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Firstsource· Growing Legacies Stay Ahead RP - Sanjiv Goenka Group firstsource· Growing Legacies Stay Ahead 4th July 2019 National Stock Exchange of India Limited BSE Limited Exchange Plaza, Phiroze Jeejeebhoy Plot no. C/ 1, G Block, Towers, Bandra-Kurla Complex, Dalal Street, Bandra (East), Mumbai - 400 001 Mumbai - 400 051 (Scrip code: "532809") (Stock Code: "FSL") Dear Madam/Sir, Sub: Annual Report for FY 2018-19 Pursuant to Regulation 34(1) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are submitting a copy of the Company's Annual Report for the financial year 2018-19, which contains, inter-alia, the Notice convening the Eighteenth Annual General Meeting (AGM) . The same 1s also available on the Company's website viz., wwv-1.firstsource.com. Request you to kindly take the same on record. Company Secretary & Compliance Officer Encl. A/a FIRSTSOURCE SOLUTIONS LTD., Paradigm B. 5th Floor. Mindspace, New Link Road. Malad (W). Mumbai - 400 064. India. Tel: +91 22 6666 0888 I Fax: +91 22 6666 0887 I Web: www.firstsource.com (CIN: L64202MH2001PLC134147) ANNUAL REPORT 2018-19 Stay Ahead to Stay RelevantAnnual Report 2018-19 | 1 Inside the Report Corporate Overview 01-20 02 Firstsource at a Glance 04 The Trends Shaping Our Markets 06 How We Create Value 09 Our Strategic Priorities 10 Our Performance 12 Message from the Chairman 13 Message from the Managing Director & CEO 14 Board of Directors 15 Leadership Team 16 Nurturing Our People 18 Moments We Cherish 20 Driving Social Transformation Statutory Reports 21-88 21 Directors’ Report 48 Business Responsibility Report 54 Management Discussion and Analysis Report 74 Report on Corporate Governance Financial Statements 89-176 CONSOLIDATED 89 Independent Auditors’ Report 96 Balance Sheet 97 Statement of Profit and Loss 98 Statement of Changes in Equity 100 Statement of Cash Flows 102 Notes to the Financial Statements 133 Statement under Section 129(3) of the Companies Act, 2013 in Form AOC - I relating to Subsidiary Companies STANDALONE 135 Independent Auditors’ Report 142 Balance Sheet 143 Statement of Profit and Loss 144 Statement of Changes in Equity 146 Statement of Cash Flows 148 Notes to the Financial Statements 177 Notice of Annual General Meeting 2 | Stay Ahead To Stay Relevant We are living in a world of disruptions where new age technologies, agnostic of region, industry or size, are constantly challenging traditional business models. The key Stay to staying relevant and thriving in this dynamic environment lies in an organisation’s ability to deploy strategies that are scalable, portable and universally adoptable. At Firstsource, we help our customers stay agile on this Ahead transformative journey. Our end-to-end and bespoke offerings enable them to become leaner, smarter and more robust in their efforts to ‘Stay Ahead to Stay Relevant’. Our time-tested, strong relationships with our customers bear testimony to to Stay their trust and confidence in our capabilities. ‘Stay Ahead’ signifies a renewed promise of sustainable holistic value creation to all our stakeholders including Relevant customers, employees, shareholders and communities. Our futuristic thinking and emphasis on customer centricity go a long way in delivering unique and superior experiences for our clients’ customers. We continue to invest in augmenting our capabilities to design, innovate and implement solutions that are capable of withstanding the challenges of changing times and embracing the opportunities that lie ahead. We are well poised to achieve greater heights by empowering our customers to ‘Stay Ahead to Stay Relevant’. Annual Report 2018-19 | 1 Firstsource Solutions Limited Firstsource at a Glance Part of the RP-Sanjiv Goenka Group, Firstsource Solutions Limited is a leading provider of customised Business Process Management (BPM) services. We specialise in helping our clients stay ahead of the curve through transformational solutions to re-imagine business processes and deliver increased efficiency, deeper insights and superior outcomes. We are trusted brand custodians and long-term partners to 100+ leading brands with presence in the US, the UK, India and the Philippines. Our ‘right-shore’ delivery model offers solutions encompassing complete customer lifecycle across Healthcare, Telecom and Media, Utilities and Banking, Financial Services and Insurance verticals. Our clients include Fortune 500 and FTSE 100 companies. Services Customer Interaction Data Processing Collections Consulting Management Services and Transaction Processing Management and Analytics 2 | Stay Ahead To Stay Relevant Corporate Overview Statutory Reports Financial Statements AGILITY Stay nimble. Adapt fast. Be future ready. SPIRIT OF COLLABORATION Work together. Solve problems. Celebrate success. PEOPLE CENTRICITY Our people are our greatest assets. INTEGRITY Uphold moral and ethical standards, at all times. RISK-TAKING & INNOVATION Push the boundaries and establish a new normal. Every day. EXCELLENCE Strive for perfection with a passion, every single time. On an annual basis, we Reduce Generate Adjudicate Manage invoice Manage collections Fund ~$6.9 billion ~$1.2 billion claims worth financing assets of book size of ~$60 billion uncompensated additional cash ~$2.3 billion ~£4.6 billion ~$3.8 billion mortgage loans care cost for hospitals THROUGH 200 million 3.1 million 3.7 million 2 billion Customer interactions Web chats Email responses Back-office transactions Annual Report 2018-19 | 3 Firstsource Solutions Limited The Trends Shaping Our Markets According to NASSCOM, the global Business Process Management (BPM) market grew by 4.5% in 2018 to $198 billion, led by enhanced SaaS adoption, Artificial Intelligence (AI) and Robotic Process Automation (RPA). With growing emphasis on value-added, strategic work, companies are increasingly embracing automation for their work processes, making Cognitive RPA a prominent driver of the BPM industry. While Asia Pacific (APAC) is the fastest growing BPM market, the Americas and Europe, the Middle East and Africa (EMEA) together form over 80% of the IT-BPM market. Banking, Financial Services and Insurance (BFSI) and Retail continue to lead, followed by Healthcare and Telecom. The Indian IT-BPM industry (excluding e-commerce) grew by 8.4% in FY19 to $181 billion and exports accounted for ~75% of the pie. OPPORTUNITIES IN THE KEY VERTICALS WE OPERATE IN: Healthcare Banking, Financial Services and Insurance • Implementation of Patient Protection and Affordable Care • Aggressive focus on digitalisation and adoption of new Act (PPACA) to drive growth of Healthcare Payer market and emerging technologies to improve operational (health insurance companies) in the US efficiencies, enhance speed-to-market and deliver superior customer experiences • Higher emphasis on digital and omnichannel approach in patient experience management • Rapid adoption of Application Programming Interfaces (APIs), Artificial Intelligence (AI), RPA, Blockchain and • Rapid increase in Clinical Process Outsourcing (CPO), focus Analytics by banks on reducing healthcare costs, rising need for structured processes and documentations, growing population to be • Strong prospects of receivables management outsourcing covered under insurance policy • Digitalisation of collections presents a significant opportunity • Immense potential in Revenue Cycle Management • Healthy outlook for outsourcing by mortgage lenders owing to (RCM) outsourcing stricter regulations and high competition • Growing usage of digital health technology in Provider • Huge potential for BPM companies and debt collection segment (hospitals and physician groups) offers services given that ~30 million Americans have at least one multiple opportunities debt in collections • Transformation solutions around digital app-based user experience and applications regarding analytics gaining increased acceptance 4 | Stay Ahead To Stay Relevant Corporate Overview Statutory Reports Financial Statements Telecommunications and Media Utilities • Healthy demand for data analytics, NPS predictions • Increasing outsourcing demand for customer service, and analysis of customer consumption pattern financial and asset management, procurement and energy efficiency programme management processes • Shift to provide Quad Play services is driving outsourcing demand for cable companies • Introduction of advanced connectivity, e-commerce and machine-to-machine (M2M) communications are transforming global utilities • AI and RPA technologies can help utilities deliver superior customer experience at reduced costs • Rising adoption of remote monitoring, analysis and control of usage, and enabling new integrated energy services to open up multiple opportunities Annual Report 2018-19 | 5 Firstsource Solutions Limited How We Create Value We are fully geared to maximise these opportunities, efficiently. At Firstsource, our futuristic thinking has helped us be present in the high-potential segments across all our verticals at the right time. We offer distinct value proposition to our clients via our wide gamut of innovative solutions. Our proven track record of transforming businesses and time-tested relationships with our clients are among our primary strengths and lend us significant competitive advantage. OUR CAPABILITIES ACROSS KEY BUSINESS VERTICALS WE OPERATE IN: Healthcare Few companies in our industry Our emphasis is on the high-potential RCM are capable of catering to segment spanning a wide variety of services, including front-end eligibility services,
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