OnMobile Global Ltd Management Discussions.

OVERVIEW first month. We have been building ONMO to solve all

OnMobile provides end-to-end mobile entertainment solutions including platform, apps, content partnerships and professional services to telecom operators and other media companies. Through our 98 customers, our products reach 2.7B users and over 1.9B digital users across 56 countries.


We continue digitizing the operating model of our existing core products that currently contribute a majority of our revenues. Tones: Ranging from Traditional to Digital, our Tones product provides a compelling offering by engaging telecom subscribers over feature phones & smart phones across networks. We have nearly 66M users through 48 operators globally with 10B+ tones played per month. The year witnessed the product launching with 6 new partners, as it evolves to a digital-also launched Video RBT (App-based video tunes) and AdRBT (Mobile marketing solution).

Videos & Editorial: Our digital mobile web store offers a one-stop destination for users to access curated content by paying a subscription fee. The content includes trending global and local topics across Sports, News, Entertainment, Kids, Games and Travel etc. It is ad-free and available for users to discover and consume with ease. With features like, contextual recommendation, we provide the most relevant content and services to users, and enhance their experience. In FY 20-21 the product witnessed addition of a number of premium services like Storytel, Apple Music, Vaughan and FlixOl.


The global mobile gaming market is expected to grow from $80 Billion to over $130 Billion by 2025. We see this as a huge opportunity. We have been investing in building cutting edge mobile gaming products and developing new-growth businesses outside our traditional core which will become a significant share of the overall business. Mobile Contests & Quiz: We have a deep understanding of the contest & quiz market. Our existing legacy contest & quiz platform has 8M current active base and 1.5M MAU (monthly active users). We have repositioned this offering and built out Challenges Arena, a Mobile Quiz Gaming app which offers a single destination to play casual challenges with an unparalleled gamified winning experience with social competitions and leaderboards. The product has been launched with one telecom operator and OTT app in FY 20-21 and several discussions are in place with more partners for launches over the next year. ONMO: We have been building ONMO, our B2C mobile cloud gaming platform which hosts curated best short moments from several popular casual games. It connects game developers and players through competitions and challenges. ONMO is built on three key mobile gaming trends (eSports, Social and Short Form Gaming) and two disruptive technologies (AI and Cloud Streaming). Current casual short gaming experience for players is sub-optimal. Players leave the game due to boredom, majority players do not feel accomplished after completing challenges and most gaming apps get uninstalled within the problems. Our best-in-class Vision AI technology creates 1000s of unique challenges for players making eSports more casual, fun and social. Our Cloud stream technology ensures no friction and app uninstallations, thus making it easy to switch between games and game moments. The beta version of ONMO with virtual currency battles was launched in May 2021. The player feedback has been good and we are working on adding more compelling features and monetization in FY 21-22.


Our business is subject to risks and uncertainties, which include:

Dependency on operator wallet: Operators are offering bundled services tying up with multiple content providers and OTT players in some cases, leaving very little balance in operator wallet for VAS players to charge subscribers leading to revenue pressures. model. We Customer policy restrictions from telecom operators can limit our ability to drive revenue, consumer acquisition and marketing commitments resulting in revenue reduction.

Our business is subject to a variety of international government laws and regulations, which are subject to change and could affect our business (customer acquisition, revenue recognition, operating of local entities and ability to hire employees) Covid-19 has presented some risks for VAS providers and operators. In some regions, operators subscriber base has reduced as customers migrate back to their homelands. In other cases, operators have had to change customer acquisition & customer care policies. All these could adversely impact our subscriber base and revenues on the core Tones and Videos & Editorial business.

Dependency on third-party game developers to develop the games that we host on our platform. Game developers need to continue to offer a competitive experience in existing and new games on our platform for our players to find compelling gaming experiences.


OnMobile as a global leader in mobile entertainment is expanding its suite of digital entertainment services. In our core businesses, Videos is a high growth market and we are looking to upgrade the product, reposition this business and view this as an exciting future growth area. We expect Tones to be stable and profitable. We believe there is significant strategic growth opportunity in our new Mobile Gaming businesses. The world of mobile gaming has changed drastically, but perhaps no year saw more innovation and growth than 2020. During the pandemic and the resulting lockdowns, games have been indispensable for many consumers. Over the next 4-5 years we will see over 3B gamers come on to mobile. Furthermore, 5G is expected to be an adoption driver for cloud gaming. Given this backdrop, we are excited about our two mobile gaming products: Challenges Arena with its casual challenge operates in a vibrant $3B+ trivia/ quiz/ puzzles market space globally. We have launched with one operator and plan to go to market with several operators globally. ONMO our B2C cloud gaming platform truly has a global opportunity to own the casual esports market with an addressable market that is over $10B. ONMO is built on Esports, Social, Short Gaming, AI technology and Cloud Streaming. Esports has rapidly grown from fringe to mainstream with hundreds of millions of followers. Social gaming has been a huge driver of engagement for most games. Short game moments have rapidly grown with hundreds of millions playing instant games or short game sessions. Cloud gaming is relatively young but could eventually disrupt the games business. Our Visual AI engine/ CMS leverages real time data to develop unique fun challenges. We believe we are reinvigorating casual


Internalcontrolandriskmanagementarenecessaryprerequisites of corporate governance. The Corporate Governance Policy guides the conduct of affairs of the Company and clearly delineates the roles, responsibilities and authorities at each level with adequate system of internal controls. This ensures that all transactions are authorised, recorded and reported correctly and assets are safeguarded and protected against loss from unauthorized use or disposition. Properly documented policies, guidelines and procedures laid down for this purpose, stand widely communicated across the enterprise to provide the foundation for Internal Financial Controls with reference to the Companys operations and financial statements. Such Financial StatementsarepreparedonthebasisoftheSignificant

Accounting Policies, in line with the applicable Accounting Standards, that are reviewed by management and approved by the Audit Committee and the Board. statements

The Company recognizes that any internal control framework, no matter how well designed, has inherent limitations and accordingly, regular audit and review processes ensure that such systems are reinforced on an ongoing basis.

The Company has a set of Standard Operating Procedures (SOPs) that have been established for individual processes. In additiontothis,theCompanyhasidentified and documented the risks and control for each process that has a relationship to the operations and financial reporting. The Company uses

SAP and other internally developed ERP systems as a business enabler and also to maintain its Books of Account. The SOPs in tandem with transactional controls built into the ERP systems ensure appropriate segregation of duties, approval mechanisms and maintenance of supporting records. The Information Management Policy reinforces the control environment. The systems, SOPs and controls are reviewed by the management and audited by Internal Auditors whose recommendations are reviewed by the Audit Committee and tracked through to implementation. The Company has in place adequate internal financial controls with reference to the

Financial Statements. Such controls have been assessed during the year taking into consideration the essential components of internal controls stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by The Institute of Chartered Accountants of India. Based on the results of such assessment carried out by management, no reportable material weakness or significant design or operation of internal financial controls were observed.


The relate to OnMobile consolidated financial

Global Limited, referred to as "the Company" and its subsidiaries and associates together referred to as "the Group".


FY 2020-21 % of total revenue FY 2019-20 % of total revenue Growth %
Results from operations
Telecom Value Added Services 5,512.92 - 5,724.24 - (4)
Other Income 100.66 - 171.70 - (41)
Total Income 5,613.58 - 5,895.94 - (5)
Content fees and royalty 2,620.73 47 2,547.33 43 3
Contest expenses 51.34 1 63.01 1 (19)
Cost of software licenses and others 117.00 2 173.26 3
Employee 1,402.33 25 1,616.52 27 (13)
Finance costs 9.34 0 14.68 0 (36)
Depreciation and amortisation expenses 128.03 2 185.17 3 (31)
Other expenses 661.96 12 943.24 16 (30)
Total Expenses 4,990.73 89 5,543.21 94 (10)
Profit before share of loss of associates, exceptional items and tax 622.85 11 352.73 6 77
Share of loss of associates (5.69) 0 - 0
Profit before exceptional items and tax 617.16 11 352.73 6 75
Exceptional items 46.62 1 82.00 1
Profit before tax 663.78 12 434.73 7 53
Provision for taxation 203.92 4 158.90 3 28
Profit for the year 459.86 8 275.83 5 67
Profit/(Loss) attributable to Shareholders of the Company 459.86 8 275.83 5 67
Other Comprehensive income (Net) 78.15 1 146.27 2 (47)
Total Comprehensive income (loss) attributable to the 538.01 10 422.10 7 27
Owners of the Company
EPS- Basic 4.42 0 2.61 0 69
EPS -Diluted 4.41 0 2.61 0 69


Revenue is derived from Telecom Value Added Services including Ring Back tones, Mobile entertainment and other services. Revenue from Telecom Value Added Services is recognized on providing the services in terms of revenue-sharing arrangements with the telecom operators. Revenue from Other Services including maintenance services are recognized proportionately over the period during which the services are rendered as per the terms of the contract.

The revenue for the FY 2020-21 was 5,512.92 Million as against 5,724.24 Million in FY 2019-20 with a marginal decline of 4%. While domestic decline is due to the aggressive competition and resultant consolidation of Indian telecom operators, introduction of certain policies by some of the international operators led to temporary streamlining of the revenues outside India. We expect steady state growth from these levels.

The segmentation of revenue by geography is as follows:

FY 2020-21 % of total Revenues FY 2019-20 % of total Revenues Growth %
India 828.59 15 948.22 17 (13)
Outside India 4,684.33 85 4,776.02 83 (2)
Total Revenue 5,512.92 5,724.24 (4)

Other Income

Other Income was 100.66 Million in the FY 2020-21 as compared to 171.70 Million in FY 2019-20. FY 2020-21 includes 76.50

Million for interest earned on fixed deposits, profit from investments and dividend yield on mutual funds and 11.18 Million for Gain on Lease Termination. Loss on foreign currency transactions and translations is reported under Other Expenses (refer Note 27). For the previous year, Other Income includes 39.34 Million net gain on foreign currency transactions and translations and 114.14

Million for interest earned on fixed deposits, profit from investments and dividend yield on mutual funds.

The surplus funds of the Group continue to remain mainly invested in bank fixed deposits and debt funds in adherence to the Groups investment policy.

Cost of Sales and Services

Cost of Sales and Services consists of amount incurred towards content fee and contest expenses, cost of software licenses and other charges. Content fee is paid to content providers such as music label companies, royalty agencies, sports licensing authorities, games publishers and other content licensors, from whom content is procured by the Company. Cost of software licenses and other charges include the cost of software licenses and services used by the Company for providing services to the customers. During FY 2020-21, the cost of sales and services was 2,789.07 Million as against 2,783.60 Million incurred in FY 2019-20 remaining stable mainly due to change in product mix.

FY 2020-21 % of total revenue FY 2019-20 % of total revenue Growth %
Content fee 2,620.73 48 2,547.33 45 3
Contest expenses, cost of software licenses and others 168.34 3 236.27 4 (29)
Cost of sales and Services 2,789.07 51 2,783.60 49 0

Employee Benefits Expense

EmployeeBenefits Expense comprise of salaries paid to employees, contribution made to various employee welfare funds and expenses incurred towards welfare of the employees.

During the FY 2020-21, the Group incurred a cost of 1,402.33 Million as against 1,616.52 Million in FY 2019-20, thus representing a decrease of 13% from the previous year. The decrease was primarily on account of manpower rationalization measures undertaken.

The total employee strength of OnMobile Global Limited and its subsidiaries as on March 31, 2021 was 688.

Finance Charges

Finance Charges represent interest on finance Lease Liabilities.

During FY 2020-21, group adopted Ind AS 116 ‘Accounting of Lease resulting in the above charge.

Depreciation and Amortization

The Group provided a sum of 128.03 Million and 185.17 Million towards Depreciation and Amortization for the FY 2020-21 and FY 2019-20, respectively, thus representing a fall of 31% over the previous year. Decrease in Depreciation and Amortization is on account of reduction in depreciation and amortization charges for up front customer contract fees which is regrouped as a reduction in revenues as per INDAS 115 for full year in current year as compared to only nine months in last year. Further decrease is contributed by Lease modification for headquarters.

DepreciationandAmortizationonassetsisprovidedonamonthly basis using the straight-line method based on useful/commercial lives of these assets as estimated by the Management, other than for market development and deployment rights, which is amortized over its useful/ commercial life in time proportion of its economic benefits, that are expected to accrue to the

Company. The amortization method is reviewed at each year-end for any significant change in the expected pattern of the economic benefits. Expenditure incurred on research and development is not being capitalized.

Other Expenses

In the FY 2020-21, Other Expenses decreased by 30% to 661.96 Million as against 943.24 Million incurred in FY 2019-20. The break- up of the expenses is as follows:

FY 2020-21 % of total revenue FY 2019-20 % of total revenue Growth %
Legal, professional & consultancy charges(including 162.87 3 210.47 4 (23)
Remuneration to Auditors)
Marketing Expenses 263.79 5 295.9 5 (11)
Rent and other facilities cost 49.73 1 65.66 1 (24)
Travelling and Conveyance 7.10 0 101.79 2 (93)
Communication charges 32.51 1 39.74 1 (18)
Rates and taxes 20.41 0 13.35 0 53
Others 125.56 2 216.33 4 (42)
Total 661.96 12 943.24 16 (30)

Exceptional Items

Exceptional item in FY 2020-21 is 46.62 Million and 82.00 Million for FY 2019-20. Exceptional item refers to gain due to reversal of contingent consideration payable to Appland.

Share of loss from Associates

Share of loss of Associates in FY 2020-21 is 5.69 Million and NIL for FY 2019-20. Share of loss from Associates refers to loss for the year from Rob0 investment.

Profit before Tax

The Profit/(Loss) before Tax of 663.78 Million in the current FY 2020-21, as compared to 434.73 Million during the previous year, represents a 53% increase in profitability over the previous year.

Provision for Taxation

The amount provided for taxation in the current FY 2020-21 is

203.92 Million as against 158.90 Million provided in FY 2019-20 and this represents a 28% increase in tax expense over the previous year. Effective tax rate in FY 2020-21 has come down to 30.7% from 36.6% in FY 2019-20.

Other Comprehensive Income

Other Comprehensive income for the year 2020-21 includes gain of 77.58 Million on account of exchange differences in translating the financial statements of foreign operations and gain of 0.57 Million due to re-measurements of defined benefit liabilities. Other Comprehensive income /(loss) was

78.15 Million in FY 2020-21 as compared to 146.26 Million in the FY 2019-20.

Total Comprehensive Income for the year

The Total Comprehensive Income is 538.01 Million in the current FY 2020-21, as compared to 422.10 Million during the previous FY 2019-20.


Property, Plant and Equipment, Capital Work-in-Progress and Intangible Assets

The Company incurred an amount of 75.42 Million in Capex for FY2020-21.

Capital Work-in-Progress represents the cost of the assets that are not ready for their intended use at the Balance Sheet date. There is an increase of 1.32 Million in Capital Work-in-Progress on account of assets put to use during the FY 2020-21.

Intangible Asset under Development

Intangible asset under Development refers to capitalization of Research and Development cost for new Game Streaming Platform pertaining to 182.70 Million

Right to use assets

Right to use Assets refers to Financial Lease obligation accounted under Ind AS 116. Right to use Assets as on March 31, 2021 are 76.74 Million as compared to 136.08 Million as on March 31, 2020. Decrease refers to Lease Modification for

Headquarters and Lease termination at one of location in India due to continuing Covid pandemic.

Non-current Financial Assets

Non-current Financial Assets include Investments, Loans and Other Financial Assets. Non-Current Financial Assets as on March 31, 2021 are 669.77 Million as compared to 339.21 Million as on March 31, 2020, representing increase of 330.56 Million. Increase in non-current investment value.

Other Non-Current Assets

Other Non-Current Assets as on March 31, 2021 are 2,536.87 Million as compared to 2189.20 Million as on March 31, 2020, representing increase of 347.67 Million. The increase is due to Contract acquisition cost payment 208.33 Million and increase in Balances with Statutory Authorities 112.33 Million.

Current Assets Current Investments

Current Investments as on March 31, 2021 is 791.72 Million as compared to 1,554.94 Million as at March 31, 2020. Thereby representing reduction of 763.22 Million.

Trade receivables

The Trade Receivables (net of Provision for Doubtful Trade Receivables) amount to 1,516.84 Million as on March 31, 2021 as against 1,598.85 Million as on March 31, 2020.

Cash and cash equivalents

Cash and cash equivalents as on March 31, 2021 is 2661.62 Million as against a balance of 2,744.86 Million as on March 31, 2020. The Group generated net cash of 394.13 Million from operating activities.


Loans and advances outstanding as on March 31, 2021 is 7.51 Million as compared to 12.69 Million outstanding as on March 31, 2020, thus representing a decrease of 5.18 Million mainly on account of security deposits reclassified to non-current.

Investment in Associates

Investment in Associates as on March 31, 2021 is 48.48 Million refers to Investment made during year in Rob0 for 10% Equity.

Other financial assets

The Other financial assets as on March 31, 2021 is 543.56 Million as compared to 795.08 Million as on March 31, 2020, representing a decrease of 251.52 Million. The decrease was mainly on account unbilled revenue.

Other current assets

Other current assets as on March 31, 2021 is 493.20 Million as compared to 634.79 Million outstanding as on March 31, 2020, representing a decrease of 141.59 Million mainly on account of decrease in Prepaid expenses Marketing cost Telefonica and

Balance with Statutory authorities due to re-

Non-current assets.

Equity and Liabilities Equity Equity Share Capital

The Authorized Share Capital of the Group is 1,500 Million, comprising of 149,500,000 equity shares of 10/-each and 500,000 preference shares of 10/- each.

As at March 31, 2021, the Group has 104,496,313 equity shares of 10/- each as Issued, Subscribed and Paid-up Capital which was 105,696,202 shares at March 31, 2020.

Other Equity

A summary of the Other Equity is given below:

As at March 31, 2021 As at March 31, 2020
Capital Redemption Reserve 176.48 154.00
Securities premium 2,384.29 2,403.49
Stock Options outstanding 28.50 153.92
General Reserve 132.39 13.20
Foreign Currency Translation Reserve 182.09 104.51
Retained Earnings 2,318.65 2,021.09
Other items of Other Comprehensive (6.32) (6.89)
Total 5,216.08 4,843.32

Foreign Currency Translation Reserve comprises of the exchange difference relating to the translation of the financialresults and net assets of the Companys foreign operations from their respective functional currencies to the Companys presentation currency.

The surplus retained in the Statement of Profit and Loss as at

March 31, 2021 is 2,318.65 Million.

The total Net Worth of the Group as at March 31, 2021 is

6,261.04 Million with the book value of each share being

59.92/- (Face value of 10/- each). The corresponding numbers for the previous FY are 5,900.28 Million and 55.82 respectively.


Non-Current Liabilities Lease liabilities

The Lease liabilities outstanding as on March 31, 2021 are 61.67 Million as compared to 106.87 as on March 31, 2020. This represents Long term maturities of Finance Lease obligation as per IND AS 116 ‘Accounting of Leases. The reduction is mainly due to Termination of Lease at Gurgaon location and modification of lease at Headquarters.

Other Financial liabilities

The Long-term liabilities outstanding as on March 31, 2021 are NIL and 75.67 Million as on March 31, 2020 which pertains to Contingent Consideration for Appland acquisition.

Long-term provisions

The Long-term Provisions outstanding as on March 31, 2021 are

135.55 Million as compared to 110.54 Million as on March 31, 2020, thus representing an increase of 25.01 Million. The increase is primarily on account of increase in provision for compensated absences based on accumulated leave credits of the employees and movement of Provision for Gratuity from current to non-current provisions.

Deferred Tax Liability

Deferred Tax Assets and Liabilities are recognized for the future tax consequences of temporary differences between carrying values of the assets and liabilities and their respective tax bases and are measured using enacted tax rates applicable on the Balance Sheet date. Deferred Tax Assets are recognized subject to managements judgment that realization is virtually certain. The Deferred Tax Liability (net) represents the deferred tax liability of the Group and as on March 31, 2021 is 1.09 Million as compared to 7.31 Million as on March 31, 2020.

Current Liabilities

The Current Liabilities outstanding as on March 31, 2021 are

2,603.16 Million as compared to 2,859.21 Million as on March 31, 2020, thus representing a decrease of 256.05 Million. Decrease is mainly on account of reduction in trade payable balance and offset by increase in provision for tax.


As at March 31, 2021 As at March 31, 2020
Debtors Turnover 0.28 0.28
Inventory Turnover N.A N.A
Interest Coverage Ratio N.A N.A
Current Ratio 1.79 2.02
Debt Equity Ratio N.A N.A
Operating Profit Margin (%) 10.06 3.91
Net Profit Margin (%) 8.34 4.82

Debtors turnover ratio as on March 31, 2021 is 0.28 and remain almost the same as last year. Current ratio as on March 31, 2021 is 1.79 and 2.02 as on March 31, 2020. Headcount rationalization and cost optimization initiatives undertaken in current year has improved Operating profit margin to 10.06% from 3.91% last year. Net profit margin % has gone up in the current year March

2021 to 8.34% as compared to 4.82% in the last year because of increased profits and lower tax expense.


Adjusting to the changing times, Talent Acquisition function adapted to a virtual hiring and onboarding process successfully. In the year 2020-21, we have virtually onboarded close to 60 candidates seamlessly. Along with the business team, TA team reformed to new ways of interviews by facilitating video call interviews, virtual job fairs, online campus placements and online technical assessments to evaluate applicants.

Roles we hired are in the skill areas of DevOps, UI UX, Ad sales, Business Intelligence, software engineer, corporate marketing, finance and operations.

In Stealth, we have hired software developers [Canada], software engineers, UI UX and Game content associates. We actively participated in Virtual Career Fair for Women organized by Women In Technology or WiT India, which is a platform focused on increasing women participation in workforce associated with STEM. The job fair included one-day conferencefilled with dialogues, speaker sessions and live masterclasses with the sole purpose of identifying opportunities to grow and develop in the new normal was a one of its kind virtual conference which had a virtual footfall of 5000+ prospective candidates.

We also introduced a program called "Huddle – Break the Ice". Huddle is a program designed to meet and interact virtually with new joinees every quarter. It is an informal way of welcoming them to OnMobile, and a worthy way to gather information for any areas of improvement in the hiring and onboarding process. Another important aspect of this virtual meet is to talk about Employer Branding. This initiative has helped us increase the number of followers on our social media pages and create a higher level of engagement.

Right- people Approach

FY 2020-21 was a year with focus org transformation, and building innovation capabilities. Adapting with the new normal, all our interventions were virtual and covered employees across the globe.

Talent Management & Employee Engagement

In line with our business priorities, we delivered interventions in the areas of Behavioural/Leadership, Priorities as derived from the Reorganisation, Compliance, and Innovation. A quick summary of the interventions for this year is given below: -

Type of Intervention Trainings Target Audience No. of employees covered No. of unique employees covered Total person- hours Total person days*
Behavioral/ Leadership LEAP (Courses on leadership and team effectiveness, communication impact and emotional intelligence) Across Org (IC1-PM3) 335 302 1675 209
Sales Intervention CFU 72 72 600 75
OnMobile Transformer Program (Senior Group) Sr. Manager/ Directors 19 19 190 23
OnMobile Transformer Program (Junior Group) Managers 15 15 120 15
New Org Training New Org Training DevOps 211 137 5144 643
PM&BE 55 48 1590 199
Udemy/SimpliLearn Digital Marketing + PM&BE 34 34 1836 229
Certifications (Mudra Institute) Digital Marketing 3 3 287 36
Compliance ISMS and GDPR Dev Ops+PM&BE 734 1030 129
Innovation Design Thinking PM&BE + TAM 16 168 21
Total 1494 12640 1580
*One - person day = 8 hrs of training

As can be seen from the table above, we have covered nearly 1500 employees (non-unique) through different interventions. These interventions were global across geographies.

We started a very ambitious project, called LEAP, where we engaged our HR team certified facilitators) to impart training on topics, such as, leadership and team effectiveness, communication impact, and Emotional Intelligence.

We successfully concluded our high performance coaching program, OTP – Onmobile Transformers Program, which was kicked off in August 2019. Post the individual assessment, the learners underwent coaching using certified coaches over a 6-month period, in line with their identified areas of development. Now, they are successfully applying these learnings in their lives.

Another initiative, focused on building the sales competencies of our sales population commenced and is successfully running in two batches.

We revamped out bi-monthly Newsletter to make the content more appealing to the readers. We introduced a couple of new sections and features. In addition to this, we now have an advertising plan for internal branding of every edition.

We have collaborated with YourDost, one of Indias leading online and emotional wellness platforms. This is a step towards ensuring our employees holistic wellness so that they are their happiest and brightest selves all the time, and the platform is accessible to our Global employees at all times.

We believe that an engaged, happy employee is most productive. And in line with our thought process, we conducted a Global Employee Survey(GES), which measured the level of employee satisfaction and engagement on various themes such as quality of Leadership, Values & Culture, Pride in the organisation, Recognition, Job Satisfaction, Work environment, Mental & Emotional well-being etc. Various projects have been take up to address the challenges highlighted as the outcome of the survey analysis.


Statements in the Management Discussion and Analysis describing the industry projections and estimates (which are based on reliable third party sources) as well as Companys objectives, estimates, projections and expectations may be "forward-looking statements" within the meaning of applicable securities laws and regulations. Actual results could differ materially from those the Companys operations include economic developments within expressedorimplied.Importantfactorsthatcouldinfluence the country, demand and supply conditions in the industry, changes in Government regulations, tax laws and other factors such as litigation and labour relations.