¢ Miscellaneous expenses that decreased by 34.82% from % 12.12 million in Fiscal 2020 to 2 7.90 million in
Fiscal 2021 on account of reduced operations.

The decrease was marginally offset by an increase in expenditure on corporate social responsibility from % 0.61
million in Fiscal 2020 to = 16.81 million in Fiscal 2021 due to CSR expenditure of prior years and write offs on
property, plant and equipment from 2 19.34 million in Fiscal 2020 to 25.95 million in Fiscal 2021 due to closure
of stores on account of COVID-19 and relocation.

Restated (Loss)/ Profit Before Tax

For the reasons discussed above, restated loss before tax was % 31.35 million in Fiscal 2021 compared to a profit
of = 682.86 million in Fiscal 2020.

Tax Expense

Current tax expenses decreased from % 204.65 million in Fiscal 2020 to 2 26.00 million in Fiscal 2021; tax related
to earlier years decreased from % 1.58 million in Fiscal 2020 to 2 1.01 million in Fiscal 2021; and deferred tax
allowance decreased from 2 46.55 million in Fiscal 2020 to 2 20.95 million in Fiscal 2021, primarily on account
of reduced taxable profit. As a result, total tax expense amounted to = 4.04 million in Fiscal 2021 compared to 2
156.52 million in Fiscal 2020.

Restated (Loss)/Profit After Tax

We recorded a loss after tax of % 35.39 million in Fiscal 2021 primarily on account of the impact of COVID-19
on our operations and on account of adoption of Ind AS 116 compared to a profit of 526.34 million in Fiscal
2020. The table below reconciles restated (loss) / profit after tax to Company Adjusted PAT, which is our PAT
that has been adjusted for lease contracts and the deferred tax impact on account of our adoption of Ind AS 116,
for the Fiscal 2021 and Fiscal 2020:

 

 

 

 

 

 

 

 

 

 

 

Particulars Fiscal
2020 2021
(% million)
Restated (loss) / profit after tax 526.34 (35.39)
Add: Adjustments for lease contract and security deposit discounting 122.24 87.41
Less: Deferred tax impact on lease contract accounting 43.78 9.8
Company Adjusted PAT 604.80 42.22

 

Earnings before Interest, Taxes, Depreciation and Amortisation (EBITDA)

EBITDA was 2 463.49 million in Fiscal 2021 compared to EBITDA of % 1265.05 million in Fiscal 2020, while
EBITDA Margin was 18.49% in Fiscal 2021 compared to 32.37% in Fiscal 2020.

For reconciliation of EBITDA and EBITDA Margin, 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” on page 310.

FISCAL 2020 COMPARED TO FISCAL 2019

Income

Total income increased by 36.38% from % 2,909.79 million in Fiscal 2019 to = 3,968.39 million in Fiscal 2020
primarily due to an increase in in the number of EBOs and Same Stores Sales Growth during Fiscal 2020. We had
448 EBOs as of March 31, 2020 compared to 333 EBOs as of March 31, 2019.

Revenue from Operations

Revenues from operations increased by 37.43% from % 2,852.47 million in Fiscal 2019 to 2 3,920.14 million in

Fiscal 2020, primarily due to an increase in retail sales, reduced sale of imperfect goods and receipt of earlier year
export incentives.

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