Fiscal 2019, 2020 and 2021 and in the three months ended June 30, 2020 and June 30, 2021, the total value of
goods that were subject to pilferage was = 0.99 million, = 0.88 million, = 0.88 million, = 0.06 million and % 0.14
million, respectively. Although we have set up various security measures such as deployment of security guards
and operational processes such as periodic stock taking and have obtained relevant insurance in relation to the
same, and are also entitled to recover shortages from our employees, there can be no assurance that we will not
experience any fraud, theft, employee negligence, loss in transit or similar incidents in the future or be able to
successfully claim under such insurance policies on the occurrence of any such events, which could adversely
affect our reputation, results of operations and financial condition.

39. Strikes, work stoppages, increased wage demands or other employee disputes could adversely affect our
operations,

We believe our employees and personnel, including personnel at our retail stores are critical to maintain our
competitive position. Although we have not experienced any material labor unrest, we cannot assure you that
we will not experience disruptions in work or our retail operations due to disputes or other problems with our
work force, which may adversely affect our ability to continue our business operations. Any labor unrest directed
against us, could directly or indirectly prevent or hinder our normal operating activities, and, if not resolved in
a timely manner, could lead to disruptions in our operations. These actions are very difficult for us to predict or
control and any such event could adversely affect our business, results of operations and financial condition.

40. Any delay or default in payment from third-parties may adversely impact our profits and affect our cash
flows.

Our operations involve extending credit for periods of time, for up to 70 days, to third-parties including LFSs and
online retailers, and consequently, we face the risk of the uncertainty regarding the receipt of these outstanding
amounts. Accordingly, we may have high levels of outstanding receivables. As on March 31, 2019, 2020 and 2021,
and as of June 30, 2020 and June 30, 2021, our trade receivables were = 400.77 million, = 556.37 million, = 471.39
million, = 536.69 million and = 386.70 million respectively. If such third-parties delay or default in making
payments in the future, our profits margins and cash flows may be adversely affected.

41. An inability to maintain adequate insurance cover to protect us from material adverse incidents in
connection with our business may adversely affect our operations and profitability.

Our operations are subject to various risks inherent to the retail industry including defects, malfunction and failure
of manufacturing equipment, fire, riots, strikes, explosions, loss-in-transit for our products, accidents and natural
disasters. Our insurance may not be adequate to completely cover any or all of our risks and liabilities. There can
be no assurance that any claim under the insurance policies maintained by us will be honored fully, in part or on
time, or that we have taken out sufficient insurance to cover all our losses. Our insurance cover for property, plant
and equipment as of March 31, 2019, 2020 and 2021 and as of June 30, 2020 and June 30, 2021 was 2 1,109.89
million, = 1,052.80 million, 21,156.72 million, = 1,052.80 million and % 1,156.72 million, respectively, while our
net block of property, plant and equipment and capital work-in-progress was = 492.67 million, = 683.73 million, =
669.66 million, = 667.68 million and % 658.31 million as of March 31, 2019, 2020 and 2021 and as of June 30, 2020
and June 30, 2021, respectively. Consequently, our insurance cover as a percentage of net block of property, plant
and equipment and capital work-in-progress was 225.28%, 153.98%, 172.73%,157.68% and 175.71% as of March
31, 2019, 2020 and 2021, the three months ended June 30, 2020 and the three months ended June 30, 2021,
respectively. Our inability to maintain adequate insurance cover in connection with our business could adversely
affect our operations and profitability. To the extent that we suffer loss or damage as a result of events for which
we are not insured, or for which we did not obtain or maintain insurance, or which is not covered by insurance,
exceeds our insurance coverage or where our insurance claims are rejected, the loss would have to be borne by us
and our results of operations, financial performance and cash flows could be adversely affected. For further
information on our insurance arrangements, see “Our Business — Insurance” on page 182.

42. We have certain contingent liabilities that have not been provided for in our financial statements, which if
they materialize, may adversely affect our financial condition.

As of June 30, 2021, our contingent liabilities as per Ind AS 37 — Provisions, Contingent Liabilities and Contingent
Assets, that have not been provided for were as follows:

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