28.

29.

30.

Any such negative publicity may indirectly and adversely affect our reputation and business operations. In addition,
incidents not related to product quality or safety, or other negative publicity or scandals implicating us or our employees,
regardless of merit, may also have an adverse impact on us and our reputation and corporate image.

In recent years, there has been a marked increase in the use of social media platforms in India, including blogs, social media
websites and applications, and other forms of internet-based communications which allow individuals access to a broad
audience of consumers and other interested persons. Many social media platforms immediately publish the content that
their subscribers and participants post, often without filters or checks on accuracy of the content posted. The dissemination
of inaccurate information online could harm our business, reputation, prospects, financial condition and operating results,
regardless of the information’s accuracy. The damage may be immediate without affording us an opportunity for redress
or correction. Other risks associated with the use of social media include negative comments about us, fraud, hoaxes or
malicious exposure of false information. Such inappropriate, unverifiable or false information regarding us or our platform
may be published online or on social media by third parties could increase our costs, lead to litigation or result in negative
publicity that could damage our reputation and adversely affect our business, results of operations and financial condition.
While there have been no instances during the past three financial years and the six months ended September 30, 2021
where we have been materially affected by adverse news, scandals or other incidents associated with the Indian
pharmaceutical industry, we cannot assure you that such instances may not occur in the future.

We rely on the utilization of prescription drugs, and their brand name or generic drugs may affect our sales and
margins, adversely affecting our business, financial condition and results of operations.

The profitability of our pharmacy retail business depends, for a large part, on the utilisation of prescription drugs. Utilisation
trends are affected by, among other factors, the introduction of new and successful prescription drugs as well as lower-
priced generic alternatives to existing brand name drugs generally due to higher gross margins on the sale of generic
alternatives. Inflation in the price of drugs also can adversely affect utilisation. As more retailers start selling individual
private label products, new brand name drugs can result in increased drug utilisation and associated sales, while the
introduction of lower priced generic alternatives typically results in relatively lower sales, but relatively higher gross profit
margins. Our profit margin can also be significantly impacted if medical practitioners prescribe pharmaceutical drugs of
an aggregate quantity that we may not adequately stock. Moreover, there may be changes in regulatory policy that could
affect the prescriptions by medical practitioners, such as a mandatory prescription notification by the Government of India
which is yet to be implemented.

Accordingly, a decrease in the number or magnitude of significant new brand name drugs or generics successfully
introduced, delays in their introduction, or a decrease in the utilisation of previously introduced prescription drugs, could
have an impact on results of operations. While there have been no past instances where such risk materially affected our
results of operations for the past three financial years and the six months ended September 30, 2021, we cannot assure you
that such instances may not occur in the future. In addition, gross profit margins could be adversely affected if there is an
increase in the amounts we pay to procure pharmaceutical drugs, including generic drugs, or if new brand name drugs
replace existing generic drugs.

A change in population demographics could have an adverse effect on our business, operations, financial condition
and results of operations.

The global aging population is a major driver of demand for pharmacy retail services. An older population is making up
an increasingly larger proportion of the overall Indian population as a result of falling fertility and increasing life
expectancy rates. As of the financial year 2011, around 14% of India’s population was aged 54 or above. (Source:
Technopak Report) According to Technopak Report, India’s increasing population, as well as the ageing of its population,
may increase the patient pool and lead to growth opportunities. These trends, along with the COVID-19 pandemic, have
generally resulted in an increased demand for pharmaceutical and other drugs, particularly among the elderly population.
For instance, the contribution of chronic therapy to the pharmaceutical may increase, with lifestyle diseases showing higher
prevalence as the age profile of the population increases. (Source: Technopak Report) A change in any of these trends,
including shorter life spans, reduced incidence of illness or reduced demand for pharmaceutical drugs, could significantly
impact demand for our products and services and could adversely affect our business, operations, financial condition and
results of operations.

The extent to which COVID-19 may affect our business and operations in the future is uncertain and cannot be
predicted.

In late calendar year 2019, COVID-19, commonly known as “novel coronavirus” was first reported in Wuhan, China. Since
then, the virus has progressively spread globally. During the first half of calendar year 2020, COVID-19 spread to a
majority of countries across the world, including India. The COVID-19 pandemic has had, and may continue to have,
significant repercussions across local, national and global economies and financial markets. In particular, a number of
governments and organizations have revised GDP growth forecasts downward in response to the economic slowdown
caused by the spread of COVID-19.

The global impact of the COVID-19 pandemic has been rapidly evolving and public health officials and governmental

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