Dear Shareholders

As we release this report the world we know has changed. The coronavirus pandemic hasimpacted the way we live and conduct our businesses. It was truly a black swan event thattook the entire world by surprise. We too like others have been impacted by the worldwidestay home orders and closure of our partner retail locations. Despite this crisis we havedone everything and more to stay committed to our long- term goal of creating sustainablestakeholder value. Our company continues to deliver strong results both on the operationalfront as well as profitability front. This is a testament to the strength of our businessmodel and the commitment of our employees and our financial discipline.

While no doubt the pandemic has an unprecedented impact on the world of fashion retailglobally we as an organization are introspecting on how to create an opportunity out ofthis challenge. One of the areas is to become a much more leaner organization. Currentlythe immediate focus is to enhance productivity to best global standards. We want to comeout as a stronger and highly efficient company built ready for the future. Acceleratingthe pace of digitization and democratization of information will be key parameters in ourworking vocabulary.

Bhartiya's constant endeavor has been to create value for its clients through theconfluence of design thinking and seamless supply chain solutions. The group lives by theprinciple that design thinking creates extraordinary value in products and services forthe consumers. We strive to leverage our strengths in creating innovative high qualityand sustainable products and services for our clients.

People continue to be our most prized assets. From factory floor to merchandising teamssupported by designers in Milan and various offices worldwide we continue to invest inpeople.

The current disruption in the world markets would definitely lead to consolidation ofthe industry. Stronger well entrenched and market ready companies like yours have a greatopportunity.

I am thankful to all of you for your continued support.

Snehdeep Aggarwal

Chairman