SECTION II: RISK FACTORS

An investment in our Equity Shares involves a high degree of risk. Prospective investors should carefully
consider all information in this Prospectus, including the risks and uncertainties described below, before
making an investment in the Equity Shares. If any or some combination of the following risks actually occur,
our business, prospects, financial condition and results of operations could suffer, the trading price of the
Equity Shares could decline and prospective investors may lose all or part of their investment. Investors in the
Equity Shares should pay particular attention to the fact that we are subject to extensive regulatory
environment that may differ significantly from one jurisdiction to other.

We have described the risks and uncertainties that our management believes are material, but these risks and
uncertainties may not be the only ones we face. Some risks may be unknown to us and other risks, currently
believed to be immaterial, could be or become material. To obtain a complete understanding of our business,
prospective investors should read this section in conjunction with the sections “Our Business”, “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” and “Financial Statements”
beginning on pages 153, 319 and 217, respectively. In making an investment decision, prospective investors
must rely on their own examination of our business and the terms of the Offer, including the merits and risks
involved. Prospective investors should consult their tax, financial and legal advisors about the particular
consequences to them of an investment in our Equity Shares.

This Prospectus also contains forward-looking statements, which refer to future events that involve known and
unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the
actual results to be materially different from those expressed or implied by the forward-looking statements. See
“Forward-Looking Statements” on page 22. Unless specified or quantified in the relevant risk factors below,
we are not in a position to quantify the financial or other implications of any of the risks described in this
section. Unless otherwise stated, the financial information used in this section is derived from our Restated
Consolidated Financial Information.

Unless otherwise indicated, industry and market data used in this section has been derived from the Ken
Reports prepared and released by Ken Research, which has been commissioned and paid for by us only for the
purposes of understanding the industry exclusively in connection with the Offer. Unless otherwise indicated, all
financial, operational, industry and other related information derived from the Ken Reports and included herein
with respect to any particular year refers to such information for the relevant financial year. Our financial year
commences on April 1 and ends on March 31 of the subsequent year, and references to a particular financial
year are to the 12 months ended March 31 of that year. Financial information for the five months ended August
31, 2021 is not indicative of full year results and is not comparable with the annual financial statements
presented in this Prospectus.

Unless specified or quantified in the relevant risk factors below, we are not in a position to quantify the
financial or other implications of any of the risks described in this section. Unless otherwise stated, or the
context otherwise requires, the financial information used in this section is derived from our Restated
Consolidated Financial Information.

To the extent the COVID-19 pandemic adversely affects our business and financial results, it may also have the
effect of heightening many of the other risks described in this section, such as those relating to levels of
consolidated indebtedness and our ability to comply with the covenants contained in the agreements that govern
our indebtedness.

INTERNAL RISK FACTORS

1. The Offer Price, market capitalization to revenue multiple and price to earnings ratio based on the
Offer Price of our Company may not be indicative of the market price of our Company on listing or
after the Offer.

For the financial year 2021, our revenue from operations and profit/ (loss) for the year attributable to
equity shareholders was % 17,589.44 million and % 547.92 million, respectively, and for the five months
ended August 31, 2021 was = 7,534.00 million and % (181.05) million, respectively, and our market
capitalization to revenue from operations (for the financial year 2021) multiple is 1.20 times, and our
price to earnings ratio (based on our restated profit / (loss) after tax for the financial year 2021) is 38.46
at the upper end of the price band. The Offer Price of the Equity Shares is proposed to be determined on
the basis of assessment of market demand for the Equity Shares offered through a book-building process
and certain quantitative and qualitative factors as set out in the section titled “Basis for Offer Price” on
page 108. The Offer Price, multiples and ratios may not be indicative of our market price on listing or
thereafter.

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