TARC Limited has informed the Exchange about Investor Presentation
sl/u TnrS TARC
To, The Vice President, National Stock Exchange of India Limited, Excl-range Plaza, Bandra Kurla Complex, Bandra (E) Mumbai- 400051
Scrip Symbol: TARC
February 6,2025
To, The General Manager Deptt of Corporate S"rui".r, BSE Limited, P.J. Tower, Dalal Street, Mumbai - 400001
Equity Scrip code: 543249 Debt Scrip Code: 973928
Sub.: Investor Presentation
Dear Sir/Madam,
Pursuant to provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations
2015, please find enclosed a copy oflnvestor Presentation for your infonnation and record.
Thanking You
For TARC Limited
Amit Narayan Company Secretary 420094
TARC LIMITED, CIN: L7o1o0DL2016PLC39o526
Registered Office: 2nd Floor, C-3, Qutab lnstitutional AreA Katwaria Sarai, New Delhi - 11O016. www.tarc.in I tarc@tarc.in | +a1 424 43OO
T A R C L I M I T E D I N V E S T O R P R E S E N T A T I O N Q 3 F Y 2 5
Business Highlights
Financial Performance TARC achieved sales amounting to ₹1,165 crore in Q3FY25, reflecting a remarkable~1000% year-on-year growth. For the first nine months of FY25, total sales amounts to ₹2,487 crore.
Business Liquidity TARC achieved collection of ₹181 crore in Q3FY25 bringing total collection for the first nine months of FY25 to ₹371 crore.
Cashflows TARC has cashflows of ₹7,700 crore from existing developments which shall further enhance with our next set of developments. The design is under process for the next phase of developments, with project launches planned over the next year.
Portfolio TARC has set new benchmarks in luxury living with its flagship developments—TARC Tripundra, TARC Kailasa, and TARC Ishva. The Company is now actively planning its next pipeline of projects, which will drive the next phase of its growth.
Project Success TARC Ishva, the Company’s luxury residential development in Gurugram launched in September 2024 has achieved ~55% sales and construction is progressing swiftly.
TARC Kailasa, luxury residential development in Delhi has sold more than 50% to date with construction progressing at a rapid pace.
TARC Tripundra, being Company’s pioneer project has achieved 80% sales, with construction near completion.
TARC LIMITED
2
INVESTOR PRESENTATION | Q3 FY25
Business Highlights
BOOKINGS (in ₹ crore)
COLLECTIONS (in ₹ crore)
5 6 1 1
1 8 1
9 9
2 4
2 Y F / 3 Q
4
2 Y F / 3 Q
5
~1000%
INCREASE
2 Y F / 3 Q
4
2 Y F / 3 Q
5
~300%
INCREASE
TARC LIMITED
3
INVESTOR PRESENTATION | Q3 FY25
39
RESPONSIBLE BUILDING
36
PILLARS THAT STRENTHEN OUR EDIFICE
22
DEVELOPMENT PORTFOLIO
18
Q2/2025 UNDER REVIEW
INDEX
05
OVERVIEW
09
GUIDANCE
13
STRENGTH OF BUSINESS FUNDAMENTALS
16
ANALYSIS
TARC LIMITED
4
INVESTOR PRESENTATION | Q3 FY25
At a Glance
AT A GLANCE
LEGACY
POSITIONING
FOCUSED MARKETS
LAND PORTFOLIO
SCRIP
5 Decades
Luxury Residential
Delhi & Gurugram
~ 500 acres (fully paid)
NSE: TARC BSE: 543249
TARC LIMITED
6
INVESTOR PRESENTATION | Q3 FY25
About TARC
Mr. Anil Sarin, Founder & Chairman of TARC Limited, a great visionary, embarked on a venture inspired by the desire and aspirations of the diverse and enduring core values of India.
Rooted firmly with a vision and belief for growth, what began as a modest enterprise transformed into a large Luxury Real Estate Development company.
Along this journey, the dream of embodying the essence of India, combined with unwavering work principles and the trust cultivated to become the pillar for its continuing ascent.
TARC LIMITED
7
INVESTOR PRESENTATION | Q3 FY25
Our Journey
2020-2021s
2022
2023- 2024s
2025 so far
• TARC Limited rises through a demerger and is listed on Stock Exchanges engendering a new era of execution, governance and exponential growth.
• Strategic sale of
warehousing assets to Global PE firms - Blackstone and ESR
• TARC Limited concluded
• Delivered TARC MACEO
one of the largest transactions in North India with US private investment firm Bain Capital.
• TARC TRIPUNDRA was launched in New Delhi as its first luxury residential development.
• Organizational buildup with best-in-class talent
• Launched TARC KAILASA
Luxury Residential Development with a GDV of ~₹4,000 cr.;
• Kailasa 1.0 sold-out
• Launched TARC ISHVA, TARC’s first luxury residential development in Gurugram with a GDV of ~₹2,700 cr
• Refinanced ₹1,000 cr from
banks and FIs
• Achieved highest ever sales of ₹2,487 crore within first nine months of FY2025
TARC LIMITED
8
INVESTOR PRESENTATION | Q3 FY25
Driven by innovation, customer-centricity, and unwavering commitment, we proudly reveal our mission for the future
₹5,000crore
FY25 – Sales Guidance
Established as a leading Luxury Residential Brand with Exceptional Market Acceptance
TARC LIMITED
Strategically Designed Product Portfolio
• Product positioning specific to location
• Pricing befitting luxury standards
Affirm leadership in customer centricity • Luxury customer experience • Latest Technology aided solutions
Excellence in execution • Best in Class Contractors • Credible partnerships • Focus on early completion and
delivery
Strong financials • • Regular Cashflows • High Gross
Improve profitability
Operating Margins, stemming from low cost land bank
9
Future Ready • Building Organizational
capabilities
• Leveraging brand
positioning
Sustainability focused • Green building portfolio • Building ESG framework
INVESTOR PRESENTATION | Q3 FY25
Guidance
positive in FY27
1 Moving towards becoming net cash 2
Company in addition to developing its own land will also capitalize on other opportunities such as JDA and JV.
3 4
Company to reach $1 billion sales in the near future.
5000
The company to receive 75,000 sqm of industrial plots as part of compensation from the in Manesar. The company to receive another ₹300 crores as compensation.
authority
govt
1612
500
FY23A
FY24A
FY25E
Sales (₹ Cr)
TARC LIMITED
10
INVESTOR PRESENTATION | Q3 FY25
Project Calendar
Development
Location
Category
Launch Period
Size* (MSF)
Sales Potential* (₹ Cr)
UNDER DEVELOPMENT
TARC Tripundra TARC Kailasa TARC Ishva GRAND TOTAL
New Delhi New Delhi Gurugram
Luxury Luxury Luxury
Q3FY23 Q4FY24 H1FY25
0.5 1.7 1.4 3.6
1,000 4,000 2,700 7,700
NEXT DEVELOPMENTS ON OUR OWN LAND
TARC IV TARC V TARC VI TARC VII
* Approximately
Gurugram New Delhi New Delhi New Delhi
Luxury Luxury Luxury Luxury
18 months
~3.0
~11,000
TARC LIMITED
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INVESTOR PRESENTATION | Q3 FY25
Driving Growth
Strong Cashflows To Support Debt Reduction Plan
Remaining Cash Inflows from Under Development Projects (₹ Crore)
FY26-FY29
6,800
• Cash Inflows include committed cashflows of ₹3,675 crore from sales and monetization of
inventory of more than ₹3,000 crore.
• Launch of next phase of developments will further add to the cashflows. • High Gross Margins resulting from a Fully Paid, Low-Cost Land Bank.
~₹7,700 Crore Revenue To Be Recognized From Ongoing Projects
Collected
To be Collected
Value of Unsold
Ongoing Portfolio (₹ Crore)
836
3675
3189
TARC LIMITED
12
INVESTOR PRESENTATION | Q3 FY25
Strengths Of Business Fundamentals
Core Business Fundamentals For Growth
Emphasize Operational Efficacy And Enhanced Corporate Proficiency
Focussed on Development and Customer Centricity
Building Strong Luxury Residential Brand
Strategically outsourcing construction activities and non-core functions.
Strong Financial management
Defined Sales Model Translates To Profitable, Scalable And Sustainable Growth
» F o c u s o n
a c h i e v i n g s t r o n g f i r s t y e a r S a l e s t o f u n d t h e e n t i r e p r o j e c t a n d a l s o p r o v i d e a d d i t i o n a l l i q u i d i t y
TARC LIMITED
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INVESTOR PRESENTATION | Q3 FY25
Optimized Systems & Processes
DEFINED PROCESSES & FUNCTIONS
• Experienced team ensures strong oversight over processes.
• Strong commercial terms and safeguards support construction team ensures seamless coordination with the EPC contractor
• Strong relationship with
channel partners
STRONG SALES ENGINE
DESIGN & DEVELOPMENT
TECHNOLOGY
• Systematic sales funnel designed to improve efficiency and effectiveness in lead management through automated data tracking and analytics.
• Comprehensive software for managing pre-sales, sales, post-sales, and customer experience. • Strong Sales and Support team of more than 40 team members.
• Extensive network of over 1,200 channel partners supported by a comprehensive channel partner management system.
• Best in class Architect agencies bring pioneering designs for TARC’s developments: Andy Fisher Workshop, RSP, GPMA
• Strong inhouse team
LEADERSHIP EXPERIENCE
25+ Yrs
20+ Yrs
Architecture
Construction
STRENGTH
10
86
Architecture
Construction
TARC LIMITED
15
INVESTOR PRESENTATION | Q3 FY25
NEW DELHI – Will Contribute to Growth
Urban Growth Areas: New Delhi
Supply & Absorption
1400
1200
1000
800
600
400
200
0
515
457
294
224
1208
1010
872
601
2020
2021
2022
2023
Recent announcements of key Infrastructure developments will unlock substantial opportunities across Delhi, driving further growth
Supply
Absorption
Price Trend PSF
27,495
The weighted average price for absorption is growing and at all time high.
16,000
30,000
25,000
20,000
15,000
10,000
5,000
-
TARC LIMITED
16
INVESTOR PRESENTATION | Q3 FY25
2020
2021
2022
2023
2024
Scale 1: 300,000
Source: PropEquity
Luxury Residential Hypothesis
Luxury Real Estate Market in India (US$ Billion)
101.92
Luxury Residential Share in NCR vs ROI %
65%
38.02
2024
2029
35%
Luxury Residential Share of Overall Residential Market %
21%
2024
7%
2019
Rest of India
Delhi NCR
TARC LIMITED
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INVESTOR PRESENTATION | Q3 FY25
Q3FY2025 Under Review
Financial Performance
Particulars
Revenue
Add: Other Income
Total income
Less: Direct Costs (incl change in inventory)
Less: Other expenses
EBITDA
EBITDA Margin (%)
Less: Depreciation
Less: Finance Costs
PBT
Less: Taxes
Q3 FY25
Q3 FY24
Change %
9M FY25
9M FY24
Change %
(₹ Crore)
2023-24
9.35
1.87
9.30
1.22
0.48%
53.72%
21.87
3.12
101.97
-78.55%
111.45
2.21
41.52%
2.97
11.22
10.52
6.64%
25.00
104.17
-76.01%
114.42
8.92
11.61
(9.31)
2.44
19.38
9.70
18.16
(17.33)
1.51
9.53
-8.00%
-36.05%
-46.27%
61.52%
103.34%
23.03
48.17
(46.21)
6.66
81.60
56.44
31.49
16.24
4.58
50.65
-59.19%
52.95%
68.60
63.96
-384.51%
(18.14)
45.40%
61.11%
6.49
61.38
(31.13)
(28.37)
9.72%
(134.47)
(38.99)
244.86%
(86.01)
(2.44)
5.12
-147.58%
(7.74)
(13.68)
-43.41%
(8.97)
Reported PAT
(28.69)
(33.49)
-14.33%
(126.73)
(25.31)
400.69%
(77.04)
TARC LIMITED
19
INVESTOR PRESENTATION | Q3 FY25
Debt Profile
Debt Profile
Non-Convertible Debentures
Term Loan
Cash in hand/Bank
Net Debt
Blended Cost of Debt
Credit Rating
ACUITE BBB- (RATING WATCH)
₹883 crore
₹940 crore
₹136 crore
₹1,688 crore
<15%
TARC LIMITED
20
INVESTOR PRESENTATION | Q3 FY25
Recent Financing
₹1,000 Cr Refinancing
12.75% Cost of Debt
₹250 Cr Additional Limit
Kotak Mahindra Bank, prominent Aditya Birla Capital, and STCI.
led consortium comprising institutions such as Nomura Capital,
refinancing is
This cashflows of TARC Kailasa and TARC Tripundra.
secured by project
land and
Additional Credit Lines to ensure continued progress at site.
Additionally, the remaining debt of TARC Limited is to be secured by project cash flows from TARC Ishva.
Diversified Investor Pool
Bank 48%
NBFC 41%
Corporate 11%
TARC LIMITED
21
INVESTOR PRESENTATION | Q3 FY25
Development Portfolio
NEAR COMPLETION
IN PROGRESS
IN PROGRESS
DELIVERED
MACEO
TARC LIMITED
23
INVESTOR PRESENTATION | Q3 FY25
Project Highlights
BIJWASAN ROAD, NEW DELHI
SECTOR 63A, GURGAON
DEVELOPMENTS
Launch Period
Plot Area
Saleable Area
No. of Apartments
Q3 FY2023
Q4 FY2024
~ 3 acres
~ 0.5 msf
187
~ 6 acres
~ 1.7 msf
400+
Q2 FY2025
~ 7 acres
~ 1.35 msf
386
Sales Potential
~ ₹ 1000 crore
~ ₹ 4,000 crore
~ ₹ 2,700 crore
Total Booking Value*
Collection*
₹ 802 crore
₹ 337 crore
₹ 2105 crore
₹ 345 crore
₹ 1,604 crore
₹ 154 crore
TARC LIMITED
24
*Approximate
INVESTOR PRESENTATION | Q3 FY25
TARC Tripundra, an IGBC Gold-certified project, is a luxury residential development offering contemporary international design and architecture and a curated clubhouse and recreation zones.
PROJECT High end luxury residential project with 3 & 4 bedroom apartments.
HIGHLIGHTS Ultra-modern amenities & facilities for a pristine urban living experience.
PROJECT OVERVIEW
TYPE
LOCATION
STATUS
SALEABLE AREA
RESIDENTIAL
NEW DELHI
~80% SOLD
~ 0.50 Mn Sq. Ft.
TARC LIMITED
25
INVESTOR PRESENTATION | Q3 FY25
TARC Kailasa, large format high-end luxury project located on Patel Road, New Delhi is designed to be an epitome of luxury offering customers all the conveniences of an ultra-luxurious lifestyle.
PROJECT Ultra luxury residential project with 3 & 4 bedroom apartments.
HIGHLIGHTS 6 Layer Forest Court, 170,000 sq. ft. of club amenities, Olympic Length Swimming Pool and ample parking spaces
PROJECT OVERVIEW
TYPE
LOCATION
STATUS
SALEABLE AREA
RESIDENTIAL
NEW DELHI
~50% SOLD
~ 1.70 Mn Sq. Ft.
TARC LIMITED
26
INVESTOR PRESENTATION | Q3 FY25
FOUR-SIDE OPEN RESIDENCES
State-of-the-art luxury apartments located in the future hub of Gurugram in Sector 63A. The development includes best-in-class amenities and is well- connected to malls, restaurants, hospitals, and schools, allowing for an ultra- luxurious lifestyle.
PROJECT A luxury residential development offering four side open residences.
HIGHLIGHTS The project has green views of Aravali Hills and an immaculate design, which is one of a kind.
PROJECT OVERVIEW
TYPE
LOCATION
STATUS
SALEABLE AREA
RESIDENTIAL
GURUGRAM
55% SOLD
~ 1.35 Mn Sq. Ft.
TARC LIMITED
27
INVESTOR PRESENTATION | Q3 FY25
MACEO
EXPERIENTIAL LIVING FOR ALL
Thoughtfully planned to minimise environmental impact and carbon footprint.
HIGHLIGHTS Rainwater harvesting, wastewater management and solar panels enable a more sustainable and eco-friendly experience.
PROJECT OVERVIEW
TYPE
LOCATION
STATUS
SALEABLE AREA
RESIDENTIAL
GURUGRAM
DELIVERED
1.5 Mn Sq. Ft.
TARC LIMITED
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INVESTOR PRESENTATION | Q3 FY25
Project Update
TARC LIMITED
29
INVESTOR PRESENTATION | Q3 FY25
Project Update
TARC LIMITED
30
INVESTOR PRESENTATION | Q3 FY25
Project Update
TARC LIMITED
31
INVESTOR PRESENTATION | Q3 FY25
Brand
INSPIRED BY INDIA
THOUGHTFUL INTEGRATION We aspire to seamlessly merge India’s profound legacy, grandeur and values with modern design principles.
RIGOROUS EXECUTION We approach each project passionately, ensuring every detail is attended to with precision and perfection.
AMBITIOUS IDEATION Our broad vision encompasses large- scale conceptualisation, laying the groundwork for distinctive real estate landmarks.
CONTEMPORARY AESTHETICS While we honour reverence for India’s rich history, our designs firmly root themselves in contemporary aesthetics, appealing to today’s discerning clientele.
TARC LIMITED
33
INVESTOR PRESENTATION | Q3 FY25
Above & Beyond
CHALLENGING IDEAS
CREATING BUZZ ON SOCIAL
TARC EVENTS
Outdoor Innovation
Diwali Décor – Differentiated Theme
AWARDS & ACCOLADES
TARC Pickleball - Title Sponsor TARC was the title sponsor for the Pickleball event by KICA, The Net Gala, and Baseline Sports. Our sports-themed kiosk featured an interactive VR game, enhancing brand visibility and engagement while reinforcing TARC’s commitment to health and lifestyle.
Influencers promoting TARC Ishva
TARC x HDFC – Sip & Savours On December 13th, TARC and HDFC Bank hosted Sip & Savours, an exclusive evening of whisky tasting, live music by Adresh Pandey, and gourmet Indian cuisine. The event showcased luxury, culture, and TARC’s commitment to creating memorable experiences
TARC Kailasa – HNI Channel Partner Navratra Event On October 6th, TARC Kailasa, in collaboration with Swastic Global Realty, hosted an exclusive Navratra-themed event for HNI channel partners, celebrating tradition and luxury.
TARC LIMITED
34
INVESTOR PRESENTATION | Q3 FY25
Seasonal Greetings backed by activation at sales gallery
Awards & Recognitions
IBE- International Brand Equity - 8th India property Award-2023
Category : Best Upcoming Project of the Year 2023
IBE- International Brand Equity - 8th India property Award-2023
Category : Best Upcoming Project of the Year 2023
Realty+ Conclave & Excellence Awards
Category : Luxury Project of the Year - 2023
Project Name : TARC Tripundra Year: 2023
Project Name : TARC Tripundra Year: 2022
Project Name : TARC Tripundra Year: 2023
Out Look Business - Bussiness Excellence Awards 2023
Category : Best Project of the Year
Project Name : TARC Tripundra Year: 2023
The Times Group
The Economic Times - Real Estate Awards
Category : Inspiring Women Leaders 2023
Name : Muskaan Sarin Year: 2023
Category : Residential Project- High -End (North : Ongoing)
Project Name : TARC Tripundra Year: 2024
Golden Brick Awards 2024 - International Real Estate Awards in Dubai, UAE
Category : Luxury Project of the Year - 2024
Project Name : TARC Kailasa Year: 2024
Times Realty & Infrastructure
Category : Luxury Project of the Year - 2024
Project Name : TARC Kailasa Year: 2024
Hindustan Times real Estate Titans
Asia One Awards
Times Realty & Infrastructure Conclave 2024
Category : Iconic Super Luxury Project - 2024
Category : India’s Gretest Brands 2023-24
Category : Luxury Project of the Year
Project Name : TARC Kailasa Year: 2024
Project Name : TARC Kailasa Year: 2024
Project Name : TARC Kailasa Year: 2024
TARC LIMITED
35
INVESTOR PRESENTATION | Q3 FY25
Pillars Strengthening Our Edifice
Board Of Directors
Mr. Anil Sarin Founder&Chairman
Has invaluable experience and vision, which helped transform a modest construction enterprise of the 70s into an all-embracing luxury real estate development Company, TARC Limited.
Mr. Amar Sarin ManagingDirector&CEO
The driving force at TARC Limited. Possesses the commitment and passion to lead the team with a well- defined strategy that steers the organisation’s vision and develops capabilities for planning, finding solutions, and delegating.
Ms. Muskaan Sarin WholeTimeDirector
Leads the marketing, branding, and customer-centric culture of TARC Limited, playing a key role in the company’s visibility and outreach, as well as interactions with the company’s new and old patrons.
Mr. Jyoti Ghosh Independent Director
Retired as the Managing Director of State Bank of Bikaner and Jaipur. Presently, contributes expertise as a lecturer at Bandhan School of Development and Management, Rajpur.
Mr. Miyar Ramanath Nayak Independent Director
B.Com and C.A. L.L.B., held offices
as General Manager, HO of Corporation Bank, and as Executive
Director of Allahabad Bank.
Ms. Bindu Acharya Independent Director
Retired banker with 32+ years of experience in banking and finance, ex Deputy General Manager (DGM) at State Bank of India.
Mr. Ambarish Chatterjee Independent Director
Fellow member of the Institute of Company Secretaries of India. He has over 40 years of post- qualification experience in economic and corporate legislation.
TARC LIMITED
37
INVESTOR PRESENTATION | Q3 FY25
The Management Team
45+
33+
30+
18+
20+
RAJEEV TREHAN ChiefOperatingOfficer
ANIL MAHINDRA Land &Legal
NITIN GOEL Finance Formerly Worked with FIITJEE and G4S
AMIT NARAYAN CompanySecretary
RITA MISRA Human Resources Formerly worked with TATA Realty, JLL and Aon Hewitt
16+
18+
16+
16+
VIKAS SHARMA Sales &Marketing Formerly worked with Ireo and Silverglades
ANKUR MAHESHWARI Marketing Formerly worked with TATA Realty, Bharti Realty, DLF
PRABHLEEN SINGH Design Formerly worked with Gulshan
ANKUSH VIJAN Investor Relations Formerly worked with DLF, IREO, JLL & GE
TARC LIMITED
38
INVESTOR PRESENTATION | Q3 FY25
Building Responsibly
ESG Vision
NET ZERO TARGET Committed to creating a strategy for Carbon Neutrality and Net Zero developments.
COMMUNITY ENGAGEMENT Committed to leading community development initiatives to improve the welfare and well-being of society.
SUSTAINABLE SUPPLY CHAIN Committed to integrating ESG in supply chain decisions.
GREEN BUILDING Committed to 100% Green certified residential portfolio.
GOVERNANCE Committed to growing ethically with transparency and accountability built at the core.
EMPLOYEE ENGAGEMENT Attract and retain the best talent and motivate employees to work with an ethical company.
TARC LIMITED
40
INVESTOR PRESENTATION | Q3 FY25
ESG: Work In Progress
ENVIRONMENT
SOCIAL
GOVERNANCE
• Concluding ESG framework
for the organisation
• Received IGBC Platinum pre-certification for TARC 63A (upcoming project)
• Received IGBC Gold pre-certification for TARC Tripundra
• Approaching for IGBC Platinum rating for TARC KAILASA
• Working towards developing community spaces around the ongoing projects.
• Provide educational support to children of employees
• The company has
conscientiously moved to explore alternate energy resources.
• TARC has adopted a No Single-Use Plastic Policy at the workplace.
• Working towards finalising
Risk Management Framework
• Robust policies, procedures and Internal Controls with active board oversight, being revisited and updated as and when required
• Ensure the highest level of
transparency and accountability through timely disclosures
TARC LIMITED
41
INVESTOR PRESENTATION | Q3 FY25
FOR MORE INFORMATION, CONTACT:
ANKUSH VIJAN, INVESTOR RELATIONS, TARC LIMITED 011 41244311 | investors@tarc.in
KAPTIFY CONSULTING INVESTOR RELATION STRATEGY +91 845 288 6099 | contact@kaptify.in
DISCLAIMER:THIS PRESENTATION CONTAINS CERTAIN FORWARD-LOOKING STATEMENTS CONCERNING TARC’S FUTURE BUSINESS PROSPECTS AND BUSINESS PROFITABILITY, WHICH ARE SUBJECT TO SEVERAL RISKS AND UNCERTAINTIES & THE ACTUAL RESULTS COULD MATERIALLY DIFFER FROM THOSE IN SUCH FORWARD-LOOKING STATEMENTS. THE RISKS AND UNCERTAINTIES RELATING TO SUCH STATEMENTS INCLUDE BUT ARE NOT LIMITED TO, EARNINGS FLUCTUATIONS, OUR ABILITY TO MANAGE GROWTH, COMPETITION, ECONOMIC GROWTH IN INDIA, ABILITY TO ATTRACT & RETAIN HIGHLY SKILLED PROFESSIONALS, TIME & COST OVERRUNS ON CONTRACTS, GOVERNMENT POLICIES AND ACTIONS RELATED TO INVESTMENTS, REGULATION & POLICIES ETC., INTEREST & OTHER FISCAL POLICIES GENERALLY PREVAILING IN THE ECONOMY. THE COMPANY DOES NOT UNDERTAKE TO MAKE ANY ANNOUNCEMENTS IN CASE ANY OF THESE FORWARD-LOOKING STATEMENTS BECOME INCORRECT IN FUTURE OR UPDATE ANY FORWARD-LOOKING STATEMENTS MADE FROM TIME TO TIME ON BEHALF OF THE COMPANY.