Avenue Superrnarts 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: info@dmartindia.com • Website: www.dmartindia.com

Date: s'' May, 2018

To,

BSE 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 - 400001 Mumbai - 400 051

BSE Scrip Code: 540376 NSE Scrip Symbol: DMART

Sub: Proceedings of the Board Meeting held on 5th May, 2018

Dear Sir /Madam,

With reference to the captioned subject, we hereby inform you that the Board of Directors of
the Company at its meeting held on May 5,2018, inter-alia other matters, has approved:

1. The Standalone Audited Financial Statements for the quarter ended 31st March, 2018 and
Standalone & Consolidated Audited Financial Statements for year ended 31st March,
2018.

Copy of Standalone Audited Financial Statements for the quarter ended 31st March, 2018
and Standalone & Consolidated Audited Financial Statements for year ended 31st March,
2018 along with the Auditors' report issued by S R B C & Co LLP, Chartered Accountants,
Statutory Auditors of the Company in accordance with the Regulation 33 of the SEBI
(Listing Obligation and Disclosure Requirements) Regulations, 2015 is attached herewith
as 'Annexure A'.

The declaration that the Report of the Statutory Auditors is with unmodified opinion with
respect to Standalone & Consolidated Audited Financial Results for the year ended 31st
March, 2018 is attached herewith as 'Annexure B'.

2. The offer and issue of Secured, Rated, Non-convertible, Cumulative, Redeemable

Debentures upto Rs. 1,500 crores, subject to the approval of shareholders of the
Company at its ensuing Annual General Meeting in accordance with the Regulation 30 of
the Listing Regulations.

3. Re-appointment of Mr. Elvin Machado (DIN: 07206710), as the Whole-time Director of the
Company, for a period of 3 years, w.e.f. io" June, 2018, subject to approval by the
shareholders of the Company at its ensuing Annual General Meeting. The brief profile of
Mr. Elvin Machado is attached herewith as 'Annexure C.

CIN: L51900MH2000PLC126473
REGISTERED AOORI;SS: Anjan.ya, Opp. Hiran:.nd:ani Foundation School, Powai. Mumbai. Maharashtra. India - 400076
 Avenue Supermarts Limited
Plot No. 8-72 & 8-72A, Wagle Industrial Estate, Thane (West) , Maharashtra, India - 400604
Tel.: 91 22 33400500 • Fax: 91 22 33400599 • e-mail: info@dmartindia.com • Website: WWIN.dmartindia.com

4. Mr. Ramakant Baheti existing Whole-Time Director and Chief Financial Officer shall be re-
designated as a Whole-Time Director and Group Chief Financial Officer with immediate
effect.

Further, Mr. Niladri Deb shall be appointed as a Chief Financial Officer of the Company
with immediate effect. He will be a Key Managerial Personnel of the Company. The brief
profile of Mr. Niladri Deb is attached herewith as 'Annexure D'.

5. Incorporation of a wholly-owned subsidiary. The details required under Regulation 30 of

the Listing Regulations in this respect, shall be submitted with the Stock Exchanges, once
the proposed wholly-owned subsidiary is incorporated.

Further, please note that there is no deviation/variation in the utilization of proceeds as

mentioned in the objects stated in the Prospectus dated 14th March, 2017, in respect of Initial
Public Offering of the Company pursuant to Regulation 32(1) of the SEBI (Listing Obligation
and Disclosure Requirements) Regulations. 2015.

The said meeting commenced at 1.30 P.M. and concluded at 4.00 P.M.

Kindly take the same on your record and acknowledge.

Thanking you.

Yours faithfully,
For Avenue Supermarts limited

~¥~
Ashu Gupta
Company Secretary & Compliance Officer

Encl: As above

CIN: l51900MH2000PlC126473
REGISTERED ADDRESS: Anjaneya, Opp. Hir-anandani Found •• tion School, Powal, Mumbai, Maharashtra, India - 400076
 14th Floor, The Ruby
S R B C & CO LLP 29 Senapatl Bapat MarC)
Dadar (West)
Chartered Accountants Mumbal . 400 028, India
Tel.+912261920000
Fax' +91 22 6192 1000

Auditor's Report on Quarterly Financial Results and Year to Date Results of the Company
Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015

To
Board of Directors of
Avenue Supermarts Limited

I. We have audited the accompanying statement of quarterly standalone financial results of Avenue
Supermarts Limited ('the Company') for the quarter ended March 31, 2018 and for the year ended
March 31, 2018, attached herewith, being submitted by the Company pursuant to the requirement
of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, read with SEBI Circular No. CIRlCFD/FAC/62/2016 dated July 5, 2016. The quarterly
standalone financial results are the derived figures between the audited figures in respect of the year
ended March 31, 2018 and the published year-to-date figures up to December 31, 2017, being the
date of the end of the third quarter of the current financial year, which were subject to limited
review. The standalone financial results for the quarter ended March 3 1,2018 and year ended March
31, 2018 have been prepared on the basis of the standalone financial results for the nine-month
period ended December 31,2017, the audited annual standalone lnd AS financial statements as at
and for the year ended March 31,2018, and the relevant requirements of Regulation 33 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No.
CIRlCFDfFAC/62/2016 dated July 5, 2016, which are the responsibility of the Company's
management and have been approved by the Board of Directors of the Company. Our responsibility
is to express an opinion on these standalone financial results based on our review of the standalone
financial results for the nine-month period ended December 31, 2017 which was prepared in
accordance with the recognition and measurement principles laid down in Indian Accounting
Standard (lnd AS) 34 Interim Financial Reporting, specified under Section 133 of the Companies
Act 2013 read with relevant rules issued thereunder and other accounting principles generally
accepted in India; our audit of the annual standalone Ind AS financial statements as at and for the
year ended March 31, 2018; and the relevant requirements of Regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular No.
CIRlCFD/F AC/62/20 16 dated July 5, 2016.

2. We conducted our audit in accordance with the auditing standards generally accepted in India.
Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial results are free of material misstatements. An audit includes examining, on a
test basis, evidence supporting the amounts disclosed as financial results. An audit also includes
assessing the accounting principles used and significant estimates made by management. We
believe that our audit provides a reasonable basis for our opinion.

3. In our opinion and to the best of our information and according to the explanations given to us,
these quarterly standalone financial results as well as the year to date results:

I. are presented in accordance with the requirements of Regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No.
CIRlCFD/F ACI62/20 16 dated July 5, 2016, in this regard; and
II. give a true and fair view of the net profit and other financial information for the quarter
ended March 31, 2018 and for the year ended March 31, 2018.

t ab tv Pdrlner\t'I P 'lirllt'lllP tcent t .•. ~ AA84318

S R B _ S. Cv l •• p a Lim eo
R"l~ thee 22 Camac Street 8 CII', C lr~ Floor 1I~,ata 00 016
 Avenue Supermart Limited
S R B C&
Chartered Accountants
co LLP Limited Review Report March 2018

4. The comparative financial information of the Company for the quarter and year ended
March 31, 2017 prepared in accordance with Ind AS, included in these standalone financial results,
have been audited by the predecessor auditor who had audited the standalone Ind AS financial
statements for the relevant period. The report of the predecessor auditor on the comparative
financial information dated May 6, 2017 expressed an unmodified opinion.

5. Further, read with paragraph 1 above, we report that the figures for the quarter ended
March 31,2018 represent the derived figures between the audited figures in respect of the financial
year ended March 31, 2018 and the published year-to-date figures up to December 31, 2017, being
the date of the end of the third quarter of the current financial year, which were subjected to a
limited review as stated in paragraph 1 above, as required under Regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No.
CIRlCFD/FAC/62/2016 dated July 5, 2016.

For S R B C & CO. LLP

Cha ered Accountants
IC I i .l\egistration Number: 324982E/E300003

er
Membership Number: 36738
Place of Signature: Mumbai
Date: May 05, 2018
S R Be & CO LLP 14th Floor The Ruby
29 Senaoan Bapat Marg
Chartered Accountants Dadar (West)
Mumbal - 400 02B, India
Tel:+912261920000
Fax: +91 22 61921000

Auditor's Report on Consolidated Year to Date Financial Results of the Company Pursuant to
the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015

To
Board of Directors of
Avenue Supermarts Limited

l. We have audited the accompanying statement of consolidated financial results of A venue

Supennarts Limited, ('the Company'), comprising its subsidiaries and associates (together, 'the
Group') for the year ended March 31,2018, attached herewith, being submitted by the Company
pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, read with SEBI Circular No. CIRJCFD/F AC/62/20 16 dated July
5, 2016. The consolidated financial results for the year ended March 31, 2018 have been prepared
on the basis of the audited annual consolidated lnd AS financial statements as at and for the year
ended March 31, 2018 and the relevant requirements of Regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations,2015, read with SEBI Circular No.
CIRJCFDIFAC/62/2016 dated July 5, 2016, which are the responsibility of the Company's
management and have been approved by the Board of Directors of the Company. Our responsibility
is to express an opinion on these consolidated financial results based on our audit of the annual
consolidated Ind AS financial statements as at and for the year ended March 31, 2018 which was
prepared in accordance with the applicable accounting standards and other accounting principles
generally accepted in India and the relevant requirements of Regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular No.
CIRJCFDIFAC/62/2016 dated July 5, 2016.

2. We conducted our audit in accordance with the auditing standards generally accepted in India.
Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial results are free of material misstatement(s). An audit includes examining, on
a test basis, evidence supporting the amounts disclosed as financial results. An audit also includes
assessing the accounting principles used and significant estimates made by management. We
believe that our audit provides a reasonable basis for our opinion.

3. In our opinion and to the best of our information and according to the explanations given to us,
these consolidated financial results for the year:

I. include the year-to-date results ofthe following entities-

Subsidiaries:
I. Avenue Ecommerce Limited (from February 1,2018),
II. Align Retail Trade Private Limited,
III. Nahar Seth and Jogani Developers Private Limited and
IV. Avenue Food Plaza Private Limited

Associates:
1. Avenue Ecommerce Limited (till January 31,2018),

11. are presented in accordance with the requirements of Regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular No.
CIRlCFD/F AC/62/20 16 dated July 5, 2016 in this regard; and

, B ~ ro LLP d L mllrO LIdO 'j Pd'ln~rln, nlln LP Iventlty N~. AABA31B

ReQd Off ••.:€, 22 Carnac Strei"t 81()(j( ( 3rd F or io\ctkdta 700 016
S R B C&
Chartered Accountants
co LLP

Ill. give a true and fair view of the total consolidated comprehensive income (comprising of
net profit and other comprehensive income) and other financial information for the
consolidated year to date results for the year ended March 3 I, 2018.
4. We did not audit the financial statements and other financial information, in respect of 2
subsidiaries, whose lnd AS financial statements include total assets of Rs 2,459 lacs and net assets
of Rs 1,518 as at March 31, 2018, and total revenues of Rs 1,857 lacs for the year ended on that
date. These lnd AS financial statement and other financial information have been audited by other
auditors, which financial statements, other financial information and auditor's reports have been
furnished to us by the management. Our opinion, in so far as it relates to the affairs of such
subsidiaries is based solely on the report of other auditors. Our opinion is not modified in respect
of this matter.

5. The comparative lnd AS financial information of the Group for the year ended March 31, 2017,
included in these consolidated lnd AS financial results, have been audited by the predecessor
auditor. The report ofthe predecessor auditor on the comparative financial information dated May
06,2017 expressed an unmodified opinion.

For S R Be & CO LLP

Chartered Accountants
lCAl Firm Registration Number: 324982£1£300003

p .. y Maniar
Partner
Membership Number: 36738
Place of Signature: Mumbai
Date: May OS, 2018

2
r--

D,1_Mart® Avenue Supermarts Limited

CIN: L51900MH2000PLC126473
Regd. Office . Anjaneya CHS limited, Orchard Avenue, Opp. Hiranandani Foundation School, Powai, Mumbai 400 076
Audited financial results for the quarter and year ended 31 st March, 2018
(~Lakhs unless otherwise stated.l
Standalone Consolidated
Quarter ended
Quarter ended Quarter ended Year ended Year ended Year ended Year ended
Sr.No. Particulars 31st March, 2018
31st December, 2017 31st March, 2017 31st March, 2018 31 st March, 2017 31st March, 2018 31st March, 2017
(Refer note - 7)
(Audited) (Unaudited) (Audited) (Audited) (Audited) (Audited) (Audited)
1 Income
a) Revenue from operations 380,996.15 409,388.45 311,063.59 1,500,889.30 1 , 188, 111 90 1,503,319.90 1,189,769.56
b) Other income 1490.56 1 365.73 986.33 7264.77 3128.86 6932.08 2,855.93
Total income 382,486.71 410,754.18 312,049.92 1,508,154.07 1,191,240.76 1,510,251.98 1,192,625.49

2 Expenses
a) Purchases of stock-In-trade 336,946.99 318,573.02 277,216.67 1,286,276.36 1,036,895.42 1,284,695.30 1,035,725 06
b) Change in inventories of stock-in-trade (12,62701) 23,706.53 (10,24677) (21,38760) (27,295.94) (21,131.13) (27,62150)
c) Employee benefits expense 7,241.75 7,042.10 5,418.26 27,655.70 18,947.32 28,258.03 19,25115
d) Finance costs 1,318.58 1,095.91 3,076.17 5,941.99 12,180.39 5,954.74 12,197.86
e) Depreciation and amortisation expense 4,651.06 3,929.16 3,536.32 15,465.16 12,60209 15,899.61 12,78186
f) Other expenses 19,986.23 17,892.84 17,901.66 74,613.70 63,200.21 76,216.22 64,290.59

Total expenses 357,517.60 372,239.56 296,902.31 1,388,565.31 1,116,52949 1,389,892.77 1,116,625.02

3 Profit before share of net loss of an associate 24,969.11 38,514.62 15,14761 119,588.76 74,711 27 120,359.21 76,00047
4 Less Share of Net Loss in an associate (Upto 1st
- - - (2,004.41) (1,29205)
February, 2018)
5 Add: Gain on fair valuation of pre existing equity interest in
an associate (Refer note - 8) - - 3,852.11
Profit before tax 24,969.11 38,514.62 15,147.61 119,588.76 74,71127 122,206.91 74,703.42

6 Tax expenses
Current tax 9,323.72 13,114.92 4,963.54 41,716.71 25,124.37 42,170.78 25,603.41
Deferred tax charge (1,06297) 273.74 401.23 (54464) 1,165.20 (54706) 1,062.35
Tax in respect of earlier years (1.50) (5039 116.24 (4934 157.85 (44.39 157.85
Net profit after tax 16709,86 25 176.35 9666,60 78466.03 48263,85 80627,58 47879.81
7 Other comprehensive income (net of tax) 26.63 (26.30 78.24 (5226 78.24 (49.37 Bt .52
Total comprehensive income 16736.49 25150.05 9744.84 78413.77 48342,09 80578.21 47961_33
8 Profit for the period 1 year 16,709.86 25,176.35 9,666.60 78,466.03 48,263.85 80,627.58 47,879_81
Attributable to:
Equity holders of the parent 16,709.86 25,176.35 9,666.60 78,466.03 4B.26385 80,625.25 47,875.23
Non-controlling interests - - - - 2.33 4.58

9 Total comprehensive income for the period I year 16,736.49 25,150.05 9,744.84 78,413.77 48,342.09 80,578.21 47,961_33
Attributable to:
Equity holders of the parent 16,736.49 25,150.05 9,74484 78,413.77 4B,34209 80,575.88 47,956.75
Non-controlling interests - - - - 2.33 4.58
10 Paid-up equity share capital 62,408.45 62,408.45 62,40845 62,408.45 62,408.45 62,40845 62,408.45
(Face Value - <10/- per share)
11 Reserves (excluding revaluation reserves) 401,862.81 321,29788 404,49711 321,770.07
12 Earnings per share__(_of <101- each) (not annualised for the
quarter):
a) Basic in < SIGNEO~R IOENTIFICATlm 2.68 4.03 169 12.57 856 1292 849
b) Diluted in < BY I 2.64 3.97 1.68 12.41 855 12.76 8.48

s
\

V
C&CO LLP
.\\~
MUMBAI
 Notes
1 The above financial results have been prepared In accordance with Indian Accounting Standards as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015
and the Companies (Indian Accounting Standards) Amendment Rules, 2016
2 The above financial results have been reviewed and recommended by the Audit Committee and have been approved and taken on record by the Board of Directors at its meeting held on 5th May, 2018.
3 The audit as required under Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 has been completed by the auditors of the Company and the related report is being submitted to the concerned
stock exchanges.
4 The Company had completed the Initial Public offering (I PO) of fresh issue of 62,541,806 equity shares of~ 10 each at an issue price of~ 299 per share. The equity shares of the Company are listed on BSE Limited (BSE) and National
Stock Exchange of India Limited (NSE) w.e f. 21st March, 2017.
Use of IPO proceeds is summarised as below
_j_( Lakhs unless otherwise stated)
Planned as per Utilisation upto Balance as at
Particulars
prospectus 31st March, 2018 31st March, 2018
Towards repayment I payment of NCDs 1 Term loans 108,000.00 86,40000 21,600.00
Construction and purchase of fit outs for new stores 36,660.00 9,402.11 27,257.89
Towards general corporate purpose (includinc IPO related expenses) 42,340.00 42,025.79 314.21
Total 187,000,00 137827,90 49,172.10
IPO proceeds which remain unutuseo as at 31st March, 2018, were Invested In deposits With scheduled commercial banks and In morutonnq agency accounts.
5 The Company has instituted an Avenue Supermarts Limited Employee Stock Option Scheme, 2016 ("the Scheme") as approved by the Board of Directors for issuance of stock option to eligible employee of the Company and of its
subsidiaries. Pursuant to the said Scheme, Stock options convertible into 13,973,325 equity shares of ~ 101- each were granted to eligible employees at an exercise price of < 299/- being the price at which fresh issue of shares were made
in IPO. Out of the total options granted, 978,750 options were forfeited (31st March, 2017 : 81,900) and 3,600 options were vested (31st March, 2017 . 2,400) till the end of year 31st March, 2018. No options have been exercised as at 31st
March,2018
6 Previous year 1 quarter figures are regrouped and rearranged wherever necessary.
7 The figures of the last quarter are the balancing figures between audited figures in respect of the full financial year up to 31 st March, 2018 and 31 st March, 2017 and the unaudited year-to-date figures up to 31 st December, 2017, and 31st
December, 2016 being the date of the end of the third quarter of the financial year which were subjected to limited review.
8 On 25th January, 2018, the Company entered into share purchase agreement with promoters of Avenue E-commerce Limited (together referred to as 'Seiler') and acquired an additional stake of 50.79% equity interest in Avenue E-
commerce Limited ('AEL') for a cash consideration of < 4,921.19 lakhs. With the additional stake Avenue E-commerce Limited ceases to be an associate with effect from 2nd February, 2018 and is a subsidiary of the Company The
acquisition of AEL has been accounted in accordance with Ind AS 103 - Business Combinations. Accordingly the Group has re-measured the existing 49.21% interest in the assets and liabilities of AEL held prior to its transaction to its fair
value and has recorded a gain of < 3,852.11 lakhs as gain on fair value of pre-existing equity interest in the associate in the Consolidated Statement of Profit and Loss
9 The Group is primarily engaged in the business of retail trades through offline and online channels. There are no separate reportable segments as per IND AS 108 - Operating Segments.

I' BYSIGNED FOR IDENTIfICATION

Place: Thane
Date: 5th Ma 2018

s
 t @

D ~Mart Avenue Supermarts Limited

CIN'L51900MH2000PLC126473
Regd. Office. Anjaneya CHS limiled. Orchard Avenue. Opp. Htranandani Foundation School. Powar, Mumbal 400 076
Audited financial results for year ended 31st March, 2018

10 Balance Sheet
Ir Lakhs unless otherwise sieten
Standalone Consolidated
sr.so. Particulars
Year ended Year ended Year ended Year ended
31st March 2018 31st March 2017 31st March 2018 31st March 2017
Audited Audited Audited Audited
I Assets

11 Non-current assets
a Property, plant and eouioment 323.365.31 251,51806 327,60190 254,39367
b Caortal work-ln-orouress 14,70506 15,28936 14,70854 15,28936
c Investment orooertres 1,632.56 2,737.16 1,632.56 2,73716
d Goodwill 7,82686
e
, lntancible assets
Financial assets
620.38 63508 2,937.36 64407

1.1 Investments in suosrdranes and assocrate 12,950.17 3,861 74 2,15248

f.li Other non-current financial assels 4,807.81 4,541.22 4,238.66 3,795.26
Q Deferred tax assets (net) 1326 741
h I Other non-current assets 8525.53 5021 53 8657.82 5055.43
Total non-current assets 366606.82 283404.15 36761696 28407484
2) Current assets
a Inventories 114,70359 93,31599 116,34468 94,79031
b Financial assets
b.l Inveslments 5,170.29 6,818.16 416.58
b.1I Trade receivables 3,33601 2,099.79 3,351.22 2,100.24
b.lil Cash and cash ecuivalents 6.40457 3,02592 6,74478 3,292.85
b,lv Bank Balances olher than cash and casn eouivalems 49,241.32 185,105.42 49,27367 185,135.93
b.v Other current financial assets 7,83725 7,48778 7,75008 7.414.38
c lather current assets 7947.22 5776.24 693751 471025
Total current assets 194640.25 296811.14 19722010 29786054

Total assets 561247.07 580 215,29 564837.06 581 935,38

II Equity and liabilities
11 Eouity
a EQUltv share capital 62.408.45 62.408.45 62.40845 62,40845
b IOther eouitv 40186281 321 29788 40449711 321 77007
Total ~quity 464271.26 383706.33 46690556 38417852
Non-controllino interest 6454 1453
21 Non current liabilities
a Financial liabilities
a.l Borrowinqs 24,600.00 98.092.44 24,600.00 98,09244
a.ll Other non-current financiaillabililies 77.57 138.35 77.57 138.35
b Provisions 73.93 18.27
c Deferred tax liabilities (net) 4629.86 517450 4517.48 5057.89
Total non current liabilities 2930743 10340529 2926898 103306 95
3) Current liabilities
a Financial liabilities
a.i Borrowincs 72539 12,266 04 72539 13,88478
a.ll Trade cavables 31,587.82 26,67552 31,73005 26,086 48
,,1iI Other current finanoal liabilities 33,044.60 50,12505 33,59190 50,396 43
b Other current liabilities 1,12564 3,220.63 1,250.55 3,265.21
c Provtsrons 1 18493 81643 120009 822.48
Total current liabilities 67668.38 93103.67 6859798 9443538
Total eouttv and liabilities 561 247.07 580215,29 564837.06 581 935.38

i S!GNED FOR IDENTIFICATION

For and on behalf of the Board of Directors of

Avenue SUP\r~d

Place:
Date:
Thane
5th Mav. 2018
BY (J~ / tcnauus ~'I N
EO & ManaainQ
nha
irector

SR~~O LLP
MUMBAI
 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: info@dmartindia.com • Website: www.dmartindia.com

ANNEXURE B

Date: s" May, 2018

To,

BSE 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: Declaration with respect to unmodified opinion in the Report of the Statutory
Auditors on Audited Standalone and Consolidated Financial Results for the financial
year ended 31st March, 2018

Dear Sir /Madam,

Pursuant to Regulation 33(3) of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015, we hereby declare that the
Auditors Report on Standalone and Consolidated Financial Statements for the financial year
ended si" March, 2018 issued by S R B C & Co LLP, Chartered Accountants (Firm Registration
No: 324982EjE300003), Statutory Auditors of the Company is with unmodified opinion.

This is for your information and records.

Thanking you.

Yours faithfully,
For Avenue Supermarts Limited

Ram~~;~:li
Whole Time Director & Chief Financial Officer

GIN: L51900MH2000PLC126473
REGI:;TERED ADORE:;:;: Anjaneya, opp. Hirananclanl FounCiationSChool, F'owal, Mumbc:li, Mah~ua3htra, tncne - 400070
 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: info@dmartindia.com • Website: W\NW.dmartindia.com

ANNEXUREC
Brief Profile of Mr. Elvin Machado

Mr. Elvin Machado did his Graduation from St. Xavier's College - Mumbai in the year 1987
majoring in Economics and later completed MA (Part I) from Mumbai University.

Post his graduation, he worked as a "Statistician" with a Pharmaceutical Company. In 1988 he

joined FMCG giant HLL now Hindustan Unilever Limited as a Trainee Territory Sales In-charge
promoted as Officer. Later he was posted at Lever House (HO) as Trade Marketing Executive
from where he has supervised and monitored work in many locations across India. At
Unilever, his last posting was as "Branch Operations Manager" at Kolkata Branch. Post 19
years of stint with Unilever, he joined Avenue Supermarts Limited in 2007 as General
Manager- Operations.

In capacity of GM- Operations, he headed the Mumbai Circle. With a successful stint in
Mumbai went on to Head the Gujarat Circle for two and half years. He had been in Mumbai
taking care of "Real Estate Acquisition" for 4 years. Subsequently he was taken on Board as
Whole-time Director. He has completed 10 years with Avenue Supermarts Limited and is
presently looking after Operations of the Company.

Mr. Elvin Machado is not related to any of the Directors of the Company.

CIN: l51900MH2000PlC126473
REGISTERED ADDRESS: Anjaneya, Opp. Hiranandani Foundation School, Powai. Mumbai. Maharashtra. India - 400076
 Avenue Superrnarts Limited
Plot No. B-72 & B-72A, Wagle Industrial Estate, Thane (West) , Maharashtra, India - 400604
Tel. 91 22 33400500 Fax: 91 22 33400599 • e-mail: info@dmartindia.com Website: www.dmartindia.com

ANNEXURE D

Brief Profile of Mr. Niladri Deb

Mr. Niladri Deb has over 20 years of experience, about evenly split between Indian and MNC
organizations. Until recently, as a Managing Director of Kraft Heinz India Private Limited, he
has held roles across controlling, business planning, analysis, treasury, taxation and has
supported regional/ global initiatives to ensure alignment with the India operations.

Prior to Kraft Heinz India Private Limited he was working with ITC Group and Jay Engineering
Works. At ITC Group, he was responsible for product costing, procurement of fixed assets,
budgeting, finalization of accounts for the tobacco division, compliance and assessment of
excise and VAT.

He graduated from St. Xavier's College, Kolkata in 1993, became a Chartered Accountant in
2000 and a Cost & Management Accountant in 2001.

CIN: U51900MIII2000·P-1C6.l264:73
REGISTERED ADDRESS: Anjaneya, Opp. Hiranandani Foundation School, Powai, Mumbai, Maharashtra, India- 400076
 Total Revenue up by 22.5% at Rs. 3,810 Crore

PAT up by 72.9% at Rs. 167 Crore

For the Quarter ended March 31, 2018 (Q4FY18):

• Total Revenue stood at Rs. 3,810 crore, up by 22.5% y-o-y

• EBITDA of Rs. 294 crore; y-o-y growth of 41.8%
• PAT stood at Rs. 167 crore; y-o-y growth of 72.9%
• Basic EPS for Q4FY18 stood at Rs. 2.68, as compared to Rs. 1.69 for
Q4FY17
• 14 stores were added in the Q4FY18

For the Year ended March 31, 2018 (FY18):

• Total Revenue stood at Rs. 15,009 crore, up by 26.3% y-o-y

• EBITDA of Rs. 1,337 crore; y-o-y growth of 38.8%
• PAT stood at Rs. 785 crore; y-o-y growth of 62.6%
• Basic EPS for FY18 stood at Rs. 12.57, as compared to Rs. 8.56 for
FY17
• 24 stores were added in the FY18

Mumbai, May 5, 2018: Avenue Supermarts Ltd. (ASL), one of the largest food &
grocery retailers in India, today declared its financial results for the quarter and year
ended March 31, 2018.
Total Revenue for the quarter ended March 31, 2018 stood at Rs. 3,810 crore, as
compared to Rs 3,111 crore in the same period last year. ASL’s Earnings before Interest,
Tax, Depreciation and Amortization (EBITDA) in Q4FY18 stood at Rs. 294 crore, as
compare to Rs. 208 crore in the corresponding quarter of last year. The company’s
EBITDA margin improved from 6.7% in Q4FY17 to 7.7% in Q4FY18.

The Company reported Net Profit of Rs. 167 crore for Q4FY18, as compared to Rs. 97
crore in the corresponding quarter of last year. The company’s PAT margin improved
from 3.1% in Q4FY17 to 4.4% in Q4FY18.

Basic Earnings per share (EPS) for Q4FY18 stood at Rs. 2.68, as compared with Rs. 1.69
for Q4FY17.

Total Revenue for FY 18 stood at Rs. 15,009 crore, as compared to Rs. 11,881 crore for
FY 17. ASL’s EBITDA in FY18 stood at Rs. 1,337 crore, as compared to Rs. 964 crore
during FY17. The company’s EBITDA margin improved from 8.1% FY17 to 8.9% in FY18.

For FY 18 ASL’s net profit grew by 62.6% to Rs. 785 crore, as compared to Rs. 483 for last
year. The company’s PAT margin improved from 4.1% in FY17 to 5.2% in FY18.

For FY 18, Basic EPS stood at Rs. 12.57 as against Rs. 8.56 in FY17.

D-Mart follows Everyday low cost - Everyday low price (EDLC-EDLP) strategy which
aims at procuring goods at competitive price, using operational and distribution
efficiency and thereby delivering value for money to customers by selling at competitive
prices.

Commenting on the financial performance of the company Mr. Neville Noronha, CEO
& Managing Director, Avenue Supermarts Limited, said, “Deflation in staples, tax
rates not being comparable, store addition not in line with expectation and base effect
of demonetization has made March 2018 revenue a little tepid. Grooming talent and
store addition shall continue to remain two main challenges as well as focus areas for
the Company.”
About Avenue Supermarts Limited: (www.dmartindia.com; BSE: 540376; NSE: DMART)

Avenue Supermarts Limited is a Mumbai-based company, which owns and operates D-

Mart stores. D-Mart is an emerging national supermarket chain that offers customers a
range of home and personal products under one roof. The Company offers a wide range
of products with a focus on Foods, Non-Foods (FMCG) and General Merchandise &
Apparel product categories. Each D-Mart store stocks home utility products, including
food, toiletries, beauty products, garments, kitchenware, bed and bath linen, home
appliances and others. The Company offers its products under various categories, such
as bed and bath, dairy and frozen, fruits and vegetables, crockery, toys and games, kids
apparel, ladies garments, apparel for men, home and personal care, daily essentials,
grocery and staples.

The Company opened its first store in Mumbai, Maharashtra in 2002. As of March 31,
2018, the Company had 155 stores with Retail Business Area of 4.9 million sq. ft. across
Maharashtra, Gujarat, Daman, Andhra Pradesh, Karnataka, Telangana, Tamil Nadu,
Madhya Pradesh, Rajasthan, NCR, Chhattisgarh and Punjab.

For More Information, Please Contact:

E: investorrelations@dmartindia.com
Ph.: +91 22 33400700
Mr. Shahab Sheikh
Email : shahab@conceptpr.com/ 9320897525
 Fiscal 2018

Corporate Presentation
 Table of Contents

1 2 3
Business Operating & Key
Overview Financial Financials
Summary

Corporate Presentation
1 Business Overview
 Key Product Categories
Foods Non-Foods (FMCG) General Merchandise & Apparel

Share of Revenue Share of Revenue Share of Revenue

FY17 FY18 FY17 FY18 FY17 FY18

26.83 28.42
% %
51.55
53.32
%
% 19.85
% 20.03
%

Bed & Bath Toys & Games Crockery

Dairy Staples Groceries

Home Care

Plastic
Snacks Garments
Frozen Products Processed Foods Goods

Other over the

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

Corporate Presentation 4
 Cluster Based Expansion Strategy Continues

Punjab
Maharashtra
(1)
(3)
1
NCR
Madhya Pradesh &
Store (1)
Chhattisgarh
Rajasthan (9)
NCR
(5)
2002-03 (1)
Rajasthan Gujarat
(3) Madhya Pradesh
& Chhattisgarh
(30)
(5)
Gujarat
(29)

Daman
(1)
Daman
Telangana
Gujarat Telangana Maharashtra
(1) (19)
(14) (14) (62)
Andhra Maharashtra Andhra Pradesh
Maharashtra Pradesh & (60) (10)
Andhra Pradesh Karnataka
(34) Telangana
(6) (12)
(4) Karnataka
(11) Tamilnadu
Karnataka 55 131 155
Stores Tamilnadu (3)
(3) Stores Stores
(1)

2011-12 2016-17 2017-18

Numbers in bracket represent stores in that particular state
Corporate Presentation 5
 Year Wise Store Additions

Total stores
75 89 110 131 155

24

21

21

14
13
62

FY13 FY14 FY15 FY16 FY17 FY18

Corporate Presentation 6
2 Operating & Financial Summary
 Operating & Financial Summary
Total Bills Cuts (in Crs) Like For Like Growth (24 Months)*
40%
13.5 13.44

11 10.85 30% 26.1%

22.4% 21.5% 21.2%

(%)
8.5 8.47
20%
6.72 14.2%
6
5.34
3.5 10%

1
0%
FY14 FY15 FY16 FY17 FY18
FY14 FY15 FY16 FY17 FY18

Retail Business Area at Fiscal End Revenue from Sales per Retail Business Area sq ft#
5.0 4.9 32,719
35,000 31,120
4.1
30,000 28,136
4.0 26,388
3.3 23,419
25,000
(mn sq ft)

3.0 2.7

(INR)
2.1 20,000
2.0 15,000
10,000
1.0
5,000
0.0 0
FY14 FY15 FY16 FY17 FY18 FY14 FY15 FY16 FY17 FY18
*: 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
#: 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

Corporate Presentation 8
 Operating & Financial Summary (Cont’d.)
Revenue from Operations EBITDA^ & EBITDA Margin

15,009 8.9% 10.0%

1,500 8.1%
7.7%
11,881 7.2% 7.1% 1,337 8.0%
1,200
964
(INR Crs)

8,575 6.0%

INR Crs
900
657
6,419
600 4.0%
4,670 454
336
300 2.0%

0 0.0%
0
FY14 FY15 FY16 FY17 FY18
FY14 FY15 FY16 FY17 FY18
EBITDA EBITDA margin (as % of Revenue from Operations)

PAT & PAT margin Net Cash flow from Operations

900 5.2% 5.5% 1,000 934

750 4.1% 785 4.5% 800
3.7%

(INR Crs)
(INR Crs

600 3.4% 3.3% 620

483 3.5% 600
450 424
318 2.5%
300 211 400 297
160 223
150 1.5%
200
0 0.5%
0
FY14 FY15 FY16 FY17 FY18
FY14 FY15 FY16 FY17 FY18
PAT PAT margin (as % of Total Income)
^ EBITDA = Profit / (Loss) before Taxation + Depreciation and amortisation + Finance Costs - Other Income
* Revenue from operations is including other operating income and excluding other income
Corporate Presentation 9
 Operating & Financial Summary (Cont’d.)
Days Inventory & Days Payables Debt and Equity
40 5,000 Total Debt Equity Debt/ Equity 1.0
29.7 29.7 28.8 30.0 4,500
28.4 0.78

4,643
30 4,000 0.74 0.8
3,500 0.66

3,837
(INR Crs
20 3,000 0.6
2,500
2,000 0.4
10 0.39
1,500
0.09

1,512
10.2 1,000 0.2

1,194

1,481
8.8 8.4 8.4 8.4

1,177
887

439
951
0 500

623
FY14 FY15 FY16 FY17 FY18 0 0.0
Days Inventory Days Payables FY14 FY15 FY16 FY17 FY18

Fixed Asset and Inventory Turnover Ratio Return on Net Worth and Return on Capital Employed

15.02 14.36 14.41 14.91 14.43 30% 27.6%

15x 23.8% 23.2%
25% 21.0% 27.7%
13x 20.2%
20% 23.5%
10x

(%)
15% 19.7% 18.5%
18.4%
8x
4.01 3.99 4.44 4.43 10%
5x 3.75
5%
3x
0%
0x
FY14 FY15 FY16 FY17 FY18
FY14 FY15 FY16 FY17 FY18 Return on Net Worth Return on Capital Employed
Fixed Asset Turnover Inventory Turnover Ratio
* Fixed Asset Turnover = Revenue from Operations/Total Fixed Assets Debt = Short term borrowings + Long term borrowings + Current portion of Long Term Debt
^ Inventory Turnover Ratio = Revenue from Operations/Average Inventory Return on Net Worth = Net profit after tax / Average Net Worth , (Return on Capital Employed = EBIT /
Days Inventory = (Average Inventory / COGS)*365 ; Days Payables = (Average Payables / COGS)*365 (Avg Debt + Avg Equity – Avg Cash – Avg Current Investment) * Proceeds from IPO received on 18 March
2017 has not been considered for calculation purpose for FY17
Corporate Presentation 10
3 Key Financials
 Key Financials
Standalone Balance Sheet
INR Lakhs As at 31st March, 2018 As at 31st March, 2017
Assets

Non-current assets
(a) Property, plant and equipment 3,23,365.31 2,51,518.06
(b) Capital work - in - progress 14,705.06 15,289.36
(c) Investment properties 1,632.56 2,737.16
(d) Intangible assets 620.38 635.08
(e) Financial assets
(i) Investments in subsidiaries and an associate 12,950.17 3,661.74
(ii) Other non-current financial assets 4,807.81 4,541.22
(f) Other non - current assets 8,525.53 5,021.53
3,66,606.82 2,83,404.15

Current assets
(a) Inventories 1,14,703.59 93,315.99
(b) Financial assets
(i) Investments 5,170.29 -
(ii) Trade receivables 3,336.01 2,099.79
(iii) Cash and cash equivalents 6,404.57 3,025.92
(iv) Bank Balances other than cash and cash equivalents 49,241.32 1,85,105.42
(v) Other financial assets 7,837.25 7,487.78
(c) Other current assets 7,947.22 5,776.24
1,94,640.25 2,96,811.14

Total assets 5,61,247.07 5,80,215.29

Corporate Presentation 12
 Key Financials
Standalone Balance Sheet (Cont’d.)
INR Lakhs As at 31st March, 2018 As at 31st March, 2017
Equity and liabilities

Equity
a) Equity share capital 62,408.45 62,408.45
b) Other equity 4,01,862.81 3,21,297.88
4,64,271.26 3,83,706.33

Liabilities
Non-current liabilities
(a) Financial liabilities
(i) Borrowings 24,600.00 98,092.44
(ii) Other non - current liabilities 77.57 138.35
(b) Deferred tax liabilities (net) 4,629.86 5,174.50
29,307.43 1,03,405.29

Current liabilities
(a) Financial liabilities
(i) Borrowings 725.39 12,266.04
(ii) Trade payables 31,587.82 26,675.52
(iii) Other financial liabilities 33,044.60 50,125.05
(b) Other current liabilities 1,125.64 3,220.63
(c) Provisions 1,184.93 816.43
67,668.38 93,103.67

Total equity and liabilities 5,61,247.07 5,80,215.29

Corporate Presentation 13
 Key Financials
Standalone Income Statement
INR Lakhs Year ended 31st March, 2018 Year ended 31st March, 2017
Income
Revenue from operations 15,00,889.30 11,88,111.90
Other income 7,264.77 3,128.86
Total Income 15,08,154.07 11,91,240.76

Purchase of stock-in-trade 12,86,276.36 10,36,895.42

Changes in inventories of stock-in-trade (21,387.60) (27,295.94)
Employee benefits expense 27,655.70 18,947.32
Finance costs 5,941.99 12,180.39
Depreciation and amortisation expense 15,465.16 12,602.09
Other expenses 74,613.70 63,200.21
Total expenses 13,88,565.31 11,16,529.49

Profit before Tax 1,19,588.76 74,711.27

Tax expense
Current tax 41,716.71 25,124.37
Adjustment of tax related to earlier periods (49.34) 157.85
Deferred tax charge (544.64) 1,165.20

Total income tax expenses 41,122.73 26,447.42

Profit for the year 78,466.03 48,263.85

Other comprehensive income

Items that will not be reclassified to profit or loss
Re-measurements gains/(loss) on defined benefit plans (79.92) 119.65
Less : Income tax effect 27.66 (41.41)
Net other comprehensive income not to be reclassified to profit or loss in subsequent period (52.26) 78.24

Total comprehensive income for the year 78,413.77 48,342.09

Corporate Presentation 14
 Thank you!

Corporate Presentation