The extent to which material increases in net sales or revenue are due to increased sale volume, introduction of
new products or services or increased sales prices is discussed in this section above.

New Product or Business Segments

Other than as described above and in “Business” on page 168, there are no new products or business segments in
which we operate and we have not announced and do not expect to announce in the near future any new products
or business segments.

Significant regulatory changes that materially affected or are likely to affect income from continuing
operations

Except as described in “Risk Factors” and “Key Regulations and Policies in India” on pages 22 and 189,
respectively, there have been no significant regulatory changes that have materially affected or are likely to affect
our income from continuing operations.

The extent to which our business is seasonal

Our business experiences seasonal variation with the third quarter of the Fiscal year typically recording lower
sales primarily due to a reduction in sales on account of reduced number of working days due to festivities and
holidays in India and a reduction in export sales due to festivities and holidays in such jurisdictions. Furthermore,
some of our customers may have businesses that are seasonal in nature. However, see “Risk Factors - Our
quarterly results may fluctuate significantly, which could have a negative effect on the price of our Equity
Shares.”, “Risk factors - The cyclical and seasonal nature of automotive sales and production can adversely
affect our business.” and “Business”, on pages 44, 51 and 168, respectively.

Competitive conditions

For a description of the competitive conditions in which we operate, see “Industry Overview” and “Business -
Competition” on pages 96 and 187, respectively.

Supplier or customer concentration

We do not have any material dependence on a single or a few suppliers or customers. We have a diversified client
base with our top 10 customers accounting for 59.15%, 53.41%, 56.25% and 52.59% of our total revenue, in the
nine months ended December 31, 2020 and Fiscals 2020, 2019 and 2018, respectively. However, see “Risk
Factors - The loss of any of our key customers or significant reduction in production and sales of, or demand
for our production from our significant customers may adversely affect our business, results of operations and
financial condition.” and “Business” on pages 26 and 168, respectively, and the discussion of credit risk in “-
Credit Risk” on page 320.

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