Annual Income Statement

Particulars (in Crs) 2018 2019 2020

Sale of products (Net) 2,491.2 3,141.1
Sale of products (Gross) 2,721.1 3,407.6
Less: Goods and Service Tax (229.9) (266.5)
Other Operatin Revenues 40.5 36.6
Loyalty Membership Fee 11.4 14.9
Rent 10.7 5.8
Business Support Service Income 4.8 6.1
Exchange fluctuation income (Net) 1.3 1.1
Others 12.3 8.8
Other Income 151.8 36.3
Total Income (A) 2,683.4 3,214.0

Cost of Goods Sold

Purchases of Stock-in-Trade
Changes in Inventories of Stock-in -Trade
Employee Benefits Expense
Rent (including embedded lease component)
Advertisement and Sales Promotion
Freight and forwarding charges
Commission on online sales
Outsourcing Fees
Power and Fuel
Repairs to Building
Other Expenses
Operating Costs

Finance Costs
Depreciation and Amortization Expense

Profit/(Loss) before exceptional items and tax (A-B)

Exceptional Items Income/(Expenses)
Profit/(Loss) before tax (C)
Tax expense
Current Tax
Deferred Tax
Short /(Excess) Provision of earlier years
Profit/(Loss) for the year (E)
Other Comprehensive Income Items that will not be reclassified to Profit and (Loss)
Income tax relating to items that will not be reclassified to Profit and (Loss)
Other Comprehensive Income for the year, net of tax (F)
Total Comprehensive Income for the year (E+F)
Earnings per Equity share : (1) Basic
(2) Diluted

Break up
OTHER EXPENSES Particulars
Consumable Stores
Packing Materials Consumed
Repairs to Machinery
Repairs and Maintenance -Others
Rates and Taxes
Insurance
Travelling Expenses
Professional and Legal Charges
Printing and Stationery
Bank Charges
Postage, Telegrams and Telephones
General Expenses (Refer Note 38 (a), Page 195-196 )
Directors' Fees
Remuneration/Commission to Non Whole-time Directors
Loss on Sale of Fixed Assets Sold/Discarded (net)
Impairment Loss on Fixed assets
Loss on sale of non current investments
Corporate Social Responsibility (Refer Note 38 (b), Page 196)
Total
2021 2022
2,011.8 3,818.3
2,173.8 4,128.5
(162.0) (310.2) Income
35.7 62.5
10.6 36.2 Revenue from operations
5.5 6.7 Other Income
7.3 6.6 Total Income (A) Expenses
0.7 1.5
11.8 11.4 Purchases of Stock-in-Trade
204.2 279.0 Changes in inventories of Stock-in -Trade
2,251.8 4,159.7 Employee Benefits Expense
Finance Costs
(1,029.6) (1,900.9) Depreciation and Amortization Expense
(854.9) (2,328.2) Other Expenses
(174.8) 427.4 Total Expenses (B)
(255.0) (337.9) Profit before exceptional items and tax (A-B)
(183.8) (366.3)
(43.9) (113.1) Sale of products (Gross)
(36.5) (96.5) Less: Goods and Service Tax
(27.1) (32.9) Sale of products (Net)
(29.3) (40.3) Other Operating Revenues Loyalty Membership Fee
(43.6) (64.2) Rent
(43.2) (51.2) Business Support Service Income
151.8 244.0 % Revenue Exchange fluctuation income (Net)
(1,540.1) (2,759.1) Others

Total

(238.0) (293.3)
(235.9) (283.1)

(65.8) 336.2
(6.3) (13.2)
(72.1) 323.0
(21.1) 73.4
87.3
(14.6) (13.8)
(6.6) (0.1)
(51.0) 249.6
116.9 (3.5)
(13.5) 0.7
103.4 (2.8)
52.4 246.8
 (1.4) 7.0
(1.4) 7.0

6.0 20.6 % RevenuOperating Cost

4.4 6.5 % RevenuOperating Cost
10.3 13.4 % MachinOperating Cost
20.4 28.5 % RevenuOperating Cost
8.1 9.9 % RevenuOperating Cost
3.9 4.2 % RevenuOperating Cost
2.7 10.3 % RevenuG&A
19.5 37.3 % RevenuG&A
1.6 3.6 % RevenuG&A
9.1 16.2 % RevenuG&A
6.6 7.8 % RevenuG&A
52.5 80.2 G&A
0.7 1.0 Straight LG&A
0.4 2.6 Straight LG&A
1.0
1.5
0.1 0.7
3.2 1.2
151.8 244.0
 Mar-19 Mar-20

2531.68 3177.67
36.3 151.76
2567.98 3329.43

1378.81 1681.92
-146.46 -78.18
252.46 313.1
36.75 238.29
46.47 231.13
810.34 697.62
2378.37 3083.88
189.61 245.55

3,407.6 2,721.1
(266.5) (229.9)
3141.09 2491.2
14.9 11.4
5.8 10.7
6.1 4.8
1.1 1.3
8.8 12.3
36.58 40.48
3177.67 2531.68
Operating Metrics

INR in Crores 2018 2019 2020

Number of

Star Bazaar Enterprises

Stores
Cities
Zara
Stores
Cities
Landmark Xcite
Stores
Cities
Utsa
Stores
Cities
Massimo Dutti
Stores
Cities

Westside
Exclusive Brands Only
Cities
Stores 125 150 165
Increasing during the year 25 15

Sales per square feet annualised 10,518 10,532 10,639

WestStyleClub Members (INR lakhs) 45 51 59

Increasing during the year 6 8

Revenue from Members

Average Bill Amount

Members 2,534 2,645 2,677
Overalls 2,197 2,332 2,357
Non Members

Member billings as % of Total Revenue

Total Billings (#)
Billings from Members (#)
Billings from Non-Members (#)

Gross Margin (%) 60.0% 57.9% 56.1%

EBITDA Margin (%) 11.0% 11.0% 11.0%
EBIT Margin (%) 9.0% 9.0% 9.0%

Capex per new store

Zudio
Zudio (Exclusive Brands Only)
Stores
Cities
2021 2022 2023 2024 2025 2026 2027
Number of Stores

70 70
9

21 21
19

6 6
4

6 6
5

3 3
2

200 200
233 233

89
174 200
9 26

7,159 9,950

66 77
7 11

2,890 3,283
2,574 2,796
1,519

85%
 1.37
0.99
0.38

57.6% 58.7%
1.0% 11.0%
(2.0%) 9.0%

6.5

233
89
2028 2029 2030
###
Westside

INR in Crores 2018 2019 2020

Total Revenue

Revenue from Members

85%

Non Members
2021 2022 2023 2024 2025 2026 2027
1,815

Total Billings
1.49
2028 2029 2030
 Name of the holding / Subsidiary/ Indicate whether holding /
S. No. Associate Companies / Joint Subsidiary / Associate / Joint
Ventures (A) Venture

1 Trent Brands Limited Subsidiary

2 Nahar Retail Trading Services Limited Subsidiary
3 Fiora Business Support Services LimiteSubsidiary
4 Trent Global Holdings Limited (MauritiSubsidiary
5 Booker India Limited Subsidiary
6 Booker Satnam Wholesale Limited Subsidiary
7 Fiora Hypermarket Limited Subsidiary
8 Fiora Online Limited Subsidiary
9 Common Wealth Developers Limited Subsidiary
10 Trent Hypermarket Private Limited Joint Venture
11 Massimo Dutti India Private Limited ( Associates
12 Inditex Trent Retail India Pvt Ltd (InditAssociates
 Does the entity indicated at column
A, participate in the Business Number
% of shares held by listed entity
Responsibility initiatives of the listed of Stores
entity? (Yes / No)
52.01% (47.99% held by FBSSL) Yes
100.0% Yes
100.0% Yes
100.0% Yes
51.0% Yes
0.00 % (100 % held by BIL) Yes
0.00 % (100 % held by BIL) Yes
0.00 % (75 % held by BIL) Yes
0.00 % (100 % held by NAHAR) Yes
50.0% No
49.0% No
49.0% No

554
Subsidiaries

INR in Crores 2018 2019 2020

Trent Hypermarket Private Limited (Star Banner)
Stake in Joint Venture
Total Revenue
Net Profit / (Loss)

Inditex Trent Retail India Private Limited (ZARA)

Stake in Associate
Total Revenue
Net Profit / (Loss)

Booker India Limited

Total Revenue
Net Profit / (Loss)

Fiora Business Support and Services Limited

Revenue from Members

85%

Non Members
2021 2022 2023 2024 2025 2026 2027

1,206.5 1,338.3
(96.6) (135.4)

1,136.7 1,824.8

Total Billings
1.49
2028 2029 2030
Ratio FY21 FY22
Debtors turnover (times): Net Sales/ Average Debtors 119 207
Inventory turnover (times): Cost of goods sold/ Average Stock 2 3
Interest service coverage (times)' PBT/ Interest 1 2
Current ratio (times): Current assets/ Current liabilities 1 2
Debt equity ratio (times): Debt/ Equity 0.1 0.2
Operating profit ( % to sales): EBIT excluding other income/ Net Sales -2% 9%
Net profit ( % to sales): EBIT/ Net Sales 8% 16%
Return on Net Worth -2% 9%
PAT/ Equity
Comments
Debtors are not material in the context of our business model.
Sales was impacted in FY21 due to Covid related closures and trade restrictions leading to higher average inventory in FY21. Cl
Interest includes the finance cost for interest accrued on lease liabilities under IndAS 1 16. There was a reduction in interest co
Closing inventory is in line with forecasted sales and the ratio is broadly in line with FY20 ratio.
During the year, the Company issued Redeemable Non Convertible Debentures in May 2021 on private placement basis.
Operating profit ratio has improved with sales recovery post pandemic and improved profits.
Net profit ratio has improved and is more favourable than in FY20.
Return on net worth ratio has improved and is more
favourable than in FY20.
average inventory in FY21. Closing inventory in line with forecasted sales.
was a reduction in interest cost excluding the IndAS 1 16 finance cost vis-a-vis FY20 and the ratio has improved over FY20.

ivate placement basis.

ed over FY20.