OPERATIONAL REVIEW AND FUTURE OUTLOOK Investment Banking The beginning of the year saw uncertainty due to the 2nd wave of Covid-19 pandemic. While capital markets stayed buoyant, fundraising activity slowed down in Q1. However, Q2 and Q3 saw unprecedented fundraising in the Capital markets and your company successfully completed 8 IPOs in 2 quarters. We took some unique companies public such as C.E. Infosystems (MapMyIndia), Go Fashions and CMS Infosystems. We were also the sole bankers to one of the largest M&As wherein we advised Shapoorji Pallonji Group on their stake sale in Sterling & Wilson Solar to Reliance New Energy. This helped us establish our M&A capabilities. We also filed 2 IPOs as left lead bankers (GPT Healthcare and Syrma SGS). Q4 was a tepid quarter with the onset of Covid-19 wave 3, commodity spike and global volatility due to Russia-Ukraine war and inflation concerns. However, we enter FY23 with a strengthened team and robust Investment Banking pipeline with 20 IPOs and 10 M&A/PE delas in the works. Institutional Equities With the Nifty50 moving up by 19% in FY22, the Indian Equity markets outperformed most global peers. The markets ended the fiscal about 5% lower from the all-time high level that was touched on Oct 19, 2021. Subsequently, we have seen sustained selling by FIIs, as funds rushed to reduce EM exposure given the US Federal Reserve’s plan to tighten liquidity. The Russia-Ukraine conflict further hit the sentiment. Despite the FIIs pulling out a total of Rs 140,000 crores from the secondary market during the fiscal, Indian equities were relatively resilient, due to the large and sticky inflows from local investors. For the Company, FY22 was the first complete year under the new management. We closed the year with a 29% growth in our topline. Our research team now covers 130 companies across 19 sectors. With 8 senior hires in FY22, our team has already built a decent strength. This would lead to a significant improvement in our relationship management and hence in our revenues in FY23. Our hiring efforts continue to fill the remaining few gaps.

The Company has taken adequate measures for conservation of energy and usage of alternative source of energy, wherever possible. The operations of your Company are not energy intensive

The Company has taken adequate measures for conservation of energy and usage of alternative source of energy, wherever possible. The operations of your Company are not energy intensive

The particulars regarding foreign exchange expenditure and earnings are furnished in Note no. 36 in the Notes forming part of the Financial Statements.

The Directors confirm that: (a) in the preparation of financial statements for the year ended March 31, 2022, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any; (b) the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at March 31, 2022 and profit of the company for that period; (c) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities; (d) the directors had prepared the annual financial statements on a going concern basis; and (e) the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.