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Firstsource Solutions Ltd.

BSE: 532809 Sector: IT
NSE: FSL ISIN Code: INE684F01012
BSE 00:00 | 20 Sep 203.80 -3.70
(-1.78%)
OPEN

208.00

HIGH

213.85

LOW

201.05

NSE 00:00 | 20 Sep 203.80 -4.00
(-1.92%)
OPEN

207.30

HIGH

214.00

LOW

201.00

OPEN 208.00
PREVIOUS CLOSE 207.50
VOLUME 466766
52-Week high 242.65
52-Week low 61.00
P/E 34.90
Mkt Cap.(Rs cr) 14,205
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 208.00
CLOSE 207.50
VOLUME 466766
52-Week high 242.65
52-Week low 61.00
P/E 34.90
Mkt Cap.(Rs cr) 14,205
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Firstsource Solutions Ltd. (FSL) - Chairman Speech

Company chairman speech

Dear Shareholders

Fiscal 2020-21 has been a strong one for Firstsource. We achievedhistoric levels of revenue and profitability while responding to the market andoperational challenges posed by Covid. Despite the unprecedented challenges we rapidlytransitioned to a distributed work model to facilitate business continuity for our clients- while prioritizing the wellbeing of our colleagues and their families. I would like toexpress my deep appreciation to our leadership team and associates across the world whohave worked tirelessly over the past year to maintain our market leading position.

Financial performance

Despite the insurmountable odds along the way I am delighted to saythat fiscal 2021 has been a landmark year for Firstsource. Our revenues crossed the Rs.5000 crore mark with 17.9% growth in constant currency. We also onboarded over 6800employees during the year the highest ever by our company.

• Revenue from operations grew 23.9% from Rs. 40986 million(US$578 million) in FY 2020 to Rs. 50780 million (US$685 million)

• Operating margins hit 11.8% higher than projected

• Profit after tax was Rs. 3617 million up from Rs. 3397million in the previous year

With our Mortgage business leading the pack Banking & FinancialServices (BFS) business continues to power positive growth. Although the healthcare sectorwitnessed substantial softening during the year our Health Plans and Healthcare Services(HPHS) business demonstrated significant growth potential in the areas of telehealth andremote monitoring offsetting reduced claim volumes. The Communications Media &Technology (CMT) segment on the other hand continued to expand driven by the growth ofour top clients and new client acquisitions.

Execution strategy

To maintain our accelerated momentum we continue to consistentlyinvest in developing our people and technology capabilities and foray into new-agebusinesses including FinTech HealthTech Streaming and Digital Media among others.Guided by our ‘Digital First Digital Now' approach we are innovating and upgradingour solutions and enhancing our value proposition. Our growing ecosystem ofindustry-leading partnerships is enabling us to confidently offer leading edge solution toour clients. Our digital solutions also continue to become more purposeful as we focus ondriving the outcomes that matter the most - to both our clients and their end customers.As a result we have made huge strides in the quality of our client engagements as well asthe range of projects executed by our team.

People

In our pursuit of business-growth we have never lost sight of thesafety and holistic well-being of our people and their families. Our people have andalways will be our top priority. We have further ramped up employee engagement throughwide-ranging support measures during these difficult times to ensure that Firstsourcersget all the help they need. These measures range from financial assistance and access tovaccines to compassionate leave and health benefits.

Outlook

FY2021 has created a solid foundation for sustained progress. Ourforecast for the coming year includes significant recovery in our healthcare business aswell as sustained growth in BFS and the CMT sector. We are also looking to consolidate ourpresence across the segments we operate in leveraging our growing range of digital andcloud capabilities and scale of operations. Our hybrid work environment coupled with ouronshore-offshore service mix lends us significant competitive advantage in a volatileenvironment.

I'd like to extend my deep gratitude to all our stakeholders for theirunwavering trust and support. As a purpose-led company Firstsource is poised to scale newheights in the year ahead.

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