Net cash generated from operating activities was 71,466.84 million in the financial year 2019. We had profit before tax of
2227.51 million for the financial year 2019, which was primarily adjusted for depreciation of property, plant and equipment,
amortization on right-of-use assets, provision for gratuity and leave benefits, finance costs and interest on lease liability, and
working capital adjustments. Our changes in working capital primarily consisted of an increase in inventories of
3308.19 million.

Net cash used in investing activities

Net cash used in investing activities was 2985.48 million in the six months ended September 30, 2021. This was primarily due
to (i) our 2703.70 million investment in bank deposits and (ii) the purchase of fixed assets for the 276 new stores we opened in
the six months ended September 30, 2021.

Net cash used in investing activities was 112.89 million in the six months ended September 30, 2020. This was primarily due
to (i) our 2329.05 million investment in bank deposits and (ii) the purchase of fixed assets for the 99 new stores we opened in
the six months ended September 30, 2020.

Net cash used in investing activities was 7345.49 million in the financial year 2021. This was primarily due to the purchase of
land and other fixed assets for the 373 new stores we opened in the financial year 2021.

Net cash used in investing activities was 2275.54 million in the financial year 2020. This was primarily due to (i) the purchase
of fixed assets for the 243 new stores we opened and (ii) our 719.52 million investment in bank deposits in the financial year
2020.

Net cash used in investing activities was 7193.35 million in the financial year 2019. This was primarily due to (i) the purchase
of fixed assets for the 266 new stores we opened and (ii) our 713.59 million investment in bank deposits in the financial year
2019.

Net cash used in financing activities

Net cash used in financing activities was 7606.31 million in the six months ended September 30, 2021. This was primarily due
to the payment of lease liabilities relating to our stores of 3584.25 million.

Net cash used in financing activities was 7476.94 million in the six months ended September 30, 2020. This was primarily due
to the payment of lease liabilities relating to our stores of 7429.50 million.

Net cash used in financing activities was %56.26 million in the financial year 2021. This was primarily due to (i) the payment
of lease liabilities relating to our stores of 2953.15 million and (ii) the repayment of 83.11 million of interest on our borrowings,
which were partially offset by our receipt of 980 million of proceeds from our issuance of compulsory convertible preference
shares to certain of our shareholders.

Net cash from financing activities was %898.27 million in the financial year 2020. This was primarily due to our receipt of
2,038.37 million of proceeds from our issuance of compulsory convertible preference shares to certain of our shareholders,
which was partially offset by (i) the payment of lease liabilities relating to our stores of 756.01 million, (ii) the repayment of
3325 million of our short term borrowings, and (iii) the repayment of 265.72 million of interest on our borrowings.

Net cash used in financing activities was %828.41 million in the financial year 2019. This was primarily due to (i) the payment
of lease liabilities relating to our stores of 2647.09 million, (ii) the repayment of 280 million of our long term borrowings, and
(iii) the repayment of 2141.32 million of interest on our borrowings, which were partially offset by our receipt of proceeds of
240 million from short term borrowings.

Capital Expenditure

Our capital expenditures primarily relate to the purchase of property, plant and equipment, related to the (i) expansion of our
store network, where we incur capital expenditures to fit out our new stores, (ii) maintenance of our existing stores, including
store renovations, (iii) maintenance of and improvements made to our supply chain and distribution network, including
maintaining and purchasing fixed and movable assets for our warehouse, computers, office equipment and furniture, and
delivery vehicles. For the financial years 2019, 2020 and 2021 and the six months ended September 30, 2021, our total capital
expenditures amounted to 2217.56 million, 7302.11 million, 7542.58 million and 2449.06 million, respectively.

Financial Indebtedness

As of September 30, 2021, we had total borrowings amounting to 3567.48 million, which primarily consisted of cash credit
from banks and loans from other companies. For further details related to our indebtedness, as of September 30, 2021, see
“Financial Indebtedness” on page 302.

Capital and Other Commitments Based on Our Restated Financial Information

As of September 30, 2021, our estimated amount of contracts remaining to be executed on capital account and not provided for
(net of advances) was 2209.13 million.

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