to 230,692.69 million, as opposed to the Indian pharmacy retail industry, which grew at a CAGR of 7.3% for the same period,
according to the Technopak Report. For the financial years 2019, 2020 and 2021 and the six months ended September 30, 2021,
our profit after tax and profit after tax margin was 2119.22 million and 0.52%, %17.94 million and 0.06%, 2631.11 million and
2.06% and %663.67 million and 3.53%, respectively. Our Adjusted EBITDA grew at a CAGR of 43.98% from 21,304.34 million
in financial year 2019 to 22,703.79 million in financial year 2021, and was 21,662.39 million in the six months ended September
30, 2021. Our Operating EBITDA grew at a CAGR of 63.21% from 2657.25 million in financial year 2019 to 71,750.64 million
in financial year 2021, and was 21,078.14 million in the six months ended September 30, 2021. Our Operating ROCE for the
financial years 2020 and 2021 and the six months ended September 30, 2021 was 19.87%, 26.08% and 13.40%, respectively.
For a reconciliation of our profit for the period to Adjusted EBITDA and Operating EBITDA and a calculation of Adjusted
EBITDA Margin % and Operating EBITDA Margin %, see “Financial Information — Other Financial Information” on page
280 and “Certain Conventions, Presentation of Financial, Industry and Market Data and Currency of Presentation” on page
22.

Our Competitive Strengths
We believe we have the following competitive strengths:
India’s Second Largest Pharmacy retailer

We are the second largest pharmacy retailer in India, in terms of (i) revenue from operations for the financial year 2021, and
(ii) number of stores as of March 31, 2021, according to the Technopak Report. For details, see “Industry Overview —
Competitive Benchmarking — Pharmacy Retail Market — Revenue” and “Industry Overview — Competitive Benchmarking —
Pharmacy Retail Market — Store Count” on pages 141 and 139, respectively. For the financial year 2021, our total revenue
from operations represented approximately 15% share of the organized pharmacy retail market in India, according to the
Technopak Report.

We operate 2,326 stores distributed across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Odisha, West Bengal and
Maharashtra as of September 30, 2021. In addition to being the second largest pharmacy retailer, we focus on growing and
achieving market leadership in the key cities where we operate. For the financial year 2021, according to the Technopak Report,
our share of the organized pharmacy retail market based on revenue from operations in Chennai, Bangalore, Hyderabad and
Kolkata stood at 30%, 29%, 30% and 22% respectively. In terms of number of stores as of March 31, 2021, we ranked 1* in
Chennai and Bangalore, and 2™ in Hyderabad and Kolkata, according to the Technopak report.

According to the Technopak Report, India’s pharmacy retail market is expected to grow at a CAGR of approximately 11%
between financial year 2021 to financial year, 2025, from 21,811,250 million to 22,725,000 million, in terms of revenue.
Further, according to the Technopak Report, the organized pharmacy retail market’s share of India’s pharmacy retail market,
in terms of revenue, increased from approximately 5% in the financial year 2015 to approximately 11% for the financial year
2021. According to the Technopak Report, the organized pharmacy retail market is expected to grow at a CAGR of
approximately 27% between financial year 2021 to financial year 2025, from 2204,750 million to 7535,000 million, in terms
of revenue, primarily through a combination of structural growth in underlying market and gaining market share from the
unorganized pharmacy retailers. We expect that our (i) well-established brand, (ii) genuine and good quality pharmaceutical
products offering, (iii) wide product offering, (iv) ability to achieve high fulfilment rates, (v) offering of neighbourhood
convenience with large store footprint, and (vi) ability to offer competitive pricing to our customers, will continue to drive our
gains in market share.

We have also extended our leadership position from offline sales of pharmaceutical products to online sales of pharmaceutical
products. Commencing in 2015, we were the first pharmacy retailer in India to offer an omni-channel platform, according to
the Technopak Report, whereby our customers could either visit our stores or access our offerings online, through our website
and mobile application. For the financial year 2021 and the six months ended September 30, 2021, we derived 22,757.43 million
and 21,586.30 million of revenue from sales from our online sales channel, respectively.

We believe that our (i) large scale of operations, as described above, (ii) value proposition to customers, as further described in
“— Established brand and value proposition to customers” on page 150, (iii) business model, as further described in “—
Successful track record of expansion using a distinct cluster-based and replicable store unit expansion approach” on page 151
and ‘“— High density store network enhancing omni-channel proposition” on page 152, and (iv) cost efficient operations, as
further described in “— Lean cost structure and technology driven operations” on page 153, have driven our growth and have
allowed us to be profitable, despite our pricing and discounting strategy.

Established Brand and Value Proposition to Customers
Our “MedPlus” brand has a history and track record of over 15 years, and we believe that it has become a well-established
brand that we have positioned to stand for genuine and good quality pharmaceutical products that are offered at affordable

prices. We believe that we offer a strong value proposition to a wide range of customers, including:

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