32, The growth of online retailers and current trends of discounting and pricing strategies may adversely affect
our pricing ability, which may have an adverse effect on our results of operations and financial condition.

In Fiscal 2019, 2020 and 2021 and in the three months ended June 30, 2020 and June 30, 2021, sales from online
channels represented 1.26%, 0.97%, 4.76%, 13.52% and 6.45% of our revenue from operations in such periods,
respectively. In recent years, India has witnessed the emergence and growth of such online retailers and the market
penetration of online retail in India is likely to continue to increase. This has led to current trends of discounting
and deep price competition amongst ecommerce players. Online retailers sell multiple brands on their platforms,
providing customers the ability to compare products and prices across brands. While we believe this provides us
with an opportunity to increase the visibility of our brand, it also increases the negotiating position of such online
retailers. We cannot assure you that we will always be able to negotiate agreements on favorable terms or at all,
with such online retailers, particularly in relation to pricing or credit terms. If our customers perceive that prices
of our products are not in line with the quality of our products, our sales may be directly impacted. We may not
always be able to offer our products at prices which represent value for money. Further, some of our competitors
may be able to negotiate better or more favorable terms with such online retailers as they enjoy pricing advantages
due to large scale operations and multiple distribution channels. Any inability on our part to enter into agreements
and on terms favorable to us, may have an adverse effect on our pricing and margins, and consequently adversely
affect our results of operations and financial condition.

33. If any new products or brands that we launch are not as successful as we anticipate, our business, results
of operations and financial condition may be adversely affected.

We currently operate under a single brand but intend to expand our product portfolio. We may launch additional
brands in the future in order to effectively market a wider range of apparel or other products. However, we cannot
assure you that any new products or brands we launch will be successful or find traction with our customers or
retail partners, or that we will be able to recover costs we incurred in developing such products and brands. If the
products and brands that we launch are not as successful as we anticipate, our brand equity may suffer and our
business, results of operations and financial condition may be adversely affected. Further, such expanded product
offerings place a strain on our management, operational and financial resources, as well as our information
systems.

34, Our inability to meet our obligations, including financial and other covenants under our debt financing
arrangements could adversely affect our business and results of operations.

Our financing agreements contain certain restrictive covenants that limit our ability to undertake certain types of
actions, any of which could adversely affect our business and financial condition. Our Company is required to
obtain prior approval from and provide prior information to our lenders for, among other things: change in capital
structure or constitutional documents; change in effective beneficial ownership or control of our Company;
material change in the management of the business of our Company; raising of new loans or creating of fresh
charge on any of our assets.

Any failure in the future to satisfactorily comply with any condition or covenant under our financing agreements
(including technical defaults) may lead to a termination of one or more of our credit facilities, acceleration of
amounts due under such facilities, and enforcement of events of default as well as cross-defaults under certain of
our other financing agreements, any of which may adversely affect our business, financial condition and results.
of operations. Although we have not defaulted on our financial obligations and have been in compliance with
covenants in the past, we cannot assure you that we will be able to comply with all such financial obligations and
covenants in the future.

Further, we have granted security interests over certain of our assets, including charge on our present and future
current assets and on our present and future movable and immovable fixed assets, in order to secure our
borrowings, and any failure to satisfy our obligations under such borrowings could lead to the forced sale and
seizure of such assets, which may adversely affect our business, financial condition and results of operations. For
further details of our indebtedness, see “Financial Indebtedness” on page 341.

35. Failures in internal control systems could cause operational errors which may have an adverse impact on
our profitability.

We are responsible for establishing and maintaining adequate internal measures commensurate with the size and
complexity of operations. Internal control systems comprising policies and procedures are designed to ensure

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