Weare led by a management team that has extensive industry experience. Our Promoters, Prakash Kumar Saraogi,
Managing Director and Gautam Saraogi, Executive Director and Chief Executive Officer, have been instrumental
in the growth of our business. Prakash Kumar Saraogi has over three decades of experience in the apparel industry
while Gautam Saraogi has over 10 years of experience in garment manufacturing, sourcing, marketing and brand
building. The experience of our management team in garment sourcing, manufacturing, retailing and exports has
helped us grow our operations. Their experience in exporting garments has helped our Company consistently
procure quality fabrics at competitive prices. We have a committed and large senior management team that has
extensive experience in the retail and fashion industry, which positions us well to capitalize on future growth
opportunities. Our heads of functional groups, such as marketing and e-commerce, sourcing and supply chain,
finance and accounts, product development and design, operations and sales, enhance the quality of our
management with their specific and extensive industry experience. Our Board of Directors includes a combination
of management executives and independent members who bring in significant business expertise including in the
areas sales and marketing, finance and corporate governance. We have grown our operations with capital infusion
from reputed investors such as funds managed or advised by ICICI Venture and Sequoia Capital in Fiscal 2018
and Fiscal 2014, respectively.

The table below sets forth certain key financial information for the periods indicated:

 

 

As of / for the year ended March 31, As of/for | Asof/for
thethree | the three
, months months
Particulars 2019 2020 2021 ecded une tended dane
30, 2020 30, 2021

 

 

@ million, except percentages)

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue from operations 2,852.47 3,920.14 2,506.68 103.05 309.96
EBITDA 799.88 1,265.05 463.49 (152.08) (59.19)
EBITDA Margin 28.04% 32.27% 18.49% |_(147.58)% | _(19.10)%
Restated (Loss) / Profit After Tax 309.41 526.34 (5.39) (85.98) [_(489.96)
Return on Capital Employed 14.36%, 18.14% 3.47% (4.4% | (2.94)%
Return on Equity 13.55% 18.38% (1.25)% (3.10)% | (7.20)%

 

For reconciliation of EBITDA, EBITDA Margin, Retum on Capital Employed and Retum on Equity, see “Management's Discussion and
Analysis of Financial Condition and Results of Operations ~ Results of Operations ~ Non GAAP Measures - Reconciliation of EBITDA and
EBITDA Margin to Restated (Loss) / Profit after Tax”, “Management's Discussion and Analysis of Financial Condition and Results of
Operations ~ Results of Operations - Non GAAP Measures - Reconciliation of Capital Employed and Return on Capital Employed (pre-tax)
to Total Assets” and “Management's Discussion and Analysis of Financial Condition and Results of Operations ~ Results of Operations

Non GAAP Measures - Reconciliation of Return on Equity to Total Equity” on pages 310, 310 and 311, respectively. Also see, “Certain
Conventions, Use of Financial Information and Market Data and Currency of Presentation - Non-GAAP Financial Measures” on page 12.

 

Impact of COVID-19

The outbreak of COVID-19 was recognized as a public health emergency of international concern on January 30,
2020 and as a pandemic by the WHO on March 11, 2020. In response to the COVID-19 outbreak, the governments
of many countries, had / have taken preventive or protective actions, such as imposing country-wide lockdowns,
as well as restrictions on travel and business operations. The Government of India had announced a nation-wide
lockdown on March 24, 2020 and imposed several restrictions. While progressive relaxations have since been
granted for movement of goods and people and cautious re-opening of businesses and offices, selective or partial
lockdowns at a local level may be re-introduced, depending on the health risk posed by the pandemic. The COVID-
19 pandemic affected and is expected to continue to affect our business and operational performance in the near
future, however, the recently commenced vaccination drive in the country is a positive development.

Our operations and sales were impacted as retail outlets were not operational on account of various lockdowns
imposed by the Government of India and relevant state governments. While lockdowns imposed initially impacted
our revenues, however, the demand for our products from online channels continued to remain strong. In our
experience, the work-from-home culture has led to an increase in demand for loungewear and the increased
awareness towards health and fitness has led to a growth in the demand for athleisure, which are among the
categories that are included in our existing product portfolio. The sale of our products increased by 17.26% from
2.18 million units sold during the year ended March 31, 2020 to 2.56 million units sold during the year ended
March 31, 2021 and 0.71 million units were sold in the three months ended June 30, 2021.

On account of COVID-19, our revenue from operations were affected resulting in a decline in our sales in Fiscal
2021 compared with Fiscal 2020. However, we managed our sales by offering additional discounts to the

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