Report Outline:

Firstsource has announced results for Q3 FY24-25, for the period ending December 31, 2024.

Q3 FY25:

• Revenues were Rs. 21,003m (~$249m), 30.3% y/y, 27.7% in CC
• EBIT was Rs. 2,333m (~$27.7m), a margin of 11.1%, up 0.4 pts y/y.

Estimated Q3 FY25 revenue (and y/y growth in Indian Rupees) by sector is:

• BFSI Rs. 6,805m (+10.2%)
• Telecom & Media Rs. 4,264m (+17.6%)
• Healthcare Rs. 7,141m (+32.2%)
• Diverse industries Rs. 2,793m (+204%).

Estimated Q3 FY25 revenue (and y/y growth) by client geography is:

• U.S.& Canada Rs. 13,925m (+32.1%)
• U.K. Rs. 7,057m (+26.9%)
• Rest of the world Rs. 210m.

Estimated Q3 FY25 revenue (and y/y growth) by delivery location is:

• Offshore (India and Philippines) Rs. 8,422m (+72.4%)
• Onshore (U.S. and Europe) Rs. 12,581m (+12%).

Headcount at the end of September was 34,144, an increase of 1,246 quarter-over-quarter.

Q3 attrition rates (and in prior quarter): 31.4% (30.9%).

Revised outlook for 2025:

• Revenue growth of 21.8% to 22.3% in CC compared to 19.5% to 20.5%, previously.