V2 Retail Limited

June 28, 2021

BSE Limited	National Stock Exchange Of India Limited
Corporate Relationship Department	Listing Department
lst Floor, New Trading, Rotunda Building,	Exchange Plaza, Bandra Kurla Complex,
P J Towers, DalalStreet, Fort, Mumbai- 400 001	Bandra least), Mumbai-- 400 051
	Scrip Code - V2RETAIL
Scrip Code -- 532867

Dea r Sir/Madam

Pursuant to Regulation 30 & 33 of Securities and Exchange Board of India (Listing Obligations and Disc[osure Requirements) Regulations, 20]-5, we furnish herewith the Standalone & Consolidated Audited Financial Results of the Company along with the Auditors Reports issued by the Statutory Auditors for the fourth quarter and year ended on March 31, 2021 as considered, approved and taken on record by the Board of the Directors in its meeting held today, June 28, 2021.

The Statutory Auditors of the Company, Walker Chandiok Co. LLP, Chartered Accountants has issued modified Audit Reports on the standalone & consolidated financial statement of the Company for the year ended March, 31, 2021, the Statement on Impact of Audit Qualifications (for audit report with modified opinion) with respect to Standalone & Consolidated Audited Financial Statement for the year ended March 31, 2021is also enclosed herewith.

The Board of Directors, at the aforesaid meeting has also considered and approved the constitution of Risk Management Committee of the Company in line with the application SEBI Regulations.

The Board Meeting commenced at 3:15 p.m. and conc]uded at 6:].0 p.m

We request you to kindly take the above information on record

Thanking you,

Yours truly, For V2 Retail Lhqitbd

Z(,lv.'''-

Sudhir Kumar Company...S.ecretftry & Compliance Officer

].IAudited FinanciaIResults - Standalone and Consolidated 2jAuditors Reports - Standalone and Consolidated 3jStatement on impact of Audit Qualifications End

Khasra No. 919,921 ,926,928, Extended Lal Dora AbadiVillage Kapashera Teshil Vasant Vihar, South West Delhi-110037 Land Mark:- Fun N Food Village Amusement Park ' Tel.: 011-41771850 F.mail ciintnmnrcaref8)vrl nnt in csrfi)vrl nnt in . Website www v2rAtall com . CIN : L74999DL2001 PLC147724

Walker Chandiok & Co LLP L 41, Connaught Circus. Outer Circle, New Delhi - 110 001 India

T+91 11 45002219 F+91 11 42787071

Independent Auditor's Report on Standalone Annual Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of V2 Retail Limited

Qualified Opinion

1. We have audited the accompanying standalone annual financial results ('the Statement') of V2 Retail Limited ('the Company') for the year ended 31 March 2021, attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations'), including relevant circulars issued by the SEBI from time to time.
1. In our opinion and to the best of our information and according to the explanations given to us, the Statement:
- (i) presents financial results in accordance with the requirements of Regulation 33 of the Listing Regulations, except for the possible effects of the matters described in paragraph 3 and 4 below; and
- (ii) gives a true and fair view in conformity with the applicable Indian Accounting Standards ('Ind AS') prescribed under Section 133 of the Companies Act, 2013 ('the Act'), read with relevant rules issued thereunder, and other accounting principles generally accepted in India, of the standalone net loss after tax and other comprehensive income and other financial information of the Company for the year ended 31 March 2021 except for the possible effects of the matters described in paragraph 3 and 4 below.

Chartered Accountants

ker Chandiok & Co LLP is registered

iai, Gurugram, Hyd

Basis for Qualified Opinion

1. As stated in Note 4 to the accompanying standalone financial results, the Company's other equity as at 31 March 2021 includes an amount of ₹ 365.36 lakhs in the nature of capital reserve arising out of business restructuring carried out in earlier years, for which the Company's management has not been able to provide necessary reconciliation and information. In the absence of sufficient appropriate audit evidence, we are unable to comment upon the appropriateness and classification of the aforesaid balance, and the consequential impact, if any, on the financial results. Our opinion on the standalone financial results for the previous year ended 31 March 2020 was also modified in respect of this matter.
1. As stated in Note 5 to the accompanying standalone financial results, the Company's contingent liabilities as at 31 March 2021 include certain contingent liabilities aggregating to Rs. 799.59 lakhs pertaining to litigations pending with various authorities, for which the Company's management has not been able to provide necessary evidence in relation to probability of outflow of resources embodying economic benefits. In the absence of sufficient appropriate audit evidence, we are unable to comment upon the appropriateness and classification of the aforesaid amounts as provision or contingent liabilities as at 31 March 2021 in accordance with Ind AS 37, "Provisions, Contingent Liabilities and Contingent Assets" and the consequential impact, if any, on the total liabilities and profit as at and for the year then ended. Our opinion on the standalone financial results for the year ended 31 March 2020 was also qualified in respect of this matter.
1. We conducted our audit in accordance with the Standards on Auditing ('SAs') specified under section 143(10) of the Act. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Statement section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ('the ICAI') together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us, is sufficient and appropriate to provide a basis for our qualified opinion.

Emphasis of Matter - uncertainties and the impact of COVID 19 on financial results

We draw attention to Note 7 of the accompanying Statement, which describes the uncertainties relating to the effect of COVID-19 pandemic outbreak and the management's evaluation of the impact on the standalone financial results of the Company as at the balance sheet date. The extent of the impact of these uncertainties on the Company's operations is significantly dependent on future developments.

Our opinion is not modified in respect of this matter.

Responsibilities of Management and Those Charged with Governance for the Statement

This Statement has been prepared on the basis of the standalone annual audited financial statements and has been approved by the Company's Board of Directors. The Company's Board of Directors is responsible for the preparation and presentation of the Statement that gives a true and fair view of the net loss and other comprehensive income and other financial information of the Company in accordance with the accounting principles generally accepted in India, including Ind AS prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India, and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safequarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the Statement, the Board of Directors is responsible for assessing the Company's ability to 8. continue as a going concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors is also responsible for overseeing the Company's financial reporting process. 9.

Auditor's Responsibilities for the Audit of the Statement

1. Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with Standards on Auditing, specified under section 143(10) of the Act, will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Statement.
1. As part of an audit in accordance with the Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the Company has in place adequate internal financial controls with reference to financial statements and the operating effectiveness of such controls.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.
- Conclude on the appropriateness of the management's use of the going concern basis of $\bullet$ accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the Statement, including the $\bullet$ disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.
1. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
1. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matter

The Statement includes the financial results for the quarter ended 31 March 2021, being the balancing figures between the audited figures in respect of the full financial year and the published unaudited yearto-date figures up to the third quarter of the current financial year, which were subject to limited review by us.

For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No.: 001076N/N500013

Koler for

Rohit Arora Partner Membership No. 504774 UDIN: 21504774AAAAEL7673

Place: New Delhi Date: 28 June 2021

Statement of standalone financial results for the quarter and year ended 31 March 2021

	(Rs. in lakhs, except for per share data)Year ended
			Quarter ended
	Particulars	31 March 2021	31 December 2020	31 March 2020	31 March 2021	31 March 2020
		(Refer note 10)	(Unaudited)	(Refer note 10)	(Audited)	(Audited)
	1 Revenue
	(a) Revenue from operations	18,931.68	22,735,74	12,916.00	53,864.74	70,122.12
	(b) Other income (refer note 9)	838.40	110.38	60.79	2.215,84	226.59
	Total revenue	19,770.08	22,846.12	12,976.79	56,080.58	70,348.71
2	Expenses
	(a) Purchases of stock-in-trade	20,406.43	16,782.74	11,610.25	44,970.28	43,038.36
(b)	Changes in inventories of stock-in-trade	(5,652,38)	(1,904,50)	(1,647,19)	(6,939.21)	7,487.88
	(c) Employee benefits expense	1,649.82	1,601.52	1,395.21	4,767.50	6,230.64
(d)	Finance costs	879.16	797.26	703.27	3,023.51	2,992.53
(e)	Depreciation and amortisation expense	1.419.43	1,489.40	1,209,50	5,378,51	5,045.09
(f)	Other expenses	2,138.81	2,173.64	1,252.77	6,189.00	5,761.54
	Total expenses	20,841.27	20,940.06	14.523.81	57,389.59	70,556.04
3	(loss)/profit before tax and exceptional items (1-2)	(1,071.19)	1,906.06	(1,547.02)	(1,309.01)	(207.33)
4	Exceptional items (refer note 6)					(1, 254.51)
5	(Loss)/profit before tax (3-4)	(1.071.19)	1,906.06	(1.547.02)	(1.309.01)	1,047.18
6	Tax expense
(a)	Current tax
	(b) Deferred tax (refer note 8)	(210.01)	524.61	(385.90)	(205.18)	32.65
	Total tax (credit)/expense	(210.01)	524.61	(385.90)	(205.18)	32.65
$\overline{7}$	(Loss)/Profit for the period/year (5-6)	(861.18)	1,381,45	(1, 161.12)	(1, 103.83)	1,014.53
8	Other comprehensive income
A	(i) Items that will not be reclassified to the statement ofprofit and loss	2.74	(3.90)	(9.06)	(1.27)	(69.10)
	(ii) Income tax relating to items that will not bereclassified to the statement of profit and loss	(0.70)	1.00	2.32	0.33	17.71
	Total other comprehensive income	2.04	(2.90)	(6.74)	(0.94)	(51.39)
9	Total comprehensive income for the period/year(comprising (loss)/profit and other comprehensiveincome for the period/year) (7+8)	(859.14)	1,378.55	(1, 167, 86)	(1, 104.77)	963.14
11	10 Paid-up equity share capital (face value of Rs. 10 each)Other equity as per balance sheet	3,410.50	3,410.50	3,410.50	3,410.5023,775.98	3,410.5024.643.25
12	Earnings per share (face value of Rs. 10 each):	(not annualised)	(not annualised)	(not annualised)	(annualised)	(annualised)
(a)	Basic	(2.53)	4.05	(3.40)	(3.24)	2.97
	(b) Diluted	(2.52)	4.04	(3.40)	(3.24)	2.97

SIGNED FOR IDENTIFICATION PURPOSES ONLY

Khasra No. 919,921,926,928, Extended Lal Dora Abadi Village Kapashera Teshil Vasant Vihar, South West Delhi -110037 Land Mark:- Fun N Food Village Amusement Park . Tel.: 011-41771850 . E-mail · customercare@vrl net in cs@vrl net in . Website: www.v2retail.com . CIN · I 74999DI 2001PI C147724 Notes:

The audited standalone Financial Results were reviewed by the Audit Committee and approved by the Board of Directors of the Company at the meeting held on 28 June 2021. The statutory auditors have carried out the audit for the quarter and year ended 31 March 2021 and have issued a modified report.
The above standalone financial results have been prepared in accordance with the recognition and measurement principles of the Indian Accounting Standards ('Ind AS') as notified under the Companies (Indian Accounting Standards) Rules, 2015 as specified under section 133 of the Companies Act, 2013.
The Company's primary business segment is reflected based on principal business activities carried on by the Company. As per Ind AS 108, Operating Segments, the Company operates in one reportable business segment i.e., retail trade and is primarily operating in India and hence, considered as single geographical segment.
The Company restructured its business in the financial year 2010-11 resulting in creation of Capital Reserve amounting to Rs, 60,523.24 lakhs. The aforementioned reserve has been reconciled except for Rs. 365.36 lakhs which the Company is in the process of reconciling. However, the management believes that there is no impact of the same on statement of profit and loss.
Out of contingent liabilities existing as at 31 March 2021, certain liabilities aggregating to Rs. 799.59 lakh are under appeal with different authorities at different levels. Whilst the impact of contingent liabilities on these standalone results can only be ascertained on the settlement of such cases/disputes, management has assessed that based on the merits of such cases, the Company has reasonably good chances on succeeding and accordingly, no provision has been recognised in these standalone financial results.
During the year ended 31 March 2020, the Company had sold its property situated at Hubli, Karnataka, having book value of Rs. 1,244 lakhs at a sale consideration of Rs. 2,449 lakhs. The gain on sale of above property amounting to Rs. 1,254.51 lakhs was recorded as exceptional item in standalone financial results. This gain also included advance received from one of the prospective buyers amounting to Rs. 50 lakhs and forfeited by the company on account of failure on the part of prospective buyers to finalize the transaction in accordance with the terms of agreement to sell entered into between both parties.
World Health Organization (WHO) declared outbreak of Corona virus disease (COVID-19) a global pandemic. Consequent to this, Government of India has declared lockdown i.e. 24 March 2020 which is causing significant economic slowdown and disruptions of business operations. Subsequently, the second wave of COVID-19 has emerged in India, due to which various State Governments have also imposed lockdown in respective states. This has also temporarily impacted the business activities of the Company such as closure of stores and warehouse, disruption of supply chain, etc. The Company has prepared cash flow projections to assess the cash flow requirements and funds available from various sources including bank borrowings etc. for next 12 months. The management has also considered the possible effects of the pandemic on the carrying values of assets and the business forecasts. In developing the assumptions relating to the possible impacts of this pandemic and cash flow projections, the Company has used internal and external information up to the date of approval of these financial results and current indicators of future economic conditions. The Company expects to recover the carrying amount of these assets and have sufficient liquidity for business operations for at least another twelve months. The impact of the pandemic on the Company's financial results may differ from that estimated as at the date of approval of these financial results and the management will continue to closely monitor any material changes arising of future economic conditions and impact on its business. Further, the results of year ended 31 March 2021 are not comparable to previous year ended 31 March 2020 because of the aforementioned pandemic situation.
The Company had exercised the option permitted under Section 115BAA of the Income-tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019. Accordingly, the Deferred Tax Assets (net) as at 31 March 2019 and estimate of tax expense for the year ended 31 March 2020 had been re-measured for the financial year 2019-20. The resultant impact was being recognised over the financial year. Consequently, tax expense for the year ended 31 March 2020 included a one time charge of Rs. 394.20 lakh.
The Company has elected to apply the practical expedient of not assessing the rent concessions as a lease modification, as per MCA notification dated 24 July 2020 on Ind AS 116 for rent concessions which are granted due to COVID-19 pandemic. Accordingly, it has accounted for Rs.802.89 lakh in quarter ended 30 June 2020, Rs. 263.83 lakh in quarter ended 30 September 2020, Rs. 104.78 lakh in quarter ended 31 December 2020 and Rs. 100.69 lakh in quarter ended 31 March 2021 under head other income with respect to rent concessions confirmed by the landlord.
The figures for the quarter ended 31 March 2021 and the corresponding quarter ended 31 March 2020, as reported in these standalone financial results, are the balancing figures in respect of full financial year and published year to date figures upto the end of third quarter of the relevant financial year. Also the figures upto the end of third quarter had only been reviewed and not subject to audit.
The figures of the previous periods have been regrouped/re-classified, wherever necessary, to render them comparable with the figures of the current period.

Place: New Delhi Date: 28 June 2021

For and on behalf of the Board of Directors

Ram Chandra Agarwal Chairman & Managing Director DIN: 00491885

SIGNED FOR IDENTIFICATION PURPOSES ONLY

Audited statement of standalone assets and liabilities as at 31 March 2021

Particulars		(Rs. in lakhs)
	As at31 March 2021	As at31 March 2020
	(Audited)	(Audited)
ASSETS
Non-current assets
a) Property, plant and equipment	9,709.46	8,888.82
b) Right of use assets	28,489.89	23,939.37
c) Other intangible assets	49.19	124.45
d) Intangible assets under development	462.47	411.47
e) Financial assets
i) Investment in Subsidiary	1,500.00	1,500.00
ii) Loans	647.26	587.39
iii) Other financial assets	28.34	1,234.15
f) Deferred tax assets (net)	2,326.47	2,120.96
g) Income tax assets (net)	214.23	193.44
h) Other non-current assets	1,743.35	1,731.59
Total non-current assets	45,170.66	40,731.64

Current assets
a) Inventories	26,535.70	19,615.61
b) Financial assets
i) Trade receivables	1,427.41	1,299.28
ii) Cash and cash equivalents
iii) Bank balances other than (ii) above	1,517.0366.85	6,046.26
iv) Other financial assets		703.80
	69.95	25.18
c) Other current assets	4,519.48	2,301.54
Total current assets	34, 136.42	29,991.67
TOTAL ASSETS	79,307.08	70,723.31
EQUITY AND LIABILITIES
a) Equity share capital	3,410.50
b) Other equity		3,410.50
Total equity	23,775.9827,186.48	24.643.25
		28,053.75
Non-current liabilities
a) Financial liabilities
i) Borrowings	11.66	75.75
ii) Lease liabilities	30,555.05	26,582.21
iii) Other financial liabilities	13.84	12.39
b) Provisions	273.98	236.79
Total non-current liabilities	30,854.53	26,907.14

Current liabilities
a) Financial liabilities
i) Borrowings	4,974.64	2,263.83
ii) Lease liability	3,196.69
iii) Trade payables		2,129.39
(a) Total outstanding dues of micro enterprises and small

enterprises	249.91	354.66
(b) Total outstanding dues of creditors other than micro
enterprises and small enterprises	11,484.92	10,040.91
iv) Other financial liabilities	1,004.74	664.46
b) Provisions	216.75	193.04
c) Other current liabilities	138.42	116.13
Total current liabilities	21,266.07	15,762.42
TOTAL EQUITY AND LIABILITIES	79,307.08	70,723.31

$J_{nl}$

CHANDIO MA #CH $T19*$

SIGNED FORIDENTIFICATION PURPOSES ONLY

Statement of standalone Cash flow for the year ended 31 March 2021

Particulars	For the year ended31 March 2021(Audited)	For the year ended31 March 2020(Audited)
A. Cash flow from operating activities
(Loss)/profit before tax	(1,309.01)
Adjustments for:		1,047.18
Depreciation and amortisation expense	5,378.51
Gain on sale of investments (net)		5,045.09
Interest income		(1.254.51)
Rent concession on lease rentals	(999.99)	(201.92)
Finance charges	(1,072.19)
GST input tax credit written off	3,023.51	2,992.53
Miscellanous balances written off	114.51
Share based payments expense	225.33
Operating profit before working capital changes	237.51	69.30
	5,598.18	7,697.67
Movement in working capital
Movement in trade payables	1,437.82	(2,905.72)
Movement in trade receivables	(128.14)	(1, 299.28)
Movement in provisions	59.62	96.06
Movement in other liabilities	66.37	(126.94)
Movement in inventories	(6,920.09)	7,492.28
Movement in loans and advances	(124.24)	(104.39)
Movement in other financial assets	1,161.03	(1,701.43)
Movement in other assets	(2,667.82)	311.91
Cash flows (used in)/enerated from operating activities post working capital changes	(1, 517.27)	9,460.16
Income taxes paid (net)	(20.79)	(26.94)
Net cash flows (used in)/generated from operating activities (A)	(1,538.06)	9,433.22
B. Cash flows from investing activitiesPurchase of property, plant and equipment (including capital work-in-progress andpayable towards property, plant and equipment)Purchase of intangible assetsInvestment in wholly owned subsidiary	(2,213.52)(52.30)	(761.97)(1,500.00)
Proceeds with respect to assets classified as held for sale		1,688.50
Redemption of bank balances other than cash & cash equivalents	636.95	٠
Interest received	41.37	41.08
Net cash flows (used in) Investing activities (B)	(1, 587.50)	(532.39)
C. Cash flows from financing activities
Proceeds from issuance of equity share		3.10
Proceeds from short term borrowings (net)	2,716.01	2,253.24
Repayment of long term borrowings	(64.08)	w.
Payment of lease liabilities	(3,996.44)
Payment of inter corporate deposits (net)		(4,778.75)
Interest paid	$\overline{a}$(59.16)	(931.20)
Net cash flows (used in) financing activities (C)	(1,403,67)	(229.48)(3,683.09)

Net (decrease)/increase in cash and cash equivalents (A+B+C)	(4, 529.23)	5,217.74
Cash and cash equivalents at the beginning of the year	6,046.26	828.52
Cash and cash equivalents at the end of the year	1,517.03	6,046.26
Components of cash and cash equivalents at the end of the year
Cash on hand	429.27
Balance with banks:		83.49
-in current accounts	1,087.76
-in fixed deposits		3,830.61
Total		2,132.16
	1,517.03	6,046.26

Note:

The cash flow has been prepared under the "Indirect method", as set out in Indian Accounting Standard (Ind AS) 7 - Statement of Cash Flows.

$\mathbb{A}$

SIGNED FOR IDENTIFICATION PURPOSES ONLY

ANNEXURE I

Statement on Impact of Audit Qualifications (for audit report with modified opinion) submitted along with Standalone Annual Audited Financial Results

	[See Regulation 33 / 52 of the SEBI (LODR) (Amendment) Regulations, 2016]S. No. Particulars	Audited Figures(as reportedbefore adjustingforqualifications)	Audited Figures(as reported afteradjusting forqualifications)
1.	Turnover /total income	56,080.59	56,080.59
2.	Total expenditure	57,389.59	57,389.59
3.	Net (Loss)/profit for the period	(1, 103.83)	(1, 103.83)
4.	Earnings per share	(3.24)	(3.24)
5.	Total assets	79,307.08	79,307.08
6.	Total liabilities	52,120.60	52,120.60
7.	Net worth	27,186.48	27,186.48
8.	Any other financial item (as felt appropriate by themanagement)	Nil	Nil

5.	Total assets	79,307.08	79,307.08
6.	Total liabilities	52,120.60	52,120.60
	Net worth	27,186.48	27,186.48
8.	Any other financial item (as felt appropriate by themanagement)	Nil	Nil

Ш.	Audit qualification (each audit qualification separately)
	a. Details of audit qualifications:The audit report of statutory auditors includes following qualifications on the audited financialstatements/results:
	(i) As stated in Note 4 to the accompanying standalone financial results, the Company's otherequity as at31 March 2021 includes an amount of Rs. 365.36 lakh in the nature of capitalreserve arising out of business restructuring carried out in earlier years, for which theCompany's management has not been able to provide necessary reconciliation andinformation. In the absence of sufficient appropriate audit evidence, we are unable tocomment upon the appropriateness and classification of the aforesaid balance, and theconsequential impact, if any, on the standalone financial results. This matter was alsomodified in our audit report on the financial results for the year ended 31 March 2020.
	(ii) As stated in Note 5 to the accompanying standalone financial results, the Company'scontingent liabilities as at 31 March 2021 include an amount of Rs. 799.59 lakh relating tolitigations pending with various authorities, for which the Company's management has notbeen able to provide necessary details and information. In the absence of sufficientappropriate audit evidence, we are unable to comment upon the appropriateness andclassification of the aforesaid amounts including management's evaluation of likelyoutcome of such litigations in accordance with Ind AS 37, "Provisions, ContingentLiabilities and Contingent Assets" and the consequential impact, if any, on the totalliabilities and loss as at and for the year then ended. This matter was also modified in ouraudit report on the financial results for the year ended 31 March 2020.

Figure in Rs. Lakh, except for per share data

b. Type of audit qualification: Qualified Opinion/Disclaimer of Opinion/Adverse OpinionQualified opinion
c. Frequency of qualification: Whether appeared first time/repetitive/since how long continuingRepetitive- Qualification stated in (i) is continuing from the financial year ended 31 March 2011.Qualification stated in (ii) is continuing from the financial year ended 31 March 2012. However,the figure mentioned has been updated.
d. For audit qualification(s) where the impact is quantified by the auditor, Management'sViews:Management's view: not applicable
e. For audit qualification(s) where the impact is not quantified by the auditor:(i) Management's estimation on the impact of audit qualification:
Not quantified(ii) If management is unable to estimate the impact, reasons for the same:a) The Company restructured its business in the financial year 2010-11 resulting increation of capital reserve amounting to Rs. 60,523.24 lakh. The aforementionedreserve has been reconciled except for Rs. 365.36 lakh which the Company is inthe process of reconciling. However, the management believes that there is noimpact of the same on standalone statement of profit and loss.b) Out of contingent liabilities existing as at 31 March 2021, certain liabilities
aggregating to Rs. 799.59 lakh are under appeal with different authorities atdifferent levels. Whilst the impact of contingent liabilities on these results can onlybe ascertained on the settlement of such cases/disputes, management hasbroadly assessed that based on the merits of such cases, the Company hasreasonably good chances on succeeding and accordingly, no provision has beenrecognised in these standalone financial results.
(iii) Auditor's comments on (i) and (ii) above:Since management could not ascertain the impact, the auditors have givenqualifications in their auditor's report.

$\overline{\phantom{a}}$

III Signatories:

Yours Sincerely, For V2 Retail Limited

ίŖ $\overline{6}$ Sd/-

Ram Chandra Agarwal Chairman & Managing DirectorDIN00491885

arah $-34$ $Sd$ -

Akash Agarwal Chief Financial Officer

$Sd$ -Lalit Kumar Audit Committee Chairman

Place: New Delhi Date: 28 June 2021 For Walker Chandiok& Co LLP Chartered Accountants Firm Registration No.: 001076N/N500013

$Sd$ -Rohit Arora Partner Membership No. 504774

Walker Chandiok & Co LLP L 41, Connaught Circus, Outer Circle, New Delhi - 110 001 India T+91 11 45002219

F+91 11 42787071

Independent Auditor's Report on Consolidated Annual Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Requlations, 2015 (as amended)

To the Board of Directors of V2 Retail Limited