46. Industry information included in this Prospectus has been derived from an industry report prepared by
Technopak exclusively commissioned and paid for by us for such purpose. There can be no assurance that
such third-party statistical, financial and other industry information is either complete or accurate.

We have availed the services of an independent third-party research agency, Technopak Advisors Private Limited
appointed by our Company on May 25, 2021, to prepare an industry report titled “Report on Women’s Bottom
Wear Apparel in India” dated October 28, 2021, for purposes of inclusion of such information in this Prospectus.
This report is subject to various limitations and based upon certain assumptions that are subjective in nature.
Although we believe that the data may be considered to be reliable, the accuracy, completeness and underlying
assumptions are not guaranteed and dependability cannot be assured. While we have assumed responsibility for
the contents of the report and have taken reasonable care in the reproduction of the information, we make no
representation or warranty, express or implied, as to the accuracy or completeness of such facts and statistics. Due
to possibly flawed or ineffective collection methods or discrepancies between published information and market
practice and other problems, the statistics herein may be inaccurate or may not be comparable to statistics produced
for other economies and should not be unduly relied upon. Further, there is no assurance that they are stated or
compiled on the same basis or with the same degree of accuracy as may be the case elsewhere. Statements from
third parties that involve estimates are subject to change, and actual amounts may differ materially from those
included in this Prospectus.

47. We have in this Prospectus included certain Non-GAAP Measures and certain other industry measures
related to our operations and financial performance. These Non-GAAP Measures and industry measures
may vary from any standard methodology that is applicable across the Indian retail industry, and therefore
may not be comparable with financial or industry related statistical information of similar nomenclature
computed and presented by other companies.

Certain Non-GAAP Measures and certain other industry measures relating to our operations and financial
performance have been included in this Prospectus. We compute and disclose such Non-GAAP Measures and
such other industry related statistical information relating to our operations and financial performance as we
consider such information to be useful measures of our business and financial performance, and because such
measures are frequently used by securities analysts, investors and others to evaluate the operational performance
of companies engaged in the Indian retail industry, many of which provide such Non-GAAP Measures and other
industry related statistical and operational information. Such supplemental financial and operational information
is therefore of limited utility as an analytical tool, and investors are cautioned against considering such information
either in isolation or as a substitute for an analysis of our audited financial statements as reported under applicable
accounting standards disclosed elsewhere in this Prospectus.

These Non-GAAP Measures and such other industry related statistical and other information relating to our
operations and financial performance may not be computed on the basis of any standard methodology that is
applicable across the industry and are not measures of operating performance or liquidity defined by generally
accepted accounting principles, and therefore may not be comparable to financial measures and industry related
statistical information of similar nomenclature that may be computed and presented by other retailers in India. For
further information, see “Management's Discussion and Analysis of Financial Condition and Results of
Operations — Non-GAAP MEASURES” on pages 310 to 313.

48. We have issued Equity Shares during the preceding twelve months at a price which may be below the Offer
Price.

We have issued Equity Shares in the last 12 months at a price which may be lower than the Offer Price, as set out
in the table below. For further information, see “Capital Structure” at page 78.

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