KNOWN TRENDS OR UNCERTAINTIES

Our business has been subject, and we expect it to continue to be subject, to significant economic changes arising
from the trends identified above in “Management's Discussion and Analysis of Financial Condition and Results
of Operations — Significant Factors Affecting our Results of Operations” and the uncertainties described in “Risk
Factors” on pages 307 and 22, respectively. To our knowledge, except as discussed in this Prospectus, there are
no known trends or uncertainties that have or had or are expected to have a material adverse impact on revenues
or income of our Company from continuing operations.

FUTURE RELATIONSHIP BETWEEN COST AND INCOME

Other than as described in “Risk Factors”, “Our Business” and “Management's Discussion and Analysis of
Financial Condition and Results of Operations” on pages 22, 159 and 304, respectively, to our knowledge there
are no known factors that may adversely affect our business prospects, results of operations and financial
condition.

NEW PRODUCTS OR BUSINESS SEGMENTS

Except as set out in this Prospectus, we have not announced and do not expect to announce in the near future any
new business segments.

COMPETITIVE CONDITIONS

We operate in a competitive environment. See “Risk Factors”, “Industry Overview”, and “Our Business” on pages
22, 115 and 159, respectively, for further details on competitive conditions that we face across our various business
segments.

EXTENT TO WHICH MATERIAL INCREASES IN NET SALES OR REVENUE ARE DUE TO
INCREASED SALES VOLUME, INTRODUCTION OF NEW PRODUCTS OR SERVICES OR
INCREASED SALES PRICES

Changes in revenue in the last three Fiscals and in the three months ended June 30, 2021 are as described in
“Management's Discussion and Analysis of Financial Condition and Results of Operations — Three Months ended
June 30, 2021 compared to Three Months ended June 30, 2020”, “Management's Discussion and Analysis of
Financial Condition and Results of Operations — Fiscal 2021 compared to Fiscal 2020” and “Management's
Discussion and Analysis of Financial Condition and Results of Operations — Fiscal 2020 compared to Fiscal
2019” above on pages 315, 318 and 322, respectively.

SEGMENT REPORTING

Our business activity primarily falls within a single business and geographical segment, i.e. retailing of bottom-
wear apparel in India, accordingly, other than as disclosed in “Restated Financial Information — Note 38” on page
252, we do not follow any other segment reporting.

SIGNIFICANT DEPENDENCE ON SINGLE OR FEW CUSTOMERS

Given the nature of our business operations, we do not believe our business is dependent on any single or a few
customers.

SEASONALITY/ CYCLICALITY OF BUSINESS
Our business exhibits seasonality with relatively higher revenues recorded during the festive periods compared to

other periods. For further information, see “Risk Factors - Our sales are subject to seasonal variations that could
result in fluctuations in our results of operations.” on page 45.

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