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Innovation 2016-17 Annual Report at Work Firstsource Solutions Limited Inside the Report innovation 2016-17 Annual Report at work Firstsource Solutions Limited Inside the Report Corporate Board and Financial Overview Management Statements 01-14 Reports 79-173 An Overview of 15-78 Consolidated Standalone Firstsource 02 Independent Auditors’ Independent Auditors’ Directors’ Report 15 Report 79 Report 129 Our Performance 04 Management Discussion Balance Sheet 82 Balance Sheet 134 Innovation at Work 06 and Analysis Report 45 Statement of Profit Statement of Profit Message from the Report on Corporate and Loss 83 and Loss 135 Chairman 08 Governance 67 Consolidated Statement Standalone Statement of Message from the of Changes in Equity 84 Changes in Equity 136 MD & CEO 09 Cash Flow Statement 86 Cash Flow Statement 138 Board of Directors 10 Notes to the Consolidated Notes to the Standalone Leadership Team 11 Financial Statements 88 Financial Statements 140 PeopleFirst 12 Statement under Section Notice of Annual General Caring for the 129(3) of the Companies Meeting 174 Community 13 Act, 2013 in Form AOC- I relating to Subsidiary Awards & Companies 127 Accolades 14 Innovation is a mindset: an approach that challenges the status quo, questions stereotypes and a collective will to create new pathways. At Firstsource, innovation at work provides the transformational approach that delivers solutions to emerging business challenges and requirements. Innovating to stay ahead enhances our capabilities and allows us to conceptualise, create and execute pioneering solutions for our clients. It acts as the bridge between addressing needs and delivering value. As ‘smart partners’ to our clients, we encourage innovation at work to provide bespoke business solutions. We nurture new ideas and turn them into a powerful portfolio of relevant processes that lead to impressive outcomes for our clients. Our adaptive capabilities are well-poised to optimise opportunities in Robotic Process Automation (RPA), Analytics, Omni-Channels in Customer Interaction Management Services and Digital Transformation Tools embedded in our core offerings in Customer Lifecycle Management and Revenue Cycle Management in the designated industries we operate in. Innovation is a mindset; an approach that challenges the status quo; questions stereotypes and a collective will to create new pathways. It is this sense of shared purpose that propels us as an organisation to deliver service excellence such that they enable our clients achieve their desired business outcomes. Our sharp customer focus and unwavering commitment have earned us their confidence. It is our work ethic rooted in our Corporate Values of Innovation, Integrity, People centricity, Agility, Collaboration and Excellence that has helped us emerge as trusted partners! Today, we are confident of accelerating the momentum on the innovation front and deliver differentiated services to our clients. FIRSTSOURCE SOLUTIONS LIMITED An Overview of Firstsource As a part of the RP-Sanjiv Goenka Group, we at Firstsource, offer a set of innovative and value-added services to our esteemed Key Expertise clientele to help them meet the growing demands of an evolving market. Custodianship Empowering People We take pride in being the Our people are skilled, engaged and custodian of clients’ brands and rewarded because we know that We have made headway along the Vision never compromise on the quality of happy and motivated people equate vertical scale to position ourselves customer experience. to happy, satisfied customers. as a leader among business process management companies. We aim to To be among the top two leaders in Intelligent Thinking CX Excellence leverage our best-in-class services the markets we choose to compete We are a business of smart thinkers Underpinning everything we do to deliver an enhanced customer in, and be recognised as the most and industry specialists; we know is a commitment to driving experience (CX). trusted partner to our clients. We that expertise and insights can help customer experience excellence intend to achieve this by simplifying our clients think differently to best- for our clients. We continue to invest in best- complex business processes serve customers. possible processes and sharpen through operational excellence our technological tools to ensure and innovation. top-notch operations. We rely on our ‘Right-shore’ operations model, to help our clients reduce their cost of Services operations and thrive robustly in a hugely competitive market. Our scale of operations is spread across geographies in India, the Philippines, the U.K. and the U.S. Customer Data Collections Consulting and Interaction Processing and Management Analytics Management Transaction Processing Living Our Values Intellectual Properties (IPs) Our corporate Values (IIPACE) are core to everything we do. They govern our TM behaviours and actions. As a result, our work ethic emerges stronger and helps reinforce a differentiated work culture. Innovation Agility TM Always think of new ways to To stay nimble, adapt and move add value. quickly. firstCustomer Intelligence™ ActionableInsights from CustomerInteractions Integrity Collaboration TM Be ethical, honest and proper in The best work happens when 2 all interactions. individuals commit to shared goals. firstIC M People centricity Excellence sellerate firstAnalytics firstWorkflow Meritocracy and Performance-driven Raise the bar, every single time. Learn.Sell.Excel people are our greatest assets. PG 2 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS Our Top Client Profiles Healthcare Telecom and Media Banking, Financial Services & Insurance 5 of the top 10 health insurance U.K.’s largest news and 6 of the top 10 U.S. credit card 1 of the largest independent loan / managed care companies in broadcasting company issuers servicers in the U.S. the U.S. One of the world’s largest media Largest credit card issuer in the 6th largest bank in North America 650+ hospitals in the U.S. and entertainment conglomerates U.K. Nation’s leading online 1 of the top 10 U.S. telecom Largest retail bank and mortgage marketplace for buying and companies lender in the U.K. selling real estate Largest pay TV operator in the 1 of the top 3 motor insurance A full-service direct lender U.K. companies in the U.K. founded in 1990 A leading MVNO (Mobile Virtual 1 of the leading auto insurers in Private mortgage insurance Network Operator) in the U.K. the U.S. company Global provider of telecom A leading Irish bank equipment and networks India’s leading private life insurer 1 of the top 5 mobile companies in India 48 25,500+ 17 Global operations locations Global employee base Fortune 500 Companies form our client base 10 6th FTSE 100 Companies form our Rank among the top 10 ‘BPM client base Exporters 2016’ by NASSCOM PG 3 FIRSTSOURCE SOLUTIONS LIMITED Our Performance 5 year CAGR 6.0% 11.9% 17.6% CAGR in Revenue CAGR in Operating EBITDA CAGR in Profit After Tax Revenue Contribution by Industry (FY 2017) (%) Revenue Contribution by Geography (FY 2017) (%) 0.3 5.8 0.9 BFSI U.S. 35.8 31.8 Telecom & Media U.K. Healthcare 38.0 55.3 India Others Rest of world 32.2 Revenue Contribution by Segment (FY 2017) (%) Market Capitalisation (As on March 31, 2017) (` in Million) 6,721 16,625 20,558 22,691 28,445 5.8 Customer Management 11.2 35.8 31.8 Healthcare 55 Collections 33 Domestic (India) 32.2 2012-13 2013-14 2014-15 2015-16 2016-17 PG 4 CORPORATE OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS Revenue (` in Million) Profit After Tax (` in Million) 28,185 31,059 30,347 32,173 35,556 1,465 1,929 2,343 2,605 2,800 2012-13 2013-14 2014-15 2015-16 2016-17 2012-13 2013-14 2014-15 2015-16 2016-17 Operating EBITDA and Operating EBIT (` in Million) 1,912 2,795 2,864 3,621 3,086 3,808 3,292 3,901 3,790 4,380 2012-13 2012-13 2013-14 2013-14 2014-15 2014-15 2015-16 2015-16 2016-17 2016-17 Operating EBITDA Operating EBIT Revenue / Employee (` in Thousands) 1,374 1,347 1,200 1,123 884 FY13 FY14 FY15 FY16 FY17 Revenue / Employee PG 5 FIRSTSOURCE SOLUTIONS LIMITED Innovation at work At Firstsource, customer-centricity is the core of our business strategy. As custodians of our clients’ brands we help them serve ‘their customers’ better. We use ‘innovation at work’ to solve ‘their’ business challenges and transform ‘their’ businesses enabling growth. We implement actionable insights to deliver positive business outcomes. Innovating to stay ahead, we deliver concrete solutions to our clients business requirements. Our focus on creating cost- efficient and improved business processes help clients add value through increased productivity, accuracy and compliance. Leveraging our adaptive capabilities across the three vectors – people, process and technology – we continue to invest and develop innovative solutions and deliver differentiated value by integrating industry best practices around Robotic Process Automation (RPA), Digitisation and Analytics. In the year under review, we delivered cutting-edge solutions to diverse customers. We have highlighted two of them, here: Transforming a Leading Retail Bank’s Commercial Finance Operating Model We helped transform a leading retail bank’s commercial finance operating model and simultaneously improved the bank’s legacy IT systems. Robotic Process Battling multiple challenges on a day-to-day basis, a leading Retail Bank was Automation looking for solutions that could address: a) cost savings b) process re-engineering and re-design c) advanced technology to support modern Robotic Process Automation (RPA) creates processes. a customised roadmap for Automation, delivered through our suite of market-leading Solution practices and trusted partner proprietary Post analysis, our team identified potential savings within the invoice finance function. solutions. The processes were streamlined using Robotic Process Automation (RPA), which led to increased productivity, improved accuracy and rapid Benefits of Implementing RPA scalability for the bank. Operational Improvements After incorporating RPA, the bank could Increased productivity by 50% consolidate 10 existing sites into 3 work sites Reduced cost-to-serve by 25% spread across 2 locations.
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