation at the core

• Deployed AI Coach for real-time personalized insights and on-the-fly training

55%

Cost savings over the deal term

• GenAI QA automation for reviews at scale; spotting skill/compliance gaps

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• Introduced a compassionate bereavement services solution

Seamless integration

• Designed a model office for scalable workflows across banking value chain

• Embed continuous process intelligence into each layer of operations

• •Culturally aligned and sustainable by design ‘EAD’ framework leveraging AI agents/bots process mining for efficiency

• Co-created governance model to align with the client's culture and purpose

• Innovation Council to define long-term sustainable operating framework

~30%

Reduction in headcount

• 5 8 points Improvement in NPS

~30% improvement in turnaround time

19

Our core strengths Rooted in shared values

RISK TAKING

Courage | Innovation | Entrepreneurial Mindset

EXECUTION EXCELLENCE Achievement, not activity | Clarity | Getting Things Done!

AGILITY Growth Mindset | Progress over perfection | Learnability

CUSTOMER FIRST Simplicity | Curiosity | Authenticity

CREDIBILITY Honesty | Selflessness | Trust HUMANENESS Vulnerability | Humility | Professionalism

20

Our core strengths Focused on driving sustainable impact

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Climate Disclosure
2024
‘B’ RATING
Supplier Engagement Assessment
2024
‘A’ RATING
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Silver RATING
Leader in Carbon Management
ESG REPORT 2024-25
Read our FY25 EGS report here
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21

Our core strengths Experienced leadership team

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Ritesh Idnani Dinesh Jain Sohit Brahmawar Shamita Mukherjee Aniket Maindarkar Hasit Trivedi
MD & CEO Chief Financial Officer Chief Operating Officer Chief Human Resources Chief Marketing Officer Chief Digital & AI Officer
Officer
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Vivek Sharma Venkatgiri Vandali Rajiv Malhotra Arjun Mitra Ashish Chawla Sundara Sukavanam
Head – CMT, BFS Head – Healthcare & Head – Europe, Middle Head – Collections Head – CX and Consulting Head – Enterprise
and Emerging Geos Lifesciences East & Africa Transformation Office
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22

Our core strengths Recognized strength in our key capabilities

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Market Leader

BPaaS Solutions Healthcare Payer Market Peak Matrix Assessment 2024

Major Contender & Star Performer RCM Operations Peak Matrix Assessment 2024

Market Leader

Lending Services Operations Peak Matrix Assessment 2024

Horizon 1

HCP Service Providers HFS Horizons 2024

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Leader

Mortgage Business Process Transformation RadarView 2024

‘The Booming 15’

(Companies with revenue <US$1bn) ISG Index 1QCY25

Front Runners

Operationalizing Generative AI Healthcare Payer Market 2025

Top Riser among Top 50 Players (On CY24 revenue; YoY growth) Everest Group BPS Top 50 2025

23

In … summary

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

24

Our FY26 guidance

13-15%*

Constant currency revenue growth *Does not include the proposed acquisition of Pastdue Credit Solutions

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11.25-12.0% EBIT margin

25

Our medium-term aspirations

Services Expansion Cross-sell/upsell Optimise Execution Rightshore Delivery (for existing verticals) (in existing clients) (Delayer/internal seeding) Vertical Expansion (Retail/Utilities Double–digit 50-75bps expansion p.a. in the US) Constant currency YoY revenue growth EBIT margin Geo Expansion New Logos Corporate Initiatives Low-margin Accounts (Middle-East/Canada*) (incl. strategic logos) (G&A cost control) (cure or cease)

Optimise Execution Rightshore Delivery (Delayer/internal seeding) Automation/AI tools 75bps expansion p.a. (in output/outcome commercial contracts)

Geo Expansion New Logos (Middle-East/Canada*) (incl. strategic logos)

*Under evaluation

26

Factsheet

Financial performance snapshot | Q1FY26

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Revenue (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
944
685 795 750 765 259
578
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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 (%)
8,806
7,105 6,962 2,498
5,979 5,633
4,437
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Revenue (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
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PAT and Margin (%)
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(in ₹ million)

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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
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28

Key performance indicators | Q1FY26

Return on Equity (%)

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FY20 FY21 FY22 FY23 FY24 FY25 Q1FY26
17.7%
16.3%
12.3% 12.9% 15.3% 13.9% 14.5%
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Cash Flow (in ₹ million)
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
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Return on Capital Employed (%)
FY20 FY21 FY22 FY23 FY24 FY25 Q1FY26
Debt Position (in ₹ million)
FY20 FY21 FY22 FY23 FY24 FY25 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
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*Annualised

29

Performance Summary | Q1FY26

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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

₹ 1,693 Million (Margin 7.6%)

YoY growth of 25.2% QoQ growth of 5.4%

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EBIT
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₹ 2,498 Million (Margin 11.3%)

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

EARNINGS PER SHARE (Diluted)

₹ 2.40 per share

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

30

Revenue distribution | Q1FY26

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By verticals By geography By delivery location
RoW
Diverse
1.2%
11.7% Offshore &
Nearshore
EMEA 41.2%
BFS
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
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31

Cons. IndAS financials | Profit & Loss Statement

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

32

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

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

33

Cons. IndAS financials | Cash Flow Statement

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

34

Operating Metrices | Q1FY26

		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

35

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