In-house expertise in developing and designing products

We develop products in-house based on demand for such products and the sale of similar products that we track
and monitor through our ERP system. We design our products keeping in mind trends in fashion, fabric, textiles,
wearability, stitch and pricing. Our products are designed for every occasion including for daily wear, office wear,
festive, denim and lounge wear and are available in over 120 colours. We follow a data-driven approach as part
of our design process and have launched products that focus on comfort and fit focused on our target customer
segment and are based on market research and feedback from our customers. Based on business intelligence
reports on our product-wise sales generated by our ERP system, we are able to determine future product launches.
In the last three Fiscals and in the three months ended June 30, 2021, we launched over 20 products. In addition,
we also focus on the quality of the products while ensuring that the pricing of such products is competitive.

We have a skilled team of in-house designers and merchandisers that focuses on creating quality products with
innovative designs and optimal fit and sizing. As of September 30, 2021, our in-house design team comprised ten
professionals who design our products.

We also undertake concept development and trend forecasting to develop and design new styles and products and
regularly participate in fairs or exhibitions in India or abroad to understand the trends. Our design and
merchandising team, together with our marketing and procurement teams, are focused on developing innovative
design concepts across categories. Our design process and experienced team allows us to address evolving market
trends and customers’ preferences. For example, to address the growing demand for athleisure, we have recently
launched a number of products in the athleisure category. Our innovation, research and data driven design process
ensures that we introduce new and differentiated products that address evolving market trends and customers’
preferences.

Demonstrated track record of strong financial performance

We have organically grown our operations and have demonstrated an increase in our revenues and profitability,
other than in Fiscal 2021 where our operations were impacted on account of COVID-19. Our revenue from
operations grew by 37.43% from % 2,852.47 million in Fiscal 2019 to = 3,920.14 million in Fiscal 2020 while they
were % 2,506.68 million in Fiscal 2021 and were = 309.96 million in the three months ended June 30, 2021. Our
Gross Margins were % 1,703.25 million, = 2,344.80 million, = 1,466.90 million and = 174.13 million or 59.71%,
59.81%, 58.52% and 56.18% in Fiscals 2019, 2020, 2021 and in the three months ended June 30, 2021,
respectively. Our EBITDA for Fiscals 2019, 2020, 2021 and the three months ended June 30, 2021 was % 799.88
million, = 1,265.05 million, = 463.49 million and 2 (59.18) million while our EBITDA Margins were 28.04%,
32.27%, 18.49% and (19.10)%, respectively, and was the highest among key women’s apparel players in India in
Fiscal 2020 (Source: Technopak Report). Our restated (loss) / profit after tax was = 309.41 million and = 526.34
million in Fiscal 2019 and 2020, respectively, while we incurred a loss of = 35.39 million in Fiscal 2021 and we
had restated loss after tax of 189.96 million in the three months ended June 30, 2021. Our restated (loss) / profit
after tax margin was 10.85%, 13.43%, (1.41)% and (61.29)% in Fiscals 2019, 2020, 2021 and the three months
ended June 30, 2021.

Our business model has resulted in positive cash flows over the years and our cash flows from our operating
activities were % 332.86 million, = 572.11 million and 2 898.53 million in Fiscals 2019, 2020 and 2021,
respectively, while cash flows used in operating activities were = 248.59 million in the three months ended June
30, 2021. We have witnessed consistent improvement in our balance sheet position in the last three Fiscals and
the three months ended June 30, 2021 and our ROCE was the highest among all major retail led women’s apparel
brands in India in Fiscal 2020 (Source: Technopak Report). Our ROCE was 14.36%, 18.14%, 3.47% and 2.94%,
while our ROE was 13.55% and 18.38%, as of March 31, 2019 and 2020, respectively, while it was (1.25)%, as
of March 31, 2021 and was 7.20%, as of June 30, 2021.

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.

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