V2 Retail Limited

30th July, 2024

BSE Ltd. National Stock Exchange of India Ltd.

Corporate Relation Department, Listing Department
Listing Department, Exchange Plaza, C-1, Block- G,
Rotunda Building, PJ Towers, Bandra Kurla Complex
Dalal Street, Mumbai – 400 023. Bandra (East) Mumbai–400 051
Scrip Code: 532867 NSE Symbol: V2RETAIL

Sub: Investor Presentation for Q1 & FY 2024-25

Dear Sir/Madam,

Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015,
please find enclosed herewith Investor Presentation for Q1 & FY 2024-25.

The investor presentation shall also be uploaded on the website of the Company.

You are requested to kindly take the above on record.

Thanking you,
YOURS FAITHFULLY,
FOR V2 RETAIL LIMITED
Digitally signed by SHIVAM
SHIVAM AGGARWAL AGGARWAL
Date: 2024.07.30 16:17:14 +05'30'

SHIVAM AGGARWAL
COMPANY SECRETARY & COMPLIANCE OFFICER

Encl.: As above

Khasra No. 928, Extended Lal Dora Abadi Village Kapashera, Tehsil Vasant Vihar, South West Delhi, New Delhi, Delhi-110037
E-mail: customercare@[Link], Website: [Link],
CIN: L74999DL2001PLC147724, Tel.: 011-41771850
Q1 FY25
Performance Highlights
Q1 FY25 Performance Highlights (Consolidated)

01 02 03 04

Revenue Gross Profit EBIDTA PAT

Q1 FY25

₹ 415.0 crore +57% ₹ 120.2 crore +49% ₹ 55.5 crore +56% ₹ 16.3 crore
+162%
29.0% 13.4% 3.9%
FY24

₹ 1164.7 crore ₹ 346.0 crore ₹ 147.8 crore ₹ 27.8 crore +317%

+39% +33% +76%
29.7% 12.7% 2.4%

3
3
 Key Operational Highlights Q1 FY25
Sales Per Square Feet
08 01 Same Stores Sales Growth
Sales per square feet (PSF) per Same stores sales growth (SSG)
month was ₹ 1,059 in Q1FY25 as stood at ~37% for Q1FY25.
compared to ₹ 798 in Q1FY24.

Stores Count & Retail Area

07 02 Volume Growth
127 Stores at the end of Q1FY25 Volume growth for Q1FY25 stood
(Opened 10) at 55% (Y-o-Y).

Total Retail Area ~13.64 lakh [Link].

MRP Sales Contribution

06 03 Average Selling Price
MRP Sales at 93% in Q1FY25 as ASP was ₹ 260 in Q1FY25 as
compared to 84% in Q1FY24. compared to ₹ 257 in Q1FY24.

Division wise Sales

05 04 Average Bill Value
ABV was ₹ 824 in Q1FY25 as
Men’s Wear 38%, Ladies Wear 27%
compared to ₹ 807 in Q1FY24.
Kids Wear 25% & LifeStyle 9%
4
Nos. are on Standalone basis 4
Q1 FY25 Financial Highlights (Consolidated)
Revenue (₹ Cr) Gross Profit (₹ Cr)

EBIDTA (₹ Cr) PAT (₹ Cr)

5
5
Q1 FY25 Financial Highlights (Standalone)
Revenue (₹ Cr) Gross Profit (₹ Cr)

EBIDTA (₹ Cr) PAT (₹ Cr)

6
6
Q1 FY25 Profit & Loss - Consolidated
Y-O-Y Y-O-Y
Particulars (₹ Cr) Q1 FY25 Q1 FY24 Q4 FY24 FY24 FY23
% Change % Change
Revenue from Operations 415.0 263.6 57% 296.0 1,164.7 838.9 39%
Cost of Material Consumed 280.1 172.0 200.4 766.8 553.4
Direct Expenses 14.7 10.9 12.9 51.9 25.4
COGS 294.8 182.9 213.3 818.7 578.8
Gross Profit 120.2 80.7 49% 82.8 346.0 260.1 33%
GP Margin % 29.0% 30.6% 28.0% 29.7% 31.0%
Employee Expenses 35.6 23.0 29.5 105.5 88.6
Other Expenses 29.1 22.2 21.9 92.7 87.5
EBIDTA 55.5 35.6 56% 31.4 147.8 84.0 76%
EBIDTA Margin % 13.4% 13.5% 10.6% 12.7% 10.0%
Other Income 1.4 1.4 0.9 7.5 6.7
Depreciation & Amortisation 21.4 18.1 19.5 76.7 67.1
Finance Cost 13.7 10.4 12.8 47.2 40.6
Profit before Tax 21.8 8.4 160% 0.0 31.4 (17.0) 285%
PBT Margin % 5.2% 3.2% 0.0% 2.7% -2.0%
Tax 5.4 2.1 (3.6) 3.6 (4.1)
PAT 16.3 6.2 162% 3.6 27.8 (12.8) 317%
7
PAT Margin % 3.9% 2.4% 1.2% 2.4% -1.5% 7
Q1 FY25 Profit & Loss – Consol. (Pre Ind As 116)

Y-O-Y Y-O-Y
Particulars (₹ Cr) Q1 FY25 Q1 FY24 Q4 FY24 FY24 FY23
% Change % Change
Revenue from Operations 415.0 263.6 57% 296.0 1,164.7 838.9 39%
Cost of Material Consumed 280.1 172.0 200.4 766.8 553.4
Direct Expenses 15.3 11.4 13.5 54.3 27.4
COGS 295.4 183.4 213.9 821.1 580.8
Gross Profit 119.6 80.2 49% 82.2 343.6 258.1 33%
GP Margin % 28.8% 30.4% 27.8% 29.5% 30.8%
Employee Expenses 35.8 23.3 29.5 105.8 88.8
Other Expenses 51.6 40.7 41.9 169.5 155.6
EBIDTA 32.2 16.2 99% 10.8 68.3 13.6 401%
EBIDTA Margin % 7.8% 6.1% 3.6% 5.9% 1.6%
Other Income 0.4 0.9 0.7 3.3 1.7
Depreciation & Amortisation 6.1 5.1 5.9 23.1 20.0
Finance Cost 2.2 1.1 3.0 7.5 4.7
Profit before Tax 24.3 10.8 126% 2.6 41.1 (9.5) 533%
PBT Margin % 5.9% 4.1% 0.9% 3.5% -1.1%

8
8
Q1 FY25 Profit & Loss - Standalone
Y-O-Y Y-O-Y
Particulars (₹ Cr) Q1 FY25 Q1 FY24 Q4 FY24 FY24 FY23
% Change % Change
Revenue from Operations 415.0 263.6 57% 296.0 1,164.7 838.9 39%
COGS 304.7 189.9 220.6 845.1 595.5
Gross Profit 110.3 73.7 50% 75.4 319.7 243.4 31%
GP Margin % 26.6% 27.9% 25.5% 27.4% 29.0%
Employee Expenses 29.7 20.7 25.3 92.6 81.7
Other Expenses 27.3 20.3 19.8 84.7 82.9
EBIDTA 53.4 32.7 63% 30.3 142.4 78.8 81%
EBIDTA Margin % 12.9% 12.4% 10.2% 12.2% 9.4%
Other Income 1.2 1.3 0.8 6.9 6.1
Depreciation & Amortisation 20.2 17.2 18.3 72.5 63.9
Finance Cost 13.2 10.2 12.5 46.1 39.9
Profit before Tax 21.2 6.5 224% 0.3 30.6 (18.8) 262%
PBT Margin % 5.1% 2.5% 0.1% 2.6% -2.2%
Tax 5.3 1.6 (3.5) 3.3 (4.3)
PAT 15.9 4.9 223% 3.9 27.3 (14.5) 288%
PAT Margin % 3.8% 1.9% 1.3% 2.3% -1.7%

9
9
Q1 FY25 Profit & Loss – Standalone (Pre Ind As 116)
Y-O-Y Y-O-Y
Particulars (₹ Cr) Q1 FY25 Q1 FY24 Q4 FY24 FY24 FY23
% Change % Change
Revenue from Operations 415.0 263.6 57% 296.0 1,164.7 838.9 39%
COGS 304.7 189.9 220.6 845.1 595.5
Gross Profit 110.3 73.7 50% 75.4 319.7 243.4 31%
GP Margin % 26.6% 27.9% 25.5% 27.4% 29.0%
Employee Expenses 29.9 21.0 25.2 93.0 81.9
Other Expenses 49.5 38.7 39.7 160.8 150.7
EBIDTA 30.9 13.9 122% 10.5 65.9 10.8 509%
EBIDTA Margin % 7.4% 5.3% 3.6% 5.7% 1.3%
Other Income 0.2 0.8 0.5 2.8 1.4
Depreciation & Amortisation 5.5 4.8 5.4 21.2 18.9
Finance Cost 1.9 1.1 2.9 7.2 4.6
Profit before Tax 23.7 8.8 169% 2.9 40.4 (11.3) 456%
PBT Margin % 5.7% 3.3% 1.0% 3.5% -1.4%

10
10
Media & Promotion Campaigns

11
11
Media & Promotion Campaigns

12
12
New Stores Opening

13
13
New Stores Opening

14
14
Corporate Overview
About V2 Retail

Its motto is “Value & Variety" can be truly

identified from the range and the value of
V2 Retail Limited, product portfolio it maintain across all stores.
incorporated in the year 2001
under the visionary At V2 Retail, our
leadership of Mr. Ram
Chandra Agarwal with an mission is to
objective of providing
merchandise to masses at democratize fashion
affordable price. V2 Retail caters to the ‘neo middle by offering high-
class’ and ‘middle class’ group of
population. Sales per square feet quality, trendy
per month of ₹ 1,059 for Q1 FY25 & apparel at affordable
The Company went Public ₹ 854 for FY24
in the year 2007. The brand prices to value
“Vishal” was sold in the
year 2011 due to conscious consumers
operational losses. The
Company was renamed across all tiers of
V2 Retail Limited cities
The Company currently
operates 127 stores spread
across 17 states and around
100 cities with a total retail
area of ~ 13.64 lac Sq. Ft.
It primarily operates in Tier-II and Tier-III
cities, with a chain of “V2 Retail” stores
offering apparels and general
merchandise, catering to the entire
family. 16
16
Business Division / Verticals
The key factors driving apparel business

Occasions
Occasions Drive Purchases
Festivals| Weddings| Birthdays| Social Functions

Functional Needs

Discount| Offers| Sale| Replace Old Clothes | Fashion

Emotional Needs
• Men’s Wear – Upper, Lower, Occasion Wear, Winter Wear,
Sportswear, Formal, Casual, New Seasons| New Trends| Fun times| Feels likes it

• Ladies Wear – Ethnic wear, Upper, Lower, Occasion Wear, Winter

Wear, Sportswear
Brand Recall
• Kids Wear – Boy, Girls, Infants, Winter Wear
Price| Quality of make| Quality & Type of Fabrics| Durability|
• Lifestyle - Lifestyle products like Deodorants, wallets, sunglasses, Comfort| Fit
ladies purse etc.
17
17
Inventory Management & Customer Satisfaction

01 Product Design
• In House Product development Team of 25
Manufacturing designers
• Creating unique & trend setting designs
• State of art manufacturing facility in Noida & • Greater control over our product portfolio
Bihar
• Equipped with best brand machines
• Optimizing Cost & enhancing quality control
Job Work
• Dedicated Job workers for own designed products
Supply Chain • Helps in maintaining quality & Inventory
Management
• Mix of own designed products as well as
procure high quality products at a value
• Helps in Quality Control & Inventory Warehouse & Logistic
Management
• Centralised warehouse & distribution center at
Gurgaon
• Own fleet of vehicles refill the inventory at stores
Retail Presence once a week

• 127 Stores in more than 100 cities and 17 states

• Retail Area of ~ 13.64 lakh [Link]. Customer Delight
• Ensuring a seamless process that translates
into superior products for our customers
• Happy & Satisfied Customers

Product Design Manufacturing Retailing 18

18
Our Manufacturing Capabilities

19
19
Manufacturing Setup

20
20
Retail Footprint – Reaching Customers

127 Stores at the end of Q1FY25

(Opened 10)

Retail Area ~13.64 lakh [Link].

State No. of Stores

Arunachal Pradesh 1
Assam 8
Bihar 28
Delhi & NCR 6
Goa 2
Himachal Pradesh 1
J&K 1
Jharkhand 9
Karnataka 8
Madhya Pradesh 3
Meghalaya 1
Odisha 20
Tripura 1
Uttar Pradesh 28
Uttrakhand 4
West Bengal 6
Total 127 21
21
Stores Experiencee

22
22
Stores Experience

23
23
Stores Experience

24
24
Board of Directors

Mr. Ram Chandra Agarwal, Ms. Uma Agarwal,

Mr. Akash Agarwal,
Chairman & Managing Director Whole Time Director
Whole Time Director
• Mr. Agarwal holds a bachelor’s degree in • Mrs. Agarwal holds a bachelor’s degree in
• Mr. Akash Agarwal holds an International
Commerce. Arts.
MBA from IE University Spain and a
• Has a vast experience of ~ 30 years of • Has a vast experience of ~ 15 years in the Bachelor’s degree in Business
entrepreneurial and business retail industry. Administration (BBA) from Lancaster
• He has been a member of the Board of Directors • Has been a member of the Board of Directors University (UK)
since inception. since inception. • He has more than 10 years of experience
• He provides strategic direction to the Company • She oversees the marketing strategies of the in the Retail Industry.
and is the driving force behind the establishment Company. • He looks after E-Commerce,
and growth of the Company. Procurement and Finance.
• He is the pioneer in value retailing and brought
this concept in India.
• He was conferred several awards at different
forums such as Ernst & Young Entrepreneur of the
year award in 2008 and 4Ps Power Brand Award
in 2007. 25
25
Independent Directors
Dr. Arun Kumar Roopanwal Mrs. Archana S Yadav Mr. Srinivas Anand Mannava
Independent Director Independent Director Independent Director

• He has over 35 Years of • A Chartered Accountant in • Post-Graduate Program in

extensive experience in practice with more than 14 years Business Management from IIM,
working with various retail of experience, having expertise in Kozhikode.
companies. GST, Income Tax, International Tax
& Corporate Audits. • He has financial expertise and
• He is having a vast experience extensive experience in Strategy
the field of Marketing, Product • She served as Financial Advisor to Planning, Improving Shareholders
Development, Business the autonomous body M/s Wealth, and Financial
Development, Strategic National Institute of Solar Energy, Journalism.
Planning and Administration. under Ministry of New &
Renewable Energy. She has also • He authored Investor Relations
worked with various MNC’s as book, published by ICFAI. Host IR
Management Consultant, Service Awards annually at BSE with
tax Consultant & Direct Tax advisor. Entities Like Bloomberg, BNY
Mellon, KPMG, IR Magazine.
• She was appointed as GST Faculty Launched certification in
by ICAI for GST knowledge sharing Investor Relations in Association
across India. with BSE Institute.

26
26
Historical Financial &
Operational Indicators
Key Operational Highlights FY24

Store Count & Retail Area Average Selling Price

117 Stores at the end of FY24 ASP was ₹ 263 in FY24 as compared to
(Opened 24, Closed 9) ₹ 283 in FY23.

Total Retail Area ~12.54 lakh [Link]. Average Bill Value

ABV was ₹ 797 in FY24 as compared to
₹ 797 in FY23

Same Store Sales Growth

Same store sales growth stood at 31% Volume Growth
for FY24
Volume growth for the year stood at
50% (Y-o-Y)

MRP Sales Contribution

Sales Per Square Feet MRP Sales at 87% in FY24 as compared
Sales per square feet was ₹ 854 in FY24 to 82% in FY23
as compared to ₹ 651 for FY23

28
Nos. are on Standalone basis 28
Consolidated Profit & Loss

Particulars (₹ in Cr) FY2020 FY2021 FY2022 FY2023 FY2024

Revenue from Operations 701.2 538.6 629.2 838.9 1,164.7
Growth (%) -23.2% 16.8% 33.3% 38.8%
Gross Profit 196.0 162.8 201.6 260.1 346.0
GP Margin (%) 27.9% 30.2% 32.0% 31.0% 29.7%
EBIDTA 74.9 48.5 64.7 84.0 147.8
EBIDTA Margin (%) 10.7% 12.4% 10.3% 10.0% 12.7%
Other Income 2.5 23.0 15.9 6.7 7.5
Depreciation 51.0 55.5 58.8 67.1 76.7
Finance Cost 30.3 31.3 36.6 40.6 47.2
PBT Before Exceptional Item (3.9) (15.3) (14.9) (17.0) 31.4
PBT Margin (%) -0.6% -2.7% -2.3% -2.0% 2.7%
Exceptional Item (Gain) / Loss (12.5)
PAT 9 (12.8) (11.7) (12.8) 27.8
PAT Margin (%) 1% -2% -2% -2% 2%
Total Comprehensive Income 8.3 (12.9) (12.1) (13.0) 27.5

29
29
 Consolidated Balance Sheet
Particulars (₹ in Cr) FY2024 FY2023 FY2022 Particulars (₹ in Cr) FY2024 FY2023 FY2022
ASSETS EQUITY AND LIABILITIES
Non-current assets Equity
Property, plant and equipment 116.1 98.6 102.9 Equity share capital 34.6 34.4 34.4
Capital Work in Progress 0.2 0.1 - Other equity 240.1 212.5 223.8
Right to use Assets 361.5 305.8 286.4 Total - Equity 274.7 246.9 258.2
Other intangible assets 2.1 3.7 4.5
Intangible assets under development - 0.3 - LIABILITIES
Financial assets - - Non-current liabilities
Other financial assets 10.6 8.3 8.0 Borrowings 17.3 7.2 5.6
Deferred tax assets (net) 28.5 32.0 27.4 Lease Liability 388.7 330.3 308.9
Non-Current tax assets (net) 0.9 0.6 1.4 Financial liabilities - - 0.1
Other non-current assets 20.9 18.0 18.7 Provisions 6.3 4.4 4.0
Total - Non-Current Assets 540.7 467.4 449.4 Total Non-Current Liabilities 412.3 341.9 318.6

Current assets Current liabilities

Inventories 418.9 278.9 290.8 Borrowings 73.5 46.5 48.9
Financial assets Lease Liability 45.9 39.8 34.2
Cash and cash equivalents 9.4 4.9 6.5 Trade payables 193.5 106.5 119.5
Bank balances other than cash &
0.4 0.2 0.9 Other financial liabilities 20.0 7.4 8.7
cash equivalents
Other financial assets 6.1 1.1 1.5 Provisions 3.1 2.4 2.3
Trade Receivables 0.1 0.1 1.3 Other current liabilities 4.0 1.9 1.7
Other current assets 51.6 40.7 41.8
Total - Current Assets 486.4 325.9 342.8 Total - Current liabilities 340.1 204.4 215.3

TOTAL - ASSETS 1,027.1 793.3 792.2 TOTAL - EQUITY AND LIABILITIES 1,027.1 793.3 792.2
30
30
Standalone Profit & Loss
Particulars (₹ in Cr) FY2020 FY2021 FY2022 FY2023 FY2024
Revenue from Operations 701 539 629 839 1,165
Growth (%) -6.3% -23.2% 16.8% 33.3% 85.1%
Gross Profit 196.0 158.3 188.6 243.4 319.7
GP Margin (%) 27.9% 29.4% 30.0% 29.0% 27.4%
EBIDTA 76.0 48.8 60.7 78.8 142.4
EBIDTA Margin (%) 10.8% 9.1% 9.7% 9.4% 12.2%
Other Income 2.3 22.2 15.6 6.1 6.9
Depreciation 50.5 53.8 56.6 63.9 72.5
Finance Cost 29.9 30.2 36.1 39.9 46.1
PBT Before Exceptional Item (2.1) (13.1) (16.4) (18.8) 30.6
PBT Margin (%) -0.3% -2.3% -2.5% -2.2% 2.6%
Exceptional Item (Gain) / Loss (12.5) -
PAT 10.1 (11.0) (12.9) (14.5) 27.3
PAT Margin (%) 1.4% -2.0% -2.0% -1.7% 2.3%
Total Comprehensive Income 9.6 (11.0) (13.3) (14.6) 27.1

31
31
 Standalone Balance Sheet
Particulars (₹ in Cr) FY2024 FY2023 FY 2022 Particulars (₹ in Cr) FY2024 FY2023 FY 2022
ASSETS EQUITY AND LIABILITIES
Non-current assets Equity
Property, plant and equipment 95.2 85.7 91.6 Equity share capital 34.6 34.4 34.4
Capital Work in Progress 0.2 0.1 - Other equity 239.9 212.8 225.8
Right to use Assets 352.3 300.3 278.5 Total - Equity 274.5 247.2 260.1
Other intangible assets 1.5 3.1 4.5
Intangible assets under development - 0.3 - LIABILITIES
Financial assets - - Non-current liabilities
Investment in Subsidiary 15.0 15.0 15.0 Borrowings 3.9 - -
Other financial assets 8.8 7.9 7.7 Lease Liability 381.0 326.3 302.6
Non-Current tax assets (net) 0.6 0.5 1.3 Financial liabilities - - 0.1
Deferred tax assets (net) 27.9 31.2 26.9 Provisions 6.0 4.3 3.9
Other non-current assets 20.3 17.7 18.5 Other non-current liabilities
Total - Non-Current Assets 521.7 461.8 444.0 Total Non-Current Liabilities 390.8 330.6 306.7

Current assets Current liabilities

Inventories 360.0 246.5 267.3 Borrowings 73.5 46.5 48.9
Financial assets - - Lease Liability 43.8 37.7 32.2
Cash and cash equivalents 6.2 1.9 5.9 Trade payables 159.4 93.0 111.9
Bank balances other than cash & cash
0.4 0.2 0.9 Other financial liabilities 17.2 6.4 8.1
equivalents
Other financial assets 8.1 7.3 16.8 Provisions 3.0 2.3 2.2
Trade Receivables 0.1 0.1 1.3 Other current liabilities 3.7 1.4 1.7
Other current assets 69.6 47.5 35.6 Total - Current liabilities 300.7 187.4 204.9
Total - Current Assets 444.4 303.5 327.8

TOTAL - ASSETS 966.1 765.2 771.7 TOTAL - EQUITY AND LIABILITIES 966.1 765.2 771.7
32
32
Cash Flow Statement
Standalone Consolidated
Particulars (₹ in Cr)
FY2024 FY2023 FY2024 FY2023

PBT 30.6 (18.8) 31.4 (17.0)

Adjustments 131.3 108.1 136.4 111.7
Operating profit before working capital changes 161.9 89.3 167.8 94.7
Changes in working capital (76.2) (10.4) (75.0) (9.4)

Cash generated from operations 85.7 78.9 92.8 85.3

Direct taxes paid (net of refund) (0.1) 1.1 (0.7) 1.1

Net Cash from Operating Activities 85.6 80.0 92.1 86.4

Net Cash from Investing Activities (29.0) (9.1) (39.3) (12.3)

Net Cash from Financing Activities (52.3) (74.9) (48.3) (75.7)

Net Change in cash and cash equivalents 4.3 (4.0) 4.5 (1.6)
Opening Cash Balance 1.9 5.9 4.9 6.5

Closing Cash Balance 6.2 1.9 9.4 4.9

33
33
Robust Standalone Financial Performance

Revenue (₹ Cr) EBIDTA (₹ Cr) & EBIDTA Margin

PBT (₹ Cr) PAT (₹ Cr)

34
34
Key Operating Matrix - Standalone

Revenue
No. of Stores (₹Space
& Retail Million)
(lakh [Link].) Inventory Holding Days

Sales Per Sq. Ft. (₹ Per Month) Rent Per Sq. Ft. (₹ Per Month)
60

50

40

30
50 53
45
20 38 40

10

0 35
35
FY2020 FY2021 FY2022 FY2023 FY2024 35
Disclaimer
This presentation and the accompanying slides (the “Presentation”), which have been prepared by V2 Retail Ltd.
(the “Company”), have been prepared solely for information purposes and do not constitute any offer,
recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on
in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will
be made except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company
considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no
reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this
Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may
consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly
excluded.

This presentation contains certain forward looking statements concerning the Company’s 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 fluctuations in earnings, our ability to
manage growth, competition (both domestic and international), economic growth in India and abroad, ability to
attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our
international operations, government policies and actions regulations, interest and other fiscal costs generally
prevailing in the economy. 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 by or on behalf of the Company. 36 36