Firstsource Solutions Ltd. — Investor Presentation 2025

Feb 7, 2025

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7[th] February 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

Sub: Earnings Presentation

We are enclosing herewith a copy of the Earnings presentation regarding conference call to be held on Friday, 7[th] February 2025 at 5.00 PM IST with the analysts and investors, on the financial results of the Company for the quarter and nine months ended 31[st] December 2024.

Please take the same on your record.

Thanking you,

For Firstsource Solutions Limited

POOJA SURESH Digitally signed by POOJA SURESH NAMBIAR NAMBIAR

Pooja Nambiar Company Secretary

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EARNINGS PRESENTATION Q3FY25

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Disclaimer

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Certain statements in this presentation concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forwardlooking statements. The risks and uncertainties relating to these statements include, but are not limited to risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in BPS market including those factors which may affect our cost advantage, wage increases, our ability to attract and retain highly skilled professionals, time and cost overruns on client contracts, client concentration, our ability to manage ramp-ups and growth, our ability to manage our international operations, reduced demand in our key focus verticals, disruptions in telecom infrastructure and technology, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, performance of our subsidiaries, withdrawal of government fiscal incentives, political instability, legal restrictions on raising capital and acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our industry. Firstsource may, from time to time, make additional written and oral forward-looking statements, including our reports to shareholders. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company.

2

About Us

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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

34,144* Firstsourcers

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

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

Leaders in chosen verticals

Part of RP-Sanjiv Goenka Group

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

Since 2012

Revenues of INR 63.4 Billion (US$765 Million) in FY2024

Deep partnerships with clients Average tenure of top 5 clients is over 20 years

For clients with trailing 12-months revenue over US$0.25mn *As on 31[st] December 2024

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Part of RP-Sanjiv Goenka Group

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Group turnover of
~US$4.4 Bn []
EBITDA of Asset base of
~US$855 Mn [] >US$7.3 Bn []
Over
1.1 Million Shareholders
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One of India’s new-age and fastest growing

Conglomerates

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

Presence in 50+ countries

100+ offices worldwide

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Committed to powering millions of Indian homes and businesses with reliable electricity through its A global player and a national leader with portfolio of Global leader in specialized Business Process Services leveraging hyper-focused, domain-centric teams with to deliver value for over 200 clients

Diversified and innovative media company, with music catalogue that spans the gamut from the and a strong video play, spread across making Films, TV serials, OTT series and short video content catering to the youth

Nature's Basket is India's with international food products Spencer is an experience led with varied assortments

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Too Yumm is a , captivating consumers with its Playing in the category with brands like Naturali and Within Beauty

Inspiring communities, unite fans, set new benchmarks, foster championship culture, contribute to the

Step into a world of unparalleled luxury. Quest, the first of its kind in Eastern India, curates

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

dedicated to helping its readers succeed big in business through best-in-class storytelling

• All figures as on FY24

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Our Verticals

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4 of Top 15

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Mortgage Servicers in the US

5 of Top 15

Mortgage Lenders in the US

Banking & Financial Services

• Asset Finance

• Credit Cards

• Mortgages

• Retail & SME Banking

• FinTech

• Communications Media & Technology

• Streaming Services, Cable TV

• Broadband & Telephony

• Consumer Tech

• Ed Tech

• E-Commerce

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

11 of Top 15

Health insurance/managed care providers in the US

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Healthcare

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Diversified Industries

1 of Top 2

Broadcasting and media companies in the UK

2 of Top 5

Telecom and broadcasting companies in the US

• Hospital Providers

• Physician Groups

• Health Plans

• Healthcare Services

• Medical Devices

• Utilities

• Government Entities

• Retail and e-commerce

4 of Top 5

Consumer-tech companies in the US

2 of Top 4

Utility companies in the UK

2 of Top 10

Retailers in the UK

5

Our Leadership Team

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

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Performance Highlights | Q3FY25

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Performance summary | Q3FY25

REVENUE

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₹
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₹ 21,024 Million (US$ 249 Million)

YoY growth of 31.7% YoY constant currency growth of 27.7% QoQ constant currency growth of 7.6%

PROFIT AFTER TAX

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₹
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₹ 1,603 Million* (Margin 7.6%)

YoY growth of 24.5% YoY margin contraction of 50bps QoQ margin expansion of 40bps (*Include one-time gain of ₹ 88mn)

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₹
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EBIT

₹ 2,333 Million (Margin 11.1%)

YoY growth of 36.5% YoY margin expansion of 40bps QoQ margin expansion of 30bps

EARNINGS PER SHARE

(Diluted)

₹ 2.27 per share

Q2FY25 at ₹ 1.96 per share Q3FY24 at ₹ 1.84 per share

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8

Performance summary | 9MFY25

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REVENUE
₹
₹ 58,189 Million
(US$ 694 Million)
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YoY growth of 24.7% YoY constant currency growth of 21.8%

PROFIT AFTER TAX

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₹
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₹ 4,338 Million* (Margin 7.5%)

YoY growth of 13.8% YoY margin contraction of 70bps (*Include one-time gain of ₹ 88mn)

EBIT

₹ ₹ 6,384 Million (Margin 11.0%)

YoY growth of 24.4% YoY margin flat

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EARNINGS PER SHARE
(Diluted)
₹ 6.15
per share
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9MFY24 at ₹ 5.43 per share
TTM at ₹ 8.05 per share
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9

Key Deal Wins | Q3FY25

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• One of the Top10 healthcare payer in North America , an existing client, selected us for claims processing services

• Awarded a deal by a leading dental benefits administrator in the US for improving claims and customer experience

• Selected by a leading insurance provider, a new logo, in Australia for customer experience services

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

• Expanded relationship with one of the largest utilities companies in the UK , an existing client, with additional business for CX services

• Secured a new deal with a leading verification services provider for the US mortgage industry for customer support services

• Won deal from a large AI lending platform in the US , a new logo, for collection services

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Employee Base | Q3FY25

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• Total headcount of 34,144 employees

• QoQ net headcount addition of 1,246

• TTM employee attrition at 31.4%

• 46.3% of employees are women

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Total headcount
Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25
34,144
32,898
29,231
27,940
25,947
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Attrition*

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Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25
37.7%
35.4%
31.8% 30.6% 31.4%
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• *For employees in employment for more than 180 days

11

Awards & Recognitions | Q3FY25

Firstsource ranked in the top 99th percentile on the Dow Jones Sustainability Index 2024

S&P Global Sustainable1 ESG and CSA Score of 81 each

Industry leading score on:

• Privacy Protection

• Risk & Crisis Management

• Business Ethics

• Cybersecurity & System Availability/Information Security

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Firstsource Named a Leader in Mortgage Business Process Transformation

Driving transformation and innovation in mortgage services

Firstsource was recognized in Avasant’s 2024 RadarView one of the top 5 leaders from 15 toptier providers offering mortgage business process transformation services

Scored high on:

Score Breakdown

• Human Capital Management

• Climate Strategy

Times Now, a part of India's renowned Times Group, recognized Ritesh Idnani, MD & CEO, Firstsource, as India's Impactful CEOs for 2024

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Read our FY24 ESG report
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Business Outlook | FY25

21.8-22.3% constant currency revenue growth (Earlier: 19.5-20.5%)

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11-11.5% EBIT margin (Earlier: 11-11.5%)

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13

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Factsheet

14

Cons. IndAS financials | Profit & Loss Statement

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In ₹ million	Q2FY24	Q3FY24	Q4FY24	FY24	Q1FY25	Q2FY25	Q3FY25	QoQ	YoY
Income from services	15,417	15,948	16,693	63,325	17,839	19,326	20,879	8.0%	30.9%
Other operating income	(17)	18	12	37	72	(72)	145	-	-
Revenue from operations	15,400	15,966	16,705	63,362	17,911	19,254	21,024	9.2%	31.7%
Revenue from operations (USD Mn)	$ 186	$ 192	$ 201	$ 765	$ 215	$230	$249	8.4%	29.9%
QoQ Growth % - constant currency	(0.1%)	3.4%	4.2%	-	6.5%	6.9%	7.6%	-	-
YoY Growth % - constant currency	(1.9%)	2.8%	4.5%	1.1%	14.8%	22.7%	27.7%	-	-
Manpower expenses	9,402	9,895	10,558	39,093	11,268	12,104	13.070	8.0%	32.1%
Operating expenses	3,710	3,700	3,643	14,705	3,944	4,277*	4,777	11.7%	29.1%
EBITDA	2,288	2,371	2,503	9,564	2,699	2,873	3,177	10.6%	34.0%
EBITDA margin	14.9%	14.9%	15.0%	15.1%	15.1%	14.9%	15.1%	20bp	20bp
Depreciation & amortization	654	663	673	2,602	729	792	844	6.6%	27.4%
EBIT	1,634*	1,709	1,830	6,962	1,970	2,081*	2,333	12.1%	36.5%
EBIT margin	10.6%	10.7%	11.0%	11.0%	11.0%	10.8%	11.1%	30bp	40bp
Other income / (expense)	153#	134#	3	296	(11)	(40)	(39)	-	-
Interest expense, net	(244)	(235)	(240)	(962)	(287)	(330)	(375)	13.6%	59.6%
Exceptional items	-	-	-	-	-	-	88	-	-
Profit before taxes	1,543	1,608	1,593	6,296	1,673	1,710	2,007	17.3%	24.8%
Taxes and minority interest	278	321	258	1,150	320	328	404	23.0%	25.9%
Profit after tax	1,265	1,287	1,335	5,147	1,353	1,382	1,603	16.0%	24.5%
Net margin	8.2%	8.1%	8.0%	8.1%	7.6%	7.2%	7.6%	40bp	-50bp
Diluted EPS (₹/share)	1.80	1.84	1.90	7.34	1.92	1.96	2.27	15.8%	23.4%

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

*include one-time charges

15

Cons. IndAS financials | Balance Sheet

In ₹ million	As on 31-Mar-24	As on 31-Dec-24
Assets
Non-current assets
Fixed assets	2,461	4,013
Right-of-use assets	6,355	7,325
Goodwill on consolidation	29,885	36,749
Investment in associates	0	0
Financial assets
Investments	115	115
Other financial assets	825	1,129
Deferred tax assets	2,921	2,773
Income tax assets (net)	809	859
Other non-current assets	2,086	2,129
Total non-current assets	45,457	55,093
Current assets
Financial assets
Current investments	300	774
Trade receivables	11,608	15,476
Cash and cash equivalents	1,748	1,710
Other balances with bank	137	71
Other financial assets	94	81
Other current assets	1,486	2,521
Total current assets	15,374	20,633
Total assets	60,830	75,726

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In ₹ million	As on 31-Mar-24	As on 31-Dec-24
Equity and liabilities
Shareholder's Funds
Equity share capital	6,970	6,970
Reserve and surplus	30,034	35,358
Non-controlling interest	4	4
Total Equity	37,008	42,332
Non-current liabilities
Financial liabilities
Long-term borrowings	42	3,485
Lease liabilities	5,714	6,439
Other financial liabilities	-	570
Provisions	188	275
Deferred tax liabilities	1,470	1,599
Total non-current liabilities	7,414	12,368
Current liabilities
Financial Liabilities
Short-term and other borrowings	8,081	9,217
Trade payables	3,056	3,619
Lease liabilities	1,496	2,099
Other financial liabilities	2,047	3,823
Other current liabilities	1,057	1,313
Provisions	467	614
Provision for tax (net)	205	340
Total current liabilities	16,409	21,026
Total liabilities	60,830	75,726

16

Cons. IndAS financials | Cash Flow Statement

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In ₹ million	9 Month ended Dec 31, 2023	9 Month ended Dec 31, 2024
Cash flow from operating activities
Netprofit before taxation and non controllinginterest	4,704	5,389
Depreciation and amortization	1,929	2,364
Finance costs(for borrowing& lease liabilities)	769	1,053
Adjustment: Non-cash expense /(other income)	(441)	494
Add: Workingcapital changes	(1,853)	(3,475)
Less: Income taxespaid	(495)	(889)
Net cashgenerated from /(used in) operating activities(A)	4,612	4,936
Cash flow from investing activities
Capital expenditure,net	(571)	(1,572)
Interest income received	2	11
(Increase)/decrease in current investments	116	(338)
Acquisition of business	-	(5,018)
Earmarked balances with banks	7	69
Net cashgenerated from /(used in) investing activities(B)	(446)	(6,849)
Cash Flow from financing activities
Net change in borrowings	(1,316)	4,579
Net interestpaid	(799)	(1,173)
Payment of lease liabilities	(1,029)	(1,175)
Purchase of treasuryshares,net	65	(150)
Purchase of non controllinginterest in subsidiary	(583)	(225)
Net cashgenerated from /(used in) financing activities(C)	(3,661)	1,857
Net increase/(decrease) in cash and cash equivalents(A+B+C)	505	(56)
Cash and cash equivalents at the beginningof theperiod	1,515	1,748
Foreign exchange(loss)/gain on translatingcash and cash equivalents	12	18
Closing cash and cash equivalents	2,032	1,710
Current investments	491	774
Short term fixed deposits	33	36
Cash and cash equivalents including investments	2,556	2,520

17

Operating Metrices | Q3FY25

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		Q3FY23	Q4FY23	Q1FY24	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue by Vertical	Banking & Financial Services	41.8%	40.3%	40.8%	40.8%	38.3%	37.3%	36.4%	34.4%	32.4%
	Healthcare	34.2%	33.2%	32.6%	32.7%	33.5%	32.9%	35.7%	36.3%	34.0%
	Communications, Media & Tech	21.6%	22.3%	21.8%	21.2%	22.5%	23.6%	22.3%	21.3%	20.3%
	Diverse Industries	2.4%	4.2%	4.8%	5.3%	5.7%	6.2%	5.6%	8.0%	13.3%
Revenue by Geography	North America	64.9%	63.3%	63.5%	65.1%	65.4%	65.0%	68.2%	68.5%	66.3%
	Europe, Middle East, and Africa	34.1%	36.3%	36.4%	34.8%	34.5%	34.9%	31.8%	31.4%	33.6%
	Rest of World	1.0%	0.4%	0.1%	0.1%	0.1%	0.1%	0.0%	0.1%	0.1%
Revenue by Delivery	Offshore & Nearshore	25.1%	24.6%	25.6%	26.7%	30.3%	31.4%	35.0%	35.8%	40.1%
	Onshore	74.9%	75.4%	74.4%	73.3%	69.7%	68.6%	65.0%	64.2%	59.9%
New Logos#	New logos added (during the quarter)	12	9	10	12	10	9	10	13	13
Client Concentration	Top 5 clients (share of total revenues)	38.5%	37.4%	37.2%	35.0%	35.8%	36.7%	34.6%	32.5%	29.2%
	Top 10 clients (share of total revenues)	53.6%	53.6%	52.7%	51.3%	52.0%	52.6%	51.5%	48.6%	43.5%
Client Distribution#	US$ 1m+ clients (nos.)	100	99	98	101	104	103	100	105	107
	US$ 5m+ clients (nos.)	29	28	24	24	25	25	25	26	28
	US$ 10m+ clients (nos.)	15	11	14	13	13	13	13	13	14
	US$ 20m+ clients (nos.)	7	7	9	8	8	8	9	11	10
	US$ 50m+ clients (nos.)	1	2	2	2	2	2	2	2	2
Revenue by Currency	USD	63.3%	62.2%	63.2%	65.0%	64.9%	64.8%	67.9%	68.2%	64.9%
	GBP	35.5%	37.0%	36.3%	34.3%	34.4%	34.4%	31.4%	30.9%	34.2%
	Others	1.1%	0.9%	0.5%	0.7%	0.7%	0.8%	0.7%	0.9%	0.9%
Employee Metrices	Total employees (period-end)	23,627	23,018	22,384	23,953	25,947	27,940	29,231	32,898	34,144
	Net addition	(305)	(609)	(634)	1,569	1,994	1,993	1,291	3,667	1,246
	Attrition* (TTM)	45.8%	43.5%	41.7%	39.8%	37.7%	35.4%	31.8%	30.6%	31.4%

• For employees in employment for more than 180 days |[#] Excludes Ascensos

18

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Annexure

19

Financial performance snapshot | 9MFY25

Revenue

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(in $ million)
5.6% 18.5% 16.0% -5.7% 2.0% 23.0%
6.6% 17.9% 14.6% -1.1% 1.1% 21.8%
FY19 FY20 FY21 FY22 FY23 FY24 9MFY25
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 9MFY25
EBIT EBIT Margin (%)
795 750 765
685 694
548 578
7,105 6,962
5,979 5,633 6,384
4,610 4,437
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Note: 9MFY25 EBIT margin was 11.1%, adjusted for one-time charges related to acquisitions in Q2FY25

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Revenue

(in ₹ million)

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7.1% 23.9% 16.6% 1.7% 5.2.% 24.7%
FY19 FY20 FY21 FY22 FY23 FY24 9MFY25
YoY INR revenue growth
59,212 60,223 63,362 58,189
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% 7.5%
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 9MFY25
PAT PAT Margin (%)
5,374 5,137 5,147
4,338
3,778 3,397 3,617
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Note: 9MFY25 PAT includes one-time gain of ₹ 88mn in Q3FY25

20

Key performance indicators | 9MFY25

Return on Equity (%)

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FY19 FY20 FY21 FY22 FY23 FY24 9MFY25
17.7%
15.3%
13.9% 12.3% 12.9% 13.9% 13.7%
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Cash Flow (in ₹ million)
FY19 FY20 FY21 FY22 FY23 FY24 9MFY25
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 4,936
2,913 3,156 3,364
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Return on Capital Employed (%)

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FY19 FY20 FY21 FY22 FY23 FY24 9MFY25
Debt Position (in ₹ million)
FY19 FY20 FY21 FY22 FY23 FY24 9MFY25
Long term Debt Short term Debt Net Debt
including current maturities
17.6% 17.6%
15.4% 15.5%
14.1% 13.4%
12.3%
8,959
6,950
5,271 10,182
8,341 6,673
4,367 8,013
5,390 6,526 6,159 6,042
3,885 3,846 3,743
3,147 2,999
187 92 1,678 1,451
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*Annualised

21

Total Shareholder Return | Trailing 5 years

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FSL , 728%
NIFTY IT , 161 %
Feb-20 Aug-20 Feb-21 Aug-21 Feb-22 Aug-22 Feb-23 Aug-23 Feb-24 Aug-24 Feb-25
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Total Shareholders Return (including dividends) of ~8x in past 5 years

Based on closing prices as of 6[th] February 2025

22

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THANK YOU

Investor relations

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