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that we are unable to pass on increased employee costs by increasing cost of our products and
services;

. a downgrade of India’s sovereign rating by international credit rating agencies may adversely
impact our access to capital and increase our borrowing costs, which may constrain our ability
to grow our business and operate profitably;

° a change in the trade policies, in terms of tariff and non-tariff barriers, in the countries from
which we import raw materials and to which we export our products, may have an adverse effect
on our profitability;

. a decline in India’s foreign exchange reserves may affect liquidity and interest rates in the Indian
economy as well as the valuation of the Indian Rupee, which may adversely impact our financial
condition;

. political instability, resulting from a change in government or in economic and fiscal policies,

may adversely affect economic conditions in India;

. the occurrence of natural or man-made disaster or epidemic or pandemic such as COVID-19
may adversely affect economic conditions in India;

. civil unrest, acts of violence, terrorist attacks, regional conflicts or situations or war may
adversely affect the financial markets, which may impact our business, financial condition,
results of operations and cash flows; and

. changing laws, rules and regulations and legal uncertainties, including adverse application of
corporate and tax laws, which may adversely affect our business, financial condition, results of
operations and prospects. For example, the Government of India implemented a comprehensive
national goods and services tax (“GST”) regime with effect from July 1, 2017 that combines
multiple taxes and levies by the Central and State Governments into a unified tax structure.

Further, the Government of India has announced the union budget for Fiscal 2021, pursuant to which the
Finance Bill, 2021, has introduced various amendments. The Finance Bill, 2021 is yet to receive assent
from the President of India. As such, there is no certainty on the impact that the Finance Bill, 2021 may
have on our business and operations or on the industry in which we operate.

We are exposed to foreign currency exchange rate fluctuations which may have an adverse effect on
our results of operations and the value of the Equity Shares, independent of our operating results.

While our principal revenues are in the Indian Rupee, we are exposed to exchange rate fluctuations,
particularly in USD, Euro, SGD and JPY owing to our import of some raw materials such as aluminium
ingots and export sales. Such foreign currency risk in relation to our raw material imports and export
sales may be hedged, however, there can be no assurance that our aforesaid measures will enable us to
avoid the effect of any adverse fluctuations in the value of the Indian Rupee against other relevant foreign
currencies. Further, depreciation in the value of the Indian Rupee against such other currencies could
increase the Indian Rupee cost of purchasing raw materials or equipment.

Further, on listing, our Equity Shares will be quoted in Indian Rupees on the Stock Exchanges. Any
dividends in respect of our Equity Shares will also be paid in Indian Rupees and subsequently converted
into the relevant foreign currency for repatriation, if required. Any adverse movement in currency
exchange rates during the time that it takes to undertake such conversion may reduce the net dividend to
foreign investors. In addition, any adverse movement in currency exchange rates during a delay in
repatriating outside India the proceeds from a sale of Equity Shares, for example, because of a delay in
regulatory approvals that may be required for the sale of Equity Shares may reduce the proceeds received
by Equity Shareholders. For example, the exchange rate between the Rupee and the U.S. dollar has
fluctuated substantially in recent years and may continue to fluctuate substantially in the future, which
may have an adverse effect on the trading price of our Equity Shares and returns on our Equity Shares,
independent of our operating results.

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