For reconciliation of EBITDA, EBITDA Margin, Return on Capital Employed and Return 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.

 

PRESENTATION OF FINANCIAL INFORMATION

Our restated consolidated balance sheet as at March 31, 2019, and the restated consolidated statement of profit
and loss (including other comprehensive income), the restated consolidated cash flow statement, restated
statement of changes in equity and notes forming part of the restated consolidated financial information for the
year ended March 31, 2019, together with the summary of significant accounting policies and explanatory
information thereon (collectively, the “Restated Consolidated Financial Information”), have been compiled
from our audited consolidated financial statements as at and for the year ended March 31, 2019, prepared in
accordance with Ind AS, read with the Companies (Indian Accounting Standards) Rules, 2015, and restated in
accordance with the SEBI ICDR Regulations and the Guidance Note on “Reports in Company Prospectuses
(Revised 2019)” issued by ICAI and the circular no. SEBI/HO/CFD/DIL/CIR/P/2016/47 dated March 31, 2016
issued by SEBI. Our restated standalone balance sheet as at March 31, 2021, 2020, and 2019, and the restated
standalone statement of profit and loss (including other comprehensive income), the restated standalone cash flow
statement, restated statement of changes in equity and notes forming part of the restated standalone financial
information for the three months ended June 30, 2021 and June 30, 2020 and for the years ended March 31, 2021,
2020, and 2019, together with the summary of significant accounting policies and explanatory information thereon
(collectively, the “Restated Financial Information”), have been compiled from our audited financial statements
as at and for the three months ended June 30, 2020 and June 30, 2021 and as at and for the years ended March 31,
2021, 2020 and 2019, prepared in accordance with Ind AS, read with the Companies (Indian Accounting
Standards) Rules, 2015, and restated in accordance with the SEBI ICDR Regulations and the Guidance Note on
“Reports in Company Prospectuses (Revised 2019)” issued by ICAI and the circular no.
SEBI/HO/CFD/DIL/CIR/P/2016/47 dated March 31, 2016 issued by SEBI.

SIGNIFICANT FACTORS AFFECTING OUR RESULTS OF OPERATIONS AND FINANCIAL
CONDITION

Impact of COVID-19

Beginning in March 2020 we experienced a substantial reduction in customer footfalls and store operations due
to the nationwide lockdown implemented on March 25, 2020, quarantines, stay-at-home and shelter-in-place
orders, the promotion of social distancing, and other restrictions. The impact of the COVID-19 pandemic on our
business, operations and financial performance have included and may continue to include significant decline in
revenue from operations. We experienced and may continue to be subject to temporary as well as permanent closures
and reduced store-level operations such as reduced operating hours, as mandated by regulatory authorities. Our
Company’s total revenue from operations decreased by 36.06% from 2 3,920.14 million in Fiscal 2020 to 2,506.68
million in Fiscal 2021 and were % 309.96 million in the three months ended June 30, 2021. The impact of the ongoing
pandemic, particularly the second wave and more communicable strain of the virus that has affected India in April
2021, may also result in an adverse impact on our profitability as our operating expenses, primarily comprising lease
rental expenses and employee benefit expenses, are less variable in nature. We also incurred and may continue to
incur additional expenses in complying with evolving government regulations, including with respect to social
distancing measures and sanitization practices. Also see “Risk Factors — The current and continuing impact of the
ongoing COVID-19 pandemic on our business and operations has been significant. The impact of the pandemic on
our operations in the future, including its effect on the ability or desire of customers to visit our stores, is uncertain
and may be significant and continue to have an adverse effect on our business prospects, strategies, business,
operations, our future financial performance, and the price of our Equity Shares.” on page 22.

In order to manage the adverse impact of COVID-19 on our operations, we have implemented and are in the
process of implementing various measures to manage our expenses and liquidity. These measures include
rationalization of under-performing stores exacerbated by COVID-19, and reduction in format size of several
stores. In addition, we capitalized on this opportunity to renegotiate our rental arrangements under various
agreements with mall developers, landlords and lessors during the onset of the COVID-19 pandemic in India.
Based on these rent relief negotiations, we arrived at negotiated agreements with respect to reductions in rent and

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