months ended September 30, 2020, and the examination reports on the restated financial information
issued by the Statutory Auditors included in the Draft Red Herring Prospectus, the Red Herring
Prospectus and this Prospectus.

The opinions of the Statutory Auditors and the Previous Auditors were not modified in respect of the
matters mentioned above. There can be no assurance that our Statutory Auditors will not include such
matters of emphasis or other similar comments in the audit reports to our audited financial statements in
the future, or that such modification will not affect our financial results in future fiscal periods. Investors
should consider these matters of emphasis and related remarks in evaluating our financial condition and
results of operations. Any such matters of emphasis or other matters or any modification in the auditors’
report on our financial statements in the future may also adversely affect the trading price of the Equity
Shares.

We operate in a competitive business environment. If we cannot respond adequately to the increased
competition and consequent pricing pressures that we expect to face from existing players and new
entrants, we will lose market share and our profits will decline, which will adversely affect our
business, results of operations and financial condition.

We operate in a competitive business environment, particularly in certain business segments such as the
manufacture and sale of aluminium castings in the Automotive - Aluminium Products segment, material
handling systems in the Material handling sub-segment and storage systems in the Storage solutions sub-
segment. Growing competition in the domestic and/or international markets may subject us to pricing
pressures and require us to reduce the prices of our products in order to retain or attract customers, which
may have an adverse effect on our revenues and margins. While we are focused in the development of
customer-centric products, and to broaden our product range, in the event our competitors harness better
process technology or improved process yield or are able to source raw materials at more competitive
prices, we may not be able to maintain our growth rate and our revenues and profitability may decline.
Some of our competitors may be increasing their capacities and targeting the same products or
applications as us. Some of our competitors are global companies that have larger technical and financial
resources and broad customer bases needed to bring competitive solutions to the market. Such companies
may use these advantages to offer solutions that are perceived to be as effective or more effective as ours
at the same or at a lower price. They may also develop different products to compete with our current
solutions and respond more quickly and effectively than we do to new or changing opportunities,
applications, technologies, standards, or client requirements. Our competitors may also adopt
competitive strategies for various products which may have a corresponding adverse impact on our
revenues and margins. There can be no assurance that we can continue to effectively compete with our
competitors in the future, and failure to compete effectively may have an adverse effect on our business,
financial condition and results of operations. Also, see “Business - Competition” on page 187.

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.

Sales to our top four customers (based on the revenue from operations as on December 31, 2020)
represented 43.14%, 33.91%, 34.14% and 31.73% of our revenue from operations for the nine months
ended December 31, 2020, Fiscals 2020, 2019 and 2018, respectively, and sales to our top 10 customers
(based on the revenue from operations as on December 31, 2020) represented 59.15%, 52.37%, 51.75%
and 48.46% of our revenue from operations for the nine months ended December 31, 2020, Fiscals 2020,
2019 and 2018, respectively.

It is difficult to forecast the success or sustainability of any strategies undertaken by any of our key
customers in response to the current economic or industry environment. Unfavourable industry
conditions can also result in an increase in commercial disputes and other risks of supply disruption. A
sustained decline in the demand for products produced by our OEM customers could prompt them to cut
their production volumes, directly affecting the demand from OEM customers for our products. In
addition to decline in demand for existing products, insufficient demand for new products launched by
our OEM customers may also prevent growth in demand for our products from such OEM customers.
Further, the volume and timing of sales to our customers may vary due to variation in demand for our
customers’ products, our customers’ attempts to manage their inventory, design changes, changes in their

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