Zensar Technologies Ltd Management Discussions.

Global Economy

The economic output for most countries recovered in 2021, with a global GDP growth of 6.1%?. However, global growth is likely to experience strong headwinds going forward with the recent economic fallout from the geopolitical turbulence and the continuing impact of the pandemic. In 2021, the economic output for advanced economies grew by 5.2%, while those of emerging economies grew by 6.8% owing to the gradual decline in pent-up demand, withdrawal of financial assistance, and significant supply disruptions.

However, in 2022, governments across geographies are likely to pursue fiscal policies aimed at containing inflation while promoting an environment of economic recovery.

Review of Key Market Economies

United States

The US economy grew by 5.7% in CY2021. Although the beginning was on a positive note, prices soared in the second quarter. The third quarter saw a reduction in pandemic induced price pressures, partly owing to a drop-in consumer activity. In the fourth quarter, the US GDP growth accelerated ending 2021 on a positive note. A restocking of inventory partially contributed to the rise in economic activities, and consumption as well as investment grew.

US GDP is expected to moderate to 3.7% in CY2022. Although the economy entered 2022 in a strong position, geopolitical concerns and consequential supply chain disruptions have exacerbated the downside risks. It is anticipated that even if the impact from the Russia- Ukraine war is limited, the effects will be felt unevenly across various industries. Furthermore, rising commodity prices have raised production costs in several industries, particularly manufacturing and energy, and this is expected to further increase the already soaring inflationary pressures.

Euro Area

The European region began its economic recovery in CY2021, owing to the gradual easing of pandemic associated restrictions, accommodating macroeconomic policies, and a rapid revival of primary export destinations, notably China and the US. The regions GDP grew by 5.3%, following a contraction of 6.6% in CY2020.

Despite the recovery, the European region encountered significant headwinds in the second half of the year, such as supply-chain disruptions and labour shortages. Although the economic growth is expected to moderate to 2.8% in CY2022, it is expected to recover with the support of joint debt issuance to boost medium-term growth prospects. The Russia-Ukraine war is also expected to have a prolonged impact on the economic recovery over the mid-term.

South Africa

South Africas economic recovery has been impeded by limited availability of vaccines in the country and severe civil turmoil in CY2021. The countrys economic output has grown by 4.9% in CY2021 and is expected to restore to pre-pandemic levels by CY2022 and CY2023, with GDP being anticipated to moderate to 1.9% and 1.4%, respectively. Furthermore, frequent power outages, higher unemployment, etc will continue to impact productivity.

Projections
(Real GDP annual percentage change) 2021 2022 2023
World output 6.1% 3.6% 3.6%
Advanced economies 5.2% 3.3% 2.4%
United States 5.7% 3.7% 2.3%
Euro area 5.3% 2.8% 2.3%
EMDEs 6.8% 3.8% 4.4%
India 8.9% 8.2% 6.9%
South Africa 4.9% 1.9% 1.4%

Source: IMF World Economic Outlook

Indian Economy

The economic output has mostly restored to prepandemic levels, with a GDP growth of 8.7% in FY2022. The economic growth was significantly supported by rapid vaccination and accommodating monetary and fiscal policies, which is reflected in the GDP projections. However, geopolitical conflicts in the back of rising inflation can decelerate growth in FY 2023.

Notwithstanding the geo-political uncertainties and extreme volatility in financial markets, the Union Budget included several measures to facilitate growth. This can be owed to the governments constant emphasis on capital expenditure to strengthen the infrastructure and employment, and steady macroeconomic fundamentals and steady exports.2

FY 2022 witnessed an investment-to-GDP ratio growth of approximately 29.6%. The impact of geo-political disruptions is likely to be seen on the growth during FY23 with both supply chain and inflation being areas of concern.

Industry Overview

Global technology industry

Pandemic has bolstered the adoption of technology, with companies now employing advanced technology in business operations to respond to the evolving times. Owing to the significant improvement in business outputs as a result of enabling technology, companies are now spending on technology services.

Investment in global technology services is expected to exceed $1.2 trillion in 2022, accounting for an overall growth of 8.5% in CY2021. Pandemic created a demand for cloud transformation, workplace digitalisation, and collaboration technology. Resultantly, spending has doubled after the pandemic.3

The pandemics upheavals resulted in megatrends in CY 2021. These trends have redefined policies, strategies and investments on a global scale for the next few years.

Indian technology industry

Notably, end-user companies are anchoring on technology to fuel further changes in business models, such as shifting to online mode, products and services adapting to the evolving needs of the customer and the emerging market forces and enabling collaboration in a distributed work model.

As a result, the Indian technology industry witnessed encouraging growth in FY 2022, with revenue growth of 15.5%, valued at $227 billion. Today, digital revenue accounts for about 32% of overall income in the technology industry, with one in every three employees being digitally proficient. This fortifies Indias status as the global digital talent nation.

FY 2022 - A Milestone Year for the Industry

Unabated growth trajectory

• Crossed $200 billion revenue

• $30 billion net addition (industry was less than $30 billion in 2006)

• Double digit growth across sub-sectors (highest since 2011)

• 59% share in global sourcing market (India continues to be no 1) Reimagining India

• $178 billion exports contributing to 51% share of services exports

• 3rd largest tech start-up hub in the world

• Domestic Tech market at ~ $50 billion

Job creation at scale

• 5 million direct employees (Over 2 million added in last years)

• ~450,000 added in FY 2022 - highest addition ever

Diversified and collaborative tech ecosystem

• ~6000+ Indian tech services companies across IT, BPM, ER&D

• ~2000+ product companies

• ~25,000+ tech start-ups, 78+ unicorns

• ~2000+ GCCs / MNCs

Enabling diversity and inclusion

• 1.8 million women employees - largest private- sector employer

• Talent from 150+ nationalities

• 200K women hired in FY22E

Source: NASSCOM

Key growth drivers

• Combination of digital and innovation; platformisation and anything as a service (XaaS) were critical in boosting tech adoption

• Scaling up of several tech companies; booming start-up culture

• Increased focus on operational efficiency to address margin constraints, and the hybrid mode gained traction in the e-commerce sector

• Crossing the 5 million barriers in total direct workforce, with a net growth of 445 thousand

• Internal adoption of the hybrid work model, along with the industrys initiative towards capacity/capability development.

Owing to these, India now has a 59% share of the global sourcing industry, demonstrating the countrys new digital value offer.

Rapid Strides in Innovation and Transformation Capabilities

DIGITAL TECH HOTBED

30 - 32% revenues from digital; 66% of deals largely digital

290+ cross border digital focused M&A

1430+ GCCs, of which 43% are portfolio/ transformation hubs

GROWING IP

CREATION

FOCUS

138K tech patents filed by firms in India during 2015 - 2021

India ranked 46th in Global Innovation Index

~1.5X increase in R&D investments

LEADING IN HYBRID WORK MODELS

70% of tech organizations are looking at adopting hybrid work models

Virtual screening, recruitment, onboarding, and training becoming the norm

3rd LARGEST START-UP HUB IN THE WORLD

25,000+ tech start-ups, 2250+ founded in 2021

$24 Bn funding raised in 2021 - highest ever

42 new unicorns, 11 IPOs in 2021

MATURITY IN

SOFTWARE

PRODUCTS

2000+ software product companies in India

1000+ SaaS companies in India

$4.5 Bn funding in Indian SaaS companies in 2021

End user industries are estimated to contribute between $350 billion and $400 billion towards Indias goal of establishing a $1 trillion digital economy over the next several years. Approximately, 70% of global end-user organisations plan to significantly boost their digital expenditures in CY2022.

FY 2022 - A Milea 2022: NASSCOM CEO Survey Insights stone Year for the Industry

Company overview

The Company is a technology consulting and services provider with 11,839 associates in 30+ global locations. The Company serves more than 145 leading enterprises. The Companys offerings include:

Experience Services Advanced Engineering Services Data Engineering and Analytics Application Services Digital Foundation
Product/Experience Research, Strategy & Design Digital engineering Data engineering Application Management Digital Infrastructure
Experience Engineering Application Transformation Services AI and ML Quality Engineering Digital Workplace
Creative, Content, Brand, Campaign Services Cloud Strategy and Assessment Automation Oracle Services Digital Experience Management
Marketing Technology Services Visualisation and Analytics Salesforce Services Digital Operations
SAP Services Digital Security

Further details are set out in the integrated report section forming part of this Annual Report.

Operational Overview

The company unveiled a new brand identity, the first major re-brand in two decades to reinforce its market positioning which reflects the new go-to-market strategy and vision. The new focus is to help businesses take disruptive experiences and products to market with velocity.

Zensar opened a global delivery center in Kolkata, the first in Eastern India which is strategically located to attract skilled individuals in the companys service lines of Application Services, Engineering Services, and Data Engineering and Analytics. The site includes a full-service development centre with an initial capacity of 100 seats that will cater to all industry verticals across different technology competencies.

The company has taken up strategic partnerships in order to deliver maximum value to its customers. It has entered into a global strategic partnership with US-based Organisation-Claimatic, to leverage the strengths of both companies to create compelling value for their clients.

Furthermore, the company has acquired M3bi, a Scottsdale, Arizona-based data engineering and digital engineering firm. The USD 33 million acquisition has been completely funded by internal accruals. M3bi, which already has a marquee clientele, is expected to add synergy to the companys portfolio in Banking, Financial Services & Insurance, and other verticals, allowing both the companies to collaboratively deliver an expanded range of solutions to these global firms.

ERM Section

Introduction

To safeguard the organisations strategic objectives and operational endeavours, Zensar has established a robust Enterprise Risk Management (ERM) program through which risks are assessed and managed at various levels in the organisation with a Top-down and Bottom-up approach covering the Enterprise, Business units, Geographies and Functions. The ERM program covers compliance with applicable government and regulatory requirements, and potential risk areas in various economic, social, and industrial environments Zensar operates in. The ERM framework encompasses the risks that the organisation is facing under different categories, such as Strategic, Operational/ Cybersecurity, Financial, Compliance/Regulatory, and ESG, with each of these categories having internal/external dimensions. Systematic and proactive identification of risks and mitigations thereof enable effective and timely decision-making.

Key Components of ERM Framework

The Company has adopted an integrated ERM Framework that is being implemented across the organisation by the Chief Risk Officer and ERM team.

Approach & Methodology

Risk governance processes include identification, prioritisation, monitoring and reporting of risks identified at the various levels of organisation, business units, functions, and geographies. The Risk Governance model is regularly updated based on our interactions with internal and external sources, including experts in the risk advisory domain, to ensure that the model aligns with the achievement of strategic objectives of the organisation.

Risk Framework And Model

Market

Risks related to market strategy, competition, differentiation, and existence of a viable market

Customer

Risks related to customer acquisition strategies, retention & wallet share, concentration and ability to penetrate newer accounts and geographies

Technology

Risk related to Emerging Technologies and technology disruptions

External

Risk related to geography, Regulations, Compliances, Currency and Economy

Human Capital

Risk related to attracting resources in niche technologies, attrition and loss of knowledge,

Risk Assessment

The Risks are calculated based on their impacts and probabilities. Using a combination of Risk Impact from insignificant to catastrophic, and risk probability ranging from rare to almost certain, a Risk Score is deduced which helps identify if the Risk Rating is Low, Medium, or High. The Risk scores are then used to arrive at a Risk Prioritisation matrix, which guides the allocation of time and resources towards risk mitigation.

Risk Governance

A multi-level governance structure has been established by the Enterprise Risk Management (ERM) team, which ensures monitoring, reporting and mitigation of risks. The ERM program is headed by the Chief Risk Officer (CRO), who ensures that the function executes its primary responsibilities of formulation and deployment of risk management policies and procedures. In terms of reporting, the function provides quarterly updates to the Risk Management Council and periodic updates to the Board Risk Management Committee on risks which impact key business objectives, with an insight into their mitigations. Also, ad-hoc updates may be provided in case of any emerging risks and change in internal/external factors influencing risk assessment.

Enterprise Level Risk Register

The ERM function has defined and implemented a detailed Risk Register with risks defined at Organisational, Business Unit, Functional and Regional levels, which enables risk-based decision making and reviews by various stakeholders in the Risk management process.

Risk Categories

Strategic: Risks arising out of strategy definition and successful execution of these strategies are covered in this category. For example, risks associated with the choice of the target markets, the Companys market offerings and business models. Details of the Companys strategy are described in other sections of the annual report.

Operational/Cybersecurity: Risks arising out of internal and external factors affecting policies, procedures, people, and systems, thereby impacting service delivery. These also include potential risks arising out of breach of Companys network and possible impact on its operations, including risks of cyberattacks and data privacy breaches.

Compliance /Regulatory: Risks arising from potential litigations, violations to laws, regulations, and major regulatory/ geopolitical changes. Also includes Reputational Risks, which are likely to affect brand or reputation due to no ethical behaviors.

Financial: Risks related to financial liquidity, currency fluctuation and capital management.

ESG: Risks related to business impact due to mismatch in approach versus implementation of sustainability initiatives linked to climate changes, alignment with stakeholders, and regulatory reporting compliances.

Risk Management

During the year, the focus was on strengthening ERM framework across the organisation and institutionalising ERM as one of the key business review mechanisms for key risks. Listed below are some of the key risks, anticipated impact, and mitigations:

Key Risk Impact on Organisation Mitigations
Risk of talent availability, attrition skilling and reskilling Unavailability of timely and requisite skilled talent hampers the organisations vision of meeting customer requirements. Delay in arresting this may impact the quality of customer services and subsequently the revenue stream. • Accelerated Freshers program focused towards organic talent build
• Experiential training framework focussed on faster deployment
• Fresher absorption enabling practices
• Cross pollination and rotation
High dependency on certain key customers and sectors With high dependency on limited number of clients, revenue growth may not be sustainable and a change in customers strategy would have a far-reaching impact on revenue, margin, and market share. • Focussed approach for strategic account identification and planned growth momentum to address business concentration in limited accounts. Ensure revenue spread across customers with defined growth criteria.
Inability to retain customers and expand business in existing portfolio Loss of existing customers impacts the revenue of the company as well as creates reputational impact due to loss of long-term strategic relationships. • Account level focus with Key Account Management design to identify business opportunities and regular review cadence. Awareness of customers Business and IT roadmap with agile digital transformation solution offerings to help Customers business growth.
Loss of business and reputation due to violation of data security and privacy (Cybersecurity) Customer data security and privacy remains a major objective for Zensar. In addition to impact on business operations, violation or security breach could result in reputational damage, penalties, legal and financial liabilities. • Ongoing implementation and maintenance of industry best practices, data security and data privacy management system.
• Detailed programs for employee awareness across the organisation for Information Security and Data Privacy requirements.
• Vulnerability Assessment and Penetration Testing in place for IT infrastructure and applications to strengthen overall cybersecurity posturing.
Risk of business obsolescence due to frequent changes in technology and business models Rapidly evolving technologies and consumption patterns are giving rise to new business models, hence increasing the demand on the Companys agility to keep pace with the changing customer expectations. Failure to cope may result in loss of market share and impact business growth. • Create awareness on ethical code of conduct and compliance requirements through communication and trainings across regions.
• Mechanisms in place to address stakeholder concerns in case of unfortunate event and enable immediate corrective action to contain the damage.
Risk of regulatory noncompliance in absence of defined framework across geographies The fast pace of change in the regulatory environment creates operation challenges, and failure to comply, may lead to penalties or revocation of permission to do business in a territory or geography. • Deployment of global compliance program to monitor compliance and take necessary actions to mitigate risk with assistance from professional experts.
• Implementation of global compliance tool through which organisation level compliance is tracked
Risk of business disruption due to natural and people- made disasters Impact on operations of the Company business as well as Customer business. Customer technology spend may get affected due to adverse impact on business growth, and uncontrolled peaks in operational costs. • Business Continuity Plan(s) in place for all major natural and people-made disasters, with well-defined roles and responsibilities, and periodic training protocols for identified associates.
• Crisis Management framework in place for addressing natural/man-made risks, with well-defined roles and responsibilities including Regional Emergency Response teams.
• Mechanism for post disaster support to affected associate(s), immediate plan for restoring any losses to physical and/or intellectual property(ies).
Risk of non-adherence to Environmental, Social and Governance norms Not able to attain required level of maturity in sustainable business practices and time bound positive impact on defined ESG goals in line with stakeholder expectations • Defined long term ESG goals for the organisation
• Tracking progress against defined metrics
• Alignment with internal and external stakeholders for sustainability initiatives and long-term goals.

Post-COVID - Return to Office Planning

While we continue to see promising downward trajectory of pandemic, Zensar has initiated Return to Office phase with cautionary approach. At Zensar, we value the health & safety of workforce and have taken explicit measures to ensure that all standards of safety and hygiene are maintained across our work locations in India. To uphold these principles and in order to effectively respond to the COVID-19 pandemic, Zensar had set up a cross-functional core governance team chaired by the Managing Director and Chief Executive Officer, with representation from relevant functions within the organisation and from global regions through the formation of Emergency Response teams. These Emergency Response Teams have now partnered with Delivery and Business enabling functions to implement Return to Office (RTO) plans, which include location preparation and team segregation to allow a phased re-opening of workplaces, to aid associates in getting back to office in the "new normal". In preparation for our RTO efforts, Zensar aims to have only a 100% vaccinated workforce working from premises.

Seating and desks in Delivery Centres are sanitised regularly and seating plans are designed in such a manner to maintain social distancing between associates. To address specific customer and project requirements and associate availability, managers have been provided with the flexibility to decide the schedule for their team members. In this process of RTO, it is ensured that Customer service continuity and quality of service is maintained at highest standards.

Special Note- Emerging Risks

Geo-Political Conflict Risk

In view of geo-political unrest in some regions, we at Zensar have been cognizant of the potential risks and the importance of customer service continuity. We have assessed and hardened our financial and cyber-security controls considering potential increased risks arising from such developments.

As a multinational company, we do have delivery capabilities from not only India, but several European countries (e.g., Poland, Austria, Germany), the United States, South Africa, Columbia, Canada and Mexico. Hence, we will have flexibility to accommodate movement of work to remain compliant with applicable laws and sanctions regimes. With the understanding that such conflict is unpredictable, our senior management and special response team proactively continue to monitor related legal, and compliance matters to mitigate risk and to ensure business continuity.

Financial Section

Zensars consistent performance in an otherwise competitive IT sector reflects its ability to continuously create solutions that exceed customer aspirations. A visible and consistent growth in the Companys digital business has resulted in stable performance in the past fiscal coupled with its legacy business performance despite the disruption caused by the pandemic.

(INR Million)

Particulars FY 2021-22 FY 2020-21
Revenue 42,438 37,814
EBITDA 6,565 6,848
Return on Net Worth0 15.5% 14.6%
EPS (Basic) 18.4 15.5
EPS (Diluted) 18.3 15.3
Debtor Turnover 6.1 6.0
Interest coverage Ratio 17.3 9.1
Current ratio 2.7 2.7
Debt Equity Ratio 0.0 0.0
Operating Profit Margin 15.5% 18.1%
Net Profit Margin 9.9% 8.1%

There has been no significant change in the key financial ratios within the meaning of Schedule V of Listing Regulations, except Interest coverage ratio, hence no such explanation is required to be included herein. The relevant elaboration on the performance during the period under review, invariably forms part of this Annual Report. Deviation in interest coverage ratio is due to Interest component, as the Company has repaid all the borrowings by the end of FY 2020-21 and there is no interest cost attributable to the same, in FY 2021-22.

REVENUE

Revenue for the year ended March 31, 2022, is as under: BY SEGMENTS:

(INR Million)

SEGMENT 2021-22 2020-21
Digital and Application Services 35,415 31,167
Digital Foundation Services 7,023 6,647
Total 42,438 37,814

BY GEOGRAPHY:

(INR Million)

GEOGRAPHY 2021-22 2020-21
United States of America 29,910 27,273
Europe 7,581 6,294
Rest of the World 4,947 4,247
Total 42,438 37,814

OTHER INCOME

Other Income comprises dividends from mutual fund investments, interest on bank deposits, profit on sale of investments, net gain on financial assets mandatorily measured at fair value, interest on security deposit, net foreign exchange gain & loss on share buyback liability, etc. Other income during the current year was INR 1,377 million as against INR 254 million in the previous year.

SHARE CAPITAL

During the year, Company has allotted total 5,81,186 equity shares fully paid up of INR 2 each. Out of these, 6,430 equity shares were allotted under "2002 Employees Stock Option Scheme", 249,210 numbers of equity shares were allotted under "2006 Employees Stock Option Scheme" and 325,546 numbers of equity shares were allotted under "Employee Performance Award Unit Plan, 2016"

RESERVES AND SURPLUS

The Companys Reserves and Surplus as on March 31, 2022, were INR 26,140 million as against INR 22,786 million in 2020-21.

The Companys Other Reserves as on March 31, 2022, were INR 277 million as against INR 186 million in 2020-21.

NON-CURRENT BORROWINGS

As of March 31, 2022, Non-current (long-term) borrowings were NIL (Previous year: NIL).

The portion of current maturities of long-term loan amounting to Nil (Previous year: Nil) which is payable within twelve months, is shown under Other financial Liabilities.

CURRENT BORROWINGS

As of March 31, 2022, Current borrowings (Short term) borrowings is Nil. Previous year ended March 31, 2021; it was Nil.

FIXED ASSETS

During the year there is an addition of INR 542 million in Gross Block of Tangible Fixed Assets and addition of INR 915 million in Gross Block of Intangible Assets.

RETURN ON CAPITAL EMPLOYED

The return on capital employed (ROCE) for the year 202122 is 31.7%.

DEBTORS

The position of outstanding debtors was:

(INR Million)

Particulars As at March 31, 2022 As at March 31, 2021
Considered Good 7,967 5,888
Credit Impaired 230 326
Allowances for Credit loss (230) (326)
Total Receivables 7,967 5,888

CASH AND BANK BALANCES

The Cash and Bank Balances represent the Companys balances in banks in India and overseas. The Company also retains funds in the Exchange Earners Foreign Currency (EEFC) account in India, which is mainly used to meet the remittance requirements of the Companys branches and for travel purposes. The Company possessed cash and bank balances (India and overseas excluding unpaid dividend) of INR 5,054 million as on March 31, 2022.

OTHER CURRENT ASSETS

Other Current Assets of INR 1,825 million (Previous year: INR 1,526 million) consist mainly of unbilled revenue, prepaid expenses, advances to suppliers and statutory receivables as on March 31, 2022.

OTHER CURRENT FINANCIAL ASSETS

The Other Current Financial Assets comprise unbilled revenue, foreign exchange forward contracts and security deposits amounting to INR 2,641 million (Previous Year: INR 1,895 million) as on March 31, 2022.

OTHER CURRENT LIABILITIES

Other Current liabilities amounting to INR 1,211 million (Previous year INR 1,142 million) represent mainly payments due to unearned revenue, employee contributions towards provident & pension fund, statutory taxes.

TAX EXPENSE

The Companys income-tax expense is INR 1,524 million (Previous year INR 1,259 million).

CONTINGENT LIABILITIES

Contingent Liabilities have been disclosed in Note 31 in the "Consolidated Financial Statement - Notes to the Accounts".

Accounting principles consistently used in the preparation of financial statements are also consistently applied to record income and expenditure in individual segments.

Human Resources

HR Digitalisation

We have invested heavily in building best in class offerings to upskill and cross-skill our dynamic workforce. Being an ardent hiring company, we continue to enhance the experience of applicants and new joiners, through periodic listening initiatives to gather the pulse of the workforce. Utilizing the insights, we brought many digital initiatives and process simplifications to support and assimilate our new joiners into our vision and ecosystem as fast as possible.

Happiness Framework and Council

A genuinely diverse Happiness Global Council was constituted at Zensar to continuously review existing programs, policies, and initiatives to cater to more happiness and engagement at the workplace. Informal connect culture to strengthen working relationships, virtual Tea connects, LGBTQ+ Insurance policy, gender sensitisation programs, launch of guilds and communities to develop tech talent, are some of the initiatives for driving the Happiness journey.

Diversity & Inclusion

Zensar is an equal opportunity employer and maintains zero tolerance for sexual harassment and discrimination, with a focus on hiring a diverse workforce (LGBT+ and persons with special abilities). Zensar is a signatory member of the UN Global Compact Network and caters to its sustainability principles. We also have a CEO statement issued to support Women Empowerment Principles with UN WEPs. We have specially constituted a Global D&I Council along with the Diversity & Inclusion Centre of Excellence to drive the Inclusion agenda.

Cautionary Statement

This document contains statements about expected future events, financial and operating results of Zensar Technologies Limited, which are forward looking. By their nature, forward looking statements require the Company to make assumptions and are subject to inherent risks and uncertainties. There is a significant risk that the assumptions, predictions and other forward-looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on forward looking statements as a number of factors could cause assumptions, actual future results and events to differ materially from those expressed in the forward-looking statements. Accordingly, this document is subject to the disclaimer and qualified in its entirety by the assumptions, qualifications and risk factors referred to inter-aliain the managements discussion and analysis report hereunder.

For and on behalf of the Board of Directors
Place: Mumbai H.V. Goenka
Date: June 27, 2022 Chairman