product mix, market share, Store Level Operating ROCE for Mature Stores presented in this Prospectus are a supplemental
measure of our performance that are not required by, or presented in accordance with, Ind AS, Indian GAAP, or IFRS. Further,
these Non-GAAP Measures are not a measurement of our financial performance under Ind AS, Indian GAAP, or IFRS and
should not be considered in isolation or construed as an alternative to cash flows, profit/ (loss) for the years/ period or any other
measure of financial performance or as an indicator of our operating performance, profitability or cash flows generated by
operating, investing or financing activities derived in accordance with Ind AS, Indian GAAP, or IFRS. In addition, these Non-
GAAP Measures are not a standardised term, hence a direct comparison of similarly titled Non-GAAP Measures between
companies may not be possible. Other companies may calculate the Non-GAAP Measures differently from us, limiting its
utility as a comparative measure. Although the Non-GAAP Measures are not a measure of performance calculated in accordance
with applicable accounting standards, our Company’s management believes that it is useful to an investor in evaluating us
because it is a widely used measure to evaluate a company’s operating performance. For further details see “Management's
Discussion and Analysis of Financial Condition and Results of Operations” on page 283 and “Other Financial Information”
on page 280.

 

The reconciliation to EBITDA, Adjusted EBITDA, Operating EBITDA, Store Level Operating EBITDA, Store Level Operating
EBITDA for Mature Stores, Store Level Operating EBITDA for others, EBITDA Margin, Adjusted EBITDA Margin, Operating
EBITDA Margin, Store Level Operating EBITDA Margin, Store Level Operating EBITDA Margin for Mature Stores, Store
Level Operating EBITDA Margin for others, and Operating EBIT is as follows:

Non-GAAP Measures

(All amounts are in @ in millions, except as otherwise stated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Particulars As at and for | As at and for | As at and for | As at and for | As at and for
the six month | the six month | the year ended | the year ended| __ the year
ended ended March 31, March 31, ended March
September 30, | September 30, 2021 2020 31, 2019
2021 2020
Profit for the year (A) 663.67 222.70 631.11 17.94 119,22
Add: Total tax expenses (B) 171.88 150.06 319.87 275.65 108.29
Add: Depreciation and amortisation expense (C) 547.64 422.07 882.7 748.07 585.93,
Add: Finance costs (D) 313.21 270.80 548.45 467.96 500.03
EBITDA (E=A+B+C+D) 1,696.40 1,065.63 2,382.13 1,509.62 1,313.47
Revenue from operations (F) 18,799.21 14,625.56 30,692.69 28,706.03 22,727.37
EBITDA Margin (G = E/F) 9.02% 7.29% 7.76% 5.26% 5.78%
EBITDA (E) 1,696.40 1,065.63 2,382.13 1,509.62 1,313.47
‘Add: Employees stock option compensation expense 12.53 386.39 399.6 0.76 26.47
(A)
‘Add: Net loss on fair value changes (1) 0 0 a 322.97 =
Less: Interest income on bank deposits (J) (23.5) (17.38) (36.08) (52.76) (15.33)
Less: Interest income on others (IK) (23.04) (19.13) (41.86) (33.18) (20.27)
Adjusted EBITDA (L = E +H +I-J-K) 1,662.39 1,415.51 2,703.79 1,747.41 1,304.34
Adjusted EBITDA Margin (M= L/F) 8.84% 9.68% 8.81% 6.09% 5.74%
Adjusted EBITDA (L) 1,662.39 1,415.51 2,703.79 1,747.41 1,304.34
Less: Rental expenses (N) (584.25) (429.5) (953.15) (756.01) (647.09)
Operating EBITDA (O = L—N) 1,078.14 986.01 1,750.64 991.4 657.25,
Operating EBITDA Margin (P = O/F) 5.74% 6.74% 5.70% 3.45% 2.89%
Other Industry Metrics
(All amounts are in in millions, except as otherwise stated)
Particulars As at and for the | As at and for the | As at and for the | As at and for the
six month ended | _year ended year ended year ended
September 30, | March 31, 2021 | March 31, 2020 | March 31, 2019
2021
Operating EBITDA (O) 1,078.14 1,750.64 991.40 657.25,
Add: Corporate Level Expenses (Q) 850.67 1,348.79 1,335.75 1,253.42
Store Level Operating EBITDA (R = 0 + Q) 1,929.20 3,099.43 2,327.15, 1,910.66
Store Level Operating EBITDA Margin (S = R/F) 10.26% 10.10% 8.11% 8.41%
Store Level Operating EBITDA (R) 1,929.20 3,099.43 2,327.15 1,910.66
Store Level Operating EBITDA for Mature Stores (T) 1,214.42 2,153.32 1,696.77 1,423.61
Store Level Operating EBITDA for others (U = R - T) 714.78 946.19 630.38 487.05
Revenue from Operations (F) 18,799.21 30,692.69 28,706.03 22,727.37

 

 

 

 

 

 

 

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