Avenue Supermarts Limited

Plot No. B-72 & B-72A, Wagle Industrial Estate. Thane (West), Maharashtra, India_ 400 604
Tel. 91 22 33400500 • Fax: 91 22 33400599 • e-mail: 1nfo@dmart1ndia com • Website: www.drnartindia.com

20th July, 2021

To,

SSE Limited The National Stock Exchange of India Ltd.

Corporate Services Department Corporate Communications Department
Phiroze Jeejeebhoy Towers "Exchange Plaza", 5th Floor,
Dalal Street, Bandra - Kurla Complex, Bandra (East),
Mumbai - 400 001 Mumbai - 400 051
BSE Scrip Code: 540376 NSE Scrip Symbol: DMART

Sub: Presentation for Analyst/ Investor Meet 2021

Dear Sir/Madam,

We refer to our letter dated 02"d July, 2021 in respect of intimation of Analyst/ Investor Meet 2021.
Enclosed please find herewith presentation for the said meeting.

The Presentation is also uploaded on the website of the Company.

Kindly take the same on record.

Thanking You,
For Avenue Supermarts Limited

Ac� G»�p--<v
Ashu Gupta
Company Secretary & Compliance Officer

Encl: as above

CIN: L51900MH2000PLC126473
REGISTERED ADDRESS An1aneya Opp Horanandano Foundation School. Powa, Mumbai Maharashtra India· 400076
 July 2021

Corporate Presentation
 Safe Harbor Statement
 The information contained in this Presentation should be considered in the context of the circumstances prevailing at the time and has not been,
and will not be, updated to reflect material developments which may occur after the date of the Presentation. The information set out herein may
be subject to updating, completion, revision, verification and amendment and such information may change materially. This presentation is based
on the economic, regulatory, market and other conditions as in effect on the date hereof. It should be understood that subsequent developments
may affect the information contained in this presentation, which neither the Company nor its affiliates, or representatives are under an obligation
to update, revise or affirm. You acknowledge and agree that the Company and/or its affiliated companies and/or their respective employees
and/or agents have no responsibility or liability (express or implied) whatsoever and howsoever arising (including, without limitation for any claim,
proceedings, action, suits, losses, expenses, damages or costs) which may be brought against or suffered by any person as a result of acting in
reliance upon the whole or any part of the contents of this Presentation and neither the Company, its affiliated companies nor their respective
employees or agents accepts any liability for any error, omission or misstatement, negligent or otherwise, in this Presentation and any liability in
respect of the Presentation or any inaccuracy therein or omission therefrom which might otherwise arise is hereby expressly disclaimed.
 Certain statements contained in this Presentation may be statements relating to the Company’s beliefs, plans and expectations about the future
and other forward looking statements that are based on management’s current expectations or beliefs as well as a number of assumptions about
the Company’s operations and factors beyond the Company’s control or third party sources and involve known and unknown risks and
uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward looking statements. Forward
looking statements contained in this Presentation regarding past trends or activities should not be taken as a representation that such trends or
activities will continue in the future. There is no obligation to update or revise any forward looking statements, whether as a result of new
information, future events or otherwise. You should not place undue reliance on forward looking statements, which speak only as of the date of
this Presentation.
 Certain data contained in this Presentation was obtained from various external data sources, and neither the Company nor any of its affiliates,
advisers or representatives has verified this data with independent sources. Accordingly, the Company and its affiliates, advisers and
representatives make no representation as to the fairness, accuracy, correctness or completeness of that data, and this data involves risks and
uncertainties and is subject to change based on various factors.
 The information contained in this Presentation is not to be taken as any recommendation made by the Company or any other person to enter into
any agreement with regard to any investment. You will be solely responsible for your own assessment of the market and the market position of
the Company and you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of
the business of the Company. This document has not been and will not be reviewed or approved by a regulatory authority in India or by any stock
exchange in India. This document and its contents should not be forwarded or transmitted in any manner to any person other than its intended
recipient and should not be reproduced in any manner whatsoever.

Corporate Presentation
 Table of Contents

1. Business Overview

2. Operating & Financial Summary

Corporate Presentation
1 Business Overview
 Key Updates
 During FY 2021, we have seen de-growth across our key financial parameters of Revenue, EBITDA
and PAT due to Covid-led disruptions for a significant part of the year
 Q1 FY 2022 saw a much stronger second wave of Covid-19. However, revenues grew 31%
over the corresponding quarter last year as lockdown periods were at different times in
different regions during the quarter

 Lockdown measures are gradually reducing across multiple states / cities / towns since the last
fortnight of June 2021
 Two years and older DMart stores did ~91% of the last 15 days’ sales in the month of June
2021 as compared to June 2019. We have 180* stores that are 2 years or older as of June
30, 2021
 States where restrictions were relaxed earlier did more sales in last 15 days of June 2021 as
compared to the last 15 days of June 2019 at two years and older DMart stores
 The recovery in sales trend continues as authorities further ease restrictions in areas where
Covid-19 infections have declined

*Excluding 2 stores converted into Fulfilment Centers in FY 2020-21 and 2 stores opened on June 29, 2019

Corporate Presentation 5
 Key Product Categories
Foods Non-Foods (FMCG) General Merchandise & Apparel

Share of Revenue Share of Revenue Share of Revenue

FY20 FY21 FY20 FY21 FY20 FY21

22.90
27.31% %
52.40 19.69%
% 57.41%
20.29%

Bed & Bath Toys & Games Crockery

Groceries Staples Processed Foods

Home Care

Plastic
Snacks Garments
Frozen Products Dairy Goods

Other over the

Personal Care Toiletries
counter products
Footwear Home Appliances
Beverages and
Confectionery Fruits & Vegetables

Corporate Presentation 6
 Cluster Based Expansion Strategy Continues

Punjab
Maharashtra
(7)
(1)
NCR
1
Store (2)
Rajasthan Madhya Pradesh
Punjab (8) (14)
2002-03 (5)
NCR Gujarat
(1) (42)
Rajasthan Madhya Pradesh
(7) (11)
Madhya Pradesh Gujarat
(1) (37)
Chhattisgarh
(5)

Chhattisgarh Daman
(5) (1)
Chhattisgarh Daman Telangana
Gujarat (1) Maharashtra (27)
(22) (1) Maharashtr Telangana (74) Andhra Pradesh
Andhra a
Maharashtra Pradesh &
(24) (21)
(76) Andhra Karnataka
(50) Telangana Karnataka Pradesh (21)
(10)
(20) (17)
89 Tamil Nadu Tamil Nadu
Karnataka 214 234*
Stores (10) (12) Stores
(5) Stores

2014-15 2019-20 2020-21

* During FY20-21, we opened 22 new stores and converted 2 stores into
Numbers in bracket represent stores in that particular state
Fulfilment Centers for Avenue E-Commerce Limited
Corporate Presentation 7
 Year Wise Store Additions

Total stores 131 155 176 214 234*

22

38

21
24
21

110

FY16 FY17 FY18 FY19 FY20 FY21

* During FY20-21, we opened 22 new stores and converted 2 stores into Fulfilment Centers for Avenue E-Commerce Limited
Corporate Presentation 8
2 Operating & Financial Summary
 Operating & Financial Summary
Total Bills Cuts (in Crs) Like For Like Growth (24 Months)*

21 40%
20.1
18.5 30%
17.2 21.2%
16 17.8%
15.2
13.5 20% 14.2%
13.4 10.9%
11 10.9 10%
8.5
0%
6
FY17 FY18 FY19 FY20 FY21
3.5 -10% -13.1%
1
FY17 FY18 FY19 FY20 FY21 -20%

Retail Business Area at Fiscal End Revenue from Sales per Retail Business Area sq ft#
9.0 8.8 40,000
7.8 35,647
8.0 35,000 32,719 32,879
31,120
7.0 30,000 27,306
5.9
6.0
(mn sq ft)

4.9 (INR) 25,000

5.0 4.1 20,000
4.0
15,000
3.0
2.0 10,000
1.0 5,000
0.0 0
FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21
*: LFL growth means the growth in revenue from sales of same stores which have been operational for at least 24 months at the end of a Fiscal Year
#: Annualized revenue from sales calculated on the basis of 365 days in a year (on standalone basis) divided by Retail Business Area at the end of Fiscal Year

Corporate Presentation 10
 Operating & Financial Summary (Cont’d.)
Revenue from Operations EBITDA^ & EBITDA Margin
12.0%
30000 2,400 2,122
24,675 2,100 8.9% 10.0%
25000 23,787 8.1% 1,642 8.6%
1,800 1,742
19,916 8.0%
20000 1,500 1,337
(INR Crs)

8.2%

(INR Crs)
15,009 7.3% 6.0%
1,200 964
15000 11,881 900 4.0%
10000 600
2.0%
300
5000
0 0.0%
0 FY17 FY18 FY19 FY20 FY21
FY17 FY18 FY19 FY20 FY21 EBITDA EBITDA margin (as % of Revenue from Operations)

PAT & PAT margin Net Cash flow from Operations

5.2% 5.5% 2,000
1,500 4.9% 5.5%
4.7% 1,350 1,800 1,674
1,350
1,540
1,200 4.1% 1,165 4.5% 1,600

(INR Crs)
1,050 936 1,400
(INR Crs)

1,153
900 785 3.5% 1,200
750 1,000
934
600 483 2.5% 800
620
450 600
300 1.5% 400
150
200
0 0.5%
0
FY17 FY18 FY19 FY20 FY21
^ EBITDA = Profit / (Loss) pre Tax + Depr and Amortisation + Finance Costs - Other Income FY17 FY18 FY19 FY20 FY21
* Revenue from operations is including other operating income and excluding other income
Corporate Presentation 11
 Operating & Financial Summary (Cont’d.)
Days Inventory & Days Payables Debt and Equity

40 36.5 15,000 Total Debt Equity Debt/ Equity 0.5

30.0 29.3 30.4
28.8
30 12,000 0.39 0.4

12,305
11,136
(INR Crs)
9,000 0.3
20
6,000 0.12 0.2
0.09

3,837
10

5,594
4,643
8.4 8.4 9.1 3,000 1,481 280 0.03 0.1
8.3 7.9
0 439 695 296 0.02
FY17 FY18 FY19 FY20 FY21 0 0.0
Days Inventory Days Payables FY17 FY18 FY19 FY20 FY21

Fixed Asset* and Inventory Turnover^ Ratio Return on Net Worth and Return on Capital Employed
14.9 14.4 14.6 30% 27.6% 25.9%
15x 14.2
23.2%
25% 27.7%
13x 11.7 20.4%
20%
10x
15% 18.5% 18.3% 11.5%
8x 16.1%
4.4 4.4 4.3 4.1 10%
5x 3.1 9.9%
3x 5%

0x 0%
FY17 FY18 FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21
Fixed Asset Turnover Inventory Turnover Ratio Return on Net Worth Return on Capital Employed
Debt = Short + Long Term borrowings + Current portion of LT Debt + Lease Liab (per Ind AS 116)
* Fixed Asset Turnover = Revenue from Operations/Total Fixed Assets (incl RTU Assets per AS116) Return on Net Worth = Net profit after tax / Average Net Worth
^ Inventory Turnover Ratio = Revenue from Operations/Average Inventory Return on Capital Employed = EBIT / (Avg Debt + Avg Equity – Avg Cash – Avg Current Investment)
Days Inventory = (Average Inventory / COGS)*365 ; Days Payables = (Average Payables / COGS)*365 * Proceeds from IPO (received on 18th March, 2017) have not been considered for FY17
Corporate Presentation 12
 Key Financials – Avenue Supermarts Limited
Standalone and Consolidated Abridged Profit & Loss Account for YE 31 March 2021
Standalone Consolidated
Rs Crs Rs Crs YE
QE
YE Mar
Mar QE
YE Mar YE
M21Q
Mar 21
/ QE Dec QE Sep QE June YE
QEMar
Mar YE
QEMar
Mar M21Q / QE Dec QE Sep
Mar21/
2021 2020 / M20Q
Mar 20 2020 2020 2020 2021
2021 2020
2020 M20Q 2020 2020
Mar 20
Sales 23787.2
7303.1 24675.0
6193.5 17.9%
-3.6% 7432.7 5218.2
Sales 3833.2 24143.1
7411.7 24870.2
6255.9 -2.9%
18.5% 7542.0 5306.2
Tot Inc 23996.1
7355.7 24738.3
6229.1 18.1%
-3.0% 7481.9 5274.0
Tot Inc 3884.6 24339.3
7459.8 24930.2
6290.8 -2.4%
18.6% 7587.3 5358.4
COGS 20356.3
6251.8 21015.9
5374.4 16.3%
-3.1% 6309.6 4485.1
COGS 3309.9 20554.7
6315.5 21102.9
5405.8 -2.6%
16.8% 6372.6 4535.6
GC 14.42%
14.40% 14.83%
13.22% 117
-41 bps
bps 15.11% 14.05%
GC 13.65% 14.86%
14.79% 15.15%
13.59% -28
120bps
bps 15.50% 14.52%

Empl Exp 495.1

124.3 424.7
115.1 16.6%
8.0% 126.8 Empl
122.8Exp 121.2 536.6
136.7 456.1
126.1 17.6%
8.4% 139.3 131.8
% of Tot Inc 2.06%
1.69% 1.72%
1.85% -16
35 bps
bps 1.69% 2.33%
% of Tot Inc3.12% 2.20%
1.83% 1.83%
2.01% -17
38 bps
bps 1.84% 2.46%

Other Exp 1194.0

310.4 1112.2
286.3 8.4%
7.4% 305.0 Other
285.3 Exp 293.3 1308.8
346.9 1182.9
306.6 10.6%
13.1% 341.0 309.4
% of Tot Inc 4.98%
4.22% 4.50%
4.60% -38
48 bps
bps 4.08% 5.41%
% of Tot Inc7.55% 5.38%
4.65% 4.74%
4.87% -22
63 bps
bps 4.49% 5.77%

EBITDA 1741.7
616.6 2122.1
417.7 -17.9%
47.6% 691.4 EBITDA
324.9 108.9 1743.1
612.7 2128.3
417.3 -18.1%
46.8% 689.1 329.5
EBITDA % 7.32%
8.44% 8.60%
6.74% -128
170 bps
bps 9.30% 6.23%
EBITDA % 2.84% 7.22%
8.27% 8.56%
6.67% -134
160 bps 9.14% 6.21%

Fin Costs 34.5

10.3 62.8
12.4 -45.1%
-17.1% 8.7 Fin7.9
Costs 7.6 41.7
12.3 69.1
14.4 -39.7%
-14.6% 11.3 9.3
Dep & Amort 371.4
94.6 339.8
94.8 -0.2%
9.3% 100.3 Dep
90.4& Amort
86.1 414.2
105.0 374.4
104.6 10.6%
0.4% 113.7 100.7
PBT 1544.8
564.2 1782.9
346.0 -13.4%
63.1% 631.6 PBT
282.4 66.6 1483.5
543.6 1744.8
333.3 -15.0%
63.1% 609.4 271.7
PBT % 6.44%
7.67% 7.21%
5.55% 212
-77 bps
bps 8.44% 5.35%
PBT % 1.71% 6.09%
7.29% 7.00%
5.30% -90
199bps
bps 8.03% 5.07%
Tax 379.5
129.3 433.0
59.1 118.6%
-12.4% 161.4 71.9
Tax 17.0 384.0
129.7 443.8
62.0 109.3%
-13.5% 162.5 73.2
PAT 1165.3
435.0 1349.9
286.9 -13.7%
51.6% 470.3 PAT
210.6 49.6 1099.4
413.9 1301.0
271.3 -15.5%
52.6% 447.0 198.5
PAT % 4.86%
5.91% 5.46%
4.61% 131
-60 bps
bps 6.29% 3.99%
PAT % 1.28% 4.52%
5.55% 5.22%
4.31% -70
124bps
bps 5.89% 3.71%
Corporate Presentation 13
 Key Subsidiaries
Abridged Profit & Loss Account for YE 31 March 2021
Avenue E-Commerce Limited Avenue Food Plaza Limited Align Retail Trades Limited
Rs Crs
YE Mar YE Mar YE Mar21/ YE Mar YE Mar YE Mar21/ YE Mar YE Mar YE Mar21/
2021 2020 Mar 20 2021 2020 Mar 20 2021 2020 Mar 20

Sales 791.3 354.0 123.5% 14.9 32.4 -54.0% 1296.2 1177.6 10.1%
Tot Inc 793.1 354.6 123.7% 15.1 33.4 -54.7% 1296.2 1178.1 10.0%

COGS 688.2 317.7 116.6% 10.3 16.7 -38.6% 1246.9 1120.1 11.3%
GC 13.03% 10.25% 278 bps 31.0% 48.3% -1727 bps 3.8% 4.9% -108 bps

Empl Exp 35.5 26.6 33.8% 0.0 0.0 408.3% 5.9 4.8 22.8%
% of Tot Inc 4.48% 7.49% -301 bps 0.2% 0.0% 15 bps 0.5% 0.4% 5 bps

Other Exp 97.0 50.8 90.9% 5.3 7.2 -26.3% 19.0 15.4 23.6%
% of Tot Inc 12.22% 20.73% -850 bps 34.8% 21.4% 1340 bps 1.5% 1.3% 16 bps

EBITDA -29.4 -41.1 -28.6% -0.7 8.5 -107.9% 24.3 37.3 -34.8%
EBITDA % -3.71% -11.62% 791 bps -4.5% 26.20% -3070 bps 1.9% 3.2% -129 bps

Fin Costs 8.9 6.5 36.5% 0.0 0.0 0.4 0.6 -34.6%
Dep & Amort 44.2 32.7 35.1% 2.1 0.8 155.3% 3.5 4.0 -12.2%

PBT -80.6 -79.7 1.1% -2.5 8.7 -129.1% 20.5 33.2 -38.3%
PBT % -10.16% -22.48% 1231 bps -16.6% 25.9% -4255 bps 1.6% 2.8% -124 bps

Tax 0.0 0.0 -0.6 2.4 -126.0% 4.7 8.4 -44.5%

PAT -80.6 -79.7 1.1% -1.9 6.3 -130.2% 15.8 24.8 -36.3%
PAT % -10.16% -22.48% 1231 bps -12.6% 18.8% -3140 bps 1.2% 2.1% -89 bps
Corporate Presentation 14
 Thank you!

Corporate Presentation