CONTEMPORARY MARKETING MANAGEMENT

BUSM242

GROUP PROJECT

THE AVIATION INDUSTRY IN THE UK

Submitted by: Group no. 17

Student Name Student ID

Vansh Jain 231243517
Omshree Ghatge 231197944
Joy Jain 240216249
Dikshil Jain 230403749
Shlok Bohr 240115919
Arpita Jaiswal 231253712

Submitted to: Prof. Jingjing Fu, Lecturer Contemporary Marketing.

Date of Submission: 29th March 2024

Section A: Market Analysis

Introduction: -

The Airline Industry in The UK is the main subject of the market segmentation research. The
airline industry in the United Kingdom represents a crucial sector of the nation's economy,
facilitating both domestic and international travel and trade. The sector, which is dominated
by large airlines like Ryanair, EasyJet, and British Airways, is marked by intense rivalry and
a wide variety of market participants. As the flag airline, British Airways continues to be a
major player in the industry with a wide network of both local and international flights
("British Airways," n.d.). On the other hand, low-cost airlines like EasyJet and Ryanair also
contribute significantly, stimulating competition with their aggressive price strategies and
extensive route networks ("About easyJet," n.d.; "About Us," n.d.).
The sector has several difficulties, including fluctuating fuel costs, environmental issues, and
interruptions brought on by world events. The demand for sustainable practices and
emissions reduction initiatives is driven by environmental concerns, but volatile fuel costs
can have a substantial influence on operating expenditures (International Air Transport
Association [IATA], 2020). Additionally, unforeseen events like pandemics or political
unrest, such as those that occurred during the COVID-19 pandemic, can severely disrupt
travel plans and sources of income.

PESTLE:-

Political Factors:
The UK airline industry is subject to a range of political factors that have a profound impact
on how it operates and is segmented. These factors include government regulations governing
aviation, which can shape the way airlines are structured and managed, as well as safety
requirements that have a direct bearing on the airline's policies and procedures. Additionally,
the taxation policies set by governments can also have a significant impact on the airline
industry and its segmentation, as airlines are often required to pay substantial fees for various
services and facilities. Overall, the influence of political factors on the UK airline industry
cannot be underestimated, and airlines need to navigate this complex and ever-changing
landscape if they are to succeed in this competitive market ("The Future of UK Aviation,"
2018). Regulatory changes following Brexit may impact airlines' segmentation strategies due
to implications for air traffic rights and access to markets. Moreover, regulatory frameworks
have been impacted by the prolonged uncertainty around Brexit, which has raised concerns
about safety standards and air traffic rights (Cento & Pagliari, 2020).

Economic Factors:
The UK airline industry is highly dependent on economic variables when it comes to market
segmentation. Economic indices such as GDP growth, inflation rates, and consumer
expenditure have a profound impact on the demand for and purchasing power of air travel.
These variables significantly influence how airlines segment their markets based on factors
such as age, income, and travel frequency. The airline industry must constantly monitor and
adapt to these economic changes to ensure that they can effectively meet the demands of their
customers (Gudmundsson & Neufville, 2012). Budget airlines or discretionary travel may be
preferred by customers during economic downturns, which forces airlines to modify their
segmentation strategy to target price-sensitive segments (Gudmundsson & Neufville, 2012).
Additionally, fuel prices, exchange rates, and labour costs significantly impact airlines'
operational expenses and profitability. Market segments with varying travel preferences and
affordability levels can emerge due to economic disparities between regions, which
necessitates tailored marketing approaches (Papatheodorou & Arvanitis, 2015). To segment
the market within the UK airline industry, businesses must be able to quickly adapt to
changes in the economy. Economic factors play a key role in this process. For this reason, it
is important to respond with agility to economic shifts.

Social Factors:
Social factors play a crucial role in shaping market segmentation within the UK airline
industry. Many consumer sectors' travel choices and behaviours are influenced by shifting
cultural trends, lifestyles, and demography (Alegre & Pou, 2006). As the population ages or
as more millennials start to travel, the market segments in the travel industry can become
more diverse with varying preferences and needs. These changes in demographics can lead to
a shift in the way travel and tourism businesses market and cater to these different segments.
Understanding these distinct groups with unique characteristics is crucial for developing
effective strategies that can help businesses thrive and succeed in the industry (IATA, 2020).
Social factors also include cultural norms and values, which impact travel choices while
creating marketing campaigns and service offers. These considerations can include
preferences for particular places or travel experiences (Alegre & Pou, 2006). Fundamentally,
social variables are important aspects that influence market segmentation in the airline sector
in the United Kingdom. Therefore, a thorough grasp of customer behaviour and preferences
is necessary.

Technological Factors:
The UK airline industry is heavily influenced by technological factors that continue to shape
market segmentation strategies. The sector is constantly evolving, and airlines must adapt to remain
competitive. Technological advancements have played a significant role in this evolution, affecting
both passenger expectations and industry operations(Feldman, 2019). For instance, the widespread
availability of online booking platforms and mobile applications has empowered consumers with
greater convenience and flexibility when booking flights. This has led to the emergence of tech-
savvy traveller segments who expect a seamless travel experience and streamlined processes
(O'Connor & Frew, 2010). Furthermore, the aviation industry is constantly evolving, with new
developments in aircraft design that include fuelefficient planes and advanced in-flight
entertainment systems. These innovations allow airlines to cater to specific market segments by
providing improved comfort and amenities, as noted by Lasserre (2017). Moreover, thanks to
advancements in data analytics and artificial intelligence, airlines can personalize their marketing
efforts and tailor their services to individual preferences, thereby refining their market segmentation
strategies, as pointed out by Feldman in 2019. In the UK airline industry, technological factors
constantly drive innovation and evolution. Airlines tailor their market segmentation strategies to
meet the demands of tech-savvy consumers.

Environmental Factors:
Given the increased emphasis on sustainability and environmental responsibility,
environmental considerations have a considerable impact on market segmentation within the
UK aviation business. Airlines have been adjusting their marketing strategies due to
heightened concern over carbon emissions and climate change. This is because the aviation
sector is now under scrutiny for its environmental impact. To address this issue, airlines are
reviewing their segmentation strategies (Gössling et al., 2017). In recent times, there has been
a significant increase in the number of eco-conscious consumers. As a result, airlines that
have taken steps to reduce their carbon footprint and promote sustainability have become
more popular. This includes airlines that implement carbon offset programs or invest in
biofuels to reduce their impact on the environment. These initiatives are highly valued by
environmentally conscious consumers, who are keen to make choices that align with their
values (Gössling et al., 2017). Moreover, with the help of advancements in aircraft
technology, such as the development of eco-friendly and more fuel-efficient planes have
enabled airlines to target environmentally conscious customers (Forsyth et al., 2019).

Legal Factors:
Legal factors have a significant influence on how the UK airline industry divides its market.
Regulatory frameworks and market dynamics are shaped by compliance with aviation laws
and regulations, including safety standards, security protocols, and consumer protection laws.
For airlines operating in the UK, complying with these regulations is essential (Bock &
Timmermann, 2019). Changes in legislation, such as those related to Brexit or updates to air
travel regulations, can impact airlines' operational procedures and market segmentation
strategies (Cento & Pagliari, 2020). The UK airline industry is heavily influenced by legal
factors, which play a crucial role in shaping market segmentation. To stay competitive and
compliant, airlines must adhere to strict regulatory requirements and keep up with legal
developments. It is important to make strategic adaptations that are in line with the constantly
changing legal landscape. Failing to do so can have significant consequences, which is why
legal compliance is a top priority for all players in the industry.
Figure 1 shows the airline industry's major challengers.

Ryanair:
Ryanair is a prominent low-cost airline recognized for its efficient business model and cost-
effective services. The business was established in Ireland in 1984 and has since greatly increased
the scope of its activities, providing services to more than 200 locations in 40 countries. Ryanair's
success can be ascribed to its emphasis on providing low-cost flights, cutting costs, and varying its
sources of revenue. With a sizable client base worldwide, Ryanair has established itself as the
biggest low-cost airline in Europe. The airline connects more than 168 locations with over 1500
flights per day from about 51 bases. Having a solid financial structure and substantial 2.5-
billioneuro liquid cash reserves, Ryanair is well-positioned to grow even in recessionary times.
Ryanair's prominent position in the UK airline business has been cemented by its robust market
presence, emphasis on cost leadership, and dedication to providing reasonably priced travel options.

Emirates:
Emirates, a leading global aviation company based in Dubai and part of the Emirates Group, is
positioning itself as an influential force in the airline industry. With the UK providing 26% of
Emirates' overall capacity and 56% of its total profit from Europe, the UK is a vital component of
the airline's operations. The airline uses Airbus A380 and Boeing 777 aircraft to provide flights to
major UK airports such as Heathrow, Gatwick, and Stansted. It offers first-class amenities and
services to its passengers. Emirates views the UK as a crucial market that generates significant
revenue, especially from its routes that connect to important areas including the Middle East, South
Asia, and East Asia. Strategically crucial, Emirates' robust UK presence draws a sizable client base
and boosts its European profitability considerably.
Virgin Atlantic:
Virgin Atlantic, a renowned British airline, commenced operations in 1984, during a period of
economic prosperity in the UK founder, Sir Richard Branson's brand appeals serves domestic and
international routes, holiday packages and cargo services. The company is based in Crawley, West
Sussex, UK. Virgin Atlantic's financial performance in 2022 was reported at £2.9 billion, which
represents a 98% recovery from 2019 levels. The business concluded the year with a healthy cash
position of £399 million and an underlying EBITDA of £310 million. Virgin Atlantic hopes to turn a
profit in 2024 following a strong recovery in 2022, despite obstacles like the Omicron version and
worldwide uncertainty impacting fuel pricing and supply chains.

British Airways:
British Overseas Airways Corporation (BOAC, founded in 1939), British European Airways (BEA,
founded in 1946), and its affiliated companies merged to form a British air transport corporation in
April 1974. Global Data states that British Airways has a 45% market share in the UK and a market
capitalization of £1,505.48 million. In terms of foreign flights, overseas destinations, and fleet size,
the airline is the biggest in the United Kingdom. The airline has its headquarters located in London
and its key hub at Heathrow Airport. In 2022, the airline brought in £3,693 million in revenue and
made £1,900 million in net profits. Legacy carriers and low-cost airlines compete with British
Airways in the UK market.

TUI Airways:
TUI Airways, formerly known as Thomson Airways, is the world's largest charter airline and part of
the TUI Group, a multinational tourism company headquartered in Germany. It's a prominent
leisure airline operating in the UK market. According to the sources, the TUI Group, which includes
TUI Airways, serves around 21 million customers globally, has a presence in 268 direct and indirect
subsidiaries across the world. In the UK leisure travel market. The airline's marketing strategies
focus on offering flexible and personalized travel options, catering to the changing preferences of
travelers.

EASY JET:
The airline was established in 1995 from Sir Stelios Haji-Ioannoutown, In the Lutenin, United
Kingdom as the place to start his mission of offering low-fare flights in Europe. Offering vacation
packages in addition to short-haul passenger aircraft services. In the fiscal year 2024, EasyJet hopes
to raise its share of the UK market from 5% to 7%, which would be a major increase in its footprint.
Utilizing a contemporary fleet of Airbus aircraft, including the A319, A320, A320 neo, and A321
neo, the airline offers economical and effective travel choices. With £8.17 billion in revenue (TTM)
and £324.00 million in net income (TTM), EasyJet PLC is a profitable company.
The corporation operates with a fleet of about 336 airplanes spanning 36 countries and 155 airports
and employs roughly 15.94k people.
Figure 2 shows the airline industry's Market share, Passengers, Employers, Brand Positioning and Flight
Services. (All the unites are researched via Statista, 2022 -23 & Statista 2023-24)

Figure 3 - Size of leading UK airports as a percentage share of passengers to all UK airports from 2015 to
2021

Section B: Consumer Insights

In order to obtain important and qualitative data for the airlines industry segmentation in the UK,
primary research in the form of interviews was carried out. Informants for the survey were chosen
based on their flying habits and preferences, with a focus on diversity. A total of 25 interviews were
conducted, ensuring representation across demographics. This approach aimed to provide a
comprehensive understanding of consumer dynamics within the aviation industry.

Summary of Respondent Information

AGE OF RESPONDENTS
14 13

12

10
8
8

6
4
4

0
20-25 25-55 Above 55

EMPLOYMENT STATUS OF RESPONDENTS

STUDENT EMPLOYED RETIRED

16 %

32 %

52 %
 AGE ANNUAL INCOME (IN GBP)
Below 25000 25000-30000 30000-35000 Above 35000
20-25 7 1 - -
25-55 1 3 4 5
Above 55 - - - 4

Demographic Questions

Sr. No. Questions

1 Age
2 Employment
Status
3 Annual
Income

Section C: Segmentation results

Upon studying the cumulative responses to all questions across 25 interviews, we spotted the
various age groups to be the most defining differentiator of behaviours. Hence, we
categorized them as shown in the table below.
Kindly note, the age groups are also representative of the employment status of the groups, i.e.,
students, employed and retired respectively.

SKYBOUND SKYBOUND GOLDEN FLYERS

MILLENIALS EXPLORERS
Age 20-25 25-55 55 or above
Annual Income (In GBP) Below 25,000 25,000-35,000 and above Above 35,000
Frequency of Flying 4 6 2
(Annual)
Preferred Airline Ryanair and EasyJet Diverse Preferences British Airways
Source of Booking Official website and Official website and third- Official website and third-
third-party applications party applications party applications
Non-monetary variables Baggage Policy Frequency of Flights and In flight comfort
affecting consumer Fringe Benefits
decisions
Flight Route Preferences Direct Direct Direct as well as
Connecting
Loyalty Programs Not very important Somewhat important Not very important
Environmental Concerns Majorly No Majorly No No
Budget Airline Experience Positive Positive Negative

Experience Enhancer Complimentary Latest entertainment Comfort

Beverage library

Skybound Millennials
The young adults of age group 20-25 entail the first demographic of our segmentation basis.
Consisting of students, the behaviours of young adults are largely mutually exclusive of the other 2
segments. Often on a timely allowance from family and income from student jobs, pricing is the
strongest driver of their decisions when it comes to flying. From the interviews conducted it was
seen that students greatly favour reliable budget airlines i.e., Ryanair and
EasyJet. They fly only a few times (3-4) annually, either to visit family or take a holiday if
and when they can afford the time and money. One interviewee mentioned “as an
international student, being in the UK on a deadline, affordable travelling and exploring is a
big part of our psyche.”
Contrary to intuition, students were found to prefer shorter, direct albeit pricier flights as
opposed to connecting, cheaper flights. A plausible rationale is students tend to travel heavy
on baggage and find ease in having to handle their baggage and security checks at a
minimum. On those lines, young adults base their flight of choice on the baggage allowance,
price permitting. As one interviewee said, “moving away from families, we naturally need to
pack everything that sustains our lifestyle and appreciate every extra KG of baggage
allowed”. They’re not overly intrigued by airline loyalty programs since they travel seldom
and care highest about the cost of travel. Their decisions are cost-effective and hold budget
airlines in very good regard for providing them economic and contentful flights. A common
response of ‘complimentary beverages’ was observed when asked what extra the airlines can
do to enhance their experience.

Sky bound Explorers

This sector consists of people aged 25 to 55, and they are the ones who contribute the most to
the revenues of all airlines, as evidenced by the interviews done. Along with their income,
their airline preferences vary, owing to the fact that they have a range of reasons to travel,
with work and family being their primary priorities at this age. Aside from pricing, these
passengers are strongly drawn to a specific airline based on the regularity of flights to their
preferred location as well as the fringe perks that a brand provides. Given that they are the
ones who have flown the most, this group of consumers is also the only group among the
three segments who feels that the loyalty programs that many airlines run are in some way
essential to them. a responder said, "I am glad that I am an EasyJet Flight Club member,
because I’ve been highly benefited by the fee free changes to the dates and travel routes along
with the price guarantee that saved me good money when I went on my last vacation." To
capture the attention of this section, it was discovered that an airline needs not only a well-
managed and easy-to-use website, but also a strong presence on third-party applications. An
interviewee said, "I usually check the price and potential options on applications like
Skyscanner and then book the tickets from that airline's website." The insight being that
brands should approach such clients from all angles. Because this segment consists of the
busiest people, they choose short and direct flights regardless of price, resulting in a group
with a lower elasticity of demand to pricing. The idea of leaving smaller carbon footprints has
undoubtedly made headlines, but in reality, the bulk of such consumers have been unaffected
by the decision of various airlines to offer their customers more eco-friendly options for a fee.
These consumers fly frequently and strongly like budget airlines as well. When questioned
about their experience, one responder stated, "For the money I paid, I believe I had a
reasonably pleasant experience; of course, I wasn't expecting top-notch services, but
altogether I had a good experience." When asked what one thing any airline could do to
improve the customer experience, the majority was that an up-to-date multimedia system on
flights would be a fantastic addition. They prefer to relax on a flight by watching the latest
movies and music, giving them a much-needed break from their hectic routines.

Golden Flyers
The final segment shows the nature of senior and retired people of society. Owing to
retirement benefits and savings, they have a good pool of disposable income. Thus, they
generally prefer highly reliable and comfortable home airlines like British Airways. One
retired man said, “In all my experiences in the air, I can’t care about anything more than
comfort and timely procedures.” They travel the least of all 3 segments (twice a year on
average), mostly for a small holiday or visiting family. They’re flexible with shorter, direct
flights and longer, connecting flights. However, barring the price, comfort commands their
choice of flight.
Similar to young adults, they don’t find loyalty programs appealing since they hardly fly.
They browse equally at both 3rd party websites and directly from airlines’ website to find their
suitable option, often overlooking budget airlines like Ryanair and EasyJet. They prefer
comfort and ease most and tend to choose flights that best suit their lifestyle.
Section D: Appendix

Interview Protocol

Sr. No. Questions

1 How frequently do you travel by air to/from/within the UK in a

year?
2 Which airlines do you prefer flying the most? (Select all that
apply)
3 How do you typically book your
flights?
4 How satisfied are you with the pricing and affordability of flights within the
UK?
5 What factors other than price influence your choice of airline when booking a
 flight?
6 What kind of flights do you prefer?
7 How important are loyalty programs (e.g., frequent flyer miles, reward points) in
influencing your choice of airline for domestic travel within the UK?
8 Would you be willing to pay a slightly higher fare to fly with an airline that has a
strong commitment to
sustainability?
9 Have you ever flown domestically within the UK on budget friendly
airlines?
How would you describe your experience in a single statement.
10 Is there anything specific that you would like an airline to do to enhance
your
flying
experience?

References:

About easyJet. (n.d.). Retrieved from https://corporate.easyjet.com/about

About Us. (n.d.). Ryanair. Retrieved from https://investor.ryanair.com/about-us/

Alegre, J., & Pou, L. (2006). An analysis of the relevance of age as a segmentation variable in
the
Spanish air transport market. Journal of Air Transport Management, 12(4), 182-185.

A Marketing Report on British Airways. (n.d.). Retrieved from

https://www.ukessays.com/essays/management/a-marketing-report-on-britishairwaysmarketing-
essay.php

Bock, S., & Timmermann, S. (2019). The impact of Brexit on the European and UK aviation
markets. Journal of Air Transport Management, 78, 112-123.

British Airways. (n.d.). Retrieved from

https://www.britishairways.com/travel/home/public/en_gb

Cento, A., & Pagliari, R. (2020). Brexit and aviation: Impact on the UK and EU27 markets.
Research in Transportation Business & Management, 35, 100465.

Data from Eurostat, as cited in Ryanair Holdings plc. (2022). Annual Report 2022. Dublin,
Ireland: Ryanair Holdings plc.

Easyjet PLC. (2023). Results for the 12 months ending 30th September 2023
Emirates. (n.d.). About Emirates. Retrieved from https://www.emirates.com/english/about/

Emirates. (n.d.). Emirates and the UK. Retrieved from

https://www.emirates.com/english/about/emirates-and-the-uk/

Feldman, J. (2019). The Future of Airline Distribution, Digital, and Retailing Capabilities in
2019 and Beyond.

Forsyth, P., Gillen, D., & Müller, J. (2019). Aviation emissions and their impact on the
atmosphere.
Journal of Air Transport Management, 75, 36-43.

Global Data. (2024). Easyjet PLC Company Profile

Gössling, S., Scott, D., & Hall, C. M. (2017). Tourism and water: Interactions, impacts and
challenges. Channel View Publications.

Gudmundsson, S. V., & Neufville, R. D. (2012). Airline economics: Foundations for strategy
and policy. Routledge.

International Air Transport Association. (2020). COVID-19: Impact on the aviation industry.
Retrieved from https://www.iata.org/contentassets/c81222d96c9a4e0bb4ff6ced0126f0bb/
iataannual-review2020.pdf

Lasserre, P. (2017). Global strategic management. Macmillan International Higher

Education.

Lions Financial. (n.d.). Investment Research Analysis: Risk Management - Ryanair.

Retrieved from https://lions.financial/investment-research-analysis-risk-management-ryanair/

O'Connell, J. F., & Williams, G. (2018). Ryanair: how a network carrier penetrates the
lowcost carrier market. In Strategic Management and Marketing in the Service Sector (pp.
145158). Emerald Publishing Limited.

O'Connor, P., & Frew, A. J. (2010). Airlines' strategic responses to the development of online
technologies: A focus on low-cost carriers. Journal of Air Transport Management, 16(6), 322-
329.

Papatheodorou, A., & Arvanitis, P. (2015). Aviation markets: Studies in competition and
regulatory reform. Ashgate Publishing, Ltd.

Statista. (n.d.). Size of UK Airports by Passenger Share. Retrieved from

https://www.statista.com/statistics/304067/size-of-uk-airports-by-passenger-share/

Statista. (n.d.). TUI AG: Customers Worldwide by Market. Retrieved from

https://www.statista.com/statistics/1264144/tui-ag-customers-worldwide-by-market/

The Future of UK Aviation. (2018). Retrieved from

https://www.gov.uk/government/consultations/ aviation-2050-the-future-of-uk-aviation

TUI Group. (2022). Special Annual Report 22. Retrieved from

https://www.tuigroup.com/enen/investors/annual-reports/special-annual-report-22
 Peer Assessment Form for BUSM 242

Group Number: 17

Please list all your group members, including yourself, by name in the tables below (left column) and then
tick (x) the appropriate boxes for each group member.

Meeting attendance & punctuality

Group Member Attended all Attended all Attended Attended most Attended less Never attended
meetings & meetings but was most meetings but was than any meetings
arrived on time sometimes meetings and sometimes half of the
late arrived on late meetings
time
Vansh Jain 
Dikshil Jain 
Joy Jain 
Omshree Ghatge 
Shlok Bohra 
Arpita Jaiswal 

Contribution to meetings/group discussions

Group Member Contributed Contributed Contributed Contributed Contributed Never contributed
meaningfully to all meaningfully something to all something to something to to meetings
meetings to most meetings more less than half of
meetings than half meetings
of
meetings
Vansh Jain 
Dikshil Jain 
Joy Jain 
Omshree Ghatge 
Shlok Bohra 
Arpita Jaiswal 

Listening to and respecting others’ ideas

Group Member Consistently Usually listened Sometimes Rarely listened Very rarely Never listened
listened to and to and respected listened to and to and listened to to and
respected others’ others’ ideas respected others’ respected and respected
ideas ideas. others’ ideas respected others’ ideas
others’ ideas
Vansh Jain 
Dikshil Jain 
Joy Jain 
Omshree Ghatge 
Shlok Bohra 
Arpita Jaiswal 

Overall contribution to the group assignment

Group Member Has contributed Has contributed Has at times Has only made a Has failed to make Has failed to make
significantly to positively to the made a positive small positive any positive any contribution to
the group group contribution to contribution to contribution to the group assignment
assignment assignment the group the group the
assignment assignment group
assignment
Vansh Jain 
Dikshil Jain 
Joy Jain 
Omshree Ghatge 
Shlok Bohra 
Arpita Jaiswal 

Time Management

Group Member Completed all of Completed most Completed Completed less Completed none Completed none
their tasks on of their tasks on around than half of of their tasks on of
time time half of their tasks their tasks on time their tasks
on time
time
Vansh Jain 
Dikshil Jain 
Joy Jain 
Omshree Ghatge 
Shlok Bohra 
Arpita Jaiswal 

Quality of work
Group Member Consistently Usually produced Some of the work Work tended to Work tended to No work
produced high quality work produced was of be of average be of poor quality produced
high quality high quality
work quality
Vansh Jain 
Dikshil Jain 
Joy Jain 
Omshree Ghatge 
Shlok Bohra 
Arpita Jaiswal 
We confirm that all members of our group have reached the above consensus:

Name: Vansh Jain Signature: Date: 29/03/24

Name: Dikshil Jain Signature: Date: 29/03/24

Name: Joy Jain Signature: Date: 29/03/24

Name: Omshree Ghatge Signature: Date: 29/03/24

Name: Shlok Bohra Signature: Date: 29/03/24

Name: Arpita Jaiswal Signature: Date: 29/03/24