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« results of operations that vary from the expectations of research analysts and investors;
¢ results of operations that vary from those of our competitors;

« changes in expectations as to our future financial performance, including financial estimates by research analysts and
investors;

¢ conditions in financial markets, including those outside India;
e achange in research analysts’ recommendations;
« market conditions specific to the industry we operate in;

* announcements by us or our competitors of new products, significant acquisitions, strategic alliances, joint
operations or capital commitments;

« announcements by third parties or governmental entities of significant claims or proceedings against us;

« new laws and governmental regulations or changes in laws and governmental regulations applicable to our industry;
« additions or departures of Key Management Personnel; and

« general economic and stock market conditions.

Changes in relation to any of the factors listed above could affect the price of the Equity Shares.

Fluctuations in the exchange rate between the Indian Rupee and foreign currencies may have an adverse effect on
the value of the Equity Shares, independent of our operating results.

On listing, the Equity Shares will be quoted in Indian Rupees on the Stock Exchange. Any dividends in respect of the
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 in recent years and
may continue to fluctuate substantially in the future, which may have an adverse effect on the returns on the Equity Shares,
independent of our operating results. While there were no foreign exchange risks that materially affected our results of
operations during the financial years 2019 to 2021 and the six months ended September 30, 2021, we cannot assure you
that such instances will not occur in the future.

Any sale of Equity Shares by our Promoters or future issuance of Equity Shares, or convertible securities or other
equity-linked securities by us may dilute your shareholding and adversely affect the trading price of the Equity
Shares.

We may be required to finance our growth through future equity offerings. Any future issuance of the Equity Shares,
convertible securities or securities linked to the Equity Shares by us, including through exercise of employee stock options
may dilute your shareholding in the Issuer. Any sale of the Equity Shares by our Promoters or future equity issuances by
us may adversely affect the trading price of the Equity Shares, which may lead to other adverse consequences including
difficulty in raising capital through offering of the Equity Shares or incurring additional debt. In addition, any perception
by investors that such issuances or sales might occur may also affect the market price of the Equity Shares. We cannot
assure you that we will not issue additional Equity Shares, convertible securities or securities linked to Equity Shares or
that our Shareholders will not dispose of, pledge or encumber their Equity Shares in the future.

Holders of Equity Shares may be restricted in their ability to exercise pre-emptive rights under Indian law and
thereby suffer future dilution of their ownership position.

Under the Companies Act, 2013, a company having share capital and incorporated in India must offer its existing equity
shareholders pre-emptive rights to subscribe and pay for a proportionate number of equity shares to maintain their existing
ownership percentages prior to issuance of any new equity shares, unless the pre-emptive rights have been waived by the
adoption of a special resolution by holders of three-fourths of the Equity Shares voting on such resolution.

However, if the law of the jurisdiction that you are in does not permit the exercise of such pre-emptive rights without our
filing an offering document or registration statement with the applicable authority in such jurisdiction, you will be unable
to exercise such pre-emptive rights, unless we make such a filing. If we elect not to file a registration statement, the new
securities may be issued to a custodian, who may sell the securities for your benefit. The value such custodian receives on

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