thinkink picturez ltd share price Management discussions


Global Economic Overview

The global growth outlook suggests a decline from about 3.5% in 2022 to roughly 3.0% in 2023 and 2024, with central bank policy rates impacting economic activity. Inflation is predicted to decrease from 8.7% in 2022 to 6.8% in 2023 and 5.2% in 2024, while core inflation adjusts gradually.

Recent resolutions of the US debt ceiling and banking stability actions have reduced immediate financial risks, but downside risks to growth persist. Elevated inflation and potential shocks like conflict and extreme weather could tighten monetary policies. Chinas recovery might slow due to real estate issues, impacting other economies. Upside potential exists if inflation recedes faster, and domestic demand remains resilient.

Across economies, priorities include sustained disinflation and financial stability. Central banks should focus on price stability and financial oversight. Countries should provide liquidity for market strains, build fiscal buffers with targeted support, and enhance economic supply for smoother inflation control.


The global economic outlook reflects a slowing recovery from the dual impacts of the COVID-19 pandemic and Russias actions in Ukraine. Supply chains have improved, but challenges like high inflation, tightened central bank policies, and limited credit availability persist. Q1 2023 showcased resilience in services but manufacturing weakened, highlighting uncertainties and low productivity growth. Elevated inflation and central bank responses shape the landscape, with global growth projected to decline from 3.5% in 2022 to 3.0% in 2023 and 2024, led by advanced economies, while emerging markets maintain stability with regional variations.

Source: Issues/2023/07/10/world-economic-outlook-update- july-2023

The COVID-19 pandemic has significantly increased public debt-to-GDP ratios globally, and these are expected to remain elevated. Supply chain disruptions and escalating geopolitical tensions are central to policy discussions due to their potential benefits, costs, and risks, and this fragmentation can influence global FDI flows.

(% YoY) 2022 2023 2024
World Output 3.5 3.0 3.0
Advanced Economies 2.7 1.5 1.4
United States 2.1 1.8 1.0
Germany 1.8 -0.3 1.3
France 2.5 0.8 1.3
Spain 5.5 2.5 2.0
Japan 1.0 1.4 1.0
United Kingdom 4.1 0.4 1.0
Canada 3.4 1.7 1.4
Other Advanced Economies 2.7 2.0 2.3
Emerging Market and Developed Economies 4.0 4.0 4.1
Emerging Market and Developing Asia 4.5 5.3 5.0
China 3.0 5.2 4.5
India 7.2 6.1 6.3
Emerging and Developing Europe 0.8 1.8 2.2
Emerging Market and Middle-Income Economies 3.9 3.9 3.9
Low-Income Developing Countries 5.0 4.5 5.2

Source; IMF, World Economic Outlook Update, July 2023

In both 2023 and 2024, Indias projected growth rates (6.1% and 6.3%) are significantly higher than those of advanced economies (1.5% and 1.4%). This indicates that Indias economy is expected to continue growing at a much faster pace compared to the more mature economies of advanced nations.


Indian Economic Review

During FY23, the Indian economy demonstrated remarkable resilience in the face of global challenges. This resilience was propelled by several factors: a sharp resurgence in private consumption, increased public capital expenditure, and the robustness of the financial system. Private consumption reached historically high levels as a percentage of GDP, thanks to a robust recovery in contact-intensive services. The manufacturing and investment sectors continued to expand, bolstered by strategic initiatives like PM Gati Shakti and Production Linked Incentive (PLI) schemes aimed at boosting manufacturing output.

The Economic Survey of 2022-23 outlines Indias economic outlook, projecting a GDP growth of 6.0-6.8% for 2023-24. The economy is set to achieve 7% growth by March 2023 after an 8.7% increase the previous year. Strong credit growth for MSMEs and increased government capital expenditure have been pivotal. While inflation may slightly exceed targets, housing market inventory improved, and export growth fueled production. Private consumption rose to 58.4% of GDP, supported by resurging contactintensive services. Global trade growth is expected to slow from 3.5% in 2022 to 1.0% in 2023, reflecting global challenges.

India did, however, grapple with the issue of high inflation, which mostly remained above the upper threshold of the Reserve Bank of Indias (RBI) target range, with the exception of November 2022. To address this, the RBI implemented a cumulative policy rate hike totaling 250 basis points since March 2022. This tightening paused from April 2023 until June 23, with the RBI reaffirming its commitment to reducing inflation from its current level above 6% to the targeted 4%. Notably, despite the higher interest rate environment, credit growth reached an 11- year high of 15% year-on-year in FY23.

On the demand side, while government and private consumption expenditures decelerated, capital expenditure (capex) growth played a pivotal role in sustaining positive economic momentum. Indias GDP growth in Q4FY23, surging at an impressive 6.1% year-on- year, exceeded consensus forecasts, underscoring the nations ongoing recovery. Private consumption further strengthened in Q4FY23, reaching 2.8%, albeit from a weaker base. The softening of private consumption growth was primarily attributed to inflationary pressures, subdued consumer sentiment, and the diminishing impact of post-pandemic increases in household spending. Government consumption registered a growth rate of 2.3% in Q4 FY23, rebounding from negative growth in previous quarters, driven by government investments in infrastructure development, social welfare programs, and stimulus measures. Fixed capital formation, which signifies real investment activities, recorded a substantial growth rate of 8.9% in Q4FY23, indicating significant progress in real estate, roads, and other infrastructure projects. Both exports and imports exhibited positive growth rates in Q4FY23, with exports expanding by 11.9%, reflecting improved global demand and a recovery in international trade, while imports grew at a more moderate pace of 4.9% due to modest domestic demand growth.

Looking ahead, Indias favorable economic prospects may face challenges from global factors such as elevated inflation, monetary tightening by central banks, supply chain disruptions, and geopolitical conflicts, all of which are impacting the global economic landscape. Nevertheless, Indias economic growth is anticipated to remain robust, with S&P Global Ratings projecting a growth rate of 6% in 2023-24. This is expected to be driven by the governments policy support, increased infrastructure spending, and a continued focus on self-reliance through the "Atmanirbhar Bharat" initiative, shaping a positive long-term economic outlook.


Looking forward, Indias promising economic outlook may encounter challenges stemming from global factors such as rising inflation, central banks tightening of monetary policies, disruptions in supply chains, and geopolitical conflicts. These global dynamics are exerting their influence on the worldwide economic landscape. Nevertheless, Indias economic growth is expected to remain strong, with S&P Global Ratings forecasting a growth rate of 6% for the fiscal year 2023-24. This robust performance is anticipated to be driven by the governments supportive policies, increased investments in infrastructure, and a continued emphasis on self-sufficiency through the "Atmanirbhar Bharat" initiative, shaping a positive long-term economic perspective.

The Economic Surveys outlook for 2023-24 underscores Indias swift recovery following the pandemic, driven by robust domestic demand and increased capital investments. The emergence of a new cycle of private sector capital formation, along with substantial government capital expenditure, highlights a favorable trend. Structural reforms such as the Goods and Services Tax and the Insolvency and Bankruptcy Code have enhanced economic efficiency and transparency. Despite predictions of a global economic slowdown by the IMF and the World Trade Organization, Indias growth is expected to be resilient. However, risks related to commodity prices, export growth, and inflation could impact the current account balance and lead to currency depreciation. The likelihood of sustained higher borrowing costs due to inflation could contribute to subdued global growth. Nevertheless, there are bright spots, including lower oil prices and improved current account prospects for India, which contribute to overall external stability.

Source: Rs.PRID = 1894932

Industry Overview:

2019 2020 2021 2022 2023E 2025E CAGR 20222025
Television 787 685 720 709 727 796 3.90%
Digital Media 308 326 439 571 671 862 14.70%
Print 296 190 227 250 262 279 3.70%
Filmed Entertainment 191 72 93 172 194 228 9.80%
Online Gaming 65 79 101 135 167 231 19.50%
Animation and VFX 95 53 83 107 133 190 21.10%
Live events 83 27 32 73 95 134 22.20%
Out of Home media 39 16 20 37 41 53 12.80%
Music 15 15 19 22 25 33 14.70%
Radio 31 14 16 21 22 26 7.50%
Total 1,910 1,476 1,750 2,098 2,339 2,832 10.50%
Growth -23.20% 19.30% 19.90% 11.50%

All figures are gross of taxes (INR in billion) for calendar years.

EY estimates

Evolving consumer preferences, increased internet access, and emerging technologies are fast reshaping the entertainment and media (E&M) industry. For the industry, 2022 marked an important inflection point. The total global E&M revenue of USD 2.32 trillion witnessed a sharp drop from the 10.6% growth rate in 2021 to 5.4% in 2022. This sluggish E&M growth comes on the back of a decline in consumer spending. In India, though, the picture is more promising. E&M revenue in the country witnessed 15.9% growth to USD 46,207 million in 2022 compared to 2021. In fact, the Indian market is poised to grow at a compound annual growth rate (CAGR) of 9.7% in the forecast period to reach USD 73,560 million in 2027.

India, like China and Indonesia, is a growth hotspot offering a desirable combination of existing size and scale, and rapid expected growth for digital media. The launch of commercial 5G services in India in 2022 is an important factor shaping E&M industry capex in 2023. A sizeable section of consumers can now enjoy seamless streaming of higher quality content, thus unlocking new opportunities for the sector. Increasingly cheaper data packages are making the internet accessible to a large population. Data consumption in India is projected to increase to 979.1K petabytes (Pb) in 2027 as against 9.7 million Pb globally, and internet access in the country is expected to generate a revenue of USD 29.1 billion around the same time.

Powered by over-the-top (OTT) platforms, the gaming sector, traditional TV, internet and out-of-home (OOH) advertising and the use of the metaverse, Indias E&M industry is expected to grow exponentially. With multi-disciplinary cultural spaces being set up in different metros, a rise in in-person events will also provide considerable room for growth as advertisers are keen to access Indias diverse demography and large live audiences.

There is huge long-term potential for the OTT and connected TV (CTV) market in India, courtesy the size and diversity of the countrys population. OTT video will continue to get its boost from regional play. 5G and broadband infrastructure, if improved further in the country, will open an even bigger market for OTT players. Efforts made to digitalise the Indian economy will only hasten this segments growth. While the global growth rate for the OTT segment is 8.4%, India is way ahead with a CaGr of 14.32%.

With new launches from international players and increasing pay-lite options, OTT revenue surged in India to reach USD 1.8 billion in 2022 - over six times the revenue of 2018 and a 25.1% increase from USD 1.4 billion in 2021. In India, the market will continue to grow at an impressive rate of 14.3%, yielding a revenue of USD 3.5 billion in 2027.The subscription video on demand (SVOD) sector, which has led the streaming boom over the past decade, will continue to account for the biggest proportion of global OTT revenue by the end of the forecast period. The global SVOD market will account for 62.5%, or USD 109.1 billion, of the global OTT market in 2027. In India as well, revenue growth will be driven by the competitive SVOD sector, which will expand at a CAGR of 13.0% to reach USD 2.6 billion in 2027.

Key Insights

5G rollout presents a huge OTT opportunity in Indias mobile-first market

OTT streaming is growing most rapidly in emerging pockets, where the combination of large historically underserved rural population and strong demand for local and sports content present major opportunities. The growth opportunity in India is high with the countrys biggest telecommunication operators forecasting that the nationwide rollout of 5G capability will be complete by the end of 2024. Smartphone ownership in India is set to grow by 125 million across the forecast period to 888 million, which is 62.52% of Indias population. Only China can boast a bigger market.

The main challenge for the market is the countrys low broadband penetration, at just 10.8% in 2022 and predicted to expand to only 14% in 2027. Investment in improved broadband infrastructure will unlock a vast market for OTT players.

Regional language content can secure wins for OTT players

In an overcrowded and competitive market, OTT operators who focus on fresh and original programming are most likely to win customers. Hindi language original content played a major part for the largest OTT player in India. Regional content that caters to the countrys linguistic diversity will stand out.

Indian digital industry is expected to grow at 29% to reach a market size of Rs.35,809 crore (US$ 4.35 billion) by the end of 2023. It is expected to contribute 38% to the overall advertising industry in India, on par with television. The growth is driven by rising content demand by consumers in India. By 2023, the demand for original content is expected to reach >3,000 hours a year, up from 1,187 hours in 2020.

By 2025, ~600-650 million Indians, will consume short- form videos, with active users spending up to 55 to 60 minutes per day. By 2025, regional language consumption on OTT platforms are expected to surpass Hindi language, which accounted for 45% of the total time spent in 2020.

The OTT segment is likely to grow at a remarkable CAGR of 14.1% to reach Rs.21,032 crore (US$ 2.55 billion) in 2026. Subscription services, which accounted for 90.5% of revenue in 2021, are projected to account for 95% of revenue by 2026. Viewers of streaming platforms have increased by 20% to 423.8 million in 2022 from 353.2 million in 2021, driven by rising number of users preferring video content over the last few years.

The Rise in Digital Media Eco-System

The digital media revolution is reshaping how consumers engage, fostering a willingness to explore new media forms. This surge is driving cross-media consumption to unprecedented levels. Media companies are adapting, shedding old boundaries and rigid content release windows. Instead, theyre entering a multi-media, multiwindow era, tailoring products to individual consumer segments for optimal revenue at a compelling value.

Television - Television advertising grew 2% to end 2022 just behind its 2019 levels, on the back of volume growth. Subscription revenue continued to fall for the third year in a row, experiencing a 4% de-growth due to a reduction of five million pay TV homes and stagnant consumer-end ARPUs. While linear viewership declined 7% over 2021, 8 to 10 million smart TVs connected to the internet each day, up from around 5 million in 2021

Digital advertising - Digital advertising grew 30% to reach Rs.499 billion, or 48% of total advertising revenues. Included in this is advertising by SME and long-tail advertisers of Rs.180 billion and advertising earned by e-commerce platforms of Rs.70 billion

Digital subscription - Digital subscription grew 27% to reach Rs.72 billion. 99 million paid video subscriptions across almost 45 million Indian households generated Rs.68 billion, an amount which is over 60% of broadcasters share of TV subscription revenues. Due to a plethora of free audio options, just 4 to 5 million consumers bought music subscriptions, generating Rs.2.2 billion while online news subscriptions generated Rs.1.2 billion. Online subscription models for digital products have become prolific since 2021 and should keep seeing increased interest over the next few years to generate Rs.2.4 billion by 2025, or Rs.5 billion if bundled aggressively

Film - The segment grew 85% to reach 90% of its 2019 levels as theaters re-opened. Over 1,600 films were released in 2022, theatrical revenues crossed Rs.100 billion, and fewer films released directly on digital platforms. 335 Indian films were released overseas. Over 4,000 hours of filmed entertainment contentwas produced, and premium content produced for OTT platforms increased to an all-time high of almost 3,000 hours, at an average price of over Rs.8 million perepisode.

Animation and VFX - As content production resumed, service demand - both domestic and exports - increased, resulting in the segment growing 29% and crossing Rs.100 billion for the first time

Company Overview

Thinkink Picturez Limited is a prominent player in the entertainment industry, operating seamlessly across television, movies, and various entertainment platforms. With a rich history spanning a decade, the company has solidified its reputation as a driving force in the world of mass entertainment. Our extensive array of services encompasses concept development, casting, set design, scriptwriting, location scouting, photography, editing, sound effects, and mixing.

We take pride in our professional management and continuous growth, with a clear vision of becoming the leading provider of Film/TV Management, Event Management, Artist Management, and Celebrity Management in Mumbai. Our long-term goal is to achieve sustained growth while offering fully tailored solutions that bring our clients unique preferences and visions to life. As a comprehensive media house, we specialize in crafting and delivering premium solutions for both renowned companies and individual clients, ensuring that their brands receive the recognition they deserve in their respective markets.

Our expertise extends to an extensive range of corporate and private event management and media production needs, both on a national and international scale. We function as a one-stop destination for all event management and media production requirements. Additionally, we are gearing up to venture into Television Serials, Movies, Script Writing, and more, with a commitment to delivering authentic concepts to our audience.

Our strategic approach is meticulously crafted to ensure predictability, scalability, sustainability, and, ultimately, profitability. Weve strategically bolstered our team by bringing on board seasoned executives, further enhancing our capabilities. Today, Thinkink stands as one of the most formidable emerging media and entertainment companies in its sector. Our innovative business model positions us favorably to ride the wave of growth in the Indian media and entertainment industry.

We are continuously expanding our content creation capabilities, pioneering new genres and formats, and setting the standard for quality content that captivates audiences. Our commitment is to understand and cater to the diverse needs and aspirations of our viewers. In doing so, we uphold our reputation as creators of fresh, engaging content that resonates with audiences and keeps them entertained.

Growth Drivers:

• India is spending 82% of its time on mobile phone apps on media and entertainment. Indias Media & Entertainment industry is expected to grow to $34.62 Bn by 2025 at 10.5% CAGR

• India is the largest market by the number of hours spent on video streaming apps at 194 Bn hours.

• Significant demand side changes are re-shaping the Indian M&E sector as digital infrastructure grows, content palettes get influenced by global and freely accessible niche content, new user cohorts emerge and broadband reach and quality improve

• In the information and broadcasting sector, FDI equity inflows at US$0.37 billion from April to December FY23 were more than double the level achieved in FY22

• 5G will add new dimensions to entertainment by putting the audience into the content. Currently content is sent to 4 screens (TV,mobile, laptop, audio devices). Higher bandwidth quality will not only increase uptake of consumption on those four screens, but will ignite content consumption on watches, glasses, durables, walls, vehicles, outdoor screens, etc


• The Indian media and entertainment industrys projected growth at a Compound Annual Growth Rate (CAGR) exceeding 10%, poised to reach a substantial market size of US$ 52.68 Billion by 2025, presents a compelling opportunity for The Company. This anticipated expansion in the industry can serve as a fertile ground to not only fortify its presence but also substantially augment its revenue streams.

• The surge in digital platforms has notably transformed consumer behavior, with a discernible inclination toward on-demand content. This shifting preference aligns seamlessly with The Companys prospects to extend its footprint in the OTT space, enabling it to be more responsive to evolving consumer choices and preferences.

• The Indian film industry is witnessing an upsurge in the demand for top-tier content. A growing influx of both domestic and international players investing in film production signifies a promising opportunity for collaboration.

• Furthermore, the burgeoning Indian regional content market is experiencing remarkable growth, fueled by a heightened demand for content in native languages. By creating more regional content, the Company can effectively cater to the surging demand and build a more profound connection with regional audiences.

• In essence, the promising growth trajectory of the Indian media and entertainment industry ushers in a myriad of opportunities for the Company to diversify its offerings, expand its reach, and leverage emerging technologies. This forward-looking approach positions The Company to not only keep pace with industry evolution but also emerge as a trailblazer, delivering compelling content and experiences to a dynamic and ever-expanding audience base.


• The persistent specter of piracy and illicit distribution of copyrighted material continues to loom large, eroding the intrinsic value of original content and imperiling revenue streams. Vigilant anti-piracy measures remain pivotal in safeguarding intellectual property and preserving revenue integrity.

• Externally-driven disruptions, such as unforeseen delays in production schedules, alterations in release dates, or project cancellations, can exert substantial influence on The Companys revenue streams and growth trajectory. Prudent contingency planning and agile response mechanisms are crucial to mitigating these potential impacts.

• The fast-paced evolution of technology and the shifting landscape of consumer preferences present distinct challenges in both attracting and retaining customers. Adapting to these dynamics becomes paramount as we navigate the ever-changing entertainment terrain.

• Furthermore, the dynamic regulatory landscape, encompassing government regulations and policies ranging from censorship laws to taxation policies and licensing requirements, wields the potential to exert profound influence on the operations and profitability of the entertainment industry as a whole. Staying attuned to and compliant with these evolving regulations is imperative to maintaining operational continuity and fiscal health.

• The ascent of alternative entertainment avenues, notably online streaming platforms, has intensified competition by furnishing consumers with a myriad of options to gratify their entertainment cravings. This proliferation of choices underscores the need for The Company to innovate and remain compelling in its offerings to stay ahead in the competitive fray.

Upcoming Projects:

Thinkink Picturez are on a mission to craft exceptional cinema that spans a spectrum of genres, from comedy and romance to drama, emotion, talent, and music. With an explicit commitment to delivering quality content, we as a content-driven studio thrive on script uniqueness and entertainment value.

Our passion for great content is evident in their upcoming slate of seven diverse films directed by renowned veterans of the industry.With over 50 captivating stories, including web series and feature films, and agreements with industry giants like T-Series and Balaji Telefilms, Thinkink Picturez is well-prepared to captivate audiences and foster shared family viewing experiences. Their dedication to delivering quality content remains at the core of their growth strategy.

Risks and Mitigation

1) Content Piracy:

Risk: Unauthorized distribution and piracy can erode revenue and devalue content.

Mitigation: The Company employs robust digital rights management (DRM) systems, engage in anti-piracy efforts, and provide affordable, convenient access to content on legitimate platforms to discourage piracy.

2) Changing Consumer Preferences:

Risk: Rapid shifts in consumer preferences can lead to declining viewership or readership.

Mitigation: Continuously monitor and adapt to changing trends, invest in market research, and diversify content offerings to meet evolving demands.

3) Technology Obsolescence:

Risk: Failure to keep up with technological advancements can render existing platforms or formats obsolete.

Mitigation: Invest in technology upgrades, research emerging tech trends, and embrace innovation to remain competitive and relevant.

4) Market Competition:

Risk: Intense competition can result in margin pressures and market share erosion.

Mitigation: Focus on differentiation through high- quality content, strategic partnerships, and a strong brand presence. Keep a close eye on the competitive landscape.

5) Regulatory Changes:

Risk: Evolving regulations, such as copyright laws or content restrictions, can impact content creation and distribution.

Mitigation: Stay informed about regulatory changes, engage with industry associations, and adapt content and practices to comply with evolving laws.

Financial Performance & Analysis

(Rs. in Lakhs)
Particulars 31-03-2022 31-03-2023 Comments
Revenue from operations 935.98 2,528.07 The Revenue rose by 146% from Rs.935.98 Lakhs in
Other Income 104.85 32.3 the financial year 2021-22 to Rs.2,528.07 lakhs in the financial year 2022-23. The company was able to generate better performance from the last year due to increase in demand of release of several movies in theatre and on OTT platforms
Total Revenue 1,040.83 2,560.37
Earnings before interest, taxes depreciation and amortization 430.23 591.32 The (EBITDA) increased by 37% at Rs.591.32 lakhs for the financial year 2022-23. This was mainly due to increase in revenue. EBITDA Margin stood at 23.39% for the financial year 2022-23. We initiated effective strategies to control our costs and the same was reflected in our margins.
Earnings before interest and taxes 411.64 585.61
Profit before Taxation 406.19 594.72
- Current Tax 103.31 151.85
- Deferred Tax -0.49 -1.8
Net Profit/ (Loss) For the Year 303.36 444.67 Profit after Tax (PAT) stood at Rs.444.67 lakhs for the financial year 2022-23 increased by 47% as compared to Rs.303.36 lakhs in the previous year.

Human Resources

In our organization, the Human Resources (HR) department takes on a pivotal role, molding the triumph of our projects and the overall creative ambiance. This department maintains a vigilant watch over all ongoing operations, including our meticulous recruitment procedures. We have implemented a stringent and all-encompassing recruitment protocol to securing the industrys most exceptional talents. Our dedication to inclusivity and diversity echoes through our hiring practices, as we ardently endeavor to cultivate an inclusive and hospitable work environment for all our valued employees. We invest substantively in regular training and developmental initiatives designed to furnish our employees with the indispensable skills and knowledge needed to excel in their roles. These multifaceted programs span a spectrum from hands-on learning experiences and mentorship to personalized coaching and robust leadership development programs.

Grasping the significance of acknowledging and rewarding our employees, we have instituted an all-encompassing rewards and benefits program. This comprehensive package encompasses competitive salaries, performance-based bonuses, health insurance, and a wealth of additional employee benefits. Our HR department meticulously manages payroll and schedules, ensuring that equitable compensation is bestowed upon each employee for their invaluable contributions. Upholding transparency, our performance appraisal process guides promotions and salary enhancements based solely on merit. In summation, within our organization, HR transcends conventional administrative functions; it is the driving force behind our industrys dynamism, dedicated to nurturing talent, facilitating growth, and guaranteeing that each employee receives fair recognition and rewards for their invaluable contributions. The Companys human resource headcount stands at xx as on 31st March, 2023

Internal Control Systems

The company has firmly established comprehensive policies and procedures to govern its internal operations and activities. It is committed to seamlessly integrating all facets of the organization, spanning from vital strategic support functions to core operational functions.

To ensure sound financial governance throughout the organization, the company has implemented a robust set of standards. These standards facilitate the effective implementation of internal financial controls, guaranteeing their adequacy and efficiency. Regularly, the findings and recommendations put forth by both statutory and internal auditors undergo thorough review by the Board. When necessary, the Board suggests and oversees corrective actions based on these audit outcomes.

In addition to the Boards oversight, the Audit Committee of the Board of Directors plays an active role in upholding a system of checks and balances. This system is designed to ensure the sufficiency and effectiveness of the internal control systems, and it offers suggestions for enhancements to fortify these controls further.

Cautionary Statement

The above Management Discussion and Analysis contains certain forward-looking statements within the meaning of applicable security laws and regulations. These pertain to the Companys future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties, regarding a fluctuation in earnings, our ability to manage growth, competition, economic growth in India, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, government policies and actions with respect to investments, fiscal deficits, regulation etc. In accordance with the Code of Corporate Governance approved by the Securities and Exchange Board of India, shareholders and readers are cautioned that in the case of data and information external to the Company, no representation is made on its accuracy or comprehensiveness though the same are based on sources thought to be reliable. The Company does not undertake to make any announcement in case any of these forward-looking statements become materially incorrect in future or update any forward-looking statements made from time to time on behalf of the Company.