August 13, 2021

National Stock Exchange of India Limited	BSE Limited,
Exchange Plaza, Plot No. C/I, G Block,	25th Floor, "Phiroze Jeejeebhoy Towers",
Bandra-Kurla Complex, Bandra(E),	Dalai Street, Mumbai -40000].
Mumbai - 4000 51

NSE Code -V2RETAIL	Script Code - 532867

Dear Sir/Madam

Pursuant to Regulation 30 & 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we furnish herewith the unaudited Standalone & Consolidated Financial Results of the Company for the first quarter ended June 30, 2021along with the Limited Review Reports issued by the Statutory Auditors as considered, approved and taken on record by the Board of the Directors in its meeting held today, August 13, 2021.

The Board of Directors, at the aforesaid meeting has also considered and approved the followings

l The 20th Annual General Meeting of the Company will be held on 28th Video Conference("VC"l/ Other Audio VisuaIMeans j"OAVM") facility; September, 2021 through
2 Re-appointment of Mr. Ram Chandra Agarwal, as Chairman & Managing Director, w.e.f. 22nd November, 2021 for five years, subject to the approval of shareholders at the ensuing Annual GeneraIMeeting of the Company.

The information required pursuant to the provisions of SEBI Circular CIR/CFD/CMD/4/2015 dated 9th September, 2015 are as follows :

Reason for Change
Date of Appointment/	22nd November, 202].
Re-appointment
Term of Appointment	Re-appointment as Chaw.e.f. 22nd November, 2021, subject to approval of shareholders at theensuing AnnuaIGeneraIMeeting
Brief Profile	Mrirwal holds a bachelor's degree in commerce and hasa vastexperience of more than 25 years in retail sector. He has been a member ofthe Board since inception of the Company and is the driving force behind thegrowth of the Company. He pioneered the value retailing concept in India.He was conferred with various awards, such asErnst & Young Entrepreneurof the year awa rd in 2008 and 4PsPower Brand Awa rd in 2007V H-- : 4 0t.qq+ '\

Khasra No. 919,921 ,926,928, Extended Lal Dora AbadiVillage Kapashera Teshil Vacant Vihar,, '' './ South West Delhi-110037 Land Mark:- Fun N Food Village Amusement Park ' Tel.: 011-4.1.77'1B59/ E-mail : customercare(@vrl.net.in, [email protected] ' Website: www.v2retail.com . CIN : L74999DL2001pLC147724

Disclosure	of	Mr. Ram Chandra Ag
RelationshipDirectors	between	Director & CFO and husband of Mrs. Uma Agarwal, Whole-time Director

The Board Meeting commenced at 6:00 p.m. and concluded at .2:9p .m

We request you to kindly take the above information on record

Tha nking you

Yours t.ryjy, For V2 Retail:l.imited /

Sudhir Kumar ./' Company.Secretary & Compliance Officer

End

Unaudited Financial Results
Limited Review Reports

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 : [email protected], cs(@vrl.net.in . Website: XArww.v2retail.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 Review Report on Standalone Unaudited Quarterly 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

We have reviewed the accompanying statement of standalone unaudited financial results ('the Statement') of V2 Retail Limited ('the Company') for the quarter ended 30 June 2021, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by the SEBI from time to time.
The Statement, which is the responsibility of the Company's Management and approved by the $2.$ Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('Ind AS 34'), prescribed under Section 133 of the Companies Act, 2013 ('the Act'), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by the SEBI from time to time. Our responsibility is to express a conclusion on the Statement based on our review.
We conducted our review of the Statement in accordance with the Standard on Review 3. Engagements (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under section 143(10) of the Act, and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

$\widehat{\mathsf{c}}$ HANDI $\widehat{\mathsf{c}}$ EOACOU

Walker Chandiok & Co LLP is registeredwith limited liability with identificationnumber AAC-2085 and its registered officeat 1.441 Connaught Circus, New Delhi,110001. India 110001. India

Offices in Bengaluru, Chandigarh, Chennal, Gurugram, Hyderabad, Kochl, Kolkata, Mumbai, New Delhi, Noida and Pune

Chartered Accountants

1. As stated in Note 5 to the accompanying statement, the Company's contingent liabilities as at 30 June 2021 include certain contingent liabilities aggregating to ₹ 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 30 June 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 period then ended. Our opinion and conclusion on the standalone financial results for the year ended 31 March 2021 and for the quarter ended 30 June 2020 were also qualified in respect of this matter.
Based on our review conducted as above, except for the possible effects of the matter 5. described in previous section, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under Section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including the manner in which it is to be disclosed, or that it contains any material misstatement.

Emphasis of Matter-uncertainties and impact of Covid 19 on financial results

We draw attention to Note 6 of the accompanying Statement, which describes the uncertainties 6. 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 reporting date. The extent of the impact of these uncertainties on the Company's operations is significantly dependent on future developments.

Our conclusion is not modified in respect of this matter.

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

$\times 16$

Rohit Arora Partner Membership No. 504774 UDIN: 21504774AAAAGT6400

Place: New Delhi Date: 13 August 2021

Chartered Accountants

V2 Retail Limited

Statement of unaudited standalone financial results for the quarter ended 30 June 2021

	(Rs. In lakhs, except for per share data)
	Quarter endedYear ended
Particulars	30 June 2021	31 March 2021	30 June 2020	31 March 2021
	Unaudited	Refer note 8	Unaudited	Audited
RevenueRevenue from operationsC)cher income (refer note 7)Total revenue	8,254.69908.169,162.85	1 8,931 .68838.4019,770.08		53,864.742 .21 5. 8456,080.58
ExpensesPurchases of stock-in-tradeChanges in inventories of stock-in-tradeEmployee benefits expenseFinance costsDepreciation and amortisation expenseOther expensesTotal expenses	5,240.1 2399.91867.68889.631 .487.801 .586.291 0,471 .43	20,406.43(5,652.38)1 .649.82879. 1 61 .419.432.1 38.8120, 841 .27		44,970.28(6.939.21 )4.767.503.023.515.378.516.1 89.0057,389.59
Loss before tax (1 -2)	(1 ,308.58)	(1 ,071 .1 9)		(1 ,309.01 )
fax expenseCurrent taxDeferred taxTotal tax creditLoss for the period/year (34)	(290.34)[290.34)[1 ,01 8.24)	(210.01)(210.01)(861 .1 8)		(205.18)[205.1 8)(1 ,1 03.B3)
Other comprehensive incomeli) Items that will not be reclassified to the statement ofprofit and losslii) Income tax relating to items that will not bereclassified to the statement of profit and loss	(1.35)0.34	2.74(0.70)		(1 .27)0.33
Total other comprehensive income	(1 .01)	2.04		(0.94)
Total comprehensive income for the period/year(comprising loss and other comprehensive incomefor the period/year) (5+6)	[1,019.25)	(859.14)		(1 ,1 04.77)
Paid-up equity share capital (face value of Rs. 1 0 each)Other equityEarnings per share {face value of Rs. 1 0 each):BasicDiluted	3,41 0.50knot annua]ised)(2.99)	3.41 0.50(not annualised)(2.53)		3,41 0.5023.775.98(annualised)(3.24)
	(2.98)	(2.52)		(3.24}

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 E-mail : [email protected], cs(@vrl.net.in . Website: www.v2retail.com ' CIN : L74999DL2001 PLC147724

Notes a

The unaudited standalone financial results of V2 Retail Limited ("the Company") have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 1 3 August 2021 . The statutory auditors have carried out a limited review of unaudited standalone financial results of the Company for the quarter ended 30 June 2021 . in accordance with Regulation 33 Of the Securities and Exchange Board of India (Listing and other Disclosure Requirements) Regulation, 201 5 and have issued a modified review report.
The above standalone financial results have been prepared in accordance with the recognition and measurement principles of the accounting principles generally accepted in India, including the Indian Accounting Standards prescribed under Section 1 33 Of the Companies Act, 201 3 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 (as amended)
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 2010-1 I 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 mpact of the same on statement of profit and loss.
Out of contingent liabilities existing as at 30 June 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.
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 1 2 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 ta 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 period ended 30 June 2021 are not comparable to previous period ended 31 March 2021 and period ended 30 June 2020 because of the aforementioned pandemic situation
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 1 16 for rent concessions which are granted due to COVID-19 pandemic. Accordingly, it has accounted for Rs. 600.85 lakhs in quarter ended 30 June 2021, Rs. 100.69 lakhs in quarter ended 31 March 2021 and Rs. 602.89 lakhs in quarter ended 30 June 2020 under head other income with respect to rent concessions conHlrmed by the landlord
Figures for the quarter ended 31 March 2021 represents the balancing figures between audited figures for the full financial year and published year to date figures upto 31 December 2020, which have been subject to limited review.
Under the Employee Stock Option Scheme 2016 ("Scheme"), the Company has allotted 2.84.315 equity shares af face value of Rs. 10 each to the eligible employees of the Company on 5th July 2021 on account of exercise of vested stock options and during the quarter. the Company has granted 2,25.000 ESOP options under the Company Employee Stock Option Scheme 2016. An amount of Rs. 20.43 lakhs has been recorded as employee benefits expense for the quarter. as the proportionate cost of employee Stock option granted.

10. The figures of the previous periods have been regrouped/re-classified, wherever necessary, to render them comparable with the figures of the current period

For and Qn behalf dfi the'Board of Directors

Place: New Delhi Date: 13 August 2021

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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 Review Report on Consolidated Unaudited Quarterly 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

1. We have reviewed the accompanying statement of unaudited consolidated financial results ('the Statement') of V2 Retail Limited ('the Holding Company') and its one subsidiary Company "V2 Smart Manufacturing Private Limited" (the Holding Company and its subsidiary together referred to as 'the Group'), for the quarter ended 30 June 2021, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by the SEBI from time to time.
1. This Statement, which is the responsibility of the Holding Company's management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('Ind AS 34'), prescribed under section 133 of the Companies Act, 2013 ('the Act'), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by the SEBI from time to time. Our responsibility is to express a conclusion on the Statement based on our review.
We conducted our review of the Statement in accordance with the Standard on Review 3. Engagements (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under section 143(10) of the Act, and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the SEBI Circular CIR/CFD/CMD1/44/2019 dated 29 March 2019 issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), to the extent applicable.

As stated in Note 5 to the accompanying statement, the Holding Company's contingent liabilities as at 30 June 2021 include certain contingent liabilities aggregating to $\overline{z}$ 799.59 lakhs pertaining to litigations pending with various authorities, for which the Holding 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 30 June 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 and conclusion on the consolidated financial

CHANDIOT EDACCONN

Offices in Bengaluru, Chandigarh, Chennal, Gurugram, Hyderabad, Kochl, Kolkata, Mumbai, New Delhi, Noida and Pune

Chartered Accountants

Walker Chandiok & Co LLP is registeredwith limited liability with Identificationnumber AAC-2085 and its registered officeat L-41 Connaught Circus, New Delhi,110001, India

results for the year ended 31 March 2021 and for the quarter ended 30 June 2020 were also qualified in respect of this matter.

Based on our review conducted and procedures performed as stated in paragraph 3 above and upon 5. consideration of the review reports of the other auditors referred to in paragraph 7 below, except for the possible effects of the matter described in previous section, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under Section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including the manner in which it is to be disclosed, or that it contains any material misstatement.

Emphasis of Matter- uncertainties and impact of Covid 19 on financial results

We draw attention to Note 6 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 consolidated financial results of the Group as at the reporting date. The extent of the impact of these uncertainties on the Group's operations is significantly dependent on future developments.

Our conclusion is not modified in respect of this matter.

We did not review the interim financial results of one subsidiary included in the Statement, whose financial information reflects total revenues of ₹ 2,090.20 lakhs, total net profit after tax of ₹ 11.43 lakhs, total comprehensive income of ₹ 11.43 lakhs for the quarter ended on 30 June 2021, as considered in the Statement. These interim financial results have been reviewed by other auditors whose review report have been furnished to us by the management, and our conclusion in so far as it relates to the amounts and disclosures included in respect of the subsidiary is based solely on the review report of such other auditor and the procedures performed by us as stated in paragraph 3 above.

Our conclusion is not modified in respect of this matter with respect to our reliance on the work done by and the reports of the other auditors.

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

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Rohit Arora Partner Membership No. 504774 UDIN: 21504774AAAAGS7915

Place: New Delhi Date: 13 August 2021

Chartered Accountants

V2 Retail Limited

V2 Retail Limited

Statement of unaudited consolidated financial results for the quarter ended 30 June 2021

	(Rs. in lakhs, except for per share data)
			Year ended
Particulars		30 June 2021	31 March 2021	30 June 2020	31 March 2021
		(unaudited)	(Refer note 8)	(unaudited)	(Audited)
	1 Revenue
(a)	Revenue from operations	8,254.69	18,931.68	3.697.63	53,864.74
	(b) Other income (refer note 7)	914.74	841.05	772.91	2.296.54
	Total revenue	9,169.43	19,772.73	4,470.54	56, 161.28
$\overline{2}$	Expenses
	(a) Purchases of stock-in-trade	3.774.72	20,372.50	1,401.09	44,465.13
(b)	Changes in inventories of stock-in-trade	1,306.61	(6, 472.75)	1,157.42	(8,677.33)
(c)	Direct expenses	489.14	786.05	14.07	1,801.90
(d)	Employee benefits expense	965.12	1,786.19	624.16	5,068.42
	(e) Finance costs	900.79	897.61	712.63	3,128.10
(f)	Depreciation and amortisation expense	1.534.61	1.464.51	1,252.01	5,551.32
(g)	Other expenses	1,640.86	2,215.04	533.83	6,352.84
	Total expenses	10,611.85	21,049.15	5,695.21	57,690.38
3	Loss before tax (1-2)	(1,442.42)	(1, 276.42)	(1, 224.67)	(1,529.10)
4	Tax expense
(a)	Current tax	ü
	(b) Deferred tax	(311.26)	(249.77)	(293.74)	(244.83)
	Total tax credit	(311.26)	(249.77)	(293.74)	(244.83)
5	Loss for the period/year (3-4)	(1, 131.16)	(1,026.65)	(930.93)	(1, 284.27)
6	Other comprehensive income
А	(i) Items that will not be reclassified to the statement of profit and loss	(1.35)	2.47	1.61
	(ii) Income tax relating to items that will not be reclassified to the	0.34	(0.66)		(1.55)
	statement of profit and loss			(0.41)	0.37
	Total other comprehensive income	(1.01)	1.81	1.20	(1.18)
	7 Total comprehensive income for the period/year (comprising lossand other comprehensive income for the year) (5+6)	(1, 132.17)	(1,024.84)	(929.73)	(1, 285.45)
8	Paid-up equity share capital (face value of Rs. 10 each)9 Other equity	3,410.50	3,410.50	3,410.50	3,410.5023,458.97
	10 Earnings per share (face value of Rs. 10 each):	(not annualised)	(not annualised)	(not annualised)	(annualised)
	(a) Basic	(3.32)	(3.01)	(2.73)	(3.77)
	(b) Diluted	(3.31)	(3.01)	(2.73)	(3.76)

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 : [email protected], [email protected] · Website: www.v2retail.com · CIN : L74999DL2001PLC147724

Notes

1. The unaudited consolidated financial results of V2 Retail Limited ("the Company") have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 13 August 2021. The statutory auditors have carried out a limited review of unaudited consolidated financial results of the Company for the quarter ended 30 June 2021 , in accordance with Regulation 33 of the Securities and Exchange Board of India (Listing and other Disclosure Requirements) Regulation, 201 5 and have issued a modified review report.

The above consolidated financial results have been prepared in accordance with the recognition and measurement principles of the accounting principles generally accepted in India, including the Indian Accounting Standards prescribed under Section 133 of the Companies Act. 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in Irdia and in compliance with Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 (as amended).
The Group's primary business segment is reflected based on principal business activities carried on by the Group. As per Ind AS 108, Operating Segments. the Group operates in one reportable business segment i.e., retail trade and is primarily operating in India and hence. considered as single geographical segment gme
The Holding Company restructured its business in the financial year 2010-1 I resulting in creation of Capital Reserve amounting to ? 60.523.24 lakhs. The aforementioned reserve has been reconciled except for ? 365.36 lakhs which the Holding Company is in the process of reconciling. However, the management believes that there is no impact of same on Consolidated statement of profit and loss.
Out of contingent liabilities existing as at 30 June 2021, certain liabilities aggregating to Rs. 799.59 lakhs are under appeal with different authorities at different levels for which the management does not have necessary details and information. Whilst the impact of contingent liabilities on these consolidated financial statements can only be ascertained on the settlement of such cases/disputes, management has assessed that based on the merits of such cases, the Holding Company has reasonably good chances on succeeding and accordingly. no provision has been recognised in these consolidated financial statements.
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 mpacted the business activities of the Group such as closure of stores and warehouse, disruption of supply chain, etc. The Group has prepared cash flow prqections 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 Group has used internal and external information up to the date of approval of these financial results and current indicators of future economic conditions. The Group 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 Group'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 period ended 30 June 2021 are not comparable to previous period ended 31 March 2021 and period ended 30 June 2020 because of the af orementioned pandemic situation.
The Group 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 1 16 for rent concessions which are granted due to COVID-19 pandemic. Accordingly. it has accounted for Rs. 607.31 lakhs in quarter ended 30 June 2021 , Rs. 101 .20 lakhs in quarter ended 31 March 2021 and Rs. 623.49 lakhs in quarter ended 30 June 2020 under head other income with respect to rent concessions confirmed by the landlord.
Figures for the quarter ended 31 March 2021 represents the balancing figures between audited figures for the full financial year and published year to date figures upto 31 December 2020. which have been subject to limited review.
Under the Employee Stock Option Scheme 2016 (''Scheme"), the Holding Company has allotted 2.84.315 equity shares of face value of Rs. 10 each to the eligible employees of the Holding Company on 5th July 2021 on account of exercise of vested stock options and during the quarter. the Company has granted 2,25,000 ESOP options under the Company Employee Stock Option Scheme 2016. An amount of Rs. 20.43 lakhs has been recorded as employee benefits expense for the quarter, as the proportionate cost of employee Stock option granted.

10. The figures of the previous periods have been regrouped/re-classified period. wherever necessary, to render th.Qm cargpBmlab with the figures of the current

Place: New Delhi

tram Chandra Agarwal iirr#in & Managing Director DIN: 00491885

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AI assistant

V2 Retail Limited Interim / Quarterly Report 2022

62630_rns_2021-08-13_cda36757-db39-479b-88f7-a4dcba1b638e.pdf