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Differentiation Through Innovation. Delivering Excellence

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Differentiation Through Innovation. Delivering Excellence Differentiation through innovation. Delivering excellence. Firstsource Solutions Limited ANNUAL REPORT 2014-15 PDF processed with CutePDF evaluation edition www.CutePDF.com Inside the Report CORPORATE OVERVIEW 02-14 World of Firstsource 02 Our Performance 04 Differentiation through Innovation 06 Message from the Chairman 08 Message from the MD & CEO 09 Board of Directors 10 Senior Management 11 Corporate Social Responsibility 12 Awards & Accolades 14 BOARD AND MANAGEMENT REPORTS 15-81 Directors’ Report 15 Management Discussion and Analysis Report 47 Report on Corporate Governance 68 Differentiation through innovation. Delivering excellence. FINANCIAL STATEMENTS 82-156 Consolidated Independent Auditors’ Report 82 Balance Sheet 86 Statement of Profit and Loss 87 Cash Flow Statement 88 Firstsource Solutions Limited Notes to the Consolidated Financial Statements 90 ANNUAL REPORT 2014-15 Statement under Section 129(3) of the Companies 119 Act, 2013 in Form AOC- I relating to Subsidiary The design represents the impact of Companies innovation on our clients and their customers that leads to a differentiated Standalone experience. With people at the heart of Independent Auditors’ Report 120 our business, various innovative measures Balance Sheet 124 delivered through our offerings orbit around Statement of Profit and Loss 125 our client’s businesses creating excellence, Cash Flow Statement 126 consistently. Notes to the Financial Statements 128 Notice of Annual General Meeting For more information log on to 157 www.firstsource.com At Firstsource, furthering our clients’ business objectives is central to our DNA. We understand that in a dynamic technology led environment, characterised by ever evolving customer expectations, meaningfully engaging and delivering a discerning experience to the customers helps organisations to not just survive but thrive. Across all the domains we operate in, we seek to align our strategies and actions to enable our clients grow their revenues and improve customer experiences. The framework we deploy to deliver this is innovation which is consistent and continuous. Today, innovation is a non- linear concept that requires organisations to be in-step with the frenetic rate of change on the technology paradigm, and the proliferation of multiple media. At the same time, it requires a consistent upping of the game in predicting, fielding and solving customer needs. At Firstsource, we believe innovation is a bridge between the needs of consumers and delivering superior stakeholder value. We put into practice multiple tools from our innovation framework, such as diverse platforms, newer and more thoughtful custom products designed for our clients and superior data analytics to communicate with our clients and their customers across the constantly shifting paradigm. It is this ability to innovate across relevant client needs that sets Firstsource apart, and acts as our biggest differentiator. We believe in aligning ourselves seamlessly with client objectives, in order that we remain the partner of choice. This, in turn, leads us to deliver excellence, across all that we do. World of Firstsource We are a leading business process management company, providing CORE VALUES Innovation customer-centric business process Always think of new ways to add value services. Our network of delivery Integrity centres encompasses India, the Be ethical, honest and proper in all interactions Philippines, Sri Lanka, the UK and People-centricity the US. Performance-driven people are our greatest assets We leverage our ‘Right-shore’ delivery model to serve organisations in the Banking and Agility Financial Services, Insurance, Healthcare, To stay nimble and move quickly, regardless Telecommunications & Media, and Publishing of our size sectors. We assimilated best-of-breed processes, developed intellectual property, adopted cutting- Collaboration edge technology, ensured on-time delivery and The best work happens when individuals invested in quality services to confirm maximum commit to shared goals customer satisfaction. We helped our clients to reduce operational costs, record process improvements and more importantly, focus on Excellence their core competence. Raise the bar, every single time VISION OUR INDUSTRY COVERAGE To be among the top two leaders in the markets we choose to compete in, and be recognised as the most trusted partner to our global clients. We will achieve this by simplifying complex business processes through operational excellence and innovation. Healthcare Banking, Financial Telecommunications services and Insurance and Media STOCK DETAILS BSE code: 532809 7th NSE symbol: FSL RANK AMONG THE TOP Number of outstanding shares: 66.63 crores as on 31st March, 2015 10 ‘BPO COMPANIES 2014’ BY NASSCOM 02 ANNUAL REPORT 2014-15 CORPORATE OVERVIEW WORLD OF FIRSTSOURCE OUR SERVICE OFFERINGS OUR TOP CLIENT PROFILES We help clients optimise business processes by providing customised Healthcare Business Process Outsourcing (BPO)/ Business process management (BPM) services. We offer wide range of services 5 of the top 10 health insurance/managed care companies in the US throughout the customer lifecycle. They include: 700+ hospitals in the US Telecom and Media Banking, Financial Services and Insurance (BFSI) 2 of the top 10 US telecom 6 of the top 10 credit card Customer management companies issuers in the US 1 of the top 3 mobile service 2 of the leading consumer providers in the UK finance companies in the US Largest pay TV operator in the Largest retail bank and UK mortgage lender in the UK Collections management Largest pay TV operator in 1 of the top 3 motor insurers in Australia the UK 3 of the Top 5 mobile service A leading Irish Bank providers in India 1 of the top 5 private banks of Largest telecom company in Sri India and a leading private life Data processing and Lanka insurer transaction processing One of the world’s largest 1 of the UK’s statutory Media & Entertainment compensation provider conglomerates A leading financial institution in UK’s largest News & Northern Europe Broadcasting company Consulting 9 21 25,000+ 47 FTSE 100 COMPANIES FORTUNE 500 GLOBAL GLOBAL DELIVERY FORM OUR CLIENT BASE COMPANIES FORM EMPLOYEE BASE LOCATIONS OUR CLIENT BASE ANNUAL REPORT 2014-15 CORPORATE OVERVIEW 03 Our Performance ` 2,059 Cr MARKET CAPITALISATION AS ON 31ST MARCH, 2015 3.8% 16.7% 26.4% CAGR IN REVENUE IN THE CAGR IN OPERATING EBITDA IN CAGR IN PROFIT AFTER TAX PRECEDING 3 YEARS THE PRECEDING 3 YEARS IN THE PRECEDING 3 YEARS Revenue ` in Million Operating EBIDTA & Operating EBIT ` in Million 3,808 31,059 3,621 30,347 28,185 3,086 2,864 2,796 1,912 2014-15 2013-14 2012-13 2014-15 2013-14 2012-13 EBITDA EBIT 04 ANNUAL REPORT 2014-15 CORPORATE OVERVIEW OUR PERFORMANCE Revenue Contribution by Industry % Revenue Contribution by Geography % Telecom & Media 42.5 US 49.2 Healthcare 35.8 UK 35.9 BFSI 21.5 INDIA 8.2 Others 0.2 Rest of the world 6.7 Profit After Tax ` in Million Employees and Seats Nos. 2,343 31,872 27,666 1,930 25,285 24,001 24,053 23,388 1,466 2014-15 2013-14 2012-13 2014-15 2013-14 2012-13 Employees Seats ANNUAL REPORT 2014-15 CORPORATE OVERVIEW 05 Differentiation through Innovation Today’s ever connected and We facilitate the above mentioned migration, by providing high level service through a repository socially networked customer is a of modern tools, developed in-house or through partnerships. These tools help us analyse and lot more dynamic and demanding. synthesise customer interactions into more At Firstsource, we recognise that meaningful insights potent to deliver prompt and improved customer experience. the companies that are able During the year, we launched First WFSuite, our to deliver high level of service fifth productised solution from the Customer experience create a formidable Management Product portfolio. First WFSuite helps improve efficiency and effectiveness of a contact competitive advantage. centre’s most critical resource, i.e. its manpower. It devises the workforce optimisation strategy for the contact centre, develops the entire workforce Through an effective optimisation capability and sets up and manages the end-to-end Workforce Optimisation practise implementation of our innovation from your desired location to deliver better service, framework, we provide customers improve efficiency and contain costs. with seamless anytime, anywhere experience while at the same time committing high levels of productivity and cost efficiencies to our clients. Our matured, well- defined and structured processes help us go beyond the obvious and to create a more favourable impact on the customer. This in turn helps our client to convert more customers to ‘promoters’ of their brand and helps them grow their business. 06 ANNUAL REPORT 2014-15 CORPORATE OVERVIEW DIFFERENTIATION THROUGH INNOVATION The year saw us launch MedAssist Revenue Enhancement Solution (MRES) for the Healthcare Hospital market in the US. This end-to-end revenue cycle product suite offers a full set of technology driven solutions, from patient registration to full account resolution, through its MedAssist Patient Access Technology Service (MPAT) and MedAssist Business Office Services (MBOS) solution modules. OMNI CHANNEL Fast increasing adoption of smart devices and greater social connectivity has made customer engagement challenging like never before. Firstsource received the “Innovator of the Firstsource leverages its innovation framework to Year Award”, in recognition of our flagship create a synchronised omni-channel
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