VMARTNSE16 May 2023

V-Mart Retail Limited has informed the Exchange about Investor Presentation

V-Mart Retail Limited

Ref. No. CS/S/L-665/2023-24

16th May, 2023

To: The Listing Department NATIONAL STOCK EXCHANGE OF INDIA LIMITED “Exchange Plaza” Bandra Kurla Complex, Bandra (E ), Mumbai – 400 051 Scrip Code: VMART Fax: 022-26598120 Email: cmlist@nse.co.in

To: The Corporate Relationship Department THE BSE LTD Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001 Scrip Code: 534976 Fax: 022-22723121 Email: corp.relations@bseindia.com

Sub: Presentation to Analysts/Investors

Dear Sir/Madam,

Please find enclosed herewith the presentation being forwarded to Analysts/Investors on audited financial results of the Company for the fourth quarter and year ended 31st March, 2023.

The above presentation is also available on the Company's website: http://vmart.co.in/investor-call- invitation-investor-presentation/.

We request you to kindly take the above information on record.

Thanking You,

Yours Truly For V-Mart Retail Limited

Megha Tandon Company Secretary and Compliance Officer

Encl: as above

V-Mart Retail Limited Investor Presentation Q4FY23

www.vmartretail.com / www.limeroad.com

Q4FY23

Key Performance Highlights Financial Parameters Operational Parameters

2

Key Highlights: Q4FY23 vs. Q4FY22

▪ Revenue Growth : 29% YoY ▪ Revenue Channel Mix

• V-Mart : 83% (including 2% digital) • Unlimited : 15% • LimeRoad* : 2% (commission revenue)

▪ Revenue Segment Mix

• Fashion : 90% (including LimeRoad) • Kirana : 10%

▪ Same Store Sales Growth : 10% YoY ▪ EBITDA (% to revenue) : 3.9% ▪ Total Stores : 423 (VMart : 341 / Unlimited : 82) • Stores Opened : 17 (V-Mart 12, Unlimited 5) • Stores Closed : 8 (V-Mart 6, Unlimited 2)

* LimeRoad business integrated w.e.f November 11, 2022

Q4 FY23

3

Financial Parameters

Revenue (₹ Millions)

Revenue Mix (%)

LimeRoad Net Merchandise Value – INR 311.9 Million

EBITDA (₹ Millions , % to Revenue)

% to revenue

PAT (₹ Millions)

Q4 FY23

LimeRoad Loss Q4FY 22 – ₹ 215 Million

4

5,939 4,940 881 118 4,588 3,813 774 TotalV-MartUnlimitedLimeRoadQ4 FY23Q4 FY2229%30%14%79.2%11.1%9.7%80.1%10.8%9.1%ApparelNon ApparelKiranaQ4 FY23Q4 FY22-370 -26 Q4 FY23Q4 FY22229 340 104 503 371 TotalV-MartUnlimitedQ4 FY23Q4 FY223.9%6.9%11.8%11.0%9.7% Operational Parameters

Footfall (Millions)

Conversion Rate (%)

Same Store Sales Growth (%)

Average Selling Price (₹)

Q4 FY23

% vs Q4 FY22

5

58%63%Q4 FY23Q4 FY22233 214 453 382 365 498 TotalV-MartUnlimitedTotalV-MartUnlimitedASP(Total)ASP(Apparel)-4%-3%-13%-7%-5%-12%11.2 8.0 Q4 FY23Q4 FY2240%10%11%4%-3%-3%TotalV-MartUnlimitedQ4 FY23Q4 FY22 Apr – Mar FY23

Key Performance Highlights Financial Parameters Operational Parameters

6

Highlights: April - Mar FY23 vs FY22

▪ Revenue Growth : 48% YoY ▪ Revenue Channel Mix

• V-Mart : 79% (including 2% from digital) • Unlimited : 18% •

LimeRoad : 1% (commission revenue)

▪ Segment Revenue Mix

• Fashion : 90% (including LimeRoad) • Kirana : 10%

▪ Same Store Sales Growth : 23% ▪ EBITDA (% to revenue) : 10.9% ▪ Total Stores : 423 (V-Mart : 341 / Unlimited : 82) • Stores Opened : 59 (V-Mart 34, Unlimited 9) • Stores Closed : 16 (V-Mart 13, Unlimited 3)

* LimeRoad business integrated w.e.f. November 11, 2022

YTD FY23

7

Financial Parameters

Revenue (₹ Millions)

Revenue Mix (%)

LimeRoad Net Merchandise Value – INR 443.1 Million

EBITDA (₹ Millions, % to Revenue)

% to revenue

PAT (₹ Millions)

YTD FY23

LimeRoad Loss YTD FY23 – ₹ 441 Million

Unlimited FY22 data is for 7 months

8

24,648 20,100 4,379 169 16,662 14,539 2,123 TotalV-MartUnlimitedLimeRoadYTD FY23YTD FY2248%38%106%79.3%11.1%9.6%79.8%11.3%8.9%ApparelNon ApparelKiranaYTD FY23YTD FY222,689 2,448 682 2,043 1,674 TotalV-MartUnlimitedYTD FY23YTD FY2210.9%12.2%15.6%12.3%11.5%-78 116 YTD FY23YTD FY22 Operational Parameters

Footfall (Millions)

Conversion Rate (%)

Transaction size (₹)

Average Selling Price (₹)

YTD FY23

Unlimited FY22 data is for 7 months

% change computed vs YTD FY22

9

59%63%YTD FY23YTD FY22246 221 509 410 382 563 TotalV-MartUnlimitedTotalV-MartUnlimitedASP(Total)ASP(Apparel)2-1%-7%3%2%-6%1017921 1,934 973 903 2,027 Transaction sizeV-MartUnlimitedYTD'23YTD'224%42.6 28.9 YTD FY23YTD FY2248% Operational Parameters

Sales per square feet (per month)*

Store Count (Nos)

*basis operational days

SPSF

FY23

FY22

Tier 1

Total

Tier 2

Tier 3 Tier 1

Tier 4

Tier 2

Tier 1

Tier 2 Tier 3

Tier 3

Tier 4

Tier 4

620

559

630

519

604

539

635

602

495

432

Same Store Sales Growth (%)

Same Store Volume Growth (%)

Same Store Sales Growth is not applicable for Unlimited

YTD FY23

Unlimited FY22 data is for 7 months

10

423 106 52 212 53 380 103 53 185 39 Store countTier 1Tier 2Tier 3Tier 4YTD FY23YTD FY2225%21%YTD'23YTD'2220%623 655 520 559 582459TotalV-MartUnlimitedYTD'23YTD'2211%13%13%22.9%23.1%YTD FY23YTD FY22 Operational Parameters

Expenses (% of Revenue)

Retail Space (Millions Square feet)

*

Inventory (Days of Sales)

Shrinkage* (% of Revenue)

YTD FY23

Unlimited FY22 data is for 7 months

*Includes provision for obsolescence

11

3.7 2.9 0.8 3.3 2.5 0.8 TotalV-MartUnlimitedYTD'23YTD'2214%14%11%10.4%3.7%3.5%6.8%10.8%3.5%2.5%5.5%ManpowerPower & fuelAdvertisementOthersYTD FY23YTD FY220.4%2.1%YTD FY23YTD FY22114107151110105155TotalV-MartUnlimitedYTD FY23YTD FY22 Operating Expenses

Manpower (₹ Millions)

Power & fuel (₹ Millions)

One time expense

Advertisement (₹ Millions)

Other Expenses (₹ Millions)

YTD FY23

Unlimited FY22 data is for 7 months

One time expense

12

2,555 1,966 369 122 1,796 1,603 193 98 TotalV-MartUnlimitedLimeRoadFY23 YTDFY22 YTD42%901 698 203 0.4 583 496 86 TotalV-MartUnlimitedLimeRoadFY23 YTDFY22 YTD55%1,670 1,201 339 131 910 683 207 20 OthersV-MartUnlimitedLimeRoadFY23 YTDFY22 YTD84%862 476 146 240 419 348 71 AdvertisingV-MartUnlimitedLimeRoadFY23 YTDFY22 YTD106% UL : A Year of Strategic Progress

13

Unlimited acquisition : Transition story

80% Unlimited stores EBITDA positive*

% stores

*Pre-IND AS EBITDA

32% inventory carries minimal risk* *Partner Brands Products, Returnable, No mark down, Fixed Margin, High credit period

% inventory

32%

Partner brand

Private Label

68%

Tier III focussed expansion

New Stores - Higher SPSF, Lower Rent, Smaller area

ASP corrected, UPT in execution

*

% Vs. YTD FY22

14

Acquired stores: net of closure – 70 New Stores Opened – 12

11912714254T1T2T3T4Acquired StoresNew Stores-7%3%-5%12%ASPUPTABSSPSF43%37%20%>7% EBITDA0-7%-ve EBITDA50770 1022162439 8106SPSFRent PSFAverage AreaAcquired StoresNew Stores Model Economics

Unlimited New Store economics in line with V-Mart new stores with higher gross margin

LimeRoad aspirational unit economics

100

Sales (%)

100

Net Merchandising Value (NMV)

37

21

16

Gross Profit (%)

Store Level Expenses (%)

Store EBITDA (%)

Capex per store – INR 1400 per square. feet Store Size – 8000 square feet Inventory per Store – INR 15 Million Payback Period – 2.5 years

41

31

20

11

Commission Revenue (%)

Contribution Margin 1 (%)

Marketing Expenses (%)

Contribution Margin 3 (%)

15

optimised for negative working capital

Apr- Mar FY23

Key Business Segments Profit & Loss Statement Balance Sheet Cash flow Statement

20

Statement of Profit & Loss

INR millions (except per share data)

YTD FY23

* Tax expense includes deferred tax

21

31.03.202331.03.2022(Audited)(Audited)IRevenue from operations24,64816,662IIOther income150140IIITotal Income (I + II)24,79816,801IVTotal expenses24,92816,697V(Loss)/profit before tax (III-IV)(130)104VITotal tax expense*(52)(12)VII(Loss)/profit for the year (V-VI)(78)116VIIIOther comprehensive (loss)/income7(19)IXTotal comprehensive (loss)/income for the period (VII+VIII)(72)98X(Loss)/Earning per share (Nominal value of Rs. 10 each)(a) Basic (Rs.)(3.97)5.90(b) Diluted (Rs.)(3.97)5.88ParticularsFor the period ended Segment Reporting

INR millions

YTD FY23

* Tax expense includes deferred tax

22

Particulars March 31, 2023 March 31, 2022AuditedAuditedSegment RevenueRetail Trade (V-Mart + Unlimited)24,479 16,662 Digital market place (LimeRoad)169 - Total Segment Revenue24,648 16,662 Segment Results (EBIT)Retail Trade (V-Mart + Unlimited)388 109 Digital market place (LimeRoad)(464) - Total(76) 109 Less: Finance Cost(54) (5) Profit before tax(130) 104 For the Year EndedParticulars March 31, 2023 March 31, 2022AuditedAuditedSegment AssetRetail Trade (V-Mart + Unlimited)26,023 20,604 Digital market place (LimeRoad)868 - Total26,890 20,604 Add: Unallocated assets535 391 Total Segment Asset27,425 20,995 Segment LiabilityRetail Trade (V-Mart + Unlimited)17,000 12,383 Digital market place (LimeRoad)429 - Total17,428 12,383 Add: Unallocated liabilities1,507 116 Total Segment Liability18,935 12,499 For the Year Ended Ind-AS 116 : P&L Impact (YTD FY23)

INR Millions

“Changes due to Ind-AS 116 (increase) / decrease on PBT”

YTD FY23

23

Pre Ind-AS 116Post Ind-AS 116Net Impact on PBT(A)(B)C = (B-A) Rent 2,035255(1,780) Finance cost 541,1691,115 Depreciation & Amortization 5571,8001,243 PBT decreased by578Particulars (impact on PBT) – FY23 Balance Sheet

INR Millions

24

March 31, 2023March 31, 2022(Audited)(Audited)EQUITY AND LIABILITIESEquity Equity Share Capital198197 Other Equity8,2928,299Total Equity (D)8,4908,496LiabilitiesFinancial liabilities Lease liabilities11,0778,429Employee benefit obligations125109Non-current liabilities (E)11,2028,538 Financial liabilities Borrowings1,4780 Lease liabilities761593Payables (including Trade)4,8832,906 Other financial liabilities444212Employee benefit obligations5141 Other current liabilities8793Liabilities for current tax (net)29116Current liabilities (F)7,7333,961Total Liabilities18,93512,499TOTAL EQUITY LIABILITIES (G = D+E+F)27,42520,995ParticularsAs AtMarch 31, 2023March 31, 2022(Audited)(Audited) ASSETS Property, plant and equipment3,1912,795 Capital work in progress1,09264Goodwill150 Intangible assets60632 Right-of-use assets10,6438,283 Financial assets Investments038 Other financial assets321370 Deferred tax assets (net)531386 Other non-current assets44944 Non-current assets (A)16,84812,012 Inventories8,7066,682 Financial assets Investments 851,211 Loans45 Cash and cash equivalents181330 Other bank balances2120 Other financial assets2492 Other current assets1,331733 Current assets (B)10,5778,983TOTAL ASSETS (C = A+B)27,42520,995ParticularsAs At Cash Flow Statement

INR Millions

YTD FY23

25

March 31, 2023March 31, 2022(Audited)(Audited)(A) Cash flows from operating activitiesProfit before Income Tax(130)104Adjustments to reconcile profit before tax to net cash flows2,9771,887Operating profit before working capital changes2,8461,991Changes in working capital(857)(1,985)Cash flow from operations1,9896Taxes paid (net of refunds)(182)(118)Net cash flow from operating activities (A)1,808(113)(B) Investing activitiesNet cash flow (used in)/from investing activities (B)(1,586)1,237(C) Financing activities Net cash from/(used in) financing activities (C)(374)(1,045)Net increase/(decrease) in cash and cash equivalent (D = A+B+C)(152)80Free Cash Flow(972)(1,606)Net Capex (including acquisition cost)(2,779)(1,494)Cash Flow Statement for the periodFor the period ending Return On Capital Employed (ROCE)

ROCE = EBIT / Average Capital Employed ;

Earnings before Interest & Tax (EBIT) = PAT + Tax + Interest;

Capital Employed = Total Asset – Current Liabilities; Average = (Opening +Closing) / 2

26

5.3%5.7%FY22FY23Post-INDAS New Stores Addition (Q4 FY23)

+1

+2

+2

+1

+1

+1

+1

+1

+2

Q4 FY23

27

STATEStore CountAndhra Pradesh 2Assam5Bihar4Chandigarh1Jharkhand 2Kerala1Madhya Pradesh 4Orissa2Rajasthan 6Tamil Nadu 5Telangana 4Tripura 1Uttar Pradesh 15Uttrakhand 4West bengal 3Total59 Total Stores as on March 31, 2023

5

1

YTD FY23

28

STATECY LYANDHRA PRADESH119ARUNACHAL PRADESH11ASSAM148BIHAR5655CHANDIGARH 10GOA11GUJARAT77HARYANA43HIMACHAL PRADESH11JAMMU AND KASHMIR88JHARKHAND2424KARNATAKA1920KERALA21MADHYA PRADESH1714MAHARASHTRA55MEGHALAYA11NEW DELHI56ORISSA108PUNJAB45RAJASTHAN2317TAMIL NADU2622TELANGANA1814TRIPURA21UTTAR PRADESH132122UTTRAKHAND1310WEST BENGAL1817Total423380 Thank you! Thank you!

In case of any queries, please contact the IR Team: ir_vmart@vmartretail.com

In case of any queries, please contact the IR Team: ir_vmart@vmartretail.com

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