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six month ended | _year ended year ended year ended
September 30, | March 31, 2021 | March 31, 2020 | March 31, 2019
2021
Revenue from Mature Stores (V) 10,483.65 19,527.13 19,655.58 15,877.79
Revenue from others (W = F - V) 8,315.56 11,165.56 9,050.45 6,849.58
Store Level Operating EBITDA Margin for Mature 11.58% 11.03% 8.63% 8.97%
Stores (X = T/V)
Store Level Operating EBITDA Margin for others (Y = 8.59% 8.47% 6.97% 7.11%
uM)

 

 

 

 

 

 

 

 

@ __ EBITDAis calculated as restated profit for the year plus total tax expenses, depreciation and amortization expenses and finance costs while EBITDA
Margin is the percentage of EBITDA divided by revenue from operations. EBITDA is computed without reducing Amortization of right of use assets and
interest on lease liability amounting to ® 724.74 for the six months period ended 30 September 2021, @ 561.81 for the six months period ended 30
September 2020 and @ 1,173.81, % 991.58, @ 785.09 for the financial year ended 31 March 2021, 2020 and 2019 respectively

(ii) Adjusted EBITDA is calculated as EBITDA plus Employees stock option compensation expenses and Net loss on fair value changes, minus interest
income. Adjusted EBITDA Margin is the percentage of Adjusted EBITDA divided by revenue from operations.

(iii) Operating EBITDA is calculated as Adjusted EBITDA minus Rental expenses. Rental expenses represents actual rental expenses incurred by the
Company in the respective years without giving effect of Ind AS 116. Upon adoption of IND AS 116 by the Company rental expenses under other expenses
are now recognized as finance costs amounting to % 286.42 for the six months period ended 30 September 2021, 223.36 for the six months period ended
30 September 2020 and @ 465.34, % 402.24, 2 338.76 for the financial year ended 31 March 2021, 2020 and 2019 respectively and amortization expenses
amounting to ® 438,32 for the six months period ended 30 September 2021, 338.45 for the six months period ended 30 September 2021 and 2 708.47,
Rs 589.34, Rs 446.33 for the financial year ended 31 March 2021, 2020 and 2019 respectively. We believe this measure is better measure of the operating
performance of our business given our large retail footprint involving rental expenses. Operating EBITDA Margin is the percentage of Operating EBITDA
divided by revenue from operations.

(iv) Store Level Operating EBITDA is calculated as Operating EBITDA plus corporate level expenses which includes 1) procurement, storing and
distribution expense, marketing expenses and other corporate overheads. We believe this measure helps us highlight the operational efficiency of our
store level performance. Store Level Operating EBITDA Margin is the percentage of Store Level Operating EBITDA divided by revenue from operations

()_ Store Level Operating EBITDA for Mature Stores is calculated by considering the Store Level Operating EBITDA that is earned from Mature Stores
only. For six months ended September 2021, for Financial Year 2021, 2020 and 2019, Mature Stores are defined as stores that were opened till September
30, 2017, by end of Financial Year 2017, 2016, and 2015 respectively. Store Level Operating EBITDA Margin for Mature Stores is the percentage of
Store Level Operating EBITDA for Mature Stores divided by revenue from Mature Stores. Revenue from Mature Stores considers revenue generated by
Mature stores as defined above. The Store Level Operating EBITDA for Mature Stores is an important measure for us as it shows us the operational
performance at steady state for our stores.

(vi) Store Level Operating EBITDA for others is calculated as Store Level Operating EBITDA minus Store Level Operating EBITDA for Mature Stores.
Store Level Operating EBITDA Margin for others is calculated as percentage of Store Level Operating EBITDA for others divided by revenue from
others. Revenue from others is computed as revenue from operations minus Revenue from Mature Stores.

(vii) Operating ROCE is calculated as Operating EBIT divided by operating average capital employed. Operating EBIT is calculated as Operating
EBITDA minus Depreciation and amortisation expense, plus amortisation of right of use assets. Operating Capital employed is calculated as Total Equity
attributable to the owners of the Company plus borrowing minus cash and cash equivalents and bank balances. Operating Average capital employed is
calculated as operating capital employed at the beginning of the year/period plus operating capital employed at the end of the year/period divided by 2.

(viii) Store Level Operating ROCE for Mature Stores is computed by dividing (Store Level Operating EBITDA for Mature Stores minus depreciation of
capital expenditure incurred for these stores) by capital employed for Mature Stores. Capital employed for Mature Stores is computed as store level
inventory for Mature Stores at the end of the year + capital expenditure incurred for Mature Stores + security deposit paid for these stores. Mature
Stores are defined as stores that were opened till September 30, 2017, by end of Financial Year 2017, 2016, and 2015 respectively.

The calculation of Operating ROCE is as follows:

(All amounts are in 2 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 sixmonth | the six month | the year ended | the year ended | the year ended
ended ended March 31, 2021 | March 31, 2020 | March 31, 2019
a 30, September 30,
2020
Operating EBITDA (A) 1,078.14 986.01 1,750.64 991.40.
Less: Depreciation and amortisation (647.64) (422.07) (882.70) (748.07)
expense (B)
Add: Amortization of right of use assets 438.32 338.45, 708.47 589.34
(C)
Operating EBIT (D = A- B+ C) 968.82 902.39 1,576.41 832.67
Equity attributable to the owners of the 8,009.77 5,903.41 7,305.53 5,278.02 2,913.37
Company (E)
Borrowings (F) 567.48 863.82 1,352.35 1,050.51 1,044.02
Less: Cash and Gash Equivalents (G) (256.78) (418.45) (1,068.16) (1,139.16) (250.83)
Less: Bank balances other than above (H) (1,030.52) (597.04) (422.83) (267.76) (248.24)
Operating Capital Employed (I= E+F-G 7,289.95 5,751.74 7,166.89 4,921.61 3,458.32
-H)
Operating Average Capital Employed (J = 7,228.42 5,336.68 6,044.25 4,189.96

(Operating Capital Employed at the

 

 

 

 

 

 

 

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