We have entered into cross-currency and interest rate swap contracts for hedging our foreign currency and interest
rate risks relating to certain external commercial borrowings. In addition, we may enter into call option contracts
and interest rate swaps, which are not designated as hedges. In case of currency swaps, the effective portion, i.e.,
the amounts recognized as other comprehensive income are transferred to profit or loss when the hedged
transaction affects profit or loss (such as when the hedged financial income or financial expense is recognized, or
when a forecast sale occurs when the hedged item is the cost of a non-financial asset or non-financial liability),
while any ineffective portion is recognized immediately in profit or loss. In all such events, the net mark to market
gains or losses are recognized in our statement of profit or loss for the period. However, there can be no assurance
that our aforesaid measures will enable us to avoid the effect of any adverse fluctuations in the value of the Indian
Rupee against other relevant foreign currencies, to the extent that we recognize a net mark to market loss in our
statement of profit and loss for the period, our profitability may be adversely affected.

Also see, “Risk Factors” on page 22.
Interest rate risk

We are exposed to interest rate risk pertaining to funds borrowed at both fixed and floating interest rates. Although
the risk of floating interest rates in foreign currency is managed by the use of hedging arrangements including
interest rate swap contracts, from time to time, to the extent that we recognize a net mark to market loss in our
statement of profit and loss for the period, our profitability may be adversely affected.

Also see, “Risk Factors” on page 22.
Credit Risk

Credit risk is the risk of financial loss if a customer or counterparty fails to meet its contractual obligations. Also
see, “Risk Factors” on page 22.

Our trade receivables were % 2,142.00 million, = 1,943.19 million, % 2,100.32 million and 2 2,016.86 million, for
the nine months ended December 31, 2020 and for the years ended March 31, 2020, 2019 and 2018, respectively.
The expected credit loss allowance for trade receivables based on our provision matrix was % 97.26 million, =
80.34 million, = 64.85 million and 2 70.30 million, as at the end of the nine months ended December 31, 2020 and
Fiscals 2020, 2019 and 2018, respectively, due to delay in receiving payments from our customers as a result of
the impact of COVID-19 outbreak.

Liquidity Risk

Liquidity risk refers to the risk that we cannot meet our financial obligations, despite havingobtained fund-based
and non fund-based working capital limits from various banks and investing the surplus in bank fixed deposits.
Also see, “Risk Factors” on page 22.

Unusual or infrequent events or transactions

Except as discussed in this Prospectus, there have been no other events or transactions that, to our knowledge,
may be described as “unusual” or “infrequent”.

Known trends or uncertainties

To our knowledge, except as we have described in this Prospectus, including under this section and under “Risk
Factors” on page 22, there are no known trends or uncertainties, which we expect to have a material adverse
impact on our revenues or income from continuing operations.

Future changes in relationship between costs and revenues
Except as described in this section and in “Risk Factors” and “Business” on pages 22 and 168, respectively, to
our knowledge, there is no future relationship between expenditure and income that will have a material adverse

impact on our operations and finances.

Extent to which material increases in net sales or revenue are due to increased sale volume, introduction of
new products or services or increased sales prices

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