330,484.94 million from %28,484.55 million, which was mainly attributable to our opening 306 net new stores in the financial
year 2021.

Total expenses. Total expenses increased by 4.80% to 29,957.16 million for the financial year 2021 from 228,585.28 million
for the financial year 2020, primarily due to increases in (i) employee benefits expense, (ii) cost of materials consumed, (iii)
finance costs, and depreciation and amortization expense, which was partially offset by a decrease in other expenses.

Employee benefit expense. Employee benefit expense increased by 24.32% to 23,386.51 million for the financial year 2021
from 22,724.02 million for the financial year 2020, primarily due to (i) our hiring more staff for the additional stores that we
opened and (ii) a one-time expense of 7399.6 million which is related to employee stock options that we recorded in the financial
year 2021.

Finance costs. Finance costs increased by 17.20% to 2548.45 million for the financial year 2021 from %467.96 million for the
financial year 2020, primarily due to (i) an increase in interest on borrowings stemming from our draw-downs made on our
credit facilities made in the financial year 2021 to finance our working capital requirements and (ii) an increase in interest on
lease liability, which was attributable to an increase store lease payments.

Depreciation and amortisation expense. Depreciation and amortisation expense increased by 18.00% to 2882.70 million for the
financial year 2021 from 2748.07 million for the financial year 2020, primarily due to an increase in cost relating to (i)
depreciation of property, plant and equipment and (ii) amortization of right-of-use assets, which are attributable to the growth
of our store network in the financial year 2021.

Cost_of materials consumed. Cost of materials consumed increased to 82.45 million for the financial year 2021 from
338.60 million for the financial year 2020, primarily due to an increase our sales volume recorded for the financial year 2021,
mainly stemming from our opening of new stores.

Other expenses. Other expenses decreased by 6.20% to 3897.57 million for the financial year 2021 from %956.88 million for
the financial year 2020, primarily due to higher cost efficiency that we experienced in the financial year 2021, due to the increase
in our scale of operations and our benefiting from greater economies of scale.

Purchase of traded goods. Our purchase of traded goods decreased by 2.3% to %25,806.68 million for the financial year 2021
from 225,213.88 million for the financial year 2020, primarily due to due to product mix and effective discounts.

Profit before tax. As a result of the foregoing, our profit before tax increased significantly to 950.98 million for the financial
year 2021 from 2293.59 million for the financial year 2020.

Tax expenses. Our total tax expense increased by 16.04% to 3319.87 million for the financial year 2021 from 2275.65 million
for the financial year 2020, primarily due to the increase in our profit before tax for the financial year 2021.

Profit for the year. As a result of the foregoing, our profit for the year increased significantly to %631.11 million for the financial
year 2021 from 217.94 million for the financial year 2020.

Financial Year 2020 Compared to Financial Year 2019

Total income. Total income increased by 26.39% to 228,878.87 million for the financial year 2020 from %22,849.40 million for
the financial year 2019, primarily due to an increase in revenue from operations.

Revenue from operations. Revenue from operations increased by 26.31% to 28,706.03 million for the financial year 2020 from
222,727.37 million for the financial year 2019, primarily due to a 26.24% increase in revenue from sale of goods to
228,484.55 million from 22,563.49 million, which was mainly attributable to (i) strong same store sales growth from our
existing stores and (ii) our opening 122 net new stores in the financial year 2020.

Total expenses. Total expenses increased by 26.36% to 228,585.28 million for the financial year 2020 from 222,621.89 million
for the financial year 2019, primarily due to increases in (i) purchase of traded goods, (ii) employee benefits expense, (iii)
depreciation and amortization expense, (iv) a net loss on fair value changes, and (v) cost of materials consumed.

Purchase of traded goods and cost of materials consumed. Purchase of traded goods increased by 37.90% to 225,806.68 million
for the financial year 2020 from 218,713.73 million for the financial year 2019. Cost of materials consumed significantly
increased to 38.60 million for the financial year 2020 from 216.93 million for the financial year 2019. Such increases were
attributable to an increase our sales volume recorded for the financial year 2020, mainly stemming from (i) the increase in sales
from our existing stores and our opening of new stores, and (ii) higher inventory purchase in March 2020 to mitigate any supply
chain disruption due to state level lock-downs due to the COVID-19 pandemic.

Employee benefits expense. Employee benefits expense increased by 28.87% to %2,724.02 million for the financial year 2020
from 22,113.73 million for the financial year 2019, primarily due to our hiring more staff for the additional stores that we
opened in the financial year 2020.

Depreciation and amortization expense. Depreciation and amortization expense increased by 27.67% to 2748.07 million for the
financial year 2020 from %585.93 million for the financial year 2019, primarily due to an increase in cost relating to (i)

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