Integrated Filing — IndAS



General information about company

Scrip Code 532809
NSE Symbol FSL
MSEI Symbol NOTLISTED
ISIN INE684F01012
Name of company Firstsource Solutions Limited
Type of company Main Board
Class of security Equity
Date of start of financial year 01-04-2025
Date of end of financial year 31-03-2026
Date of board meeting when results were approved 04-11-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 23-10-2025
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Second quarter
Nature of report standalone or consolidated Consolidated
Whether results are audited or unaudited for the quarter ended Audited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Audited
Segment Reporting Multi segment
Description of single segment
Start date and time of board meeting 04-11-2025   15:00:00
End date and time of board meeting 04-11-2025   15:55:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-07-2025 01-04-2025
B Date of end of reporting period 30-09-2025 30-09-2025
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
Revenue from operations 2,31,221.20 4,52,986.30
Other income (128.60) 554.10
Total income 2,31,092.60 4,53,540.40
2 Expenses
(a) Cost of materials consumed 0.00 0.00
(b) Purchases of stock-in-trade 0.00 0.00
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade 0.00 0.00
(d) Employee benefit expense 1,36,176.70 2,68,246.80
(e) Finance costs 4,276.00 8,619.70
(f) Depreciation, depletion and amortisation expense 10,955.60 20,680.30
(f) Other Expenses
1 Services rendered by business associates and others 16,931.00 32,723.00
2 Technology and applications support cost 7,793.10 14,629.90
3 Legal and professional fees 7,189.10 13,069.70
4 Communication expenses 5,750.80 11,068.10
5 Rent, net 3,403.00 6,985.60
6 Repairs, maintenance and upkeep 3,132.30 5,976.50
7 Travel and conveyance 2,073.70 4,263.00
8 Marketing and support fees 1,595.00 4,043.00
9 Car hire charges 1,628.30 3,299.10
10 Miscellaneous expenses, net 7,945.70 16,370.50
Total other expenses 57,442.00 1,12,428.40
Total expenses 2,08,850.30 4,09,975.20
3 Total profit before exceptional items and tax 22,242.30 43,565.20
4 Exceptional items 191.10 191.10
5 Total profit before tax 22,433.40 43,756.30
6 Tax expense
7 Current tax 4,737.00 9,576.30
8 Deferred tax (254.90) (703.80)
9 Total tax expenses 4,482.10 8,872.50
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations 17,951.30 34,883.80
12 Profit (loss) from discontinued operations before tax 0.00 0.00
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax 0.00 0.00
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 0.00 0.00
16 Total profit (loss) for period 17,951.30 34,883.80
17 Other comprehensive income net of taxes 2,164.20 (9,962.30)
18 Total Comprehensive Income for the period 20,115.50 24,921.50
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent 17,951.50 34,884.70
Total profit or loss, attributable to non-controlling interests (0.20) (0.90)
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent 20,114.70 24,921.80
Total comprehensive income for the period attributable to owners of parent non-controlling interests 0.80 (0.30)
21 Details of equity share capital
Paid-up equity share capital 69,699.10 69,699.10
Face value of equity share capital 10 10
27 Details of debt securities
22 Reserves excluding revaluation reserve
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 2.6 5.05
Diluted earnings (loss) per share from continuing operations 2.54 4.95
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations 2.6 5.05
Diluted earnings (loss) per share from continuing and discontinued operations 2.54 4.95
24 Debt equity ratio
25 Debt service coverage ratio
26 Interest service coverage ratio
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results

Textual Information(1) 1. The audited consolidated financial results for the quarter and six months ended September 30, 2025 have been approved by the Board of Directors at its meeting held on November 4, 2025. The statutory auditors have expressed an unmodified audit opinion. The financial results presented above is extracted from the audited condensed interim consolidated financial statements for the quarter and six months ended September 30, 2025. These condensed interim consolidated financial statements are prepared in accordance with the Indian Accounting Standards 34 ('Ind AS 34') 'Interim Financial Reporting', as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules issued thereunder. 2. Exceptional items, net (income) of Rs 19.11 million comprise of fair value adjustment on the contingent consideration payable resulting in a credit of Rs 243.64 million and an impairment charge of Rs 224.53 million of intangible assets (net of tax), both on account of an earlier business combination.



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2025
Date of end of reporting period 30-09-2025
Whether results are audited or unaudited Audited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 31,077.80
Capital work-in-progress 914.80
Investment property 87,098.60
Goodwill 3,82,428.50
Other intangible assets 7,880.60
Intangible assets under development 954.70
Biological assets other than bearer plants 0.00
Investments accounted for using equity method 0.70
Non-current financial assets
Non-current investments 3,371.00
Trade receivables, non-current 0.00
Loans, non-current 0.00
Other non-current financial assets 8,993.80
Total non-current financial assets 12,364.80
Deferred tax assets (net) 32,015.90
Other non-current assets 33,899.60
Total non-current assets 5,88,636.00
2 Current assets
Inventories 0.00
Current financial asset
Current investments 6,940.70
Trade receivables, current 1,77,436.10
Cash and cash equivalents 22,549.00
Bank balance other than cash and cash equivalents 729.40
Loans, current 0.00
Other current financial assets 3,190.50
Total current financial assets 2,10,845.70
Current tax assets (net) 0.00
Other current assets 32,631.30
Total current assets 2,43,477.00
3 Non-current assets classified as held for sale 0.00
4 Regulatory deferral account debit balances and related deferred tax Assets 0.00
Total assets 8,32,113.00
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 69,699.10
Other equity 3,66,865.40
Total equity attributable to owners of parent 4,36,564.50
Non controlling interest 39.30
Total equity 4,36,603.80
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 35,517.00
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 0.00
Total Trade payable 0.00
Other non-current financial liabilities 89,701.00
Total non-current financial liabilities 1,25,218.00
Provisions, non-current 2,973.20
Deferred tax liabilities (net) 17,083.40
Deferred government grants, Non-current 0.00
Other non-current liabilities 0.00
Total non-current liabilities 1,45,274.60
Current liabilities
Current financial liabilities
Borrowings, current 1,02,170.80
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 45,862.60
Total Trade payable 45,862.60
Other current financial liabilities 76,749.90
Total current financial liabilities 2,24,783.30
Other current liabilities 11,826.30
Provisions, current 7,497.70
Current tax liabilities (Net) 6,127.30
Deferred government grants, Current 0.00
Total current liabilities 2,50,234.60
3 Liabilities directly associated with assets in disposal group classified as held for sale 0.00
4 Regulatory deferral account credit balances and related deferred tax liability 0.00
Total liabilities 3,95,509.20
Total equity and liabilites 8,32,113.00
Disclosure of notes on assets and liabilities Textual Information(1)



Text Block

Textual Information(1) For Statements of Assets and Liabilities: 1.Other non-current assets :includes Income tax assets (net) 907.25 And Others non-current assets 2482.71 2.Other non-current financial liabilities:includes Lease liabilities 7378.37 and Other financial liabilities 1591.73 3.Other current financial liabilities: includes Lease liabilities 2542.25 and Other financial liabilities 5132.74 For Cash Flow: 1.Other inflows (outflows) of cash:includes Earmarked balances with banks 58.37 , Investment in short term fixed deposits (3.50) and Payment of contingent consideration towards acquisition (26.93) 2.Other cash payments to acquire equity or debt instruments of other entities: includes Purchase of current investments 14149.29 and Purchase of non-current investment 221.30 3.Other adjustments for which cash effects are investing or financing cash flow: includes Profit on sale / redemption of investments (28.73); Loss on sale of property,plant and equipment,net 22.01 4.Other adjustments for non-cash items:Exceptional items, net (income) (19.11).



Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-07-2025 01-04-2025
Date of end of reporting period 30-09-2025 30-09-2025
Whether results are audited or unaudited Audited Audited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
1 Banking and Financial Services 76,788.70 1,49,037.60
2 Healthcare 77,661.50 1,51,845.80
3 Communication, Media and Technology 50,178.90 99,878.90
4 Diverse Industries 26,840.40 52,800.60
Total Segment Revenue 2,31,469.50 4,53,562.90
Less: Inter segment revenue
Revenue from operations 2,31,469.50 4,53,562.90
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
1 Banking and Financial Services 14,695.80 29,686.00
2 Healthcare 10,372.40 19,429.30
3 Communication, Media and Technology 8,970.80 16,985.50
4 Diverse Industries 2,825.10 5,148.40
Total Profit before tax 36,864.10 71,249.20
i. Finance cost 4,276.00 8,619.70
ii. Other Unallocable Expenditure net off Unallocable income 10,154.70 18,873.20
Profit before tax 22,433.40 43,756.30
3 (Segment Asset - Segment Liabilities)
Segment Asset
1 Banking and Financial Services 0.00 0.00
2 Healthcare 0.00 0.00
3 Communication, Media and Technology 0.00 0.00
4 Diverse Industries 0.00 0.00
Total Segment Asset 0.00 0.00
Un-allocable Assets 0.00 0.00
Net Segment Asset 0.00 0.00
4 Segment Liabilities
Segment Liabilities
1 Banking and Financial Services 0.00 0.00
2 Healthcare 0.00 0.00
3 Communication, Media and Technology 0.00 0.00
4 Diverse Industries 0.00 0.00
Total Segment Liabilities 0.00 0.00
Un-allocable Liabilities 0.00 0.00
Net Segment Liabilities 0.00 0.00
Disclosure of notes on segments Textual Information(2)



Text Block

Textual Information(2) Operating segments are defined as components of an enterprise for which discrete financial information is available that is evaluated regularly by the Chief Operating Decision Maker (‘CODM’), in deciding how to allocate resources and in assessing performance. Operating segments are identified based on the internal organization at the Balance Sheet date. With the objective of internal financial reporting and decision making of the Group, the CODM has reviewed the manner in which the Group views the business risks and returns and monitors its operations. Accordingly, the group has identified business segment which comprises of Banking and Financial Services, Healthcare, Communication, Media and Technology and Diverse Industries. Revenues and expenses directly attributable to the segments are reported under each reportable segment. The accounting principles used in the preparation of the segment information are consistently applied to record revenue and expenditure in individual business segments. Assets and liabilities used in the Group’s business are not directly identified to any of the operating segments, as these are used interchangeably between segments. Allocation of such assets and liabilities is not practicable and any forced allocation would not result in any meaningful segregation. Hence assets and liabilities have not been identified to any of the reportable segments by the Group



Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-07-2025 01-04-2025
B Date of end of reporting period 30-09-2025 30-09-2025
C Whether results are audited or unaudited Audited Audited
D Nature of report standalone or consolidated Consolidated Consolidated
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
Total Amount of items that will not be reclassified to profit and loss
2 Income tax relating to items that will not be reclassified to profit or loss
3 Amount of items that will be reclassified to profit and loss
1 Net changes in fair value on derivatives designated as cash flow hedges (9,165.80) (23,488.80)
2 Exchange difference on translation of foreign operations 10,019.40 10,329.20
Total Amount of items that will be reclassified to profit and loss 853.60 (13,159.60)
4 Income tax relating to items that will be reclassified to profit or loss (1,310.60) (3,197.30)
5 Total Other comprehensive income 2,164.20 (9,962.30)



Cash flow statement, indirect

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2025
B Date of end of reporting period 30-09-2025
C Whether results are audited or unaudited Audited
D Nature of report standalone or consolidated Consolidated
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 43,756.30
Adjustments for reconcile profit (loss)
Adjustments for finance costs 8,619.70
Adjustments for decrease (increase) in inventories 0.00
Adjustments for decrease (increase) in trade receivables, current (9,528.70)
Adjustments for decrease (increase) in trade receivables, non-current 0.00
Adjustments for decrease (increase) in other current assets (8,922.50)
Adjustments for decrease (increase) in other non-current assets 0.00
Adjustments for other financial assets, non-current 0.00
Adjustments for other financial assets, current 0.00
Adjustments for other bank balances 0.00
Adjustments for increase (decrease) in trade payables, current 0.00
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities 8,415.90
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 20,680.30
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0.00
Adjustments for provisions, current 695.70
Adjustments for provisions, non-current 0.00
Adjustments for other financial liabilities, current 0.00
Adjustments for other financial liabilities, non-current 0.00
Adjustments for unrealised foreign exchange losses gains (383.50)
Adjustments for dividend income 0.00
Adjustments for interest income 152.80
Adjustments for share-based payments 3,222.30
Adjustments for fair value losses (gains) 0.00
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow (67.20)
Other adjustments to reconcile profit (loss) 0.00
Other adjustments for non-cash items (191.10)
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) 22,388.10
Net cash flows from (used in) operations 66,144.40
Dividends received 0.00
Interest paid 0.00
Interest received 0.00
Income taxes paid (refund) 6,876.10
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities 59,268.30
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0.00
Cash flows used in obtaining control of subsidiaries or other businesses 0.00
Other cash receipts from sales of equity or debt instruments of other entities 1,40,995.80
Other cash payments to acquire equity or debt instruments of other entities 1,43,705.90
Other cash receipts from sales of interests in joint ventures 0.00
Other cash payments to acquire interests in joint ventures 0.00
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0.00
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0.00
Proceeds from sales of property, plant and equipment 2,096.90
Purchase of property, plant and equipment 7,127.10
Proceeds from sales of investment property 0.00
Purchase of investment property 0.00
Proceeds from sales of intangible assets 0.00
Purchase of intangible assets 0.00
Proceeds from sales of intangible assets under development 0.00
Purchase of intangible assets under development 0.00
Proceeds from sales of goodwill 0.00
Purchase of goodwill 0.00
Proceeds from biological assets other than bearer plants 0.00
Purchase of biological assets other than bearer plants 0.00
Proceeds from government grants 0.00
Proceeds from sales of other long-term assets 0.00
Purchase of other long-term assets 0.00
Cash advances and loans made to other parties 0.00
Cash receipts from repayment of advances and loans made to other parties 0.00
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0.00
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0.00
Dividends received 0.00
Interest received 152.80
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 279.40
Net cash flows from (used in) investing activities (7,308.10)
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0.00
Payments from changes in ownership interests in subsidiaries 0.00
Proceeds from issuing shares 0.00
Proceeds from issuing other equity instruments 0.00
Payments to acquire or redeem entity's shares 1,342.60
Payments of other equity instruments 0.00
Proceeds from exercise of stock options 0.00
Proceeds from issuing debentures notes bonds etc 0.00
Proceeds from borrowings (22,324.70)
Repayments of borrowings 0.00
Payments of lease liabilities 12,982.00
Dividends paid 0.00
Interest paid 8,510.50
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) financing activities (45,159.80)
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes 6,800.40
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 327.40
Net increase (decrease) in cash and cash equivalents 7,127.80
Cash and cash equivalents cash flow statement at beginning of period 15,421.20
Cash and cash equivalents cash flow statement at end of period 22,549.00





Details of Impact of Audit Qualification

Amount in (Lakhs)

Whether results are audited or unaudited Audited
Declaration of unmodified opinion or statement on impact of audit qualification Declaration of unmodified opinion
Auditor's opinion
Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results Yes
Sr No. Audit firm's name Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI Certificate valid upto
1 Deloitte Haskins Sells LLP Yes 31-07-2027