VMART

Ref. No. CS/S/L-689/2023-24 9th August, 2023 To: To: The Listing Department The Corporate Relationship Department NATIONAL STOCK EXCHANGE OF INDIA LIMITED THE BSE LTD “Exchange Plaza” Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Dalal Street, Mumbai – 400 001 Bandra (E ), Mumbai – 400 051 Scrip Code: 534976 Scrip Code: VMART Fax: 022-22723121 Fax: 022-26598120 Email: corp.relations@bseindia.com Email: cmlist@nse.co.in Sub: Presentation to Analysts/Investors Dear Sir/Madam, Please find enclosed herewith the presentation being forwarded to Analysts/Investors on unaudited financial results of the Company for the first quarter ended 30th June, 2023. The above presentation is also available on the Company's website: www.vmart.co.in. 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 Q1FY24 www.vmartretail.com / www.limeroad.com Q1FY24 Key Performance Highlights Financial Parameters Operational Parameters Key Highlights: Q1FY24 vs. Q1FY23 ▪ Revenue Growth : 15% YoY ▪ Revenue Channel Mix • V-Mart : 80% (including 2% digital) +15% YOY • Unlimited : 17% +4% YOY • LimeRoad* : 3% (commission revenue) +47% QOQ ▪ Revenue Segment Mix • Fashion : 89% • Kirana : 11% ▪ EBITDA (% to revenue) : 7.5% ▪ Total Stores : 431 (VMart : 349 / Unlimited : 82) • Stores Opened : 9 (V-Mart: 8, Unlimited: 1) • Stores Closed : 1 (V-Mart: 0, Unlimited: 1) ▪ New Warehouse Operations started Q1 FY24 3 * LimeRoad business integrated w.e.f November 11, 2022 Financial Parameters Revenue (₹ Millions) Revenue Mix (%) LimeRoad Net Merchandise Value – ₹ 445 Million (Q4FY23 – ₹ 213 Million) EBITDA (₹ Millions , % to Revenue) PAT (₹ Millions) Q1 FY24 4 7 8 . 8 A % p p 8 a 0 r e . 2 l % 1 N 0 o . 4 n % - A p 1 0 p . a 5 r % e l 1 0 . 5 K % ir a 9 n . a 3 Q Q % 1 1 F F Y Y 2 2 4 3 15.1% Q1FY24 205 14.9% 11.7% 7.7% Q1FY23 15.9% 12.3% 182 146 525 887 635 705 -256 -215 Total V-Mart Unlimited LimeRoad -219 Q1FY24 Q1FY23 6 , 7 8 T 1 5 o 5 % 5 , 8 t a l ▲ 7 9 5 , 4 V 1 5 2 4 - M % 4 a ▲ , 7 r t 3 4 1 U , 1 n 4 % 8 7 l i m ▲ 1 , 1 it e 4 d 5 L 1 i 7 m Q 1 F Q 1 F 4 e R Y Y 1 o 2 4 2 3 1 8 a d Q4FY23 Q4FY23 Operational Parameters Footfall (Millions) Conversion Rate (%) 13 23%▲ 10 Q1FY24 Q1FY23 Transaction size (₹) Average Selling Price (ASP) (₹) 9%▼ 2,193 17%▼ 18%▼ 1,997 6%▼ 3%▼ 485 4%▼ 6%▼ 451 2%▼ 4%▼ 345 320 977 1,015 219 197 881 900 Total V-Mart Unlimited Total V-Mart Unlimited Total V-Mart Unlimited ASP(Total) ASP(Apparel) Q1FY24 Q1FY23 % change computed vs Q1FY23 Q1 FY24 5 Q 5 1 6 F % Y 2 4 Q 6 1 0 F % Y 2 3 Operational Parameters Store Count (Nos) Tier Wise Sales per square feet (Per Month) (₹) Tier 1 Tier 2 Tier 3 Tier 4 Tier 1 Tier 2 Sales per square feet (Per Month) (₹) Same Store Sales (SSSG) & Volume (SSSV) Growth (%) 1%▲ 2%▲ 3%▼ 632 626 661 651 524 542 Total V-Mart Unlimited Q1FY24 Q1FY23 Q1 FY24 6 4 3 1 1 T 0 o % t ▲ 3 9 a l 1 1 0 6 9 T % ie ▲ 1 0 r 1 Q 3 1 F Y 2 4 5 2 2 T % ie Q ▼ 5 r 2 1 F Y 3 2 3 2 1 3 % 1 7 T ie ▲ 1 r 3 9 2 2 3 5 3 T % ie ▲ 4 r 4 3 6 3 1 % 2 T o t ▲ 6 a 2 l 6 6 8 % 6 5 T ie r ▲ 6 1 1 6 Q 1 F Y 2 6 4 3 % 2 9 T ie r ▲ 6 2 1 1 Q 1 F Y 2 3 6 6 % 3 2 T ie r ▼ 6 3 7 5 5 1 4 % 4 0 T ie r ▲ 4 4 7 6 Q1FY24 6.4% 2.9% 2.6% 0% SSSG SSSV -2.7% Total V-Mart -10.9% Unlimited Q1QQ166514 Q1FY23 SSSG and SSSV are not comparable since Q1FY22 was impacted by Covid Operational Parameters Expenses (% of Revenue) Retail Space (Millions Square feet) Inventory (Days of Sales) Shrinkage* (% of Revenue) 115 112 110 110 107 104 59 53 Total Apparel Non Apparel Kirana Q1FY24 Q1FY23 *Includes provision for obsolescence Q1 FY24 7 1 0 M . 6 a % n p o 9 w . 4 e % r P 4 . o 5 w % e r & 4 . 4 % F u e l A 6 d . 3 v % e r t i s 2 e . m 5 % e n t 6 . 7 % O t h e 5 r Q Q . s 9 1 1 % F F Y Y 2 2 4 3 3 1. 28 % T o ▲ t a l 3 . 4 13 3. 0 V % - M ▲ a r 2 t . 6 0 U 9 % . 8 n l ▲ i m it Q Q 0 e . d 1 1 8 F F Y Y 2 2 4 3 1.3% 0.1% Q1FY24 Q1FY23 Operating Expenses Manpower (₹ Millions) Power & fuel (₹ Millions) Advertisement (₹ Millions) Other Expenses (₹ Millions) Q1 FY24 8 7 1 37 0 T % o t ▲ a l 5 5 2 5 Q 1 1 1 5 % 0 V -M F Y 2 4 ▲ a r 4 t 4 2 1 Q 2 U 1 9 n F 1 7 % lim Y 2 3 ▲ it 1 e 1 d 0 7 L 1 8 im % e R ▼ o a 7 d 8 3 0 1 2 5 T % o t ▲ a l 2 6 2 2 Q 3 1 3 V F 1 0 - M Y % 2 a 4 ▲ r 2 t 1 1 Q 6 U 9 1 3 n F 5 % l i m Y 2 ▲ it 3 e 5 d 1 0 L i m 6 e % R ▼ o a 0 d Q4FY23 Q4FY23 195%▲ 31%▲ 429 49%▲ 455 17%▲ 346 14%▲ 42%▲ 253 281 239 32%▼ 17%▲ 169 145 124 109 73 107 101 86 52 36 Total V-Mart Unlimited LimeRoad Total V-Mart Unlimited LimeRoad Q1FY24 Q1FY23 Q4FY23 Q1FY24 Q1FY23 Q4FY23 Limeroad Financial and Operational Parameters NMV and Revenue (₹ Millions) Contribution Margin* (% to NMV) Synergies Visits & MAUV (Millions) Average Order Value (₹) Conversion to Order (%) 826 13%▼ 719 June'23 March'23 Q1 FY24 10 N 4 3 4 M % 4 Q V ▲ 5 1 G F r 4 Y o 7 3 1 2 w % 9 % 7 4 4 t h ▲ S e r v ic e R e v e n u 3 e 1 Q 2 4 F Y 3 1 2 8 1 3 % % 8 t o N M V 40% 35% 30% 25% 20% 15% 10% 5% 0% 18% 15% 8% 700%▲ 10% 6% 1% Q1 FY24 June'23 March'23 June'23 March'23 Vmart Store Integrated *Excludes Marketing and ESOP Expense LimeRoad contribution to Vmart Online Orders 61%▲ 29 7%▼ 40%▲ 18 14 2%▲ 10 1.2% 3.7% 1.2% 4.0% June'23 March'23 June'23 March'23 New User Repeat User Visits MAUV Visit = Total Visit in a month; MAUV = Unique visitors in a month; NMV = Net Merchandise Value optimised for negative working capital 12 Apr- Jun FY24 Key Business Segments Profit & Loss Statement Balance Sheet Cash flow Statement 13 Statement of Profit & Loss ₹ Millions YTD FY24 * Tax expense includes deferred tax 14 I I I I I I I V V V I V I I V I I I I X X R O T T ( T ( O T ( ( ( e v e n u e f r o m o p e r a t h e r i n c o m e o t a l I n c o m e ( I + I I ) o t a l e x p e n s e s L o s s ) / p r o f i t b e f o r e o t a l t a x e x p e n s e * L o s s ) / p r o f i t f o r t h e t h e r c o m p r e h e n s i v o t a l c o m p r e h e n s i v L o s s ) / E a r n i n g p e r s a ) B a s i c ( ₹ ) b ) D i l u t e d ( ₹ ) t i o t a y e e ( e ( h a P n s x ( I I I - I V a r ( V - V l o s s ) / i n l o s s ) / i n r e ( N o m a r ) I ) c o c o i n t m m a i c e e l u v l f a a o l r r u s e t h o e f p R e s r . i 1 o 0 d e ( V a I c I h + ) V I I I ) J u ( n U e n ( ( F o 3 0 , a u d 6 , 7 8 1 5 6 , 8 0 7 , 0 9 ( 2 9 0 ( 7 0 ( 2 1 9 1 ( 2 1 8 1 1 . 1 1 1 . 1 r 2 i t 5 0 0 ) ) ) ) 0 0 t h 0 e ) ) e 2 d 3 ) p e r i o d J u ( e n U n e n d a 5 5 5 1 1 e d 3 0 , u d , 8 7 4 1 , 9 2 , 6 4 2 7 8 7 4 2 0 5 ( 2 ) 2 0 3 0 . 3 0 . 3 2 i t 9 0 1 5 5 0 e 2 d 2 ) Segment Reporting ₹ Millions For the Year Ended For the Year Ended Particulars June 30, 2023 June 30, 2022 Particulars June 30, 2023 June 30, 2022 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Segment Revenue Segment Asset Retail Trade (V-Mart + Unlimited) 6 ,612 5 ,879 Retail Trade (V-Mart + Unlimited) 25,144 21,110 Digital market place (LimeRoad) 174 - Digital market place (LimeRoad) 998 - Total Segment Revenue 6 ,785 5 ,879 Total 26,142 21,110 Add: Unallocated assets 605 425 Segment Results (EBIT) Total Segment Asset 26,747 21,535 Retail Trade (V-Mart + Unlimited) 15 280 Digital market place (LimeRoad) -273 - Segment Liability Total -259 280 Retail Trade (V-Mart + Unlimited) 16,285 12,575 Less: Finance Cost -31 -1 Digital market place (LimeRoad) 515 - Profit before tax -290 278 Total 16,800 12,575 Add: Unallocated liabilities 1,662 223 Total Segment Liability 18,462 12,798 YTD FY24 15 Ind-AS 116 : P&L Impact (YTD FY24) “Changes due to Ind-AS 116 (increase) / decrease on PBT” YTD FY24 16 P O F D ( a t i n e L o r t i h e a n p r s s c u l a r E x p c e c e c i a ) / p r r s ( i m e n s e o s t t i o n o f i t b & p ( e a R A f c t e n m o r o n t i m o r t e t a P p i z x B a a ( T c t P ) t i o B – ) n T F ) Y 2 4 P r e I n 1 ( d - A ( A ) , 6 7 3 1 1 6 0 1 4 1 S 6 ) 1 1 6 P o s t I n 1 ( d ( B , 1 3 3 4 9 2 9 - A ) 8 0 9 0 6 ) S 1 1 6 I n c r e a s e d / C ( d = ( ( ( 4 2 3 1 e ( 9 9 3 4 c A r 0 9 9 8 e - B ) ) ) a ) s e d ) i n P B T ₹ Millions Balance Sheet ₹ Millions As At As At Particulars June 30, 2023 March 31, 2023 Particulars June 30, 2023 March 31, 2023 (Unaudited) (Audited) (Unaudited) (Audited) EQUITY AND LIABILITIES ASSETS Equity Property, plant and equipment 4,973 3,191 Equity Share Capital 198 198 Capital work in progress 55 1,092 Other Equity 8,087 8,292 Goodwill 15 15 Total Equity (D) 8,285 8,490 Intangible assets 594 606 Right-of-use assets 10,795 10,643 Liabilities Financial assets Financial liabilities Investments - - Lease liabilities 11,320 11,077 Other financial assets 327 321 Employee benefit obligations 135 125 Deferred tax assets (net) 600 531 Non-current liabilities (E) 11,455 11,203 Other non-current assets 262 449 Financial liabilities Non-current assets (A) 17,622 16,848.05 Borrowings 1,635 1,478 Inventories 7,252 8,706 Lease liabilities 799 761 Financial assets Payables (including Trade) 3,745 4,883 Investments 56 85 Other financial liabilities 652 444 Loans 5 4 Employee benefit obligations 42 51 Cash and cash equivalents 304 181 Other current liabilities 27 29 Other bank balances 21 21 Liabilities for current tax (net) 109 87 Other financial assets 235 249 Current liabilities (F) 7,008 7,733 Other current assets 1,251 1,331 Total Liabilities 18,462 18,935 Current assets (B) 9,125 10,577 TOTAL EQUITY LIABILITIES (G = D+E+F) 26,747 27,425 TOTAL ASSETS (C = A+B) 26,747 27,425 YTD FY24 17 Cash Flow Statement ₹ Millions For the period ending Cash Flow Statement for the period June 30, 2023 June 30, 2022 (Unaudited) (Unaudited) (A) Cash flows from operating activities Profit before Income Tax -290 278 Adjustments to reconcile profit before tax to net cash flows 840 647 Operating profit before working capital changes 550 925 Changes in working capital 497 -555 Cash flow from operations 1,047 370 Taxes paid (net of refunds) -1 -1 Net cash flow from operating activities (A) 1,046 369 (B) Investing activities Net cash flow (used in)/from investing activities (B) -529 -135 (C) Financing activities Net cash from/(used in) financing activities (C) -389 -199 Net increase/(decrease) in cash and cash equivalent (D = A+B+C) 127 35 Net Capex -562 -224 YTD FY24 18 New Stores Addition (Q1 FY24) Total 9 Bihar 3 Uttar Pradesh 2 +1 West bengal 1 Madhya Pradesh 1 +2 +2 +1 Andhra Pradesh 1 +1 +1 Rajasthan 1 Total 9 +1 Tier 3 6 +1 Tier 1 3 +2 Q1 FY24 19 Total Stores as on June 30, 2023 STATE FY24 FY23 ANDHRA PRADESH 12 11 ARUNACHAL PRADESH 1 1 ASSAM 14 14 BIHAR 59 56 CHANDIGARH 1 1 GOA 1 1 GUJARAT 7 7 5 HARYANA 4 4 HIMACHAL PRADESH 1 1 1 JAMMU AND KASHMIR 8 8 JHARKHAND 24 24 KARNATAKA 18 19 KERALA 2 2 MADHYA PRADESH 18 17 MAHARASHTRA 5 5 MEGHALAYA 1 1 DELHI 5 5 ORISSA 10 10 PUNJAB 4 4 RAJASTHAN 24 23 TAMIL NADU 26 26 TELANGANA 18 18 TRIPURA 2 2 UTTAR PRADESH 134 132 UTTRAKHAND 13 13 WEST BENGAL 19 18 Total 431 423 YTD FY24 20 Star Retailer Awards 2023 LimeRoad - Value eRetailer of the year 2023 V-Mart – Department Store of the Year 2023 YTD FY24 21 Thank you! Thank you! In case of any queries, please contact the IR Team: In case of any queries, please contact the IR Team: ir_vmart@vmartretail.com ir_vmart@vmartretail.com