V-Mart Retail Limited — Interim / Quarterly Report 2023

Nov 12, 2022

Ref. No. CS/S/L-619/2022-23

12[th] November, 2022

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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 the unaudited financial results of the Company for the second quarter and half year ended 30[th] September, 2022.

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 Digitally signed by MEGHA TANDON TANDON Date: 2022.11.12 18:46:37 +05'30' Megha Tandon Company Secretary and Compliance Officer

Encl: As above

www.vmartretail.com

V-Mart Retail Ltd. Financial Results & Analysis Q2 FY’23

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Disclaimer
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This presentation has been prepared by V-Mart Retail Limited (“V-Mart”) and does not constitute a prospectus or placement memorandum or an offer to acquire any securities. This presentation or any other documentation or information (or any part thereof) delivered or supplied should not be deemed to constitute an offer.

No representation or warranty, express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions contained herein. The information contained in this presentation is only current as of its date. Certain statements made in this presentation may not be based on historical information or facts and may be “forward looking statements”, including those relating to the general business plans and strategy of V-Mart, its future financial condition and growth prospects, future developments in its industry and its competitive and regulatory environment, and statements which contain words or phrases such as ‘will’, ‘expected to’, ‘horizons of growth’, ‘strong growth prospects’, etc., or similar expressions or variations of such expressions. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to risks with respect to its hair care, its healthcare business and its skin care business.

V-Mart may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes. This presentation cannot be copied and disseminated in any manner.

No person is authorized to give any information or to make any representation not contained in and not consistent with this presentation and, if given or made, such information or representation must not be relied upon as having been authorized by or on behalf of V-Mart. This presentation is strictly confidential.

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Q2 FY’23

Key Performance Highlights Financial Parameters Operational Parameters

3

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Key Highlights: Q2 FY23 vs. Q2 FY22 Results

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50%

-113

Revenue Growth Net Profit/(Loss) v/s Q1 FY22 ₹ Millions 79% 21% 88% 12% Revenue Contribution Revenue Contribution V-Mart Unlimited Fashion Kirana 326 79 405 Store Count (Nos) Number of Stores V-Mart Unlimited Opened: 16 Closed: 2

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4

Q2 FY23

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Financial Parameters

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Revenue (₹ Millions)

Revenue Mix (%)

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5,062
77.4% 79.4%
50%
3,380
Q2 FY23
10.3% 11.2% 12.3% 9.4% Q2 FY22
Q2 FY23 Q2 FY22 Apparel Non App Kirana
EBITDA (₹ Millions) PAT (₹ Millions)
536 160%
206
-113
-141
Q2 FY23 Q2 FY22 Q2 FY23 Q2 FY22
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5

Q2 FY23

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Operational Parameters

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Footfall (Lakhs)

Conversion Rate (%)

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95 64.6%
42% -3%
66
61.8%
Q2 FY23 Q2 FY22 Q2 FY23 Q2 FY22
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Same Store Sales Growth (%)**

Average Selling Price (Rs)

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27%
65% 384
13%
302
Apparel
223
197
Total
10%
Q2 FY23 Q2 FY22 Q2 FY23 Q2 FY22
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** same store growth is for stores opened till FY19, FY20 and onward stores not taken due to covid impact

6

Q2 FY23

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Apr - Sep FY23

Key Performance Highlights Financial Parameters Operational Parameters

7

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Key Highlights: April – Sep FY23 vs. FY22 Results

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112% 91
Revenue Growth Net Profit/(Loss)
v/s YTD FY22 ₹ Millions
80% 20% 89% 11%
Revenue Contribution Revenue Contribution
V-Mart Unlimited Fashion Kirana
326 79 405
Store Count (Nos) # Stores
V-Mart Unlimited Opened: 27 Closed: 2
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8

YTD FY23

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Financial Parameters

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Revenue (₹ Millions)

Revenue Mix (%)

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10,940
79.2% 79.6%
112%
5,154 YTD FY23
YTD FY22
10.1% 11.0% 10.7% 9.4%
YTD FY23 YTD FY22 Apparel Non App Kirana
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EBITDA (₹ Millions)

PAT (₹ Millions)

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1,423 661%
187
YTD FY23 YTD FY22
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91
-429
YTD FY23 YTD FY22
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YTD FY23

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Operational Parameters

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Footfall (Lakhs) Conversion Rate (%)
197 101% -5% 67%
98 62%
YTD FY23 YTD FY22 YTD FY23 YTD FY22
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Transaction size (Rs.)

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961 14%
841
YTD FY23 YTD FY22
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Average Selling Price (Rs)
26%
16%
376
299
228 Apparel
196
Total
YTD FY23 YTD FY22
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10

YTD FY23

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Operational Parameters

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Sales per sq feet (per month)*

Store Count (Nos)

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571
30%
440
YTD FY23 YTD FY22
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179
157
110
100
YTD FY23
63
53 56 55
YTD FY22
Tier 1 Tier 2 Tier 3 Tier 4 Tier 1 Tier 2 Tier 3 Tier 4
Tier 1 Tier 2 Tier 3 Tier 4
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* basis operational days

Same Store Sales Growth (%)**

Same Store Volume Growth (%)**

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75%
82%
49%
57%
YTD FY23 YTD FY22 YTD FY23 YTD FY22
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** same store growth is for stores opened till FY19, FY20 and onward stores not taken due to covid impact

11

YTD FY23

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Operational Parameters

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Expenses (% of Revenue)

Retail Space (Lakhs Sq feet)

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36
14.6%
10.2%
YTD FY23
6.3% 32
4.6% 5.0% 5.3% YTD FY22
2.7% 2.3%
Manpower Power Advertisement Others YTD FY23 YTD FY22
Inventory (Days of Sales) Shrinkage (% of Revenue)
176 187
168
142
133 134 Total 2.3%
92
Apparel
64
Non Apparel
Kirana
YTD FY23 YTD FY22 -0.2%
YTD FY23 YTD FY22
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2.3%
-0.2%
YTD FY23 YTD FY22
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Includes provision for obsolescence

12

YTD FY23

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Financial Review – Profit & Loss Statement

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	INR millions (except per share data)	INR millions (except per share data)
Particulars	For theperiod ended
	30.09.2022 (Unaudited)	30.09.2021 (Unaudited)
I Revenue from operations II Other income	10,940 67	5,154 86
III Total Income (I + II)	11,008	5,240
IV Total expenses	10,886	5,819
V (Loss)/profit before tax (III-IV)	122	(580)
VI Total tax expense*	30	(151)
VII (Loss)/profit for the year (V-VI)	91	(429)
VIII Other comprehensive (loss)/income IX Total comprehensive (loss)/income for the period (VII+VIII)	6 97	(8) (436)
X (Loss)/Earning per share (Nominal value of Rs. 10 each)
(a)Basic (Rs.) (b)Diluted(Rs.)	4.62 4.61	(21.62) (21.62)

• Tax expense includes deferred tax

13

YTD FY23

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Ind-AS 116 : P&L Impact (Q2 FY23)

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INR Millions

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Pre Ind-AS 116 Post Ind-AS 116 Net Impact on PBT
Particulars (impact on PBT) – FY23
(A) (B) C = (B-A)
Rent 973 137 (836)
Finance cost 8 526 518
De reciation & Amortization 255 843 588
p
PBT decreased by 270
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“Changes due to Ind-AS 116 (increase) / decrease on PBT”

14

YTD FY23

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Financial Review - Balance Sheet

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INR Millions
As At
September 30,
Particulars March 31, 2022
2022
(Unaudited) (Audited)
ASSETS
Property, plant and equipment 2,980 2,795
Capital work in progress 306 64
Intangible assets 32 32
Right-of-use assets 9,887 8,283
Financial assets
Investments 0 38
Other financial assets 403 370
Deferred tax assets (net) 459 386
Other non-current assets 169 44
Non-current assets (A) 14,235 12,011
Inventories 9,171 6,682
Financial assets
Investments 261 1,211
Loans 2 5
Cash and cash equivalents 115 330
Other bank balances 80 20
Other financial assets 82 2
Other current assets 1,043 733
Current assets (B) 10,753 8,983
TOTAL ASSETS (C = A+B) 24,988 20,995
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Particulars	September 30, 2022 March 31, 2022 As At	September 30, 2022 March 31, 2022 As At
	(Unaudited) (Audited)
EQUITY AND LIABILITIES
Equity
EquityShare Capital	198	197
Other Equity	8,404	8,299
Total Equity (D)	8,601	8,496
Liabilities
Financial liabilities
Lease liabilities	10,168	8,429
Employee benefit obligations	109	109
Non-current liabilities(E)	10,276	8,538
Financial liabilities
Borrowings	1,177	0
Lease liabilities	678	593
Tradepayables	3,625	2,906
Other financial liabilities	373	212
Employee benefit obligations	38	41
Liabilities for current tax(net)	144	116
Other current liabilities	75	93
Current liabilities(F)	6,110	3,961
Total Liabilities	16,386	12,499
TOTAL EQUITY LIABILITIES(G = D+E+F)	24,988	20,995

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Financial Review - CFS

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INR Millions
For the period ending
September 30, September 30,
Cash Flow Statement for the period
2022 2021
(Unaudited) (Unaudited)
(A) Cash flows from operating activities
Profit before Income Tax 122 (580)
Adjustments to reconcile profit before tax to net cash flows 1,316 716
Operating profit before working capital changes 1,437 136
Changes in working capital (2,297) (1,347)
Cash flow from operations (860) (1,211)
Taxes paid (net of refunds) (77) (50)
Net cash flow from operating activities (A) (937) (1,261)
(B) Investing activities
Net cash flow (used in)/from investing activities (B) 214 1,597
(C) Financing activities
Net cash from/(used in) financing activities (C) 361 (419)
Net increase/(decrease) in cash and cash equivalent (D = A+B+C) (361) (83)
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Net Capex : Rs. 735 million (previous year: Rs. 970 million) Free Cash Flows: Rs. -1,671 million (previous year: Rs. -2,231 million)

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YTD FY23

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Apr - Sep FY23

Store Geographical Spread Recent Campaigns Our Journey to “Omnipresence” Other Significant Updates

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New Stores Addition (Q2 FY23)

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+1
+2
+2
+1
+1
+1
+1
+1
+2
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STATE Store Count
ANDHRA PRADESH 1
ASSAM 3
BIHAR 3
MADHYA PRADESH 1
ORISSA 1
TAMIL NADU 1
UTTAR PRADESH 3
UTTARAKHAND 2
WEST BENGAL 1
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18

Q2 FY23

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Total Stores as on September 30, 2022

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STATE CY LY
ANDHRA PRADESH 11 9
ARUNACHAL PRADESH 1 1
ASSAM 12 9
BIHAR 59 54
GOA 1 1
GUJARAT 7 7
HARYANA 4 1
HIMACHAL PRADESH 1 2
JAMMU AND KASHMIR 8 8
JHARKHAND 23 22
KARNATAKA 20 21
KERALA 1 1
MADHYA PRADESH 16 15
MAHARASHTRA 5 5
MEGHALAYA 1 1
NEW DELHI 5 4
ORISSA 9 9
PUNJAB 5 5
RAJASTHAN 19 17
TAMIL NADU 25 22
TELANGANA 15 14
TRIPURA 1 1
UTTAR PRADESH 127 115
UTTRAKHAND 12 8
WEST BENGAL 17 15
NAGALAND 0 1
Total 405 368
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5
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19

YTD FY23

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Celebrating Festivals with Fashion & Happiness – Key Campaigns

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Fashion & Celebration

Pujo Leaflets

Ganesh Chaturthi Celebrations

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21

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Store Facade
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Our Journey to “Omnipresence” – Digital Business Campaigns

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Myntra Limeroad
Amazon Flipkart
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V-Mart App
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V-Mart on Marketplace
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www.vmartretail.com

22

www.vmartretail.com

Thank you!

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

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