Dear Shareholders,
As we turn the page on FY25, I write to you with immense pride and deep
conviction. This has been a milestone year for Firstsource — not just in terms of
performance, but in how we have laid the foundation for a truly sustainable and
future-ready enterprise. We have not merely responded to a changing world — we have
leaned into the disruption, reshaped it to our advantage, and grown stronger through it.
We are in motion. Boldly, deliberately, and with a clear-eyed vision of
what comes next.
Turning a corner: The year we reimagined_possibility
FY25 was a year marked by acceleration — of technology,
expectations, and opportunity. AI_became mainstream, macroeconomic uncertainties tested
resilience, and the demand for agility from enterprise partners reached new heights. It
was also the year we chose to reframe our identity_— not as a Business Process
Outsourcing Company in transition, but as an orchestrator of intelligent, outcomes-first
operating models. Our UnBPOTM philosophy, once a forward-leaning aspiration, is
now a lived reality. It guided every strategic choice we made — from how we serve
clients to how we structure talent, deploy technology, and measure success.
In FY25, we grew revenues by 25.9% YoY, nearing the USD 1 billion mark,
in addition to achieving a 21.7% rise in PAT, reflecting scalable, responsible growth.
This deliberate, future-facing shift enabled us to cross significant
milestones:
• We grew revenues by 25.9% YoY, nearing the USD 1 billion mark
• We saw a 21.7% rise in Profit After Tax (PAT), reflecting
scalable, responsible growth
• We increased outcome-based engagement models across key
verticals
• We built and launched next-gen platforms like Firstsource relAITM
and Agentic AI Studio
• We sharpened our AI strategy with tangible deployments and
measurable impact
Each of these outcomes is not just a business achievement, they
represent the maturity of a model designed to be both resilient and regenerative.
Embracing disruption, purposefully
Across industries, disruption today is no longer episodic; it is
structural. At Firstsource, we do not fear this reality. We welcome it. FY25 was defined
by our bold embrace of disruption — turning change into a powerful driver
offitransformation.
This transformation played out on several fronts:
Reinventing operating models
The traditional BPO model — built around cost and headcount —
can no longer match the speed or complexity of modern business. With UnBPO™,
we?re moving beyond labor arbitrage to technology arbitrage_— using AI,
automation, and expert talent to get the right work done by the right resource, faster and
smarter.
Redefining value for clients
Today, a growing share of our engagements are priced on outcomes, not
effort. We?re helping clients measure value the way they experience it — through
speed-to-market, operational agility, customer experience, and revenue impact. This shift
has helped deepen client partnerships and win cross-border, multi-service mandates.
Investing in scalable capability
We didn?t just automate — we invested in capability. From
AI-led recruitment and skilling to domain-focused delivery models, we enabled scale with
context. Prism, our custom skilling platform, is training talent for tomorrow?s
roles. AI is now embedded across hiring, compliance, customer interaction, and decisioning
layers — turning data into_direction.
Built to last: A culture of inclusion, innovation, and accountability
Even as we engineered operational excellence, we stayed anchored in
values that have long defined Firstsource: fairness, respect, and a belief in the power of
people.
FY25 saw us welcome over 6,700 new colleagues. Our_diversity ratio
stood at 46.4% women, and we expanded our DE&I networks globally. We launched new
Employee Resource Groups, held our first DE&I Week, and improved accessibility
policies across markets.
We were honored to be recognized among India?s Top 50 Best
Workplaces for Innovation by All (Great Place to Work?). To us, this is not
just a badge of honor — it is evidence of a culture where everyone is empowered to
lead, contribute, and grow.
We also made significant progress on ESG. All UK locations and our
Mumbai HQ now run entirely on green energy. 100% of our e-waste was responsibly recycled.
Our CSR initiatives, focused on healthcare, education, environment, and entrepreneurship -
saw participation from over 6,800 colleagues (as volunteers and donors), contributing
21,000+ volunteering hours and positively impacting more than 52,000 lives.
These are not side projects. They are core to how we build and measure
our business.
Industries that power the world: Clients_who trust us
We serve some of the most critical sectors of the global economy —
Healthcare, Banking and Financial Services, Communication, Media and Technology,
Utilities, and Retail — industries that together form more than two-thirds of the
world?s GDP. Our clients include Fortune 500 and FTSE 100 leaders, digital
disruptors, and government institutions. They trust us with their most mission-critical
functions, and we serve them with accountability and care.
We know that in today?s world, trust is earned not just through
contracts, but through consistency.
Looking ahead: From momentum to movement
FY25 may have been a year of strong numbers, but it was also a year of
signals — each pointing to a new era of opportunity.
We are no longer a company that merely keeps up with change. We are
shaping it.
We are ready for what is next. Our UnBPOTM foundation, our
investments in platform intelligence, and our belief in human potential give us the
confidence to build a future that is faster, fairer, and fundamentally more sustainable.
To all our clients, investors, partners, and teams —thank you.
Your trust fuels our journey.
Let us keep moving forward, together.
| Dr Sanjiv Goenka |
| Chairman |