Avenue Supermarts Ltd Auditor Reports

To the Members of

Avenue Supermarts Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the Standalone financial statements of Avenue Supermarts Limited ("the Company"), which comprise the Balance sheet as at March 31 2025, the Statement of Profit and Loss, including the statement of Other Comprehensive Income, the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and notes to the Standalone financial statements, including a summary of material accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone financial statements give the information required by the Companies Act, 2013, as amended ("the Act") in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2025, its profit including other comprehensive income, its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the Standalone financial statements in accordance with the Standards on Auditing (SAs), as specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the ‘Auditors Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the ‘Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the Standalone financial statements for the financial year ended March 31, 2025. These matters were addressed in the context of our audit of the Standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled the responsibilities described in the ‘Auditors responsibilities for the audit of the Standalone financial statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the Standalone financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying Standalone financial statements.

Key audit matters	How our audit addressed the key audit matter
Assessment of impairment of investment in subsidiary: Avenue E-Commerce Limited ("AEL") (as described in note 1.b of the standalone nancial statements)
The Company has an investment amounting to 1,138.11 crore as at March 31, 2025 in its subsidiary Avenue E-Commerce Limited. This subsidiary commenced business nine years back and has had continued losses, which provides an indicator for impairment in the investment.	Our audit procedures in respect of assessment impairment of Investment in Avenue E-Commerce Limited included the following: We assessed the Companys valuation methodology applied in determining the fair market value of equity shares. In making this assessment, we evaluated the objectivity and independence of
Management has used external specialist to support the recoverable amounts of its investment based on fair market value of equity shares of AEL as at March 31, 2025.	Companys specialists involved in the process; We involved valuation expert to assist in evaluating the key inputs and assumption used by the Company along with comparable transaction multiples of peers of the Company available in the public domain and discount applied on multiples considered for valuation purpose;
We determined this area as a key audit matter because of the judgmental factors involved in testing for impairment and the significant carrying value of the investment.
	We obtained and read the audited financial statements of the subsidiary to determine the net worth, cash flows and other financial indicators;
	We also assessed the Companys disclosures concerning this in note 1.r on significant accounting estimates and judgements and note 6 of Investments to the standalone financial statements.
Inventory existence and allowance for inventory (as described in note 1.j and 1.r of the standalone nancial statements)
As at March 31, 2025, the carrying amount of inventories amounted to 4,805.45 crore after considering allowances for Inventory towards shrinkages and slow moving inventory of 83 crore. These inventories	Our procedures over existence and allowance for inventory included the following:
are held at the stores and distribution centres of the Company. The management undertakes the physical verification of inventory at periodic intervals during the year and shrinkages if any are recorded in the books. The total amount of shrinkage and damage recorded during the year amounts to 265.69 crore	We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls that the Company has in relation to the inventory count process and allowance for inventory;
Basis the actual shrinkages recorded, the management estimates the expected allowance for Inventory shrinkage from the date of the last physical verification till the balance sheet date.	We performed testing on the Companys controls over the inventory count process. In testing these controls, we observed the inventory count process at selected store and distribution centres on a sample basis, inspected the results of the inventory count and confirmed variances including damaged and shrinkages were accounted for and approved by management;
Further, there are a number of judgements required in assessing the appropriate level of allowance for slow moving inventory. Such judgements include managements expectations of forecast inventory demand, product expiry dates and plans to dispose of inventories that are close to expiry.	Assessed the stock shrinkage provision by assessing the level of inventory write downs during the period and applying the shrinkage rate as determined location wise to the year end stock. We tested on a sample basis the shrinkage rate used to calculate the provision for each store and distribution center;
Considering the widespread inventory of the Company and the judgements applied for determining the allowance, we consider the existence and allowance for inventories to be a key audit matter.	We evaluated the assumptions made by management, and particularly the key assumption that in assessing stock obsolescence provisions through an analysis of inventory items by category and age and the level of inventory write downs in these categories during the period;
	We assessed the Companys disclosures concerning this in note 1.j and 1.r on significant accounting estimates and judgements and note 9 Inventories to the standalone financial statements.

We have determined that there are no other key audit matters to communicate in our report.

Information Other than the Financial Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the other information. The other information comprises the information included in the Annual report, but does not include the Standalone financial statements and our auditors report thereon.

Our opinion on the Standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether such other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management for the Standalone Financial Statements

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these Standalone financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Standalone financial statements, management is responsible for assessing the Companys ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Companys financial reporting process.

Auditors Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the Standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of managements use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Companys ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Standalone financial statements, including the disclosures, and whether the Standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Standalone financial statements for the financial year ended March 31, 2025 and are therefore the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the "Annexure 1" a statement on the matters specified in paragraphs 3 and 4 of the Order;

2. As required by Section 143(3) of the Act, we report, to the extent applicable, that:

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit;

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;

(c) The Standalone Balance Sheet, the Standalone Statement of Profit and Loss including the Statement of Other Comprehensive Income, the Standalone Cash Flow Statement and Standalone Statement of Changes in Equity dealt with by this Report are in agreement with the books of account;

(d) In our opinion, the aforesaid Standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended;

(e) On the basis of the written representations received from the directors as on March 31, 2025 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2025 from being appointed as a director in terms of Section 164 (2) of the Act;

(f) With respect to the adequacy of the internal financial controls with reference to these Standalone financial statements and the operating effectiveness of such controls, refer to our separate Report in "Annexure 2" to this report;

(g) In our opinion, the managerial remuneration for the year ended March 31, 2025 has been paid / provided by the Company to its directors in accordance with the provisionsofsection197readwithScheduleVtotheAct;

(h) With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its Standalone financial statements – Refer note 36 to the Standalone financial statements;

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses;

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company;

iv. a) The management has represented that, to the best of its knowledge and belief, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

b) The management has represented that, to the best of its knowledge and belief, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

c) Based on such audit procedures performed that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (a) and (b) contain any material misstatement;

v. No dividend has been declared or paid during the year by the Company;

vi. Based on our examination which included test checks, the Company has used accounting software for maintaining its books of account including privileged access management tool which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software (refer note 53 to the financial statements). Further, during the course of our audit we did not come across any instance of audit trail feature being tampered with. Additionally, the audit trail has been preserved by the Company as per the statutory requirements for record retention.

For S R B C & CO LLP

Chartered Accountants

ICAI Firm Registration Number: 324982E/E300003

per Vikram Mehta

Partner

Membership No.: 105938 UDIN: 25105938BMMMUH5198

Thane, 3^rd May, 2025

ANNEXURE ‘1 REFERRED TO IN PARAGRAPH UNDER THE HEADING "REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS" OF OUR REPORT OF EVEN DATE

Re: Avenue Supermarts Limited ("the Company")

In terms of the information and explanations sought by us and given by the Company and the books of account and records examined by us in the normal course of audit and to the best of our knowledge and belief, we state that: (i) (a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment (i) (a) (B) The Company has maintained proper records showing full particulars of Intangible assets (i) (b) All Property, Plant and Equipment have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noted on such verification.

(i) (c) The title deeds of all the immovable properties (other than properties where the Company is the lessee and the lease arrangement are duly executed in favour of the lessee) are in held in the name of the Company. (i) (d) The Company has not revalued its Property, Plant and Equipment (including Right of use assets) or intangible assets during the year ended March 31, 2025.

(i) (e) There are no proceedings initiated or are pending against the Company for holding any benami property under the Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder.

(ii) (a) Physical verification of inventory has been conducted at reasonable intervals during the year by management. In our opinion, the coverage and procedure of such verification by the management is appropriate. There were no discrepancies of 10% or more noticed, in the aggregate for each class of inventory.

(ii) (b) As disclosed in note 49 to the standalone financial statements, the Company has been sanctioned working capital limits in excess of 5 crore in aggregate from banks during the year on the basis of security of current assets of the Company. Based on the records examined by us in the normal course of audit of the standalone financial statements, the quarterly returns/statements filed by the Company with such banks and financial institutions are in agreement with the books of accounts of the Company.

(iii) (a) During the year the Company has not provided loans, advances in the nature of loans or provided security to companies, firms, Limited Liability Partnerships or any other parties. During the year the Company has provided guarantee to companies as below:

Aggregate amount granted/ provided	13.01 crore
during the year (Subsidiaries)
Balance outstanding as at balance	13.01 crore
sheet date in respect of above cases
(Subsidiaries)

(iii) (b) During the year the investments made in and guarantees given to companies, firms, Limited Liability Partnerships or any other parties are not prejudicial to the Companys interest. The Company has not provided security and granted loans and advances to companies, firms, Limited Liability Partnerships or any other parties. Accordingly, the requirement to report on clause 3(iii)(b) of the Order is not applicable to the Company.

(iii) (c) The Company has not granted loans and advances in the nature of loans to companies, firms, Limited Liability Partnerships or any other parties. Accordingly, the requirement to report on clause 3(iii)(c), (d), (e) and (f) of the Order is not applicable to the Company.

(iv) The Company has not given any loans, security to director / to a Company in which director is interested to which section 185 of the Companies Act, 2013 apply and hence not commented upon. Further, according to the information and explanation given to us, provision of section 186 of the Companies Act 2013 in respect of investments made and guarantees given have been complied with by the Company.

(v) The Company has neither accepted any deposits from the public nor accepted any amounts which are deemed to be deposits within the meaning of sections 73 to 76 of the Companies Act and the rules made thereunder, to the extent applicable. Accordingly, the requirement to report on clause 3(v) of the Order is not applicable to the Company.

(vi) The Central Government has not specified the maintenance of cost records under Section 148(1) of the Companies Act, 2013, for the products of the Company.

(vii) (a) The Company is generally regular in depositing with appropriate authorities undisputed statutory dues including goods and service tax, provident fund, employees state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and other statutory dues applicable to it. According to the information and explanations given to us and based on audit procedures performed by us, no undisputed amounts payable in respect of these statutory dues were outstanding, at the year-end, for a period of more than six months from the date they become payable.

(vii) (b) The dues of goods and services tax, provident fund, employees state insurance, income-tax, sales-tax, service tax, duty of custom, duty of excise, value added tax, cess, and other statutory dues have not been deposited on account of any dispute, are as follows:

Name of the Statute	Nature of Dues	Unpaid amount	Period to which the	Forum where dispute
		involved	amount relates	is pending
		( in crore) *
Gujarat Value Added Tax	Value added tax	1.21	2016-2017	Deputy Commissioner
Act, 2003			2017-2018	of Commercial Tax
Madhya Pradesh Value	Entry tax	0.37	2015-2016	Deputy Commissioner
Added Tax Act, 2002			2016-2017	of Commercial Tax
Madhya Pradesh Value	Value added tax	0.14	2016-2017	Deputy Commissioner
Added Tax Act, 2002				of Commercial Tax
Andhra Pradesh Goods and	Goods and Service Tax	3.53	2017-2018 to	Deputy Commissioner
Service Tax Act			2020-2021
Maharashtra Goods and	Goods and Service Tax	174.10	2017-2018 to	Deputy Commissioner
Service Tax Act			2021-2022	of Commercial Tax
Rajasthan Goods and	Goods and Service Tax	0.70	2017-2018	Deputy Commissioner
Service Tax Act			2018-2019	of Commercial Tax
Telangana Goods and	Goods and Service Tax	3.81	2017-2018 to	Deputy Commissioner
Service Tax Act			2020-2021	of Commercial Tax
Gujarat Goods and Service	Goods and Service Tax	0.36	2017-2018	Deputy Commissioner
Tax Act			2019-2020	of Commercial Tax
Tamil Nadu Goods and	Goods and Service Tax	2.01	2017-2018 to	Deputy Commissioner
Service Tax Act			2020-2021	of Commercial Tax
Uttar Pradesh Goods and	Goods and Service Tax	6.33	2020-2021	Deputy Commissioner
Service Tax Act				of Commercial Tax
Chattisgarh Goods and	Goods and Service Tax	0.05	2019-2020	Deputy Commissioner
Service Tax Act				of Commercial Tax
Customs Act	Customs Duty	14.20	2017-2018	Commissioner of
			2021-2022	Customs
			2023-2024
Income Tax Act, 1961	Short Deduction/Late	0.02	2010-2011	Assessing Officer
	Deduction of TDS		2011-2012
			2024-2025
Income Tax Act, 1961	Income tax	1.69	2019-2020	Commissioner of
			2021-2022	Income Tax Appeal

* The unpaid amount mentioned above is net of 60.23 crore paid under protest

(viii) The Company has not surrendered or disclosed any transaction, previously unrecorded in the books of account, in the tax assessments under the Income Tax Act, 1961 as income during the year. Accordingly, the requirement to report on clause 3(viii) of the Order is not applicable to the Company.

(ix) (a) The Company did not have any outstanding loans or borrowings or interest thereon due to any lender during the year. Accordingly, the requirement to report on clause ix(a) of the Order is not applicable to the Company.

(ix) (b) The Company has not been declared willful defaulter by any bank or financial institution or government or any government authority.

(ix) (c) The Company did not have any term loans outstanding during the year hence, the requirement to report on clause (ix)(c) of the Order is not applicable to the Company.

(ix) (d) The Company did not raise any funds during the year hence, the requirement to report on clause (ix)(d) of the Order is not applicable to the Company.

(ix) (e) On an overall examination of the standalone financial statements of the Company, the Company has not taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries.

(ix) (f) The Company has not raised loans during the year on the pledge of securities held in its subsidiaries. Hence, the requirement to report on clause (ix)(f) of the Order is not applicable to the Company.

(x) (a) The Company has not raised any money during the year by way of initial public offer / further public offer (including debt instruments) hence, the requirement to report on clause 3(x)(a) of the Order is not applicable to the Company.

(x) (b) The Company has not made any preferential allotment or private placement of shares /fully or partially or optionally convertible debentures during the year under audit and hence, the requirement to report on clause 3(x)(b) of the Order is not applicable to the Company,

(xi) (a) No material fraud by the Company and no material fraud on the Company has been noticed or reported during the year.

(xi) (b) During the year, no report under sub-section (12) of section 143 of the Companies Act, 2013 has been filed by cost auditor/ secretarial auditor or by us in Form ADT – 4 as prescribed under Rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government.

(xi) (c) We have taken into consideration the whistle blower complaints received by the Company during the year while determining the nature, timing and extent of audit procedures.

(xii) The Company is not a nidhi Company as per the provisions of the Companies Act, 2013. Therefore, the requirement to report on clause 3(xii)(a), (b) and (c) of the Order is not applicable to the Company.

(xiii) Transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the notes to the standalone financial statements, as required by the applicable accounting standards.

(xiv) (a) The Company has an internal audit system commensurate with the size and nature of its business.

(xiv) (b) The internal audit reports of the Company issued till the date of the audit report, for the period under audit have been considered by us.

(xv) The Company has not entered into any non-cash transactions with its directors or persons connected with its directors and hence requirement to report on clause 3(xv) of the Order is not applicable to the Company.

(xvi) (a) The provisions of section 45-IA of the Reserve Bank of India Act, 1934 (2 of 1934) are not applicable to the Company. Accordingly, the requirement to report on clause (xvi)(a) of the /Order is not applicable to the Company.

(xvi) (b) The Company is not engaged in any Non-Banking Financial or Housing Finance activities. Accordingly, the requirement to report on clause (xvi)(b) of the Order is not applicable to the Company.

(xvi) (c) The Company is not a Core Investment Company as defined in the regulations made by Reserve Bank of India. Accordingly, the requirement to report on clause 3(xvi) of the Order is not applicable to the Company.

(xvi) (d) There is no Core Investment Company as a part of the Group, hence, the requirement to report on clause 3(xvi)(d) of the Order is not applicable to the Company.

(xvii) The Company has not incurred cash losses in the current financial year. The Company has not incurred cash losses in the immediately preceding financial year.

(xviii) There has been no resignation of the statutory auditors during the year and accordingly requirement to report on Clause 3(xviii) of the Order is not applicable to the Company.

(xix) On the basis of the financial ratios disclosed in note 48 to the standalone financial statements, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the standalone financial statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the Company as and when they fall due.

(xx) (a) In respect of other than ongoing projects, there are no unspent amounts that are required to be transferred to a fund specified in Schedule VII of the Companies Act (the Act), in compliance with second proviso to sub section 5 of section 135 of the Act. This matter has been disclosed in note 37 to the standalone financial statements.

(xx) (b) All amounts that are unspent under section (5) of section 135 of Companies Act, pursuant to any ongoing project, has been transferred to special account in compliance of with provisions of sub section (6) of section 135 of the said Act. This matter has been disclosed in note 37 to the standalone financial statements.

For S R B C & CO LLP

Chartered Accountants

ICAI Firm Registration Number: 324982E/E300003

per Vikram Mehta

Partner

Membership No.: 105938 UDIN: 25105938BMMMUH5198

Thane, 3^rd May, 2025

ANNEXURE ‘2 REFERRED TO IN PARAGRAPH UNDER THE HEADING "REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS" OF OUR REPORT OF EVEN DATE

Re: Avenue Supermarts Limited ("the Company")

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls with reference to standalone financial statements of Avenue Supermarts Limited ("the Company") as of March 31, 2025 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys Management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India ("ICAI"). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013. .

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls with reference to these standalone financial statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") and the Standards on Auditing, as specified under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls, both issued by ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to these standalone financial statements was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to these standalone financial statements and their operating effectiveness. Our audit of internal financial controls with reference to standalone financial statements included obtaining an understanding of internal financial controls with reference to these standalone financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls with reference to these standalone financial statements.

Meaning of Internal Financial Controls With Reference to these Standalone Financial Statements

A companys internal financial controls with reference to standalone financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial controls with reference to standalone financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls With Reference to Standalone Financial Statements

Because of the inherent limitations of internal financial controls with reference to standalone financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to standalone financial statements to future periods are subject to the risk that the internal financial control with reference to standalone financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, adequate internal financial controls with reference to standalone financial statements and such internal financial controls with reference to standalone financial statements were operating effectively as at March 31, 2025, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note issued by the ICAI.

For S R B C & CO LLP

Chartered Accountants

ICAI Firm Registration Number: 324982E/E300003

per Vikram Mehta

Partner

Membership No.: 105938 UDIN: 25105938BMMMUH5198

Thane, 3^rd May, 2025

#NAStart#

Notes to Standalone Financial Statements for the year ended 31^st March, 2025

CORPORATE INFORMATION

Avenue Supermarts Limited (‘the Company) (CIN L51900MH2000PLC126473) is a Company limited by shares and is domiciled in India. The Companys registered office is at Anjaneya, Opp. Hiranandani Foundation School, Powai, Mumbai, Maharashtra India 400076. The Company is primarily engaged in the business of organised retail and operates supermarkets under the brand name of "D-Mart". Its equity shares are listed in India on Bombay Stock Exchange Limited and National Stock Exchange of India Limited.

The standalone financial statements have been recommended for approval by the audit committee and is approved and adopted by the Board in their meeting held at Thane, 3^rd May, 2025.

1. Summary of material accounting policies

(a) Statement of compliance and basis of preparation

The standalone financial statements have been prepared in accordance with the Indian Accounting Standards (hereinafter referred to as the ‘Ind AS) as notified by Ministry of Corporate Affairs pursuant to Section 133 of the Companies Act, 2013 (‘the Act) read with the Companies (Indian Accounting standards) Rules as amended from time to time and other relevant provisions of the Act.

The accounting policies are applied consistently to all the periods presented in the standalone financial statements.

(i) Historical cost convention

Thestandalonefinancialstatementshavebeenprepared on a historical cost basis, except for the following:

1) certain financial assets and liabilities that are measured at fair value;

2) defined benefit plans - plan assets measured at fair value;

3) share based payments measured at the grant date fair value.

(ii) Current non-current classication

The Company presents assets and liabilities in the balance sheet based on current and non-current classification. As asset is treated as current when it is:

- Expected to be realised or intended to be sold or consumed in normal operating cycle

- Held primarily for the purpose of trading

- Expected to be realised within twelve months after the reporting period, or

- Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period

All other assets are classified as non-current.

A liability is current when:

- It is expected to be settled in normal operating cycle

- It is held primarily for the purpose of trading

- It is due to be settled within twelve months after the reporting period, or

- There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.

The Company classifies all other liabilities as non-current.

Deferred tax assets and liabilities are classified as non-current assets and liabilities. The operating cycle is the time between the acquisition of assets for processing and their realisation in cash and cash equivalents. The Company has identified twelve months as its operating cycle.

(iii) Rounding off amounts

The standalone financial statements are presented in and all values are rounded to the nearest 0.00 crore, except when otherwise indicated.

(iv) Going Concern

The Company has prepared the financial statements on the basis that it will continue to operate as a going concern.

(b) Investment in subsidiaries

(i) Investments in subsidiaries are accounted at cost less impairment, if any in accordance with Ind AS 27.

(ii) The Company has invested in various financial instruments which are accounted at cost and subsequently measured at Fair Value Through Other Comprehensive Income. All equity investments in scope of Ind-AS 109 are measured at Fair Value. Equity instruments which are held for trading are classified as at FVTPL. For all other equity instruments, the Company decides to classify the same either as at FVTOCI or FVTPL. The Company makes such election on an instrument-by-instrument basis. The classification is made on initial recognition and is irrevocable. If the Company decides to classify an equity instrument as at FVTOCI, then all fair value changes on the instrument, excluding dividends, are recognised in the Other Comprehensive Income (OCI).

The Company reviews its carrying value of investments carried at cost annually, or more frequently when there is indication for impairment. If the recoverable amount is less than its carrying amount, the impairment loss is recorded in the Statement of Profit and Loss. When an impairment loss subsequently reverses, the carrying amount of the Investment is increased to the revised estimate of its recoverable amount, so that the increased carrying amount does not exceed the cost of the Investment. A reversal of an impairment loss is recognised immediately in Statement of Profit or Loss.

(c) Property, plant and equipment (PPE)

Freehold land is carried at historical cost. All other item of property, plant and equipment are stated at historical cost less depreciation and impairment losses, if any. Historical cost includes expenditure that is directly attributable to the acquisition of items.

Capital work-in-progress , property, plant and equipment is stated at cost, net of accumulated depreciation less impairment losses, if any. Such cost includes the cost of replacing part of the property, plant and equipment and borrowing cost for long-term construction projects if the recognition criteria are met. When significant parts of property, plant and equipment are required to be replaced at intervals, the Company depreciates them separately based on their specific useful lives. Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the property, plant and equipment as a replacement if the recognition criteria are satisfied. All other repairs and maintenance costs are recognised in profit or loss as incurred.

Capital work-in-progress comprises cost of property, plant and equipment (including related expenses), that are not yet ready for their intended use at the reporting date.

Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.

Depreciation on property, plant and equipment

Depreciation is provided to the extent of depreciable amount on written down value method (except for leasehold land which is amortised over the shorter of the lease term and the estimated useful lives of the assets) over the useful life of asset as assessed by the management and the same is similar to the useful lives as prescribed in Part-C of Schedule II to the Companies Act, 2013. Depreciation is charged on pro-rata basis for asset purchased/sold during the year.

The assets residual values, useful life and method of depreciation of property, plant and equipment are reviewed and adjusted if appropriate, at the end of each reporting period.

(d) Intangible assets

Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses. Intangible assets are amortised on a straight line method basis over the economic useful life estimated by the management.

Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in the statement of profit and loss unless such expenditure forms part of carrying value of another asset.

Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the statement of profit or loss when the asset is derecognised.

Amortisation of intangible assets

Amortisation is provided on straight line method over the useful life of asset as assessed by the management and the same is similar to the useful lives as prescribed in Part-C of Schedule II to the Companies Act, 2013. Amortisation is charged on pro-rata basis for asset purchased/sold during the year. The residual value, useful life and method of amortisation of intangible assets are reviewed and adjusted if appropriate at the end of each reporting period.

Estimated useful life of assets are as follows: Computer Software - 5 years Trademarks - 5 - 10 years

(e) Investment properties

Investments in properties that are not intended to be occupied substantially for use by, or in the operations of the Company, have been classified as investment property. Investment properties are measured initially at its cost including transaction cost and where applicable borrowing costs. Subsequent to initial recognition, investment properties are stated at cost less accumulated depreciation and accumulated impairment loss, if any. Subsequent cost are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.

Though the Company measures investment property using cost based measurement, the fair value of investment property is disclosed in the notes. Fair values are determined based on an annual evaluation performed by an accredited external independent valuer applying a valuation model recommended by the International Valuation Standards Committee.

The Company depreciates its investment properties over the useful life which is similar to that of Property, Plant and Equipment.

Investment properties are derecognised either when they have been disposed of or when they are permanently withdrawn from use and no future economic benefit is expected from their disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognised in profit or loss in the period of derecognition.

(f) Impairment of non-nancial assets

The Company assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the assets recoverable amount. An assets recoverable amount is the higher of an assets or cash-generating units (CGU) fair value less costs of disposal and its value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account.

Impairment losses are recognised in the statement of profit and loss, except for properties previously revalued with the revaluation surplus taken to other comprehensive income.

For assets, an assessment is made at each reporting date to determine whether there is an indication that previously recognised impairment losses no longer exist or have decreased. If such indication exists, the Company estimates the assets or CGUs recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the assets recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the statement of profit or loss unless the asset is carried at a revalued amount, in which case, the reversal is treated as a revaluation increase.

(g) Leases

As per Ind AS 116 "Leases", the determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the inception of the lease. The arrangement is, or contains, a lease if fulfilment of the arrangement is dependent on the use of a specific asset or assets and the arrangement conveys a right-of-use the asset or assets, even if that right is not explicitly specified in an arrangement.

As a lessee

Leases are capitalised at the commencement of the lease at the inception date fair value of the leased property or, if lower, at the present value of the minimum lease payments. Lease payments are apportioned between finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are recognised in finance costs in the statement of profit and loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Companys general policy on the borrowing costs. Contingent rentals are recognised as expenses in the periods in which they are incurred.

A leased asset is depreciated over the useful life of the asset. However, if there is no reasonable certainty that the Company will obtain ownership by the end of the lease term, the asset is depreciated over the shorter of the estimated useful life of the asset and the lease term.

Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the Statement of Profit and Loss on a straight-line basis over the period of the lease unless the payments are structured to increase in line with expected general inflation to compensate for the lessors expected inflationary cost increases.

Depreciation on right-of-use assets

Depreciation is provided on straight line method over the shorter of the lease term and the estimated useful lives of the assets as assessed by the management. Depreciation is charged on pro-rata basis for asset purchased/sold during the year. The useful life of right-of-use assets are reviewed and adjusted if appropriate at the end of each reporting period.

As a lessor

Leases in which the Company does not transfer substantially all the risks and rewards of ownership of an asset are classified as operating leases. Rental income from operating lease is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned unless the receipts are structured to increase in line with expected general inflation to compensate for the expected inflationary cost increases.

Leases are classified as finance leases when substantially all of the risks and rewards of ownership transfer from the Company to the lessee. Amounts due from lessees under finance leases are recorded as receivables at the Companys net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the net investment outstanding in respect of the lease.

(h) Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprises cash at banks and on hand and short-term deposits with an original maturity of three months or less, which are subject to an insignificant risk of change in value. For the purpose of standalone financial statement of cash flow, cash and cash equivalent consists of cash and short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Companys cash management.

(i) Trade receivables

Trade receivables are initially measured at transaction price excluding any financing arrangements in sale transactions of the Company.

(j) Inventories

Inventories are valued at lower of cost and net realisable value. Cost of inventories, comprise costs of purchase and other costs incurred in bringing the inventories to their present condition and location. Cost is determined by the weighted average cost method. Costs of purchased inventory are determined after deducting rebates and discounts. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated cost necessary to make the sale.

(k) Financial instruments

A Financial instrument is any contract that gives rise to a financial assets of one entity and a financial liability or equity instrument of another entity.

Financial asset (i) Classication

The Company classifies its financial assets in the following measurement categories:

* those to be measured subsequently at fair value (either through other comprehensive income, or through the Statement of Profit and Loss), and

* those measured at amortised cost.

The classification depends on the Companys business model for managing the financial assets and the contractual terms of the cash flows.

For assets measured at fair value, gains and losses will either be recorded in the Statement of Profit and Loss or other comprehensive income. For investments in debt instruments, this will depend on the business model in which the investment is held. For investments in equity instruments, this will depend on whether the Company has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income. The Company reclassifies debt investments when and only when its business model for managing those assets changes.

(ii) Measurement

At initial recognition, the Company measures a financial asset (except trade receivables) at its fair value plus, in the case of a financial asset not at fair value through the Statement of Profit and Loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through Profit and Loss are expensed in the Statement of Profit and Loss.

Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest.

Debt instruments:

Subsequent measurement of debt instruments depends on the Companys business model for managing the asset and the cash flow characteristics of the asset. There are three measurement categories into which the Company classifies its debt instruments:

* Amortised cost: A ‘debt instrument is measured at the amortised cost if both the following conditions are met: a) The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows, and

b) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding.

This category is the most relevant to the Company. After initial measurement, such financial assets are subsequently measured at amortised cost using the effective interest rate (EIR) method. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance income in the profit or loss. The losses arising from impairment are recognised in the statement of profit and loss account. This category generally applies to trade and other receivables.

*Fair value through other comprehensive income (FVTOCI): A ‘debt instrument is classified as at the FVTOCI if both of the following criteria are met:

a) The objective of the business model is achieved both by collecting contractual cash flows and selling the financial assets, and

b) The assets contractual cash flows represent SPPI.

Debt instruments included within the FVTOCI category are measured initially as well as at each reporting date at fair value. Fair value movements are recognised in the other comprehensive income (OCI). However, the Company recognises interest income, impairment losses & reversals and foreign exchange gain or loss in the statement of profit and loss account. On derecognition of the asset, cumulative gain or loss previously recognised in OCI is reclassified from the equity to statement of profit and loss account. Interest earned whilst holding FVTOCI debt instrument is reported as interest income using the EIR method.

*Fair value through profit and loss: FVTPL is a residual category for debt instruments. Any debt instrument, which does not meet the criteria for categorisation as at amortised cost or as FVTOCI, is classified as at FVTPL.

In addition, the Company may elect to designate a debt instrument, which otherwise meets amortised cost or FVTOCI criteria, as at FVTPL. However, such election is allowed only if doing so reduces or eliminates a measurement or recognition inconsistency (referred to as ‘accounting mismatch). The Company has not designated any debt instrument as at FVTPL.

Debt instruments included within the FVTPL category are measured at fair value with all changes recognised in the Statement of Profit and Loss.

Equity instruments:

The Company subsequently measures all equity investments at fair value. Where the Companys management has elected to present fair value gains and losses on equity investments in other comprehensive income, there is no subsequent reclassification of fair value gains and losses to the Statement of Profit and Loss. Dividends from such investments are recognised in the Statement of Profit and Loss as other income when the Companys right to receive payments is established.

Changes in the fair value of financial assets at fair value through the Statement of Profit and Loss are recognised in other income/other expenses in the Statement of Profit and Loss. Impairment losses (and reversal of impairment losses) on equity investments measured at FVTOCI are not reported separately from other changes in fair value.

(iii) Impairment of nancial assets

The Company assesses on a forward looking basis the expected credit losses associated with its assets carried at amortised cost and FVTOCI debt instruments. The impairment methodology applied depends on whether there has been a significant increase in credit risk.

For trade receivables only, the Company applies the simplified approach permitted by Ind AS 109 Financial Instruments, which requires expected lifetime losses to be recognised from initial recognition of the receivables.

(iv) Derecognition of nancial assets

A financial asset is derecognised only when

*the Company has transferred the rights to receive cash flows from the financial asset or

*retains the contractual rights to receive the cash flows of the financial asset, but assumes a contractual obligation to pay the cash flows to one or more recipients.

Where the Company has transferred an asset, the Company evaluates whether it has transferred substantially all risks and rewards of the financial asset. In such cases, the financial asset is derecognised. Where the Company has not transferred substantially all risks and rewards of ownership of the financial asset, the financial asset is not derecognised.

Where the Company has neither transferred a financial asset nor retains substantially all risks and rewards of ownership of the financial asset, the financial asset is derecognised if the Company has not retained control of the financial asset. Where the Company retains control of the financial asset, the asset is continued to be recognised to the extent of continuing involvement in the financial asset.

Financial liabilities

(i) Offsetting nancial instruments

Financial assets and liabilities are offset and the net amount is reported in the balance sheet where there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default insolvency or bankruptcy of the Company or the counterparty.

(ii) Trade and other payables

These amount represent liabilities for goods and services provided to the Company prior to the end of financial year which are unpaid. The amounts are unsecured. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.

(iii) Borrowings and other nancial liabilities

Borrowings and other financial liabilities are initially recognised at fair value (net of transaction costs incurred). Difference between the fair value and the transaction proceeds on initiation is recognised as an asset/liability based on the underlying reason for the difference. Subsequently all financial liabilities are measured at amortised cost using the effective interest rate method.

Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash transferred or liabilities assumed, is recognised in the Statement of Profit and Loss.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. Where there is a breach of a material provision of a long-term loan arrangement on or before the end of the reporting period with the effect that the liability becomes payable on demand on the reporting date, the entity does not classify the liability as current, if the lender agreed, after the reporting period and before the approval of the financial statements for issue, not to demand payment as a consequence of the breach.

(iv) Borrowing costs

General and specific borrowing costs that are directly attributable to the acquisition or construction of qualifying assets are capitalised during the period of time that is required to complete and prepare the asset for its intended use. Other borrowing costs are expensed in the period in which they are incurred.

Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.

Borrowing cost consist of interest and other cost that an entity incurs in connection with borrowing of funds.

(v) Provisions, contingent liabilities and contingent assets

Provisions are recognised when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources embodying economic benefit will be required to settle the obligation and the amount can be reliably estimated.

Provisions are measured at the present value of managements best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as finance cost.

Contingent Liabilities are disclosed in respect of possible obligations that arise from past events but their existence will be confirmed by the occurrence or non occurrence of one or more uncertain future events not wholly within the control of the Company or where any present obligation cannot be measured in terms of future outflow of resources or where a reliable estimate of the obligation cannot be made.

A contingent asset is disclosed, where an inflow of economic benefits is probable. An entity shall not recognise a contingent asset unless the recovery is virtually certain.

(l) Revenue Recognition

Revenue from operations is recognised to the extent that it is probable that economic benefit will flow to the Company and the revenue can be reliably measured regardless of when the payment is being made as per Ind AS 115.

Revenue from contracts with customers is recognised when the control/title of the goods or services are transferred to the customer at an amount of transaction price allocated to that performance obligation that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services excluding government duties collected on behalf of the Government.In determining the transaction price of goods sold and services rendered, the Company excludes the effect of any variable consideration on account of various discounts and schemes offered by the Company as a part of the Contract.

It is the Companys policy to sell its products to the end customers with the right of return of 7 days. Historical experience is used to estimate and provide for such returns at the time of sale.

The Company has generally concluded that it is the principal in its revenue arrangements, except for the agency services below, because it typically controls the goods or services before transferring them to the customer.

Principal versus agent consideration

The inventory of third party does not pass to the Company till the product is sold. At the time of sale of such inventory, the sales value along with the cost of inventory is disclosed separately as sale of goods on approval basis and cost of goods sold on approval basis and forms part of Revenue in the Statement of Profit and Loss. Only the net revenue earned i.e. margin is recorded as a part of revenue.

Rental income

Rental income arising from operating lease on investment properties is accounted for on a straight line basis over lease terms unless the receipts are structured to increase in line with expected general inflation to compensate for the expected inflationary cost increases and is included in the Statement of profit and loss due to its operating nature.

Interest income

Interest income is recongnised based on time proportion basis considering the amount outstanding and rate applicable (EIR). Interest income in included in the Other Income in the statement of Profit and Loss.

(m) Retirement and other employee benets

(i) Short-term obligations

Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employees services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled.

Retirement benefit in the form of provident fund is a defined contribution plan. The Company has no obligation , other than the contribution payable to the provident fund. The Company recognises contribution payable to the provident fund scheme as an expense, when an employee renders the related services. If the Contribution payable to the scheme for service received before the balance sheet date exceeds the contribution already paid, the deficit payable to the scheme is recognised as a liability after deducting the contribution already paid. If the contribution already paid exceeds the contribution due for services received before the balance sheet date,then excess is recognised as an asset to the extent that the prepayment will lead to a reduction in future payment or a cash refund.

ii) Other long-term employee benet obligations

The liabilities for earned leave and sick leave that are not expected to be settled wholly within 12 months are measured at the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method. The benefits are discounted using the Government Securities (G-Sec) at the end of the reporting period that have terms approximating to the terms of the related obligation. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognised in the Statement of Profit and Loss.

The obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement is expected to occur.

iii) Post-employment obligations Dened benet plans Gratuity

The liability or asset recognised in the balance sheet in respect of defined benefit gratuity plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuary using the projected unit credit method. The present value of the defined benefit obligation denominated in INR is determined by discounting the estimated future cash outflows by reference to market yields at the end of the reporting period on government bonds that have terms approximating to the terms of the related obligation.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense in the Statement of Profit and Loss. Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the statement of changes in equity and in the balance sheet. Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognised immediately in the Statement of profit and loss as past service cost.

Share-based payment

Equity settled share-based payments to employees and other providing similar services are measured at fair value of the equity instruments at grant date.

The fair value determined at the grant date of the equity-settled share-based payment is expensed on a straight line basis over the vesting period, based on the Companys estimate of equity instruments that will eventually vest, with a corresponding increase in equity. At the end of each reporting period, the Company revises its estimates of the number of equity instruments expected to vest. The impact of the revision of the original estimates, if any is, recognised in Statement of Profit and Loss such that the cumulative expenses reflects the revised estimate, with a corresponding adjustment to the shared option outstanding account.

No expense is recognised for options that do not ultimately vest because non-market performance and/or service conditions have not been met.

The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share.

Expense relating to options granted to employees of the subsidiaries under the Companys share-based payment plan, is recovered from the subsidiaries. Such recovery is reduced from employee benefit expense.

(n) Foreign currency transactions

(a) Functional and presentation currency:

Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the entity operates. The standalone financial statements are presented in INR, which is functional and presentational currency.

(b) Transaction and balances:

Transaction in currencies other than entitys functional currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transaction.

Exchange differences arising on settlement or translation of monetary items are recognised in the Statement of Profit and Loss.

Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item. (i.e., translation differences on items whose fair value gain or loss is recognised in OCI or profit or loss are also recognised in OCI or profit or loss, respectively).

(o) Income tax a) Current Tax

Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that enacted or substantively enacted, at the reporting date in the countries where The Company operates and generates taxable income.

b) Deferred tax

Deferred income tax is provided using the liability method on temporary differences arising between the tax bases of assets and liabilities and their carrying amount for financial reporting purpose at the reporting date. Deferred tax assets and liabilities are determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the asset is realised or the liability is settled.

Deferred tax liabilities are recognised for all taxable temporary differences, except:

i. When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences.

ii. In respect of taxable temporary differences associated with investments in subsidiaries, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.

Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except:

i. When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences.

ii. In respect of deductible temporary differences associated with investments in subsidiaries, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are off set where the Company has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Current and deferred tax is recognised in the Statement of Profit and Loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.

(p) Earnings Per Share

Basic earnings per share

Basic earnings per share is calculated by dividing:

- the profit attributable to equity shareholder of the Company

- by the weighted average number of equity shares outstanding during the financial year

Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account:

- the after income tax effect of interest and other financing costs associated with dilutive potential equity shares, and

- the weighted average number of additional equity shares that would have been outstanding assuming the conversion of all dilutive potential equity shares.

(q) Fair value measurement

The Company measures financial instrument at fair value at each Balance sheet date.

Fair value is the price that would be received to sell assets or paid to transfer a liability in an orderly transaction between market participant at the measurement date.

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair values:

1. Fair value of cash and deposits, trade and other receivables, trade payables and other current liabilities, approximate their carrying amounts largely due to short-term maturities of these instruments.

2. The fair values of non-current borrowings are based on discounted cash flows using a current borrowing rate. They are classified as level 3 fair values in the fair value hierarchy due to the use of unobservable inputs, including own credit risk.

3. For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values.

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.

Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.

(r) Signicant accounting judgement, estimates and assumption

The preparation of standalone financial statements requires the use of accounting estimates which by definition will seldom equal the actual results. Management also need to exercise judgement in applying the Companys accounting policies.

Share-based payment

The Company initially measures the cost of equity settled transaction with employees using Black Scholes model to determine the fair value of the liability incurred. Estimating fair value for share-based payment transaction requires determination of the most appropriate valuation model, which is dependent on the terms and conditions of the grant. The estimates also requires determination of the most appropriate inputs to the valuation model including expected life of the share option, volatility and dividend yield and making assumptions about them. For equity settled share-based payment transaction, the liability needs to be re-measured at the end of each reporting period up to the date of settlement, with any changes in fair value recognised in the Statement of Profit and Loss. This requires a re-assessment of the estimates used at end of each reporting period. The assumption and models used for estimating the fair value for share-based-payment transaction are disclosed in note no. 43.

Provision for inventory

The Company has calculated the provision for inventory basis the percentage as per historical experience for inventory lying from the last inventory count date to the reporting date.

An inventory provision is also recognised for cases where the realisable value is estimated to be lower than the inventory carrying value. The inventory provision is estimated taking into account various factors, including prevailing sales prices of inventory item, the seasonality of the items sales profile and losses associated with obsolete/slow-moving inventory items.

Dened benet plans (gratuity benets)

The cost of the defined benefit gratuity plan and other post-employment medical benefits and the present value of the gratuity obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases and mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.

The parameter most subject to change is the discount rate. In determining the appropriate discount rate for plans operated in India, the management considers the interest rates of government bonds in currencies consistent with the currencies of the post-employment benefit obligation.

The mortality rate is based on publicly available mortality tables for the specific countries. Those mortality tables tend to change only at interval in response to demographic changes. Future salary increases and gratuity increases are based on expected future inflation rates.

Further details about gratuity obligations are given in note no. 44.

(s) Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker being Managing Director of the Company . The Managing Director assesses the financial performance and position of the Company as a whole, and makes strategic decisions.

(t) Cash ow

The investing and financing activities in cash flow statement do not have a direct impact on current cash flows although they do affect the capital and asset structure of an entity. The Company has disclosed these transactions, to the extent material, in notes to cash flow statement.

2 PROPERTY, PLANT AND EQUIPMENT

	Freehold land (Refer note: 2,6)	Buildings (Refer note:1,4,5)	Leasehold improvement	Plant and equipment	Computers	Furniture and xtures	Vehicles	Ofce equipment	Electrical installations	Total
Cost
Balance as at	4,541.14	4,898.16	97.72	566.06	147.89	494.80	2.71	59.41	406.00	11,213.
1st April, 2023
Additions	1,274.82	774.46	10.40	195.46	31.15	120.52	3.42	13.47	120.34	2,544.
Less: Disposals	-	0.02	0.01	7.08	4.68	3.95	0.88	0.83	0.70	18.
Balance as at	5,815.96	5,672.60	108.11	754.44	174.36	611.37	5.25	72.05	525.64	13,739.
31st March, 2024
Additions	1,679.32	813.47	32.36	260.06	61.70	173.03	2.01	16.00	136.25	3,174.
Less: Disposals	-	0.97	0.01	15.29	9.86	6.33	0.88	1.31	2.75	37.
Balance as at	7,495.28	6,485.10	140.46	999.21	226.20	778.07	6.38	86.74	659.14	16,876.
31st March, 2025
Depreciation
Balance as at	-	816.29	68.75	231.52	111.36	264.86	1.69	41.02	214.00	1,749.
1st April, 2023
Charge for the	-	218.52	11.10	86.09	25.43	70.98	0.55	9.98	61.01	483.
year
Less: Disposals	-	0.01	0.02	5.85	4.42	3.00	0.62	0.76	0.54	15.
Balance as at	-	1,034.80	79.83	311.76	132.37	332.84	1.62	50.24	274.47	2,217.
31st March, 2024
Charge for the	-	246.11	14.28	112.22	38.07	88.74	1.33	12.14	75.52	588.
year
Less: Disposals	-	0.73	-	13.58	9.96	4.69	0.78	1.21	1.70	32.
Balance as at	-	1,280.18	94.11	410.40	160.48	416.89	2.17	61.17	348.29	2,773.
31st March, 2025
Net book value
Balance as at	5,815.96	4,637.80	28.28	442.68	41.99	278.53	3.63	21.81	251.17	11,521.
31st March, 2024
Balance as at	7,495.28	5,204.92	46.35	588.81	65.72	361.18	4.21	25.57	310.85	14,102.
31st March, 2025

Notes:

1 Building includes following amounts constructed under built operate and transfer (BOT) arrangement.

Particulars	As at	As at
	31st March, 2025	31st March, 2024
Opening Balance	46.26	45.24
Addition during the year	-	1.02
Gross block	46.26	46.26
Net block	29.71	31.28

2 Freehold land includes 582.90 crore (31^st March, 2024: 699.73 crore) being property purchased, for which mutation is pending.

3 Details of Capital work-in-progress (CWIP) -

CWIP majorily includes under construction Building & Plant and Equipment for stores/warehouses to be opened on future dates.

Particulars	As at	As at
	31st March, 2025	31st March, 2024
Opening Balance	929.99	828.90
Addition during the year	1,288.52	1,138.60
Transfer/Adjustment during the year	(1,128.00)	(1,037.51)
Closing Balance	1,090.51	929.99

a) Capital work-in-progress ageing schedule

Particulars	Less than 1 year	1- 2 years	2- 3 years	more than 3 years	Total
Project in progress	687.85	221.37	32.33	148.96	1,090.51
Project temporarily suspended	-	-	-	-	-
Balance as at 31st March, 2025	687.85	221.37	32.33	148.96	1,090.51
Project in progress	593.77	106.89	207.74	21.59	929.99
Project temporarily suspended	-	-	-	-	-
Balance as at 31st March, 2024	593.77	106.89	207.74	21.59	929.99

b) All the upcoming projects of the Company are within the timelines as estimated during the original plan and the actual cost of projects are within the total cost as estimated by the management of the Company as on 31^st March, 2025.

4 No assets are pledged as security for borrowings.

5 Building includes Net book value of plant and equipment fitting of 11.09 crore (31^st March, 2024: 14.00 crore).

6 Freehold Land includes one property at Bhamti Nagar, Nagpur of 10.65 crore as at 31^st March, 2025 (31^st March, 2024: 10.65 crore) purchased by the Company. The Company had filed an Appeal before Deputy Director of Land Records (DDLR) at Nagpur thereby challenging the Order (by Virtue of which Ownership of the seller is affected) passed by Superintendent of Land Records. The said appeal was disposed off by the DDLR vide Order dated 3^rd February, 2022. Nagpur Improvement Trust (NIT) preferred a Writ challenging the aforesaid order dated 3^rd February, 2022 passed by DDLR .The Company has filed its reply and now the matter is pending for hearing. NIT also filed suit for cancellation of deeds of the Company and its predecessor in title before the Civil courts at Nagpur and challenged the registered Deed of Correction of erstwhile owners, for declaration of ownership and granting decree of permanent injunction. The Company filed its written statement and the matter is pending for service of summons on other parties. Title deed in respect of the said property is held in the name of the Avenue Supermarts Limited.

3 RIGHT-OF-USE ASSETS

	Land (Refer note 1)	Buildings	Plant & equipment	Total
Cost
Balance as at 1st April, 2023	926.85	767.68	15.25	1,709.78
Additions	110.26	152.71	2.86	265.83
Less: Disposals	-	31.88	-	31.88
Balance as at 31st March, 2024	1,037.11	888.51	18.11	1,943.73
Additions	1.04	387.15	6.04	394.23
Less: Disposals	-	28.31	-	28.31
Balance as at 31st March, 2025	1,038.15	1,247.35	24.15	2,309.65
Depreciation
Balance as at 1st April, 2023	49.30	374.19	2.71	426.20
Charge for the year	13.27	132.27	1.76	147.30
Less: Disposals	-	24.62	-	24.62
Balance as at 31st March, 2024	62.57	481.84	4.47	548.88
Charge for the year	15.23	168.33	2.44	186.00
Less: Disposals	-	24.64	-	24.64
Balance as at 31st March, 2025	77.80	625.53	6.91	710.24
Net book value
Balance as at 31st March, 2024	974.54	406.67	13.64	1,394.85
Balance as at 31st March, 2025	960.35	621.82	17.24	1,599.41

Note:

1. Right-of-use land includes following amounts paid as premium under built operate and transfer (BOT) arrangement

( in crore)

Particulars	As at	As at
	31st March, 2025	31st March, 2024
Gross block	13.83	13.83
Net block	12.31	12.46

2 Lease liabilities

Particulars	As at	As at
	31st March, 2025	31st March, 2024
Opening	463.74	439.48
Add: Recognised during the year	378.30	147.01
Less: Disposal during the year	(3.27)	(7.41)
Add: Accretion of interest	56.06	43.42
Less: Repaid during the year	(202.13)	(158.76)
Closing*	692.70	463.74
Non-current	501.25	314.75
Current	191.45	148.99

*Refer note 45 for maturity patterns of lease liabilities.

The following are the amounts recognised in statement of profit and loss:

Particulars	For the year ended	For the year ended
	31st March, 2025	31st March, 2024
Depreciation expense of right-of-use assets (Refer note: 29)	186.00	147.30
Interest expense on lease liabilities (Refer note: 28)	56.06	43.42
Expense relating to short-term leases (included in other expenses, Refer note: 30)	10.15	5.10
Total	252.21	195.82

The Company had total cash outflows for leases of 202.13 crore (31^st March, 2024: 158.76 crore) and also had non-cash additions to right-of-use assets and lease liabilities of 393.19 crore (31^st March, 2024: 155.57 crore).

Refer note 32 for details of transactions with related parties.

4 INVESTMENT PROPERTIES

( in crore)

	As at	As at
	31st March, 2025	31st March, 2024
Cost
Opening balance	94.00	94.00
Additions	-	-
Closing balance	94.00	94.00
Depreciation
Opening balance	(18.61)	(15.50)
Charge for the year	(2.95)	(3.11)
Closing balance	(21.56)	(18.61)
Net book value	72.44	75.39
Information regarding income and expenditure of investment properties:
(i) Amounts recognised in prot and loss for investment properties
Rental income including contingent rent of NIL (Previous year NIL crore)	21.13	20.24
Direct operating expenses from property that generated rental income	1.52	1.44
Direct operating expenses from property that did not generate rental income	-	-
Income from investment properties before depreciation	19.61	18.80
Depreciation	2.95	3.11
Income from investment properties	16.66	15.69
(ii) Leasing arrangements
Certain investment properties are leased to tenants under long-term operating leases with
rentals payable monthly. Minimum lease payments receivable under non-cancellable operating
leases of investment properties are as follows:
Within one year	0.76	-
Later than one year but not later than 5 years	1.58	-
Later than 5 years	-	-
	2.34	-
(iii) Fair value
Investment properties	440.95	431.74

The Company has no restrictions on the realisability of its investment properties and no contractual obligations to purchase, construct or develop investment properties or for repairs, maintenance and enhancements.

Estimation of fair value

The fair valuation is based on current prices in the active market for similar properties. The main inputs used are quantum, area, location, demand, restrictive entry to the complex, age of building and trend of fair market rent.

This valuation is based on valuations performed by a registered valuer as defined under rule 2 of Companies (Registered Valuers and Valuation) Rules, 2017. Fair valuation is based on replacement cost method. The fair value measurement is categorised in level 2 fair value hierarchy.

	As at	As at
	31st March, 2025	31st March, 2024
B. Other investment
Unquoted equity shares
Equity instruments at cost
10,000 (31st March, 2024: 10,000) shares of Retailer Association of India (equity shares of 10	0.01	0.01
each)
Equity instruments at Fair value through other comprehensive income
5,71,755 (31st March, 2024: NIL) shares of FP Ampere Energy Private Limited (equity shares of	2.00	-
10/- each)*
Total (B)	2.01	0.01
Total (A+B)	1,255.27	964.17
Aggregate amount of unquoted investments	1,255.27	964.17
Aggregate amount of impairment in the value of investment	-	-
Non-current	1,255.27	964.17

* The Company has investment in FP Ampere Energy Private Limited (investee) w.e.f 24^th October, 2024 of 26 %, however since the Company does not exercise significant influence over financial & operating policy decisions of the investee, it is not being construed as an Associate Company.

Information of investments made in subsidiaries:

Name of investee	Relationship with the Company	Principal place of business	Ownership interest (%)
			As at 31st March, 2025	As at 31st March, 2024
Align Retail Trades Private Limited	Subsidiary	India	100.00	100.00
Avenue Food Plaza Private Limited	Subsidiary	India	100.00	100.00
Nahar Seth Jogani Developers Private Limited	Subsidiary	India	90.00	90.00
Reflect Healthcare and Retail Private Limited	Subsidiary	India	100.00	100.00
Avenue E-commerce Limited	Subsidiary	India	99.74	99.69

7 OTHER FINANCIAL ASSETS

	As at	As at
	31st March, 2025	31st March, 2024
Rent deposits given
- Related parties (Refer note: 32)	7.54	6.89
- Others	65.34	55.34
Other deposits	81.04	61.52
Margin money deposits with banks (held as lien by bank against bank guarantees)	0.61	0.57
Long-term deposits with banks with remaining maturity period more than 12 months (Provided as	0.39	0.42
security for various regulatory registrations)
Long-term deposits with banks with remaining maturity period more than 12 months	0.16	100.11
Interest receivable on bank deposits	0.01	0.39
Total	155.09	225.24

The above non-current financial assets are carried at amortised cost.

8 OTHER NON-CURRENT ASSETS

	As at	As at
	31st March, 2025	31st March, 2024
Capital advances	338.81	308.47
Prepaid expenses	10.86	12.60
Balance with government authorities	59.29	40.09
Total	408.96	361.16

9 INVENTORIES

	As at	As at
	31st March, 2025	31st March, 2024
Stock-in-trade (at lower of cost and net realisable value)	4,755.74	3,690.10
Goods in transit	49.71	33.33
Total	4,805.45	3,723.43

10 CURRENT INVESTMENTS

	As at	As at
	31st March, 2025	31st March, 2024
Investment in mutual funds
Unquoted
NIL [31st March, 2024: 15,06,917.085] ICICI Prudential Liquid Fund - Direct Plan - Growth	-	53.86
NIL [31st March, 2024: 1,08,213.932] Kotak Liquid Direct Growth	-	52.80
Total	-	106.66
Aggregate amount of unquoted investments	-	106.66
Aggregate amount of impairment in the value of investment	-	-

11 TRADE RECEIVABLES

	As at	As at
	31st March, 2025	31st March, 2024
Considered good
Unsecured (Refer note 46)
Related parties (Refer note: 32)	195.23	227.32
Other than related parties	153.30	166.02
Total	348.53	393.34

No trade or other receivable are due from directors or other officers of the Company either severally or jointly with any other person. Trade receivables are non-interest bearing and are generally received within the credit period.

a) Undisputed Trade receivables – considered good*

i) Less than 6 months	348.53	393.34
ii) 6 months -1 year	-	-
iii) 1-2 years	-	-
iv) 2-3 years	-	-
v) More than 3 years	-	-
Total	348.53	393.34

*Outstanding for following periods from date of transaction b) There are no unbilled receivables, hence the same is not disclosed in ageing schedule. c) There are no disputed trade receivables, hence the same is not disclosed in ageing schedule.

12 CASH AND CASH EQUIVALENTS

	As at	As at
	31st March, 2025	31st March, 2024
Balances with banks - In current accounts	150.82	153.44
Cash on hand	179.40	105.48
Total	330.22	258.92

For the purpose of the statement of cash flows, cash and cash equivalents comprise the following:

	As at	As at
	31st March, 2025	31st March, 2024
Total cash and cash equivalents	330.22	258.92
Cash and cash Equivalents for cash ow statement	330.22	258.92

13 BANK BALANCES OTHER THAN CASH AND CASH EQUIVALENTS

	As at	As at
	31st March, 2025	31st March, 2024
Margin money deposits with bank (held as lien by bank against guarantees)	1.09	0.94
Deposits with bank (Original maturity more than 3 months but less than 12 months)	-	300.00
Total	1.09	300.94

14 OTHER FINANCIAL ASSETS

	As at	As at
	31st March, 2025	31st March, 2024
Rent deposits given
- Others	12.62	6.50
Advances Receivable
- Related parties (Refer note: 32)*	6.01	7.36
- others	153.67	139.97
Interest receivable
- on bank deposits	20.26	43.00
Advances to employees	3.08	2.52
Deposits with bank (Remaining maturity less than 12 months)	300.00	925.07
Total	495.64	1,124.42
The above current financial assets are carried at amortised cost.
* Maximum amount outstanding during the year	9.51	8.72

15 OTHER CURRENT ASSETS

	As at	As at
	31st March, 2025	31st March, 2024
Prepaid expenses	17.81	14.39
Advances to suppliers	100.90	85.85
Balance with government authorities	58.14	38.67
Others (Consumables)	14.91	13.66
Total	191.76	152.57

16 EQUITY SHARE CAPITAL

	As at	As at
	31st March, 2025	31st March, 2024
A. Authorised
75,00,00,000 [31st March, 2024: 75,00,00,000] equity Shares of 10 each	750.00	750.00
Issued, subscribed and fully paid up
65,07,33,068 [31st March, 2024: 65,07,33,068] equity Shares of 10 each	650.73	650.73
	650.73	650.73
Notes:
a) Reconciliation of number of shares
Balance at the beginning of the year
No. of shares	65,07,33,068	64,82,63,978
Amount in crore	650.73	648.26
Issued, subscribed and paid up during the year
No. of shares	-	24,69,090
Amount in crore	-	2.47
Balance at the end of the year
No. of shares	65,07,33,068	65,07,33,068
Amount in crore	650.73	650.73

The Company through Qualified Institutional Placement (QIP) allotted 20,000,000 equity shares to the eligible Qualified Institutional Buyers (QIB) at an issue price of 2,049 per equity share (including a premium of 2,039 per equity share) aggregating to 4,098 crore on 11^th February, 2020. The issue was made in accordance with the SEBl (Issue of Capital and Disclosure Requirements) Regulations, 2018 as amended (the "SEBI ICDR Regulations"), and Sections 42 and 62 of the Companies Act, 2013, as amended, including the rules made thereunder (the "Issue"). Funds received pursuant to QIP are fully utilised towards the object stated in the placement document by 31^st March, 2024.

Expenses incurred by the Company aggregating to 21.49 crore, in connection with QIP have been adjusted towards securities premium in March 2020. b) Terms and rights attached to equity shares

The Company has only one class of equity shares having par value of 10 per share. Each holder of equity shares is entitled to one vote per share. The Company if declares dividend would pay dividend in Indian rupees. The dividend if proposed by the Board of Directors would be subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders. c) Shares reserved for issue under option

Information relating to Avenue Supermarts limited Employee Stock Option Scheme, 2016, and Employee Stock Option Scheme, 2023 including details of option granted, exercised and lapsed during the financial year and options outstanding at the end of the reporting period, is set out in note 43.

d) Details of equity shares held by shareholders holding more than 5% of the aggregate shares in the Company

	As at	As at
	31st March, 2025	31st March, 2024
Mr. Radhakishan S. Damani	149,848,238	149,848,238
- % holding of shares	23.03%	23.03%
Mr. Gopikishan S. Damani	36,469,012	36,469,012
- % holding of shares	5.60%	5.60%
Bright Star Investments Private Limited	88,750,000	88,750,000
- % holding of shares	13.64%	13.64%

e) Refer note 47 for details of Shareholding of Promoters along with changes during the Financial Year

17 OTHER EQUITY

	As at	As at
	31st March, 2025	31st March, 2024
(a) Share application money pending allotment
Opening balance	-	0.91
Issue of shares	-	(0.91)
Closing balance	-	-
(b) Securities premium
Opening balance	6,113.47	6,014.23
Exercise of share options	-	27.88
Issue of share capital	-	71.36
Closing balance	6,113.47	6,113.47
(c) Share Options Outstanding
Opening balance	32.70	42.75
Share option expense	29.71	17.84
Transferred to retained earnings on lapse of vested options	-	(0.01)
Exercise of share options	-	(27.88)
Closing balance	62.41	32.70
(d) Retained earnings
Opening balance	12,483.71	9,796.38
Net Profit for the year	2,927.18	2,694.92
Items of other comprehensive income/(loss) recognised directly in retained earnings
- Remeasurements of post-employment benefit obligation, net of tax	(7.33)	(7.60)
Transferred from share options outstanding account on lapse of vested options	-	0.01
Closing balance	15,403.56	12,483.71
Total other equity	21,579.44	18,629.88

18 OTHER FINANCIAL LIABILITIES

	As at	As at
	31st March, 2025	31st March, 2024
Rent Deposits taken - Related Parties (Refer note: 32)	0.06	0.06
Rent deposits taken	0.43	0.31
Total	0.49	0.37

The above non-current financial liabilities are carried at amortised cost.

19 DEFERRED TAX LIABILITIES (NET)

	As at	As at
	31st March, 2025	31st March, 2024
Deferred Tax liabilities on account of:
- Property plant and equipment (PPE) & Intangible assets	153.74	129.79
- Right-of-use assets	155.02	99.66
- Others	-	0.09
Deferred Tax Assets on account of:
- Employee benefits	(12.00)	(8.41)
- Lease Liabilities	(171.19)	(116.72)
- Others	(10.41)	(10.37)
Deferred tax liabilities (net)	115.16	94.04

Movements in deferred tax liabilities and deferred tax assets

	PPE & Intangible assets	Right-of-use asset	Lease liabilities	Employee benets	Others	Total
As at 1st April, 2023	103.69	95.73	(110.61)	(7.70)	(2.61)	78.50
Charged/(credited) to	26.10	3.93	(6.11)	(0.71)	(7.67)	15.54
Profit and loss
As at 31st March, 2024	129.79	99.66	(116.72)	(8.41)	(10.28)	94.04
Charged/(credited) to
Profit and loss	23.95	55.36	(54.47)	(3.59)	(0.13)	21.12
As at 31st March, 2025	153.74	155.02	(171.19)	(12.00)	(10.41)	115.16

20 TRADE PAYABLES

	As at	As at
	31st March, 2025	31st March, 2024
Trade payables
Amounts payable to related parties (Refer note: 32)	46.26	67.37
Others	957.92	885.39
Total	1,004.18	952.76

 

a) Payable to micro and small enterprises (Refer note 34)
The Company has certain dues to suppliers registered under Micro, Small and Medium
Enterprises Development Act, 2006 (MSMED Act). The disclosure pursuant to the said
MSMED Act are as follows.
Principal amount payable to suppliers registered under the MSMED Act and remaining unpaid	255.94	207.88
as at year end

 

b) Trade payables - ageing*
(1) Micro, Small and Medium Enterprises**
i) Less than 1 year	255.40	207.53
ii) 1-2 years	0.19	0.07
iii) 2-3 years	0.05	0.07
iv) more than 3 years	0.30	0.21
Total	255.94	207.88
(2) Others**
i) Less than 1 year	744.74	742.22
ii) 1-2 years	1.32	1.07
iii) 2-3 years	0.45	0.01
iv) more than 3 years	1.73	1.58
Total	748.24	744.88

*Outstanding for following periods from date of transaction

**The ageing includes retention money payable on completion of contractual obligation

c) There are no disputed trade payables, hence the same is not disclosed in ageing schedule

21 OTHER FINANCIAL LIABILITIES

	As at	As at
	31st March, 2025	31st March, 2024
Escrow deposits received*	82.05	63.83
Salary and wages payable	95.32	71.26
Capital creditors**	257.86	242.60
Total	435.23	377.69

* Escrow deposit represents amount received to protect our liability from seller for any possible claims that may arise in future in respect of certain properties. **Payable to micro and small enterprises (Refer note 34)

The Company has certain dues to suppliers registered under Micro, Small and Medium Enterprises Development Act, 2006 (‘MSMED Act). The disclosure pursuant to the said MSMED Act are as follows.

Principal amount payable to suppliers registered under the MSMED Act and remaining unpaid as at year end

77.68

55.34

22 OTHER CURRENT LIABILITIES

	As at	As at
	31st March, 2025	31st March, 2024
Statutory dues	87.37	58.91
Other payables (advance from customers) (Refer note: 46)	17.57	15.95
Other payables - Related Party (Refer note: 32)	6.05	4.99
Liability towards corporate social responsibility (Refer note: 37)	19.34	7.25
Total	130.33	87.10

23 PROVISIONS

	As at	As at
	31st March, 2025	31st March, 2024
Provision for employee benets
Gratuity (Refer note:44)	0.64	22.04
Leave entitlement	41.45	33.43
Total	42.09	55.47

Movement in Provisions:

	Gratuity	Leave Entitlement	Total
As at 1st April, 2023	15.44	30.61	46.05
Contribution to gratuity fund/Payment for leave entitlement	(15.44)	(8.69)	(24.13)
Provision during the year	22.04	11.51	33.55
As at 31st March, 2024	22.04	33.43	55.47
Contribution to gratuity fund/Payment for leave entitlement	(47.04)	(4.79)	(51.83)
Provision during the year	25.64	12.81	38.45
As at 31st March, 2025	0.64	41.45	42.09

28 FINANCE COSTS

	For the year ended 31st March, 2025	For the year ended 31st March, 2024
Interest expenses on lease liabilities (Refer note : 3)	56.06	43.42
Interest others	1.40	0.69
Finance charges	0.29	0.16
Total	57.75	44.27

29 DEPRECIATION AND AMORTISATION EXPENSE

	For the year ended 31st March, 2025	For the year ended 31st March, 2024
Depreciation/amortisation on:
- Property, plant and equipment (Refer note: 2)	588.41	483.66
- Right-of-use assets (Refer note: 3)	186.00	147.30
- Investment properties (Refer note: 4)	2.95	3.11
- Intangible assets (Refer note: 5)	5.51	4.26
	782.87	638.33
Less: Capitalised	(7.05)	(5.54)
Total	775.82	632.79

30 OTHER EXPENSES

	For the year ended 31st March, 2025	For the year ended 31st March, 2024
Contract labour charges	1,259.36	944.34
Rent (Refer note: 3 & 35)	10.15	5.10
Electricity and fuel charges	418.03	351.65
Insurance	18.34	13.88
Rates and taxes	50.94	48.31
Repairs and maintenance:
- Building	37.15	36.49
- Plant and machinery	109.77	91.86
- Others	63.00	46.48
Packing expenses	110.74	103.55
Printing and Stationery	29.51	26.40
Communication charges	11.11	8.29
Legal and professional fees	10.84	7.53
Travelling and conveyance	51.53	41.62
Directors fees (Refer note 32)	1.54	1.68
Payment to auditors
- Audit fees	0.87	0.71
- Reimbursement of expenses	0.02	0.03
Miscellaneous expenses	372.63	324.38
Expenditure towards corporate social responsibility (CSR) activities (Refer note:37)	60.84	47.04
Loss on sale/discardment of Property, plant and equipment (net)	1.16	1.86
Total	2,617.53	2,101.20

31 TAX EXPENSES

	For the year ended 31st March, 2025	For the year ended 31st March, 2024
Tax expense recognised in the statement of Profit and Loss
(a) Tax expense
Current tax
Current tax on profits for the year recognised in statement of Profit and Loss	970.89	901.00
Current tax on Re-measurements gains/(loss) on defined benefit plans recognised in OCI	(2.46)	(2.56)
Adjustments for tax related to earlier years	(36.01)	(0.08)
Total current tax expense	932.42	898.36
Deferred tax
Deferred tax charge
Total deferred tax expense	21.11	15.54
Total tax expense	953.53	913.90
(b) Reconciliation of tax expense and the accounting prot multiplied by Indias
domestic tax rate:
Accounting profit before tax (including other comprehensive income/(loss))	3,873.38	3,601.22
Tax calculated at tax rates applicable to profit @ 25.168%	974.85	906.36
Permanent differences due to:
Corporate social responsibility	15.31	11.84
Donation	0.12	0.85
Capital provision written off	0.70	0.36
Fines and penalty	0.05	0.25
Interest on income tax	0.12	0.07
Adjustments for tax related to earlier years	(36.01)	(0.08)
Interest on income tax refund	-	(0.23)
Deduction from income from house property	(2.87)	(1.96)
Deduction taken for 80JJA and others	(6.68)	(8.05)
Others	7.94	4.49
Tax recognised in the statement of prot and loss and OCI	953.53	913.90

32 RELATED PARTY TRANSACTIONS

Given below is the list of related parties where transactions have taken place either during the current financial year or comparative financial year:

	31st March, 2025	31st March, 2024
(i) Subsidiary companies:
Avenue Food Plaza Private Limited	100.00	100.00
Align Retail Trades Private Limited	100.00	100.00
Nahar Seth & Jogani Developers Private Limited	90.00	90.00
Avenue E-Commerce Limited	99.74	99.69
Reflect Healthcare and Retail Private Limited	100.00	100.00
(ii) Entity in which Company has non-current nancial Investment , without exercise
of signicant inuence on nancial & operating policy decisions of the investee,
hence not considered as an Associate Company
FP Ampere Energy Private Limited (w.e.f. 24.10.2024)	26.00	0.00

 

	31st March, 2025	31st March, 2024
(iii) Shareholders who exercise control:
Mr. Radhakishan Damani
Mr. Gopikishan Damani
Mrs. Shrikantadevi Damani
Mrs. Kirandevi Damani
Bright Star Investments Private Limited
Mrs. Jyoti Varun Kabra
Mrs. Madhu Abhay Chandak
Mrs. Manjri Chandak
(iv) Directors and Key managerial personnel(KMP):
Mr. Ignatius Navil Noronha (Managing Director and Chief Executive Officer)
Mr. Ramakant Baheti (Whole-time Director and Group Chief Financial Officer)
Mr. Elvin Machado (Executive Director)
Mr. Bhaskaran N (Whole-time Director w.e.f. 17.10.2024)
Mrs. Manjri Chandak (Non-Executive Director)
Mr. Ramesh Damani (Chairman and Independent Director till 31.03.2024)
Mr. Chandrashekhar B. Bhave (Independent Director and Chairman w.e.f. 01.04.2024)
Ms. Kalpana Unadkat (Independent Director)
Mr Harishchandra M Bharuka (Independent Director w.e.f. 13.01.2024)
Mr. Niladri Deb (Chief Financial Officer)
Mrs. Ashu Gupta (Company Secretary)
(v) Entities over which parties listed in (iii) and (iv) above exercise control/signicant
inuence and transactions have taken place with them during the year
7 Apple Hotels Private Limited
Bombay Swadeshi Stores Limited
Derive Trading and Resorts Private Limited
Damani Estates and Finance Private Limited
Boutique Hotels India Private Limited
Palya Footwear Private Limited
Wasan Hospitality Private Limited
Damani Education Foundation
Shivkishan Mindaram Damani Charitable Trust
Derive Investments
(vi) Trust:
Avenue Supermarts Limited Employees Group Gratuity Trust
D Mart Foundation

(b) Transaction with related parties

	31st March, 2025	31st March, 2024
Remuneration to Directors/Key Managerial Personnel	16.39	11.27
Sale of Property, plant and equipment to Key Managerial Personnel	0.17	-
Sitting fees to Directors	0.49	0.55
Commission to Independent Directors	1.05	1.13
Mentorship fees	1 only	1 only
Align Retail Trades Private Limited
Purchase of goods	3,296.42	2,782.27
Sales of Property, plant and equipment	0.12	0.01
Business support service income	0.37	0.63
Reimbursement of expenses received	0.03	0.03
Reimbursement of expenses paid	0.05	-
ESOP expenses reimbursement	0.64	0.48
Balances as at:
Trade payables	45.93	67.33
Other receivables	0.03	0.20
Investment in share capital	54.62	54.62
Avenue Food Plaza Private Limited
Rent and amenities service income	9.44	11.32
Reimbursement of expenses received	4.31	2.46
ESOP expenses reimbursement	0.05	0.01
Sale of goods	1.01	0.28
Purchase of goods	0.05	0.01
Commission on corporate guarantee	0.16	0.25
Investment in shares	34.89	12.04
Balances as at:
Trade receivables	0.03	0.03
Other receivables	4.10	4.39
Trade payables	-	0.01
Investment in share capital	51.94	17.05
Nahar Seth & Jogani Developers Private Limited
Repayment of lease liabilities	0.83	0.81
Balances as at:
Rent deposits given	7.54	6.89
Prepaid rent	0.83	1.48
Investment in share capital	0.09	0.09
Avenue E-Commerce Ltd.
Sale of goods (net)	2,180.89	1,829.84
Purchase of goods	-	0.50
Sale of Property, plant and equipment	0.88	0.22
Purchase of Property, plant and equipment	1.04	0.46
Rent Income	40.81	28.37
Business support service income (including share of turnover)	5.41	7.77
ESOP expenses provided	0.41	0.39
ESOP expenses reimbursement	4.04	2.66
Reimbursement of income	63.19	53.59
Reimbursement of expenses received	16.14	11.01
Investment in shares	250.00	175.01
Balances as at:
Trade payables	-	0.03
Other payables	6.02	4.98

 

	31st March, 2025	31st March, 2024
Trade receivables	195.20	227.29
Other receivables	1.81	2.56
Investment in share capital	1,138.11	887.90
Reect Healthcare and Retail Private Limited
Investment in shares	4.00	2.40
Rent Income	0.14	0.04
Business support service income (including share of turnover)	0.39	0.09
Reimbursement of expenses received	0.25	-
Sale of goods	0.01	-
Balances as at:
Other receivables	0.05	0.03
Investment in share capital	8.50	4.50
FP Ampere Energy Private Limited (w.e.f. 24.10.2024)
Investment	2.00	-
Balances as at:
Investment in share capital	2.00	-
7 Apple Hotels Private Limited
Rent and amenities service income	1.67	1.67
Employee welfare expenses	0.28	0.17
Reimbursement of expenses received	0.34	0.20
Reimbursement of expenses paid	0.06	-
Balances as at:
Other receivables	0.02	0.18
Other payables	0.03	0.01
Rent deposits taken	0.06	0.06
Derive Trading and Resorts Private Limited
Employee welfare expenses	-	0.12
Sale of goods	0.03	0.03
Damani Estates and Finance Private Limited
Purchase for Property, plant and equipment	-	16.41
Reimbursement of expenses received	0.13	2.84
Avenue Supermarts Limited Employees Group Gratuity Trust
Contribution to trust	47.04	15.44
D MART Foundation
Contribution to trust	48.36	46.53
Sale of goods	0.11	0.27
Sale of Property, plant and equipment	-	0.03
Palya Footwear Private Limited
Purchase of goods	47.18	31.02
Balances as at:
Trade payable	0.32	-
Wasan Hospitality Private Limited
Employee welfare expenses	0.38	0.16
Balances as at:
Other payables (47,658 /-)	0.00	-
Damani Education Foundation
Sale of goods	0.05	0.10
Shivkishan Mindaram Damani Charitable Trust
Sale of goods	0.16	0.05
Derive Investments
Sale of goods	0.05	-

Note:

1. NIL (31^st March, 2024: 12,400) and NIL (31^st March, 2024: 36,000) equity shares of 10/- each were allotted to Mrs. Ashu Gupta and Mr.Elvin Machado respectively under the ESOP Scheme 2016

2. Compensation to Directors/Key Managerial Personnel of the Company:

Nature of benet	31st March, 2025	31st March, 2024
Short-term employment benefits	15.96	10.94
Post employment benefits	0.43	0.33
Sitting fees	0.49	0.55
Commission to Independent Directors	1.05	1.13

The aforesaid amount does not include amount in respect of gratuity and leave as the same in not determinable.

Guarantees given by the Company on related parties:

( in crore)

	31st March, 2025	31st March, 2024
Corporate Guarantee	13.01	21.41

(Guarantee given for Avenue Food Plaza Private Limited)

Terms and conditions of transactions with related parties:

Sales and Purchase:

The sales and purchases with related parties are made in the ordinary course of business of the Company and have been done at arms length basis between the Company and related parties. For the year ended 31^st March 2025, the Company has not recorded any impairment of receivables or write back of payables relating to amounts outstanding of related parties.

Corporate Guarantee to subsidiary:

Corporate Guarantee given to the bank for providing security for the performance of the obligations and liabilities of the subsidiary. All Related Party Transactions entered during the year other than mentioned above are also in ordinary course of the business and on arms length basis. Outstanding balances at the year-end are unsecured and settlement occurs in cash.

33 ASSETS PLEDGED AS SECURITY

The carrying amounts of assets pledged as security for current and non-current borrowings are:

( in crore)

	31st March, 2025	31st March, 2024
Current assets
Trade receivables	348.53	393.34
Inventories	2,337.70	1,797.18
Total current assets pledged as security	2,686.23	2,190.52

At 31^st March, 2025, the Company had available 401.54 crore (31^st March, 2024: 633.40 crore) of undrawn committed borrowing facilities.

34 DISCLOSURE AS REQUIRED BY MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006

The details of amounts outstanding to Micro and Small enterprises under the Micro and Small Enterprises Development Act, 2006 (MSMED Act), based on the available information with the Company are as under:

( in crore)

	As at	As at
	31st March, 2025	31st March, 2024
1 Principal amount not due and remaining unpaid	285.36	233.22
2 Principal amount due and remaining unpaid	48.26	30.00
3 Interest due on (1) above and the unpaid interest	-	-
4 Interest due and payable for the period of delay other than (3) above	-	-

35 LEASE DISCLOSURE

The Company has entered into agreements for taking on lease certain office/store premises & warehouses. The lease term is for period ranging from 1 year to 30 years.

Premises taken on lease:

	31st March, 2025	31st March, 2024
Lease rent expenses recognised in the statement of Profit and Loss account	10.15	5.10
The total future minimum lease rent payable for the non-cancellable period of lease at the
Balance Sheet date:
- For a period not later than one year	-	-
- For a period later than one year and not later than 5 years	-	-
-For a period later than five years	-	-

Note: Refer note 45 for the maturity pattern of lease liabilities

36 CONTINGENT LIABILITIES AND COMMITMENTS

(a) Contingent liabilities

Claims against the Company not acknowledged as debts

( in crore)

	As at	As at
	31st March, 2025	31st March, 2024
Income tax matters	1.71	4.84
Indirect tax matters	267.03	121.76
Corporate Guarantee (Refer note 32)	13.01	21.41
Other matters	1.22	0.34

It is not practicable for the Company to estimate the timings of cash outflows , if any in respect of above pending resolutions of the respective proceedings.

The Company has reviewed all its pending litigation and proceedings and has adequately provided for where provisions are required and disclosed in contingent liabilities where applicable in its financial statements. The Company does not expect the outcome of these proceedings to have a materially adverse effect on its financial statements.

The Company has process whereby periodically all long-term contracts are assessed for material foreseeable losses. At the year end, Company has reviewed and ensured that adequate provision as required under any law/accounting standard for material foreseeable losses on such long-term contracts has been made in the books of accounts.

(b) Capital commitments

	As at	As at
	31st March, 2025	31st March, 2024
Estimated amounts of contracts remaining to be executed on capital account and not	4,274.09	3,605.34
provided for (net of advances) relating to sites under construction

The Company from time to time provides need based support to Avenue E-Commerce Limited (Subsidiary) towards capital and other requirement

37 CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES

( in crore)

	For the year ended	For the year ended
	31st March, 2025	31st March, 2024
a) Expenditure towards CSR activities
Amount approved by the Board and required to be spent as per Section 135 of the Act*	60.84	47.04
Amount yet to be spent during the previous year	7.25	7.38
Total amount to be spent during the year	68.09	54.42
Amount spent during the year on:
(i) Construction/acquisition of any asset	-	-
(ii) On purposes other than (i) above	41.50	42.57
Amount yet to be spent during the year on:
(i) Construction/acquisition of any asset	-	-
(ii) On purposes other than (i) above	19.34	4.47
Amount spent during the year for corporate social responsibility (CSR) activities are in cash.
*Includes excess amount of previous year.
b) Details related to spent/unspent obligations
i) Details of amounts spent against ongoing projects	14.92	40.96
ii) Details of amounts spent against other than ongoing projects	33.72	6.15
iii) Details of administrative overhead	-	-
iv) Amount spent on Impact Assessment	0.11	0.06
v) Unspent amount in relation to:
- Ongoing projects	19.34	7.25
- Other than ongoing projects	-	-
Total	68.09	54.42
c) Details of ongoing project and other than ongoing projects
Opening Balance
- With Company	-	-
- In separate CSR unspent A/C	7.25	7.38
Amount required to be spent	60.84	47.04
Total amount to be spend during the year	68.09	54.42
Amount spent during the year
- From Company bank A/C	41.50	42.57
- From separate CSR unspent A/C	7.25	4.60
Closing Balance
- With Company	-	-
- In separate CSR unspent A/C	19.34	7.25
d) Transaction with related parties
D Mart Foundation (Refer note 32):
Contribution to trust	48.36	46.53
Sale of goods	0.11	0.27
Sale of Property, plant and equipment	-	0.03

38 SEGMENT REPORTING

The Company is into the business of retail in India which in the context of Indian Accounting Standards 108 - "Segment Information" represents single reportable business segment. Information reported to The Chief Operating Decision Maker, for the purposes of resource allocation and assessment of segment performance focuses on the types of products sold / business conducted. The revenues, total expenses and net profit as per the statement of the profit and loss represents the revenue, total expenses and the net profit of the sole reportable segment. No single customer represents 10% or more of the Companys total revenue for the year ended 31^st March, 2025 and 31^st March, 2024.

39 The Company has not entered into any derivative transaction during the year. Unhedged foreign currency exposure at the end of the year is NIL.

40 EARNINGS PER SHARE (EPS)

Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders by the weighted average number of equity shares outstanding during the year.

Diluted EPS amounts are calculated by dividing the profit attributable to equity holders by the weighted average number of Equity shares outstanding during the year plus the weighted average number of equity shares that would be issued on conversion of all the dilutive potential equity shares into equity shares.

The following reflects the profit and share data used in the basic and diluted EPS computation:

	For the year ended	For the year ended
	31st March, 2025	31st March, 2024
Earnings per share has been computed as under:
Profit for the year as per statement of Profit and Loss ( in crore):	2,927.18	2,694.92
Weighted average number of equity shares outstanding for basic EPS	650,733,068	650,437,695
Earnings Per Share () - Basic (Face value of 10 per share)	44.98	41.43
Prot for the year as per statement of Prot and Loss ( in crore):	2,927.18	2,694.92
Weighted average number of equity shares outstanding for basic EPS	650,733,068	650,437,695
Add: Weighted average number of potential equity shares on account of employee stock option	1,585,528	1,099,256
schemes
Weighted average number of equity shares outstanding for dilutive EPS	652,318,596	651,536,951
Earnings Per Share () - Diluted (Face value of 10 per share)	44.87	41.36

41 (a) Capital risk management

For the purpose of the Companys capital management, capital includes issued equity capital, securities premium and all other equity reserves attributable to the equity shareholders. The primary objective is to maximise the shareholders value. The Company manages its capital structure and makes adjustments in light of changes in economic condition and the requirements of the financial covenants. The Company has raised capital by issue of equity shares through an Initial Public Offer (IPO) in the year ended 31^st March, 2017 and Qualified Institutional Placement (QIP) in the year ended 31^st March, 2020. Certain proceeds from the IPO and QIP have been used for repayment of borrowings which have significantly reduced the Companys borrowings and is NIL in the current year.

The capital structure is governed by policies approved by the Board of Directors and is monitored by various matrices, also funding requirements are reviewed periodically.

(b) Dividends

The Company has not paid any dividend since its incorporation.

42 FAIR VALUES AND FAIR VALUE HIERARCHY

The carrying amounts of trade receivables, cash and cash equivalents, bank balance other than cash and cash equivalents, other financial assets, trade payables, capital creditors are considered to be same as their fair values, due to their short-term nature. The carrying value of lease liabilities, deposits given and taken and other financial assets and liabilities are considered to be reasonably same as their fair values. These are classified as level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including counter party credit risk.

43 SHARE-BASED PAYMENTS

(a) Employee stock option scheme, 2023

During the year ended 31^st March, 2024, the Company had instituted an Avenue Supermarts Limited Employee Stock Option Scheme, 2023 ("the Scheme") as approved by the Board of Directors dated 15^th July, 2023 for issuance of stock option to eligible employee of the Company and of its subsidiaries.

Pursuant to Avenue Supermarts Limited Employee Stock Option Scheme, 2023 Stock options convertible into 13,62,250 equity shares of 10/- each were granted to eligible employees at exercise price of 3,350 - 3,420. Out of the options granted, 88,000 (31^st March, 2024: 35,000) options lapsed as at 31^st March, 2025.

Subject to terms and condition of the scheme, options are classied into three categories.

Tranche I: Granted on 1^st September, 2023

	Option A	Option B	Option C
No. of options	671,625	380,050	185,575
Method of accounting	Fair value	Fair value	Fair value
Vesting plan	9 years	6 years	3 years
Vesting plan date	1st September, 2032	1st September, 2029	1st September, 2026
Grant date	1st September, 2023	1st September, 2023	1st September, 2023
Exercise/Expiry date	1st September, 2032 -	1st September, 2029 -	1st September, 2026 -
	30th November, 2032	30th November, 2029	30th November, 2026
Grant/Exercise price	3,350.00	3,350.00	3,350.00
Method of settlement	Equity - settled	Equity - settled	Equity - settled

Tranche II: Granted on 13^th January, 2024

	Option A	Option B	Option C
No. of options	75,000	35,000	15,000
Method of accounting	Fair value	Fair value	Fair value
Vesting plan	9 years	6 years	3 years
Vesting plan date	1st September, 2032	1st September, 2029	1st September, 2026
Grant date	13th January, 2024	13th January, 2024	13th January, 2024
Exercise/Expiry date	1st September, 2032 -	1st September, 2029 -	1st September, 2026 -
	30th November, 2032	30th November, 2029	30th November, 2026
Grant/Exercise price	3,420.00	3,420.00	3,420.00
Method of settlement	Equity - settled	Equity - settled	Equity - settled

Exercise period, would commence from the date of options are vested and will expire at the end of three months from the date of vesting .

Movement of options granted

	Average exercise price per share option	Number of options	Average exercise price per share option	Number of options
Opening balance		1,327,250		-
Granted during the year	3,350 - 3,420	-	3,350 - 3,420	1,362,250
Forfeited during the year	3,350 - 3,420	53,000	3,350 - 3,420	35,000
Vested during the year		-		-
Closing balance		1,274,250		1,327,250

The model inputs for fair value of option granted as on the grant date:

Inputs	Option A	Option B	Option C
Exercise price	3350 - 3420	3350 - 3420	3350 - 3420
Dividend yield	0%	0%	0%
Risk free interest rate	7.08%	7.06%	7.04%
Expected volatility	10.74%	10.74%	10.74%
Fair value per option	2,013.10	1,598.85	1,089.21
Model used	Black Scholes	Black Scholes	Black Scholes

(b) Employee stock option scheme, 2016

During the year ended 31^st March, 2017, the Company had instituted an Avenue Supermarts Limited Employee Stock Option Scheme, 2016 ("the Scheme") as approved by the Board of Directors dated 23^rd July, 2016 for issuance of stock option to eligible employee of the Company and of its subsidiaries.

Pursuant to Avenue Supermarts Limited Employee Stock Option Scheme, 2016 Stock options convertible into 1,39,73,325 equity shares of 10/- each were granted to eligible employees at exercise price of 299/-. Out of the options granted, 55,57,008 options lapsed (31^st March, 2024: 55,39,683 ) and 66,50,367 options were vested (31^st March, 2024: 66,50,367) as at 31^st March, 2025. Against the vested options, 66,48,582 (31^st March, 2024: 66,48,582) equity shares of 10/- each were allotted pursuant to exercise of options, and balance 1,785 (31^st March, 2024: 1,785) options lapsed as at 31^st March, 2025.

Subject to terms and condition of the scheme, options are classied into three categories.

No. of options	2,772,525	5,001,075	6,199,725
Method of accounting	Fair value	Fair value	Fair value
Vesting plan	9 years	6 years	2.5 years
Grant date	14th March, 2017	14th March, 2017	14th March, 2017
Exercise/Expiry date	"14th March, 2026 -	"14th March, 2023 -	"14th March, 2019 -
	13th June, 2026"	13th June, 2023"	13th June, 2019"
Grant/Exercise price	299.00	299.00	299.00
Method of settlement	Equity - settled	Equity - settled	Equity - settled

Exercise period, would commence from the date of options are vested and will expire at the end of three months from the date of vesting .

Movement of options granted

	Average exercise price per share option	Number of options	Average exercise price per share option	Number of options
Opening balance	299.00	1,783,275	299.00	1,994,475
Granted during the year	299.00	-	299.00	-
Forfeited during the year	299.00	17,325	299.00	211,200
Vested during the year		-		-
Closing balance		1,765,950		1,783,275

 

The model inputs for fair value of option granted as on the grant date:
Inputs	Option A	Option B	Option C
Exercise price	299.00	299.00	299.00
Dividend yield	0%	0%	0%
Risk free interest rate	6.98%	7.24%	6.77%
Expected volatility	14.22%	14.22%	14.22%
Fair value per option	144.94	112.93	58.63
Model used	Black Scholes	Black Scholes	Black Scholes

Expense arising from equity settled share-based payments transactions:

	For the year ended 31st March, 2025	For the year ended 31st March, 2024
Total expenses of employee stock option scheme	29.71	17.84
Less: Recovered from subsidiaries (Refer note 32)	4.73	3.15
Add: Payable to subsidiary (Refer note 32)	0.41	0.39
Recognised in the statement of prot or loss	25.39	15.08

44 POST RETIREMENT BENEFIT PLAN

As per Indian Accounting Standard 19 "Employee benefits", the disclosures as defined are given below:

Dened Benet Plan

The Company operates a gratuity plan wherein every employees entitled to the benefit equivalent to fifteen days salary last drawn for each year of service. The same is payable on termination of service or retirement whichever is earlier. The benefit vest after five years of continuous service. The gratuity paid is governed by The Payment of Gratuity Act,1972. The Company contributes to the fund based on actuarial report details of which is available in the table of investment pattern of plan asset, based on which the Company is not exposed to market risk. The following table summarises the component of net benefit expenses recognised in the statement of profit and loss and the funded status and amounts recognised in the balance sheet for respective period.

1 Change in the present value of dened benet obligation are as follows

	As at	As at
	31st March, 2025	31st March, 2024
Present value of benefit obligation at the beginning of the year	89.97	68.46
Interest cost	6.47	5.03
Current service cost	14.27	10.75
Benefit paid from the fund	(4.53)	(5.55)
Actuarial (gains)/losses on obligations - due to change in financial assumptions	3.86	5.28
Actuarial (gains)/losses on obligations - due to experience	8.23	6.00
Present value of benet obligation at the end of the year	118.27	89.97

2 Change in fair value of plan assets

	As at	As at
	31st March, 2025	31st March, 2024
Fair value of plan assets at the beginning of the year	67.93	53.02
Interest income	4.88	3.90
Contributions by the employer	47.04	15.44
Benefit paid from the fund	(4.53)	(5.55)
Return on plan assets, excluding interest income	2.31	1.12
Fair value of plan assets at the end of the year	117.63	67.93

3 Change in fair value of assets and obligations

	As at	As at
	31st March, 2025	31st March, 2024
Present value of benefit obligation at the end of the year	(118.27)	(89.97)
Fair value of plan assets at the end of the year	117.63	67.93
Funded status (surplus/(decit))	(0.64)	(22.04)
Net liability is bifurcated as follows:
Current liabilities	(0.64)	(22.04)
Net Liabilities Recognised in the Balance Sheet	(0.64)	(22.04)

4 Net benet expenses recognised during the year

	For the year ended	For the year ended
	31st March, 2025	31st March, 2024
In the statement of Prot and Loss
Current service cost	14.27	10.75
Net interest cost	1.59	1.13
Past service cost	-	-
Net cost	15.86	11.88
In other comprehensive income
Actuarial (gains)/losses on obligation for the year	12.10	11.28
Return on plan assets, excluding interest income	(2.31)	(1.12)
Net (income)/expense for the year recognised in other comprehensive income	9.79	10.16

5 All investment of plan asset are done in M/s. Avenue Supermarts Limited Employees Group Gratuity Trust which is governed by Board of Trustees.

6 The principal assumptions in determining gratuity dened benet obligation for the Company are as follows

	As at	As at
	31st March, 2025	31st March, 2024
Expected return on plan assets	6.61%	7.19%
Rate of discounting	6.61%	7.19%
Rate of salary increase	9.00%	9.00%
Rate of employee turnover	15.00%	15.00%
Mortality rate during employment	Indian Assured	Indian Assured
	Lives Mortality	Lives Mortality
	(2012-14)	(2012-14)
Mortality rate after employment	N.A.	N.A.

The estimates of rate of escalation in salary considered in actuarial valuation, take into account inflation, seniority, promotion and other relevant factors including supply and demand in the employment market. The above information is certified by the actuary.

The expected rate of return on plan assets is determined considering several applicable factors, mainly the composition of plan assets held, assessed risks, historical results of return on plan assets and the Companys policy for plan assets management.

7 The expected contributions for dened benet plan for the future years is as follows:

	As at	As at
	31st March, 2025	31st March, 2024
Projected benefits payable in future years from the date of reporting
1st following year	13.60	11.00
2nd following year	13.42	10.63
3rd following year	13.82	10.57
4th following year	13.11	10.53
5th following year	12.71	9.84
Sum of years 6 To 10	49.46	38.88
Sum of years 11 and above	75.78	59.30

The weighted average duration of the defined benefit plan obligation at the end of the reporting period is 7 years (31^st March, 2024: 7 years).

8 Sensitivity analysis

	As at	As at
	31st March, 2025	31st March, 2024
Projected benefit obligation on current assumptions	118.27	89.97
Delta effect of +1% change in rate of discounting	(6.50)	(4.76)
Delta effect of -1% change in rate of discounting	7.33	5.35
Delta effect of +1% change in rate of salary increase	6.76	4.99
Delta effect of -1% change in rate of salary increase	(6.20)	(4.56)
Delta effect of +1% change in rate of employee turnover	(1.39)	(0.82)
Delta effect of -1% change in rate of employee turnover	1.52	0.89

There has been no change from the previous year in the method and assumptions used in preparing the sensitivity analysis.

These plans typically exposed the Company to actuarial risks such as Interest risk, salary risk, investment risk, asset liability matching risk and mortality risk.

Gratuity is a defined benefit plan and Company is exposed to the following risks:

Interest rate risk: A fall in the discount rate which is linked to the G.Sec. rate will increase the present value of the liability requiring higher provision. A fall in the discount rate generally increases the mark to market value of the assets depending on the duration of asset.

Salary risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries of members. As such, an increase in the salary of the members more than assumed level will increase the plans liability.

Investment risk: The present value of the defined benefit plan liability is calculated using a discount rate which is determined by reference to market yields at the end of the reporting period on government bonds. If the return on plan asset is below this rate, it will create a plan deficit. Currently, for the plan in India, it has a relatively balanced mix of investments in government securities, and other debt instruments.

Asset liability matching risk: The plan faces the ALM risk as to the matching cash flow. Since the plan is invested in lines of rule 101 of Income Tax Rules, 1962, this generally reduces ALM risk.

Mortality risk: Since the benefits under the plan is not payable for life time and payable till retirement age only, plan does not have any longevity risk.

Concentration risk: Plan is having a concentration risk as all the assets are invested with the insurance company and a default will wipe out all the assets. Although probability of this is very low as insurance companies have to follow stringent regulatory guidelines which mitigate risk.

45 FINANCIAL RISK MANAGEMENT

Financial risk management objectives and policies

The Companys financial principal liabilities comprises lease liabilities, trade payables and other payables. The main purpose of these financial liabilities to finance the Company operation. The Companys main financial assets includes trade and other receivable, cash and cash equivalent, other bank balances derived from its operations.

In addition to risks inherent to our operations, we are exposed to certain market risks including change in interest rates and fluctuation in currency exchange rates.

A) Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivable) and from its financial activities including deposits with banks and financial institution.

Credit risk from balances with banks is managed by the Companys treasury department in accordance with Companys policy.

The Company operates on business model of primarily cash and carry along with sales to subsidiaries and credit risk from receivable perspective is not significant.

B) Liquidity risk

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time, or at a reasonable price. Processes and policies related to such risk are overseen by senior management. Management monitors the Companys net liquidity position through rolling forecasts on the basis of expected cash flows.

Maturity patterns of Financial Liabilities

	0-1 years		1-5 years	beyond 5 years	Total
Lease liabilities	191.45		433.89	67.36	692.70
Expected interest payable on lease	53.17		81.31	22.75	157.23
liabilities
Total	244.62		515.20	90.11	849.93
		0-1 years	1-5 years	beyond 5 years	Total
Lease liabilities		148.99	279.28	35.47	463.74
Expected interest payable on lease		34.55	45.01	19.94	99.50
liabilities
Total		183.54	324.29	55.41	563.24

Undiscounted Maturity patterns of other nancial liabilities

As at 31^st March, 2025

	Overdue/ Payable on demand	0-3 months	3-6 months	6 months to 12 months	beyond 12 months	Total
Trade payable	1,004.18	-	-	-	-	1,004.18
Payable related to capital goods	257.86	-	-	-	-	257.86
Other financial liabilities (current and	177.37	-	-	-	0.49	177.86
non-current)
Total	1,439.41	-	-	-	0.49	1,439.90

As at 31^st March, 2024

	Overdue/ Payable on demand	0-3 months	3-6 months	6 months to 12 months	beyond 12 months	Total
Trade payable	952.76	-	-	-	-	952.76
Payable related to capital goods	242.60	-	-	-	-	242.60
Other financial liabilities (current and	135.09	-	-	-	0.37	135.46
non-current)
Total	1,330.45	-	-	-	0.37	1,330.82

46 IND AS 115: REVENUE FROM CONTRACTS WITH CUSTOMERS

1. Disaggregated revenue information:

Set out below is the disaggregation of the Companys revenue from contracts with customers:

	For the year ended	For the year ended
	31st March, 2025	31st March, 2024
Type of goods or service
Sale of goods	63,309.97	54,368.45
Sale of goods on approval basis net of cost of goods sold	6.29	6.16
Other operating income	127.25	85.18
Goods & Service Tax	(5,653.70)	(4,926.84)
Total revenue from contract with customers	57,789.81	49,532.95
India	57,789.81	49,532.95
Outside India	-	-
Total revenue from contract with customers	57,789.81	49,532.95
Timing of revenue recognition
Goods transferred at a point in time	57,662.56	49,447.77
Services transferred over time (Other operating income)	127.25	85.18
Total revenue from contract with customers	57,789.81	49,532.95

2. Contract balances:

	As at	As at
	31st March, 2025	31st March, 2024
Trade receivables	348.53	393.34
Contract liabilities	17.57	15.95

47 SHAREHOLDING OF PROMOTERS

As at 31^st March, 2025

Promoter Name	No of shares at the beginning of the year	% of total shares	Change during the year	No of shares at the end of the year	% of total shares	% change during the year
1. Mr. Radhakishan Damani	14,98,48,238	23.03%	-	14,98,48,238	23.03%	0.0%
2. Mr. Gopikishan Damani	3,64,69,012	5.60%	-	3,64,69,012	5.60%	0.0%
3. Mrs. Kirandevi Damani	11,00,000	0.17%	-	11,00,000	0.17%	0.0%
4. Mrs. Shrikantadevi Damani	65,00,000	1.00%	-	65,00,000	1.00%	0.0%
5. M/s. Bright Star Investments Pvt. Ltd.	8,87,50,000	13.64%	-	8,87,50,000	13.64%	0.0%
6. M/s. Royal Palm Private Beneficiary Trust	3,09,55,494	4.76%	-	3,09,55,494	4.76%	0.0%
7. M/s. Bottle Palm Private Beneficiary Trust	3,09,55,494	4.76%	-	3,09,55,494	4.76%	0.0%
8. M/s. Mountain Glory Private Beneficiary Trust	3,09,55,494	4.76%	-	3,09,55,494	4.76%	0.0%
9. M/s. Gulmohar Private Beneficiary Trust	3,09,55,494	4.76%	-	3,09,55,494	4.76%	0.0%
10. M/s. Karnikar Private Beneficiary Trust	3,09,55,494	4.76%	-	3,09,55,494	4.76%	0.0%
11. Mrs.Rukmanidevi Mohanlal Bagri ( Promoter Group)	1,00,000	0.02%	-	1,00,000	0.02%	0.0%
12. Mrs.Chanda Chandak (Promoter Group)	8,000	0.00%	-	8,000	0.00%	0.0%
13. Mrs. Jyoti Varun Kabra (Promoter Group)	1,60,64,812	2.47%	-	1,60,64,812	2.47%	0.0%
14. Mrs. Madhu Abhay Chandak (Promoter Group)	1,60,64,812	2.47%	-	1,60,64,812	2.47%	0.0%
15. Mrs. Manjri Chandak (Promoter Group)	1,60,64,812	2.47%	-	1,60,64,812	2.47%	0.0%
Total	48,57,47,156		-	48,57,47,156

 

As at 31st March, 2024 Promoter Name	No of shares at the beginning of the year	% of total shares	Change during the year	No of shares at the end of the year	% of total shares	% change during the year
1. Mr. Radhakishan Damani	14,98,48,238	23.03%	-	14,98,48,238	23.03%	0.0%
2. Mr. Gopikishan Damani	3,64,69,012	5.60%	-	3,64,69,012	5.60%	0.0%
3. Mrs. Kirandevi Damani	11,00,000	0.17%	-	11,00,000	0.17%	0.0%
4. Mrs. Shrikantadevi Damani	65,00,000	1.00%	-	65,00,000	1.00%	0.0%
5. M/s. Bright Star Investments Pvt. Ltd.	8,87,50,000	13.64%	-	8,87,50,000	13.64%	0.00%
6. M/s. Royal Palm Private Beneficiary Trust	3,09,55,494	4.76%	-	3,09,55,494	4.76%	0.00%
7. M/s. Bottle Palm Private Beneficiary Trust	3,09,55,494	4.76%	-	3,09,55,494	4.76%	0.00%
8. M/s. Mountain Glory Private Beneficiary Trust	3,09,55,494	4.76%	-	3,09,55,494	4.76%	0.00%
9. M/s. Gulmohar Private Beneficiary Trust	3,09,55,494	4.76%	-	3,09,55,494	4.76%	0.00%
10. M/s. Karnikar Private Beneficiary Trust	3,09,55,494	4.76%	-	3,09,55,494	4.76%	0.00%
11. Mrs.Rukmanidevi Mohanlal Bagri ( Promoter Group)	1,00,000	0.02%	-	1,00,000	0.02%	0.00%
12. Mrs.Chanda Chandak (Promoter Group)	8,000	0.00%	-	8,000	0.00%	0.00%
13. Mrs. Jyoti Varun Kabra (Promoter Group)	1,60,64,812	2.47%	-	1,60,64,812	2.47%	0.00%
14. Mrs. Madhu Abhay Chandak (Promoter Group)	1,60,64,812	2.47%	-	1,60,64,812	2.47%	0.00%
15. Mrs. Manjri Chandak (Promoter Group)	1,60,64,812	2.47%		1,60,64,812	2.47%	0.00%
Total	48,57,47,156		-	48,57,47,156

48 RATIOS

Ratios	Numerator	Denominator	As at 31st March, 2025	As at 31st March, 2024	% Variance	Reason for variance (above 25%)
			%	%
a) Current Ratio (times)	Current Assets	Current Liabilities	3.02	3.23	(7%)
b) Debt - Equity Ratio (times)	Total Debt (Including lease	Shareholders	0.03	0.02	30%	Increase due to
	liabilities)	Equity				lease liabilities
c) Debt Service Coverage	Earnings available for debt	Debt service =	18.46	21.14	(13%)
Ratio (times)	service = Net profit after	Finance cost &
	taxes + Non-cash operating	Lease Payments
	expenses (depreciation,	+ Principal
	Finance cost & loss on	Repayments
	disposal of assets)
d) Return on Equity ratio (%)	Net Profits after taxes	Average	14.10%	15.06%	(6%)
		Shareholders
		Equity
e) Inventory turnover	Cost of goods sold	Average Inventory	11.63	12.55	(7%)
ratio(times)
f) Trade receivables turnover	Net credit sales	Average Trade	121.84	117.38	4%
ratio (times)		Receivable
g) Trade payables turnover	Net credit purchases	Average Trade	51.81	52.25	(1%)
ratio (times)		payable
h) Net capital turnover ratio	Net sales	Working capital	14.00	11.84	18%
(times)
i) Net profit ratio (%)	Net Profit after tax	Net sales	5.07%	5.44%	(7%)
j) Return on Capital	Earnings before interest and	Capital Employed	19.72%	20.66%	(5%)
employed (%)	taxes	= Tangible Net
		Worth + Total
		Debt + Deferred
		Tax Liability
k) a) Return on investment	Change in market value	Average	6.57%	6.58%	(0%)
(%) (Term Deposits)		Investment
b) Return on investment	Change in market value	Average	6.76%	6.76%	0%
(%) (Mutual Funds)		Investment

49 OTHER STATUTORY INFORMATION

(i) No proceedings have been initiated or are pending against the Company for holding any Benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder.

(ii) Relationship with Struck off Companies:

As at 31^st March, 2025:

The Company does not have any transactions with struck off Companies during the year ended 31.03.2025.

As at 31^st March, 2024:

Name of struck off Company	Nature of transactions	Balance outstanding as on 31.03.2024	Relationship with the Struck off company
M.I.Constructions Private Limited	Payables	-	Vendor
Swadeshi Marketing And Retail	Payables	-	Vendor
Trading Company (India) Private Limited

(iii) The Company does not have any charges or satisfaction which is yet to be registered with Registrars of Companies beyond the statutory period.

(iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

(v) The Company has not advanced or loaned or invested funds to any other person or entity, including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries"

(vi) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,

(vii) The Company does not have any such transaction which is not recorded in the books of account that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).

(viii) The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets during the year ended 31^st March, 2025.

(ix) The Company has not provided loans, advances in the nature of loans, stood guarantee (other than corporate guarantee as disclosed in note 32), or provided security to Companies, Firms, limited liability partnerships.

(x) The Company has not defaulted in repayment of loans, or other borrowings or payment of interest thereon to any lender.

(xi) The Company has not been declared willful defaulter by any bank, financial institution, government or government authority.

(xii) The quarterly returns/statements filed by the Company with the banks are in agreement with the books of account of the Company.

50 NEW AND AMENDED STANDARDS

The Company applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after 1^st April, 2024. The Company has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

(i) Ind AS 117 Insurance Contracts

The Ministry of corporate Affairs (MCA) notified the Ind AS 117, Insurance Contracts, vide notification dated 12^th August, 2024, under the Companies (Indian Accounting Standards) Amendment Rules, 2024, which is effective from annual reporting periods beginning on or after 1^st April, 2024.

Ind AS 117 Insurance Contracts is a comprehensive new accounting standard for insurance contracts covering recognition and measurement, presentation and disclosure. Ind AS 117 replaces Ind AS 104 Insurance Contracts. Ind AS 117 applies to all types of insurance contracts, regardless of the type of entities that issue them as well as to certain guarantees and financial instruments with discretionary participation features; a few scope exceptions will apply. Ind AS 117 is based on a general model, supplemented by:

• A specific adaptation for contracts with direct participation features (the variable fee approach)

• A simplified approach (the premium allocation approach) mainly for short-duration contracts

The application of Ind AS 117 had no impact on the Companys financial statements as the Company has not entered any contracts in the nature of insurance contracts covered under Ind AS 117.

(ii) Amendment to Ind AS 116 Leases – Lease Liability in a Sale and Leaseback

The MCA notified the Companies (Indian Accounting Standards) Second Amendment Rules, 2024, which amend Ind AS 116, Leases, with respect to Lease Liability in a Sale and Leaseback.

The amendment specifies the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognise any amount of the gain or loss that relates to the right-of-use it retains.

The amendment is effective for annual reporting periods beginning on or after 1^st April, 2024 and must be applied retrospectively to sale and leaseback transactions entered into after the date of initial application of Ind AS 116.

The amendment does not have a material impact on the Companys financial statements.

51 STANDARDS NOTIFIED BUT NOT EFFECTIVE

There are no standards that are notified and not yet effective as on the date.

52 EVENTS AFTER THE REPORTING PERIOD

The Company has evaluated subsequent events from the balance sheet date through 3^rd May, 2025, the date at which the standalone financial statements were available to be issued, and determined that there are no material items to disclose other than those disclosed above.

53 The Company has used accounting software for maintaining its books of account including privileged access management tool which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further, there are no instance of audit trail feature being tampered with. Additionally, the audit trail has been preserved by the Company as per the statutory requirements for record retention.

54 The previous year numbers have been reclassified wherever necessary.

As per our report of even date	For and on behalf of Board of Directors of
		Avenue Supermarts Limited
For S R B C & CO LLP	Ignatius Navil Noronha	Ramakant Baheti
Chartered Accountants	Managing Director and	Whole-time Director and
ICAI firm registration number 324982E/E300003	Chief Executive Officer	Group Chief Financial Officer
	DIN: 01787989	DIN: 00246480
per Vikram Mehta
Partner	Niladri Deb	Ashu Gupta
Membership No.: 105938	Chief Financial Officer	Company Secretary
Thane, 3rd May, 2025		Thane, 3rd May, 2025

#NAEnd#

#ARStart#

Independent Auditors Report

To the Members of

Avenue Supermarts Limited

Report on the Audit of the Consolidated Financial Statements

Opinion

We have audited the consolidated financial statements of Avenue Supermarts Limited (hereinafter referred to as "the Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group") comprising of the Consolidated Balance sheet as at March 31 2025, the Consolidated Statement of Profit and Loss, including other comprehensive income, the Consolidated Cash Flow Statement and the Consolidated Statement of Changes in Equity for the year then ended, and notes to the consolidated financial statements, including a summary of material accounting policies and other explanatory information (hereinafter referred to as "the consolidated financial statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid consolidated financial statements give the information required by the Companies Act, 2013, as amended ("the Act") in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the Consolidated state of affairs of the Group, as at March 31, 2025, their Consolidated profit including other comprehensive income, their Consolidated cash flows and the Consolidated statement of changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the consolidated financial statements in accordance with the Standards on Auditing (SAs), as specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the ‘Auditors Responsibilities for the Audit of the consolidated financial statements section of our report. We are independent of the Group in accordance with the ‘Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the consolidated financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements for the financial year ended March 31, 2025. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled the responsibilities described in the ‘Auditors responsibilities for the audit of the consolidated financial statements section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the consolidated financial statements. The results of audit procedures performed by us and by other auditors of components not audited by us, as reported by them in their audit reports furnished to us by the management, including those procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying consolidated financial statements.

Key audit matters	How our audit addressed the key audit matter
Capital expenditure in respect of land and buildings (as described in note 1.c and 2 of the consolidated nancial statements)
The Holding Company has incurred significant expenditure on purchase of land and construction of building as reflected by the total value of additions in property, plant and equipment and capital work in progress in notes 2 in the consolidated financial statements.	Our audit procedures included the following: We obtained understanding, evaluated the design and tested the operating effectiveness of controls related to capital expenditure of land and buildings;
The Holding Company is in the process of constructing new stores across locations for which land has been purchased and buildings are being constructed. These stores take substantial period of time to get ready for its intended use.	We obtained the list of land parcels purchased during the year and traced the amounts of capitalization with the title deeds and traced the expenses capitalized along with the land cost to the underlying invoices;
We considered capital expenditure in respect of land and building as a Key audit matter due to significance of amount incurred on such items during the year.	For samples selected, we obtained the approvals of the authorized signatory for the purchase of land parcel;
	We performed control testing on a sample basis for each element of capitalized costs of building and reconciliation of material performed by management including verification of underlying supporting evidence and understanding nature of the costs capitalized; We compared the total cost of addition of sample stores with management budgets;
	We obtained understanding on management assessment relating to progress of projects and their intention to bring the asset to its intended use.
Inventory existence and allowance for inventory
(as described in note 1.l and 1.t of the consolidated nancial statements)
As at March 31, 2025, the carrying amount of inventories amounted to 5,044.37 crore after considering allowances for Inventory towards shrinkage and slow moving inventory of 83 crore. These inventories are held at the stores and distribution centers of the Group.	Our procedures over existence and allowance for inventory included the following:
The management undertakes the physical verification of inventory at	We obtained an understanding, evaluated the design and tested the operating effectiveness of controls that the Group has in relation to the inventory count process and allowance for inventory;
periodic intervals during the year and shrinkages if any are recorded in the books. The total amount of shrinkage and damage recorded during the year amounts to 265.69 Crore	We performed testing on the Groups controls over the inventory count process. In testing these controls we observed the inventory count process at selected store and distribution centers on a sample basis,
Basis the actual shrinkages recorded, the management estimates the expected allowance for Inventory shrinkage from the date of the last physical verification till the balance sheet date. Further, there are a number of judgements required in assessing the appropriate level of allowance for slow moving inventory. Such	inspected the results of the inventory count and confirmed variances including damaged and shrinkages were accounted for and approved by management; Assessed the stock shrinkage provision by assessing the level of inventory write downs during the period and applying the shrinkage
judgements include managements expectations of forecast inventory demand, product expiry dates and plans to dispose of inventories that are close to expiry.	rate as determined location wise to the year end stock. We tested on a sample basis the shrinkage rate used to calculate the provision for each store and distribution center;
Considering the wide spread inventory of the Group and the judgements applied for determining the allowance, we consider the existence and allowance for inventories to be a key audit matter.	We evaluated the assumptions made by management, and particularly the key assumption that in assessing stock obsolescence provisions through an analysis of inventory items by category and age and the level of inventory write downs in these categories during the period;
	We assessed the Groups disclosures concerning this in note 1.l and 1.t on significant accounting estimates and judgements and note 10 Inventories to the consolidated financial statements

We have determined that there are no other key audit matters to communicate in our report.

Information Other than the Financial Statements and Auditors Report Thereon

The Holding Companys Board of Directors is responsible for the other information. The other information comprises the information included in the Annual report, but does not include the consolidated financial statements and our auditors report thereon.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether such other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management for the Consolidated Financial Statements

The Holding Companys Board of Directors is responsible for the preparation and presentation of these consolidated financial statements in terms of the requirements of the Act that give a true and fair view of the consolidated financial position, consolidated financial performance including other comprehensive income, Consolidated cash flows and Consolidated statement of changes in equity of the Group in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended. The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of their respective companies and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial statements by the Directors of the Holding Company, as aforesaid.

In preparing the consolidated financial statements, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of their respective companies to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Those respective Board of Directors of the companies included in the Group are also responsible for overseeing the financial reporting process of their respective companies.

Auditors Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Holding Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of managements use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors report. However, future events or conditions may cause the Group to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group of which we are the independent auditors and whose financial information we have audited, to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the audit of the financial statements of such entities included in the consolidated financial statements of which we are the independent auditors. For the other entities included in the consolidated financial statements, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated financial statements of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements for the financial year ended March 31, 2025 and are therefore the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Other Matters

We did not audit the financial statements and other financial information, in respect of three subsidiaries, whose financial statements include total assets of 108.34 crore as at March 31, 2025, and total revenues of 240.24 crore and net cash outflows of 0.12 crore for the year ended on that date. These financial statement and other financial information have been audited by other auditors, which financial statements, other financial information and auditors reports have been furnished to us by the management.

Our opinion above on the consolidated financial statements, and our report on Other Legal and Regulatory Requirements below, is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and the financial statements and other financial information certified by the Management.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, based on our audit and on the consideration of report of the other auditors on separate financial statements and the other financial information of the subsidiary companies, incorporated in India, as noted in the ‘Other Matter paragraph we give in the "Annexure 1" a statement on the matters specified in paragraph 3(xxi) of the Order;

2. As required by Section 143(3) of the Act, based on our audit and on the consideration of report of the other auditors on separate financial statements and the other financial information of subsidiaries, as noted in the ‘other matter paragraph we report, to the extent applicable, that:

(a) We/the other auditors whose report we have relied upon have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit of the aforesaid consolidated financial statements;

(b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidation of the financial statements have been kept so far as it appears from our examination of those books and reports of the other auditors;

(c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss including the Statement of Other Comprehensive Income, the Consolidated Cash Flow Statement and Consolidated Statement of Changes in Equity dealt with by this Report are in agreement with the books of account maintained for the purpose of preparation of the consolidated financial statements;

(d) In our opinion, the aforesaid consolidated financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended;

(e) On the basis of the written representations received from the directors of the Holding Company as on March 31, 2025 taken on record by the Board of Directors of the Holding Company and the reports of the statutory auditors who are appointed under Section 139 of the Act, of its subsidiary companies, none of the directors of the Groups companies, incorporated in India, is disqualified as on March 31, 2025 from being appointed as a director in terms of Section 164 (2) of the Act;

(f) With respect to the adequacy of the internal financial controls with reference to consolidated financial statements of the Holding Company and its subsidiary companies, incorporated in India, and the operating effectiveness of such controls, refer to our separate Report in "Annexure 2" to this report;

(g) In our opinion and based on the consideration of reports of other statutory auditors of the subsidiaries, incorporated in India, the managerial remuneration for the year ended March 31, 2025 has been paid / provided by the Holding Company and its subsidiaries, incorporated in India to their directors in accordance with the provisions of section 197 read with Schedule V to the Act;

(h) With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the report of the other auditors on separate financial statements as also the other financial information of the subsidiaries, as noted in the ‘Other matter paragraph:

i. The consolidated financial statements disclose the impact of pending litigations on its consolidated financial position of the Group in its consolidated financial statements – Refer note 38 to the consolidated financial statements;

ii. The Group did not have any material foreseeable losses in long-term contracts including derivative contracts during the year ended March 31, 2025;

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Holding Company and its subsidiaries, incorporated in India during the year ended March 31, 2025;

iv. a) The respective managements of the Holding Company and its subsidiaries which are companies incorporated in India whose financial statements have been audited under the Act have represented to us and the other auditors of such subsidiaries respectively that, to the best of its knowledge and belief, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Holding Company or any of such subsidiaries to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the respective Holding Company or any of such subsidiaries ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;

b) The respective managements of the Holding Company and its subsidiaries which are companies incorporated in India whose financial statements have been audited under the Act have represented to us and the other auditors of such subsidiaries, respectively that, to the best of its knowledge and belief, no funds have been received by the respective Holding Company or any of such subsidiaries from any person(s) or entity(ies), including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Holding Company or any of such subsidiaries, shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances performed by us and that performed by the auditors of the subsidiaries, which are companies incorporated in India whose financial statements have been audited under the Act, nothing has come to our or other auditors notice that has caused us or the other auditors to believe that the representations under sub-clause (a) and (b) contain any material mis-statement; v) No dividend has been declared or paid during the year by the Holding Company and its subsidiaries companies, incorporated in India;

vi) Based on our examination which included test checks and that performed by the respective auditors of the subsidiaries which are companies incorporated in India whose financial statements have been audited under the Act, and as described in note 55 of the consolidated financial statements, the Holding Company and subsidiaries have used accounting software for maintaining its books of account including privileged access management tool which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. Further, during the course of audit, we and respective auditors of the above referred subsidiaries did not come across any instance of audit trail feature being tampered with. Additionally, the audit trail has been preserved by the Holding Company and subsidiaries as per the statutory requirements for record retention

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Thane, 3^rd May, 2025

ANNEXURE ‘1 REFERRED TO IN PARAGRAPH UNDER THE HEADING "REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS" OF OUR REPORT OF EVEN DATE

Re: Avenue Supermarts Limited ("the Holding Company")

(xxi) Qualifications or adverse remarks by the respective auditors in the Companies (Auditors Report) Order (CARO) reports of the companies included in the consolidated financial statements are:

Sr no Name	CIN	Holding company/ subsidiary/associate/ joint venture	Clause number of the CARO report which is qualied or is adverse
1 Avenue E-commerce Limited	U74120MH2014PLC259234	Subsidiary	Paragraph 3(xvii)
2 Reflect Healthcare and Retail Private	U51909MH2018PTC309999	Subsidiary	Paragraph 3(xvii)
Limited

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ANNEXURE ‘2 REFERRED TO IN PARAGRAPH UNDER THE HEADING "REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS" OF OUR REPORT OF EVEN DATE

Re: Avenue Supermarts Limited ("the Holding Company")

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

In conjunction with our audit of the consolidated financial statements of Avenue Supermarts Limited (hereinafter referred to as the "Holding Company") as of and for the year ended March 31, 2025, we have audited the internal financial controls with reference to consolidated financial statements of the Holding Company and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group"), which are companies incorporated in India, as of that date.

Managements Responsibility for Internal Financial Controls

The respective Board of Directors of the companies included in the Group, which are companies incorporated in India, are responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Holding Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the respective companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors Responsibility

OurresponsibilityistoexpressanopinionontheHoldingCompanys internal financial controls with reference to consolidated financial statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note") and the Standards on Auditing, specified under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls, both, issued by ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to consolidated

financial statements was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to consolidated financial statements and their operating effectiveness. Our audit of internal financial controls with reference to consolidated financial statements included obtaining an understanding of internal financial controls with reference to consolidated financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained and the audit evidence obtained by the other auditors in terms of their reports referred to in the Other Matters paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the internal financial controls with reference to consolidated financial statements.

Meaning of Internal Financial Controls With Reference to Consolidated Financial Statements

A companys internal financial control with reference to consolidated financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control with reference to consolidated financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls With Reference to Consolidated Financial Statements

Because of the inherent limitations of internal financial controls with reference to consolidated financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to consolidated financial statements to future periods are subject to the risk that the internal financial controls with reference to consolidated financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Group, which are companies incorporated in India, have, maintained in all material respects, adequate internal financial controls with reference to consolidated financial statements and such internal financial controls with reference to consolidated financial statements were operating effectively as at March 31,2025, based on the internal control over financial reporting criteria established by the Holding Company considering the essential components of internal control stated in the Guidance Note issued by the ICAI

Other Matters

Our report under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial controls with reference to consolidated financial statements of the Holding Company, in so far as it relates to these three subsidiaries, which are companies incorporated in India, is based on the corresponding reports of the auditors of such subsidiaries, incorporated in India.

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