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If we inadvertently infringe on the intellectual property rights of others, our business and results of
operations may be adversely affected.

While we take care to ensure that we comply with the intellectual property rights of others, we cannot
determine with certainty as to whether we are infringing on any existing third-party intellectual property
rights, which may force us to alter our technologies, obtain licences or cease some of our operations. We
may also be susceptible to claims from third parties asserting infringement and other related claims. If
claims or actions are asserted against us, we may be required to obtain a licence, modify our existing
technology or cease the use of such technology and design a new non-infringing technology. Such
licences or design modifications can be extremely costly. Further, necessary licences may not be
available to us on satisfactory terms, if at all. In addition, we may decide to settle a claim or action against
us, which settlement could be costly. We may also be liable for any past infringement. Any of the
foregoing could adversely affect our business, results of operations and financial condition.

In addition, in certain cases, our customers share their intellectual property rights in the course of the
product development process that we carry out for them. We are bound by confidentiality obligations
under our non-disclosure agreements with our customers to protect their intellectual property, including
in relation to technical data such as product designs and drawings that may have been shared with us by
our customers. An inadvertent breach or any misuse of intellectual property or proprietary data by any
of our employees or sub-contractors may expose us to expensive infringement claims and may diminish
our goodwill and reputation among our customers, suppliers, lenders, investors and the public, making
it difficult for us to operate our business and compete effectively.

Our ability to access capital depends on our credit ratings. Any downgrade of our credit ratings may
restrict our access to capital and thereby adversely affect our business and results of operations.

The cost and availability of capital is dependent, among other factors, on our short-term and long-term
credit ratings. Ratings reflect a rating agency’s opinion of our financial strength, operating performance,
strategic position, and ability to meet our obligations. In March 2018, CRISIL upgraded our long term
loan rating to BBB+/ stable from BBB/Stable and our short term loan rating to A2 from A3+. Our loan
facilities are currently rated by CRISIL as BBB +/Stable (Reaffirmed) for long term loans, which are
considered to have moderate degree of safety regarding timely servicing of financial obligations and
carry moderate credit risk, and A2 (Reaffirmed) for short term loans, which are considered to have strong
degree of safety regarding timely payment of financial obligations and carry low credit risk. Any future
performance issues by us or the industry may result in a downgrade of our credit ratings, which may in
turn lead to an increase in our borrowing costs and constrain our access to funds and debt markets and,
as a result, may adversely affect our business growth. In addition, any downgrade of our credit ratings
could result in default under our financing arrangements or lenders imposing additional terms and
conditions in any future financing or refinancing arrangements in the future. Any such adverse
development may adversely affect our business operations, future financial performance and the price of
our Equity Shares.

We are subject to various risks associated with the overseas markets in which we may operate,
including but not limited to foreign currency and tax. These risks may have an adverse effect on our
business, prospects, results of operations and financial condition.

We have substantial exports, currently across 10 countries, including USA and Japan. We generated 2
1,006.86 million, = 1,393.23 million, = 1,619.62 million and 2 1,275.09 million, as export sales as on
December 31, 2020 and for Fiscals 2020, 2019 and 2018, respectively, which represented 9.84%, 9.34%,
8.91% and 8.44% of our revenue from operations for the respective periods. Our international operations,
including in any markets in which we may operate, are subject to risks that are specific to each country
and region in which we operate as well as risks associated with international operations in general. Our
international procurements and exports are subject to, among other risks and uncertainties, the following:

. Adverse weather conditions, social, economic and geopolitical conditions, such as natural
disasters, civil disturbance, terrorist attacks, war or other military action would affect our

business and operations.

. Compliance with local laws, including legal constraints on ownership and corporate structure,
environmental, health, safety, labour and accounting laws, may impose onerous and expensive

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