<dhhead>MANAGEMENT DISCUSSION AND ANALYSIS REPORT</dhhead>
Financial Year 2023: A Glance
FY23 witnessed a significant milestone with the Indian economy
positioning itself as the fifth-largest global economy while showcasing unwavering
resilience. Despite formidable challenges like inflationary pressures and a high-interest
rate environment that affected the global economy, India markets remained buoyant.
Here is a recap of the major events of FY23.
• Ukraine War Impact: Russias invasion of Ukraine in February
2022 triggered an energy supply shortage, causing fuel, food, and raw material prices to
soar globally. This resulted in the US experiencing its highest inflation rate in forty
years.
• Covid-Threat and China: The fiscal year started with the threat
of the spread of new Covid-virus subtype, which resulted in Chinas decision to continue
lockdown in its cities. This had a detrimental impact on the global supply chain. It also
resulted in a significant increase in oil and food prices which in turn in resulted in
steep rise in inflation across the global economies. Even India was not spared either, and
for most part of the year inflation remained beyond the RBIs tolerance limit.
• Interest Rate Hikes: Central banks, including the US Fed and the
RBI, responded to high inflation fears by implementing aggressive rate hikes.
• Foreign Portfolio Investment (FPl) Outflows: Foreign investors
withdrew ?37,631 crores from Indian equity markets since April 2022 due to higher interest
rates and concerns about market overvaluation.
• Banking Crisis in the West: Tech-focused regional banks in the
US, such as SVB, Silicon Bank, and Signature Bank, collapsed due to deposit runs caused by
higher interest rates and losses on bond portfolios. The crisis spread to Europe,
resulting in UBS rescuing Swiss Lender Credit Suisse through a government-mediated deal.
The financial year 2022-23 was a subdued year for the Indian stock
market, majorly influenced by a range of factors discussed above. The Indian stock markets
were very volatile during FY23 and ended the year on a flat note. The benchmark BSE Sensex
closed the year up 0.78%, while the Nifty ended down 0.44%. However, Nifty and Sensex
outperformed most major global peers like the American Dow Jones, S&P 500, Nasdaq 100,
Hong Kongs Hang Seng and Australias S&P/ASX 200 in financial year 2023,
Remarkably, India emerged as the second-best performer among emerging
markets, trailing only South Africa. The resilience of Indian equities was primarily
attributed to robust investments from domestic institutions, amounting to nearly ?1.62
lakh crores. Foreign portfolio investors sold Indian shares worth ?37,631 crores. Despite
their sell-off, domestic sectors like FMCG, auto, and banks experienced notable gains,
with the Nifty FMCG index rising by 26%, while auto and banking sectoral indices increased
by 16% and 11%, respectively, by the end of the fiscal year. On the other hand, sectors
such as pharma, energy, metals, realty, and IT witnessed declines ranging between 12% and
28% in FY23. Robust growth in the agriculture, construction, and services sectors and a
rebound in manufacturing in the March quarter supported Indias 7.2% growth in FY23,
beating the official forecast of 7%.
Indian Economy Outlook FY24
According to the International Monetary Fund (IMF), in FY24, the Indian
economy is expected to grow at 6.5%. The logistic costs and commodity costs, which had
risen substantially due to the Ukraine-Russia war, have started tapering and have also
resulted in better margins for various companies. To control inflation, the Reserve Bank
of India (RBl) had to adopt a tightening policy and raise interest rates by 250 basis
points during the year. However, we expect the interest rates hikes to come to a pause
during the next fiscal year.
Indias oil import bill is crucial as it is a major component of
cross-border trade. Indias trade deficit in merchandise exports had gone up in FY23 from
the previous year, and improvements in service exports were insufficient to offset the
imbalance in trade. In FY24, the major challenges for India will be a slowdown in exports
as the global economy is showing signs of a slowdown and the impact of higher interest
rates. The projections of all major global rating agencies are also indicating a global
slowdown.
On the positive side, India has one of the youngest population in the
world. The government is committed to infrastructure growth, and adequate capex is
happening on defense and infrastructure. Moreover, Indian banking sector has shown
resilience during a global banking crisis demonstrating inherent strength of the economy
and the banking system. We are likely to see consolidation with a strong positive bias and
continue to attract the attention of global investors amidst a forecasted global slowdown.
Global Outlook FY24
According to the International Monetary Fund (IMF), the global economy
is anticipated to face a slowdown in the coming years. Projections suggest that growth
rates will see a dip in 2023 before stabilizing in 2024 (as per calendar year). Advanced
economies, including the USA, are likely to experience a notable decline in growth rates,
with estimates falling from 2.7% in 2022 to 1.3% in 2023.
The IMFs analysis highlights an anticipated global economic slowdown,
particularly in advanced economies. Inflation is projected to decrease, although core
inflation may take additional time to reach desired levels.
Indian Broking Industry
The Indian broking industry exhibits a remarkable diversity,
encompassing numerous intermediaries that contribute to the market infrastructure. In the
past few years, many new digital and discount broking companies have entered the market
resulting in severe competition and low brokerage rates. The growth and competition in the
market further intensified during the Covid-19 pandemic when the number of demat account
openings saw record growth. This has helped in increasing the penetration of equity as an
asset class among Indians and the entry of many young Indians into the markets.
We are happy to announce that our new mobile app Arihant Plus and web
trading platforms launched in August 2022. This will help us compete better in the market
and help in the next leg of the companys growth. We have discussed elaborately about the
trading platforms and the digitization journey in the forthcoming section.
Who We Are and What We Do?
We are Arihant Capital, Indias leading financial services company
helping investors meet their financial goals for over three decades. Our main objective is
to assist our customers in growing their wealth by effectively managing risk and
maximizing returns and offering them the right tools and services. Over the years, we have
expanded our operations and gained a reputation as a trusted and respected financial firm.
Over the years, our company has broadened our service offerings to
include equity and equity derivatives, commodity, and currency broking services, margin
funding, portfolio management, merchant banking services, financial product distribution,
financial planning, insurance services, and depository services. Our extensive network
comprises 644 investment centers spread across 161 cities in India. We cater to a diverse
client base exceeding two lac clients, which includes retail investors, high net-worth
individuals, and both domestic and foreign financial institutions.
At Arihant Capital, we strive to provide personalized financial
solutions, leveraging our expertise, experience, and comprehensive range of services. Our
commitment to client-first approach, professionalism, and integrity has established us as
a trusted partner for individuals and institutions.
Here is a list of products and services offered by Arihant Capital:
Our Digital Platform- Arihant Plus Mobile App
The Arihant Plus Mobile App, launched across multiple platforms
including iOS, web, and Android, has gained significant traction among both existing and
new clients.
Investing in general can be very complex for the average user. After
gathering data on how traders and investors use the mobile application and other trading
platforms, we designed Arihant Plus to make trading and investing easier and accessible
for everyone. Our goal is to uncomplicate investing in stock markets and provide users
with the right tools and resources to create wealth. With Arihant Plus, we have tried to
create a well-thought-out Ul (user interface) thats cleaner, simpler, and caters to both
beginners and experienced traders and combined it with the right tools and features so
Othat even first-time users can quickly and easily understand.
With an already impressive Play Store rating of 4.84 stars, the
application has been received well. Moving forward, Arihant Plus will continue to expand
features and products, ensuring seamless and smart trading and investment experience for
its users.
What does Arihant Plus offer to clients
• Convenience: The Arihant Plus mobile app is designed to create a
friction-free trading journey for clients. The app provides users with a convenient and
user-friendly platform to trade and invest in stocks. The new mobile app has been designed
after a lot of research and based on feedback from clients to make their trading journey
smoother, simpler, and quicker. Clients can conveniently track market trends, execute
trades, find advanced charting and order types, and monitor their portfolios, anytime,
anywhere with ease through our new trading platforms.
• Great Ul/uX: The right Ul/lIX enables users to make more
rational decisions and better trade execution thereby helping them to achieve their
financial goals, resulting in higher user satisfaction scores. By presenting information
in an easily understandable form, users can get actionable insights about their money.
Thats what we are trying to achieve with Arihant Plus.
• Innovation: Arihant Capital s investment in developing the
Arihant Plus mobile app showcases its commitment to innovation and embracing digital
transformation. By leveraging cutting-edge technology, the app offers a seamless and
immersive user experience, empowering clients with advanced tools and features to make
informed investment decisions.
• Real-Time Updates: Users of the app stay updated with real-time
market information, enabling them to make timely investment decisions. The app provides
live streaming of stock prices, market news, research, and market analysis, ensuring users
can make informed decisions.
• Security: Arihant Plus prioritizes the security and privacy of
its users. The app incorporates top-notch robust security measures to ensure the
confidentiality and integrity of client information.
Review of Operations
The financial performance of our company in FY23 was directly
influenced by the volatility witnessed in the Indian financial markets. The fluctuations
in the market had a substantial impact on our revenues. However, despite these challenges,
we remained resilient and focused on strengthening our digital capabilities.
The companys financial performance and key financial ratios for the
period under review are mentioned as follows:
| Year ended (Rs in lacs) |
March 31,2023 |
March 31,2022 |
| Income from operations |
*13,754.77 |
*16,975.09 |
| Other Income |
*21.26 |
*25.90 |
| Total Income |
*13,776.03 |
*17,000.99 |
| Total Expenditure |
*9,903.35 |
*10,510.59 |
| Profit before Tax |
*3,938.71 |
*6,526.37 |
| Tax on Profit |
*1,026.95 |
*14,90.27 |
| Net Profit for the period |
*2,911.76 |
*5,036.10 |
| Earnings Per Share |
*2.80 |
*4.84 |
| S. No. |
Ratios |
March 31, 2023 |
March 31, 2022 |
| 1, |
Earning Per share (KPS) |
2.80 |
4.84 |
| 2, |
Debt Equity Ratio |
0.23 |
0.36 |
| 3. |
Debtors Turnover Ratio |
0.75 |
0.98 |
| 4. |
Total Debt to Total Assets |
0.1 i |
0.14 |
| 5, |
Return on Net worth |
0.M |
0.22 |
During the financial year, your companys revenues dropped 18.97% from
i?16,975.09 lacs in FY22 to ?13,754.77 lacs in FY23. This drop in revenue and also the
profits were due to several factors:
• Stock market performance has a direct correlation to our
business. Due to global economic uncertainty resulting in increased volatility in the
market, lower participation was seen from our clients.
• To achieve the next level of growth, the company kickstarted its
digitization journey which required significant investments in technology and hiring the
right talent. We also engaged top consultants in the country to help us in our
digitization efforts. This increased our costs considerably.
• Last year, the company had an exceptional income due to sale of
wholly owned subsidiary. Due to its addition to the total revenues, the drop seen in FY23
revenues is steeper
Recognizing the importance of the digital landscape, we made
significant investments to attract top talent, reinforcing our commitment to innovation
and customer-centricity. Notably, in FY23, we achieved a major milestone with the
successful launch of the Arihant Plus Mobile App.
While market volatility posed obstacles, we remain steadfast in our
pursuit of growth and are confident in our ability to navigate through dynamic market
conditions.
Risk factors relating to our business operations
The company pays close attention to the risks associated with its
products, as they could potentially harm the business. It has established clear risk
management policies to handle changing market conditions and evolving regulations,
regularly reviewing its risk management framework. The company has dedicated resources in
terms of people, processes, and technology to effectively manage its risk management
system. It takes proactive measures to identify and address risks and opportunities,
aiming to safeguard and add value for its stakeholders. Some key risks that affect the
companys overall governance include economic and geopolitical risks, technology risks,
operational risks, market risks, regulatory risks, governance risks, resource risks, and
reputation risks.
1. Economic & Geopolitical Risk
As a financial services company, the companys business is materially
affected by the economic conditions of the country and even global economies, global
economic slowdown, and any geopolitical risks.
2. Technological Risk
• The Company will have to be abreast with the rapidly changing
technology to offer seamless and improved experience to its clients. If the Company is
unable to keep pace with this, it runs the risk of technology obso lescence.
• The management periodically reviews various technology risks
such as protecting sensitive customer data, identity theft, cyber-crimes, data leakage,
business continuity, access controls, etc. While the Company has put in place processes,
systems and tools and is actively monitoring suspicious activities, there can be times
that.
• The substantial amount of costs involved in deployment of
technology is a critical factor. Obsolescence is another major concern as upgradation of
technology is an ongoing exercise. Any significant changes in technology would pose
pressure on our profitability.
• Our success depends largely upon our highly skilled technology
professionals and our ability to hire, attract, motivate, retain and train these
personnel.
3. Operational Risks
Security breaches pose a significant operational risk for financial
services company, potentially resulting in significant liability and reputational damage.
The breach of the company’s systems, as well as those of its clients or third
parties, can lead to unauthorized access, theft of sensitive information, such as client
personal data or financial details, and potential financial fraud. Such incidents can
result in financial losses, legal implications, regulatory penalties, and erosion of
customer trust.
4. Market Risk
Market volatility is a significant risk, as sudden price movements and
increased market fluctuations can affect trading volumes and investor activity. Economic
conditions also play a role, as downturns or recessions can reduce investor confidence and
trading activity. Hence, like other players in the market, our business is highly
sensitive to economic and political conditions prevalent in the country. Any sustained
downturn in general economic conditions or Indian equity markets and severe market
fluctuations would likely result in reduced client trading volumes and net revenues, and
hence, will have a material adverse effect on our profitability.
5. Reputation Risk
Over the years, the company pays special attention to issues that may
create a reputational risk. Events that can negatively impact the organization position
are handled cautiously ensuring utmost compliance with relevant laws.
Our reputation could be at risk and we may be liable to our clients or
to regulators for damages caused by inadvertent disclosure of confidential information and
sensitive data. Our reputation, access to capital and longer-term financial stability
could be at risk if we are unable to meet our stated action goals.
6. Credit Risk
We provide exposure limits to clients, based on the collaterals of
securities that we receive from them, in connection with our brokerage business. Sharp
change in market values of securities and the failure by parties to honour their
commitments on a timely basis could have a material adverse effect on the profitability of
our operations.
7. Competition Risks
As a financial services company operating in the rapidly evolving
industry, we face significant challenges due to competition risk. The market landscape has
become increasingly competitive, making it harder for us to differentiate ourselves and
attract new customers. Aggressive pricing strategies employed by our competitors can
trigger price wars, resulting in squeezed profit margins and overall diminished
profitability.
Established brokerage firms with strong brand recognition and abundant
resources pose a formidable challenge. Furthermore, regulatory changes introduce
additional complexities, increasing our compliance costs and creating barriers to entry.
To navigate these challenges, we understand the utmost importance of maintaining customer
loyalty. Competitors offering attractive incentives, superior service, or additional
features can tempt our clients to switch brokers.
8. Compliance Risk
As a participant in the securities markets and a registered merchant
banker, we are subject to extensive regulation under the Securities and Exchange Board of
India (SEBl), multiple exchanges and other regulatory bodies. The costs and uncertainty
related to complying with such regulations continue to increase. While the slew of new
regulations introduced by SEBl are in the interest of the investors, and we really welcome
such changes, these regulations may impact our business operations, enhance capital
requirement and impose restrictions on the activities we are allowed to do and the
facilities we can offer to the clients.
Despite our best efforts to comply with all the applicable regulations,
there are a number of risks, particularly in areas where applicable regulations or laws
may be unclear or where regulators could revise their previous guidelines. Additionally,
some legal/regulatory frameworks provide for the imposition of fines and penalties for
noncompliance even though the noncompliance was unintentional or inadvertent and even
though the systems and processes reasonably designed to prevent violations were in place.
Such a finding can affect our business, and damage our reputation.
9. Litigation Risk
As a financial services company, we face significant litigation and
regulatory risks. Litigation and arbitration claims include those brought by our clients,
authorized partners and the regulators. AnOO unfavorable judgment, settlement, injunction
or fine could materially impact our business and affect our operating results. Moreover,
such litigation can require the expenditure of significant company resources.
Risk Management
Risk management holds a pivotal role in our business strategy and
planning discussions. At Arihant, we have implemented a robust risk management framework
that allows us to identify, understand, and effectively manage risks associated with our
operations.
Integrating risk management seamlessly across all aspects of our
business, we aim to strike the right balance between risk and return while ensuring
prudent financial management. Compliance with applicable laws, rules, and regulations is
of utmost importance to us. Risk management is deeply ingrained in our overall strategy,
fostering a strong risk culture that encourages a holistic approach to risk management
throughout our organization.
Regular review of our risk management policies and processes is
conducted by the Audit Committee, which also stays informed about risk assessments, the
impact of risks on our business, and our mitigation plans. We are committed to maintaining
a vigilant and proactive approach to risk management, ensuring the security and stability
of our operations in the best interest of our stakeholders.
Human Resources
Arihant has an experienced and talented pool of employees who play a
key role in enhancing business efficiency, devising strategies, setting up systems, and
responding to an evolving business environment. The company has embarked on several human
resource initiatives to enhance the productivity of the organisation. The company
endeavours to provide a safe, conducive, and productive work environment. Arihant is
committed to providing a positive work environment free of discrimination and harassment.
Equal opportunity and fair treatment are part of our code of conduct.
The company believes that the quality of its employees is the key to
its success and is committed to equipping them with skills that enable them to seamlessly
evolve with ongoing technological advancements. Our success depends in large part on our
management team, key personnel, and our ability to attract and retain them.
The company conducts training programmes to improve technical and
behavioural skills, business excellence, management skills, and leadership skills. It also
creates awareness about company values and the code of conduct. The company believes in a
safety culture and implements policies and programmes to safeguard the health and
well-being of its people. It also strives to create a diverse and inclusive workplace that
accommodates people from varied backgrounds with an unbiased attitude towards personal
preferences, cultural or sexual orientation, geographical origin, etc.
Corporate Social Responsibility (CSR)
Outline of our CSR Policy
At our core, we are deeply committed to social responsibility,
recognizing its pivotal role in fostering positive societal change. Our comprehensive CSR
program reflects our dedication to striking a harmonious balance that encompasses human
welfare, environmental stewardship, and community empowerment. By seamlessly integrating
CSR principles into our business operations and actively participating in CSR initiatives,
we are steadfast in our pursuit of continuous contributions to global sustainable
development. This policy serves as our guiding framework, outlining the principles and
processes that underpin the execution, implementation, and monitoring of our CSR
activities. With unwavering commitment, we strive to create a lasting impact and uplift
the communities we serve.
Arihants Commitment to Corporate Social Responsibility
In FY23, our company demonstrated its unwavering commitment to
Corporate Social Responsibility (CSR) and works in several areas including education,
upliftment of the underprivileged, healthcare, and sustainability.
For India to grow, we strongly believe we need to uplift and empower
young underprivileged children and give them access to quality education in small
villages. To support this, your company engaged in several activities through its CSR
initiatives including donation of furniture to schools, financial support to educational
institutions, and funding construction of school building. Furthermore, we distributed
books and copies, and other stationary materials to students, ensuring they get access to
quality education.
We also actively engaged in plantation drives to reduce our carbon
footprint.
Recognizing the importance of sports and health, we have invested in
sports activities for the underprivileged, organized health camps, and provided
diagnostics services.
The comprehensive details of our Corporate Social Responsibility (CSR)
activities are included in the Board Report, highlighting our commitment to social impact.
For accessing our companys CSR policy, please click here. We invite stakeholders and
interested parties to visit our website and familiarize themselves with our CSR
initiatives and the strategic framework we have established to drive positive change in
the communities we serve- internal Control System
The internal control systems are designed to safeguard the Companys
assets and ensure efficient productivity at all levels. The systems are adequate for the
size of the business and the industry in which it operates. Well-defined processes,
guidelines, and procedures and adequate internal information systems enable the Company to
enhance internal controls.
Decision-making is made easier due to proper information flow. Periodic
and frequent audits ensure strict adherence to the set procedures and processes. The audit
committee reviews reports presented by the internal auditors on a routine basis. The
committee makes note of the audit observations and takes corrective actions, if necessary.
It maintains a constant dialogue with statutory and internal auditors to ensure that
internal control systems are operating effectively.
The Environment
At Arihant, we place great importance on promoting eco-friendly and
environmentally conscious practices.
We actively encourage our clients to embrace paperless solutions by
opting for electronic trade confirmations (e-contract notes), account statements, and
bills. By going paperless, not only do we contribute to preserving the environment, but we
also enable our clients to conveniently access vital information electronically,
regardless of their location.
Our philosophy encompasses achieving outstanding performance while
upholding ethical behavior and a steadfast dedication to minimizing our environmental
footprint. We firmly believe that sustainable practices and responsible actions go hand in
hand with delivering successful outcomes. By embracing eco-friendly initiatives, we strive
to create a positive impact on the environment and foster a greener, more sustainable
future for all.
Commitment to doing what is right
At Arihant Capital Markets, our top management team and board of
directors are dedicated to doing what is right. We prioritize the best interests of our
associates, clients, and shareholders, ensuring ethical leadership and value creation that
fosters trust and long-term success.
Opportunities, Challenges & Strengths
Opportunities
• Despite the steep growth in the number of new demat accounts in
India over the last five years, the penetration of equity as an asset class is still very
low in the country. This presents an opportunity for us to cater to this growing customer
base in the equity segment and offer our services.
• The Indian market is witnessing a significant shift towards
digital platforms for trading and investing. We look to leverage technology to provide a
seamless and user-friendly trading experience to our clients, attracting more customers in
the process.
• Offering a wide range of investment options, including equities,
derivatives, mutual funds, commodities, merchant banking activities and more.
• Providing personalized services to retail investors. Building
relationships, offering tailored investment advice, and providing prompt customer support
can help attract and retain clients.
• Corporates looking at consolidation/acquisitions / restructuring
open out opportunities for the corporate advisory business.
• There has been an increase in disposable income, and this
provides an opportunity for getting more wallet share from our customers.
• By adhering to regulatory compliance, maintaining transparency,
and providing a reliable and secure trading platforms, we seek to establish trust with
clients, leading to long-term relationships.
Challenges
• The brokerage industry in India is highly competitive, with
several established players and new entrants vying for market share. We may face tough
competition from larger brokerage firms with more extensive resources and established
brands.
• Customer preferences and expectations are continually evolving.
Retail investors now seek seamless, user-friendly interfaces, mobile trading apps, and
personalized services. We need to continuously assess and respond to changing customer
demands to stay competitive.
Regulatory Changes.
• The stock markets can be volatile, influenced by various factors
such as economic conditions, political developments, and global events. We need to have
robust risk management systems in place to mitigate potential losses and protect our
clients investments.
• Market trends making other assets relatively attractive as
investment avenues.
Strengths
• Established Brand: Arihant Capital Markets Limited (ACML) is a
well-known and respected brand in the brokerage industry in India, instilling trust and
credibility among clients and stakeholders.
• Experienced Management Team: The company is backed by a highly
experienced top management team with a proven track record, ensuring effective leadership
and strategic decision-making.
• Strong Franchisee Network: ACML has established leadership in
the franchisee business, fostering strong relationships with its franchisees and promoting
growth and profitability for both parties.
• Focus on Research and Differentiation: The companys
understanding of equity as an asset class and its commitment to quality research set it
apart from competitors, providing valuable insights to clients and enhancing its
competitive edge.
Commitment to superior quality and process execution.
Strategy
Our strategic vision at Arihant Capital Markets is to seize the immense
growth and consolidation opportunities within the brokerage industry. Leveraging our
robust infrastructure, experience and knowledge, we aim to expand our market share and
enhance profitability. Staying at the forefront of industry dynamics, we will embrace
technological advancements to ensure our offerings are aligned with evolving client
expectations.
By strategically expanding our network in high-potential markets with
manageable competition, we will strengthen our position and reinforce our relevance to
clients. Our client-centric approach will enable us to deeply understand their investment
requirements and deliver tailored solutions that meet their unique needs. Through these
initiatives, we are committed to building a sustainable organization that remains attuned
to our clients agendas, fosters growth opportunities for our employees, and delivers
profitable returns for our valued investors.
Statutory Compliance
At Arihant Capital Markets, we place great emphasis on statutory
compliance, ensuring that we adhere to all relevant regulations and laws. Our company has
established a robust and transparent compliance framework that is well-documented and
easily demonstrable. This framework enables our management to effectively monitor and
report on compliance risks and exposures to the Board. To ensure comprehensive compliance,
our Chief Compliance Officer provides a declaration at each Board Meeting, confirming
adherence to the provisions of various statutes. This declaration is obtained after
obtaining confirmation from all operating departments across our subsidiary companies in
India. By maintaining a strong focus on statutory compliance, we prioritize operating
ethically and responsibly, thereby earning the trust and confidence of our stakeholders.
Cautionary Statement
The Management Discussion and Analysis (MDA) report provides a
comprehensive overview of the companys objectives, projections, estimates, and
expectations. It is important to note that these statements may be forward-looking, as
defined by applicable laws and regulations. However, it is crucial to understand that the
actual outcomes and results may vary significantly from what is expressed or implied in
the report. Numerous factors can influence the companys operations, including changes in
governmental regulations, tax regimes, forex markets, economic developments both in India
and the countries where the company operates, and other incidental factors. Therefore, it
is essential to consider these dynamic elements when interpreting the information
presented in the MDA report.
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