Abfrl Fy 2022

Chairman’s Letter to Shareholders
Dear Shareholder,
For many years, we have been talking about

increasing volatility and unpredictability.
The events of the last 24 months have
heralded a new era of uncertainty where
both the amplitude and frequency of shifts
have vastly exceeded anything we have
seen in recent decades. The unprecedented
pandemic was followed by supply chain
whiplash, and further disruption was
brought on by the Russia-Ukraine war.
We are now staring at the spectre of a
high- interest rate and high-inflation regime
globally.
Over the years, corporations have tried

to find a balance between efficiency and
resilience, with successive decades of
growth having swung the pendulum in the
direction of efficiency. The events of the
last two years have again taught us all the
virtues of reserves and resilience.
This era of disruption also presents a unique

opportunity for renewal. The exigencies of
this disruption have pushed the boundaries
of innovation. A world where traditional
rules didn’t apply, freed thinking from its
conventional shackles. And we are clearly
staring at a new age, with new paradigms
and new ideas.
Global Economy: The Storm Before the Calm?
While the global
The Global economy recovered from the pandemic shock
economic backdrop in 2022 on the back of supportive fiscal and monetary
remains challenging, policies and mass vaccination programmes. However, at
the end of FY22, the war in Ukraine and the subsequent
there are reasons to
economic sanctions on Russia posed a large shock.
remain optimistic. It disrupted energy markets & supply chains and added to
the already evolving inflationary pressures and concerns
over consumer demand. Consequently, growth forecasts
have been slashed. The International Monetary Fund
(IMF) now expects the world economy to grow by 3.6%
in CY22, which is 0.8 percentage points lower than its
pre-war projections.
Many economies have experienced a sharp surge in

inflation recently, particularly in food and fuel prices,
taking their inflation rates to multi-decade highs. Central
banks have been forced to respond to surging prices with
aggressive rate hikes. The pace of monetary tightening is
turning out to be quite swift as central bankers attempt
to catch up with the rising inflation from their ultra-
accommodative stance during the pandemic.
As the stance of monetary policy shifts, there is

greater turbulence in currency markets. The dollar has
strengthened, while emerging economies have witnessed
downward pressure on their currencies. At the same
time, energy and commodity markets have witnessed
heightened volatility. Global supply chain disruptions due
to pandemic-induced lockdowns have been replaced by
new disruptions caused by the war in Ukraine and the
economic sanctions.
While the global economic backdrop remains challenging,

there are reasons to remain optimistic. First, despite the
slowdown, IMF’s projection of world GDP growth in CY22
is still tracking the pre-pandemic average. Second, fiscal
support in developed economies remains above the pre-
pandemic trend, even if somewhat diluted, versus past
years. Third, mega-trends around sustainability, green
investments, digitization, and disintermediation remain
well-entrenched and will support growth and productivity
enhancement in the medium-term.
Thus, while businesses will need to remain on guard

regarding financial market volatility and cost pressures
this year, one could expect the medium-term growth
recovery to remain on track.
India: An engine of global growth
The Indian economy has not remained unscathed by these

global developments. Partly on account of the elevated
commodity prices in global markets, India’s inflation has
pushed higher than the target of the Reserve Bank of
India (RBI). To control inflationary risks, and reduce the
pressure on the rupee, RBI has been selling reserves and
unwinding the extraordinary liquidity support provided
by it during the pandemic.
On the positive side, economic activity in India has

witnessed a sharp recovery to pre-pandemic levels
on the back of a rapid and widespread rollout of the
vaccination programme. A strong digital ecosystem, fiscal On the positive side,
and monetary policy and various government schemes economic activity in
helped small and medium enterprises and the worst
India has witnessed
affected sections of the population to survive while
reviving demand and bringing the economy back on track. a sharp recovery
to pre-pandemic
Even as the global headwinds are being felt, India’s
growth recovery is progressing well, and most estimates levels on the back
peg economic growth during FY23 around the 7% range. of a rapid and
India, therefore, is poised to be the fastest-growing major widespread rollout
economy in the world and an engine of global growth. of the vaccination
India’s exports are exhibiting a strong buoyancy, and programme. India,
economic sentiment has been supported by a robust therefore, is poised to
pipeline of infrastructure projects as well as the
be the fastest-growing
government’s pragmatic policies, such as the production-
linked incentives schemes. Many industries have witnessed
major economy in the
fresh project investment announcements. Foreign direct world and an engine
investment flows have remained strong. The burden of global growth.
of non-performing assets in the banking sector seems
to have peaked out and is easing. Dynamism in India’s
The Aditya Birla digital ecosystem, diversification of global supply chains
Group’s pace of away from China and the greater emphasis of investors
activity, range of on sustainable finance offer new opportunities for India.
businesses, and depth The above trends lend confidence to a robust economic
of global presence narrative for India in the medium-term, which augurs well
provide a useful for the corporate sector as well.
compass to navigate Aditya Birla Group: Dynamism and Resilience at Play

this age of disruption.
The Aditya Birla Group’s pace of activity, range of
Against the backdrop businesses, and depth of global presence provide a
of our long history as useful compass to navigate this age of disruption. Against
a group, dynamism the backdrop of our long history as a group, dynamism
leaps out as a leaps out as a common theme. Over the years, we have
witnessed multiple business cycles. Across businesses and
common theme.
markets, our evolution is a story of continuous renewal
and regeneration, as we aggressively invested in growth
and created long-term value for all stakeholders.
This institutional dynamism and resilience helped us

navigate an unprecedented business environment in
FY22.
The pandemic inordinately impacted the future of work,

workforce, and workplace. We have moved with the new
work ethic by focusing on a holistic employee experience
that puts equal emphasis on growth, engagement, and
well-being. Our employees value and appreciate the One
ABG culture, which is profoundly embedded across the
Organization. This culture gives the ultimate competitive
edge in a world where business models are easily
upended.
It has been a matter of great pride for us that our employee

engagement has continued to be strong despite the
stresses of the pandemic. 87% of our employees stated
in a survey that they have a colleague/friend at work to
lean on during difficult times. 96% of our employees
experienced considerate behaviour from their managers
during this period.
We are only as strong as our people.
The Group’s continued focus and investment in its People

Processes in good times have helped us build and sustain
a robust and agile workforce that is able to be nimble
and responsive at all times. When corporates across the
world are facing a rather unusual phenomenon – The
Great Resignation, our employee survey score for Intent
to stay remained strong. It is higher than the Global High
Performing organizations and almost similar to pre-covid
levels. This strong affinity is a testimony to our relentless
commitment to delivering a world of opportunities with
care to our employees.
Internal employee movements of over 5000 (within the

businesses) were up 18% from the average of the last two
fiscals. We also focussed on bringing in young talent, with
73% of new hires being under 35 years of age. Last year,
over 9000 new employees joined the Group refreshing
our competence base.
Building an aspirational workplace for a diverse workforce

was identified as one of the important aspects of our
new HR strategy. Enhancing the diversity of our Group Building an
is a journey, and it is getting strengthened with targeted aspirational
efforts over time. Our commitment to gender diversity is workplace for a
evident through the appointment of 7 women to senior diverse workforce
leadership roles. 21% of all new hires were women, and
was identified as
we had 102 women engineering graduates join us at plant
one of the important
locations.
aspects of our new HR
We have always looked for opportunities to showcase the
strategy. Enhancing
power of our women leadership. This year, our cement
business, UltraTech launched India’s first ‘all-women’
the diversity of our
operated Ready-Mix Concrete (RMC) manufacturing Group is a journey,
plant at Bhugaon, Pune. Our list of firsts includes Aditya and it is getting
Birla AMC’s all-women Mutual Fund branch in Bhilai, strengthened with
Chhattisgarh and Aditya Birla Fashion and Retail’s Madura targeted efforts over
manufacturing plants in the south zone, which has 85%
time.
women employees.
Our learning strategy evolved continually to adapt in
Our learning strategy response to the dynamic external environment. This was
evolved continually to achieved by re-designing innovative learning properties
adapt in response to & methodologies focusing on building contemporary &
contextual skills. We shifted gears across digital, blended,
the dynamic external
and now hybrid learning, making it easier to shift across
environment. This
modes of learning for different sets of learners. We
was achieved by re- strategically increased the adoption and penetration of
designing innovative our digital learning platform (Gyanodaya Virtual Campus)
learning properties to cover 94% of our employees in the management cadre.
& methodologies Leveraging the power of internal and external networks,
500+ high-quality digital content modules were created
focusing on building
on various themes and topics across ABG.
contemporary &
The spirit of ABG’s resilience and dynamism was displayed
contextual skills.
at an individual, team, and business level. This has been
reflected in the business results for FY22. This year
also saw the launch of new businesses, units, capacity,
products, and brands. This happened seamlessly,
presenting a unique human story of innovation and grit,
and bringing alive our Group values of commitment and
passion. We have together navigated an unprecedented
period of disruption and emerged stronger and sharper—
demonstrating that care, empathy, and results are
mutually compatible. And especially so in periods of
turmoil.
Your Company’s Performance
Your Company is India’s leading branded fashion player,

with a portfolio of some of the most aspirational brands
in the country. It is India’s first billion-dollar pure-play
fashion powerhouse, spanning across retail space of
9.2 million sq. ft., and offering an elegant bouquet of
leading fashion brands and retail formats, established for
over 25 years. With its vast network of 3,468 stores across
approximately 28,585 multi-brand outlets spanning
900+ cities in India, your Company has built a robust
distribution base, to serve its large and fast-growing
brand-conscious consumers.
Globally, last two years were most difficult years for the
fashion retail industry. The disruption caused by the
first wave of COVID was further exacerbated by an even
stronger 2nd wave in 2021. This resulted in massive value
destruction across the entire apparel industry. And yet,
your Company has emerged stronger, by remaining a
step ahead with strategic technology interventions in
driving sales and aggressive expansion to cater to growing
demand across the country.
The Company strengthened its overall competitive

position in the market with a diversified product portfolio
and superior offerings in every segment. Your Company
has almost achieved its pre-pandemic revenues despite
tough business environment during the interim period
at the back of a razor-sharp focus on growth levers such
as distribution expansion, category growth, customer
intimacy and brand building.
Your Company’s revenue for FY22 stood at ` 8,136 Cr,

with a 55% growth as compared to last year’s ` 5,249 Cr.
It recorded an EBIDTA margin of 14.8 percent, despite
the continuing headwinds caused by the pandemic.
A significant part of this turnaround was achieved through
considerable cost savings in all parts of operations which
includes negotiating large rental savings with landlords Your Company’s
and mall owners. revenue for FY22
Strong cost control was matched by an equally good stood at ` 8,136 Cr,
reduction in working capital, both through inventory with a 55% growth
controls and management of payables to release cash as compared to last
from operations. Your Company continued to fortify its
year’s ` 5,249 Cr. It
balance sheet to stay lean and agile and yet make swift
recorded an EBIDTA
leaps for growth in the upcoming fiscal.
margin of 14.8
Your Company refreshed its product portfolio swiftly
percent, despite the
to meet changing consumer requirements. The strong
recovery trajectory recorded by your Company in the continuing headwinds
second half of the year was fuelled by growth in Lifestyle caused by the
brands and the Super Premium segment who recorded pandemic.
their best-ever profits in the second half of the year.
In line with changing consumer affinity towards
Your Company e-commerce, your Company focused on strengthening
has built a strong the e-commerce play of its brands by upgrading brand
websites and developing brand apps to deliver superior
omnichannel
consumer experience and complement its offline retail
infrastructure, and strategy. Your Company has built a strong omnichannel
a large part of our infrastructure, and a large part of our E-Com throughput
E-Com throughput is is undergoing fulfilment through stores. More than 1000
stores of Madura brands and 300 stores of Pantaloons
undergoing fulfilment
are now fully omnichannel enabled. Your Company’s
through stores. More e-commerce channel posted strong growth, with the
than 1000 stores category growing almost three folds over previous years.
of Madura brands Your Company accelerated the digitization of internal
and 300 stores of processes across designing, merchandising and marketing
Pantaloons are now to reduce costs and maintain strong competitiveness.
To meet ever-changing consumer demand, your company
fully omnichannel
had initiated a new operating model for its design, supply
enabled. chain and go-to-market strategies to design and offer
products 12 times a year, instead of the industry norm
of 2 times, through a proprietary digital platform. This
has made the business agile and flexible, which has been
a source of strength in the current uncertain market
conditions.
The pandemic did not deter the physical network
expansion plan of your Company, as apparel is a highly
underpenetrated category in India. Your Company
continued to expand their footprint through a rapid
rollout of stores across the length & breadth of the
country. Lifestyle brands led this aggressive expansion
drive by opening more than 400 stores while Pantaloons
also accelerated its expansion drive by opening about
50 stores this year.
Your Company accelerated its play in the branded ethnic
wear segment, in line with its strategy to build a strong
presence across diverse segments of the apparel fashion
market. Your Company entered this segment in FY20
with the acquisition of Jaypore, a premium craft-based
artisanal brand, and through an investment in Shantanu
& Nikhil, one of India’s leading designer-duo with a
distinct play in the occasion wear segment. Your Company
further followed up by forging new partnerships with
two of India’s most iconic designers - Tarun Tahiliani &
Sabyasachi. These partnerships will allow it to participate
strongly in the luxury wedding & designer wear market. In
FY 22, your Company also announced a tie-up with one of
India’s youngest next-gen designer Masaba Gupta. Brand
Masaba, with its distinctive bold expression & prints,
will enhance your company’s play in the young women’s
segment, an important part of any fashion market.
In line with expanding the portfolio to cover new
emerging segments, Your Company made a bold foray
into the growing sportswear space through signing up for
acquiring the India business of Iconic global sportswear
brand, Reebok.
The environment challenges we face today are real and
significant. Your Company has a robust governance
framework to effectively oversee the sustainability In FY 22, your Company
agenda. Your Company continues to align its targets also announced a
keeping in mind the ESG aspects and develop flexible tie-up with one of
sustainable business models to deliver long-term shared
India’s youngest
value for its stakeholders.
next-gen designer
Outlook Masaba Gupta. In line
The next fiscal is going to be a race to normalcy for the with expanding the
industry with re-invigorated market sentiments. Your portfolio to cover new
Company is looking at the new fiscal with cautious
emerging segments,
optimism around markets and consumer preferences.
The Indian economy is headed towards a steady
Your Company made
recovery, glimpses of which was evident during the a bold foray into the
festive season of FY22. As vaccination drives progress growing sportswear
throughout the country, consumers are expected to space through signing
get back to shopping with renewed confidence. As
up for acquiring
mobility picks up, the demand for categories including
formals, occasion wear, festive wear and accessories will the India business
recover. For long term, India remains on a strong value of Iconic global
creation path considering the underlying growth drivers sportswear brand,
like favourable demographics, increasing per capita &
Reebok.
disposable income and growing consumption. With a
digitally and structurally transformed business, your
A strong and healthy Company is on a growth trajectory to make the most of
balance sheet with post-pandemic opportunities.
a diverse and well- Your Company’s capital structure has undergone a

executed portfolio significant change, and the balance sheet has been
further strengthened; giving it the necessary foundation
play will enable your
to support the ambitious growth plans that it chases.
Company to position A strong and healthy balance sheet with a diverse and
itself as a leader well-executed portfolio play will enable your Company to
across all fashion and position itself as a leader across all fashion and lifestyle
segments, ranging from value, premium to luxury brands.
lifestyle segments,
ranging from value, Conclusion
premium to luxury
The forces of change engulfing the world are creating a
brands. whole new set of exciting possibilities and unbelievable
opportunities. Many that didn’t even exist yesterday.
We are uniquely privileged in that we are not passive
recipients of changing circumstances but can actively
shape our destiny. And this tomorrow is for us to discover
and build.
Across businesses, we are at the cusp of a transformational
growth cycle. As a business house, we have always made
investment decisions based on long-term fundamental
drivers like market opportunity, demography, technology
etc. Our strong leadership position across key businesses
has come on the back of bold but calibrated long-term
bets. Given the inherent strengths of your company, we
are again at a moment where we are uniquely positioned
to invest for long-term growth and explore new paradigms.
An exciting journey beckons.
Yours sincerely,
Kumar Mangalam Birla

Chairman
ACCELERATING ACTION
IN SUSTAINABILITY
At ABFRL, sustainability and fashion are not a paradox. We have

integrated sustainability into fashion over decades to delight our
customers with some of the most loved fashion brands, and at the
same time ful lled our commitment towards Environmental, Social
and Governance (ESG) aspects.
Sustainability has been built into our business strategies, integrated

into our brand and tied to our core business. This sustainability Our sustainability journey started in a structured manner, when we
maturity has put us on the leadership position in sustainable fashion launched the rst agship sustainability programme 'ReEarth - For
and earned us some key global recognitions. Our Tomorrow' in FY -, with the sole aim of giving back more
than what we take from our ecosystem.
This year, we retained our sustainability leadership as Asia's
'Most Sustainable Company' in the Textile, Apparel & Luxury Goods The tailor-made sustainability programme was devised by drivers
Industry by S&P Global CSA. ABFRL was also included in the S&P that included Aditya Birla Group's sustainability agenda, global
Global Sustainability Yearbook , the world's most sustainability performances, industry trends, expert opinions,
comprehensive publication on corporate sustainability and was Sustainable Development Goals, national and global best practices.
awarded 'Gold Shield' for Reporting on Sustainable Development
Goals by ICAI Sustainability Reporting Awards. Since then, the sustainability strategy has constantly evolved at
ABFRL - from reducing resource consumption in our operations,
These recognitions validate our continued commitment towards to driving long-term rejuvenation programmes. Today, we are
people and the planet. driving sustainability beyond our operations through three key
pillars - product design and development, customer centricity, and
supply chain.
In FY -, we set ourselves on a transition i.e., Sustainability .

from 'Process-led to Product-led', with a  agenda focusing on
the three pillars. This  roadmap aims to achieve ambitious
sustainability targets and business goals while balancing risks and
opportunities for all relevant ESG initiatives.
Despite the pandemic, various operational and supply chain

constraints, we continued to accelerate towards achieving our 
goals by unlocking newer avenues in our sustainability journey. Our
overall objective is to nurture an ecosystem that is ethical, equitable
and environmentally conscious with digitalisation, innovation and
collaborations acting as overarching pillars.
ABFRL team receiving Gold Shield Award for reporting on SDGs
Over the past decade, ABFRL has been a pioneer in driving sustainability to the
forefront of the Fashion and Retail Industry. As a responsible organisation, we aim to
provide thought leadership and accelerate the sustainability drive in the industry.
Ashish Dikshit | Managing Director, ABFRL
Digitalisation has been a major focus of our innovation efforts.

We are working towards leveraging digital opportunities to boost
performance, accelerate research and development activities,
better manage our supply chain and broaden our product
portfolio to include new innovative digital experiences.
Digitalisation will also enhance transparency, traceability and
agility in a more efficient and effective manner.
We also believe that collaboration and co-creation will help us in

achieving newer avenues and striving ahead of our peers and
industry swiftly. With  in timeframe, we are working towards
accelerating advocacy and exploring innovative solutions with
prime focus on circularity, sustainability sourcing and low carbon
pathway.
The overarching goal of our strategy evolution is to leverage scale

as India's largest fashion and lifestyle powerhouse and
demonstrate how the sustainability paradigm can be shifted from For more details about
niche to mainstream. our sustainability
journey, strategy and
We have formed collaborations with several like-minded entities focus, please refer to
like Ellen MacArthur Foundation, Sustainable Apparel Coalition this year's sustainability
and Cotton . We are also part of the 'Circular Apparel report - Expanding
Innovation Factory', an industry-led platform that focuses on Our Wingspan.
building a circular apparel and textile industry in India to provide
thought leadership, and demonstrate, propagate and accelerate
the sustainability movement.
As we celebrate leadership in sustainability, we look forward to
fostering a sustainable tomorrow and delivering sustainable
fashion. Going ahead, we believe that imperatives for sustainability
will only intensify and a collective effort with pragmatic approach
shall contribute in holistic growth – taking our business to 
and beyond. In this Decade of Action, we are not only expanding
our wingspan, but also accelerating effective actions to achieve our
ESG ambitions ensuring alignment not just to our sustainability
goals but also to regional, national and global goals.
VALUE CREATION MODEL
INPUTS BUSINESS MODEL SHOWING KEY ASPECTS
FINANCIAL CAPITAL
Net Opex K 7,692 Crore
Net Capex K 1,065 Crore
Net Worth K 2,882 Crore
Total Liabilities K 8,719 Crore VISION
To passionately satisfy Indian consumer needs in fashion, style and value,

across wearing occasions in Apparel and Accessories through strong brands
INTELLECTUAL CAPITAL and high-quality consumer experience with the ultimate purpose of delivering
Innovation Centres Technology Management Centre (TMC), superior value to all our stakeholders
Knowledge Management Centre (KMC),
Design Studio,
Manufacturing Excellence Centre
Life Cycle Analysis LCA study conducted for
Casual & Formal Shirts category
We are committed to give back more than what we take from our ecosystem
MANUFACTURED CAPITAL
Factories 9 MFL Factories
VALUES
Warehouses 3 MFL / 4 Pantaloons /
Innerwear Warehouse Seamlessness | Passion | Speed | Commitment | Integrity
Manufacturing Capacity (in-house) 1,97,30,113 Garments
Net Fixed Asset K 2,953 Crore
STAGES IN PRODUCT LIFECYCLE
NATURAL CAPITAL PRODUCT DESIGN LOGISTICS, STORAGE

AND DEVELOPMENT AND PACKAGING
Solar Installed Capacity 2MW Ÿ Close loop design Ÿ Sustainable packaging
Energy Consumption 302 TJ Ÿ Chemical management Ÿ GHG emission management
3
Ÿ Resource conservation Ÿ Plastic waste management
Surface Water Withdrawal 8,726 m Ÿ Sustainable materials
Ground Water Withdrawal 1,32,530 m3 MARKETING AND SALES

RAW MATERIAL SOURCING Ÿ Sustainable packaging
Packaging Tonnage 6,466 tons
Ÿ Energy management Ÿ Sustainable product labelling
Non-hazardous Waste Generated 2,619 MT Ÿ Human rights and compliance
Ÿ Water management USE
Ÿ Chemical management Ÿ Water management
Ÿ Energy management
HUMAN CAPITAL Ÿ Plastic free
MANUFACTURING
Ÿ Durability
Total permanent employees 24,818 Ÿ Human rights and compliance
Ÿ Energy management
Total contractual employees 16,959 END TO END
Ÿ Water management
Women employees 13,840 Ÿ Chemical management Ÿ Circularity
Ÿ Zero defects Ÿ Recycling and upcycling
Safety trainings (man-days) 14,805
RISKS &
OPPORTUNITIES PERFORMANCE
SOCIAL & RELATIONSHIP CAPITAL
Amount spent on CSR K 3.09 Crore
Employee volunteering hours 18,011 hrs STRATEGY &
RESOURCE ALLOCATION OUTLOOK
No. of tier 1 suppliers 430+
Retail Stores 3,400+
OUTPUTS OUTCOME
FINANCIAL CAPITAL
Revenue K 7,824 Crore Sustained growth in revenue driven by operational performance and
innovation
Pro t/Loss After Tax K -81 Crore
Robust balance sheet, sustained cash ow and strong liquidity position
EBITDA K 1,174 Crore
Long-term value creation for shareholders through increased returns
Market Capital K 28,344 Crore
INTELLECTUAL CAPITAL
61% garments of MFL and PFRL have at least one Driving product stewardship, building portfolio encouraging sustainability,
sustainability attribute (by volume) innovation and quality
Distributors event to experience our products has been Spearheading R&D, support prototyping for various categories channelises
converted into a digital trade show, 3D technology deployed best practices and drives product benchmarking, development and
eliminating physical creation of garments anymore innovation
Process efficiencies measures resulted in reduced Enhancing share of sustainable raw materials - BCI Cotton, Liva Eco and
environmental impacts; including eco-design and Liva Reviva as sustainable raw materials
decision-making as part of our LCA approach
MANUFACTURED CAPITAL
5 facilities are certi ed under green building rating systems State-of-the-art facilities, improved infrastructure efficiency
i.e., USGBC / IGBC
Sustainably built facility ecosystem
1 facility certi ed 'LEED Zero Water' under
Production of quality garments sustainably, increased operational efficiency
USGBC rating system
Capacity to support increasing market growth
1,89,50,336 garments manufactured in FY22
NATURAL CAPITAL
Renewable Energy 33% Reduction in environmental footprint and restoring ecosystem
Y-O-Y reduction in energy intensity 4% Water Positive at an organisation front
Water Recycled & Reused 72% Efforts to alleviate the impact of climate change
Rainwater Harvested 41% Leveraging on sustainable / alternate packaging material
Sustainable Packaging 86% Journey to boost cricular ecosystem across operating ecosystems
Biodegradable polybag implementation across lifestyle brands
Zero Waste to Land ll
HUMAN CAPITAL
New joinees 11,871 Purpose-driven behaviour and delivering high quality
Employees under age of 30 49% Engaged and motivated workforce
Women across levels 56% Inclusive and diverse culture
Differently abled 80 Equal opportunity employer | Safe & healthy workplace
Zero Fatality & Six lost time at workplace
SOCIAL & RELATIONSHIP CAPITAL

2,59,000 bene ciaries impacted Active contribution to the social and economic development of the
communities operated
96% of tier 1 vendors assessed on Vendor Code of Conduct
Responsible and sustainable value chain with robust supplier engagement
7 lakh consumer conversations through Mission Happiness
in the reporting year and collected 3 lakh+ feedback across Consistent customer satisfaction by providing high-quality customer
in-store and online channels experience that delivers superior value
SUSTAINABILITY HIGHLIGHTS
ENERGY WATER SUSTAINABLE PRODUCTS
33% Water Positive

across our facilities
61%
of energy coming from renewable energy garments of ABFRL have at least one
sources across ABFRL operations out of ve sustainability attributes:
Raw Material, Production Process, Farm &
41%
Factories, Sustainable Packaging, and
People
renewable water i.e., 61,827 kl rainwater
harvested and arti cially recharged within
premises
CARBON FOOTPRINT
72%
6.6% recycle / reuse i.e., 1,08,241 kl wastewater
reduction in Scope 1 and Scope 2 treated and reused within premises
emissions across ABFRL operations SUSTAINABLE MATERIAL
Usage of sustainable inputs like BCI Cotton,

Live Eco Fibre, Liva, Recycled Polyester,
Bamboo, Tencel, Lyocell, Modal and Linen
WASTE
Zero-waste-to-
land ll status
achieved across all ABFRL facilities
GREEN BUILDING SAFETY CSR
2 lakh sq.ft. Zero severity –

5 incidents at our premises
of our built environment is under the
green building certi cation process
under the IGBC Green Logistics Parks and
Warehouses rating system
17,333
Education bene ciaries
Healthcare 1,65,799
& Sanitation bene ciaries
1 Facility PACKAGING
1,163
certi ed 'LEED Zero Water' under Sustainable
86%
USGBC rating system Livelihoods bene ciaries
sustainable packaging
The pilot of select certi ed facilities

Water & 40,490
Watershed bene ciaries
under the IGBC Net Zero Energy
Buildings rating system is in progress
24,228
Digitalisation bene ciaries
18,011
Volunteering hours
BOARD OF DIRECTORS
OF ADITYA BIRLA FASHION AND RETAIL LIMITED
MS.PREETI MS.SUKANYA
VYAS KRIPALU
Independent Independent
Director Director
••••• •••••
CSR ACM I SRC I NRC
•••
MR. SUNIRMAL MR. ARUN
TALUKDAR ADHIKARI
Independent Independent
Director Director
•••
ACM I NRC I RMSC
• •••••
ACM I NRC
••
MR.VIKRAM MR. YOGESH
RAO CHAUDHARY
Non-Executive Independent
Director* Director
••••• •• •
SRC I RMSC CSR I RMSC
• R e -designated as an Independent Director w.e.f. May 18, 2022
• SKILLS & COMPETENCIES
• •• ••
•
Corporate Governance, Legal & Compliance Expertise - Strategic Financial Literacy General Management
Human Resource Development Expertise - Strategic Marketing Risk Management
Sustainability Technology, Digitisation &

Innovation
COMMITTEE COMPOSITION
ACM - Audit Committee CSR - Corporate Social Responsibility Committee NCR - Nomination and Remuneration Committee
RMSC - Risk Management and Sustainability Commitee SRC - Stakeholders Relationship Committee
Chairperson I Member For detailed profile of Directors refer http://www.abfrl.com/corporate-governance/

REPORT OF THE BOARD OF DIRECTORS
(Includes Management Discussion and Analysis) 1
CORPORATE GOVERNANCE REPORT 54
SHAREHOLDERS' INFORMATION 77
BUSINESS RESPONSIBILITY AND

SUSTAINABILITY REPORT 88
INDEPENDENT AUDITOR'S REPORT ON

STANDALONE FINANCIAL STATEMENTS 121
STANDALONE FINANCIAL STATEMENTS 138
INDEPENDENT AUDITOR'S REPORT ON

CONSOLIDATED FINANCIAL STATEMENTS 244
CONSOLIDATED FINANCIAL STATEMENTS 256
AGM NOTICE 377

FINANCIAL HIGHLIGHTS
(in ` Crore)
Particulars FY16 FY17 FY18 FY19 FY20 FY21 FY22
Revenue 6,035 6,633 7,181 8,118 8,743 5,181 7,824
EBITDA 405 476 501 619 1,290 667 1,174
EBIT 67 233 221 337 414 (278) 227
PBT (110) 54 49 149 (9) (776) (113)
PAT (110) 54 118 321 (145) (650) (81)
Revenue Growth 9.9% 8.3% 13.0% 7.7% -40.7% 51.0%
EBITDA Growth 17.5% 5.4% 23.5% 108.5% -48.3% 76.0%
EBITDA% 6.7% 7.2% 7.0% 7.6% 14.8% 12.9% 15.0%
EBIT% 1.1% 3.5% 3.1% 4.1% 4.7% -5.4% 2.9%
PBT% -1.8% 0.8% 0.7% 1.8% -0.1% -15.0% -1.5%
PAT% -1.8% 0.8% 1.6% 4.0% -1.7% -12.5% -1.0%
Capital Employed 2,755 3,003 2,955 3,132 6,330 6,188 6,705
Capital Employed* 960 1,143 1,095 1,272 2,296 2,262 2,567
Return on Average Capital Employed 2.4% 8.1% 7.4% 11.1% 8.7% -4.4% 3.5%
(“ROACE”)
Return on Average Capital Employed 6.7% 22.2% 19.7% 28.4% 11.7% -19.4% 2.4%
(“ROACE”)*
Net Debt Equity Ratio 2.0 2.1 1.6 1.2 2.3 0.2 0.2
*Excluding Goodwill and Right of Use Assets on Pre Ind AS 116 EBIT
FY20, FY21 and FY22 are post implementation of Ind AS 116, hence not comparable with earlier periods
Revenue (` Crore) EBITDA (` Crore)

8,743 1,290
8,118 7,824 1,174
7,181
6,633
6,035
5,181
619 667
476 501
405
FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY16 FY17 FY18 FY19 FY20 FY21 FY22
EBIT (` Crore) PAT (` Crore)

321
414
337
227 118
233 221 54
67 FY17 FY18 FY19

FY16 FY20 FY22
FY16 FY17 FY18 FY19 FY20 FY22 (110) (145) (81)
FY21 FY21
(278) (650)
ROACE (excl. G/W and ROU) ROACE

28.4% 11.1%
19.7% 11.7% 8.7%
22.2% 8.1% 7.4%
2.4%
3.5%
6.7% 2.4%
FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY16 FY17 FY18 FY19 FY20 FY21 FY22
-19.4% -4.4%
Directors Corporate Business Financial AGM
Annual Report | 2021-22 Report Governance Report Responsibility and Statements Notice
Sustainability Report
REPORT OF THE BOARD OF DIRECTORS

(INCLUDING MANAGEMENT DISCUSSION AND ANALYSIS)
Dear Members,
Your Company’s directors hereby present the Fifteenth Annual Report together with the audited
financial statements of the Company for the financial year ended March 31, 2022 (“year under review
/ FY 2021-22”).
MANAGEMENT DISCUSSION AND ANALYSIS

Overview
This year began with the second wave of the pandemic, where most of the businesses faced
challenges brought upon by lockdowns, human distress and deeply impacted consumer confidence.
However with large-scale vaccination drive in many countries and drop in severity of cases the
world strongly emerged from the fears of the pandemic and gradually moved towards recovery
and growth. Global growth is estimated to have surged to 5.9 percent in 2021, as a relaxation of
pandemic-related lockdowns in many countries helped boost demand. The geopolitical situation
and inflationary pressures has created an uncertainity in growth path but in medium term
economies are expected to recover at faster pace. There is demand and positivity across markets
depite the various challenges.
Global Economy Overview

According to the International Monetary Fund (“IMF”) estimates, the global economy entered
2022 on a positive note. In the beginning, when the new Omicron COVID-19 variant spread, some
countries had re-imposed mobility restrictions but were withdrawn sooner than in the past.
Rising energy prices, commodity prices, and supply disruptions in the backdrop of the geopolitical
situation resulted in higher and more broad-based inflation than anticipated. Despite that, private
consumption is expected to boost the demand in an amplified manner and this is expected to bring
the recovery and growth back.
The IMF estimates suggest that global growth is expected to moderate from 5.9 percent in 2021 to
3.6 percent in 2022 and 2023 on the backdrop of global macro condition.
Indian Economy Overview

The IMF has pegged India’s economic growth forecast for CY 2021 to 8.9 percent in its latest world
economic outlook report, while it has projected the growth forecast for India in FY23 at 7.4 percent.
Despite withering the pandemic waves 2 & 3 last year, India remains on a strong recovery path.
According to the IMF, India’s prospects for 2023 are marked by expected improvements to credit
growth and, subsequently, investment and consumption, building on the better-than-anticipated
performance of the financial sector.
India is expected to become the world’s third largest consumer economy in terms of consumption
by 2025. Factors that influence this growth include favourable demographics, increasing disposable
income and doubling of the consumer class.
1
Outlook: Cautious Optimism, as we step into FY23
Notwithstanding a highly transmissible third wave driven by the Omicron variant of COVID-19, India
is charting a different course of recovery from the rest of the world, and is positioned to grow at
the fastest pace year-on-year (“YoY”) among major economies, according to projections made by the
various international agencies. This recovery is pushed by large-scale vaccination and is sustained
by supportive fiscal and monetary support.
According to the Reserve Bank of India. In India, real GDP growth at 9.2 percent for 2021-22
takes it modestly above the level of GDP in 2019-20, Private consumption, the mainstay of
domestic demand, continues to trail its pre-pandemic level. The persistent increase in international
commodity prices, the surge in the volatility of global financial markets, and global supply-chain
bottlenecks can aggravate the risks posed to the outlook.
Going forward, the Government’s thrust on capital expenditure and exports is expected to enhance
production capacity and strengthen aggregate demand. The conducive financial conditions
engendered by the RBI’s policy actions are expected to provide stimulus to investment activities.
Capacity utilization is rising, and the outlook on business and consumer confidence remains in
optimistic territory, which should support investment as well as consumer demand.
Overall, there is some loss of the momentum of near-term growth with global factors turning
adverse. However, the domestic growth drivers are gradually improving.
Industry Review
Global Apparel Industry
The outbreak of COVID-19 has acted as a massive restraint on the Apparel Industry in 2021, as
consumption declined due to lockdowns imposed by governments globally and consequent cut
down in discretionary expenditure. However, the industry is gradually recovering with normalcy
reinstating in daily lives , alongwith increase in consumption.
Increasing demand for online shopping is expected to help the Apparel Market grow further
by driving easy access through larger platforms than before, which will drive market growth by
increasing their customer base geographically. In countries such as India, for instance, e-commerce
portals have also given boost to the sales of garments by giving larger exposure to artisans and
brands in a very large market.
Social commerce is increasingly being used as a sales and engagement channel thanks to growing
functionality and user comfort for social channels, which make a seamless shopping experience
more feasible.
The Global Apparel Market size is expected to grow from USD 551.36 billion in CY 2021 to USD 605.4
billion in CY 2022 at a compound annual growth rate (“CAGR”) of 9.8 percent. This Market is expected
to grow to USD 843.13 billion in 2026 at a CAGR of 8.6 percent.
The Indian Apparel Industry

GlobalData said India’s apparel market grew to USD 65 billion in 2021 on the back of easing
restriction, reopening of retail stores, and return of social gatherings but still remain below 2019
levels. The market is expected to grow at CAGR greater than 10% during the period 2022-2026.
2 Aditya Birla Fashion and Retail Limited

The country has seen the entry of several foreign brands in last few years but Indian lifestyle brands,
however, continue to grow rapidly as they leverage deep understanding of consumer trends and
uniqueness of India fashion market.
With reduced attention span, increased connectivity and acceptance of new technology, 2021 saw
brands launching several digital intiatives to provide enhanced customer experince, personalised
marketing and higher brand loyalty.
The Indian e-commerce industry has transformed the way business is done in the country,
especially in the last 24 months. Unicommerce’s e-commerce fashion report states that the fashion
e-commerce industry in India clocked a 51 percent jump in order volumes during 2020-2021 over
the previous fiscal year with fashion/apparel being one of the key growth driver. According to a
Technopak report, by 2025, close to 20 percent of all apparel sold in India will be online; making it
an estimated USD 16 billion market.
Outlook: Indian Apparel Segment

India has a major role to play for the fashion industry due to its fast-growing middle-class consumer
segment and uptapped manufacturing potential. These factors, when combined with an improving
post-pandemic economy and growing digital consumption, make India an important market for
fashion brands - locally as well as at international levels.
The fashion segment has been an early adopter of new technology as it continues to focus on a
personalized experience for the customers. There has been a remarkable shift of mindset among
brands, with traditional offline retail companies are also building an online D2C presence.
Key Trends in the Indian Apparel Industry

1. Brick & Mortar bouncing back
Brick & Mortar had been impacted by the pandemic with the resultant lockdowns and
restrictions on movements. Its struggle had been compounded by an unprecedented transition
of customers to e-commerce sales. But as the markets came back to normal with the pandemic
waning off, need for a real-life experience brought consumers back to offline retail.
The pace of recovery has encouraged several retailers to roll out store expansion plans which
had been put on hold due to pandemic. The retail sector has witnessed an increase in leasing
activity well reflected in the fact that the absorption across malls and high streets had doubled
in 2021 compared to 2020 and is expected to increase further.
2. The Role of Digitalization spurred by the Pandemic

Digitalization in the fashion industry as a trend has been on the rise it has become a permanent
shift going forward, given the impact of the change in habits pushed by the pandemic.
As the marketplaces evolved, both legacy and emerging fashion brands looked at increasing
their online presence and use Data analytics to offer more data-driven personalized solutions
and capture a bigger share of the market. The widespread use of live streaming and customer
service video chats are few of the newer ways in which companies are trying to make themselves
more relevant in the digital world.
3
People have experienced the benefits of online shopping, making their appetites for digital
consumption grow consistently over time. Pandemic has been a strong catalyst in changing
the behavior of consumers globally, and India has been no exception.
As personal hygiene and comfort have become a hot topic for both men and women, Lingerie,
Intimate wear & Athleisure saw a gradual surge in digital consumption. Moreover, the lockdown
is also one of the reasons for the increasing demand in these comfort-driven categories.
Trending ready-made fashion brands have further occupied a major part of the online retail
space. Right from the women’s ready-made ethnic Kurtas to men’s casual and formal wear, the
trend is here to stay in 2022 and thereafter.
The Kidswear segment also gained major traction during the pandemic with consumers getting
more comfortable with online apparel shopping in terms of safety and variety.
3. The D2C Disruption transforms the Industry

Direct selling to customers without any intermediaries is an emerging business model. For
several brands, the majority of revenue as well as new customers are coming through direct-
to-consumer (“D2C”) online channels. Many of the successful brands have started with an online-
first distribution model before going omnichannel.
While many new brands are adopting this strategy, some established brands are switching
from traditional business models to D2C models. D2C model helps companies understand their
consumers and demand much better by accessing data to inform their marketing strategies,
strengthen and fine-tune their innovation, and ascertain hyper-local demands.
India is home to over 600 D2C brands and growth momentum at this rate suggests that the
market will be a more than USD 100 Billion opportunity by 2025.
4. The evolution of the Ethnic wear market

The Indian Ethnic Wear market has evolved into a fashion trend for the past 10-15 years
driven by two major factors - first, a shift from tailored wear to ready-to-wear, and second,
rising need of young Indians to rediscover their culture and heritage.
Estimates suggest that of India’s USD 20 Billion Ethnic Wear Market, 93 percent is women’s
wear. A change in men’s behavior would expectedly give a great push to this segment in the
coming years.
The mammoth Ethnic Wear market has pushed big firms to tap the brand value of designer
labels, their skills, and knowledge base. It is expected that companies would make use of their
design sensibilities and craft strategies to scale operations rather than operate in niches.
5. Sustainability and Social Justice getting wider acceptance

Along with digitalization, another key apparel industry trend is sustainability. Consumers are
now concerned about the future of the planet and are putting pressure on fashion companies
that do not have eco-friendly practices. As a result, companies are working to modify their
business models and develop products more sustainably.
6. Continued Growth in Athleisure

Athleisure represents a hybrid clothing category that combines athletic with casual and
everyday styles. Another clear trend from the pandemic has been a boom in athleisure, as
consumers swapped business casual and professional garb for yoga pants and T-shirts.

The athleisure trend is by no means new. The growing popularity of wellness gave yoga-inspired
clothing unique staying power, and the trend has only continues since then.
The Indian Athleisure Market which is currently around USD 6.8 billion is expected to grow at a
CAGR of more than 10% over next 5 years.
7. A Shift Towards Size-inclusive Fashion

Rising levels of obesity around the world have spurred the demand for on-trend, plus-size
fashion.
In the past, plus-size clothing options have been scarce at many retailers and often relegated
to their separate sections next to maternity wear.
However, as per Allied Market Research, the global plus-size clothing market was valued at
$481 billion in 2019 and is projected to reach $697 billion by 2027, registering a CAGR of 5.9%
from 2021 to 2027. Closer home in India, the market segment for such clothes happens to be a
fast-growing one with almost 30 percent of customers demanding plus-size clothing. Plus-size
happens to be a latent market with a huge potential opportunity.
This is beginning to change, as size-inclusive initiatives have become more widespread. Major
players have now expanded their range of apparel sizes available in stores, but most luxury
brands have not made similar moves to normalize double-digit sizing.
Business overview
Your Company is India’s largest pure-play fashion and lifestyle entity with an elegant bouquet of
leading fashion brands and retail formats.
A) Madura Segments
Madura Fashion and Lifestyle (“MFL”) segment includes Lifestyle Brands, Youth Western Fashion,
Active Athleisure Innerwear, and Super Premium Brands. MFL reported a revenue of INR 5,381
Crore up by 58 percent over the previous year. The EBITDA margin was positive 14.9 percent
at INR 804 Crore compared to INR 366 Crore in FY21. MFL continued to expand its presence in
the retail channel by opening new stores.
Lifestyle brands
Your Company’s Lifestyle brands house four of India’s iconic apparel brands, addressing diverse
customer needs uniquely:
• Louis Philippe: To inspire the quest for excellence
• Van Heusen: To make professionals fashionable and trendy
• Allen Solly: To encourage unconventional thinking in your workplace
• Peter England: To bring alive authenticity and trust in our relationships
The Lifestyle business, at the back of its strong brand portfolio and aggressive e-commerce and
omnichannel expansion, recovered to pre-pandemic levels, gained market share and achieved
record revenues this year despite braving multiple COVID waves.
Each of the brands continued to lead in their respective segments. The brands also expanded
their loyal customer base to include over 23.80 million satisfied customers, gaining their trust by
5
providing innovative and premium products and top-notch retail experience across channels.
The business added new categories such as sportswear, occasion wear, and ceremonial wear,
along with accessories and footwear, propelling its growth manifolds.
With strong investments in digital marketing, brands have not only accelerated digital channel
sales but have also created service excellence for digital consumers across their own websites
as well as marketplaces. The Buy Online Ship from Store (“BOSS”) network has expanded to make
Omnichannel scale up rapidly across India.
Overview of Key performance indicators (“KPIs”):
Lifestyle brands FY17 FY18 FY19 FY20 FY21 FY22

Walk-ins (Crore) 0.79 0.82 0.79 0.72 0.39 0.43
Conversion 44% 46% 50% 55% 83% 89%
Average selling price (“ASP”) 1,639 1,747 1,714 1,626 1,680 1,701
Average bill value (“ABV”) 3,701 4,211 4,256 4,072 3,693 3,844
Items per bill 2.3 2.4 2.5 2.5 2.2 2.3
like-to-like (“LTL”) volume growth -7% 8% 4% 3% -9% 25%
LTL ASP growth 2% 0% 1% 1% -11% 16%
LTL value growth -5.7% 8.6% 5.3% 4.5% -19.6% 46%
The identified new growth levers, including, casual wear, activewear, denim, and women’s fusion
wear have garnered significant traction from consumers in stores and online. After successfully
crossing the 400+ stores milestone for Peter England’s small-town format and more than 50
stores in Allen Solly Prime, the Lifestyle brands’ Business has now piloted similarly modeled
small-town formats for Van Heusen and Louis Philippe. This aggressive expansion into newer
Indian towns and cities has further augmented Your Company’s strong distribution network.
Lifestyle brands aspire to become a significant portfolio of iconic brands across all important
occasions and price points.
Van Heusen Activewear, Athleisure, and Innerwear

Your Company forayed into the innerwear and athleisure space in 2016 through its iconic
lifestyle brand Van Heusen. The brand is now expanding its EBO as well as multi-brand outlet
(“MBO”) footprint rapidly across the country, with a presence across more than 27,000 outlets,
key departmental stores, and large e-commerce platforms by end of FY22. It is accelerating
its e-commerce growth through relevant merchandise assortment curated for specific
partner platforms and driving new e-commerce categories such as Women’s Sleepwear.
Vanheusenintimates.com is becoming the one-stop solution for Women’s Lingerie, Lounge,
Athleisure, and Activewear needs. Through a seamless online and offline interface and an
increasing large network of EBOs, the Innerwear business is building the best omnichannel
interface for consumers. Category expansion continues by enhancing the product portfolio
across categories and price points catering to wide consumer needs. The e-commerce channel
in this segment grew by 44 percent over last year.

The brand is continuously building driving trade channel digitization. Your Company has
made significant investments in digitization across the consumer touch-points and back-
end operations, and supply chain to enhance value adds to distributors and drive benefecial
relationships.
By building on brand awareness and acceptance across segments, laying down a large and
deep trade network and driving continuous product innovation to build customer-winning
products, Your Company has charted a strong growth trajectory for this segment and the
business is going to be one of the largest contributors to growth of the company in future.
Youth Western Fashion
American Eagle is currently among the top denim brands in India, owing to its superior
products, brand positioning, and a great shopping experience for its consumers across stores
and online channels. The brand is currently expanding its store footprint aggressively to tap into
newer markets within India. It is also gaining greater brand awareness and better positioning
through its campaigns. It has established itself as a Premium Denim Brand, growing both
offline and online on the strength of its strong brand and excellent products.
Forever 21 is building a viable retail network and is rapidly evolving as a preferred brand for
young, fashionable consumers through its high fashion, sharply priced merchandise.
During the year, Your Company worked towards diversifying its merchandise and is enhancing
its men’s wear offerings alongside women’s wear. It is also building a wide range of non apparel
categories such as accessories, footwear, and bags. The brand has redesigned its business
model by moving towards local sourcing, making it easily scalable and increasingly profitable
in India.
Super Premium Brands
The Global brands portfolio includes ‘The Collective’, one of India’s largest multi-brand retailers
of luxury brands and select mono brands such as the super-premium brand Ralph Lauren and
the iconic British brands Fred Perry, Ted Baker, and Hackett London.
The business in the premium and the super-premium segment has grown impressively during
the year, resilient to the demand fluctuations owing to COVID. The Collective has significantly
transformed its e-commerce operations through a focused improvement in this channel,
resulting in its e-commerce revenue increasing manifolds, at the back of a revamped supply
chain strategy and distribution. The category is showing increased traction among consumers
online as well as offline, along with the potential to grow beyond metros, and would continue
to enhance its appeal across markets.
Reebok
Your Company announced the signing of a long-term licensing agreement, which grants it
exclusive rights to distribute and sell Reebok products through wholesale, e-commerce and
Reebok branded retail stores in India. This deal marks Your Company’s foray into India’s fast-
growing sports and activewear segment.
7
B) Pantaloons
Pantaloons has been one of the strongest brands in masstige segment of the Indian Fashion
Retail Industry over the past two decades. The brand offers fashionable clothing and accessories
with superior quality and freshness to the Indian middle-class consumers across the length and
breadth of the country. It has built one of India’s widest retail network with 377 large format
stores. This year, Pantaloons strengthened its private label portfolio through launches across
categories such as Men’s wear (Street Armor and Ajile Loungewear), designer collaborations
in women’s ethnic, kids wear (Zero for Pantaloons), as well as increased focus on growing
Pantaloons.com, its online store. With a revamped logo, new retail identity across its iconic
stores, innovative ad campaigns, product development, agile supply chain, and customer-
centric processes, Pantaloons delivers a superior shopping experience to customers across
channels and geographies.
Pantaloons reported annual revenue of INR 2626 Crore, up by 41 percent from last year, while
the EBITDA stands at INR 368 Crore compared to INR 276 Crore last year. The EBITDA margin
was 14.0 percent for FY22.
Pantaloons has a high presence in mall formats and the pro-longed restrictions in malls had
an impact on the sales in FY22 but Pantaloons continued a sharp focus on sourcing agility and
cost controls to deliver an encouraging performance this year.
Overview of KPIs*:
Pantaloons FY17 FY18 FY19 FY20 FY21 FY22
Walk-ins (Crore) 4.7 4.6 5.4 5.7 2.3 3.6
Conversion 22.6% 22.4% 24.3% 26.1% 31.5% 26.2%
ASP 668 665 643 665 649 727
ABV 1,725 1,842 1,880 2,001 2,075 2,325
Items per bill 2.6 2.8 2.9 3.0 3.2 3.2
LTL volume growth 6.4% -3.3% 3.1% -2.1% -50.5% 18.0%
LTL ASP growth -2.9% 0.8% -1.7% 4.9% -1.7% 12.7%
LTL value growth 3.3% -2.6% 1.4% 2.7% -51.3% 33.0%

*Basis of previous years’, numbers have been adjusted to make it comparable with FY21
Strong demand resurgence during the festive period combined with focused efforts towards
driving alternative channels such as e-commerce and WhatsApp commerce brought the
business back on track quite significantly until December, when it was again disrupted by the
third wave of COVID and the lockdowns that followed.
Pantaloons e-commerce has grown significantly, recording 63 percent growth over last year.
Inventory for e-commerce was managed innovatively to make a wider assortment of merchandise
available online. Building truly ‘Phygital stores’ through a revamped loyalty program and
increased digitalization of shopping experience at stores leveraged Omni-channel play.

Despite continued challenges from the subsequent waves of the pandemic, Pantaloons opened
49 new stores in FY22. It is planning to expand its network with 70-80 new stores in the next
fiscal with its new retail identity that will match the fast-changing consumer interests in fashion.
The brand continually redesigns its product strategy to meet the changing fashion needs of
consumers and is well placed to continue to grow aggressively in FY23.
Ethnic wear
This category accounts for around 28 percent of the overall apparel market in the country and
is growing at a CAGR of over 10 percent with no international competition. A large part of this
market remains unorganized and unbranded. Consumers are now increasingly shifting to the
branded and organized segment, thus increasing the pie for organized players. FY20 was the
turning point in the branded ethnic segment when Your Company took definitive steps in this
space by acquiring the Jaypore brand and forging a partnership with Shantanu & Nikhil for
occasion wear. In FY21, with two fresh partnerships with Tarun Tahiliani and Sabyasachi were
announced. Further, during FY22, Your Company announced two new organic forays namely
1. Marigold Lane – Premium women’s ethnic wear brand 2. Tasva – Premium Men’s ethnic
wear brand. Your Company has also signed an agreement to acquire 52.4% stake in House
of Masaba Lifestyle and aims to create a young, aspirational and digital-led brand across the
affordable luxury segment in the fashion, beauty and accessory categories. Your Company now
boasts a comprehensive portfolio of iconic ethnic wear brands across price points.
Luxury
Kurta /Dress
Set >100k
Bridge to
Luxury
Kurta /Dress Set
35k – 100k
Premium
Marigold
Kurta Set / Dress Set TASVA
10k – 35k
Mid Market
Kurta Set / Dress Set
2k – 10k
Value
Kurta Set / Dress Set <3k
Retailers Women’s Ethnic Men’s Ethnic
Jaypore is India’s leading destination for craft-based and artisanal products, available in domestic
and international markets through its e-commerce channel. Shantanu & Nikhil caters to
contemporary luxury shoppers by curating design for the millennials’ sartorial choices.
Sabyasachi aspires to establish itself as a global Indian luxury brand, offering bridal wear, ethnic
wear, handcrafted jewelry, and accessories. It has gradually built a strong play at the back of
inspiration that is deeply rooted in the rich Indian heritage. It aspires to become India’s first global
luxury fashion brand.
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Tarun Tahiliani is a renowned couturier in the Indian ethnic wear category. In partnership with
him, Your Company forayed into affordable premium men’s ethnic wear by launching a new brand,
TASVA, in FY22. Tasva addresses the ceremonial wear needs of Indian men through high quality
products at sharp prices. The brand that commenced its journey this year started with 7 stores and
plans to growth the footprint multifolds by the end of next fiscal.
Marigold Lane is a premium women’s ethnic wear brand that is meant for Indian women with
distinctly evolved fashion sense. It currently reaches its customers through 50+ Pantaloons stores
and 3 EBOs.
Direct to Consumer (D2C)

The D2C market opportunity in India is expected to be USD 100 Billion by 2025.Your Company has
announced plans to set up a platform for foraying into the Direct-to-Consumer (“D2C”) business with
an omnibus approval to set up a new subsidiary towards building a portfolio of distinct, new-age,
digital brands across categories in fashion, beauty, and other allied lifestyle segments. With organic
and inorganic build up, this venture will be initially incubated and funded by your Company and
will subsequently bring in external capital to accelerate the growth journey at an appropriate time
in the future.
The newly incorporated entity, TMRW, will organically incubate and acquire promising & distinct
digital brands and will scale it up rapidly through strategic and operational interventions and
support, closely working with their founding teams. With this, your Company is looking at building
the next set of its iconic brands in the portfolio, in the digital space, evolving in line with changing
consumers.
Business strategy:
1. Launching new Brands and Re-energising the Existing Ones
Your Company has leading brands such as Louis Philippe, Van Heusen, Allen Solly, and Peter
England established for over 25 years. Pantaloons is one of India’s largest fast fashion store
brands.
Your Company also holds exclusive online and offline rights to the India network of California-
based fast fashion brand Forever 21. The International Brands portfolio includes - The Collective,
India’s largest multi-brand retailer of international brands, Simon Carter, and select mono-
brands such as American Eagle, Ralph Lauren, Hackett London, Ted Baker, and Fred Perry.
Your Company has successfully forayed into the innerwear business with Van Heusen
Innerwear, Athleisure, and Activewear and established itself as India’s most innovative and
fashionable brand. Your Company’s foray into branded ethnic wear business includes brands
such as Jaypore, Tasva & Marigold Lane and strategic partnerships with Designers ‘Shantanu
& Nikhil’, ‘Tarun Tahiliani’, ‘Sabyasachi’ and ‘House of Masaba’. Your Company also acquired
Reebok’s India operations to build strong play in sportswear.
2. Building a Robust and Agile Supply Chain with Innovative Marketing

To cater to the fast-moving market and customer demand, Your Company enabled a change
in market trend by moving to a monthly collection schedule, resulting in ‘12-seasons in a year’
model. Earlier, it was a two-trade show model, wherein orders were taken twice a year from

wholesale partners, own retail channels, and the merchandise was produced accordingly.
However, Your Company realized the importance of being nimble in the market, being able to
respond faster to changes keeping the inventory tighter.
This move benefits our channel partners, as they no longer have to commit to purchases eight
to 10 months in advance and can place orders monthly.
3. Omni-Channel: Coming Closer to Consumers

Your Company has revamped its e-commerce websites and also invested in building a
distinctive omnichannel presence across the country to provide consumers with an integrated
shopping experience. This has further strengthened relationships with major e-commerce
players through marketplace integration and converted it into a big opportunity. The Branded
Apparel Business Model has transformed from a wholesale-driven business to a multi-channel
business. The concept of focusing primarily on exclusive branded stores has paid rich dividends
and the business expanded aggressively across the country.
4. Harnessing the Small town Opportunity

Branded apparel has largely been restricted to bigger cities – Metros and Tier 1 and 2 towns
– in India. Increasingly, your Company’s brands are now tapping the “Bharat” opportunity
across small towns through exclusive formats, catering to the needs of these geographies.
With merchandise customized for local needs and providing quality products at a value, brands
are set to scale in small-town India through an asset-light growth model. The brands’ focus on
fostering local entrepreneurship would drive quick on-boarding of partners leading to rapid
scale-up. Your Company plans to tap this opportunity through such specialized small-town
formats under Peter England, Allen Solly, Pantaloons, and Style Up brands.
Digital Transformation Roadmap

The impact of the pandemic and the resultant lockdowns have rapidly changed consumer shopping
behavior in the last two years. Your Company is continuing to focus on driving an aggressive digital
transformation program across all its businesses, including the new businesses acquired in the last
two years. E-commerce business on both brand.com and marketplaces has accelerated this year
and is expected to grow rapidly.
Your Company has continued on its journey to build a brand-led e-commerce play that aligns with
its offline business model, building on the strength of the brands and enhancing them digitally.
The e-commerce platform enables having separate websites, mobile sites and mobile apps for
each brand along with seamless integration with over 10 different marketplaces, that are built on
a common order management and supply chain system. This enables a single view of inventory
in both, warehouses and stores, across all digital channels, enabling seamless omnichannel
capabilities.
This year, your Company launched mobile Apps for Pantaloons and Peter England and websites /
mobile sites for Tasva. The Pantaloons website/ app has advanced features such as personalization,
which analyses consumer preferences based on past transactions and browsing behavior, to
showcase more relevant merchandize, resulting in improved conversion.
Your Company has focused on enhancing customer service capabilities by investing in advanced
Customer Relationship Management (“CRM”) system, which acts as a single repository for customer
11
feedback and complaints. These can be received on multiple channels including call center, email,
website / app, social media, and even on WhatsApp. All customer feedback received in stores and
online, as part of Your Company’s flagship Net Promoter Score (“NPS”) program called Mission
Happiness, is also captured in the CRM system. This has resulted in significant customer delight.
The ‘Customer-360 program’, enabling personalized communication with 35 million customers,
has been rolled out across all major brands. The program leverages Machine Learning capability
integrated with a marketing automation platform to enable communication on email, SMS, web /
app notifications, social and WhatsApp.
In the last year, Your Company has completed the modernization of its Point-of-sale (“POS”) system,
which has been rolled out across all brands. The POS system is cloud-hosted, enabling seamless
connectivity from stores on multiple devices including billing terminals, tablets, and mobile phones.
This has also been integrated with the online stores of various brands enabling the fulfilment of
online orders from stores. Going forward, Your Company will leverage this platform for seamless
omnichannel customer experiences such as Buy-Online-Pickup-in Store (“BOPIS”), Buy-Online-Return-
in-store (BORIS), Hyperlocal shopping, Endless Aisle, etc.
In the last year, Your Company has also focused on extensively building data management and
analytics capabilities. A Company-wide data warehouse has been set up to consolidate data across
all major systems. This has been used to build common enterprise-wide business intelligence
platforms. Furthering the philosophy of data democratization, your Company has developed
a Single View of Customer mobile app for Store Managers and Customer Service Associates,
enabling Clienteling. A significant innovation in the backend is the development of a Markdown
Management System, which uses AI / ML to derive the optimum pricing for products during
the season and discounting during End-of-Season Sale. For the Innerwear business, a demand
forecasting model has been implemented combining statistical algorithms and market feedback.
Supply Chain
Your Company has been focusing on digitizing the pre-production supply chain processes with
unique initiatives such as digital 3D modeling and digital design collaboration processes. This has
improved agility and reduced the market lead time by around 15 to 30 days.
The demand pattern has been shifting quite rapidly with multiple lockdowns in the last year. Your
Company with robust demand planning processes has been able to prepare for the shifts on the
back of your agile Supply Chain and capitalize on the changing demand pattern.
Your Company is planning to diversify the manufacturing footprint by setting up a state-of-the-art

manufacturing plant for suits and trousers at Pulivendula, Andhra Pradesh. This plant will be a
benchmark facility in terms of sustainable and safe manufacturing practices.
Human Resources
FY22 Human Resources Achievements
1) Continuous driver on internal talent growth and development, resulting in 15.47 percent of
employees getting new roles; of which 45.5 percent of crucible roles were occupied by talent.
2) Diversity agenda driven through CEO sponsorship, hiring guidelines, and a healthy mix in hiring,
resulting in an overall woman hiring in FY22 at 38 percent.

3) Consumer grade experience of key HR processes provided to 16952 retail employees by

implementing Alt Life HRMS program through simplified and tech-enabled app-based HR
process. Received a score of 55 percent NPS from retail employees on Alt Life.
4) Agile ramp-up of leadership and managerial capabilities in new businesses of ethnic,
e-commerce, and D2C resulting in targeted quality hiring.
5) Successful pilot across 50 stores with 500+ gig assignments, resulting in over (8 percent)
savings of manpower budget.
6) Specialist framework for designer community focusing on development has been implemented.
7) Strengthened our campus brand through the launch of properties like Next Top Designer
(“NTD”), which resulted in 400 + applications on NTD and features in leading news websites and
campus blogs; masterclass series led by functional leaders on social media - Tales from Heads.
8) Built the foundation of social media by positioning LinkedIn as an employer brand platform;
resulting in a 51 percent increase in followership with a total of 4000K impressions.
9) Emotional Wellbeing program @ ABFRL covered 200+ employees in the Self-care and Grief
support program across businesses.
10) Multiple pilots activated: Digital Health assessment, multiplier app, eye check-up camp for
Karigars, Well O Mania, I Invest psychological safety program, Madura championship, which
resulted in an increase in VIBES score under Health & Well-being offerings from 85 percent to
88 percent.
11) Secured health and safety of our employees and family members across 310+ cities through
CAER and a 100 percent vaccination status.
Your Company’s People Vision is to “To drive a High Performing and Customer Centric Culture with
Happy and Value Oriented Employees”. Your Company’s performance is anchored on capabilities
and productivity; customer-centric culture through a strong service orientation; happiness through
purposeful behavior by high-quality talent; value-oriented through a deep commitment to the
values of the Aditya Birla Group.
Delivering ‘Employee Value Proposition’ (“EVP”) through People Strategy:
The unique Employee Value Proposition – “A World of Opportunities” makes your Company a
preferred employer for professionals in the industry. You are committed to strengthening your
employee value proposition in every aspect – career growth, learning, and development,
rewards and recognition, and enrichment of life through a healthy work environment and well-
being programs.
1) Careers:
Your Company believes in harnessing leadership and people capabilities through sharp focus
and initiatives on talent development. There is a well-defined talent and career management
process through potential assessments and talent discussions that take place every year. The
company has institutionalized Talent Councils that actively review the Organization’s talent
pipeline, succession planning for key roles, and requisite development interventions.
Your Company strengthened its partnership with premier institutions across the country by
the successful placement of management trainees into meaningful roles aligned with career
13
aspirations. The Young Talent Program (STRIDERS) includes hires across multiple streams
such as Business and Core Fashion functions, Chartered Accountants, Human Resources, and
Retail Operations that has enabled the organization to infuse young bright talent from various
institutes and help create a strong future leadership pipeline.
Your Company launched the second batch of India’s Finest Store Manager (“IFSM”) Program,
an industry-best learning and development practice for grooming Store Managers to take up
senior roles in the organization. IFSM’s current batch includes 12 store managers including
2 women.
2) Learning & Development:
Your Company’s initiatives equip employees to develop leadership and management capabilities
in both domain-specific and behavioral disciplines. Your Company boasts of an advanced
learning ecosystem ‘Gyanodaya’ which offers a wide array of learning programs to empower
employees to grow through a series of expert-led sessions on “Managing Internal Customers”,
“Being Your Best”, “Digital Transformation Journey” among many. The in-house structured
learning program ‘ABFRL University’ supports organization-wide capability building through
market experiences and live projects.
Digital Transformation in your Company was actively driven by deepening the digital
capability and quotient of senior management through curated learning series with digital
leaders and academicians. Your Company organized an Advanced E-Commerce Capability
Building Program to deepen functional capability.
3) Rewards and Recognition
Your Company’s reward philosophy is aligned with driving the culture of meritocracy and
ensuring market competitiveness. This philosophy recognizes and celebrates success,
therefore, raising the bar on performance and achievement. Your Company adopts a total
rewards approach, which covers both monetary (Fixed Compensation, Variable Pay, and Long-
Term Incentive Plan) and non-monetary rewards (Benefits Program, Recognition Programs,
and Work-life effectiveness program) for its employees.
Celebrating success through recognition platforms are at the core of building a vibrant
work culture. Well-entrenched annual engagement events are forums where your Company
celebrates and recognizes team and individual achievements, value champions and feats
achieved by employees beyond the call of duty. The ultimate celebration of success happens
at the Group’s annual event – Aditya Birla Awards, which recognizes outstanding players and
teams, who have displayed commitment and passion towards their craft.
4) ‘Enrich your life’ program
Your Company recognizes the importance of different roles that employees play in their personal
lives. Your Company actively engages in the art of giving and driving sustainability through
CSR programs, which focus on building model villages specifically in the areas of education,
digitization, and health among others. Your Company embarks on multiple initiatives to create
a wholesome approach for employees through competitive events in sports that enhances
bonding and camaraderie. There is also a bouquet of wellness programs being offered through
maternity support and flexible working for fostering a robust diverse work environment.

Employee Wellness initiatives

Your Company has strengthened its employee wellness initiatives by: -
- Creation of a holistic health and employee wellness environment
- Adoption of hybrid work models in businesses
Employee productivity was increased through a series of initiatives such as lifestyle habits, grief
circles, and emotional and financial wellness programs. The team established a helpline for health
counseling; 10000+ lives were covered under voluntary insurance cover (Employee & Family
members) and 4800 + beneficiaries were covered under CAER* for the employees’ program. The
HR Stakeholder survey and Vibes Survey reflected a positive experience with high scores given to
Employee Wellness.
Timely and proactive support was delivered to employees across all levels through the Covid
Assistance and Emergency Response (“CAER”) program. The program covered:
- 4800+ beneficiaries through testing, ambulance services, online doctor consultation, hospital
beds, home isolation, and oxygen support.
- 10000+ lives of the employee and their family members were covered under the voluntary
insurance cover.
- Financial support was provided for affected employees and their families.
- Caregiver leaves, and assistance to families of deceased employees were provided as part of
the Covid care policy.
- Helpline for healthcare established.
- Sanitization drive in villages implemented.
- All employees across stores, factories, and corporate offices were fully vaccinated ensuring
100 percent vaccination coverage by partnering with healthcare service providers.
Values
The organization’s core values of Seamlessness, Passion, Speed, Commitment and Integrity have
guided the actions of your Company and are the key to why your Company attracts the best talent.
These values come alive in the daily processes and practices that leaders and employees follow.
Communication
Your Company encourages open and honest communication among teams and through
leadership. There are various formal and informal platforms including open houses, town halls,
and anonymous survey touch points through, which employees are encouraged to ask questions
and share feedback. The open work atmosphere across the Company has ensured two-way healthy
communication between leadership and employees. The VIBES and HR stakeholder survey have
helped management understand the pulse of employees across various experiences and stages.
Your Company has engaged top talent across businesses through a series of interventions planned
and implemented for various groups. There were regular leadership connections and development
journeys designed for high-performing employees across your Company.
New Businesses
The key focus for FY22 for D2C Businesses has been understanding the Business model and
Organisation Creation. Your Company has conducted intensive research on the organizational
15
structure, policies, and practices followed by the competitors and is in the process of creating an
HR framework, which would be true to the industry, sector, and organization, thereby increasing
the ability of your Company to attract the right set of talent in new age capabilities such as Tech,
Digital Marketing, M&A, etc.
With the investments made towards the ethnic portfolio with players such as Sabyasachi, Tarun
Tahiliani and Shantanu & Nikhil, the main focus for FY22 had been to build a foundation for the
various Human Resource related aspects, ranging from creating policies and processes to rolling
out of non-negotiable such as POSH, Code of Conduct, among others and building cadence around
them. The HR teams have worked towards not only the creation of a highly inclusive HR Framework
but have also ensured proper implementation of the same, resulting in building a sense of equity,
fairness, and trust in Aditya Birla Group.
Sustainability
Aditya Birla Group (“ABG”) defined a Sustainable Business as one that can continue to operate
within the tightening constraints of a future world and thereby adopted a progressive target to
become a leading Indian conglomerate for sustainable business practices across global operations.
To understand and leverage the nuances that shall exist in the business ecosystem and to get
an in-depth understanding of the Environmental, Social, and Governance (“ESG”) aspects that
are relevant for the business and stakeholders, ABG has adopted the Sustainable Business
Framework through 4 dimensions (“4D”) lens approach.
Anchored by the ABG Vision and three pillars of Sustainable Business Framework - Responsible
Stewardship, Stakeholder Engagement, and Future-proofing, your Company has embarked
on the sustainability journey with the launch of the sustainability program ‘ReEarth – For our
Tomorrow’ in FY13. Your Company considers sustainability as an ability to survive and thrive in
the face of growing uncertainty and megatrends to build a sustainable business. Over the years,
your Company has achieved significant milestones across ESG aspects to unlock true potential and
deliver long-term sustainable value to the stakeholders.
Building on a commitment to foster a sustainable tomorrow and deliver sustainable fashion, your
Company successfully transitioned to sustainability 2.0 that is, from ‘Process-led to Product-led’ in
2021 with a focus on product design and development, customer centricity, and supply chain.
This transition shall embed sustainability across the whole spectrum of product life cycle and
endorses circularity, recycling, and upcycling across the value chain. This journey aims to achieve
ambitious sustainability targets and business goals while balancing risks and opportunities for all
relevant ESG initiatives.
Your Company has a robust governance mechanism, effectively overseeing a sustainability agenda
and building a conducive environment far beyond compliance requirements. In addition to the
Management Committee (“ManCom”), which periodically reviews sustainability strategy and initiatives,
your Company has evolved its RMC to Risk Management and Sustainability Committee (“RMSC”).
The RMSC is entrusted with the responsibility of monitoring and reviewing the risk management
plan, sustainability, and other such functions, as may be delegated by the Board from time to time.
Your Company believes in the transition towards sustainable fashion which requires local actions
with a focus on creating adaptable and flexible sustainable business models that build and
operate at high performance, promote life cycle thinking, source regional, embrace circular

economy principles, and ultimately contribute to shifting away from fossil fuels mitigating or
eliminating negative impacts of business.
Your Company is working towards doubling down efforts in decarbonization through enhancing
its share of renewable energy and also further reducing carbon and water footprint at both facility
and product levels. With a vision to accelerate the transition from linear to circular models,
your Company continues to emphasize integrating circular principles across the value chain and
establishing last mile traceability for pre-and post-consumer waste.
In the sustainability journey, the focus on sustainable raw materials has always been incremental
every year. Your Company continues its efforts towards sustainable packaging and enhanced
alternate packaging measures through deploying bio-degradable polybags and strengthened
plastic waste management in adherence to Extended Producer Responsibility guidelines.
Your Company’s sustainability maturity and leadership have contributed to the achievement of
global recognition and various accolades in this decade of the sustainability journey. This year, your
Company continued to receive accolades from prominent forums and organizations.
• Retained as Asia’s ‘Most Sustainable Company’ in the Textile, Apparel & Luxury Goods
Industry’ by S&P Global CSA 2021
• Included in the S&P Global Sustainability Yearbook 2022, the world’s most comprehensive
publication on corporate sustainability
• Awarded ‘Gold Shield’ for Reporting on Sustainable Development Goals by ICAI Sustainability
Reporting Awards 2021
• Recognized with Excellence Award in IGBC Performance Challenge 2021 for the LBRD
Warehouse, Bengaluru
• Sollepura Village, Tamil Nadu awarded ‘PLATINUM’ certification from Indian Green Building
Council (“IGBC”) – a testament to our social responsibility programs
Taking cognizance of the sustainability philosophy and commitment, Your Company’s sustainability
strategy has been effectively embedded across core business strategies, operations and investments.
Your Company is working towards accelerating advocacy and exploring innovative solutions with
a prime focus on circularity, sustainability sourcing and low carbon pathway. This journey requires
deep collaboration across the entire value chain envisaging radical transformation benefiting the
entire ecosystem.
Along with existing collaboration and partnerships with the Ellen McArthur foundation and
Circular Apparel Innovation Factory (“CAIF”), Your Company has made a large stride in the
circularity journey through its collaboration with the ‘GIZ’ a German Government agency in a
‘private-public development partnership project’ with an aim to strengthen circular business
practices for the Indian market. This collaboration shall focus on material innovation, reduce inputs
of harmful substances, increase textile-to-textile recycling, develop alternatives to plastic packaging,
and foster traceability. This will support the industry to match supply and demand, which was
witnessing pressure due to resource constraints.
Over the years, Your Company participated and collaborated with various global platforms and
ESG Indices such as UNEP, SAC, ZDHC, SU.RE, CII, FICCI, IACC, S&P Global. These strategic
collaborations and participation assisted you in staying relevant and also provided an opportunity
to benchmark Your Company’s sustainability performance with domestic and global peers.
17
Finally, Your Company believes in adopting a pragmatic approach that will contribute to holistic
growth taking the business to 2030 and beyond. In this ‘Decade of Action’, Your Company shall
continue to transform ambition into effective actions ensuring alignment not just to Company’s
sustainability goals but also to regional, national and global goals.
Risk management
Effective governance and risk management form the bedrock of a Company’s sustained performance.
Your Company has a robust Enterprise Risk Management framework, which helps in identifying,
evaluating, mitigating, and reporting risks. Your Company has adopted a Risk Management Policy in
line with provisions of the Companies Act and Listing Regulations. Your Company has constituted a
Risk Management and Sustainability Committee (“RMSC”) to monitor risks on a continuous basis,
which is supported by an internal risk management committee comprising experts from various
business processes and segments including subsidiaries. The internal risk management committee
also reviews developments in the socio-economic environment and identifies internal threats
and opportunities, updates the framework, and refines processes and systems for mitigation.
The Company has also laid down procedures wherein the committee on a periodic basis informs
the Audit Committee as well as the Board of Directors about risk assessment and effectiveness of
mitigation plans defined. Details of the composition of the RMSC and the Risk Management Policy,
adopted by the board, have been disclosed separately.
Key Risks
1. Rapidly changing fashion trends and consumer preferences
Rapidly changing fashion trends, deeply influenced by social and electronic media is a challenge
to apparel business models. Going forward, offerings should be highly nuanced to meet the
ever-changing fashion needs of consumers globally. Furthermore, with changing consumer
needs, new categories keep gaining relevance from a business perspective.
To mitigate this, your Company has undertaken various supply chain and digital initiatives, to
run an agile model, ensuring merchandise freshness by introducing the 12-season model, and
utilizing analytics-based planning tools for smarter merchandise management. In line with its
broader strategy, extending the brand into relevant categories, Your Company has evolved its
product portfolio, mirroring the changing consumer needs.
2. Changing consumers buying behavior

The consumer digital engagement is rising sharply over last couple of years, as a result of
more hours spent online, newer shopping habits and rising interest in virtual worlds. The end
consumer today is in want of quicker access to fashion with a personalized and hyper-quick
shopping experience. The retail industry is tapping into technology resources to maximize their
competitive edge through artificial intelligence, connected stores, and end to end digitalization
To mitigate this risk, your Company ramped up its online and digital presence with changing
consumer buying behavior. Your Company has increased its presence in online and digital
platforms through launching of various brands apps and continuously refreshing of ecommerce
websites for better customer experience. Your Company has entered into strategic partnership
with e commerce players to propagate and distribute its brands along with upscaling of omni
channel capabilities and hyper local solutions. Your Company has also entered into its first
digital pure play through launch of D2C business.

3. Global Supply Side Constraints

The fashion industry is reliant on an intricate web of global supply chain which are seeing
unprecedented levels of pressure and disruption due to local social and geo-political factors,
adverse climatic conditions, lockdowns, port congestions and logistical lock jams, shortage of
global availability of raw material accelerated by various factors and increased costs.
To mitigate this risk, your Company has enabled a change in market trend by moving to a
monthly collection schedule, resulting in ‘12-seasons in a year’ model. Your Company has been
focusing on digitizing the supply chain processes to improve agility and reduce the market lead
time. To deal with constantly changing demand pattern, your Company with robust demand
planning processes has been able to prepare for these shifts due to agile supply chain. Your
Company continues to monitor changing geopolitical situation and has responded by moving
the bulk of your supply chain to India.
4. Cyber security threats and loss of sensitive data

Leakage or loss of confidential business information and consumer data is a risk aggravated
by higher exposure on digital platforms. Threat of unauthorized elements / persons breaking
into IT systems to steal, change, or destroy information or halt the business services showing
increasing trends across retail industry
To mitigate this risk, your Company ensures employees handling sensitive and critical data
are covered with all information security and data leakage prevention controls, alongside
implementation of Information Rights Management (“IRM”) tool. Your Company’s data centre
is run by world class professional service providers and is supported by well managed backup
systems and protocols to avoid any unforeseen disruption. Continuous risk assessment
exercise is undertaken to review strengths of IT systems with evolving threats and timely
implementation of recommendations are made to strengthen the IT systems.
5. High Attrition in retail industry and Inability to retain talent

The apparel industry has been facing difficulty in attracting quality talent, due to a highly
competitive market ecosystem. The demand for talent exceeds the supply in critical areas such
as analytical thinking, technical competency, and leadership skills. The above two factors have
made talent development and management an extremely crucial part of the business strategy.
To mitigate this, your Company has a well-crafted and structured approach towards talent
retention and development along with leadership grooming of internal talent with periodic
focused interventions. Continuous efforts are put in development of existing internal talent
through various internal employee development programmes and at the same time also focus
on identifying newer talents which will help the organisation achieve its overall objectives.
6. Inadequate availability of quality retail space

Commercial real estate in India has seen a slowdown in the past few years. Lack of prime retail
land, high-property rates in prime areas, and COVID-related uncertainties in recent times have
further discouraged developers from investing in commercial spaces. Further, the demand
for prime retail spaces by existing retail players due to aggressive expansion plans and newer
market entrants have accelerated the demand and further added to the supply side concerns.
To mitigate this, your Company has strengthened its relationships through regular connect with
prominent mall owners and real estate developers across the country to remain a preferred
19
partner of choice in any new ventures. Your Company has kept a close watch on prime retail
locations and ensured tapping of opportunities which have opened up over the past year, in
wake of exits of other brands that have faced financial pressures due to the pandemic.
7. Ecommerce and Digital Disruption to established business model

Online and digital sales formats are attracting newer entrants. This is coupled with deep
discounts on E-Commerce channels that are built around only building scale may hurt the
overall fashion retail market in India. With increasing consumer traffic on E-Commerce looking
for fashion at value, the demand is growing for cheaper merchandise, which is, in turn, growing
a market for low-quality apparel, cannibalizing the market for quality fashion.
To mitigate this, our strategy has been built around enhancing the price-value equation of
products, offering superior quality consumer services that would help us in building stronger
and more desirable brands. This is coupled with aggressive expansion plans and building
omni channel capabilities ensuring last mile customer delivery through strong supply chain
management, which will enable us to deliver our brand promise.
8. Intensifying competitive landscape

The penetration of technology and growing e-retail space in the entire value chain has enabled
start-ups to enter the fashion industry with much larger aggression. Major international apparel
brands also have forayed into the Indian apparel market, realizing the potential of Indian market.
The fashion and apparel industry is highly competitive as large numbers of retailers sell similar-
looking products at similar price points. It is becoming increasingly important to develop brand
equity at the back of better-quality products and services that could create differentiation.
To mitigate this, your Company will continue to build its capability in product quality, designs,
merchandising, and distribution required to strengthen its portfolio of brands, enabling it to
maintain a leadership position in the apparel space. Your Company will also keep on diversifying
its portfolio to tap into newer areas of growth leveraging its expertise in its core businesses, to
gain profitability.
9. Pandemic induced disruption with possible fresh waves

Subsequent waves of pandemic may further disrupt the Indian apparel industry’s operations
by way of restrictions on people’s movement to contain the spread of the infection which may
impact sales, overall consumer sentiments and may also have significant economic impact. To
mitigate this, efforts around building digital channels of sales to enable consumers to shop
from wherever they are being made continuously. Further, continuous efforts are being made
through various cost and cash flow improvement measures to keep the price points competitive
and within reach of individual customers for each category of products.
Road Ahead
The recovery trend observed in fourth quarter of this fiscal is a testimony to the temporary nature
of the impact of the pandemic and the resilient consumer sentiment, which is pointing towards
getting back to the stores and shopping, as soon as it is safe to move outside. The future for the
Indian apparel industry looks promising, buoyed by strong domestic consumption and export
demand. The per capita consumption of apparel will grow swiftly in the times ahead fuelled by
aspirational buying and an organised market play.

Your Company firmly believes that its formidable branded play across categories will drive rapid
growth. The post pandemic phase is expected to boost demand, as Indians from all age groups
begin moving out for work and travel, leading to sharp recovery of consumption led sectors. As
recovery happens, at the back of its bouquet of strong brands, your Company will reinforce its
leadership position in the Indian fashion and apparel sector.
Your Company has moved towards a portfolio play led strategy focused on providing a Bouquet
of offerings as it plans to take advantage of large growth opportunities across multiple segments
in line with rapidly evolving consumer shifts. Your Company will continue investing in building its
digital capabilities to make it intrinsic to its business model going forward.
Financial Performance and Analysis

(` in Crore)
Particulars Standalone Consolidated
Year Ended Year Ended Year Ended Year Ended
March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021
Revenue from Operations 7,824 5,181 8,136 5,249
EBITDA (1)
1,174 667 1,203 628
Finance Costs 340 498 351 503
Depreciation 947 945 997 963
Profit / (Loss) Before Tax (1)
(113) (776) (145) (838)
Current Tax - - 21 40
Deferred Tax Assets / 33 196 47 211
(Liabilities)
Deferred Tax Assets / - (69) - (69)
(Liabilities) - One time (2)
Net Profit / (Loss) After Tax (1) (81) (650) (118) (736)
(` in Crore)
Particulars Standalone (Comparable)* Consolidated (Comparable)*
Year Ended Year Ended Year Ended Year Ended
Revenue from Operations 7,824 5,181 8,136 5,249
EBITDA (1)
273 (222) 275 (271)
Finance Costs 132 274 134 275
Depreciation 215 221 235 231
Profit/ (Loss) Before Tax (1)
(74) (717) (94) (778)
Current Tax - - 21 40
Deferred Tax Assets / 33 196 47 211
(Liabilities)
Deferred Tax Assets / - (69) - (69)
(Liabilities) - One time (2)
Net Profit/ (Loss) After Tax (1) (41) (590) (67) (676)
*Comparable refers to Pre Ind AS 116 numbers.
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Standalone performance
(` in Crore)
Particulars As at As at
March 31, 2022 March 31, 2021
Net Working Capital (3) 705 636
Net Fixed Assets (including capital work-in-progress) 674 614
Deferred Tax Asset (2)
353 321
Capital Employed 1,732 1,572
Investments (4)
835 690
Right-of-use assets 2,279 2,067
Goodwill (5) 1,860 1,860
Total Capital Employed 6,705 6,188
Net Worth 2,882 2,685
Debt 1,207 1,118
Lease Liabilities 2,616 2,386
Notes:
(1) Includes other income of ` 94 Crore (Previous year: ` 73 Crore).
(2) One-time impact of creation of deferred tax liability of ` 69 Crore as at March 31, 2021 is on account of amendment to Section
32 of the Income Tax Act, 1961, whereby Goodwill of a business will not be considered as a depreciable asset and depreciation
on goodwill will not be allowed as deductible expenditure effective April 1, 2020.
(3) Net working Capital
(` in Crore)
March 31, 2022 March 31, 2021
Inventory 2,729 1,743
Trade Receivables 754 600
Cash and Bank Balances 108 164
Other Assets 2,009 1,581
Less: Trade Payables 3,336 2,114
Less: Other Liabilities 1,560 1,338
Net Working Capital 705 636
(4) Investments includes ` 828 Crore towards investments in Subsidiaries and Joint Venture (Previous year: ` 683 Crore).
(5) As on March 31, 2022, goodwill (after testing for impairment in accordance with the Ind AS - 36 issued by the Institute of
Chartered Accountants of India) stands at ` 1,860 Crore.
Revenue
Your Company reported revenue of ` 7,824 Crore during the financial year, recording a growth of
51% over the previous year.
Earnings before interest, tax, depreciation and amortization (“EBITDA”)

EBITDA of the Company, including other income is ` 273 Crore on comparable basis (previous year
negative EBITDA of ` 222 Crore). The reported EBITDA of the Company is ` 1,174 Crore (previous year ` 667
Crore) factoring impact of Ind AS 116. The EBITDA margin for the Company improved from 12.9% to
15.0% during the year.

Finance cost
Finance cost for the year was ` 132 Crore on a comparable basis, decreased from ` 274 Crore in
previous year, as a result of lower average borrowings primarily on account of amounts raised through
Rights and Preferential Issue during the previous year and final call of Rights Issue during the year.
The average borrowing cost for the Company marginally increased to 7.67% as compared to 7.36%
in the previous year due to higher proportion of long-term borrowings. The reported finance cost
of the Company is ` 340 Crore (previous year ` 498 Crore) due to the impact of Ind AS 116.
Depreciation
Depreciation reduced from ` 221 Crore in the previous year to ` 215 Crore during the year on
comparable basis. The reported depreciation of ` 947 Crore (previous year ` 945 Crore) includes the
impact of Ind AS 116.
Dividend
In view of accumulated losses of previous years, your directors have not recommended payment of
any dividend for the year under review.
Borrowings
Borrowings have increased marginally from ` 1,118 Crore in the previous year to ` 1,207 Crore though
the Net Debt has reduced from ` 654 Crore in the previous year to ` 562 Crore. The Company has
raised ` 803 Crore through fresh borrowings and have repaid borrowings of ` 714 Crore during the
year with average borrowing cost at 7.67%.
There is no change in the credit ratings of the Company during the year and it continues to be
AA (Stable) by CRISIL Limited, ICRA Limited and India Ratings & Research.
Non-Convertible Debentures
During the year under review, the Company has issued and allotted 4,000 Listed, Unsecured, Rated,
Redeemable Non-Convertible Debentures (“NCDs”) of the face value of ` 10,00,000 (Rupees Ten Lakh only)
aggregating to ` 400 Crore (Rupees Four Hundred Crore only) on Private Placement Basis, under Series 8.
The details of outstanding NCDs as on March 31, 2022 are disclosed in the Section ‘Shareholders’
Information’ forming part of this Annual Report.
Standalone Key financial ratios
March 31, 2022 March 31, 2021
Debtors Turnover Ratio (times) (1) 11.55 8.02
Inventory Turnover Ratio (times) (1) 3.50 2.53
Interest Coverage Ratio (times) (1) 0.14 (1.83)
Current Ratio (times) 1.03 1.08
Debt Equity Ratio (times) 0.17 0.22
EBITDA Margin (%) 15.00 12.87
Operating Profit Margin (%) (1) 2.90 -5.37
Net Profit Margin (%) (1) -1.03 -12.54
Return on Net Worth (%) (1) -2.89 -34.46
Return on Average Capital Employed (%) (1) 3.52 -4.44
23
The formulae used in the computation of the above ratios are as follows:
Ratio Formula
Debtors Turnover Ratio Revenue from Operations / Average of opening and
closing Trade Receivables
Inventory Turnover Ratio Revenue from Operations / Average of opening and closing
Inventories
Interest Coverage Ratio Earnings Before Interest* and Tax / Finance Costs*
Current Ratio Current Assets / Current Liabilities (excluding Lease Liabilities
accounted as per Ind AS 116)
Debt Equity Ratio Debt# / (Net Worth+ Lease Liabilities – Right of use)
EBITDA Margin EBITDA / Revenue from Operations
Operating Profit Margin Earnings Before Interest and Tax / Revenue from
Operations
Net Profit Margin Profit After Tax / Revenue from Operations
Return on Net Worth Profit After Tax / Average net worth
Return on Average Capital Employed Earnings Before Interest and Tax / Average Capital
Employed
*Finance cost / interest comprise of interest expense on borrowing and excludes interest on lease liabilities and interest charge on
fair value of financial institution.
Debt = Borrowings (excluding Lease Liabilities accounted as per Ind AS 116) - Cash and Bank Balance (includes FD) - Liquid Investments
#
Details of significant changes (i.e. change of 25% or more as compared to the immediately previous financial year)
in the key financial ratios:
1. Debtors Turnover Ratio, Inventory Turnover Ratio, Interest Coverage Ratio, Operating Profit
Margin, Net Profit Margin, Return on Net Worth and Return on Average Capital Employed - Ratios
have improved due to increase in revenue and profitability as FY 21 was impacted on account
of COVID-19 and due to reduction in borrowings as the Company had raised the funds during
the previous year by way of Rights and Preferential Issue and Final call of Rights issue during
the year.
Consolidated performance
At consolidated level, your Company reported a revenue of ` 8,136 Crore (previous year ` 5,249 Crore) and
EBITDA of ` 1,203 Crore with EBITDA margin at 14.8% (previous year ` 628 Crore with EBITDA margin at 12.0%).
DIRECTORS’ RESPONSIBILITY STATEMENT
The audited financial statements of your Company for the year under review (“financial statements”) are in
conformity with the requirements of the Companies Act, 2013 read with the rules made thereunder
(“Act”) and the Indian Accounting Standards. The financial statements reflect the form and substance
of transactions carried out during the year under review and present your Company’s financial
condition and results of operations, fairly and reasonably.

Your directors confirm that:
a) in the preparation of the annual accounts, the applicable accounting standards have been
followed along with proper explanation relating to material departures, if any;
b) accounting policies selected have been applied consistently and reasonable and prudent
judgments and estimates were made, so as to give a true and fair view of the state of affairs of
your Company as at the end of the year under review and the profit and loss of your Company
for the year under review;
c) proper and sufficient care has been taken for the maintenance of adequate accounting records
in accordance with the provisions of the Act, for safeguarding the assets of your Company and
for preventing and detecting fraud and other irregularities;
d) the annual accounts of your Company have been prepared on a ‘going concern’ basis;
e) adequate internal financial controls were laid down and followed by your Company and such
internal financial controls were operating effectively;
f) proper systems have been devised by your Company to ensure compliance with the provisions
of all applicable laws and such systems were adequate and operating effectively and
g) the Company has been in compliance with the applicable Secretarial Standards issued by the
Institute of Company Secretaries of India.
SHARE CAPITAL
a) Equity share capital
Details of changes in paid-up share capital during the year under review, are as under:
Paid-up Equity Share Capital ` in Crore

At the beginning of the year, i.e., as on April 1, 2021 915.05
Changes made during the year: Allotments made pursuant to:
1.1. Employee Stock Option Scheme, 2013 & 2017 0.49
1.2. Rights Issue
(i) Receipt of final call money 22.47
(ii) Receipt of call money pursuant to annulment of forfeiture 0.28
At the end of the year, i.e., as on March 31, 2022 938.29
b) Preference share capital

The paid-up preference share capital of your Company as at the end of the year under
review stood at ` 50.50 Lakh (same as at the end of previous year). The details of Preference shares is
as below:
Class of preference shares Redemption date
5,00,000, 8% Redeemable Cumulative Preference Shares of ` 10/- each March 29, 2024
500, 6% Redeemable Cumulative Preference Shares of ` 100/- each October 12, 2024
25
DISCLOSURES IN TERMS OF THE PROVISIONS OF THE ACT & SECURITIES AND EXCHANGE BOARD
OF INDIA (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015
(“SEBI Listing Regulations”)
A. Board of Directors (“Board”)
(i) Number of meetings
The Board met 7 (seven) times during the year under review. The details of such meetings
are disclosed in the Section ‘The Board of Directors’ of the Corporate Governance Report
forming part of this Annual Report.
(ii) Appointments and resignations
a) Appointments
Mr. Arun Adhikari, Independent Director (DIN: 00591057) was appointed w.e.f. May 19,
2021. His appointment was approved by the Shareholders at the last Annual General
Meeting held on September 9, 2021.
The Board at its meeting held on May 18, 2022, based on the recommendation of
the Nomination and Remuneration Committee approved the following, subject to
shareholders approval:
i. Re-appointment of Mr. Ashish Dikshit (DIN: 01842066) as a Managing Director of
the Company for a further period of 5 years w.e.f. February 1, 2023 and
ii. Re-designation of Mr. Vikram Rao (DIN: 00017423) as an Independent Director for
a period of 5 years w.e.f. May 18, 2022.
b) Resignations / Retirements / Retirement by Rotation

i. During the year under review, no director has resigned.
ii. Further, in accordance with the provisions of the Act and the Articles of Association
of the Company, Mr. Kumar Mangalam Birla, Non-executive Director (DIN: 00012813)
and Ms. Sangeeta Pendurkar, Whole time Director (DIN: 03321646), are due to retire
by rotation at the ensuing Fifteenth Annual General Meeting and being eligible,
have offered themselves for re-appointment.
Resolutions seeking their re-appointments alongwith their profiles as required under
Regulation 36(3) of SEBI Listing Regulations form part of the Notice of Fifteenth
Annual General Meeting.
(iii) Board evaluation

The Company has devised a framework for performance evaluation of Board, its committees
and individual directors in terms of the provisions of the Act, SEBI Listing Regulations and
the Nomination Policy of the Company.
During the year under review, the Board carried out the evaluation of its own performance
and that of its committees and the individual directors. The performance evaluation of

Non-Independent Directors and the Board as a whole was carried out by the Independent
Directors.
The evaluation process consisted of structured questionnaires covering various aspects

of the functioning of the Board and its committees, such as composition, experience and
competencies, performance of specific duties and obligations, governance issues etc. The
Board also carried out the evaluation of the performance of Individual Directors based on
criteria such as contribution of the director at the meetings, strategic perspective or inputs
regarding the growth and performance of the Company etc.
Further, pursuant to the applicable provisions of the Act, the performance evaluation criteria
for the Independent Directors is disclosed in the Section ‘Directors Details as on March 31,
2022’ of the Corporate Governance Report forming part of this Annual Report.
(iv) Declaration of independence
The Company has received necessary declaration from each Independent Director of the
Company stating that:
(i) they meet the criteria of independence as provided in Section 149(6) of the Act and
Regulation 16(1)(b) of the SEBI Listing Regulations (“said declarations”).
(ii) they have registered their names in the Independent Directors’ Databank.
Based on the said declarations received from the Directors, the Board confirms, that the
Independent Directors fulfill the conditions as specified under Schedule V of the SEBI Listing
Regulations and are independent of the management.
B. Committees of the Board
The Board has constituted five committees, viz. Audit Committee, Corporate Social Responsibility
Committee, Risk Management and Sustainability Committee, Nomination and Remuneration
Committee, Stakeholders Relationship Committee and is authorised to constitute other functional
Committees, from time to time, depending on business needs.
Details of all the committees, along with their charters, composition and meetings held during
the year, are provided in the Section ‘The Board Committees’ of the Corporate Governance
Report forming part of this Annual Report.
C. Corporate Social Responsibility (“CSR”)
The Board has, pursuant to the recommendation of the CSR Committee, with a vision “to actively
contribute to the social and economic development of the communities in which your Company
operates and in doing so, build a better, sustainable way of life for the weaker sections of
society and raise the country’s human development index”, adopted a CSR Policy and the same
is available on the website of the Company i.e. www.abfrl.com
27
The scope of the CSR Policy is as under:
i. Planning Project or programmes which the Company plans to undertake falling within the
purview of Schedule VII of the Act and
ii. Monitoring process of such projects or programmes.
The CSR Policy of the Company inter alia includes the process to be implemented with
respect to the identification of projects and philosophy of the Company, alongwith key
endeavours and goals i.e.
• Education - to spark the desire for learning and knowledge;
• Health care - to render quality health care facilities to people living in the villages and
elsewhere through our hospitals;
• Sustainable livelihood - to provide livelihood in a locally appropriate and environmentally

sustainable manner;
• Infrastructure development - to set up essential services that form the foundation of

sustainable development and
• Social cause - to bring about the social change we advocate and support.
CSR initiatives taken during the year
Your Company’s CSR activities are mainly focused towards Education, Health and Sanitation,
Water, Digitalisation, Sustainable livelihood, Institutional Building and Social Causes.
An annual report on CSR activities of the Company for the financial year 2021-22 is annexed as
Annexure I to this Report.
D. Key Managerial Personnel
Pursuant to Section 203 of the Act, the Key Managerial Personnel (“KMP”) of the Company as on
March 31, 2022 are:
i. Mr. Ashish Dikshit, Managing Director;
ii. Ms. Sangeeta Pendurkar, Whole-time Director;
iii. Mr. Vishak Kumar, Whole-time Director;
iv. Mr. Jagdish Bajaj, Chief Financial Officer and
v. Ms. Geetika Anand, Company Secretary and Compliance Officer.
E. Remuneration of Directors and Employees
Disclosure comprising particulars with respect to the remuneration of directors and employees,
as required to be disclosed in terms of the provisions of Section 197(12) of the Act and Rule
5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014,
is annexed as Annexure II to this Report.

The statement containing names of top ten employees in terms of remuneration drawn and
the particulars of employees as required under Section 197(12) of the Act read with Rule 5(2)
and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014, is provided in a separate annexure forming part of this report. Further, the report and the
accounts are being sent to the Members excluding the aforesaid annexure. In terms of Section
136 of the Act, the said annexure is open for inspection and any Member interested in obtaining
a copy of the same may write to the Company Secretary.
F. Employee Stock Option Scheme and Share Based Employee Benefits
Grant of share-based benefits to employees is a mechanism to align the interest of the employees
with those of the Company, to provide them with an opportunity to share the growth of the
Company and also to foster long-term commitment.
Employee Stock Option Scheme and Restricted Stock Units
Your Company regards employee stock options as instruments that would enable the employees
to share the value they create for the Company in the years to come. Accordingly, in terms of the
provisions of applicable laws and pursuant to the approval of the Board and the members of
the Company, the Nomination and Remuneration Committee (“NRC”) has duly implemented the:
(a) ‘Employee Stock Option Scheme - 2013’ (“Scheme 2013”);
(b) ‘Aditya Birla Fashion and Retail Limited Employee Stock Option Scheme 2017’ (“Scheme 2017”)
and
(c) ‘Aditya Birla Fashion and Retail Limited Employee Stock Option Scheme 2019’ (“Scheme 2019”),
to grant the stock options, in the form of Options and Restricted Stock Units (“RSUs”), to the
employees of the Company.
All the Schemes of the Company i.e. Scheme 2013, Scheme 2017 and Scheme 2019 are governed
by the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat
Equity) Regulations, 2021 (“SEBI SBEB & SE Regulations”) and in terms of the approvals granted by
the shareholders of the Company, the NRC inter alia administers, implements and monitors
the aforesaid schemes, thereby governing the grant of share based benefits to its employees,
in the form of RSUs.
Stock Appreciation Rights
Your Company has also instituted a ‘Plan for Stock Appreciation Rights Plan, 2013’ (“SAR Plan 2013”)
in the year 2013, which is a cash-based plan linked to the actual stock price movement over the
plan tenure. Further, pursuant to the enforcement of SEBI SBEB & SE Regulations, in the event
of transfer of employee to any Group Company (“said transfer”), all the options and RSUs granted to
an employee under the employee stock option scheme of the Company, if not exercised by such
employee before the last working day in the Company shall lapse as on the date of said transfer.
29
In view of the above, in order to compensate the loss to an employee due to the lapse of Options
and RSUs in the event of said transfer, your Company has instituted and implemented the ‘Aditya
Birla Fashion and Retail Limited Stock Appreciation Rights Scheme 2019’ (“SAR Scheme 2019”), to
grant SARs in the form of ‘Option SARs’ (in place of Options) and ‘RSU SARs’ (in place of the RSUs), to such
employees. During the year under review, your Company has revised the SAR Scheme 2019 to
the extent of the grant cycle, from a Biennial grant (i.e. once in 2 years) to an Annual grant cycle in
the form of Option SARs and RSU SARs.
The SAR Plan 2013 and SAR Scheme 2019, do not give rise to any right towards any equity
share of the Company and hence, they are not covered under the provisions of SEBI SBEB &
SE Regulations. On exercise of the SARs granted under the said plan / scheme, the employee
exercising the SARs becomes entitled to receive cash, in terms of the respective plan / scheme.
In terms of the provisions of Regulation 14 and Part F of Schedule I of the SEBI SBEB & SE
Regulations, details of the aforesaid schemes can be accessed at www.abfrl.com
A certificate from the Secretarial Auditor of the Company, confirming that the aforesaid schemes
have been implemented in accordance with the SEBI SBEB & SE Regulations, will be open for
inspection at the ensuing Fifteenth Annual General Meeting.
G. Related Party Transactions
All related party transactions entered into during the year under review were approved by the
Audit Committee and the Board, from time to time and the same are disclosed in the financial
statements of your Company for the year under review. Further, pursuant to the provisions
of the Act and the SEBI Listing Regulations, the Board has, on recommendation of its Audit
Committee, adopted a Policy on Related Party Transactions and the said policy is available on
the website of the Company i.e. www.abfrl.com. Also, during the year under review, pursuant
to the amendments in the SEBI Listing Regulations, the aforesaid policy was reviewed and
amended by the Board.
Further, in terms of the provisions of Section 188(1) of the Act read with the Companies (Meetings
of Board and its Powers) Rules, 2014 and Regulation 23 of the SEBI Listing Regulations, all
contracts / arrangements / transactions entered into by the Company with its related parties,
during the year under review, were:
• in “ordinary course of business” of the Company;
• on “an arm’s length basis” and
• not “material”.
All transactions with related parties are in accordance with the policy on related party transactions
formulated by the Company.

Accordingly, Form No. AOC-2, prescribed under the provisions of Section 134(3)(h) of the Act
and Rule 8 of the Companies (Accounts) Rules, 2014, for disclosure of details of related party
transactions, which are “not on arm’s length basis” and also which are “material and on arm’s
length basis”, is not provided as an annexure to this Report.
H. Dividend Distribution Policy
In terms of Regulation 43A of the SEBI Listing Regulations, your Company has formulated a
Dividend Distribution Policy, with an objective to provide the dividend distribution framework to
the Stakeholders of the Company. The policy sets out various internal and external factors, which
shall be considered by the Board in determining the dividend pay-out. The policy is annexed as
Annexure III to this Report and is also available on the website of the Company i.e. www.abfrl.com
I. Strategic Initiatives during the year

a) Strategic partnership with ‘Reebok’:
On December 14, 2021, the Board of Directors approved a strategic partnership with the
global brand ‘Reebok’ for the Indian market and purchase of assets / liabilities of Reebok
India Company subject to the successful completion of due diligence, necessary statutory
approvals and signing of definitive agreements. The said partnership was executed by way
of entering into a Licensing Agreement and a Purchase Agreement, respectively through:
(i) acquiring the exclusive online and offline rights to the global brand ‘Reebok’ for the
Indian market and
(ii) purchase of certain assets of ‘Reebok India Company’ including inventory, currents
assets / liabilities.
As on the date of this report, Implementation agreement, Management agreement and

Sourcing agreement have been signed as part of global transaction between Authentic
Brand Group & Adidas for taking over / assuming local control of business.
b) Proposal for acquisition of stake in brand “Masaba”
On January 14, 2022, the Board of Directors approved the proposal for acquisition of 51%
stake in House of Masaba Lifestyle Private Limited (“HOMLPL”) by way of entering into a Binding
Term Sheet subject to signing of definitive agreements, completion of closing conditions
precedent to be set out in the definitive agreements and statutory approvals, if any.
On May 18, 2022, the Board of Directors noted the effectiveness of the transaction w.r.t.
acquisition of 52.4% stake in Brand ‘Masaba’ by noting completion of the closing conditions
precedent (under the definitive agreements) and authorised officers of the Company to take
necessary actions to close the acquisition by signing definitive agreements, post which the
Company will hold 52.4% stake in HOMLPL making it a subsidiary of the Company.
31
J. Proceeds from Rights Issue and Non-Convertible Debentures:
The utilization of funds raised have been mentioned hereunder:

(` in Crore)
Mode Object Amount Amount
allocated utilized
Rights Issue Repayment of certain borrowings of the 745.00 745.00

Company
General corporate purpose 244.26 242.25
Non-Convertible Refinancing of existing debt and General 400.00 400.00

Debentures corporate purpose
There has been no deviation in the use of proceeds of the Rights Issue and Non-Convertible
Debentures from the objects stated in the respective Offer document as per Regulation 32
of the SEBI Listing Regulations. The Company has been disclosing on a quarterly basis to the
Audit Committee, the uses / application of proceeds / funds raised from Rights Issue and
Non-Convertible Debentures and also filed with the Stock Exchanges on a quarterly basis, as applicable.
K. Subsidiaries, Joint Ventures, Associate Companies
As on March 31, 2022, the Company has 5 (five) subsidiaries and 1 (one) associate company.
During the year under review, no company became / ceased to be a subsidiary / associate /
joint venture of the Company. Also, the Company did not become a part of any joint venture
during the year.
Pursuant to the provisions of Section 129(3) of the Act, read with the Companies (Accounts)
Rules, 2014 and in accordance with applicable accounting standards, a statement containing the
salient features of financial statements of your Company’s subsidiaries and associate in Form
No. AOC-1 is annexed as Annexure IV to this Report.
In accordance with the provisions of Section 136 of the Act and the amendments thereto,
and the SEBI Listing Regulations, the audited financial statements, including the consolidated
financial statements and related information of the Company and financial statements of your
Company’s subsidiaries, joint ventures / associate companies have been placed on the website
of your Company viz. www.abfrl.com.
Your Company has formulated a Policy for determining Material Subsidiaries. The said policy is
available on the website of the Company i.e. www.abfrl.com. However, the Company does not
have any material subsidiary as defined under Regulation 16(1)(c) of the SEBI Listing Regulations.
L. Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo
Your Company consciously makes all efforts to conserve energy across all its operations.
A report containing details with respect to conservation of energy, technology absorption and
foreign exchange earnings and outgo, required to be disclosed in terms of Section 134(3)(m) of
the Act read with the Companies (Accounts) Rules, 2014, is annexed as Annexure V to this Report.

M. Vigil Mechanism
The Board, on recommendation of its Audit Committee, has adopted a Vigil Mechanism / Whistle
Blower Policy and the details of which are provided in the Corporate Governance Report forming
part of this Annual Report.
Adequate safeguards are provided against victimization to those who avail of the mechanism
and direct access to the Chairperson of the Audit Committee is provided to them. The
details of establishment of vigil mechanism is also available on the website of the Company
i.e. www.abfrl.com
N. Risk Management
Your Company has framed and implemented a Risk Management Policy in terms of the provisions
of Regulation 21 of the SEBI Listing Regulations, for the assessment and minimization of risk,
including identification therein of elements of risk, if any, which may threaten the existence of
the Company.
The policy is reviewed periodically by the Risk Management and Sustainability Committee along
with the key risks and related mitigation plans. More details on risks and threats have been
disclosed hereinabove, as part of the Management Discussion and Analysis.
Further, in view of the ever-increasing size and complexity of the business operations, your
Company is exposed to various risks emanating from frauds. Accordingly, the Board, on
recommendation of the Audit Committee, has adopted an Anti-Fraud Policy and a Whistle
Blower Policy, to put in place, a system for detecting and / or preventing and / or deterring
and / or controlling the occurrence of frauds.
O. Nomination Policy and Executive Remuneration Policy / Philosophy
In terms of Section 178 of the Act and Regulation 19 of the SEBI Listing Regulations, the Board of
your Company, on recommendation of the NRC, had adopted a Nomination Policy, which inter alia
enumerates the Company’s policy on appointment of directors, KMP and senior management.
Further, the Board, on recommendation of NRC, has also adopted a policy entailing Executive
Remuneration Philosophy, which covers remuneration philosophy covering the directors, KMP,
senior management and other employees of the Company.
Both the aforesaid policies, as amended from time to time pursuant to the amendment in the
applicable regulatory provisions, are available on the website of the Company i.e. www.abfrl.com
Salient features of the aforesaid policies are as under:
(a) Nomination Policy
The Nomination Policy is enacted mainly to deal with the following matters, falling within
the scope of the NRC:
• To institute processes which enable the identification of individuals who are qualified
to become directors and who may be appointed as key managerial personnel and / or
33
in senior management and recommend to the Board of Directors their appointment
and removal from time to time;
• To devise a policy on board diversity;
• To review and implement the succession and development plans for managing director,
executive directors and officers forming part of senior management;
• To formulate the criteria for determining qualifications, positive attributes and

independence of directors;
• To establish evaluation criteria of board, its committees and each director and
• To recommend the board, all remuneration, in whatever form, payable to senior

management.
(b) Executive Remuneration Policy / Philosophy
This Policy supports the design of programmes that align executive rewards - including
incentive programmes, retirement benefit programmes, promotion and advancement
opportunities - with the long-term success of the Stakeholders of the Company.
The executive remuneration program of the Company is designed to attract, retain, and
reward talented executives who will contribute to our long-term success and thereby build
value for our shareholders and intends to:
• Provide for monetary and non-monetary remuneration elements to our executives on

a holistic basis and
• Emphasize “Pay for Performance” by aligning incentives with business strategies to

reward executives who achieve or exceed Group, business and individual goals.
P. Business Responsibility and Sustainability Report
Your Company’s sustainability initiatives are aligned with the Aditya Birla Group’s sustainability
vision, which mainly comprises of responsible stewardship, stakeholder engagement and
future-proofing. Accordingly, under the aegis of the Aditya Birla Group’s sustainability vision,
your Company is strengthening its ‘ReEarth’ programme, to design a roadmap, which will align
with the group level sustainability policies and international frameworks.
Through this mission, we hope to create a future ready organisation, which can pre-empt
imminent challenges and address the needs of all stakeholders.
In accordance with our sustainability vision and in terms of Regulation 34(2)(f) of the SEBI Listing
Regulations, a Business Responsibility and Sustainability Report forms part of this Annual Report.
Q. Auditors and Auditors Report
(i) Statutory Auditor
Price Waterhouse & Co Chartered Accountants LLP (FRN: 304026E/E-300009), were appointed
as the Statutory Auditors of the Company at the 14th Annual General Meeting (“AGM”), for a
term of five consecutive years, till the conclusion of the 19th AGM to be held in the year 2026.

Further, the Auditors’ Report “with an unmodified opinion”, given by the Statutory
Auditors on the financial statements of the Company for financial year 2021-22, forms
part of this Annual Report. There has been no qualification, reservation, adverse
remark or disclaimer given by the Statutory Auditors in their Report for the year under review.
The notes to the financial statements are self-explanatory and do not call for any further
comments.
(ii) Secretarial Auditor
Pursuant to the provisions of Section 204 of the Act, M/s. Dilip Bharadiya & Associates,
Company Secretaries (CP No: 6740), were appointed as the Secretarial Auditor of the
Company, to conduct secretarial audit for the year under review.
The Secretarial Audit Report given by the Secretarial Auditor of the Company is annexed as
Annexure VI to this Report. There has been no qualification, reservation, adverse remark
or disclaimer given by the Secretarial Auditor in his Report for the year under review.
(iii) Cost Auditor
During the year under review, your Company was not required to maintain cost records
under Section 148(1) of the Act. Hence, the provisions related to appointment of Cost Auditor
is not applicable.
Further, no fraud in terms of the provisions of Section 143(12) of the Act, has been reported
by the Auditors in their reports for the year under review.
R. Material Changes and Commitment Affecting Financial Position of the Company
With a large section of the population being vaccinated and evolving impact of the pandemic,
management has determined that COVID-19 is unlikely to have a material impact on the future
operations of the Company. Management continues to closely monitor any material changes
to future economic conditions.
S. Other Disclosures
In terms of the applicable provisions of the Act and the SEBI Listing Regulations, your Company
additionally discloses that, during the year under review:
• there was no change in the nature of business of your Company;
• it has not accepted any fixed deposits from the public falling under Section 73 of the
Act read with the Companies (Acceptance of Deposits) Rules, 2014. Thus, as on
March 31, 2022, there were no deposits which were unpaid or unclaimed and due for
repayment, hence, there has been no default in repayment of deposits or payment of
interest thereon;
• it has not issued any shares with differential voting rights;
35
• it has not issued any sweat equity shares;
• no significant or material orders were passed by the regulators or courts or tribunals which
impact the going concern status operations of your Company in future;
• it has not transferred any amount to the Reserves;
• it has not raised any funds through qualified institutions placement as per Regulation 32(7A)
of the SEBI Listing Regulations;
• it does not engage in commodity hedging activities;
• it has not made application or no proceeding is pending under the Insolvency and Bankruptcy
Code, 2016 and
• it has not made any one-time settlement for the loans taken from the Banks or Financial
Institutions.
It is further disclosed that:
• there is no plan to revise the financial statements or directors’ report in respect of any
previous financial year;
• particulars of the loans, guarantees and investments as required under Section 186
of the Act are disclosed in the financial statements of your Company for the year
under review and
• details pertaining to unclaimed shares demat suspense account of your Company are
disclosed in the Shareholders’ Information forming part of this Annual Report.
CORPORATE GOVERNANCE
Your Company is committed to maintain the highest standards of Corporate Governance and adheres
to the Corporate Governance requirements set out by the SEBI. The report on Corporate Governance
as stipulated under the SEBI Listing Regulations forms part of this Annual Report.
Your Company has duly complied with the Corporate Governance requirements as set out under
Chapter IV of the SEBI Listing Regulations and M/s. Dilip Bharadiya & Associates, Company Secretaries,
vide their certificate dated May 18, 2022, have confirmed that the Company is and has been compliant
with the conditions stipulated in the Chapter IV of the SEBI Listing Regulations. The said certificate
is annexed as Annexure VII to this Report.
ANNUAL RETURN
Pursuant to the provisions of Sections 92(3) and 134(3)(a) of the Act and the Companies (Management
and Administration) Rules, 2014, the Annual Return in Form no. MGT-7 can be accessed on the
website of the Company i.e. www.abfrl.com

DISCLOSURES PURSUANT TO THE SEXUAL HARASSMENT OF WOMEN AT THE WORKPLACE

(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
Your Company has in place a policy on Prevention of Sexual Harassment at Workplace, which is in
line with requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition
and Redressal) Act, 2013 (“POSH Act”). The objective of this policy is to provide an effective complaint
redressal mechanism if there is an occurrence of sexual harassment.
This policy is applicable to all employees, irrespective of their level and it also includes ‘Third Party
Harassment’ cases i.e. where sexual harassment is committed by any person who is not an employee
of the Company.
Your Company has also set up an Internal Complaints Committee at each of its administrative office(s)
which is duly constituted in compliance with the provisions of the POSH Act. Further, the Company
also conducts interactive sessions for all the employees, to build awareness amongst employees
about the policy and the provisions of the POSH Act.
During the year under review, the Committee has received 16 complaints, all of which were resolved
with appropriate action.
AWARDS AND RECOGNITIONS
Your Company has been a proud recipient of many awards and recognitions during the year under
review and significant ones amongst them are as under:
• Diamond in the “Digital Newsletter (English)” at the 11th Public Relations Council of India (PRCI)
Excellence Awards 2021.
• “Best Newsletter (English)” at The Public Relations Society of India (PRSI) National Awards 2021.
• Gold for “Excellence in Internal Communications” at Imagexx 2021 Awards.
• Silver for its “Internal Communication Campaign” at Velocity Awards 2021.
• Award in the “Internal Communications Campaign” category at the 11th Public Relations Council
of India (PRCI) Excellence Awards 2021.
• Asia’s most sustainable company in textiles, apparels and luxury goods industry by S&P Global
Corporate Sustainability Assessment (CSA), an annual evaluation of companies’ sustainability
practices. ABFRL has also been included in the S&P Global Sustainability Yearbook – the world’s
most comprehensive publication on corporate sustainability.
• Gold Shield Award in Category III for “Reporting on Sustainable Development Goals” by ICAI
Sustainability Reporting Awards 2020-21.
• Madura Clothing was recognized with the Excellence Award in “IGBC Performance Challenge
2021 for the LBRD Warehouse, Bengaluru”.
• ‘PLATINUM’ certification from Indian Green Building Council (IGBC) for its “Sollepura Village
project in Tamil Nadu for achieving Green Building Standards”.
37
• Fashion Craft won Gold in the “India Green Building Manufacturing Challenge (IGMC) 2021-22”.
• Madura Clothing received the CII-ITC Scale Award 2021 for “Supply Chain and Logistics Excellence
in the Garments and Textiles” category.
• Madura Clothing won Gold under the “ESG Sustainability & CSR Domain” at Corporate Excellence
Awards 2022 from Symbiosis.
• Crafted Clothing won a GOLD Medal for “Manufacturing Competitiveness 2021” by International

Research Institute for Manufacturing (IRIM).
• Madura Clothing won Gold for its “Kaizen & Poka yoke concepts” at the Quality Circle Forum
of India (QCFI) in 2021.
• Madura Clothing was awarded “Water Management Company of the year, 2021” by CII.
• Van Heusen adjudged the “IMAGES Most Admired Retailer: Best Turnaround story- Fashion”
at IMAGES Retail Awards 2021.
• Pantaloons bagged an award for “Best Store Design” in the category “Images Most Admired
Fashion Design Concept of the year” at IMAGES Retail Awards 2021.
• Jaypore bagged Silver for its “Consumer Relation Campaign (Artisans campaign)” at the 11th Public
Relations Council of India (PRCI) Excellence Awards 2021.
• Jaypore bagged Bronze in the “Excellence in Communication PR Event for its Artisans campaign”
at Imagexx 2021 Awards.
ACKNOWLEDGEMENT
We take this opportunity to thank all the customers, members, investors, vendors, suppliers, business
associates, bankers and financial institutions for their continuous support. We also thank the Central
and State Governments and other regulatory authorities for their co-operation.
We acknowledge the patronage of the Aditya Birla Group and above all, we place on record our
sincere appreciation for the hard-work, solidarity and contribution of each and every employee of
the Company in driving the growth of the Company.
For and on behalf of the Board of Directors
Ashish Dikshit Sangeeta Pendurkar

Place : Mumbai Managing Director Whole-time Director
Date : May 18, 2022 DIN: 01842066 DIN: 03321646

Disclaimer:
Certain statements in the “Management’s Discussion and Analysis” may not be based on historical information or facts and may be
“forward looking statements” within the meaning of applicable laws and Regulations, including but not limited to those relating to
general business plans and strategy of the Company, its future outlook and growth prospects, future developments in its businesses,
its competitive and regulatory environment and management’s current views and assumptions, which may not remain constant
due to risks and uncertainties. Actual results could differ materially from those expressed or implied. Important factors that could
make a difference to the Company’s operations include global and Indian demand-supply conditions, finished goods prices, stock
availability and prices, cyclical demand and pricing in the Company’s principal markets, changes in Government Regulations, tax
regimes, competitor’s actions, economic developments, within India and the countries within which the Company conducts business
and other factors such as litigation and labour negotiations. The Company assumes no responsibility to publicly amend, modify or
revise any statement, on the basis of any subsequent development, information or events, or otherwise. The “Management’s Discussion
and Analysis” does not constitute a prospectus, offering circular or offering memorandum or an offer to acquire any shares and
should not be considered as a recommendation that any investor should subscribe for or purchase any of the Company’s securities.
The financial figures have been rounded off to the nearest Rupee One Crore.
Source:
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2. https://www.livemint.com/opinion/columns/ethnic-wear-segment-is-winning-the-race-11634751069939.html
3. https://www.indiaretailing.com/2021/02/08/fashion/2021-how-fashion-retail-is-inching-towards-normalcy-a-deloitte-report/
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5. https://www.indianretailer.com/article/whats-hot/trends/future-trends-fashion-retail-in-2021-beyond.a6721/
6. https://in.apparelresources.com/business-news/retail/trends-driving-evolving-indian-ethnicwear-market/
7. https://www.businesswire.com/news/home/20210126005544/en/Global-Apparel-Market-Report-2021-to-2030---COVID-19-Impact-and-Recovery---
ResearchAndMarkets.com
8. https://www.businesstoday.in/current/graphics/new-projections-on-india-gdp-for-fy21/story/429545.html
9. https://www.thehindu.com/business/Economy/indias-real-gdp-estimated-to-contract-by-77-in-2020-21/article33521311.ece
10. https://www.livemint.com/news/india/india-q3-gdp-growth-at-04-11614339901677.html
11. https://retail.economictimes.indiatimes.com/news/industry/india-a-favourable-market-for-fashion-retailers-report/62548607
12. https://www.newindianexpress.com/business/2021/jan/15/indian-apparel-exports-to-be-on-growth-path-in-fiscal-year-2021-22-icra-2250445.html
13. https://www.thehindu.com/business/Economy/vaccines-will-power-55-global-economic-growth-in-2021-imf/article33692388.ece
14. https://www.imf.org/en/Publications/WEO/Issues/2021/01/26/2021-world-economic-outlook-update
15. https://www.thehindu.com/news/national/india-stands-out-in-terms-of-vaccine-policy-says-imf-economist-gita-gopinath/article34024852.ece
16. https://www.worldbank.org/en/news/press-release/2021/01/05/global-economy-to-expand-by-4-percent-in-2021-vaccine-deployment-and-investment-key-to-
sustaining-the-recovery
17. https://www.businesstoday.in/current/economy-politics/moody-forecasts-7-gdp-contraction-for-india-in-fy21-revises-estimate-to-13-in-fy22/story/432328.html
18. https://www.business-standard.com/article/economy-policy/oecd-raises-india-s-economic-growth-forecast-to-12-6-for-2021-22-121030901665_1.html
19. https://www.livemint.com/budget/economic-survey/economic-survey-2020-21-key-takeaways-11611915899230.html
20. https://www.weforum.org/agenda/2019/01/10-mega-trends-for-india-in-2030-the-future-of-consumption-in-one-of-the-fastest-growing-consumer-markets/
21. https://www.fibre2fashion.com/industry-article/8601/statistics-about-women-s-fashion-industry
22. https://www.business-standard.com/article/economy-policy/moody-s-slashes-indian-economy-growth-forecast-by-30-bps-to-8-8-for-2022-122052600795_1.
html#:~:text=%22We%20have%20lowered%20our%20calendar,per%20cent%2C%E2%80%9D%20Moody’s%20said.
23. https://www.imf.org/en/Publications/WEO/Issues/2022/04/19/world-economic-outlook-april-2022
24. https://retailasia.com/fashion/in-focus/indias-apparel-sales-return-pre-pandemic-levels-in-2022-globaldata
25. https://www.fibre2fashion.com/industry-article/8698/global-apparel-market-outlook-an-overview#:~:text=The%20global%20apparel%20industry%20
was,comparison%20to%20the%20last%20year.&text=During%20the%20forecast%20period%202020,in%20the%20Asia%2DPacific%20market.
26. https://www.financialexpress.com/brandwagon/athleisure-breaking-a-sweat/2494531/
27. https://in.fashionnetwork.com/news/India-s-apparel-sales-to-reach-pre-pandemic-levels-in-2022-says-globaldata,1393796.html
39
ANNEXURE I
ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY ACTIVITIES
FOR THE FINANCIAL YEAR 2021-22
1. Brief outline on CSR Policy of the Company:

• To actively contribute to the social and economic development of the communities in which
the Company operates. In doing so, build a better, sustainable way of life for the weaker
sections of society, to contribute effectively towards inclusive growth and raise the country’s
human development index.
• Projects of the Company focus on education, healthcare & sanitation, sustainable livelihood,
water and digitalisation, epitomising a holistic approach to inclusive growth.
2. Composition of CSR Committee:
Sr. Name of Director Nature (Designation*) Meetings during the year
No. Held Attended
1. Mr. Himanshu Kapania Chairperson 1 1
(Vice-Chairman and NED)
2. Mr. Nish Bhutani Member (ID) 1 0
3. Mr. Yogesh Chaudhary# Member (ID) 1 1
4. Ms. Preeti Vyas^ Member (ID) 1 1
Note:
* NED: Non-Executive Director; ID: Independent Director
#
appointed w.e.f. April 1, 2021
^ appointed w.e.f. May 28, 2021
3. Composition of CSR Committee, CSR Policy and CSR projects approved by the Board are disclosed
on the website of the Company as mentioned below:
i. Composition of CSR Committee : www.abfrl.com/corporate-governance/
ii. CSR Policy : www.abfrl.com/docs/corporate_governance/policies/

Corporate_Social_Responsibility_Policy_new.pdf
iii. CSR Projects : www.abfrl.com/sustainability/corporate-social-
responsibility/
4. Details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8
of the Companies (Corporate Social Responsibility Policy) Rules, 2014, if applicable (attach the
report) : Not Applicable
5. Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies
(Corporate Social Responsibility Policy) Rules, 2014 and amount required for set off for the
financial year, if any: NIL (The Company has spent more than the mandatory requirement under the Companies Act,
2013 but the same is not proposed to be set-off)
6. Average net profit of the company as per section 135(5): ` (227.13) Crore
7. (a) Two percent of average net profit of the Company as per Section 135(5): Nil
(b) Surplus arising out of the CSR projects or Programmes or activities of the previous financial
years: Nil
(c) Amount required to be set off for the financial year, if any: Nil
(d) Total CSR obligation for the financial year (7a+7b-7c): Nil

8. FY 2021-22 : CSR amount

a) Spent : ` 3.09 Crore
b) Unspent: Not Applicable
c) Spent against ongoing projects: Not Applicable
d) Spent against other than ongoing projects for the financial year:
Sr. Name of the Item from Local Location of the project Amount Mode of Mode of implementation
No. Project the list of area spent implemen- through implementing agency
activities in (Yes/ for the tation
Schedule VII to No) State District project Direct Name CSR
the Act (` in (Yes/No) registration
Crore) number
1. School Maharashtra Raigad District, 0.19 Aditya Birla Fashion CSR00005147

Transformation Navi Mumbai and Retail Jan Kalyan
Project Trust
2. Gyanarjan Karnataka Ramanagara District, Sri Venkateshwara CSR00011621
Mysuru District and Educational Trust
Education Yes Bangalore 0.60 No
Rashtreeya Shikshana CSR00012218
Samithi Trust
3. Kasturba Karnataka Ramanagara District 0.06 Aditya Birla Fashion CSR00005147
Gandhi Balika and and Krishnagiri District and Retail Jan Kalyan
Vidyalaya Tamil Nadu Trust
4. Village Development Project, Karnataka and Tamil Nadu (“Project”)
4. 1 Project- Education 0.06
Education
4.2 Project- Health Health Care 0.53 Aditya Birla Fashion
& Sanitation including and Retail Jan Kalyan CSR00005147
Preventive Trust
health care and
sanitation
4.3 Project- Special 0.21 Edunet Foundation CSR00001388
Sustainable education and Karnataka Bangalore, Ramanagara
Livelihood employment Yes and District and Krishnagiri No
enhancing Tamil Nadu District
vocation skills
and livelihood
enhancement
projects.
Promoting
gender
equality and
empowering
women.
4.4 Project- Water & 0.16
Watershed
Rural Karnataka Bangalore, Ramanagara Aditya Birla Fashion
4.5 Project- Development Yes and District and Krishnagiri 0.06 No and Retail Jan Kalyan CSR00005147
Digitalisation Projects Tamil Nadu District Trust
4.6 Project- Others 0.49
41
Sr. Name of the Item from Local Location of the project Amount Mode of Mode of implementation
No. Project the list of area spent implemen- through implementing agency
activities in (Yes/ for the tation
Schedule VII to No) State District project Direct Name CSR
the Act (` in (Yes/No) registration
Crore) number
5. Village Development Project, Odisha (“Project Odisha”)
5. 1 Project Odisha- Education 0.07

Education
5.2 Project Odisha- Health Care 0.16

Health and including
Sanitation Preventive
health care and
sanitation
5.3 Project Odisha- Livelihood 0.05

Sustainable enhancement
Aditya Birla Fashion
Livelihood projects.
Odisha Khurda District and Retail Jan Kalyan CSR00005147
Promoting
Trust
gender
equality and
empowering
women. Yes No
5.4 Project Odisha- 0.09

Water & Rural
Watershed Development
5.5 Project Odisha- Projects 0.03
Digitalisation
6 Kaushalya Special Karnataka Bangalore 0.21 Labour Net Services

Project education and India Private Limited
employment
enhancing
vocation skills
and livelihood
enhancement
Projects.
TOTAL 2.97
e) Spent in Administrative Overheads: ` 0.12 Crore

f) Spent on Impact Assessment, if applicable: Nil
g) Total amount spent (8d+8e): ` 3.09 Crore
h) Excess amount for set off, if any: Nil
Sr. Particulars Amount
No. (` in Crore)
(i) Two percent of average net profit of the Company as per Section Nil
135(5)
(ii) Total amount spent for the financial year 3.09
(iii) Excess amount spent for the financial year [(ii)-(i)] 3.09
(iv) Surplus arising out of the CSR projects or programmes or activities Nil
of the previous financial years, if any
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] 3.09*
*The Company has spent in excess of the mandatory requirement under the Companies Act, 2013 but the same is not
proposed to be set off.

9. (a) Details of Unspent CSR amount for the preceding three financial years: Not Applicable
(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding
financial year(s): Not Applicable
10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so
created or acquired through CSR spent in the financial year:
(a) Date of creation or acquisition of the capital asset(s): Not Applicable
(b) Amount of CSR spent for creation or acquisition of capital asset: Not Applicable
(c) Details of the entity or public authority or beneficiary under whose name such capital asset
is registered, their address etc.: Not Applicable
(d) Provide details of the capital asset(s) created or acquired (including complete address and
location of the capital asset): Not Applicable
11. Specify the reason(s), if the Company has failed to spend two percent of the average net profit
as per Section 135(5): Not Applicable
Himanshu Kapania Ashish Dikshit

Place : Mumbai Chairperson of the CSR Committee Managing Director
Date : May 18, 2022 DIN: 03387441 DIN: 01842066
43
ANNEXURE II
INFORMATION: REMUNERATION OF DIRECTORS & EMPLOYEES
As per Section 197(12) of the Act & Rule 5(1) of Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014
a) Total number of permanent employees as on March 31, 2022: 24,818
b) Median remuneration of employees for FY 2021-22: ` 1,54,593 (PY: ` 1,49,788)
c) Percentage increase in the median remuneration of employees: ~3.21%
d) Average percentile increase in the salaries of employees other than the managerial personnel:
~26.35%
e) Average percentile increase in the managerial remuneration: ~130.30%
f) Justification for the exceptional increase in the managerial remuneration:
Increase in managerial remuneration is not comparable for financial year 2021-22 as increment
and Annual Incentive Pay (“AIP”) was not processed in financial year 2020-21 in view of COVID-19
pandemic. During the year under review, AIP and Increment have been processed and paid to
the Managerial Personnel [i.e. Managing Director (MD) / Whole-time Directors (WTDs)].
g) Ratio of the remuneration of each director to the median remuneration of the employees;
and percentage increase/ (decrease) in remuneration of each Director and KMPs:
Sr. Name Designation Remuneration Increase / Ratio to

no. FY 2021-22 (decrease) median
(` in Lakh) % remuneration
Non-Executive Directors (1) (Including Independent)
1 Mr. Kumar Mangalam Birla Chairman & 3.00 N.A. (2) 1.94
NED
2 Mr. Himanshu Kapania Vice- 5.75 (43.90) 3.72
Chairman &
NED
3 Mr. Nish Bhutani ID 8.70 N.A. (2) 5.63
4 Ms. Preeti Vyas ID 4.90 N.A. (2) 3.17
5 Ms. Sukanya Kripalu ID 10.25 (29.55) 6.63
6 Mr. Sunirmal Talukdar ID 10.25 (23.51) 6.63
7 Mr. Arun Adhikari (3) ID 8.55 N.A. (2) 5.53
8 Mr. Vikram Rao NED 6.85 N.A. (2) 4.43
9 Mr. Yogesh Chaudhary ID 6.45 N.A. (2) 4.17

Sr. Name Designation Remuneration Increase / Ratio to

no. FY 2021-22 (decrease) median
(` in Lakh) % remuneration
Managerial Personnel (4)
10 Mr. Ashish Dikshit MD 707.13 130.30 457.41
11 Ms. Sangeeta Pendurkar (5) WTD 935.85 N.A. 605.36
12 Mr. Vishak Kumar (6) WTD 590.77 N.A. 382.15
KMPs (4)
13 Mr. Jagdish Bajaj CFO 257.27 65.25 166.42
14 Ms. Geetika Anand (7) CS 124.11 156.48 80.28
Notes:
(1) The remuneration paid comprises of sitting fees paid for attending the meetings of the board and / or its committees.
(2) Remuneration for part of the current year / previous year. Hence, percentage increase / decrease in remuneration in the
year under review is not applicable.
(3) Appointed w.e.f. May 19, 2021.
(4) During the year FY 2020-21, increment and AIP was not paid. Hence, percentage increase in remuneration in the year
under review is strictly not comparable.
(5) Ms. Sangeeta Pendurkar was appointed as Whole-time Director of the Company with effect from February 24, 2021.
The remuneration paid to her is strictly not comparable with remuneration paid to her for the previous year, since the
amount of remuneration paid to her in the previous year was for ~ 1 month only.
Further, the remuneration paid to her during the year included the total value of the perquisites arising pursuant to the
exercise of 2,71,421 Stock Options (“Options”) of the Company (vested unto her on February 2, 2019, February 2, 2020,
December 2, 2021 and January 21, 2022, out of 5,66,006 Options granted to her) and 60,698 Restricted Stock Units
(“RSUs”) of the Company (vested unto her on February 2, 2021).
(6) Mr. Vishak Kumar was appointed as Whole-time Director of the Company with effect from February 24, 2021. The
remuneration paid to him is strictly not comparable with remuneration paid to him for the previous year, since the
amount of remuneration paid to him in the previous year was for ~ 1 month only.
Further, the remuneration paid to him during the previous year included the total value of the perquisites arising pursuant
to the exercise of 75,033 Options (vested unto him on September 8, 2018 out of 3,00,130 Options granted to him).
(7) The remuneration paid to Ms. Geetika Anand during the year under includes the total value of the perquisites arising
pursuant to the exercise of 32,554 Options (vested unto her on September 8, 2018, September 8, 2019, September 8,
2021, December 2, 2021 and January 21, 2022, out of 58,875 Options granted to her) and 6,070 RSUs of the Company
(vested unto her on September 8, 2020).
h) Affirmation that the remuneration is as per the Remuneration Policy of the Company:
It is hereby affirmed that the remuneration paid to:
a. directors, KMPs and members of senior management is as per Executive Remuneration

Philosophy / Policy of the Company and
b. other employees of the Company are as per the Human Resource Philosophy of the Company.
45
ANNEXURE III
DIVIDEND DISTRIBUTION POLICY
Introduction
As per the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended, the Company is required to formulate and disclose its Dividend
Distribution Policy. Accordingly, this Dividend Distribution Policy was approved by the Board of
Directors of the Company (“the Board”) at its meeting held on February 3, 2017.
The objective of this policy is to provide the dividend distribution framework to the Stakeholders of
the Company.
The Board shall recommend dividend in compliance with this policy, the provisions of the Companies
Act, 2013 and Rules made thereunder and other applicable legal provisions.
Target Dividend Payout

Dividend will be declared out of the current year’s Profit after Tax of the Company.
Only in exceptional circumstances, including but not limited to loss after tax in any particular financial
year, the Board may consider utilising retained earnings for declaration of dividends, subject to
applicable legal provisions.
‘Other Comprehensive Income’ (as per applicable Accounting Standards) which mainly comprises of unrealized
gains / losses, will not be considered for the purpose of declaration of dividend.
Subject to the leverage position and the availability of cash flows, the Board will endeavour to achieve
a dividend payout ratio in the range of 15% to 25% of the Standalone Profit after Tax, net of dividend
payout to Preference Shareholders, if any. Subject to the dividend payout range mentioned above,
the Board will strive to pass on the dividend received from material Subsidiaries, Joint Ventures and
Associates (as defined in the Companies Act, 2013).
Factors to be considered for Dividend Payout

The Board will consider various internal and external factors, including but not limited to the following
before making any recommendation for dividends:
• Stability of earnings
• Cash flow from operations
• Future capital expenditure, inorganic growth plans and reinvestment opportunities
• Industry outlook and stage of business cycle for underlying businesses
• Leverage profile and capital adequacy metrics
• Overall economic / regulatory environment
• Contingent liabilities
• Past dividend trends
• Buyback of shares or any such alternate profit distribution measure
• Any other contingency plans.
General
Retained earnings will be used inter alia for the Company’s growth plans, working capital requirements,
debt repayments and other contingencies.
If the Board decided to deviate from this policy, the rationale for the same will be suitably disclosed.
This policy would be subject to revision / amendment on a periodic basis, as may be necessary.
This policy (as amended from time to time) will be available on the Company’s website and in the
Annual Report.

ANNEXURE IV
FORM AOC - 1
PURSUANT TO FIRST PROVISO TO SUB SECTION (3) OF SECTION 129 OF COMPANIES ACT, 2013
READ WITH RULE (5) OF COMPANIES (ACCOUNTS) RULES, 2014
Statement containing salient features of the consolidated financial statement of
Subsidiaries or associate companies / Joint Ventures
Part “A” - Subsidiaries :
(` in Crore)
Sr. Particulars Name of the subsidiary companies
No. Jaypore TG Apparel & Finesse Sabyasachi Indivinity
E-Commerce Decor Private International Calcutta LLP Clothing Retail
Private Limited Limited Design Private (formerly Private Limited
Limited M/s. Sabyasachi
Couture)*
1 Date since when subsidiary was acquired July 02, 2019 July 02, 2019 July 26, 2019 February 24, 2021 March 26, 2021
2 Reporting period 2021-2022 2021-2022 2021-2022 2021-2022 2021-2022
3 Reporting currency INR INR INR INR INR
4 Share capital / Partner’s capital account 14.70 0.01 1.47 799.91 35.00
5 Reserves & surplus 58.46 (0.46) 16.62 (3.76) 3.62
6 Total assets 144.64 1.69 89.27 999.50 136.96
7 Total liabilities 71.48 2.14 71.18 203.35 98.34
8 Investments 38.21 - 13.02 7.15 12.34
9 Turnover 39.85 - 46.22 229.42 1.57
10 Profit / (Loss) before taxation (34.43) (0.21) (10.73) 44.67 (30.59)
11 Provision for taxation (8.71) - (3.19) 16.95 -
12 Profit / (Loss) after taxation (25.72) (0.21) (7.54) 27.72 (30.59)
13 Proposed Dividend - - - - -
14 % of shareholding 100.00% 100.00% 58.69% 51.00% 80.00%
* Financial Statement of Sabyasachi Inc. has been consolidated with Sabyasachi Calcutta LLP.
Part “B” - Joint Ventures :

(` in Crore)
Sr. Particulars Goodview Fashion Private Limited
No. (formerly known as Goodview
Properties Private Limited)
1 Date since when joint venture March 19, 2021
2 Reporting period 2021-2022
3 Shares of Joint Ventures Held by the Company on year end - Nos. 3,579
4 Amount of Equity Investment in Joint Venture 67.18
5 Extent of Holding (%) 33.50
6 Networth attributable to shareholding as per latest Audited Balance Sheet 4.89
7 Profit / (Loss) for the Year 6.98
8 Considered in Consolidation 2.34
9 Not considered in Consolidation 4.64
For and on behalf of the Board of Directors of

Aditya Birla Fashion and Retail Limited
ASHISH DIKSHIT SANGEETA PENDURKAR JAGDISH BAJAJ GEETIKA ANAND

(Managing Director) (Whole-time Director) (Chief Financial Officer) (Company Secretary)
(DIN: 01842066) (DIN: 03321646) (M.No.: 23228)
Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai
Date : May 18, 2022 Date : May 18, 2022 Date : May 18, 2022 Date : May 18, 2022
47
ANNEXURE V
DISCLOSURE OF PARTICULARS WITH RESPECT TO CONSERVATION OF ENERGY,

TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
AS PRESCRIBED UNDER RULE 8(3) OF THE COMPANIES (ACCOUNTS) RULES, 2014
A. CONSERVATION OF ENERGY
Energy conservation measures at your Company are looked at in synergy with Carbon Footprint
and Green Building initiatives and your Company has taken actions to reduce its energy & carbon
footprint.
Energy conservation measures are taken during the financial year 2021-22
• Your Company’s constant endeavor is to reduce energy consumption and implement various
initiatives across the operations, including ensuring optimum internal and external lighting,
installation of LED lights, VFDs and efficient equipment’s and also designing new facilities
and stores embracing green concepts.
• The operational efficiency initiatives across our manufacturing units have yielded a year-
on-year reduction of ~4% in energy intensity at a garment level.
• As a result of these initiatives taken, your Company has saved ~ 0.69 Lakh units of energy
during the year which resulted in a reduction of ~54 tCO2e (tons of Carbon Dioxide equivalent)
emissions.
• Your Company continues to innovate scalable opportunities to enhance the operational
efficiency across its facilities and retail spaces to cut down on overall energy usage and
progress further in the decarbonization journey.
Renewable energy initiatives taken by the Company for utilizing & enhancing alternate sources
of energy
• ~33% of our total energy requirement (i.e. in TOE) is met through renewable energy sources
with help of increasing use of renewable electricity and renewable fuel.
• Solar rooftop plant with capacity of more than 2 MWp has been operational across 6 facilities
(i.e. 4 factories and 2 warehouse) enabling us to generate more than ~22 Lakh units (kWh) which
resulted in reduction of ~1,721 tCO2e (tons of Carbon Dioxide equivalent) emissions.
• Further, usage of 4,821 Tons of briquettes (biomass and wood) in the boilers, as a renewable fuel
for steam generation at the manufacturing units of the Company, has cut down significant
amount of Greenhouse Gas emissions.
Investment done on energy conservation equipments

• Your Company has invested in energy conservation measures, which includes moving
towards energy-efficient lighting systems.
B. TECHNOLOGY ABSORPTION
• There has been no import of technology in the financial year 2021- 22.
C. FOREIGN EXCHANGE EARNINGS AND OUTGO

• Foreign exchange earnings for the year under review: ` 159.54 Crore (vis-à-vis ` 103.09 Crore
during the previous year).
• Foreign exchange outgo for the year under review: ` 808.46 Crore (vis-à-vis ` 418.27 Crore during
the previous year).

ANNEXURE VI
FORM NO. MR-3
SECRETARIAL AUDIT REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2022
(Pursuant to Section 204(1) of the Companies Act, 2013 and Rule no. 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014)
To,
The Members,
ADITYA BIRLA FASHION AND RETAIL LIMITED
Piramal Agastya Corporate Park,
Building A, 4th and 5th Floor,
Unit No. 401, 403, 501, 502, L.B.S Road,
Kurla Mumbai -400070
We have conducted the Secretarial Audit of the compliance of applicable statutory provisions and
the adherence to good corporate governance practices by Aditya Birla Fashion and Retail Limited
(hereafter referred to as “the Company”). Secretarial Audit was conducted in a manner that provided us a
reasonable basis for evaluating the corporate conducts / statutory compliances and expressing our
opinion thereon.
On account of the ongoing and evolving COVID-19 pandemic and consequent lockdown as directed
by the Central and State Government(s), the process of audit has been modified. Some of the documents /
records / returns / registers / minutes were not verified physically, however, the documents were
made available in electronic mode and were verified based on the representations received from
the Company for its accuracy and authenticity. Our report also covers the due adherence of the
miscellaneous circulars / notifications / guidelines as issued by the regulatory bodies from time
to time. Further, we have verified books, papers, minute books, forms and returns filed and other
records maintained by the Company and also the information provided by the Company, its officers,
agents and authorized representatives during the conduct of Secretarial Audit, we hereby report
that in our opinion, the Company has during the financial year ended on March 31, 2022 (“the Audit
period”), the Company has complied with the statutory provisions listed hereunder and has proper
Board processes and compliance mechanism, in place, to the extent, in the manner and subject to
the reporting made hereinafter:
1. We have examined the books, papers, minute books, forms and returns filed and other records
maintained by the Company for the Audit period, and have relied on the records, documents and
information shared electronically with us by the Company due to extra-ordinary circumstance
of COVID-19, according to the applicable provisions of:
(i) The Companies Act, 2013 (“the Act”) and the rules made thereunder and the Companies Act,
1956;
(ii) The Securities Contracts (Regulation) Act, 1956 (“SCRA”) and the rules made thereunder;
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to
the extent of Foreign Direct Investment, Overseas Direct Investment and External Commercial
Borrowings;
(v) The following Regulations and Guidelines prescribed under the Securities and Exchange
Board of India Act, 1992 (“SEBI Act”) and circulars issued under:
(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and
Takeovers) Regulations, 2011;
49
(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations,
2015;
(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regulations, 2018;
(d) The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations,
2014 and The Securities and Exchange Board of India (Share Based Employee Benefits
and Sweat Equity) Regulations, 2021;
(e) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer
Agents) Regulations, 1993 regarding the Act and dealing with client;
(f) The Securities and Exchange Board of India (Issue and Listing of Debt Securities
Regulations, 2008 and The SEBI (Issue and Listing of Non-Convertible Securities
Regulations, 2021; and
(g) The Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (“Listing Regulations”);
2. We have relied on the representations made by the Company and its officers and report of
the Statutory Auditor, Internal Auditor and other designated professionals for systems and
mechanism formed by the Company for compliances under the following other applicable Laws,
including but not limited to:
(a) Acts prescribed related to Retail activities.
(b) Labour Laws and other incidental laws related to labour and employees appointed by the
Company either on its payroll or on contractual basis as related to wages, gratuity, provident
fund, Employees’ State Insurance Corporation, compensation etc.;
(c) Local Municipal Corporation Act & Bye Laws (city-wise);
(d) Shops and Establishment Act & Rule (State wise);
(e) The Consumer Protection Act, 2019 and rules made thereunder;
(f) Legal Metrology Act, 2009;
(g) Acts prescribed under prevention and control of pollution;
(h) Acts prescribed under Environmental protection;
(i) Acts as prescribed under Direct Tax and Indirect Tax including GST and others;
(j) Land Revenue laws of respective States;
(k) Labour Welfare Act of respective States;
(l) Local laws as applicable to various stores as per the respective Municipal Authority;
(m) The Indian Copyright Act, 1957;
(n) The Patents Act, 1970;
(o) The Trade Marks Act, 1999.
3. We have also examined compliance with the applicable clauses of the following:
(i) The Secretarial Standards issued by ‘The Institute of Company Secretaries of India’ with
respect to board and general meetings.
(ii) The Listing Agreements entered into by the Company with BSE Limited (“BSE”) and National
Stock Exchange of India Limited (“NSE”) (hereinafter collectively referred to as “Stock Exchanges”), read
with the Listing Regulations.

During the period under review, the Company has complied with all the applicable provisions of
the above Regulations and circulars/ guidelines issued thereunder except Regulation 17(1)(b) upto
May 19, 2021 pursuant to which it has paid the fine to the Stock Exchanges and delay in filing
application for trading approval of right issue where the Company has paid the fine imposed by
Bombay Stock Exchange. In this matter, the Company has approached BSE Limited for waiver of
the said fine levied. The Company is in due compliance with the above mentioned regulations as
on the date of this report.
We further report that the Board of Directors of the Company is constituted with proper balance
of Executive Directors, Non-Executive Directors and Independent Directors (except to the extent
mentioned above). The changes in the composition of the Board of Directors that took place during the
period under review were carried out in compliance with the provisions of the Act and Listing
Regulations.
Adequate notice was given to all Directors w.r.t. the Board / Committee Meetings held during the
year. Agenda and detailed notes on agenda were sent seven days in advance and a system exists
for seeking and obtaining further information and clarifications on the agenda items before the
meeting and for meaningful participation at the meeting.
All resolutions / decisions, including Circular Resolutions of the Board of Directors and its Committees
are approved by the requisite majority and are duly recorded in the respective minutes.
Majority decisions are carried through, while the dissenting views of the Directors / Members, if any,
are captured and recorded as part of the minutes.
We further report that

There are adequate systems and processes in the Company commensurate with the size and
operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations
and guidelines.
We further report that in terms of Clause 21 of the Composite Scheme of Arrangement amongst
the Company, Aditya Birla Nuvo Limited (“ABNL”), Madura Garments Lifestyle Retail Company Limited
and their respective shareholders and creditors, the Company has kept allotment of 37,82,178 Equity
Shares of ` 10/- each, pertaining to 3,475 Non-Resident Shareholders of ABNL holding shares on
repatriation basis, pending, until receipt of applicable regulatory approval(s).
We further report that during the year under review, the Company had undertaken the following
activities:
A. Rights Issue of Partly-paid shares
i. On July 02, 2021, the Company dispatched notices for the final call money of ` 27.50 per
partly paid shares (of which ` 2.50 is towards face value and ` 25 towards premium) (“PPS”).
ii. On September 01, 2021, the Company annulled the forfeiture of 3,67,542 PPS which were
forfeited due to non-payment of first call money.
B. Allotment of Equity shares pursuant to Employee Stock Option Plan(s)
During the financial year, the Stakeholders Relationship Committee approved allotment of:
i. 4,88,268 equity shares of ` 10/- each to the eligible employees of the Company, pursuant
to the exercise of stock options granted to them under the Aditya Birla Fashion and Retail
Limited Employee Stock Option Scheme 2017 and
ii. 4,603 equity shares of ` 10/- each to an eligible employee of the Company, pursuant to the
exercise of stock options granted to them under the Employee Stock Option Scheme 2013
51
C. Issue of Non-Convertible Debentures
i. On September 09, 2021 the Company allotted 4,000 Listed, Unsecured Rated, Redeemable
Non-Convertible Debentures aggregating to ` 400 Crores on Private Placement basis.
D. Strategic Partnerships / Acquisitions:

i. The Company entered into a Strategic Partnership with ‘Reebok International Limited’
(Licensor) by acquiring the exclusive online and offline rights to the global brand ‘Reebok’ for
the Indian market and also by purchasing certain assets of ‘Reebok India Company’ including
inventory, currents assets / liabilities by way of entering into a Licensing Agreement and a
Purchase Agreement, respectively as approved by the Board of Directors in its meeting held
on December 14, 2021.
ii. On January 14, 2022 the Company proposed to acquire 51% stake in ‘House of Masaba
Lifestyle Private Limited’ by way of entering into a Binding Term Sheet.
This report is to be read with our letter of even date, which is annexed as Annexure A and forms an
integral part of this report.
For DILIP BHARADIYA & ASSOCIATES
DILIP BHARADIYA
Partner
Place: Mumbai FCS No.: 7956, C P No.: 6740
Date: May 18, 2022 UDIN: F007956D000338220

Annexure - A
To,
The Members,
Our report of even date is to be read along with this letter.

1) Maintenance of secretarial record is the responsibility of the Management of the Company. Our
responsibility is to express an opinion on these secretarial records based on our audit.
2) We have followed the audit practices and processes as were appropriate to obtain reasonable
assurance about the correctness of the contents of the secretarial records. The verification was
done on test basis to ensure that correct facts are reflected in secretarial records. We believe
that the processes and practices followed by us provide a reasonable basis for our opinion.
3) We have not verified the correctness and appropriateness of financial records and books of
accounts of the Company.
4) Wherever required, we have obtained the Management Representation about the compliance
of laws, rules and regulations and happening of events etc.
5) The compliance of the provisions of Corporate and other applicable laws, rules, regulations,
standards is the responsibility of Management. Our examination was limited to the verification
of procedures on test basis.
6) Due to prevailing circumstance of COVID-19 pandemic, the audit was conducted based on the
verification of the Company’s books, papers, minutes books, forms and returns filed, documents
and other records furnished by / obtained from the Company electronically and also the
information provided by the Company and its officers by audio and visual means.
7) The Secretarial Audit Report is neither an assurance as to future viability of the Company nor
of the efficacy or effectiveness with which the Management has conducted the affairs of the
Company.
DILIP BHARADIYA
Partner
Place: Mumbai FCS No.: 7956, C P No.: 6740
Date: May 18, 2022 UDIN: F007956D000338220
53
CORPORATE GOVERNANCE REPORT
Company’s Governance philosophy
Aditya Birla Group (“Group”) is committed towards the adoption of the best Corporate Governance
practices and its adherence in the true spirit, at all times.
As a part of the Group, at Aditya Birla Fashion and Retail Limited (“Your Company” / “ABFRL”) we feel proud
to belong to a Group whose visionary founders laid the foundation stone for good governance long
back and made it an integral principle of the business, as demonstrated in our Group Chairman’s
Vision, Group’s purpose and Group’s values mentioned below:
“Great businesses are never built on the quick sands of opportunism. I reiterate that, if living by our values
means, perhaps growing at a pace slower than we would otherwise have liked, so be it. For us, leadership
lies at the heart of knowing what we stand for.”
- Mr. Kumar Mangalam Birla
Chairman, Aditya Birla Group
“To enrich lives, by building dynamic and responsible businesses and institutions, that inspires trust.”
- ABG Group Purpose
Integrity Commitment Passion Seamlessness Speed
Acting and taking decisions in On the foundation of integrity, An energetic, intuitive zeal Thinking and working together Responding to internal and
a manner that is fair and doing all that is needed to that arises from emotional across functional groups, external customers with a
honest. Following the highest deliver value to all engagement with the hierarchies, businesses and sense of urgency. Continuously
standards of professionalism stakeholders. In the process, organisation that makes work geographies. Leveraging striving to finish before
and being recognised for doing being accountable for our own joyful and inspires each one to diverse competencies and deadlines and choosing the
so. Integrity for us means not actions and decisions, those of give his or her best. A perspectives to garner the best rhythm to optimise
only financial and intellectual our team and those on the voluntary, spontaneous and benefits of synergy while organisational efficiencies.
integrity, but encompasses all part of the organisation for relentless pursuit of goals and promoting organisational unity
other forms as are generally which we are responsible. objectives with the highest through sharing and
understood. level of energy and collaborative efforts.
enthusiasm.
- ABG Values
Your Company’s philosophy on Corporate Governance enshrines the goal of achieving the highest
level of transparency, accountability, sustainability and ethical behaviour in all aspects. It is always
ensured that the performance is driven by integrity & values and that business is done in the right
way. It treats all its stakeholders fairly and equitably. It respects minority rights and aims to enhance
long-term stakeholder value without compromising on ethics. We believe that if something is
important enough to be done, it is important that we do it ethically.
Your Company at all times strives to develop, strengthen and uphold the abovementioned corporate
governance principles, systems and processes, in practice. Your Company keeps its governance
practices under continuous review and benchmarks itself to best practices across the globe.

Also, your Company ensures that its governance framework incorporates the amendments introduced
from time to time in various laws applicable to the Company and that the same is complied with on
or before the relevant due dates.
Your Company’s governance rests on the highest standards of business ethics and corporate
governance. The governance philosophy of the Group and your Company rests on following basic
tenets viz.
Accountability and Transparency and

Interests Disclosure
Our practices ensures accountability towards Transparency, integrity and disclosures are keys
all stakeholders. And protection of minority to corporate governance practices. Our
interests and rights. practices ensure that we make timely and
accurate disclosures.
Monitoring Ethics
Effective monitoring and reviewing the risk Our practices ensure that we maintain high
management framework and associated standards of ethics.
practices is ensured.
Control Review
Effective control systems are maintained to Regular review of processes and management
ensure efficient conduct of business and systems for improvement are ensured.
discharge of responsibilities. .
The distilled wisdom of your Company has reinforced stakeholders trust and confidence, attracting
and retaining financial and human capital and has helped us enormously in fulfilling societal
aspirations.
To succeed, we believe, requires highest standards of corporate behaviour towards everyone we
work with, the communities we touch and the environment on which we have an impact. This is our
road to consistent, competitive, profitable and responsible growth and creating long-term value for
our stakeholders.
In line with the above philosophy, your Company continuously endeavours for excellence and
focuses on enhancement of long-term stakeholders’ value through adoption of and adherence with
the best governance practices, in true spirit at all times.
A report on compliance with the Corporate Governance provisions as prescribed under the
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
(“SEBI Listing Regulations”) is given herein below:
The Board of Directors (“The Board”)

The Board is at the core of the corporate governance system of the Company. The Board is
committed towards compliance of sound principles of corporate governance and plays a crucial
role in overseeing how the management serves the short and long-term interests of the members
and other stakeholders. This belief is reflected in the governance practices of the Company, under
which it strives to maintain an effective, informed and independent Board.
The Boards operations are duly supported by the Managing Director, Whole-time Directors, Key
Managerial Personnel (“KMPs”) and the Senior Management, while discharging its fiduciary duties
and in ensuring effective functioning of your Company.
55
Committees of the Board viz. Audit Committee (“AC”), Stakeholders Relationship Committee (“SRC”),
Nomination and Remuneration Committee (“NRC”), Corporate Social Responsibility Committee
(“CSRC”) & Risk Management and Sustainability Committee (“RMSC”) handle specific responsibilities
and empower the functioning of the Board through flow of information amongst each other and
by delivering a focussed approach and expedient resolution on diverse matters. Non-statutory
Committees of the Board, are formed from time to time, basis the requirements of the Company.
Details of the aforesaid Committees are covered in the Section ‘the Board Committees’ of this report.
The Company strives to maintain an appropriate balance of skills and experience within the
organisation and the Board in an endeavour to introduce new perspectives while maintaining
experience and continuity.
Board Composition
An independent and well-informed Board goes a long way in protecting the stakeholders’ interest.
The composition of your Company’s Board represents an optimal mix of professionalism,
knowledge, experience that enables the Board in discharging its responsibilities and providing
effective leadership and support to the business. The composition, diversity and strength of the
Board is reviewed from time to time for ensuring that the same is in line with the applicable laws
and also that it remains aligned with the strategy and long term needs of the Company.
Detailed profile of the Board of Directors of the Company along with skills/expertise/ competencies
pursuant to Schedule V of the SEBI Listing Regulations, is provided separately in the ‘Corporate
Information’ Section of this Annual Report.
Percentage of Board Positions
As on March 31, 2022, the Board comprised
of 12 members (as against 11 members Non-executive Independent
17% Directors
as on March 31, 2021), consisting of 3 Non- 33%
Non-executive Directors
Executive Directors (including one Chairman),
25% Executive Directors
3 Executive Directors and 6 Independent
Women Independent
Directors. 25% Director
The Board Committees (“Committees”)

The Committees play a crucial role in the governance structure of the Company. The Committees
are formed with the approval of the Board and function under their respective terms of references
framed in accordance with the Companies Act, 2013 (“Act”) and the SEBI Listing Regulations.
The Committees meet at regular intervals and take necessary steps to perform its duties entrusted
by the Board. Each Committee demonstrates highest levels of governance standards and has the
requisite expertise to handle issues relevant to their fields. These Committees spend considerable
time and provide focused attention to various issues placed before them and the guidance provided
by these Committees lend immense value and support, enhancing the efficiency of the decision-
making process of the Board. The Board reviews the functioning of these Committees from time
to time.

Committees’ Composition:
Stakeholders Nomination and Corporate Social

Risk Management and
Audit Committee Relationship Remuneration Responsibility
Sustainability Committee
Committee Committee Committee
Mr. Sunirmal Mr. Himanshu Ms. Sukanya Kripalu Mr. Himanshu Mr. Sunirmal
Talukdar Kapania Kapania Talukdar
(Chairperson) (Chairperson) (Chairperson) (Chairperson)
(Chairperson)
Mr. Himanshu
Ms. Sukanya Kripalu Mr. Nish Bhutani Mr. Nish Bhutani
Ms. Sukanya Kripalu Kapania
Mr. Sunirmal Mr. Yogesh

Mr. Nish Bhutani Mr. Vikram Rao(1)
Mr. Vikram Rao(1) Talukdar Choudhary(1)
Mr. Yogesh
Mr. Arun Adhikari(2) Mr. Arun Adhikari(2) Ms. Preeti Vyas(2)
Choudhary(2)
Mr. Himanshu
Kapania(3)
Independent Director Non Executive Director
(1) w.e.f. April 1, 2021

(2) w.e.f. May 28, 2021
(3) w.e.f. November 3, 2021
Mr. Ashish Dikshit, Managing Director of your Company, is a Permanent Invitee of all the
Committees. Ms. Geetika Anand, Company Secretary of your Company, acts as the Secretary to
all the Committees. They attended all the meetings / matters of the Board and Committees held
during the financial year, except those in which they were interested.
A. Audit Committee (“AC”)

Your Company has a qualified and independent AC, which acts as an interface between the
statutory and internal auditors, the management and the Board. All the members of the AC
have the ability to read and understand the financial statements. The Chairman of the AC
possesses professional qualifications in the field of Finance and Accounting.
The AC is governed by a Charter, which is in line with Section 177 of the Act and Regulation 18
read with Part C of Schedule II of the SEBI Listing Regulations. The AC Charter was revised on
February 4, 2022. The scope, functions and overall responsibility of the AC is to supervise the
Company’s internal controls and financial reporting process. The brief description of the terms
of reference is available on the website of the Company i.e. www.abfrl.com.
Your Company also has in place a Forex policy, which mentions measures to protect cash flows
and shareholder value by reducing the adverse effect of currency rate fluctuations on the
Company’s profitability, business plans and sustainability of operations.
The quorum and composition of the AC are in accordance with Section 177 of the Act and
Regulation 18 of the SEBI Listing Regulations.
57
B. Nomination and Remuneration Committee (“NRC”):
The composition, quorum, powers, role and scope of the NRC are in accordance with Section
178 of the Act and Regulation 19 read with Part D of Schedule II of the SEBI Listing Regulations.
The Committee is governed by a Charter which is also in line with the Section 178 of the Act.
The NRC Charter was revised on February 4, 2022.
The overall responsibility of the NRC is to approve and recommend to the Board matters
relating to the appointment and remuneration of the Company’s Executive Directors, KMP and
senior management, in line with the Nomination Policy and Executive Remuneration Policy of
the Company.
The broad terms of reference of the NRC, in terms of the Section 178 of the Act and
Regulation 19 of the SEBI Listing Regulations is available on the website of the Company i.e.
www.abfrl.com.
C. Stakeholders Relationship Committee (“SRC”):

The composition, quorum, powers, role and scope of the SRC are in accordance with Section
178 of the Act and Regulation 20 of the SEBI Listing Regulations.
Ms. Geetika Anand, Company Secretary, being the Compliance Officer of your Company, is
responsible for the redressal of grievances of the shareholders, debenture holders and other
security holders.
In terms of the applicable provisions of the Act and Regulation 20 read with Part D of Schedule
II of the SEBI Listing Regulations, the scope, functions and overall responsibility of the SRC is to
oversee various aspects of interests of stakeholders of the Company. The term ‘stakeholder’
includes shareholders, debenture holders and other security holders. The brief description of
the terms of reference is available on the website of the Company i.e. www.abfrl.com.
D. Corporate Social Responsibility Committee (“CSRC”):

Your Company has a Corporate Social Responsibility Policy in place, duly approved by the
Board on recommendation of the CSRC, details of which are disclosed in the ‘Directors Report’
The composition, quorum, powers, role and scope of the CSRC are in accordance with Section
135 of the Act.
In terms of the applicable provisions of Section 135 read with Schedule VII of the Act and the
Companies (Corporate Social Responsibility Policy) Rules, 2014, the CSRC is inter alia entrusted
with the responsibility of monitoring and implementing the CSR projects / programmes /
activities of your Company. The brief description of the terms of reference is available on the
website of the Company i.e. www.abfrl.com.
Mrs. Rajashree Birla, Chairperson, Aditya Birla Centre for Community Initiatives and Rural
Development and Dr. (Mrs.) Pragnya Ram, Group Executive President & Group Head - CSR,
Legacy Documentation & Archives, are the permanent invitees to the meetings of CSRC.
E. Risk Management and Sustainability Committee (“RMSC”):

Since your Company is in the retail industry, it is prone to inherent business risks. Your
Company has in place a Risk Management Policy that covers the inherent business risks and
appropriate measures to be taken, to manage uncertainty, changes in the internal and external
environment to limit negative impacts and capitalise on opportunities along with minimisation
of identifiable risks by the Company.

The composition, quorum, powers, role and scope of the RMSC are in accordance with the
applicable provisions of the Act and Regulation 21 read with Part D of Schedule II of the SEBI
Listing Regulations. The RMSC Charter was revised on February 4, 2022.
Business risk evaluation and its management is an on-going process within the Company.
The RMSC is inter alia entrusted with the responsibility of monitoring and reviewing the risk
management plan, sustainability and the cyber security of the Company and such other
functions as may be delegated by the Board from time to time. The brief description of the
terms of reference is available on the website of the Company i.e. www.abfrl.com.
Meetings: Board & Committees

The Board meets at regular intervals to discuss and decide on strategies, policies and reviews the
financial performance of the Company.
Annual Calendar: The meetings of the Board & Committees are pre-scheduled. A tentative annual
calendar of the meetings is circulated to the Directors well in advance to facilitate them to plan their
schedules.
Meetings at shorter notice & Circular Resolutions: In case of business exigencies, the Board and /
or Committee’s approval is taken either by holding meetings at shorter notice or through Circular
Resolutions, which are noted at the subsequent meetings thereof.
Information provided to / placed before the Board / Committees

Following information is provided to the Board (including Committees thereof), adequately in advance, of
its Meetings / consideration (in case of Circular Resolutions), as per regulatory timelines, to enable them
to take well informed decisions:
a) The notice and detailed agenda along with relevant explanatory notes;
b) Material information, to the extent applicable and relevant, as prescribed under:
• The Companies Act, 2013;
• Secretarial Standard - 1 on Meetings of the Board of Directors (“SS-1”);
• Securities and Exchange Board of India (“SEBI”) Laws, more particularly, the Listing
Regulations, Issue of Capital and Disclosure Requirements, Prohibition of Insider Trading
Regulations and SEBI Circulars issued, from time to time and
• Other applicable laws.
c) Presentations on various functional and operational areas of the Company and other business
development activities as well as on major projects, financial highlights, etc.
Any information which involves unpublished price sensitive information and in exceptional cases,
certain additional matters are tabled at the meeting with the approval of the Chairman and the
Board, more particularly the Independent Directors. An approval from the Board for circulating
such information at a shorter notice is obtained every year, in terms of SS-1.
Mode
The Board meets at regular intervals as per the pre-scheduled Calendar to discuss and decide on
strategies, policies and reviews the financial performance of the Company, in person or through
the Video-conferencing facility (to enable the directors travelling abroad or present at other locations to be able
to participate in the meetings). Such meetings, if conducted physically, are convened generally at the
Registered Office / Corporate office of the Company / Group.
59
Paperless Meetings
In line with our sustainability vision and with a view to reducing paper consumption and leveraging
technology, a paperless mechanism of conducting Meetings was set-up in the year 2018. Since then,
the Company has been conducting all its meetings through a web-based application. The Directors
have been provided with iPads to enable smooth and safe access to information at all times. All
the information relating to a meeting (as detailed in the section ‘Information provided to / placed before the
Board / Committees’ above), is provided to the Directors by uploading through the application. The said
application meets high standards of security and integrity required for storage and transmission.
The Chief Executive Officers of various businesses, Chief Financial Officer, Senior Management
Personnel of the Company are also invited to the Board / Committee meetings.
In addition, representatives of the Statutory Auditors and Internal Auditors of your Company are
also invited to the Committee meetings for providing such information as may be necessary.
Your Company has provided an avenue to the Statutory Auditors to have a separate discussion with
the Chairperson and members of the AC without the presence of executives, prior to declaration of
the financial results, whenever requested.
Meetings held: FY 2021-22

In view of the health risks associated with Covid-19 pandemic and travel restrictions / lock-down
imposed by the Central and State Government and in compliance with the regulatory relaxations
provided by SEBI and Ministry of Corporate Affairs and the Institute of Company Secretaries of
India, all the Board and Committee Meetings held during the year were conducted virtually.
Extreme precautions and safeguards were put in place to ensure security and confidentiality
of discussions and smooth conduct of such meetings. Continuous engagement with the Board
Members were done to facilitate their attending and effective contribution during such meetings.
The Company complied with all the procedures stipulated under the Act and rules made thereunder
and SS-1.
Details of Board and Committee Meetings held during FY 2021-22
Meeting Date(s) Board AC NRC SRC RMSC CSRC

May 18, 2021 - - 1st - - -
May 28, 2021 1st 1st - - - -
Jun 28, 2021 - - - - - 1st
Jul 30, 2021 2nd 2nd - - - -
Aug 17, 2021 - 3rd - 1st 1st -
Aug 18, 2021 3rd - 2nd - - -
Nov 3, 2021 4th 4th 3rd - - -
Dec 14, 2021 5th - - - - -
Jan 14, 2022 6th - - - - -
Feb 4, 2022 7th 5th - - - -
Feb 11, 2022 - - - - 2nd -
Mar 28, 2022 - 6th - 2nd - -

Attendance at Meetings of Board, Committees and Shareholders’

Director Board Audit CSRC NRC RMSC SRC 14th
(7) (6) (1) (3) (2) (2) AGM
Ms. Preeti Vyas 6 /7 * 1 /1 * * * Y
Ms. Sukanya Kripalu 7 /7 6 /6 * 3 /3 * 2 /2 Y
Ms. Sangeeta Pendurkar 6 /7 * * * * * Y
Mr. Arun Adhikari 7 /7 5 /5 * 2 /2 * * Y
Mr. Nish Bhutani 6 /7 6 /6 0 /1 3 /3 * * Y
Mr. Sunirmal Talukdar 7 /7 6 /6 * 3 /3 2 /2 * Y
Mr. Yogesh Chaudhary 7 /7 * 1 /1 * 2 /2 * Y
Mr. Himanshu Kapania 5 /7 * 1 /1 * 2 /2 2 /2 Y
(Vice-Chairman)
Mr. Kumar Mangalam Birla 4 /7 * * * * * Y
(Chairman)
Mr. Vikram Rao 7 /7 * * * 2 /2 2 /2 Y
Mr. Ashish Dikshit 7 /7 * * * * * Y
Mr. Vishak Kumar 6 /7 * * * * * Y
*Not a member of the Committee
(1) The maximum gap between no two consecutive Board and Audit Committee meetings was less than 120 days.
(2) The necessary quorum was present for all the Board and Committee meetings.
Directors Details as on March 31, 2022

In terms of the provisions of Section 165 and 184 of the Act and Regulation 17A and 26 of the SEBI
Listing Regulations, the Directors provide necessary disclosures regarding positions held by them
on the Board and / or Committees of other public and/or private companies in the first Meeting
of the Board every financial year and post change in such disclosures, from time to time. The said
disclosures are placed before the Board in its next Meeting (post receipt of disclosures) for noting.
Category Name of the At ABFRL In other companies
Director Directorships Committees(2)
Tenure Shareholding Total(1) In listed entities
(in ~ yrs)
Non-Independent Mr. Kumar 1.1 33,966 7 As NED(3): -
Non-Executive Mangalam Birla 1) Aditya Birla Capital Ltd.
2) Century Textiles and
Industries Ltd.
3) Grasim Industries Ltd.
4) Ultratech Cement Ltd.
5) Hindalco Industries Ltd.
6) Aditya Birla Sun Life
AMC Ltd.
Mr. Himanshu 2.2 - 2 As NED(3): 1M
Kapania Vodafone Idea Ltd.
Mr. Vikram Rao 1.0 - - - -
Independent Mr. Arun Adhikari 0.10 - 5 As ID(3): 3M
Non-Executive 1) Aditya Birla Capital Ltd.
2) Ultratech Cement Ltd.
3) Vodafone Idea Ltd.
6) Voltas Ltd.
61
Category Name of the At ABFRL In other companies
Director Directorships Committees(2)
Tenure Shareholding Total(1) In listed entities
(in ~ yrs)
Mr. Nish 1.9 - - - -
Bhutani
Ms. Preeti Vyas 0.12 - 1 As ID(3): 1M
Century Textiles and
Industries Ltd.
Ms. Sukanya 7.4 - 5 As ID(3): 6M
Kripalu 1) Ultratech Cement Ltd.
2) Colgate - Palmolive
(India) Ltd.
3) Entertainment
Network (India) Ltd.
Mr. Sunirmal 2.0 - 7 As ID(3): 7M
Talukdar 1) India Carbon Ltd.
(including
2) Clariant Chemicals
4 as
(India) Ltd.
3) Titagarh Wagons Ltd. Chairman)
4) Sasken Technologies
Ltd.
Mr. Yogesh 1.0 - 1 - -
Chaudhary
Executive Mr. Ashish Dikshit 4.1 1,29,588 4 - -
Ms. Sangeeta 1.1 - 5 - 2M
Pendurkar
Mr. Vishak Kumar 1.1 1,37,915 - - -
(1) Computed basis directorships in all public limited companies (including deemed public company), whether listed or not
and excludes this Company, foreign companies, private limited companies and Section 8 companies.
(2) in Audit Committee and Stakeholders Relationship Committee of other public limited companies (including deemed
public).
(3) NED: Non-Executive Director; ID: Independent Director; M: Member.
Basis the disclosures received from the Directors as on March 31, 2022, it is confirmed that none
of the directors:
(a) is on the Board of more than:
i. 20 (twenty) companies;
ii. 10 (ten) public limited companies;
iii. 7 (seven) listed entities;
(b) is a member in more than 10 (ten) Audit and / or Stakeholders Relationship Committees, across
all public limited companies (including deemed public);
(c) is a Chairperson of more than 5 (five) Audit and / or Stakeholders Relationship Committees
across all public limited companies (including deemed public) and
(d) have any inter-se relationship with the Board members.

Appointment, tenure and remuneration

All the Directors of the Company are appointed / re-appointed by the Shareholders on the basis of
recommendations of the NRC and Board.
Executive Directors:
The Executive Directors on the Board have been appointed as per the provisions of the Act and serve
in accordance with the terms of their contract of service with the Company. They are appointed by
the Shareholders for a period of five years but can be re-appointed on completion of the term, if
eligible. Either party may terminate their employment by giving three months’ notice.
Non-Executive Directors (other than Independent Directors):

As per the Articles of Association of the Company, at least two-third of the Board members shall
be retiring Directors, excluding Independent Directors. One-third of such Directors are required to
retire every year and if eligible, the retiring Directors qualify for re-appointment.
Independent Directors:
As trustees of shareholders, Independent Directors play a pivotal role in upholding corporate
governance norms and ensuring fairness in decision-making. Being experts in various fields, they
also bring independent judgement on matters of strategy, risk management, controls and business
performance.
All Independent Directors on the Board are Non-Executive Directors as defined under Regulation
16 of the SEBI Listing Regulations. Independent Directors hold office for upto two terms of five
years each. As regards the appointment and tenure of the Independent Directors, the Company
has complied with the provisions of the Act and the SEBI Listing Regulations. All the Independent
Directors have confirmed that they meet the criteria of independence as mentioned under Section
149(6) of the Act and Regulation 16 of the SEBI Listing Regulations.
Further, in opinion of the Board, the Independent Directors fulfil the conditions specified in
Regulation 16 and 25 of the SEBI Listing Regulations and are independent of the management.
The Independent Directors on the Board of your Company are experienced, competent and
highly respected individuals in their respective fields, which brings an ideal mixture of expertise,
professionalism, knowledge and experience to the table.
• Databank registration:
Further, pursuant to a notification dated October 22, 2019 issued by the Ministry of Corporate
Affairs, all Independent Directors have completed the registration with the Independent
Directors Databank. Requisite disclosures have been received from the Independent Directors
in this regard.
• Separate meeting of Independent Directors:

Pursuant to Schedule IV of the Act and Regulation 25 of the SEBI Listing Regulations, the
Independent Directors met once during the year i.e. on March 28, 2022, without the presence
of Non-Independent Directors, Executive Directors or management representatives. The
Independent Directors inter alia discussed the performance of the Board, Non-Independent
Directors and the management of the Company and assessed the quality, quantity and
timeliness of flow of necessary information between the management and the Board, required
for the Board to effectively and reasonably perform its duties.
63
• Evaluation criteria for Independent Directors:
The performance of the Independent Directors of the Company is evaluated on the criteria
more particularly as to how an Independent Director:
i. invests time in understanding the Company and its unique requirements;
ii. brings in external knowledge and perspective to the table for discussions at the meetings;
iii. expresses his / her views on the issues discussed at the Board and
iv. keeps himself / herself current on areas and issues that are likely to be discussed at the
Board level.
Pursuant to the amendment in the SEBI Listing Regulations, in addition to the above criteria the
evaluation criteria for Independent Directors also include fulfilment of the independence criteria
as specified in Section 149(6) of the Act and Regulation 16(1)(b) of the SEBI Listing Regulations and
their independence from the management.
Remuneration:
In terms of Section 178 of the Act and Regulation 19 of the SEBI Listing Regulations, your Company
has a Nomination Policy in place, which inter alia enumerates the appointment of directors, KMP’s
and senior management. Further, the Company also has an Executive Remuneration Policy, which
indicates the remuneration philosophy covering the directors, KMP’s, senior management and
other employees of the Company.
Both the aforesaid policies, as amended from time to time, are available on the website of the
Company i.e. www.abfrl.com.
The Policies and the NRC Charter broadly lay down the guiding principles, philosophy and the basis
for payment of remuneration to the Executive Directors (comprises of salary, allowances, perquisites, stock
options, performance linked income/ bonus and other retirement benefit funds, as may be approved by the members of
the Company), KMP’s and senior management. Further, the Company has in place a system where all
the Directors, KMP’s and senior management of the Company are required to disclose all pecuniary
relationships or transactions with the Company. Also, the Company does not pay any severance
fees to its directors.
Sitting fees to the Non-Executive Directors and Independent Directors are recommended by the
NRC and approved by the Board.
Annual increments to Executive Directors are linked to performance and are decided by the NRC
and recommended to the Board for approval thereof. The performance review system is primarily
based on competencies and values. The Company closely monitors the growth and development of
top talent in the Company to align personal aspirations with the organisational goals and objectives.
Also, your Company has a policy of not advancing any loans to its directors, except to the Executive
Directors, in the normal course of employment.
Your Company does not have any pecuniary relationship with any of the Non‑Executive Directors
and they do not hold any convertible instruments in the Company.
Further, requisite disclosure with respect to the details of fixed component and performance linked
incentive, in terms of the provisions of Part C of the Schedule V of the SEBI Listing Regulations

and in terms of the provisions of sub-clause (IV) of the second proviso to clause (B) of Section II of
Part - II of Schedule V of the Act, have been made in the Annual return in Form no. MGT- 7 disclosed
on the website of the Company i.e. www.abfrl.com.
Details of Remuneration to Directors for the financial year 2021-22:

(` in lakhs)
Designation (1)
Salary / other Sitting fees(2)
compensation
Mr. Kumar Mangalam Birla Chairman and NED - 3.00
Mr. Himanshu Kapania Vice - Chairman and NED - 5.75
Mr. Ashish Dikshit MD 707.13 -
Mr. Nish Bhutani ID - 8.70
Ms. Preeti Vyas ID -
4.90
Mr. Arun Adhikari ID - 8.55
Ms. Sangeeta Pendurkar WTD 935.85 -
Ms. Sukanya Kripalu ID - 10.25
Mr. Sunirmal Talukdar ID - 10.25
Mr. Vishak Kumar WTD 590.77 -
Mr. Vikram Rao NED - 6.85
Mr. Yogesh Chaudhary ID - 6.45
(1) NED: Non-Executive Director; ED: Executive Director; ID: Independent Director; MD: Managing Director; WTD: Whole-
time Director.
(2) Gross amount of sitting fees paid for attending the Board and Committee meetings held during the financial year
(without deducting TDS).
(3) Any pecuniary transaction, if so undertaken between a Director and the Company in the ordinary course of business is
reflected in the related party disclosure in the notes to the financial statements.
(4) In addition to the stock options / RSU granted earlier, following are the grant under the SAR Scheme 2019 during the
financial year 2021-22:
Option SARS RSU SARS Option SARS RSU SARS
Name Tranche 2 Tranche 2 Tranche 3 Tranche 4
August 18, 2021 November 3, 2021
Ashish Dikshit - - 2,04,546 56,533
Sangeeta Pendurkar 1,36,365 37,688 - -
Vishak Kumar 1,36,365 37,688 - -
Board induction, training and familiarisation

In terms of the provisions of Regulation 25 of the SEBI Listing Regulations, your Company has
framed a Familiarisation Programme for Independent Directors of the Company, structured into
two parts i.e. ‘Induction’ and ‘Ongoing interaction’. This Programme aims to provide insights into
the business of the Company, to enable the Independent Directors to understand their roles, rights,
responsibilities in the Company, nature of the industry in which the Company operates, its business
in depth and contribute significantly to the Company.
65
By way of an introduction / induction to the Company, presentations are also made to the newly
appointed Independent Director (including Non-Executive Directors) on relevant information such
as overview of the Company’s business, offerings, market and business environment, growth and
performance, organisational set up of the Company, governance and internal control processes.
As a part of their induction process, the newly appointed Directors are taken through ‘Corporate
familiarization’ and ‘Business familiarization’. These initiatives help the Director to understand the
Company, its business and the regulatory framework in which the Company operates and equips
him / her to effectively discharge his / her role as a Director of the Company.
Further, as provided in the Act, a formal letter of appointment has been issued to the Independent
Directors and the same is also disclosed on the website of the Company i.e. www.abfrl.com.
Further, on an ongoing basis as a part of the agenda of meetings of the Board / Committee(s),
presentations are regularly made to the Independent Directors on various matters inter alia covering
the Company’s businesses and operations, strategy, risk management framework, industry and
regulatory updates and other relevant matters. These presentations enable one-on-one interaction
between the Independent Directors and the senior management of the Company / statutory
auditor / internal auditor of the Company. Additionally, visits to the stores of the Company, trade
shows, etc. are also arranged to apprise them of the actual operations of the Company.
The details of the ‘Familiarisation Programmes for Independent Directors’ are also available on the
website of the Company i.e. www.abfrl.com.
GENERAL BODY MEETINGS

A. Annual General Meetings (“AGM”):
The 14th AGM of the Company was held on September 9, 2021 via Video-conferencing, in terms
of General Circular no. 02/2021 dated January 13, 2021 read with General Circular no. 20/2020
dated May 5, 2020, General Circular no. 14/2020 dated April 8, 2020 and General Circular no.
17/2020 dated April 13, 2020 issued by the Ministry of Corporate Affairs.
The respective Chairpersons of the Committees of the Board i.e. Audit Committee (Mr. Sunirmal
Talukdar), NRC (Ms. Sukanya Kripalu) and SRC (Mr. Himanshu Kapania), were present at the AGM, to
answer the queries of the members of the Company. Details of attendance of Directors at the
AGM forms part of this report.
Details of location, date, time and special resolutions passed in previous three annual general
meetings of the Company, are tabled herein below:
AGM Location / Venue Date and Particulars of special resolution(s) passed

No. Time
12th Swatantryaveer August 21, (i) Continuation of directorship of Mr. Arun
Savarkar Rashtriya 2019 at Thiagarajan, Independent Director.
Smarak, 252, 3:00 p.m. (ii) Re-appointment of Ms. Sukanya Kripalu as an
Veer Savarkar Marg, Independent Director.
Shivaji Park,
(iii) To approve the offer or invitation to subscribe
Dadar (West),
to non-convertible debentures for an amount of
Mumbai - 400 028
upto ` 1,250 Crore, on private placement basis.
(iv) Introduction of the ‘Aditya Birla Fashion and
Retail Limited Employee Stock Option Scheme
2019’.

AGM Location / Venue Date and Particulars of special resolution(s) passed

No. Time
(v) Extension of benefits of the Scheme 2019 to
the employees of the holding and subsidiary
company(ies) of the Company.
(vi) Implementation of Scheme 2019 through trust
and consider:
(a) authorising the trust for secondary
acquisition of the equity shares of the
Company; and
(b) extending financial assistance/ provisioning
of money by the Company to the trust to
fund the acquisition of its equity shares, in
terms of the Scheme 2019.
13th Video Conferencing/ September (i) Enhancement of borrowing limit of the
Other Audio-Visual 7, 2020 at Company up to ` 4,500 Crore (Rupees Four
Means 4:00 p.m. Thousand and Five Hundred Crore only).
(ii) Creation of charge on movable and immovable
properties of the Company up to ` 4,500 Crore
(Rupees Four Thousand and Five Hundred
Crore only).
14th Video Conferencing/ September (i) Fixing remuneration limits for Mr. Ashish
Other Audio-Visual 9, 2021 at Dikshit, Managing Director for the remaining
Means 4:00 p.m. term of 2 years.
(ii) Appointment of Ms. Sangeeta Pendurkar as a
Whole-time Director of the Company.
(iii) Appointment of Mr. Vishak Kumar as a Whole-
time Director of the Company.
B. Postal Ballot
For matters which are urgent and require shareholders’ approval in the period between the
AGMs, the Company seeks the approval of shareholders through postal ballot. In compliance
with Sections 108 and 110 and other applicable provisions of the Act, read with the related
Rules, the Company also provides electronic voting (e-voting) facility to all its members.
During the year under review, no resolution was passed through postal ballot and as on the
date of this report no special resolution is proposed to be conducted through postal ballot.
67
MEANS OF COMMUNICATION
The Company uses the following means for communication with investors/ shareholders:
www.abfrl.com A separate dedicated Section ‘Investors’ is
maintained on the website of the Company
for ease of the shareholders. The information
Website required to be disseminated by the Company in
terms of Regulation 46 and 30 of the SEBI Listing
Regulations are uploaded on the website of the
Company. These include, more particularly, the
following:
i. Quarterly financial results and annual
financial statements;
ii. Investor presentations, press releases,
earnings call transcripts;
iii. Details of corporate governance policies,
Board committee charters and
iv. Other quarterly filings and Stock Exchange
disclosures.
‘The Business Standard’ and The quarterly financial results of the Company
‘Navshakti’ are published within the stipulated timeline, in 1
(one) English language national daily newspaper
Newspaper and regional language daily newspapers.
i. [email protected] The Company has designated e-mail ids for

ii. [email protected] investor relations and shareholders assistance.
E-mail IDs
NEAPS (NSE Electronic Application NEAPS & NSE Digital Portal and BSE Listing
Processing System) & NSE Digital are web-based application designed by NSE
Portal, BSE Corporate Compliance & and BSE, respectively, for corporates to make
the Listing Centre submissions. All periodical compliance filings,
Portal inter alia, shareholding pattern, corporate
governance report, corporate announcements,
amongst others, are filed electronically in
accordance with the SEBI Listing Regulations.
All the disclosures made to the stock exchanges
are in a format that allows users to find relevant
information easily through a searching tool.
SEBI Complaints Redress System The Company makes use of this system which
(SCORES) is a centralised database of all complaints and
enables on-line upload of Action Taken Reports
by the Company on complaints received, on
Investor
line viewing by investors of actions taken on the
Redressal
complaints and their current status.
system
GENERAL SHAREHOLDER INFORMATION

Your Company has provided the details required under this as a separate section on ‘General
Shareholder Information’, which forms a part of this Annual Report.

OTHER AFFIRMATIONS AND DISCLOSURES

a. No material transaction has been entered into by your Company with the promoters, directors or
the management or relatives, etc. that may have a potential conflict with interests of the Company.
b. Compliance with the corporate governance requirements specified in Regulations 17 to 27 and
clauses (b) to (i) of the Regulation 46(2) of the SEBI Listing Regulations:
During the year under review, the Company has complied with all the applicable provisions
of the above Regulations and circulars/ guidelines issued thereunder except to the extent of
compliance with Regulation 17(1)(b) of the SEBI Listing Regulations w.e.f. February 24, 2021.
The Company is in due compliance with the said regulation w.e.f. May 19, 2021.
c. There were no material significant Related Party Transaction (“RPTs”) that had/ may have potential
conflict with the interests of the Company at large.
d. The Company has complied with all applicable provisions of the SEBI Listing Regulations and
all other applicable regulations and guidelines issued by SEBI and Stock Exchanges, other than
that stated in point no. b of ‘Other Affirmations and Disclosures’. No penalties or strictures are
imposed on your Company by SEBI or the Stock Exchanges or any statutory authority on any
matter related to the capital markets during the last 3 years.
e. Shareholders’ complaints as on March 31, 2022
During the year under review,

the Company received total
of 114 complaints from the 114 116
shareholders.
The Company addressed

all the investor complaints
57 57
received as indicated above,
42 43
along with two from the
previous years.
15 16
1 0 1 2
f. Vigil Mechanism / Whistle
Blower policy and affirmation Share certificates Rights Issue Others Total
that no personnel have been
FY 2020-21 Received Resolved
denied access to the Audit
Committee
The Company has in place a Vigil Mechanism / Whistle Blower Policy which facilitates the
stakeholders to have direct access to the management and the Audit Committee, to report
concerns about any unethical behaviour, actual or suspected fraud or violation of the Company’s
code of conduct or ethics policy. It is hereby affirmed that no employee has been denied access
to the Audit Committee. The said policies are also available on the website of the Company i.e.
www.abfrl.com.
Also, the Company has adopted ‘Policy for Prevention of Sexual Harassment at Workplace’ and
‘Anti-fraud Policy’ which specifically guarantee the right to ‘blow the whistle’. The said policies
are also available on the website of the Company i.e. www.abfrl.com. This ensures a work
environment that is professional and mature, free from animosity and one that reinforces
ABFRL’s value of integrity, which includes respect for the individual.
69
Without prejudice to and in addition to the same, your Company has established a policy
for employees to report to the management concerns about unethical behaviour, actual or
suspected fraud or violation of the Company’s code of conduct or ethics. The mechanism
provides adequate safeguards against any victimisation of the persons who use this mechanism.
g. Details of compliance with mandatory requirements and adoption of non-mandatory requirements

The Company has complied with all the mandatory requirements of the SEBI Listing Regulations
relating to corporate governance except to the extent of Regulation 17(1)(b) details of which
form part of ‘Other Affirmations and Disclosures’.
In addition to the above, your Company also strives to adhere and comply with the following
discretionary requirements specified under Regulation 27(1) and Part E of the Schedule II of the
SEBI Listing Regulations, to the extent applicable:
(i) Modified opinion(s) in Audit Report: Company’s financial statements have unmodified
audit opinions.
(ii)
Reporting of Internal Auditor: Internal auditor of the Company directly reports to the Audit
Committee.
h. Commodity price risk and commodity hedging activities:

Your Company does not engage in commodity hedging activities.
i. Certificate from Practicing Company Secretary regarding Non-Debarment and Non-

Disqualification of Directors
A certificate from M/s. Dilip Bharadiya & Associates, Company Secretaries, (CP No: 6740) has
been obtained, certifying that none of the Directors on the Board of the Company have been
debarred or disqualified from being appointed or continuing as Director of a Company by SEBI
and Ministry of Corporate Affairs or any other statutory authority and accordingly the same
forms part of this report as Annexure C.
j. Details of recommendation of any Committee of the Board not accepted by the Board and
reasons thereof
During the year under review, the Board of your Company has accepted all the recommendations
made by its Committee(s), from time to time.
k. Total fees paid, on a consolidated basis, to the statutory auditors and all entities in the network
firm / network entity of which the statutory auditors are part
During the financial year 2021-22, M/s. S R B C & Co LLP, Chartered Accountants, were the
Statutory Auditor of the Company until the 14th AGM held on September 9, 2021 and Price
Waterhouse & Co, Chartered Accountants LLP were appointed as the Statutory Auditors at the
same AGM.
Total fees of ` 1.97 Crore has been paid by the Company to the Statutory Auditors and all the
entities in the network firm/network entity of which statutory auditors is a part, for the services
provided by them during the year under review. The segregation of which is mentioned below:

(` in Crore)
Sr. Firm Name By Company By Subsidiary Total
no.
1 S R B C & Co LLP 0.26 - 0.26
2 Price Waterhouse & Co, 1.53 0.18 1.71
Chartered Accountants LLP
Total 1.79 0.18 1.97
Note: Amount of ` 0.43 Crore pertains to the audit fees of statutory auditors of Subsidiary Companies which is not
included in the above disclosure.
l. Disclosures in relation to the Sexual Harassment of Women at Workplace (Prevention,

Prohibition and Redressal) Act, 2013:
Your Company has adopted ‘Policy for Prevention of Sexual Harassment at Workplace’ (“POSH”) on
a company-wide level to ensure the respect and dignity of all its employees. POSH is applicable
not only to employees but also to third parties or clients and vendors of the Company.
The details of complaints related to sexual harassment, during the financial year 2021-22:
Sr. Particulars Pending as Received Disposed off Pending as

no. on March 31, during the during the on March
2021 year year 31, 2022
1 Employees (On roll) - 8 8 -
2 Others (Off roll/ 3rd party) - 8 8 -
Total - 16 16 -
m. Disclosure of accounting treatment:

The Company has followed all applicable accounting standards while preparing the financial
statements.
OTHER POLICIES AND CODES OF THE COMPANY

Your Company has various policies and codes, duly adopted pursuant to the approval of the Board
and the same are periodically reviewed by the Board, to incorporate any changes required either
in terms of the business of the Company or pursuant to the amendment in the applicable Acts and
Regulations including but not limited to the Act and the SEBI Listing Regulations. Click to view details
of the policies and codes adopted by the Company:
CSR Policy RPT Policy Policy for Determining of Material Policy for determination of
Subsidiary Companies materiality of information
or event
71
Policy for archival of Policy on Preservation Code of practices and procedures Code of Conduct for Board
documents of documents for fair disclosure of unpublished of Directors and Senior
price sensitive information Management
Anti-fraud Policy Sustainability Policy Environmental Policy Tax Policy
Human Rights Policy Safety Policy Dividend Distribution Policy Vendor Code of
Conduct Policy
Your Company also has a ‘Code of Conduct to regulate, monitor and report trading by Designated
Persons in listed or proposed to be listed securities of Aditya Birla Fashion and Retail Limited’ which
is followed by designated persons for dealing in securities of the Company.
SUBSIDIARY & ASSOCIATE COMPANIES

The Audit Committee and Board of Directors review the financial statement and investments made, if
any, on quarterly basis and also the annual financial statements of subsidiaries and associate which
are duly consolidated with annual financial statements of the Company. The Board of Directors of
the Company also reviews minutes of the Board Meetings of all subsidiaries.
Regulation 16 of the SEBI Listing Regulations defines a ‘material subsidiary’ as a subsidiary, whose
income or net worth exceeds 10% of the consolidated income or net worth respectively, of the listed
entity and its subsidiaries in the immediately preceding accounting year. As per this definition, the
Company does not have any unlisted material subsidiary company.
As on March 31, 2022, the Company has 5 (five) subsidiaries and 1 (one) associate company, namely:
Sr. No Subsidiary % stake held

1. Jaypore E-Commerce Private Limited
100.00
2. TG Apparel & Décor Private Limited
3. Indivinity Clothing Retail Private Limited 80.00
4. Finesse International Design Private Limited 58.69
5. Sabyasachi Calcutta LLP 51.00
Associate
6. Goodview Fashion Private Limited 33.50
Details of the Subsidiaries and Associate Companies forms part of the Directors Report.

CEO/ CFO CERTIFICATION

As required under the provisions of Regulation 33 of the SEBI Listing Regulations, Mr. Ashish
Dikshit, Managing Director and Mr. Jagdish Bajaj, Chief Financial Officer have reviewed the audited
financial statements and cash flow statement for the financial year ended March 31, 2022 and
accordingly have provided a certificate, which is enclosed separately at the end of this Report as
Annexure A.
REPORT ON CORPORATE GOVERNANCE

As required under Regulation 27 of the SEBI Listing Regulations, your Company has been duly
submitting the quarterly compliance report in the prescribed format and within the required
timelines to the Stock Exchanges and the same are available on their websites. The said reports
are also available on the website of the Company i.e. www.abfrl.com.
The compliance certificate received from M/s. Dilip Bharadiya & Associates Company Secretaries,
(CP No: 6740), regarding compliance of corporate governance requirements is annexed as
Annexure VII to the Report of the Board of Directors.
73
ANNEXURE A
CEO - CFO CERTIFICATION
To the Board of Directors
(1) We have reviewed the Audited Financial Statements and the cash flow statement of Aditya Birla
Fashion and Retail Limited (“Company”) for the financial year ended on March 31, 2022 and to the
best of our knowledge and belief:
I. These statements do not contain any materially untrue statement or omit any material
fact or contain statement that might be misleading;
II. These statements together present a true and fair view of the Company’s affairs and are
in compliance with the existing accounting standards, applicable laws and regulations.
(2) There are, to the best of our knowledge and belief, no transactions entered into by the Company
during the financial year ended on March 31, 2022 which are fraudulent, illegal or violative of
the Code of Conduct of the Company.
(3) We accept responsibility for establishing and maintaining internal controls for financial reporting
and we have evaluated the effectiveness of internal control systems of the Company pertaining
to financial reporting. We have disclosed to the Auditors and the Audit Committee, deficiencies
in the design or operation of internal controls, if any, of which we are aware and the steps we
have taken or proposed to be taken to rectify the deficiencies.
(4) We have indicated to the Auditors and the Audit Committee:
I. significant changes in the Company’s internal control over financial reporting, during the
financial year ended on March 31, 2022;
II. significant changes in accounting policies, if any, during the financial year ended on March
31, 2022 have been disclosed in the notes to the Financial Statements; and
III. instances of significant fraud of which we have become aware and involvement therein,
if any, of the management or other employees having a significant role in the Company’s
internal control system over financial reporting.
Place: Mumbai Ashish Dikshit Jagdish Bajaj

Date: May 18, 2022 Managing Director Chief Financial Officer
ANNEXURE B
DECLARATION
To the Members of Aditya Birla Fashion and Retail Limited
I hereby declare that all the Directors and Senior Management Personnel of the Company have
affirmed Compliance with the Code of Conduct for the year ended March 31, 2022.
Place: Mumbai Ashish Dikshit

Date: May 18, 2022 Managing Director

ANNEXURE C
CERTIFICATE FROM PRACTICING COMPANY SECRETARY W.R.T. CONFIRMATION OF
DIRECTORS’ NON-DISQUALIFICATION
To,
The Members,
ADITYA BIRLA FASHION & RETAIL LIMITED
This Certificate is being issued to the Members of Aditya Birla Fashion and Retail Limited, bearing
Corporate Identity Number (CIN) - L18101MH2007PLC233901, having its registered office address
at Piramal Agastya Corporate Park, Building A, 4th and 5th Floor, Unit No. 401, 403, 501, 502, L.B.S
Road, Kurla, Mumbai - 400070 (“the Company”) in terms of Regulation 34(3) read with Schedule V
para C Clause 10(i) of the Securities Exchange Board of India (Listing Obligation & Disclosure Requirements)
Regulations, 2015 (“SEBI Listing Regulations”).
We believe it is the responsibility of the Directors to submit relevant documents with complete and
accurate information in accordance with the provisions of the Companies Act, 2013 (“Act”) and SEBI
Listing Regulations.
We have examined the documents and disclosures provided by the following Directors (as on March
31, 2022) in electronic mode, for the purpose of issuing this Certificate, in accordance with the
requirements under the Act and the SEBI Listing Regulations:
Sr. No. Name of the Director DIN

1. Ms. Preeti Vyas 02352395
2. Ms. Sukanya Kripalu 06994202
3. Ms. Sangeeta Pendurkar 03321646
4. Mr. Arun Adhikari 00591057
5. Mr. Nish Bhutani 03035271
6. Mr. Sunirmal Talukdar 00920608
7. Mr. Yogesh Chaudhary 01040036
8. Mr. Himanshu Kapania 03387441
9. Mr. Kumar Mangalam Birla 00012813
10. Mr. Vikram Rao 00017423
11. Mr. Ashish Dikshit 01842066
12. Mr. Vishak Kumar 09078653
Based on our examination of relevant documents made available to us by the Company and such
other verifications (including Directors Identification Number (DIN) status at the portal www.mca.
gov.in) carried out by us as deemed necessary and adequate, in our opinion and to the best of our
information and knowledge and according to the explanations provided by the Company, its officers
and authorized representatives, we certify that as on date of this certificate, none of the directors
on the Board of the Company, as listed hereinabove, have been debarred or disqualified from
being appointed or continuing as Directors of the Company by Securities and Exchange Board
of India / Ministry of Corporate Affairs or any such statutory authority.
75
Ensuring the eligibility for the appointment / continuity of every Director on the Board is the
responsibility of the management of the Company. Our responsibility is to express an opinion on
these based on our verification. This certificate is neither an assurance as to the future viability of
the Company nor of the efficiency or effectiveness with which the management has conducted the
affairs of the Company.
DILIP BHARADIYA
F.C.S No. 7956 C.O.P No. 6740
UDIN: F007956D000338231
Place: Mumbai
Date: May 18, 2022

SHAREHOLDERS’ INFORMATION
DETAILS OF FUNDS RAISED THROUGH RIGHTS ISSUE AND PREFERENTIAL ISSUE
a) Your Company approved raising of funds to the extent of ` 995 Crore by way of Rights Issue
at an issue price of ` 110 per Equity Share (including a premium of ` 100 per Equity Share) as
per the payment schedule mentioned in the letter of offer dated June 28, 2020. The Company
called up the first call and final call money on January 11, 2021 and July 5, 2021 respectively.
On September 1, 2021, the Board of Directors approved annulment of 3,67,542 partly paid-up
shares (“PPS”) which were earlier forfeited and the Company has received payment towards
2,80,504 PPS. The details w.r.t Rights Issue have been included in the Financial Statements
b) Your Company issued and allotted 7,31,70,731 Equity Shares of face value of ` 10 each on
preferential basis at a per share price of ` 195 fully paid-up, which inter-alia includes a share
premium of ` 185 aggregating to ` 1500 Crore to Flipkart Investments Private Limited (“Flipkart”)
in pursuance of the subscription agreement entered into between the Company and Flipkart.
The allotment of the aforesaid shares was made on January 28, 2021. Consequently, as on
March 31, 2022, Flipkart holds 7.80% of equity share capital of the Company.
There is no deviation in the use of proceeds of the Rights Issue and Preferential Issue, from the
objects as stated in the respective Offer documents.
GENERAL INFORMATION
[IN TERMS OF PART C, SCHEDULE V OF SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS)
REGULATIONS, 2015]
(i) Meeting Calendar for Financial Year (April - March)
a) Ended March 31, 2022
i. Annual General Meeting (15th)
Day and date : Monday , September 5, 2022
Time : 4:00 p.m.
Venue / Mode : Video Conferencing / Other Audio Visual Means1.
ii. Board / Committee Meeting(s)

Dates of the meetings of the Board of Directors and Committees, held for
consideration of quarterly / half- yearly / annual financial results for the financial
year ended on March 31, 2022, have been disclosed as a part of the Corporate
Governance Report forming part of this Annual Report.
b) Ending March 31, 2023 (Tentative)

i. Annual General Meeting (16th): August / September, 2023.
ii. Board Meetings
For considering Results for the Month
Quarter ending June 30, 2022 July / August, 2022
Quarter and six months ending September 30, 2022 October / November, 2022
Quarter and nine months ending December 31, 2022 January / February, 2023
Quarter and year ending March 31, 2023 April / May, 2023
1
MCA General Circular no. 02/2022 dated May 5, 2022 read with General Circular no. 20/2020 dated May 5, 2020, General Circular no. 02/2021 dated
January 13, 2021, General Circular no. 19/2021 dated December 8, 2021 and General Circular no. 21/2021 dated December 14, 2021.
77
(ii) Dividend payment date: Not Applicable
(iii) Stock Exchanges where securities of the Company are listed:
(a) Equity shares:
Stock Exchange Stock Code
BSE Limited (“BSE”) 535755 & 890148*
Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400001
National Stock Exchange of India Limited (“NSE”) ABFRL & ABFRLPP1*
Exchange Plaza, C-1, Block G, Bandra Kurla Complex,
Bandra (E), Mumbai - 400051
*Suspended on June 30, 2021
(b) Non-convertible debentures: -

Unsecured, rated, redeemable, non-convertible debentures (“NCDs”) of face value of
` 10,00,000/- each issued by the Company from time to time, are listed on BSE, details
of which are as under:
Year Series Scrip ISIN Principal Date of Debenture Trustee
of issue code amount maturity
(` in Crore)
2018 5(1) 958228 INE647O08073 300 14-Aug-21 Axis Trustee Services Limited
2019 6 959076 INE647O08081 435 11-Nov-22 2nd Floor ‘E’, Axis House,
2020 7 959492 INE647O08099 325 22-May-23 Bombay Dyeing Mills Compound,
2021 8(2) 973442 INE647O08107 400 09-Sep-24 Pandurang Budhkar Marg, Worli,
Mumbai - 400 025
Phone: +91 22 2425 5215/5216
Fax: +91 22 2425 4200
Email id: debenturetrustee@
axistrustee.com
Notes:
(1) Redemption of Series 5 NCDs was due on August 14, 2021. Accordingly, the redemption amount has been duly
paid.
(2) Series 8 NCDs was issued on September 9, 2021.
(c) Commercial Papers: BSE. The Company has no outstanding Commercial Paper as on
31st March 2022.
(iv) Credit ratings:

There was no change in the credit ratings of the Company during the financial year.
As on March 31, 2022, the Company had the following credit ratings:
Instrument issued Amount Credit Rating
by / on behalf of the (` in Crore)
Company CRISIL ICRA Limited India Ratings &

Limited Research
Total Bank Loan Facilities 2,500 CRISIL [ICRA] AA/ IND AA/Stable
NCDs Series 6 - 2019 435 AA/Stable Stable -
NCDs Series 7 - 2020 325 - IND AA/Stable
NCDs Series 8 - 2021 400 -
Commercial Paper 2000 CRISIL A1+ [ICRA] A1+ IND A1+
Overall Rating - CRISIL [ICRA] AA/ IND AA/Stable
AA/Stable Stable

(v) Designated depository for the purpose of monitoring of Foreign Investment limits on behalf
of the Company: Central Depository Services (India) Limited (“CDSL”)
(vi) Annual listing fees for the financial year 2022-23: Has been paid to both the Stock Exchanges.
(vii) Stock market price data:
(a) Fully paid-up equity shares:
Month – Year BSE NSE

High Low Close Traded High Low Close Traded
(in `) (in `) (in `) volume (in `) (in `) (in `) volume
(No. of shares (No. of shares
in lakh) in lakh)
April-2021 207.00 163.30 175.35 53.09 207.00 163.10 175.00 440.81
May-2021 196.80 171.60 195.15 38.31 196.70 171.70 195.15 424.81
June-2021 224.60 193.85 215.65 51.82 224.75 193.65 215.75 735.21
July-2021 234.35 205.20 224.80 51.17 234.50 205.10 224.25 884.70
August-2021 229.40 189.50 207.85 36.96 229.50 189.35 208.10 471.09
September-2021 249.90 198.00 246.45 50.00 249.90 198.00 246.35 860.11
October-2021 276.00 234.40 262.95 67.62 276.15 234.45 263.00 1061.80
November-2021 310.00 246.30 255.30 42.47 310.00 245.95 255.10 1055.49
December-2021 292.90 252.90 272.35 38.92 293.00 252.70 272.25 834.83
January-2022 318.55 269.10 293.45 39.01 318.70 269.15 293.55 821.78
February-2022 310.40 249.75 269.05 37.44 310.50 250.00 268.40 600.29
March-2022 305.50 252.10 302.00 20.01 305.55 252.00 302.10 501.90
Source: BSE and NSE websites.
(b) Partly paid-up equity shares*:
Month – Year BSE NSE

High Low Close Total traded High Low Close Total traded
(in `) (in `) (in `) volume (No. (in `) (in `) (in `) volume (No.
of shares in of shares in
lakh) lakh)
April-2021 174.95 131.00 145.80 0.69 167.00 116.00 145.25 1.82
May-2021 159.40 137.40 158.45 0.71 159.40 135.20 158.35 14.57
June-2021 197.50 157.00 187.45 1.51 195.05 155.70 185.30 13.68
*Suspended on June 30, 2021
Source: BSE and NSE websites.
79
Closing price of your Company’s equity shares and the market capitalisation as on the
last trading day of the financial year 2021-22 i.e. March 31, 2022, were as under:
Particulars BSE NSE

535755 890148* ABFRL ABFRLPP1*
Closing price (in `) 302.00 187.45 302.10 191.80
Market capitalisation (` in Crore) 28,334.23 1,685.35 28,343.61 1,666.02
*
Suspended on June 30, 2021
(viii) Stock performance:

(a) Fully paid-up equity shares:
Month – Year ABFRL BSE NSE

NSE closing Indexed SENSEX Indexed CNX Nifty Indexed
price (in `) (in `) (in `)
April-2021 177.75 100.00 48,782.36 100.00 14,631.10 100.00

May-2021 191.05 107.48 51,937.44 106.47 15,582.80 106.50
June-2021 213.60 120.17 52,482.71 107.59 15,721.50 107.45
July-2021 227.20 127.82 52,586.84 107.80 15,763.05 107.74
August-2021 208.15 117.10 57,552.39 117.98 17,132.20 117.09
September-2021 231.65 130.32 59,126.36 121.20 17,618.15 120.42
October-2021 255.55 143.77 59,306.93 121.57 17,671.65 120.78
November-2021 254.25 143.04 57,064.87 116.98 16,983.20 116.08
December-2021 261.35 147.03 58,253.82 119.42 17,354.05 118.61
January-2022 287.75 161.88 58,014.17 118.92 17,339.85 118.51
February-2022 265.20 149.20 56,247.28 115.30 16,793.90 114.78
March-2022 299.10 168.27 58,568.51 120.06 17,464.75 119.37
Source: BSE and NSE websites
Base 100 = Friday, April 30, 2021 Base 100 = Friday, April 30, 2021

(b) Partly paid-up equity shares*:

Month – Year ABFRL BSE NSE
NSE closing Indexed SENSEX Indexed CNX Nifty Indexed
price (in `) (in `) (in `)
April-2021 147.05 100.00 48,782.36 100.00 14,631.10 100.00
May-2021 154.05 104.76 51,937.44 106.47 15,582.80 106.50
June-2021 95.45 64.91 52,482.71 107.59 15,721.50 107.45
* Suspended on June 30, 2021
Source: BSE and NSE websites
Base 100 = Friday, April 30, 2021 Base 100 = Friday, April 30, 2021
(ix) Distribution of shareholding as on March 31, 2022:

Range of no. of Fully paid-up Partly paid-up Total % of total
shares held Shares
Folios Shares Folios Shares Folios (1) Shares
1 to 500 2,02,696 1,70,62,547 709 33,108 2,03,115 1,70,81,393 1.82
501 to 1000 14,321 1,03,70,674 14 11,586 14,336 1,03,81,921 1.11
1001 to 2000 7,390 1,05,50,975 5 8,085 7,396 1,05,57,359 1.13
2001 to 3000 2,433 60,60,795 1 2,500 2,436 60,68,621 0.65
3001 to 4000 1,090 38,21,914 - - 1,093 38,32,240 0.41
4001 to 5000 703 32,23,196 - - 703 32,23,196 0.34
5001 to 10000 1,238 86,17,580 - - 1,238 86,18,230 0.92
10001 and above 1,018 87,85,12,483 1 26,400 1,019 87,85,38,883 93.63
Total 2,30,889 93,82,20,164 730 81,679 2,31,336 93,83,01,843 100.00
(1)
Consolidated on basis of Folio / DP ID and Client ID.
81
Category-wise shareholding pattern of the Company as on March 31, 2022:
Category No. of No. of shares No. of shares Total No. of %
shareholders (1) (Fully paid-up) (Partly paid-up) shares
(Fully & Partly
paid-up)
Promoter and Promoter Group 15 52,62,99,516 - 52,62,99,516 56.09

Public 2,25,368 40,72,66,576 81,679 40,73,48,255 43.41
Institutions 245 30,68,15,751 - 30,68,15,751 32.70
Mutual Funds 42 12,74,47,473 - 12,74,47,473 13.58
Foreign Portfolio Investors 105 12,36,46,092 - 12,36,46,092 13.18
Insurance Companies 18 5,50,48,506 - 5,50,48,506 5.87
Alternate Investment Funds 6 4,59,175 - 4,59,175 0.05
Financial Institutions / Banks 40 1,00,113 - 1,00,113 0.01
Others 34 1,14,392 - 1,14,392 0.01
Central / State Government(s) 6 36,90,452 - 36,90,452 0.39
Non-Institutions 2,25,117 9,67,60,373 81,679 9,68,42,052 10.32
Individuals 2,15,299 7,64,98,615 50,287 7,65,48,902 8.16
Body Corporates 1,032 1,18,90,174 28,980 1,19,19,154 1.27
Others 8,786 83,71,584 2,412 83,73,996 0.89
Non Promoter - Non Public 1 46,54,072 - 46,54,072 0.50
Total 2,25,384 93,82,20,164 81,679 93,83,01,843 100.00
(1)
Consolidated on basis of Permanent Account Number (PAN).
(x) Dematerialisation of shares and liquidity:

Particulars Fully paid-up Partly paid-up Total
Shares % Shares % Shares %
Physical 65,37,621 0.70 - - 65,37,621 0.70
Dematerialised mode: 93,16,82,543 99.30 81,679 100.00 93,17,64,222 99.30
NSDL 80,01,21,094 85.28 63,066 77.21 80,01,84,160 85.28
CDSL 13,15,61,449 14.02 18,613 22.79 13,15,80,062 14.02
Total 93,82,20,164 100.00 81,679 100.00 93,83,01,843 100.00
Category-wise Shareholding % Dematerialisation of shares %

0.50% 0.70%
10.38%
14.02%
32.64% 56.09%
85.25%
Promoter and Promoter Group Institutions

Non-Institutions Non Promoter - Non Public Physical NSCL CDSL

(xi) Unclaimed shares:

As on March 31, 2022, total number of 28,86,461 equity shares of ` 10/- each were lying in the
said suspense account and details of which is as under:
Particulars No. of No. of shares

shareholders
Outstanding at the beginning of the year 5,539 8,77,612
Shareholders who approached the Company and to 23 12,099

whom shares were transferred during the year
Shareholders and aggregate number of shares 9,182 20,20,948

transferred to the Unclaimed Suspense Account
during the year
Outstanding at the end of the year 14,698 28,86,461

Note: Voting rights on these shares shall remain frozen till the rightful owners of such shares claims the shares.
As the shares lying in the said suspense account are resulting out of allotments made pursuant
to the merger activities of the Company, they shall be released as and when released by
transferor companies i.e. Future Retail Limited and Aditya Birla Nuvo Limited (now Grasim
Industries Limited). Such shareholders may also approach the Company / Registrar and
Transfer Agent of the Company (“RTA”), with their correct particulars and proof of their identity
for crediting requisite shares from the said suspense account to their individual account.
(xii) Transfer of sale proceeds of fractional shares arising out of amalgamation to Investor
Education and Protection Fund:
During the year under review, the Company was not required to transfer any fund to the
Investor Education and Protection Fund.
(xiii) Reconciliation of share capital audit:

As stipulated under Regulation 76 of SEBI (Depositories and Participants) Regulations, 2018,
as amended, M/s. Dilip Bharadiya & Associates, Company Secretaries, (CP No: 6740) carried
out quarterly audit for the purpose of reconciliation of the total issued capital, listed capital
and the capital held by the depositories in dematerialised form, the details of changes in
the share capital during each quarter and the in-principle approval pending from Stock
Exchanges with respect to such further issued capital, if any.
Further, an audit report issued in that regard is submitted to the Stock Exchanges, NSDL and
CDSL on quarterly basis and the same is also placed before the Board.
(xiv) Outstanding Global Depository Receipts (“GDRs”) / American Depository Receipts (“ADRs”) /
Warrants or any convertible instruments, conversion date and likely impact on equity:
Not applicable
(xv) Commodity price risk / foreign exchange risk and hedging activities:
Your Company does not engage in commodity hedging activities. The foreign currency
exposure of the Company, in respect of its imports, borrowings and export receivables, is
hedged as per the Forex Policy of the Company. The Company uses a mix of various derivative
instruments like forward covers.
83
(xvi) Investor service and grievance handling mechanism:
A robust mechanism is established by your Company which ensures efficient service to the
investors, pro-active handling of investor correspondences and redressal of grievances in an
expeditious manner. This mechanism is handled by the Compliance Officer of your Company
and the RTA, through its investor service centres which are spread across the country.
Quarterly review by the Board and Audit Committee
The Board of your Company and its Audit Committee review the status of investor complaints
on a quarterly basis.
Six-monthly / annual review by the Stakeholders Relationship Committee (“SRC”)
SRC has been constituted specifically to look into various aspects of interest of Shareholders,
Debenture Holders and other Security Holders. The SRC meets twice in a year to deliberate
on various matters with respect to stakeholders of the Company.
During the year under review, the Company received total of 114 complaints from the
shareholders. Details of complaints received alongwith their status as on March 31, 2022,
have been disclosed separately in the Corporate Governance Report forming part of this
Annual Report.
(xvii) Share transfer system:

The Board has entrusted SRC with the power & authority to deal with the matters pertaining
to transfer, transmission, dematerialisation of shares, etc.
In terms of Regulation 40(1) of the SEBI Listing Regulations, as amended from time to time,
securities can be transferred only in dematerialized form with effect from April 1, 2019, except
in case of request received for transmission or transposition of securities. SEBI had fixed
July 31, 2021 as the cut-off date for re-lodgement of transfer deeds and the shares that are
re-lodged for transfer shall be issued only in which was further extended to July 31, 2021.
Members holding shares in physical form are requested to consider converting their holdings
to dematerialized form. However, investors are not barred from holding shares in physical
form.
Transfers in electronic form are much simpler and quicker as the shareholders have to
approach their respective depository participants and the transfers are processed by NSDL /
CDSL, as the case may be, with no requirement of any separate communication to be made
to the Company.
Shareholders may please note that SEBI vide its Circular no. SEBI/HO/MIRSD/MIRSD_RTAMB/P/
CIR/2022/8 dated January 25, 2022 has mandated the listed companies to issue securities in
demat form only while processing service requests viz. Issue of duplicate securities certificate,
claim from Unclaimed Suspense Account; Renewal / Exchange of securities certificate;
Endorsement; Sub-division / Splitting of securities certificate; Consolidation of securities
certificates / folios; Transmission and Transposition. Accordingly, Shareholders holding
equity shares of the Company in physical form are requested to kindly get their equity shares
converted into demat / electronic form to get inherent benefits of dematerialisation.
Shareholders are requested to make service requests by submitting a duly filled and signed
Form ISR - 4 (Form for various service requests), the format of which is available on the Company’s
website www.abfrl.com.
During the year under review, the share transfers were processed within a period of fifteen
days from the date of receipt, subject to documents being valid and complete in all respects.
RTA of your Company ensured compliance with all the procedural requirements with
respect to transfer, transmission and transposition of shares and formalities with respect

to name deletion, sub-division, consolidation, renewal, exchange and endorsement of share

certificates. Due to restrictions on account of the Covid-19 pandemic, though few requests
relating to the issue of duplicate share certificates were processed within the regulatory
timelines, the share certificates were dispatched and delivered beyond thirty days.
Also, as stipulated under Regulation 40(9) of the SEBI Listing Regulations, the RTA also
obtained half-yearly certificates in that regard from M/s. Dilip Bharadiya & Associates,
Company Secretaries (CP No: 6740) and the same were duly filed with the Stock Exchanges.
(xviii) Company’s recommendations to the shareholders:

a. Dematerialisation of shares
Shareholders may consider converting their physical holdings into dematerialised form
and avail the benefits of dealing in shares in demat form, such as immediate transfer
of shares, faster settlement cycle, faster disbursement of non-cash benefits like rights
etc., lower brokerage, etc. and avoidance of risks associated with physical certificates
such as forged transfers, fake certificates and bad deliveries.
Accordingly, shareholders holding shares in physical are requested to contact the RTA
/ Company for assistance in converting their holdings to demat form at the earliest.
b. Intimate / update contact details
Shareholders are requested to update / intimate changes, if any, with necessary
documentary evidence, to the Company / RTA, if shares are held in physical mode or to
their Depository Participant (“DP”), if the holding is in electronic mode.
c. Furnish / update PAN, KYC, bank account and nomination details with the Company / DP
SEBI vide circular no. SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2021/655 dated November
3, 2021 (SEBI circular) has mandated all listed companies to have PAN, KYC, Nomination
details and Bank account details of all shareholders holding shares in physical form.
Folios wherein any of the cited documents / details are not available with the Company
on or after April 1, 2023, shall be frozen.
The Company has sent a communication to all the holders of physical securities to
provide the details in accordance with the SEBI circular.
The investor service request for updation of PAN, KYC, Nomination details, and Bank
account details viz. forms ISR-1, ISR-2, ISR-3, SH-13 and SH-14 are available on the
Company’s website www.abfrl.com. Shareholders are requested to submit the investor
service request form along with the supporting documents at the earliest.
d. Updation of details by non-resident shareholders
Non-resident Indian shareholders are requested to immediately inform the Company /
RTA, if shares are held in physical mode or to their DP, if the holding is in electronic mode,
regarding change in the residential status on return to India for permanent settlement
and / or the particulars of the NRE account with a bank in India, if not furnished earlier.
e. Consolidation of folios and avoidance of multiple mailing
In order to enable the Company to reduce costs and duplicity of efforts for providing
services, shareholders who have more than one folio / demat account in the same
order of names, are requested to consolidate their holdings under one folio / demat
account. They may write to the RTA / DP in this regard. This would facilitate one-stop
tracking of all corporate benefits on the shares and would reduce time and efforts
required to monitor and service multiple folios / demat accounts.
85
f. Submit Nomination Form
Section 72 of the Companies Act, 2013 (the “Act”), extends nomination facility to
individuals holding shares in physical form. Shareholders, in particular, those holding
shares in single name, may avail the above facility by furnishing the particulars of
their nominations in the prescribed Nomination Form No. SH-13 / SH-14 which can
be downloaded from the website of the Company i.e. www.abfrl.com, duly filled-in to
RTA at their address mentioned herein below. Shareholders holding shares in demat
form may contact their respective DPs for availing this facility / change an existing
nomination.
g. Service of documents through electronic means
Your Company holds its green initiative in high regard. Pursuant to Section 101 and 136
of the Act, companies can serve Annual Reports and other communications through
electronic mode to those shareholders who have registered their e-mail address either
with the Company or with the DPs. Accordingly, shareholders who have not registered
their e-mail addresses so far, are requested to register the same, by submitting a duly
filled ‘E-communication Registration Form’ available on the website of the Company
i.e. www.abfrl.com, to RTA / Company on its designated e-mail Id i.e. secretarial@abfrl.
adityabirla.com.
h. Deal with registered intermediaries
Shareholders should transact through a SEBI registered intermediary, as it will be
responsible for its activities and in case the intermediary does not act professionally,
the matter can be taken up with SEBI / Stock Exchanges.
i. Monitor holdings regularly
Demat account should not be kept dormant for a long period of time. Periodic
statement of holdings should be obtained from the concerned DP and holdings should
be verified. Where the shareholder holding shares in demat form is likely to be away
for a long period of time, such shareholder can make a request to the DP to keep the
account frozen, so that there can be no debit to the account till the instruction for
freezing the account is countermanded by the shareholder.
j. Mergers and demergers
Details of mergers and demergers are available on the website of the Company i.e.
www.abfrl.com. Shareholders may also send a request to the Company for availing the
said details by sending an e-mail to [email protected] and/or a request
letter to the RTA / Company at their respective address provided herein.
(xix) Plants of the Company with their locations:

Sr. Plants Location
no.
1. Madura Clothing No. 527, Marasur Village, Anekal Taluk, Bengaluru - 562106,
(Crafted Clothing) Karnataka
2. Madura Clothing No. 324, Marasur Village, Anekal Taluk, Bengaluru - 562106,
(Fashion Craft) Karnataka
3. Madura Clothing Survey No. 62/2A, 62/2B, Parappana Agrahara, Off Hosur Road,
(Europa Garments) Begur Hobli, Naganathapura, Bengaluru - 560100, Karnataka
4. Madura Clothing No. 288/2, Dodda Begur, Bommanahalli, Bengaluru - 560068,
(Classical Menswear) Karnataka

Sr. Plants Location

no.
5. Madura Clothing No. 52/2, Bilvaradahalli, Jigani Hobli, Anekal Taluk,
(English Apparels) Bengaluru - 560083, Karnataka
6. Madura Clothing Survey No. 42/2, 43, Basavanapura, Mayaganahalli, Kasaba Hobli,
(Haritha Apparels) Ramanagara Taluk and District - 562159, Karnataka
7. Madura Clothing No. 10/1, Byatarayanapura Jakkur Layout, Bellary Main Road,
(Alpha Garments) Bengaluru - 560064, Karnataka
8. Madura Clothing Survey No.#569/1,569/2B,570,606,853/1, Kurbarapalli village
(Little England Apparels) Doddaubanur Post, Denkanikotte Taluk, Thally - 635118,
Tamil Nadu
9. Bilteek Fashion Plot No. A-4, A-5, A-6, Apparel Park Industrial Area, Sy.No. 29 and
31, Arehalliguddadahalli, Kasaba Hobli, Doddaballapur Taluk,
Bengaluru – 561203
10. Aditya Birla Fashion and IDCO Plot No. H2, H3, H4, H5, H5(P) and H6, Bomikhal,
Retail Limited – Odisha Mancheswar Industrial Estate, Bhubaneswar, Odisha - 751010
(xx) Store Locations of the Company:

Your Company also has multiple stores spread across India. You may please refer the back
inner cover page of this Annual Report for the city-wise break-up of stores of the Company
plotted on the map of India.
(xxi) Address for correspondence:

• All shareholder’s correspondence should be forwarded to Link Intime India Private
Limited, the Registrar and Share Transfer Agent of the Company or to the Company
Secretary at the registered office of the Company at the addresses mentioned below:
• The Company’s dedicated e-mail address for shareholders complaints and other
communications is [email protected].
• As stated in the SEBI circular dated March 26, 2018, whereby SEBI has issued new policy
measures with respect to SEBI Complaints Redress System (“SCORES”), shareholders are
requested to approach the Company directly at the first instance for their grievances.
Registrar and Share Transfer Agent Registered Office

Link Intime India Private Limited Aditya Birla Fashion and Retail Limited
Unit: Aditya Birla Fashion and Retail Limited Piramal Agastya Corporate Park, Building ‘A’,
C-101, 247 Park, L.B.S. Marg, 4th and 5th Floor, Unit No. 401, 403, 501, 502,
Vikhroli (West), Mumbai - 400083 L.B.S. Road, Kurla, Mumbai - 400 070
Phone : +91 22 49186270 Phone : +91 86529 05000
Fax : +91 22 49186060 Fax : +91 86529 05400
E-mail : [email protected] E-mail : [email protected]
Website : www.linkintime.co.in Website : www.abfrl.com
(xii) Feedback:
Your feedback is valuable to us to help us serve you better. Shareholders are requested to
give us their valuable suggestions, if any, for enhancement of our investor services by writing
to RTA / Company at the address provided hereinabove.
87
BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT
BUILDING SUSTAINABLE BUSINESSES
At the Aditya Birla Group, we endeavor to become the leading Indian conglomerate for sustainable
business practices across our global operations. We define action “Sustainable Business” as one
that can continue to survive and thrive within the growing needs and tightening legal and resource
constraints of a “Sustainable World”. We believe that this means that as we go forward towards
constrained operating environments of 2030 and 2050, that for a continued “Sustainable World”, it
can increasingly only contain “Sustainable Businesses”.
To achieve our Group vision, we are innovating away from the traditional sustainability models to
one consistent with our vision to build sustainable businesses capable of operating in the next three
decades. The current decade is being talked about as decade of action on global commitments on
climate change, SDGs and others. It is expected to be extremely challenging for organizations since
growth is shifting, innovation is relentless, disruption is accelerating, expectations are high, and social
tensions are rising. Organizations are faced with an increasing number and mix of megatrends, such
as climate change, rapid technological progress, demographic changes and rise of the platform
economy. Combined with disruptors such as the recent Coronavirus epidemic, are triggering
potentially exponential changes in the way organizations are going to function.
As we dive into the post-pandemic next normal phase loomed by uncertainty and deepening
asymmetries, business recovery strategies have placed Environment Social Governance (ESG) /
Sustainability in the spotlight. We are already witnessing diverse stakeholders such as regulators,
oversight authorities, policy makers, investors, lenders becoming more vocal about the need for
greater adoption of ESG. ESG is the new lens through which Companies will be increasingly evaluated
and the need of the hour is to act proactively in the self-regulating business ecosystem – both for
their commitment and action on them.
Our “Ability to Sustain” approach has also undergone fine tuning for better navigation in this ever-
shrinking operating funnel via a 4-D (dimensional) approach. ABG businesses are building higher
resilience in their business strategies and operations to ensure that their aggregate impact remains
within the planet’s safe operating limits, considering:
1) business sectoral uniqueness;
2) their geographies of operation;
3) stakeholder expectations across of their value chains in keeping with short- and long-term time
horizons.

The model 2.0 thus lays out four steps to be followed by ABG businesses. The steps begin with
identifying and understanding value chain aspects across geographies for a sector, followed by
identifying and prioritizing material aspects across time horizons and stakeholder expectations.
Finally developing sustainable business strategies with time-based targets and annual action plans
which are measurable and can be monitored to future proof our business strategies, products,
operations and supply chains to remain sustainable.
The onus is on every one of us starting from our leadership to take on the understanding of what it
means to be a sustainable business leader in their own sectors, in their industries and to plan out a
roadmap for how it can be achieved now. The planet will demand that it is so, and the markets will
have no choice but to comply. At ABG, we have a legacy of success. It is our leadership’s imagination
that will realise our vision of becoming a sustainable business conglomerate, and it will be their
legacy that they shape. Progress is being made but much remains to be done.
Business Sustainability Initiatives
We, at Aditya Birla Fashion and Retail Limited (“ABFRL”), consider sustainability as our ability to
survive and thrive in the face of growing uncertainty and megatrends to build a sustainable business.
Post successful achievement of milestones in 2021, we have set ourselves on a transition i.e.,
sustainability 2.0 from ‘Process-led to Product-led’, with a 2025 agenda focusing on product design
and development, customer centricity and supply chain. We believe this transition shall strengthen
integration of sustainability across the whole spectrum of design development, supply chain and
consumer end of use for product life cycle.
Despite the pandemic and various operational & supply chain constraints, we continue to accelerate
our efforts to achieve our 2025 goals. Our digitalization agenda in alignment with our sustainability
maturity is acting as a catalyst in unlocking the true potential and delivering positive impact.
ABFRL retained sustainability leadership as Asia’s ‘Most Sustainable Company’

in the Textile, Apparel & Luxury Goods Industry by S&P Global CSA 2021
All our value chain partners are in principle alignment with our sustainability goals and continue to
play a vital role in achieving them together with us. This partnership demonstrates our commitment
and vision to deliver sustainable fashion with a positive impact on society, stakeholders and the
ecosystem.
As we dive into the post-pandemic next normal phase loomed by uncertainty and deepening
asymmetries, business recovery strategies have placed Environment Social Governance (ESG) /
Sustainability in the spotlight. Investors and financial markets are also increasingly demanding a
compelling Sustainability agenda and the need of the hour is to act proactively in the self-regulating
business ecosystem.
In this ‘Decade of Action’ we at ABFRL continue to transform our ambition to effective actions
ensuring alignment not just to our sustainability goals but also to regional, national and global
goals. We believe, going forward, imperatives for sustainability will only intensify and collective
effort with pragmatic approach shall contribute in holistic growth taking businesses beyond obvious
establishing a global ecosystem which is transparent, accountable and also sustainable.
89
Business Responsibility and Sustainability Report
Anchored by the ABG Vision and Sustainable Business Framework, we at ABFRL embarked on
our sustainability journey with the launch of the sustainability 1.0 programme ‘ReEarth - For Our
Tomorrow’ in FY13.
Re-Earth Vision Statement:

‘We are committed to give back more than what we take from our ecosystem’
Building on our commitment to foster

a sus t ainable tomorrow and deliver
sustainable fashion, we have leapfrogged in
our ReEarth programme with sustainability
2.0 and defined milestones for 2025. The
2025 roadmap aims to achieve ambitious
sustainability targets and business goals
while balancing risks and opportunities for
all relevant ESG initiatives.
Our Product Life Cycle Approach is the

fulcrum of our sustainability 2025 strategy.
From product design and development,
to supply chain and customer-centricity,
through use and end-use, this approach
shall act as pivot in integrating sustainability
into products.
Three pillars
• Clean by design
• Sustainable operations
• Inclusive communities
This transition shall strengthen integration of sustainability across the whole spectrum of design
development, supply chain and consumer end of use for product life cycle. Furthermore, in this
journey we are striving to building circular ecosystem, leverage technology disruption and lastly,
work towards accelerating advocacy on sustainable fashion across the Indian as well as global
apparel and textile industry.
We present our maiden Business Responsibility and Sustainability Report (BRSR) in alignment with
the National Guidelines on Responsible Business Conduct (NGRBCs) on Environmental, Social and
Governance (ESG) of Businesses as released by the Ministry of Corporate Affairs in May 2021. This
Report is prepared as per amended 34 (2) (f) of Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015 vide gazette notification no. SEBI/
LAD-NRO/GN/2021/22 dated May 05, 2021 and show cases the ESG efforts taken by the Company
during the financial year 2021-22.

SECTION A: GENERAL DISCLOSURES

I. Details of the listed entity
1 Corporate Identity Number (CIN) of : L18101MH2007PLC233901
the Listed Entity
2 Name of the Listed Entity : Aditya Birla Fashion and Retail Limited
3 Year of incorporation : 2007
4 Registered office address : Piramal Agastya Corporate Park, Building ‘A’, 4th and
5th Floor, Unit No. 401, 403, 501, 502, L.B.S. Road,
Kurla, Mumbai, Maharashtra - 400 070
5 Corporate address : KH No 118/110/1 Building 2 Divyashree Technopolis,
Yemalur Post, HAL Old Airport Rd, Bengaluru,
Karnataka - 560 037
6 E-mail : [email protected]
7 Telephone : +91 86529 05000
8 Website : www.abfrl.com
9 Financial year for which reporting is : 2021-2022
being done
10 Name of the Stock Exchange(s) : BSE Limited (“BSE”) and National Stock Exchange of
where shares are listed India Limited (“NSE”)
11 Paid-up Capital (in INR) : ` 9,38,29,14,830.00
12 Name and contact details (telephone, : Name: Dr Naresh Tyagi Designation: Chief
email address) of the person who Sustainability OfficerTelephone: 080-67271000Email
may be contacted in case of any Address: [email protected]
queries on the BRSR report
13 Reporting boundary - Are the : The disclosure under this report are made on
disclosures under this report made Standalone basis. Reporting boundary for Sustainability
on a standalone basis (i.e. only for aspects can be referred to ‘Reporting Scope Boundary
the entity) or on a consolidated and Framework’ section in Sustainability Report
basis (i.e. for the entity and all the FY2021-22
entities which form a part of its
consolidated financial statements,
taken together).
II. Products / services

14. Details of business activities (accounting for 90% of the turnover):
Our business activities include design, manufacturing, distribution and retailing offering branded
apparel and accessories.
Details of turnover provided in subsequent question.
15. Products/Services sold by the entity (accounting for 90% of the entity’s Turnover):
S. Description of Description of Business Business % of Turnover

No. Main Activity Activity Activity Code of the entity
1 Manufacturing Textile, Leather and other C2 28.49%
apparel products
2 Trade Retail Trading G2 71.51%
91
III. Operations
16. Number of locations where plants and/or operations/offices of the entity are situated
Refer ‘Reporting Scope Boundary and Framework’ section in Sustainability Report FY2021-22
17. Markets served by the entity:
a. Number of locations:
Location Number
National (no. of states) 28 states and 4 union territories across India
International (no. of countries) The Middle East
b. What is the contribution of exports as a percentage of the total turnover of the entity?
2.08% is contributed to exports in total turnover
c. A brief on types of customers:
ABFRL offers apparel and accessories for women, men and kids through a portfolio of
exclusive and fashionable brands. ABFRL’s Lifestyle Brands houses India’s most iconic
brands - Louis Philippe, Van Heusen, Allen Solly, Peter England catering to India’s Premium
Consumers. ABFRL’s Pantaloons which is one of the strongest brand in masstige segment
of Indian Fashion retail has evolved into a progressive style partner for the fashion seeking
shopper and is at the forefront of all fashion trends across all categories viz. Women’s wear,
Men’s wear, Kid’s wear, Fashion Accessories and recently Home Products. Forever 21 and
American Eagle are brands that offers clothes and accessories predominantly for the youth.
The company now boasts a comprehensive portfolio of iconic ethnic wear brands for both
Men and Women across price points. The Company has also forayed into the innerwear
and athleisure space for Men and Women in 2016 through its iconic lifestyle brand Van
Heusen. Through Reebok deal, the company announced its foray into India’s fast-growing
sports and activewear segment.
IV. Employees
18. Details as at the end of Financial Year:
a. Employees and workers (including differently abled):
Particulars Total Male Female

Employees Nos % Nos %
Permanent 11,582 8,961 77% 2,621 23%
Other than Permanent 16,959 14,041 83% 2,918 17%
Total employees 28,541 23,002 81% 5,539 19%
Workers Nos % Nos %
Permanent 13,236 2,017 15% 11,219 85%
Other than Permanent 0 0 0 0 0
Total employees 13,236 2,017 15% 11,219 85%

b. Differently abled Employees and workers:
Male Female
Particulars Total
Nos % Nos %
Workers (Permanent) 80 33 41% 47 59%
We do not have differently abled under employee category.
19. Participation / Inclusion / Representation of women
Total Female %
Board of Directors 12 3 25%
Key Management Personnel 5 2 40%
20. Turnover rate for permanent employees and workers

FY 2021-22 FY 2020-21 FY 2019-20
Permanent Employees Male Female Total Male Female Total Male Female Total
Turnover rate (%) 22 26 22 22 23 22 29 31 29
Permanent Workers Male Female Total Male Female Total Male Female Total
Turnover rate (%) 52 52 52 47 56 55 39 45 44
V. Holding, Subsidiary and Associate Companies (including joint ventures)

21. (a) Names of holding / subsidiary / associate companies / joint ventures
S. Name of the holding / Indicate whether % of shares Does the entity indicated
No. subsidiary / holding/ Subsidiary/ held by at column A, participate in
associate companies / Associate/ Joint listed the Business Responsibility
Joint ventures (A) Venture entity initiatives of the listed
entity? (Yes/No)
1 Jaypore E Commerce Private Limited Subsidiary 100% No
2 Finesse International Design Private Limited Subsidiary 58.69% No
3 Sabyasachi Calcutta LLP Subsidiary 51% No
4 Indivinity Clothing Retail P. Ltd Subsidiary 80% No
5 TG Apparel & Decor Private Limited Subsidiary 100% No
6 Goodview Fashions Pvt Ltd. Joint Venture 33.50% No
VI. CSR Details

22. CSR details
(i) Whether CSR is applicable as per section 135 of Companies Act, 2013: Not applicable
Not Applicable for the financial year under review
(ii) Turnover (in `) : ` 78,24,19,59,781.2
(iii) Net worth (in `) : ` 28,82,14,09,099.1
93
23. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines
on Responsible Business Conduct:
Stakeholder group Grievance FY 2021-22 FY 2020-21
from whom complaint Redressal No. of No. of Remarks No. of No. of Remarks
is received Mechanism in complaints complaints complaints complaints
Place (Yes/No) filed pending filed during pending
(If Yes, then during the resolution the year resolution
provide web-link year at close of at close of
for grievance the year the year
redress policy)
Communities - - - - - - -
Investors (other than - - - - - - -
shareholders)
Shareholders Yes www.abfrl. 114 0 0 66 2* *Complaints
com replied /
resolved on
1st April,
2021
Employees and workers No 0 0 0 0 0 0
Customers No 4 29 NA 2 45 NA
Value Chain Partners No 0 0 0 0 0 0
24. Overview of the entity’s material responsible business conduct issues: Please indicate material
responsible business conduct and sustainability issues pertaining to environmental and social
matters that present a risk or an opportunity to your business, rationale for identifying the same,
approach to adapt or mitigate the risk along-with its financial implications, as per the following
format.
At ABFRL, we carried out a detailed materiality analysis, focusing on development of our 2025
strategy for ReEarth’s Sustainability 2.0. It involved extensive stakeholder engagement with
senior management, employees, functional heads, suppliers, customers, local community and
industry associations. Inputs from various sector trends, peer performance and internal strategy
documents were also collected. A list of material issues has been identified and prioritized through
consultation with different stakeholder groups. The outcome of the process is a comprehensive
materiality analysis along with qualitative outputs that feed into the sustainability strategy
development process.
Refer Materiality – Stakeholder Engagement, Sustainability Report FY2021-22
SECTION B: MANAGEMENT AND PROCESS DISCLOSURES

This section is aimed at helping businesses demonstrate the structures, policies and processes put
in place towards adopting the NGRBC Principles and Core Elements.
Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
Policy and Management Process
1a. Whether your entity’s policy/ Yes Yes Yes Yes Yes Yes No Yes Yes
policies cover each principle
and its core elements of the
NGRBCs.
1b. Has the policy been approved Yes Yes Yes Yes Yes Yes No Yes Yes
by the Board?
1c. Web Link of the Policies, if http://www.abfrl.com/corporate-governance/policies/ NA http://www.abfrl.com/
available corporate-governance/
policies/
Some policies may also include a combination of internal policies of the Corporation which are accessible to all internal stakeholders
and policies placed on the Corporation’s website

2. Whether the entity has Yes Yes Yes Yes Yes Yes No Yes Yes
translated the policy into
procedures. (Yes / No)
3. Do the enlisted policies Yes Yes Yes Yes Yes Yes No Yes Yes
extend to your value chain
partners? (Yes/No)
4. Name of the national and Global Labels: Interna- Global Global Global Global Global Global
international codes/certifica- Stan- BCI, LIVA tional Standards: Standards Standards / Standards: Standards / Stan-
tions/labels/ standards (e.g. dards / Eco Fibber Standards: AA1000AS, / frame- frameworks: AA1000AS, frameworks: dards /
Forest Stewardship Council, frame- International OHSAS, GRI works: ILO, GRI, IFSC, GRI ILO, IFC, ISO, Frame-
Fairtrade, Rainforest Alliance, works: Standards: ANSI, BSI, ILO, ISO, SA8000 SA8000 works:
Trustee) standards (e.g. ILO, GRI, OHSAS, ANSI, ASTM, ISO, IFC Certifications: ISO
SA 8000, OHSAS, ISO, BIS) IFC, ISO, BSI, ASTM, NFPA SA8000, USGBC, IGBC
adopted by your entity and SA8000 NFPA Indian Indian ETI
mapped to each principle. Standards: Standards:
BIS, NBC, BIS, NBC,
NSC Global NSC Global
Standards / Standards
frameworks: / frame-
ILO, GRI, IFC, works:
ISO, SA8000, ILO, GRI,
Recycled Claim IFC, ISO,
Standard, Higg SA8000,
Index ETI
5. Specific commitments, goals - • 50% products • All tier-1 - • All tier-1 • 50% Renew- - • CSR goals All tier-1
and targets set by the entity by volume to suppliers suppliers able Energy are defined sup-
with defined timelines, if any. have at least to be cov- to be across our year-on- pliers
one sustain- ered under covered facilities by year across to be
able attribute Vendor under 2025 Education, covered
by 2025 Code of Vendor • 5% reduction Healthcare under
• All tier-1 Conduct Code of in Scope 1, 2 & & Sanitation, Vendor
suppliers to be Program Conduct 3 Emissions by Sustainable Code of
covered under by 2025 Program 2025 Livelihood, Conduct
Vendor Code • Zero by 2025 • Water Water & Pro-
of Conduct severity positive across Watershed gram by
Program by at our our facilities and Digitali- 2025
2025 premises • Zero Waste zation - 10%
• Zero severity disposed to prod-
at our landfill ucts by
premises volume
• 50% renew- to be
able energy recycled
across our / upcy-
facilities cled
• 10% products
by volume to
be recycled /
upcycled
95
6. Performance of the entity - Achievements Achieve- - Achieve- Achievement - Achieve- Achieve-
against the specific com- FY 2022 ments FY ments FY FY 2022 ment ments
mitments, goals and targets • 61% of prod- 2022 2022 • 33% Renew- FY 2022 FY 2022-
along-with reasons in case ucts by volume • More • More able Energy (beneficiary More
the same are not met have at least than 96% than 96% • 6.6% reduc- impacted) than
1 sustainabil- tier -1 tier - 1 tion in Scope 1 • Education: 96%
ity attribute Vendors Vendors & 2 emissions 17,333 tier -1
• More than covered covered across ABFRL • Healthcare: Vendors
96% tier -1 • Zero operations 1,65,799 covered
Vendors severity • Water Sustainable
covered across our positive across Livelihood:
• 86.3% premises our facilities 1,163 Water
sustainable • Zero Waste & Water-
packaging. disposed shed: 40,490
to landfill Digitaliza-
achieved tion: 24,228
across our Volunteer-
facilities ing: 2,743
employees,
18,011
hours
Governance, Leadership and Oversight
7. Statement by director responsible Refer ‘Executive Messages’ Section in Sustainability Report FY2021-22
for the business responsibility report,
highlighting ESG related challenges,
targets and achievements (listed entity
has flexibility regarding the placement of
this disclosure)
8. Details of the highest authority Name: Dr. Naresh Tyagi

responsible for implementation and Designation: Chief Sustainability Officer
oversight of the Business Responsibility Telephone: 080-67271000
policy (ies). Email Address: [email protected]
9. Does the entity have a specified Governance is the foundation for ABFRL’s framework for overseeing climate-related issues. The overall corporate
Committee of the Board/ Director governance of ABFRL is executed through multi-tier sustainability governance mechanism that ensure the effective
responsible for decision making on monitoring of climate-related risks with a focus on enabling robust, effective, transparent and an ethical ecosystem.
sustainability related issues? (Yes / No). If The sustainability governance structure comprises the Board of Directors, Risk Management and Sustainability
yes, provide details Committee, Chief Sustainability Officer and Format level teams, with specific roles and responsibilities.
Operating within the structure of a well-defined responsibility matrix, the Board is the apex committee instrumental
in the adoption and overseeing the sustainability strategy, policies, and advising senior management regarding ESG
initiatives of the organisation. The Board convenes half-yearly to discuss and decide on climate-related risks, strategies,
and policies and reviews the performance of the Company.
The second layer constitutes the Risk Management & Sustainability Committee (RMSC) to monitor performance of ESG-
related issues. The committee appraise the board of directors headed by the chairman on ESG-related issues during
half-yearly meetings.
The Chief Sustainability Officer (CSO) leads the Sustainability Strategy and reviews the progress of Sustainability and
CSR initiatives implementation across the business length and breadth and reviews the performance through periodic
quarterly meeting. CSO also presents the updates to the RMSC and CSRC during the respective board committee
meetings. The board committees grant sustainability and CSR budgets based on the inputs from the CSO.
The last layer comprises Format level teams where bi-monthly meetings are held with business unit heads from
factories, warehouses, brand level managers and retail to monitor sustainability and climate-related issues.

Governance, Leadership and Oversight
10 Details of Review of NGRBCs Indicate whether: (i) Review was undertaken by Director / Committee of the Board / Any other Committee(ii) Frequency -
by the Company Annually / Half yearly / Quarterly / Any other – please specify
Subject for review P1 P2 P3 P4 P5 P6 P7 P8 P9

Performance against above Half Half yearly Half yearly Half yearly Half yearly Half yearly - Half yearly Half
policies and follow up action yearly yearly
Compliance with statutory Half Half yearly Half yearly Half yearly Half yearly Half yearly - Half yearly Half
requirements of relevance to yearly yearly
the principles, and, rectifica-
tion of any non-compliances
11 Has the entity carried out Yes, IMS Yes, facilities assessed on Yes, Yes,Hu- - - Yes, Social Yes,
independent assessment / audit Higg Index FEM / FSLM by Sustainabil- man Impact Infor-
evaluation of the working conduct- Bluwin ity Report Rights As- assessment mation
of its policies by an external ed by assessed sessment by BlueSky and
agency? (Yes/No). If yes, pro- BVQI and assured conducted Sustainable Cyber
vide name of the agency by BSI by KPMG Business Security
LLP systems
& proto-
cols as-
sessed
by one
of the
Big 4
Audit
firms
12 If answer to question (1) above is “No” i.e. not all Principles are covered by a policy, reasons to be stated:
Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
The entity does not consider - - - - - - - - -
the Principles material to its
business (Yes/No)
The entity is not at a stage - - - - - - - - -
where it is in a position to
formulate and implement
the policies on specified
principles (Yes/No)
The entity does not have - - - - - - - - -
the financial or/human and
technical resources available
for the task (Yes/No)
It is planned to be done in the - - - - - - - - -
next financial year (Yes/No)
Any other reason (please - - - - - - While ABFRL does - -
specify) not have a stated
policy on Policy
Advocacy; as part
of the Aditya Birla
Group, we actively
undertake need-
based advocacy on
issues pertaining to
the industry through
our membership of
relevant industry
bodies, such as
Retail Association of
India and Clothing
Manufacturers As-
sociation of India
97
SECTION C: PRINCIPLE WISE PERFORMANCE DISCLOSURE
Principle 1: Businesses should conduct and govern themselves with integrity, and in a manner that
is Ethical, Transparent and Accountable
Good governance is the common underlying principle for all successful organizations. To ensure
transparent communication and ethical conduct at all levels of the value chain, we adhere to three
policies which form the cornerstone of our operations and ensure business continuity in a responsible
manner. All policies are communicated to ABFRL’s employees upon joining and are displayed on
the Company website as well. There are regular policy refreshers being conducted for employees
around the year.
• Anti-Fraud Policy: Frauds can be detected, prevented and deterred in the day-to-day business
of the Company.
• Whistle Blowers Policy: Adopted at the ABG level, this policy is a provision for disclosures or
demonstration of evidence of an unethical activity or any conduct that may constitute breach
of the Group’s/Group Company’s Code of Conduct or Group Values.
• Company Code of Conduct: Signed by the board members and senior management of the
Company, it requires every employee to observe the highest standards of ethical conduct and
integrity, and work to the best of their ability and judgement.
Essential Indicators
1. Percentage coverage by training and awareness programmes on any of the Principles
during the financial year:
A top priority at ABFRL is effectively harnessing the skills and capabilities of our people through focused
initiatives on talent development. These initiatives enable our employees to focus on achieving personal
and professional goals that are in alignment with the organizational strategy and their own career
aspirations.
In a rapidly changing and ever-evolving business landscape, it is impossible to flourish without
continuous learning that focusses on updating our knowledge and skills. When it comes to our People
development, we focus on both behavioral and functional learning, this in turn enables us to develop
future-ready leaders.
Behavioral trainings include Negotiation skills, People Management, Unleashing Potential, Being Your
Best. Functional learnings include but not limited to Sustainability specific – Sustainable Packaging,
Higg Index, Brand Orientation, Lifecycle Analysis, Data Management, Waste Management.
Trainings and awareness programmes conducted for Board of Directors is covered under ‘Corporate
Governance’ section of this Annual Report.
2. Details of fines / penalties /punishment/ award/ compounding fees/ settlement amount

paid in proceedings (by the entity or by directors / KMPs) with regulators/ law enforcement
agencies/ judicial institutions, in the financial year:
Nil
3. Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred
in cases where monetary or non-monetary action has been appealed.
Nil

4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in
brief and if available, provide a web-link to the policy.
Yes, we have an Anti-Fraud Policy in place. The Policy is applied to all frauds, suspected and/or proven
and/or otherwise, taking place in the Company, involving Directors (Whole-time or otherwise), Key
Managerial Personnel, other Employees (including contractual employees) as well as Shareholders,
Consultants, Vendors, Suppliers, Service Providers, Contractors, Refer Anti-Fraud Policy
In addition to this, we do have Whistle Blowers Policy ensures adherence to ABFRL’s Value Framework and
Code of Conduct. This covers value violations, violation of the Code of Conduct and fraud. Some typical
categories of cases that get reported include - Pilferage, Manipulation in Gift Voucher Redemption, Misuse
of Employee Discount Card/Payback Card, Inappropriate Behavior, Misrepresentation of Information,
Conflict of Interest and other types of fraud. The designated Value Committee Members conduct the
investigation as defined in the Whistle Blowers Policy. Refer Whistle Blower Policy
We also have a separate Code of Conduct for our employees as well as for our Vendors. We instill our
values of Integrity, Commitment, Passion, Speed and Seamlessness in our people. All employees are
expected to adhere to the Organisation’s Values Framework and Code of Conduct to ensure prevalence
of a common minimum standard of professional behavior in the workplace. Refer Code of Conduct
Along with this we also have Vigil mechanism in place under which a Committee has been appointed
comprising of Directors & Senior Managers of the Company for attending the complaints received
from the employees and to report concerns about the unethical behaviour, actual or suspected
fraud and violation of the Code of Conduct or Ethics Policy by the Directors and the employees of
the Company. Refer Vigil Mechanism
5. Number of Directors/KMPs/employees/workers against whom disciplinary action was

taken by any law enforcement agency for the charges of bribery/ corruption:
Segment FY 2021-22 FY 2020-21

Directors Nil Nil
Key Managerial Personnel Nil Nil
Employees other than BoD and KMPs Nil Nil
Workers Nil Nil
6. Details of complaints with regard to conflict of interest:
No. of complaints received in relation to issues of FY 2021-22 FY 2021-22

Conflict of Interest
Directors Nil Nil
KMPs Nil Nil
7. Provide details of any corrective action taken or underway on issues related to fines /
penalties / action taken by regulators/ law enforcement agencies/ judicial institutions,
on cases of corruption and conflicts of interest
Nil
99
Leadership Indicators
1. Awareness programmes conducted for value chain partners on any of the Principles during
the financial year:
Number of awareness Topics / principles covered under the % of value chain partners covered (by value
programmes held training of business done with such partners)
28 Garment fit awareness training 12% (by number of vendors)
conducted for PFRL suppliers
38 Vendor code of conduct training organised 54%
for VH innerwear suppliers
2. Does the entity have processes in place to avoid/ manage conflict of interests involving
members of the Board? (Yes/No) If Yes, provide details of the same.
Board and Senior Management being the decision-making authority, there’s a code of conduct in
place to observe the highest standards of ethical conduct and integrity. Refer Code of Conduct
Principle 2: Businesses should provide goods and services in a manner that is sustainable and safe
ABFRL is committed to its vision to ‘passionately satisfy Indian consumers’ needs in fashion, style and
value’. Consumers today are more aware and prefer not only the style and service but also in the
knowledge that the brands they choose manufacture products sustainably and operate responsibly
and ethically. They make the conscious, and often a well-researched choice to opt for products that
meet their expectations in terms of both quality and values without compromising on sustainability.
With this in mind, we are now even more determined to ‘Give back more than we take from the
Earth’ and are committed to be net positive. Through our product-led sustainability strategy, we aim
to imbibe sustainability in each of our products and every business decision.
ABFRL has clearly defined processes in place to ensure responsibility at each stage of product creation.
Our management systems and processes are structured to ensure that our product responsibility
goals are achieved and tracked at regular intervals through transparent evaluation procedures. We
ensure our products remain responsible post sale and therefore engage with our customers through
multiple feedback mechanisms at the point of sale and post purchase.
Each of our brands uses its unique voice to communicate with customers on the importance and
impact of sustainable products. We take a life cycle approach for product responsibility which has a
clear focus at each stage of the product life cycle – from the raw materials used to their end-of-life stage.
1. Percentage of R&D and capital expenditure (capex) investments in specific technologies
to improve the environmental and social impacts of product and processes to total R&D
and capex investments made by the entity, respectively
FY 2021-22 Details of improvements in environmental and social impacts

Capex ~90 lakhs Upgrading and strengthening Environment Management Systems and
enhancing sustainability performance

2. a. Does the entity have procedures in place for sustainable sourcing?

At ABFRL, we perceive sustainability as an opportunity to achieve leadership in sustainable fashion
and co-create long term value for the stakeholders. We are committed towards integrating
sustainability in our every business decision across our value chain.
We have defined robust management systems, policies and SOPs to govern / drive sustainability
across the value chain including Sustainability Policy, Environment Policy, Vendor Code of Conduct
and Safety Policy.
In addition to these systems and protocols, we do assess our brands / products / facilities
sustainability performance through in house developed methodologies (Sustainable Attributes,
Sustainable Packaging, Sustainable Supplier Index (SSI) and also global assessment frameworks
such as Higg Index.
We have a defined methodology namely ‘Sustainable Attributes’ to monitor sustainable coefficient
across our product portfolio
b. If yes, what percentage of inputs were sourced sustainably?

As described above, 61% of our products have at least one sustainable attribute and out of which
2.3% have sustainable raw material (by quantity). Similarly, 86% of our packaging is sustainable
and more than 96% of our tier-1 vendors are assessed in accordance with Vendor Code of Conduct.
3. Describe the processes in place to safely reclaim your products for reusing, recycling and
disposing at the end of life
Plastics ABFRL under process to comply with EPR under Plastic Management
(including packaging) Rule 2016
E-waste NA
Hazardous waste NA
Other waste NA
4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities

Yes
If yes, whether the waste collection plan is in line with the Extended Producer Responsibility
(EPR) plan submitted to Pollution Control Boards? If not, provide steps taken to address
the same.
The waste collection plan is in line with EPR requisites and the plan has been submitted to Central
Pollution Control Board.
1. Has the entity conducted Life Cycle Perspective / Assessments (LCA) for any of its products
(for manufacturing industry) or for its services (for service industry)? If yes, provide details
in the following format?
NIC Code Name of Product / Boundary for which the Whether conducted by Results communicated in
Service Life Cycle Perspective / independent external public domain (Yes/No) If
Assessment was conducted agency (Yes/No) yes, provide the web-link.
Section C, Division 13 Shirt (Formal and Cradle to Grave Yes YesPlease refer Product
and 14, Group 131 Casual) Responsibility, Sustainability
and Group 141 Report FY2021-22
101
2. If there are any significant social or environmental concerns and/or risks arising from
production or disposal of your products / services, as identified in the Life Cycle Perspective
/ Assessments (LCA) or through any other means, briefly describe the same along-with
action taken to mitigate the same
Name of Product Description of the risk / concern Action Taken
High Energy Consumption at Yarn No
Spinning Stage
Use of dyeing chemicals in Yarn Collaboration with ZDHC to use better and safer
Shirt (Formal and Casual) Dyeing chemicals in dyeing process, Implementation of
Restricted Substance List (RSL)
High Blue water consumption at Collaboration with Better Cotton Initiative (BCI)
cotton agriculture stage
3. Percentage of recycled or reused input material to total material (by value) used in
production (for manufacturing industry) or providing services (for service industry).
Indicate input material Recycled or re-used input material to total material
FY 2021-22 FY 2020-21
Recycled Viscose 1 lakh shirt pieces No
Fiber- Liva Reviva
Carton Box 100% cardboard made from recycled paper
4. Of the products and packaging reclaimed at end of life of products, amount (in metric
tonnes) reused, recycled, and safely disposed, as per the following format:
FY 2021-22 FY 2020-21
Re-Used Recycled Safely Re-Used Recycled Safely
Disposed Disposed
Plastics (including packaging) 0 130 0 0 76 0
E-waste NA NA NA NA NA NA
Hazardous waste NA NA NA NA NA NA
Other waste NA NA NA NA NA NA
5. Reclaimed products and their packaging materials (as percentage of products sold) for
each product category.
NA
Principle 3: Businesses should respect and promote the well-being of all employees, including those
in their value chains
At ABFRL, our ‘People Vision’ is to ‘Drive a High Performing and Customer Centric Culture with
Happy and Value Oriented Employees’. We are especially proud of our performance as it is expertly
anchored by advanced capabilities and enhanced productivity. Through a strong service orientation,
we foster a culture that puts customers first. We focus on creating happiness through purpose-driven
behaviour and delivering high quality. All of these objectives are accomplished through our dedicated
talent that is value-oriented with a deep commitment to the ethics of the Aditya Birla Group.

We maintained a positive outlook during the ongoing pandemic, however there is no denying
the unprecedented challenges that came our way both in FY21 and FY22. With apparel being a
discretionary spend item, the clothing business was one of the industries that was heavily impacted
by the ‘new normal’.
We revisited all our People Priorities and embarked on a series of actions that focused on ensuring
business continuity, employee well-being and safety, cost and cash conservation and accelerating
digital initiatives.
1. a. Details of measures for the well-being of employees:
% of employees covered by
Category Total (A) Health Accident Maternity Paternity Day Care
insurance insurance benefits Benefits facilities
Number % Number % Number % Number % Number %
(B) (B / A) (C) (C / A) (D) (D / A) (E) (E / A) (F) (F / A)
Male 8,961 8,961 100% 8,961 100% 0 0% 3,332 37% 0 0
Female 2,621 2,621 100% 2,621 100% 2,621 100% 0 0% 0 0
Total 11,582 11,582 100% 11,582 100% 2,621 23% 3,332 29% 0 0
The above benefits do include ‘Permanent employees’ category
b. Details of measures for the well-being of workers:
% of Workers Covered
Maternity benefits
Category Total (A)
Number (D) % (D / A)
Male 2,017 0 0%
Female 11,219 11,219 100%
Total 13,236 11,219 85%
The above benefits do include ‘Permanent workers’ category
2. Details of retirement benefits, for Current FY and Previous Financial Year.

FY 2021-22
Benefits Total no. of No. of employees % of employees Total no. of No. of workers % of workers Deducted and
employees covered under covered under workers covered under covered under deposited with
retirement retirement retirement retirement the authority
benefits benefits benefits benefits (Y/N/N.A.)
PF 24,818 24,818 100% 13,236 13,236 100% Y
Gratuity 24,818 24,818 100% 13,236 13,236 100% NA
ESI 24,818 16,639 67% 13,236 11,715 89% Y
FY 2020-21
Benefits Total no. of No. of employees % of employees Total no. of No. of workers % of workers Deducted and
employees covered under covered under workers covered under covered under deposited with
retirement retirement retirement retirement the authority
benefits benefits benefits benefits (Y/N/N.A.)
PF 22,351 22,351 100% 11,581 11,581 100% Y
Gratuity 22,351 22,351 100% 11,581 11,581 100% NA
ESI 22,351 15,326 69% 11,581 10,374 90% Y
103
3. Accessibility of workplaces Are the premises / offices of the entity accessible to differently
abled employees and workers, as per the requirements of the Rights of Persons with
Disabilities Act, 2016? If not, whether any steps are being taken by the entity in this regard.
Yes, the premises / offices are accessible to differently abled employees and workers, as per the
requirements of the Rights of Persons with Disabilities Act, 2016
4. Does the entity have an equal opportunity policy as per the Rights of Persons with
Disabilities Act, 2016? If so, provide a web-link to the policy.
At ABFRL, we do not discriminate against any employee on the grounds of race, colour, religion, caste,
gender, age, marital status, disability, nationality, or any other factor under applicable laws and
contemporary practices at the workplace.
While we don’t have a standalone Equal Opportunity Policy, our Human Rights policy emphasizes our
commitment and approach in providing a conducive and diverse work environment considering the
rights of vulnerable groups such as indigenous people, women, migrant workers and other minorities.
Please refer HYPERLINK “https://www.abfrl.com/docs/corporate_governance/policies/HUMAN-RIGHTS-
POLICY.pdf” Human Rights Policy for further information.
5. Return to work and Retention rates of permanent employees and workers that took
parental leave.
FY 2021-22 FY 2020-21
Permanent Employees Male Female Total Male Female Total
Return to work rate (%) 100 94 95 100 25 56
Retention Rate (%) 11 454 131 42 131 74
FY 2020-21
Permanent Workers Male Female Total Male Female Total
Return to work rate (%) 0 44 44 0 23 23
Retention Rate (%) 0 91 91 0 100 100
6. Is there a mechanism available to receive and redress grievances for the following
categories of employees and worker? If yes, give details of the mechanism in brief.
Yes / No If Yes, then give details of the mechanism in brief
Permanent Workers Yes Works committee in place to address the Grievance of
workers across all manufacturing units.The committee
comprises 13 members with 20% of male and 80% of
female across levels.
Permanent Employees Yes For Employee grievance in terms of value violation or POSH
we have ABG helpline numbers and Internal committees
at every business unit to address. The Company also has in
place a Vigil Mechanism comprising of Directors & Senior
Managers for attending the complaints received from the
employees and to report concerns about the unethical
behaviour, actual or suspected fraud and violation of the
Code of Conduct or Ethics Policy by the Directors and the
employees of the Company.

7. Membership of employees and worker in association(s) or Unions recognized by the listed

entity:
FY 2021-22 FY 2020-21
Category Total No. of employees / % Total No. of employees / %
employees workers in respective (B / A) employees workers in respective (D / C)
/ workers in category, who are part / workers in category, who are part
respective of association(s) or respective of association(s) or
category (A) Union (B) category (C) Union (D)
Total Permanent 13,236 511 4% 11,581 472 4
Workers
Male 2,017 37 2% 1,808 28 2
Female 11,219 474 4% 9,773 444 5
Association(s) or Unions in place only for ‘Permanent workers’ category
8. Details of training given to employees and workers:

Health and Safety:
FY 2021-22 FY 2020-21
Total (A) No. (B) % (B / A) Total (D) No. (E) % (E/D)
Employees
Male 8,961 8,961 100 8,477 8,477 100
Female 2,621 2,621 100 2,293 2,293 100
Total 11,582 11582 100 10,770 10,770 100
Worker
Male 2,017 2,017 100 1,808 1,808 100
Female 11,219 11,219 100 9,773 9,773 100
Total 13,236 13,236 100 11,581 11,581 100
In addition to the above, in FY22 23,202 employees and 1,525 workers have been trained for
Skill upgradation.
9. Details of performance and career development reviews of employees and worker:
FY 2021-22 FY 2020-21
Total (A) No. (B) % (B / A) Total (C) No. (D) % (D / C)
Employees
Male 8,961 8,961 100% 8,477 8,477 100%
Female 2,621 2,621 100% 2,293 2,293 100%
Total 11,582 11,582 100% 10,770 10,770 100%
Worker
Male 2,017 2,017 100% 1,808 1,808 100%
Female 11,219 11,219 100% 9,773 9,773 100%
Total 13,236 13,236 100% 11,581 11,581 100%
105
10. Health and safety management system:
a. Whether an occupational health and safety management system has been

implemented by the entity?
Yes, an occupational health and safety management system has been implemented
If yes, the coverage such system?

Refer Safety Performance, Sustainability Report FY 2021-22
b. What are the processes used to identify work-related hazards and assess risks on a
routine and non-routine basis by the entity?
c. Whether you have processes for workers to report the work-related hazards and to
remove themselves from such risks.
To achieve the safety target of ‘Zero Severity,’ ABFRL has Safety Observation Programme to instil
a proactive safety approach in employees. Management is committed to ensuring that the safety
observation process is practiced at all sites that involves dialogue with employees especially
workers on human behavior at their workplace in order to reinforce positive behavior. These
safety observations (Unsafe Condition, Unsafe Act & Near Miss) are used for identifying gaps and
work-related hazards; used for developing a strategic improvement plan.
d. Do the employees/ worker of the entity have access to non-occupational medical and
healthcare services?
We have Group Mediclaim Policy in place for all our employees (including workers)
11. Details of safety related incidents, in the following format:
FY 2021-22 FY 2020-21
Lost Time Injury Frequency Rate (LTIFR) Employees 0.08 0.16
Workers 0.06 0.25
Total recordable work-related injuries Employees 26 19
Workers 9 8
No. of fatalities Employees 0 0
Workers 0 0
High consequence work-related injury or ill- Employees 0 6
health (excluding fatalities)
Workers 0 4
12. Describe the measures taken by the entity to ensure a safe and healthy work place.

13. Number of Complaints on the following made by employees and workers:

Number of FY 2021-22 FY 2020-21
Complaints on the
Filed during Pending Remarks Filed during Pending Remarks
following made
the year resolution the year resolution
by employees and
at the end of at the end
workers:
year of year
Health & Safety 511 116 Actions are 493 0 All complaints
underway for addressed
pending points
14. Assessments for the year:

% of your plants and offices that were assessed
(by entity or statutory authorities or third parties)
Health and safety practices 100% (Factories and Warehouse)
15. Provide details of any corrective action taken or underway to address safety-related
incidents (if any) and on significant risks / concerns arising from assessments of health
& safety practices and working conditions.
1. Does the entity extend any life insurance or any compensatory package in the event of
death
Employees Yes
Workers Claims are settled through EDLI - EPFO
2. Provide the measures undertaken by the entity to ensure that statutory dues have been
deducted and deposited by the value chain partners.
Statutory dues are managed by internal process stakeholders and there are quarterly audit happening
around to ensure the prompt payment and 100% complaint
3. Provide the number of employees / workers having suffered high consequence work
related injury / ill-health / fatalities (as reported in Q11 of Essential Indicators above),
who have been are rehabilitated and placed in suitable employment or whose family
members have been placed in suitable employment:
Nil
4. Does the entity provide transition assistance programs to facilitate continued employability
and the management of career endings resulting from retirement or termination of
employment?
Yes, through ‘Gyanodaya’ – the ABG’s Global Centre for Leadership Learning, entity provides customized
courses designed focusing on continued employability post retirement.
In addition to the transition assistance trainings, key business leaders / employees are provided with
an opportunity to continue their association with entity as an external expert / consultant given the
criticality and relevance of the assignment.
107
5. Details on assessment of value chain partners:
% of value chain partners assessed
(by value of business done with such partners)
Health and safety practices 96
Working Conditions 96
6. Provide details of any corrective actions taken or underway to address significant risks
concerns arising from assessments of health and safety practices and working conditions
of value chain partners.
Compliance assessments are being conducted on value chain partners to ensure their statutory
compliance related to health and safety. The critical observations and recommendations are being
communicated to the respective management of supply chain partners for corrective actions. The
closure of corrective actions is verified during the next cycle audit.
Principle 4: Businesses should respect the interests of and be responsive to all its stakeholders
Over the years we have developed firm-level processes to encourage open and constructive
interaction with our stakeholders. It reinforces our understanding of relevant matters and helps us
identify those attributes of stakeholders that make them important to our business and necessitate
meaningful engagement. Engaging with stakeholders provides us an opportunity to serve them in
the best sustainable way and redefine our strategies to deliver the maximum value. By partnering
with our stakeholders, we involve them in the decision making, product and process improvement
and create an enabling environment to do better together.
Stakeholders were recognized from respective stakeholder groups relevant for our business.
These include investors, employees, customers, suppliers, regulatory authorities, media, industry
associations, communities, NGOs and peer companies. Stakeholder engagement exercise was carried
out to engage with prioritized stakeholders from each of these groups through deliberation.
1. Describe the processes for identifying key stakeholder groups of the entity.
Refer Stakeholder Engagement Section, Sustainability Report FY 2021-22
2. List stakeholder groups identified as key for your entity and the frequency of engagement
with each stakeholder group.
Refer Stakeholder Engagement Section, Sustainability Report FY 2021-22
1. Provide the processes for consultation between stakeholders and the Board on economic,
environmental, and social topics or if consultation is delegated, how is feedback from
such consultations provided to the Board.
Refer Materiality - Stakeholder Engagement, Sustainability Report FY 2021-22
2. Whether stakeholder consultation is used to support the identification and management

of environmental, and social topics (Yes / No). If so, provide details of instances as to how

the inputs received from stakeholders on these topics were incorporated into policies
and activities of the entity.
Refer Materiality Section - Stakeholder Engagement, Sustainability Report FY 2021-22
3. Provide details of instances of engagement with, and actions taken to, address the
concerns of vulnerable/ marginalized stakeholder groups.
As part of ABG as well as ABFRL community initiatives, the Company has also identified its disadvantaged
and vulnerable stakeholders. Special initiatives taken by the Company to engage with these marginalised
stakeholders are outlined in ‘Principle 8’ as part of the ABFRL’s CSR initiatives.
Principle 5: Businesses should respect and promote human rights

ABFRL upholds the belief that all humans must be treated with dignity and respect. In order to ensure
this, we protect human rights, not only within our premises but across our supply chains. Our policy
on human rights is thus extended to vendors, suppliers and NGOs. Some of the steps that we have
taken to safeguard human rights are:
• We prohibit child labour across all vendor sites. This is enforced and ensured through stringent
and regular audit checks of vendors
• Our ‘Prevention of Sexual Harassment’ (POSH) Policy has been adopted on the Company-wide level
to ensure the respect and dignity of all its employees. POSH is applicable not only to employees
but also to third parties or clients and vendors of the Company
2. Details of minimum wages paid to employees and workers, in the following format:
Employees FY 2021-2022 FY 2020-2021
Total Equal to More than Total Equal to Minimum More than
(A) Minimum Wage Minimum Wage (D) Wage Minimum Wage
No. (B) % (B / A) No. (C) % (C / A) No. (E) % (E / D) No. (F) % (F / D)
Permanent Male 8,961 1,706 19% 7,255 81% 8,477 902 11% 7,575 89%
Female 2,621 626 24% 1,995 76% 2,293 265 12% 2,028 88%
Other Than Male 13,628 2,269 17% 11,359 83% 11,647 2,564 22% 9,083 78%
Permanent
Female 3,321 610 18% 2,711 82% 2,689 703 26% 1,986 74%
Workers FY 2021-2022 FY 2020-2021
Total Equal to Minimum More than Total Equal to Minimum More than
(A) Wage Minimum Wage (D) Wage Minimum Wage
No. (B) % (B / A) No. (C) % (C / A) No. (E) % (E / D) No. (F) % (F / D)
Permanent Male 2,017 273 14% 1,744 86% 1,808 171 9% 1,637 91%
Female 11,219 4,263 38% 6,956 62% 9,773 3,785 39% 5,988 61%
109
3. Details of remuneration/salary/wages, in the following format:
Male Female
Number Median remuneration Number Median remuneration

/ salary / wages of / salary / wages of
respective (in INR) respective (in INR)
Board of Directors (BoD) - - - -
Key Managerial Personnel 3 5,90,77,127 2 5,25,71,697
Employees other than BoD and KMP 8,958 3,00,351 2,619 2,02,153
Workers 2,017 1,52,315 11,219 1,22,305
4. Do you have a focal point (Individual/ Committee) responsible for addressing human rights
impacts or issues caused or contributed to by the business? (Yes/No)
Yes
5. Describe the internal mechanisms in place to redress grievances related to human rights
issues.
ABFRL recognizes the valuable role that our business can play in the long-term protection of Human
Rights. All our business units, factories and offices are committed to respect the human rights of our
workforce, communities, and those affected by our operations wherever we do business. We have a
formal policy in line with UNGC Principles of Human Rights& Labor, Social Accountability 8000 etc.
6. Number of Complaints on the following made by employees and workers:
FY 2021-22 FY 2020-21
Filed during the Pending Filed during the Pending

year resolution at the year resolution at the
end of year end of year
Sexual Harassment (POSH) 16 0 15 0
Discrimination at workplace NA NA NA NA
Child Labour NA NA NA NA
Forced Labour / Involuntary Labour NA NA NA NA
Wages NA NA NA NA
Value Violation 69 6 80 0
7. Mechanisms to prevent adverse consequences to the complainant in discrimination and

harassment cases.
Following robust mechanisms in place across our operations
– POSH Committee
– Works Committee (manufacturing units)
– ABG Hotline

9. Assessments for the year – Percentage of plants and offices

100% of our plants and offices were assessed for Child labour, Forced/involuntary labour, Sexual
harassment, Discrimination at workplace, Wages & Workplace Health & Safety requirements
/ concerns arising from the assessments at Question 9 above.
At the time of Audit suitable corrective actions are recommended and facilities are monitored through
regular Follow-up and Annual Surveillance Audits to ensure robustness of the systems in place
2. Details of the scope and coverage of any Human rights due-diligence conducted.
All the tier 1 vendors, warehouse, retail stores, business offices, and in-house factories are under the
scope of Human Rights due diligence.
3. Is the premise/office of the entity accessible to differently abled visitors, as per the
requirements of the Rights of Persons with Disabilities Act, 2016?
Yes
4. Details on assessment of value chain partners:

96% of our tier 1 vendors were assessed for Child labour, Forced/involuntary labour, Sexual harassment,
Discrimination at workplace, Wages & Workplace Health & Safety requirements
/ concerns arising from the assessments at Question 4 above.
At the time of Audit suitable corrective actions are recommended. Vendors are monitored through
regular Follow-up and Annual Surveillance Audits to ensure robustness of the systems in place
Principle 6: Businesses should respect and make efforts to protect and restore the environment
At ABFRL, we are striving to provide every customer a sense of meaningful contribution in building
a sustainable ecosystem, through resource neutral operations of closed-loop models, sustainable
raw materials and enhanced transparency.
In line with this vision, we are consistently enhancing our environmental initiatives, some of which are:
• We closely monitor our operations to ensure adherence to environmental compliances and
permissible limits and valid licenses
• We undertook benchmark assessment exercise against global players in apparel, leading
companies in sustainability space and also government regulations to determine the need for
strengthening current missions and thereby ensure complete adherence to the policy. Insights
from the analysis helped us in strategising in line with global trends
• This year, we have refreshed our Enterprise Risk Management (ERM) framework to better
understand ESG-related shifts, impacts and dependencies that may affect our ability to achieve
the desired objectives. This exercise has contributed in emphasising our efforts in governance
of sustainability risks including climate change across our operations and also align ourselves
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with global framework and standards. One of the key objectives of the project is to build
resilience against emerging sustainability risks like climate change based on the inputs from
the Intergovernmental Panel on Climate Change (IPCC), COP26 and other global frameworks.
This rigorous assessment not only helped us in enhancing climate change at ERM level but also
complimented us in aligning the journey in accordance with Task Force on Climate-Related
Financial Disclosures (TCFD)
• We have strengthened waste water recycling systems, installed rain water harvesting systems
and water efficient fixtures across our own facilities
• The Stack Emissions/Wastes Generated (used oil, oil-soaked cotton waste) and STP water generated
by the Company are within the permissible limits stated by KSPCB and TNPCB
• Our Sustainability webpage link
• Our Environmental Policy link
1. Details of total energy consumption (in Joules or multiples) and energy intensity, in the
following format:
Refer Environment Stewardship, Sustainability Report FY2021-22
2. Does the entity have any sites / facilities identified as designated consumers (DCs) under
the Performance, Achieve and Trade (PAT) Scheme of the Government of India? (Y/N) If yes,
disclose whether targets set under the PAT scheme have been achieved. In case targets
have not been achieved, provide the remedial action taken, if any.
None of the ABFRL facility has been identified as designated consumers under PAT scheme
3. Provide details of the following disclosures related to water, in the following format:
4. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details
of its coverage and implementation.
5. Please provide details of air emissions (other than GHG emissions) by the entity, in the
following format:
6. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity,
in the following format:
7. Does the entity have any project related to reducing Green House Gas emission? If Yes,
then provide details.

8. Provide details related to waste management by the entity, in the following format:
9. Briefly describe the waste management practices adopted in your establishments. Describe
the strategy adopted by your company to reduce usage of hazardous and toxic chemicals
in your products and processes and the practices adopted to manage such wastes.
Refer Environment Stewardship Section, Sustainability Report FY2021-22
10. If the entity has operations/offices in/around ecologically sensitive areas (such as national
parks, wildlife sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests,
coastal regulation zones etc.) where environmental approvals / clearances are required,
please specify details in the following format:
ABFRL has no operations/offices in/around ecologically sensitive areas
11. Details of environmental impact assessments (EIA) of projects undertaken by the entity
based on applicable laws, in the current financial year:
EIA was not mandated across any of our facilities and hence no EIA was conducted in the financial
year. However, we have robust Environment Management systems in place across our facilities with
effective monitoring mechanism in place.
12. Is the entity compliant with the applicable environmental law/ regulations/ guidelines
in India; such as the Water (Prevention and Control of Pollution) Act, Air (Prevention and
Control of Pollution) Act, Environment protection act and rules thereunder (Y/N). If not,
provide details of all such non-compliances, in the following format:
Yes, we adhere to all applicable local and national environment laws and regulations
1. Provide break-up of the total energy consumed (in Joules or multiples) from renewable
and non-renewable sources, in the following format:
2. Provide the following details related to water discharged:

3. Water withdrawal, consumption and discharge in areas of water stress (in kilolitres):
5. With respect to the ecologically sensitive areas reported at Question 10 of Essential

Indicators above, provide details of significant direct & indirect impact of the entity on
biodiversity in such areas along-with prevention and remediation activities.
ABFRL has no operations/offices in/around ecologically sensitive areas
6. If the entity has undertaken any specific initiatives or used innovative technology or
solutions to improve resource efficiency, or reduce impact due to emissions / effluent
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discharge waste generated, please provide details of the same as well as outcome of such
initiatives, as per the following format:
Refer Environment Stewardship, Sustainability Report FY 2021-22
7. Does the entity have a business continuity and disaster management plan? Give details
in 100 words/ web link.
We recognize the importance of building a robust Crisis Management for any incident or series of
incidents that can escalate into a crisis, with an objective to protect life, the environment, assets,
brand, reputation and stakeholder confidence. We have emergency response plan in place across our
manufacturing units and our crisis management is developed in alignment with Crisis Management
Policy at Aditya Birla Group level.
Refer Crisis Management Policy; Refer Safety Performance, Sustainability Report FY2021-22
8. Disclose any significant adverse impact to the environment, arising from the value chain
of the entity. What mitigation or adaptation measures have been taken by the entity in
this regard.
No significant adverse impacts to the environment evidenced as a result of our operations
Principle 7: Businesses, when engaging in influencing public and regulatory policy, should do so in
a manner that is responsible and transparent
In a continuously evolving world, it is imperative that we have a consistent dialogue with myriad
stakeholders, who can have an impact on policy making. As we focus on excellence in clothing, we
continue to share our invaluable experience to provide incisive insights and detailed inputs to key
decision makers in planning better policies. We also learn from the best practices of others.
Collaboration and co-creation for over a decade has helped us achieve new peaks and remain ahead
of the curve in the industry. With 2030 in timeframe, we are accelerating advocacy and exploring
innovative solutions with prime focus on circularity, sustainable sourcing and low carbon pathway.
This journey requires deep collaboration and radical transformation across the entire value chain
to benefit the ecosystem.
Along with our existing collaboration with the Sustainable Apparel Collation (SAC), Ellen McArthur
foundation, Cotton 2040 and Circular Apparel Innovation Factory (CAIF), we have taken a stride in
our circularity journey with ‘GIZ’, a German Government agency in a ‘private-public development
partnership project’; implemented good chemical management practices across the supply chain
with ZDHC; and accelerated action in the areas of sustainable raw materials and sustainable supply
chain with Textile Exchange Membership. ABFRL is a member of the Retail Association of India (RAI)
and Clothing Manufacturers Association of India (CMAI).
While ABFRL does not have a stated policy on Policy Advocacy, as part of the ABG, we actively
undertake need-based advocacy on issues pertaining to the industry through our membership of
relevant industry bodies.

1. a. Number of affiliations with trade and industry chambers/ associations.
Refer ‘Membership in Industry Associations’, Sustainability Report FY 2021-22
b. List the top 10 trade and industry chambers/ associations (determined based on the
total members of such body) the entity is a member of/ affiliated to.
S. No. Name of the trade and industry chambers / Reach of trade and industry chambers /
associations associations (State/National)
1 GIZ National
2 ZDHC National
3 Retail Association of India (RAI) National
4 Clothing Manufacturers Association of India (CMAI) National
5 Sustainable Apparel Collation (SAC) National
6 Ellen McArthur foundation National
7 Cotton 2040 National
8 Circular Apparel Innovation Factory (CAIF) National
9 Textile Exchange Membership National
10 SU.RE National
2. Provide details of corrective action taken or underway on any issues related to anti-
competitive conduct by the entity, based on adverse orders from regulatory authorities.
NA
Principle 8: Businesses should promote inclusive growth and equitable development
ABFRL focuses its CSR initiatives under 5 pillars, i.e., Education, Health & Sanitation, Sustainable
Livelihood, Water and Digitization. ABFRL also strongly encourages voluntary employee participation
in the CSR activities, and has a policy in place to facilitate this. Through employee volunteering, the
expertise of individuals in the organisation helps enhance the scale, reach and effectiveness of our
CSR initiatives. ABFRL undertakes CSR interventions in Karnataka, Tamil Nadu, Maharashtra and
Odisha through its independent entity called Aditya Birla Fashion and Retail Jan Kalyan Trust (ABFR
Jan Kalyan Trust).
To trigger positive action on a macro level, we believe it is achievable only through focus on micro
and local interventions. Designed to empower communities in a holistic manner, these interventions
aim to create sustainable societies in alignment with the Sustainable Development Goals (SDGs).
Our community engagement in the five focus areas: Education, Health & Sanitation, Sustainable
Livelihood, Water & Watershed and Digitalization, have been linked with 16 SDGs.
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1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on
applicable laws, in the current financial year.
Name and brief details of project SIA Date of Whether Results Relevant
Notification notification conducted by communicated Web link
No independent in public
external agency domain (Yes
(Yes / No) / No)
Kasturba Gandhi Balika IB067-2100- 7th June Yes Yes Link
Vidyalaya|Duration: 2010 to 2021 01-00004 2021
(10 years)| Geog Area: Karnataka,
TamilNadu
Gyanarjan |Duration: 2014 to 2021
(7 years) | Geog Area: Karnataka
Kaushalya |Duration: 2014 to 2021
(7 years) | Geog Area: Karnataka
School Transformation Project
|Duration: 2017 to 2021 (4 years) |
Geog Area: Maharashtra
Village DevelopmentProgram
Karnataka & Tamil Nadu |Duration:
2017 to 2021 (4 years) | Geog Area:
Karnataka, Tamil Nadu
Village Development Program Odisha
| Duration: 2019 to 2021(2years) |
Geog Area: Odisha
2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement

(R&R) is being undertaken by your entity, in the following format:
We have not undertaken any Rehabilitation and Resettlement (R&R) as none of our activities have
direct / indirect impact that required R&R.
3. Describe the mechanisms to receive and redress grievances of the community.

Since our operations do not directly / indirectly create any negative impact on the environment or
society (unlike heavy industries) there are less of Industrial Relations (IR) related grievances. However, we
conduct regular meetings with the community stakeholders to understand their needs and aspirations.
4. Percentage of input material (inputs to total inputs by value) sourced from suppliers:
FY 2021-22
Directly sourced from MSMEs / small producers 40%
Sourced directly from within the district and neighboring districts 52%
1. Provide details of actions taken to mitigate any negative social impacts identified in the
Social Impact Assessments (Reference: Question 1 of Essential Indicators above):
Not Applicable as no any negative social impacts identified in the Social Impact Assessments

2. Provide the following information on CSR projects undertaken by your entity in designated
aspirational districts as identified by government bodies:
Not Applicable as no CSR projects were undertaken in designated aspirational districts as identified
by government bodies
4. Details of the benefits derived and shared from the intellectual properties owned or
acquired by your entity (in the current financial year), based on traditional knowledge:
Not Applicable, no benefits derived and shared from the intellectual properties owned or acquired
5. Details of corrective actions taken or underway, based on any adverse order in intellectual
property related disputes wherein usage of traditional knowledge is involved.
Not Applicable
6. Details of beneficiaries of CSR Projects:

Refer Social Performance Section, Sustainability Report FY 2021-22
Principle 9: Businesses should engage with and provide value to their consumers in a responsible
manner
At ABFRL, Customer Centricity is one of the critical components of our business philosophy and
sustainability strategy. We keep in mind the expectations and concerns our customers have, especially
with regards to being a responsible corporate citizen and business that has a positive impact on
the communities and the planet. Our ReEarth journey is calibrated according to these customer
expectations. We stay in tune with customer expectation by continuously interacting with them.
Our customers belong to different age groups, lifestyles, gender, culture and geographies, and we
map their needs accordingly. We receive customer feedback and are open to ideas and suggestions
so as to ensure we deliver the best products and create a memorable brand experience for them.
Customer Ideas and Feedback are garnered using various media to understand their mindsets and
expectations and used to improve their experience.
1. Describe the mechanisms in place to receive and respond to consumer complaints and
feedback.
We have dedicated Customer care number and email id wherein we receive consumer complaints
and customer care responds to the same post internally discussing with stakeholders.
Apart from that we interact with our customers through Mission Happiness, an electronic interface,
our customers can provide detailed feedback and rate their in-store as well as their post purchase
experience.
Also, Customer Voice Response System (CVRS), a platform which handles customer complaints and
ascertains process transparency through the deployment of an online Complaint Management System.
This encourages customers to share their experiences, feedback and complaints along with helping
us identify opportunities of interventions in order to enhance customer satisfaction.
We have dedicated Customer care number and email id wherein we receive consumer compliant and
customer care responds to the same post internally discussing with stakeholders.
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Pantaloons has also initiated “Post Purchase Survey” to know the customer’s experience with the
product and gain insights on quality & service
Refer Customer, Stakeholder Engagement, Sustainability Report FY 22
2. Turnover of products and / services as a percentage of turnover from all products/service

that carry information about:
Environmental and social We at ABFRL have defined sustainable product attributes. We launch various
parameters relevant to the environment friendly collections and mentions the Environment and Social
product performance of the products. Such products comprise of 61% by volume.
Safe and responsible usage ABFRL operates in Fashion and Retail industry and our products offerings
are apparels, footwear and other accessories. Our product tags contain the
information on the safe and responsible usage of the products such as wash
care, drying and ironing instruction. We mention these instructions on 100% of
our apparel products.
Recycling and/or safe disposal We at ABFRL, consider waste as an opportunity for us to create value not only for
our stakeholders, but also for the nation as a whole. ABFRL believes in creating
a closed loop system where waste generated is recycled or reused or upcycled
to useful resources. Initiatives in circular economy are based on the principles
of designing out waste and pollution, keeping materials in use and regenerating
natural systems.We also have adopted ‘Zero Waste to Landfill’ goal to ensure
safe handling and disposal.Our brands have joined hands with an NGO to run a
nationwide campaign among their customer base in different cities for collecting
used clothing across its retail stores and delivering it to the beneficiaries.Through
“Spread the Joy” cumulatively 78,838 Garments were collated and shared with
needy people through this campaign.
3. Number of consumer complaints in respect of the following:
Not received any consumer complaints against Data privacy, Advertising, Cyber-security, Delivery of
essential services, Restrictive trade practices and Unfair trade practices.
4. Details of instances of product recalls on account of safety issues:
No instances of product recalls or forced recalls on account of safety issues
5. Does the entity have a framework/ policy on cyber security and risks related to data
privacy? (Yes/No) If available, provide a web-link of the policy.
Yes, robust IT Security Policy in place, which is developed in alignment with leading standards,
frameworks, and laws such as ISO 27001, ISO 20000, ITIL, IT Amended Act of 2008 of India, etc.
Policies from this document apply to information and information systems across all Units of ABFRL
and third-party services providers for services related to hosting, SAAS, etc. The policy sets out
management direction and support for information security and the requirements that all employees,
contractors, trainees, vendors, business partners, other related third-party personnel of ABFRL and
management should comply with, in order to secure ABFRL information.
6. Provide details of any corrective actions taken or underway on issues relating to

advertising, and delivery of essential services; cyber security and data privacy of
customers; re-occurrence of instances of product recalls; penalty / action taken by
regulatory authorities on safety of products / services.

Cyber Security and data privacy related: On June 2021, the IBM Team responsible for the ABFRL account
found that backup servers were failing to create backup. They discovered on one of the servers a
text note indicating the machine was infected by a ransomware and asking for a ransom. Following
these events, and with the customer approval, IBM CSIRT was engaged to perform analysis on the
IBM assets. However, No Financial Impact was recorded.
Overall Impact: 45 Servers were impacted, and we Formatted the disks and restored Data from
Backup System. There was no Business stoppage.
Actions taken and Future Corrective Action:
Immediate Actions Taken:
• All Hosted Applications to Route through WAF and Internal FW
• Enabling all security parameters in WAF
• Started Application Grey box testing for the critical Online Applications
• Ensuring the Application DB to be properly patched and updated with latest version.
• Ensuring all DZM servers are with EDR and AV and are under the surveillance of SIEM
• Properly monitoring and taking actions on the Symantec Active Directory Defense
• All remote admin Users cannot use the Server without Logging to PIM
• 9.Port 3389 for RDP is closed for All Admin Users
• VA/PT for the Websites and its Mitigation
Long Term Actions:

• Remove IBM SIEM Q radar and replace with ATOS SIEM
• Virtual Patching of all Critical Servers
• Micro Segmentation for All DMZ servers to Block Lateral Movement
• Virtual Patching and Deep Scan for all Hosted Servers
• VA/PT of all DMZ Servers Twice in a Year
1. Channels / platforms where information on products and services of the entity can be
accessed (provide web link, if available)
Information relating to all the products and services provided by the organization are available on
the www.abfrl.com. Apart from that all the brands that are part of ABFRL, have their own websites,
where they regularly update their information regarding their products and services.
In addition, the Corporation actively uses various social media and digital platforms to disseminate
information.
2. Steps taken to inform and educate consumers about safe and responsible usage of
products and/or services.
Our product tags contains the information on the safe and responsible usage of the products such
as wash care, drying and ironing instruction. We mention these instructions on all of our apparel
products.
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3. Mechanisms in place to inform consumers of any risk of disruption/discontinuation of
essential services.
Not applicable
4. Does the entity display product information on the product over and above what is
mandated as per local laws? (Yes/No/Not Applicable) If yes, provide details in brief.
Product Story related to raw material, finish or any other key highlight is disclosed over and above
the mandatory requirement through the hangtag. Example - LIVA, Giza Cotton
Did your entity carry out any survey with regard to consumer satisfaction relating to the
major products / services of the entity, significant locations of operation of the entity or
the entity as a whole? (Yes/No)
Yes, we do carry out surveys with regard to consumer satisfaction
Refer Customer, Stakeholder Engagement, Sustainability Report FY 22
5. Provide the following information relating to data breaches:

a. Number of instances of data breaches along-with impact:
1 (instance of data breach has been reported. AWS cloud was compromised and only certain
coordinates of consumer including name, contact and address accessed by rogue elements. No
financial information of consumer was breached.)
b. Percentage of data breaches involving personally identifiable information of

customers:
0%

INDEPENDENT AUDITOR’S REPORT

Report on the Audit of the Standalone financial statements

Opinion
1. We have audited the accompanying standalone financial statements of Aditya Birla Fashion
and Retail Limited (“the Company”) which includes the financial statements of ABFRL Employee
Welfare Trust, which comprise the Standalone Balance Sheet as at March 31, 2022, and the
Standalone Statement of Profit and Loss (including Other Comprehensive Income), the Standalone
Statement of Changes in Equity and the Standalone Statement of Cash Flows for the year then
ended, and notes to the Standalone financial statements, including a summary of significant
accounting policies and other explanatory information.
2. 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 (“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, 2022, and total comprehensive loss (comprising of loss and other comprehensive
income), changes in equity and its cash flows for the year then ended.
Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
Section 143(10) of the Act. Our responsibilities under those Standards are further described in
the “Auditor’s Responsibilities for the Audit of the 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 opinion.
Key audit matters

4. Key audit matters are those matters that, in our professional judgment, were of most significance
in our audit of the standalone financial statements of the current period. 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.
Key Audit Matters How our audit addressed the key audit matters
Impairment assessment of goodwill Our audit procedures included the following:
(Refer Note 5A to the Standalone financial • Understood and evaluated the design and tested
statements) operating effectiveness of Company’s controls to
The Company has goodwill of ` 1,859.60 assess impairment of goodwill on an annual basis.
crores as at March 31, 2022. The goodwill • Evaluated whether the CGUs were determined and
was acquired in business combinations the goodwill allocation was performed in accordance
recorded in the prior years and was with requirements of Ind AS 36 and our knowledge
allocated to cash generating units (CGU) of the Company’s operations.
of the Company. In accordance with Ind • Evaluated the appropriateness of the approach
AS 36, Impairment of Assets, goodwill selected by the management to determine the
acquired in a business combination is recoverable amount of the CGU.
required to be tested for impairment
• Evaluated the objectivity, competency and
annually.
independence of the management expert engaged
by the Company.
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Management has performed impairment • Assessed the reasonableness of the cashflow
assessment for each of the CGUs to which projections by testing the key management
goodwill has been allocated by comparing assumptions and estimates used in the impairment
the carrying amount of the CGU, including analysis and evaluated the consistency of the
the goodwill, with the recoverable amount cashflow projections with the budgets approved by
of the CGU which is higher of value in use the Board of Directors.
and fair value less costs of disposal. • Evaluated the sensitivity analysis performed by
Impairment assessment of goodwill management on the growth rates and discount
requires significant management rate to determine whether reasonable changes
judgement and estimates such as in these key assumptions would result in the
projected cash flows, discount rates, carrying amounts of individual CGUs to exceed their
growth rates over the projection period recoverable amounts.
and terminal growth rates. Given the • Involved auditor’s expert to assist in evaluating
judgement, subjectivity and sensitivity the impairment assessment including certain
of key parameters to the changes in assumptions used.
economic conditions, the impairment • Evaluated the adequacy of the disclosures made in
assessment of goodwill is considered to the Standalone Financial Statements.
be a key audit matter.
Based on procedures above, management’s impairment
assessment of goodwill appears to be reasonable.
Impairment evaluation of Investments Our audit procedures included the following:
in subsidiaries • Understood and evaluated the design and tested
(Refer Note 6(a) to the standalone financial operating effectiveness of Company’s controls to
statements) assess impairment of its investments in subsidiaries.
The Company has made equity investments • Evaluated the appropriateness of the approach
in the following subsidiaries namely, selected by the management to determine the
Jaypore E-Commerce Private Limited, TG recoverable amount.
Apparel & Decor Private Limited, Finesse
International Design Private Limited,
Sabyasachi Calcutta LLP and Indivinity independence of the Management expert engaged
Clothing Retail Private Limited with by the Company.
carrying values of ` 229.75 crores, ` 0.25 • Evaluated the reasonableness of the cashflow
crores, ` 77.78 crores, ` 389.84 crores and projections by testing the key management
` 63.00 crores respectively, as at March assumptions and estimates used in the impairment
31, 2022. analysis and assessed the consistency of the
The Company reviews the carrying values cashflow projections with the budgets approved by
of these investments in accordance Board of Directors.
with Ind AS 36 ‘Impairment of Assets’. • Evaluated the Company’s sensitivity analysis of the
Impairment assessment is performed and recoverable amounts and evaluated whether any
recoverable amounts of the investments reasonably foreseeable changes in key assumptions
are determined if indicators of impairment could lead to impairment loss or material change in
are identified. valuation.
Management has considered losses • Evaluated the Company’s process regarding
suffered by these subsidiaries as an
impairment assessment with the involvement of
indicator for impairment assessment.
auditor’s valuation experts to assist in assessing the
Management has therefore performed
appropriateness of the impairment model including
impairment assessment by determining
the recoverable amount of the investments independent assessment of certain assumptions
in these subsidiaries using the value in use underlying the cash flow projections, discount rate,
method and comparing the same with terminal value etc.
the carrying value. Where the carrying • Obtained the audited standalone financial statements
value exceeds the recoverable amount, of the subsidiaries for the year ended March 31, 2022
an impairment loss is recognized. and evaluated their financial performance.

Determination of value in use involves • Evaluated the adequacy of the disclosures made in
use of projected cash flows based on the Standalone Financial Statements.
financial budgets approved by the Board Based on the above work performed, Management’s
of Directors. Management has involved assessment of impairment of subsidiaries appears to
external experts to determine the be reasonable.
recoverable amounts.
Impairment evaluation of investment
in subsidiaries is considered as a key
audit matter as it requires significant
management judgement and estimates in
addition to consideration of economic and
entity specific factors in determination of
the recoverable value used in impairment
assessment such as projected cash flows,
discount rates, growth rates over the
projection period and terminal growth
rates which are subject to management
judgement and subjectivity and might
be affected by changes in economic
conditions.
Provision for Inventory obsolescence Our audit procedures included the following:
(Refer Notes 12 and 40(f) to the standalone • Understood and evaluated the design and tested
financial statements) the operating effectiveness of Company’s controls
to assess the adequacy of provision for inventory
The Company held inventories of obsolescence.
` 2,729.23 crores as at March 31, 2022.
• Evaluated the methodology used by the management
In accordance with Ind AS 2, Inventories,
to determine the provision for inventory obsolescence
inventories are carried at lower of cost or
and determined whether the method is consistent
net realizable value.
with that applied in the prior year.
The Company operates in a fast changing • Assessed whether the changes in the methodology
fashion market where there is a risk (if any) are reasonable and consistent with our
of inventory falling out of fashion and understanding of the changes in the business.
proving difficult to be sold above cost.
• Evaluated the ageing report including assessing
Management has a policy to recognize
its completeness and the underlying management
provisions for inventory considering
judgements and estimates made. Further, assessed
assessment of future trends and the
on a sample basis whether the calculation of
Company’s past experience related to its
provision for obsolescence is in accordance with
ability to liquidate the aged inventory.
Company’s policy.
The provision for inventory obsolescence • Verified appropriate approvals for specific
has been considered as a key audit obsolescence provisions and assessed their
matter, as determination of provision for reasonableness on a sample basis.
inventory involves significant management
• Evaluated the adequacy of the disclosures made in
judgment and estimates.
the Standalone Financial Statements.
Based on the above procedures performed, we did
not identify any material exceptions in recognition and
measurement of provision for inventory obsolescence.
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Provision for discount and sales returns Our audit procedures included the following:
(Refer Note 40(g) to the standalone • Understood and evaluated the design and tested
financial statements) the operating effectiveness of Company’s controls
The Company has recognized provision to assess the adequacy of provision for discounts
for unsettled discounts and sales returns and sales returns.
amounting to `231.88 crores and ` 393.39 • Evaluated the periodic account reconciliations
crores respectively, as at March 31, 2022. prepared by the management during the year.
Revenue from contracts with customers • Evaluated the management estimates and
is recognised when the entity satisfies a judgements in determining the provision for
performance obligation by transferring discounts and sales returns and assessed whether
control of promised goods to a customer. the same is consistent with the prior year.
R e c o g n i t i o n o f r e v e n u e r e q u i r e s • Evaluated the contract terms for a sample of
determination of the net selling price customer contracts to assess the reasonableness
after considering variable consideration of the provision for discounts and returns and
including forecast of sales returns and determine whether the same is in line with terms of
discounts. the contract.
The estimate of sales returns and discounts • Verified credits notes issued to customers on a
depends on contract terms, forecasts sample basis and assessed the validity of claims
of sales volumes and past history of with the underlying documents and appropriate
quantum of returns. The expected returns approvals.
and discounts that have not yet been
settled with the customers are estimated • Evaluated the adequacy of the disclosures made in
and accrued. the Standalone Financial Statements.
Determination of provision for discounts Based on the above procedures performed, we did
and sales returns is determined as a key not identify any material exceptions in recognition
audit matter as it involves significant and measurement of provisions for discount and sales
management judgement and estimation. returns.
Other Information
5. The Company’s Board of Directors is responsible for the other information. The other information
comprises the information included in the Chairman’s Statement, Report of the Board of
Directors, Sustainability and Business Responsibility Report, Corporate Governance Report and
Management Discussion and Analysis Report, but does not include the standalone financial
statements and our auditor’s report thereon.
Our opinion on the 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 the 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 and those charged with governance for the standalone financial
statements
6. The Company’s 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, changes in equity and cash flows of the

Company in accordance with the accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act. 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 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 Company’s 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 Company’s financial
reporting process.
Auditor’s responsibilities for the audit of the standalone financial statements

7. 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 auditor’s 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.
8. As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional scepticism 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 standalone 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 management’s 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 Company’s
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditor’s report to the related disclosures in the
standalone 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 auditor’s
report. However, future events or conditions may cause the Company to cease to continue
as a going concern.
125
• 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.
9. 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.
10. 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.
11. 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 of
the current period and are therefore the key audit matters. We describe these matters in our
auditor’s 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 Matter
12. The standalone financial statements of the Company for the year ended March 31, 2021 were
audited by another firm of chartered accountants under the Act who, vide their report dated
May 28, 2021, expressed unmodified opinion on those standalone financial statements.
Our opinion is not modified in respect of above matter.
Report on other legal and regulatory requirements

13. As required by the Companies (Auditor’s 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 B’, a statement on the matters specified in paragraphs 3 and 4 of the Order, to
the extent applicable.
14. As required by Section 143(3) of the Act, we report 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 Balance Sheet, the Statement of Profit and Loss (including other comprehensive income),
the Statement of Changes in Equity and the Statement of Cash Flows 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.
(e) On the basis of the written representations received from the directors as on March 31,
2022 taken on record by the Board of Directors, none of the directors is disqualified as on
March 31, 2022 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 Standalone
financial statements of the Company and the operating effectiveness of such controls, refer
to our separate Report in “Annexure A”.
(g) With respect to the other matters to be included in the Auditor’s 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 Notes 24 and 45 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 has been no delay in transferring amounts, required to be transferred, to the
Investor Education and Protection Fund by the Company during the year.
iv. (a) The management has represented that, to the best of its knowledge and belief, as
disclosed in the notes to the accounts, 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 (Refer Note 55(vii) to the
standalone financial statements);
(b) The management has represented that, to the best of its knowledge and belief,
as disclosed in the notes to the accounts, 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 (Refer Note 55(vii) to the standalone financial
statements); and
(c) Based on such audit procedures that we 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. The Company has not declared or paid any dividend during the year.
15. The Company has paid/ provided for managerial remuneration in accordance with the requisite
approvals mandated by the provisions of Section 197 read with Schedule V to the Act.

For Price Waterhouse & Co Chartered Accountants LLP
Chartered Accountants
Firm Registration Number: 304026E/E-300009
A. J. Shaikh
Partner
Membership Number: 203637
UDIN: 22203637AJFDAP9079
Place: Mumbai
Date: May 18, 2022
127
ANNEXURE A TO INDEPENDENT AUDITOR’S REPORT
Referred to in paragraph 14(f) of the Independent Auditor’s Report of even date to the members of
Aditya Birla Fashion and Retail Limited on the standalone financial statements for the year ended
March 31, 2022
Report on the Internal Financial Controls with reference to Standalone Financial Statements
under clause (i) of sub-section 3 of Section 143 of the Act
1. We have audited the internal financial controls with reference to Standalone financial statements
of Aditya Birla Fashion and Retail Limited (“the Company”) as of March 31, 2022 in conjunction
with our audit of the standalone financial statements of the Company for the year ended on
that date.
Management’s Responsibility for Internal Financial Controls

2. The Company’s 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 (“the Guidance Note”) 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
company’s 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 Act.
Auditor’s Responsibility
3. Our responsibility is to express an opinion on the Company’s internal financial controls with
reference to Standalone financial statements based on our audit. We conducted our audit in
accordance with the Guidance Note and the Standards on Auditing deemed to be prescribed
under Section 143(10) of the Act to the extent applicable to an audit of internal financial controls,
both applicable to an audit of internal financial controls and both issued by the 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 Standalone financial statements was established and maintained and
if such controls operated effectively in all material respects.
4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the
internal financial controls system with reference to 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 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 auditor’s judgement, including
the assessment of the risks of material misstatement of the Standalone financial statements,
whether due to fraud or error.
5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion on the Company’s internal financial controls system with reference
to Standalone financial statements.

Meaning of Internal Financial Controls with reference to Standalone financial statements

6. A company’s 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 Standalone financial statements for external purposes in accordance
with generally accepted accounting principles. A company’s 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 Standalone 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 company’s assets that could
have a material effect on the Standalone financial statements.
Inherent Limitations of Internal Financial Controls with reference to Standalone financial

statements
7. 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 controls
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
8. In our opinion, the Company has, in all material respects, an adequate internal financial controls
system with reference to Standalone financial statements and such internal financial controls
with reference to Standalone financial statements were operating effectively as at March 31,
2022, 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 ICAI.

A. J. Shaikh
Partner
Place: Mumbai
Date: May 18, 2022
129
ANNEXURE B TO INDEPENDENT AUDITORS’ REPORT
Referred to in paragraph 13 of the Independent Auditors’ Report of even date to the members of
Aditya Birla Fashion and Retail Limited on the standalone financial statements as of and for the year
ended March 31, 2022
i. (a) (A) The Company is maintaining proper records showing full particulars, including
quantitative details and situation, of Property, Plant and Equipment.
(B) The Company is maintaining proper records showing full particulars of Intangible Assets.
(b) The Property, Plant and Equipment are physically verified by the Management according
to a phased programme designed to cover all the items over a period of three years which,
in our opinion, is reasonable having regard to the size of the Company and the nature of
its assets. Pursuant to the programme, a portion of the Property, Plant and Equipment has
been physically verified by the Management during the year and no material discrepancies
have been noticed on such verification.
(c) The title deeds of all the immovable properties (other than properties where the Company is
the lessee and the lease agreements are duly executed in favour of the lessee), as disclosed
in Note 3(a) and 4(a) to the standalone financial statements, are held in the name of the
Company, except for the following:
Description Gross Held in the Whether Period held Reason for

of property carrying name of promoter, - indicate not being
value director or range, where held in the
(` in their relative appropriate name of the
crores) or employee Company
Freehold 5.92 Madura No 6 years (from Title deeds
land Garments January 2016) are in the
Exports Limited name of
Freehold 0.13 Madura No 6 years (from erstwhile
building Garments January 2016) transferor
Lifestyle Retail company/
Company Limited companies
Leasehold 206.80 Aditya Birla Nuvo No 6 years (from
properties Limited January 2016)
(stores)
Leasehold 53.13 Aditya Birla Nuvo No 6 years (from
properties Limited, Crafting January 2016)
(factories) Clothing Private
Limited, Madura
Garments
Lifestyle Clothing
Private Limited
and Madura
Garments
Exports Limited

(d) The Company has not revalued its Property, Plant and Equipment (including Right of Use
assets) or intangible assets or both during the year. Consequently, the question of our
commenting on whether the revaluation is based on the valuation by a Registered Valuer,
or specifying the amount of change, if the change is 10% or more in the aggregate of the
net carrying value of each class of Property, Plant and Equipment (including Right of Use
assets) or intangible assets does not arise.

(e) Based on the information and explanations furnished to us, no proceedings have been
initiated on or are pending against the Company for holding benami property under the
Prohibition of Benami Property Transactions Act, 1988 (as amended in 2016) [formerly the
Benami Transactions (Prohibition) Act, 1988 (45 of 1988)] and Rules made thereunder, and
therefore the question of our commenting on whether the Company has appropriately
disclosed the details in its standalone financial statements does not arise.
ii. (a) The physical verification of inventory has been conducted at reasonable intervals by the
Management during the year and, in our opinion, the coverage and procedure of such
verification by Management is appropriate. The discrepancies noticed on physical verification
of inventory as compared to book records were not 10% or more in aggregate for each class
of inventory and have been appropriately dealt with in the books of account.
(b) During the year, the Company has been sanctioned working capital limits in excess of `5
crores, in aggregate, from banks on the basis of security of current assets. Company has
filed quarterly returns or statements with such banks, which are not in agreement with the
unaudited books of account as set out in Note 55(iv) to the standalone financial statements.
iii. (a) The Company has made investments in two Companies and thirty mutual fund schemes,
granted unsecured loans/advances in nature of loans to four companies. The aggregate
amount during the year, and balance outstanding at the balance sheet date with respect
to such loans or advances and guarantees or security to subsidiaries, joint ventures and
associates and to parties other than subsidiaries, joint ventures and associates are as per
the table given below:
Guarantees Loans Advances in
(` in crores) (` in crores) nature of loans
(` in crores)
Aggregate amount granted/ provided
during the year:
- Subsidiaries - 13.70 -
- Joint Ventures - - -
- Associates - - -
- Others - - 8.40
Balance outstanding as a balance sheet
date in respect of the above case
- Subsidiaries - 2.08 -
- Joint Ventures - - -
- Associates - - -
- Others - - 14.12
Also refer Note 7, Note 11 and Note 19 to the standalone financial statements.
(b) In respect of the aforesaid investments/loans/advances in nature of the loan, the terms and
conditions under which such loans were granted/investments were made are not prejudicial
to the Company’s interest.
(c) In respect of the aforesaid loans to subsidiaries and advances in the nature of loans to
other parties, the schedule of repayment of principal and payment of interest have been
stipulated, and the parties are repaying the principal amounts, as stipulated, and are also
regular in payment of interest as applicable.
(d) In respect of the aforesaid loans/advances in nature of loans, there is no amount which is
overdue for more than ninety days.
131
(e) There were no loans /advances in nature of loans which fell due during the year and were
renewed/extended. Further, no fresh loans were granted to same parties to settle the
existing overdue loans/advances in nature of loan.
(f) Following loans were granted during the year to related parties under Section 2(76), which
are repayable on demand:
All parties Related parties

(` in crores) (` in crores)
Aggregate of loans/advances in nature of loan 13.70 13.70
repayable on demand
Aggregate of loans/advances in nature of loan - -
where agreement does not specify any terms or
period of repayment
Percentage of loans/advances in nature of loan to 62% 62%
the total loans
iv. The Company has not granted any loans or provided any guarantees or security to the parties
covered under Sections 185. Further in our opinion and according to the information and
explanation given to us, the Company has complied with the provisions of Section 186 of the
Companies Act 2013 in respect of the investments made, loans provided and the Company has
not provided any guarantees or security to parties covered under Section 186 of the Act.
v. The Company has not accepted any deposits or amounts which are deemed to be deposits
within the meaning of Sections 73, 74, 75 and 76 of the Act and the Rules framed there under
to the extent notified.
vi. The Central Government of India has not specified the maintenance of cost records under sub-
section (1) of Section 148 of the Act for any of the products of the Company.
vii. (a) According to the information and explanations given to us and the records of the Company
examined by us, in our opinion, the Company is generally regular in depositing undisputed
statutory dues in respect of provident fund, employees’ state insurance, professional tax,
goods and services tax and tax deducted at source under the Income Tax Act, 1961 though
there have been a slight delays in a few cases and is regular in depositing undisputed
statutory dues, including duty of customs and other material statutory dues, as applicable,
with the appropriate authorities.
(b) According to the information and explanations given to us and the records of the Company
examined by us, there are no statutory dues of provident fund, professional tax, employees’
state insurance, customs duty, goods and services tax and cess which have not been
deposited on account of any dispute. The particulars of other statutory dues referred to in
sub-clause (a) as at March 31, 2022 are as follows:
Statue Nature of Gross Value Paid Amount Unpaid Period Forum where
Dues (` in crores)* (` in crores)* amount to which dispute is
involved amount pending
(` in crores)* relates
Central Excise Excise duty 0.50 - 0.50 2011-12 and Commissioner
Act, 1944 2012-13 of Central
Excise
(Bangalore)
Orissa Entry Tax Entry tax 0.00 0.00 0.00 2002-03 Additional
Act, 1999 Commissioner
- Appeals,
Bhubaneswar

The Central Sales Tax 0.01 0.00 0.01 2002-03 Additional
Sales Tax Act, Commissioner
1956 and Orissa - Appeals,
Sales Tax Act, Bhubaneswar
1947
The Central Value added 0.01 - 0.01 2004-05 Kerala Sales
Sales Tax Act, tax and Tax Appellate
1956 and Kerala Central sales Tribunal,
Value Added Tax tax Ernakulam
Act, 2003
Karnataka Tax Entry tax 0.02 - 0.02 2002-05 Joint
on Entry of Commissioner
Goods Act, 1979 of Commercial
Taxes,
Bengaluru
Andhra Pradesh Entry tax 0.02 0.01 0.01 2006-07 Deputy
Entry Tax Act Commissioner
of Commercial
Taxes,
Secunderabad
The Central Value added 2.01 2.00 0.01 2005-07 High Court,
Sales Tax Act, tax and Karnataka
1956 and The Central sales
Karnataka Value tax
Added Tax Act,
2003
The Central Value added 2.83 0.57 2.26 2011-12 Joint
Sales Tax Act, tax and Commissioner
1956 and Central sales of Commercial
Gujarat Value tax Taxes,
Added Tax Act, Ahmedabad
2003
The Central Value added 5.31 1.59 3.72 2014-15 Karnataka
Sales Tax Act, tax and Commercial
1956 and The Central sales Appellate
Karnataka Value tax Tribunal
Added Tax Act,
2003
The Central Value added 5.35 0.30 5.05 2012-13 to Joint
Sales Tax Act, tax and 2015-16 Commissioner
1956 and Central sales (Appeals),
Uttarakhand tax Dehradun
Value Added Tax
Act, 2005
Kerala Surcharge Surcharge on 3.14 0.70 2.44 2008-09 to Supreme Court
on Taxes Act, sales tax 2016-17
1957
133
The Central Value added 0.79 0.08 0.71 2014-15 Joint
1956 and The Central sales of Commercial
Orissa Value tax Taxes (Appeals),
Added Tax Act, Bhubaneswar
2004
The Central Value added 0.73 0.15 0.58 2017-18 Assistant
1956 and Kerala Central sales (Appeals) of
Value Added Tax tax State Goods
Act, 2003 and Service Tax
Department,
Kozhikode
The Central Value added 5.67 - 5.67 2011-12, Additional
Sales Tax Act, tax and 2014-15, Deputy
1956 and Delhi Central sales 2015-16 Commissioner
Value Added tax of Commercial
Tax, 2004 Taxes, Delhi
The Central Value added 0.19 0.06 0.13 2016-17 Appellate
Sales Tax Act, tax and Deputy
1956 and Central sales Commissioner,
Telangana Value tax Telangana
Added Tax Act,
2005
The Central Value added 3.81 1.06 2.75 2012-13 Additional
1956 and Uttar Central sales - Appeals,
Pradesh Value tax Lucknow
Added Tax Act,
2008
Textile Textile 1.19 0.60 0.59 1999-05 Karnataka High
Committee Act, committee Court
1963 cess
The Central Value added 18.41 - 18.41 2016-17, Deputy
Sales Tax Act, tax and 2017-18 Commissioner
1956 and Uttar Central sales of Commercial
Pradesh Value tax Taxes, Kanpur
Added Tax Act,
2008
The Central Value added 1.98 0.96 1.02 2015-16 Deputy
1956 and Uttar Central sales of Commercial
Pradesh Value tax Taxes, Lucknow
Added Tax Act,
2008

Income Tax Act Withholding 0.24 - 0.24 2010-11 Commissioner
1961 Tax of Income
Tax Appeals,
Mumbai
*All amounts in the table above have been rounded off to the nearest crores. The sign
‘0.00’ indicates that the amounts are below ` fifty thousand and the sign ‘-’ indicates that amounts
are nil.
viii. According to the information and explanations given to us and the records of the Company
examined by us, there are no transactions 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,
that has not been recorded in the books of account.
ix. (a) According to the records of the Company examined by us and the information and
explanation given to us, the Company has not defaulted in repayment of loans or other
borrowings or in the payment of interest to any lender during the year.
(b) According to the information and explanations given to us and on the basis of our audit
procedures, we report that the Company has not been declared wilful defaulter by any bank
or financial institution or government or any government authority.
(c) In our opinion, and according to the information and explanations given to us, the term
loans have been applied for the purposes for which they were obtained. (Also refer Note
22 to the standalone financial statements).
(d) According to the information and explanations given to us, and the procedures performed
by us, and on an overall examination of the standalone financial statements of the Company,
we report that no funds raised on short-term basis have been used for long-term purposes
by the Company.
(e) According to the information and explanations given to us and on an overall examination
of the standalone financial statements of the Company, we report that the Company has
not taken any funds from any entity or person on account of or to meet the obligations of
its subsidiaries or a joint venture.
(f) According to the information and explanations given to us and procedures performed by us,
we report that the Company has not raised loans during the year on the pledge of securities
held in its subsidiaries or a joint venture.
x. (a) In our opinion, and according to the information and explanations given to us, the monies
raised by way of further public offer during the year have been applied for the purposes
for which they were obtained and there were no delays or defaults regarding the
application.
(b) The Company has not made any preferential allotment or private placement of shares
or fully or partially or optionally convertible debentures during the year. Accordingly, the
reporting under clause 3(x)(b) of the Order is not applicable to the Company.
xi. (a) During the course of our examination of the books and records of the Company, carried
out in accordance with the generally accepted auditing practices in India, and according to
the information and explanations given to us, we have neither come across any instance
of material fraud by the Company or on the Company, noticed or reported during the year,
nor have we been informed of any such case by the Management.
135
(b) During the course of our examination of the books and records of the Company, carried
the information and explanations given to us, a report under Section 143(12) of the Act, in
Form ADT-4, as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014
was not required to be filed with the Central Government. Accordingly, the reporting under
clause 3(xi)(b) of the Order is not applicable to the Company.
(c) During the course of our examination of the books and records of the Company carried
the information and explanations given to us, the Company has received whistle-blower
complaints during the year, which have been considered by us for any bearing on our audit
and reporting. As explained by the management, there were certain complaints in respect
of which investigations are ongoing as on the date of our report and amounts involved in
respect of such complaints are not material.
xii. As the Company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to it, the
reporting under clause 3(xii) of the Order is not applicable to the Company.
xiii. The Company has entered into transactions with related parties in compliance with the provisions
of Sections 177 and 188 of the Act. The details of such related party transactions have been
disclosed in the standalone financial statements as required under Indian Accounting Standard
24 “Related Party Disclosures” specified under Section 133 of the Act.
xiv. (a) In our opinion and according to the information and explanation given to us, the Company
has an internal audit system commensurate with the size and nature of its business.
(b) The reports of the Internal Auditor 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 him. Accordingly, the reporting on compliance with the provisions of Section
192 of the Act under clause 3(xv) of the Order is not applicable to the Company.
xvi. (a) The Company is not required to be registered under Section 45-IA of the Reserve Bank of
India Act, 1934. Accordingly, the reporting under clause 3(xvi)(a) of the Order is not applicable
to the Company.
(b) The Company has not conducted non-banking financial or housing finance activities during
the year. Accordingly, the reporting under clause 3(xvi)(b) of the Order is not applicable to
the Company.
(c) The Company is not a Core Investment Company (CIC) as defined in the regulations made
by the Reserve Bank of India. Accordingly, the reporting under clause 3(xvi)(c) of the Order
is not applicable to the Company.
(d) Based on the information and explanations provided by the management of the Company,
the Group has 8 CICs (registered and unregistered) as part of the Group. We have not,
however, separately evaluated whether the information provided by the management is
accurate and complete.
xvii. The Company has not incurred any cash losses in the financial year or in the immediately
preceding financial year.
xviii. There has been no resignation of the statutory auditors during the year and accordingly the
reporting under clause (xviii) is not applicable.

xix. According to the information and explanations given to us and on the basis of the financial ratios
(Refer Note 52 to the standalone financial statements), ageing and expected dates of realisation
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. As at balance sheet date, the Company does not have any amount remaining unspent under
Section 135(5) of the Act. Accordingly, reporting under clause 3(xx)(a) and (b) of the Order is not
applicable.
xxi. The reporting under clause 3(xxi) of the Order is not applicable in respect of audit of Standalone
Financial Statements. Accordingly, no comment in respect of the said clause has been included
in this report.

A. J. Shaikh
Partner
Place: Mumbai
Date: May 18, 2022
137
STANDALONE BALANCE SHEET AS AT MARCH 31, 2022
` in Crore
Notes Page As at As at
No. March 31, 2022 March 31, 2021
ASSETS
I Non-current assets
(a) Property, plant and equipment 3a 169 569.20 534.50
(b) Capital work-in-progress 3b 170 61.04 34.64
(c) Right-of-use assets 4a 171 2,278.90 2,066.89
(d) Goodwill 5 172 1,859.60 1,859.60
(e) Other intangible assets 5 172 43.78 45.33
(f) Financial assets
(i) Investment in subsidiaries and joint venture 6a 174 827.80 682.87
(ii) Other investments 6b 175 7.32 6.66
(iii) Loans 7 177 3.63 2.59
(iv) Security deposits 8 177 307.57 303.74
(v) Other financial assets 9 178 165.08 145.84
(g) Deferred tax assets (net) 10 178 353.10 321.23
(h) Non-current tax assets (net) 20.38 21.55
(i) Other non-current assets 11 179 87.05 64.97
Total - Non-current assets 6,584.45 6,090.41
II Current assets
(a) Inventories 12 179 2,729.23 1,742.93
(b) Financial assets
(i) Current investments 6c 175 537.42 299.53
(ii) Loans 13 180 6.84 6.49
(iii) Security deposits 14 180 117.27 99.79
(iv) Trade receivables 15 180 754.40 599.90
(v) Cash and cash equivalents 16 183 107.81 164.26
(vi) Bank balance other than Cash and cash 17 184 0.11 0.28
equivalents
(vii) Other financial assets 18 184 51.83 58.31
(c) Other current assets 19 185 712.04 578.26
Total - Current assets 5,016.95 3,549.75
TOTAL - ASSETS 11,601.40 9,640.16


STANDALONE BALANCE SHEET AS AT MARCH 31, 2022
` in Crore
No. March 31, 2022 March 31, 2021
EQUITY AND LIABILITIES
I Equity
(a) Equity share capital 20 185 938.29 915.05
(b) Other equity 21 189 1,943.85 1,769.53
Total - Equity 2,882.14 2,684.58
II Non-current liabilities
(a) Financial liabilities
(i) Borrowings 22 192 757.40 802.09
(ii) Lease liabilities 4b 171 1,864.83 1,695.10
(iii) Deposits 228.36 167.28
(iv) Other financial liabilities 23 194 167.93 198.85
(b) Provisions 24 194 90.02 89.44
(c) Other non-current liabilities 25 194 11.73 11.44
Total - Non-current liabilities 3,120.27 2,964.20
III Current liabilities
(i) Borrowings 26 195 449.97 315.83
(ii) Lease liabilities 4b 171 751.05 690.47
(iii) Trade payables
Total outstanding dues of micro enterprises 27 195 74.56 26.74
and small enterprises
Total outstanding dues of creditors other 27 195 3,261.06 2,087.54
than micro enterprises and small enterprises
(iv) Deposits 152.60 130.63
(v) Other financial liabilities 28 196 317.17 213.07
(b) Provisions 29 196 96.40 84.91
(c) Other current liabilities 30 197 496.18 442.19
Total - Current liabilities 5,598.99 3,991.38
TOTAL - EQUITY AND LIABILITIES 11,601.40 9,640.16
Summary of significant accounting policies 2.3
The accompanying notes are an integral part of the standalone financial statements.
As per our report of even date

For Price Waterhouse & Co Chartered Accountants LLP For and on behalf of the Board of Directors of
Chartered Accountants Aditya Birla Fashion and Retail Limited
ICAI Firm Registration No. 304026E/E-300009
A. J. SHAIKH ASHISH DIKSHIT SANGEETA PENDURKAR

Partner (Managing Director) (Whole-time Director)
Membership No.: 203637 (DIN: 01842066) (DIN: 03321646)
Place: Mumbai Place: Mumbai
Date : May 18, 2022 Date : May 18, 2022
JAGDISH BAJAJ GEETIKA ANAND

(Chief Financial Officer) (Company Secretary)
(M.No.: 23228)
Place: Mumbai Place: Mumbai Place: Mumbai
Date : May 18, 2022 Date : May 18, 2022 Date : May 18, 2022
139
STANDALONE STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2022
` in Crore
Notes Page Year ended Year ended
No. March 31, 2022 March 31, 2021
I Revenue from operations 31 197 7,824.20 5,181.14

II Other income 32 199 94.09 72.64
III Total income (I + II) 7,918.29 5,253.78
IV Expenses
(a) Cost of materials consumed 33a 199 809.76 419.23
(b) Purchase of stock-in-trade 33b 199 3,730.08 1,508.83
(c) Changes in inventories of finished goods, 33c 199 (884.01) 609.56
work -in-progress and stock-in-trade
(d) Employee benefits expense 34 200 1,043.43 823.91
(e) Finance costs 35 200 340.19 498.39
(f) Depreciation and amortisation expense 36 200 946.85 945.00
(g) Rent expense 44a & 224 & 390.65 10.67
4a 171
(h) Other expenses 37 201 1,654.81 1,214.63
Total expenses 8,031.76 6,030.22
V Loss before tax (III - IV) (113.47) (776.44)
VI Income tax expense
(a) Current tax 38 202 - -
(b) Deferred tax 38 202 (32.77) (126.80)
(32.77) (126.80)
VII Loss for the year (V - VI) (80.70) (649.64)
VIII Other comprehensive income/ (loss)
Items that will not be reclassified to profit or loss
(a) Re-measurement gains/ (losses) on defined 2.94 2.63
benefit plans
Income tax effect on above (0.74) (0.66)
(b) Fair value gains/ (losses) on equity instruments 0.65 (0.50)
Income tax effect on above (0.16) 0.13
Total other comprehensive income/ (loss) for the year 2.69 1.60
IX Total comprehensive income/ (loss) for the year (78.01) (648.04)
(VII + VIII)
X Earnings per equity share [Nominal value of share 39 203
` 10 (March 31, 2021 : ` 10)]
Basic (`) (0.87) (7.95)
Diluted (`) (0.87) (7.95)


Date : May 18, 2022 Date : May 18, 2022

(M.No.: 23228)


STANDALONE STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED MARCH 31, 2022
a. Equity share capital
As at March 31, 2022 As at March 31, 2021
No. of shares ` in Crore No. of shares ` in Crore
Equity shares of ` 10 each issued
As at the beginning of the year 93,77,36,163 937.73 77,39,64,840 773.96
Equity shares under Rights Issue and Preferential 2,80,504 0.28 16,32,68,882 163.27
Issue [Refer Note - 20(iii) & (iv)]
Exercise of Options (Refer Note - 43) 4,92,871 0.49 5,02,441 0.50
As at the end of the year 93,85,09,538 938.50 93,77,36,163 937.73

Equity shares of ` 10 each subscribed and paid up
Equity shares under Rights Issue and Preferential 2,80,504 22.75 16,30,80,231 140.60
Issue [Refer Note - 20(iii) & (iv)]
b. Other equity ` in Crore

Share Reserves and surplus Other comprehensive income Total other
suspense equity
account Securities Retained Share options Treasury Capital Remeasurement Fair value gains/
(Refer Note premium earnings outstanding shares (Refer reserve gains/ (losses) on (losses) on equity
- 21) (Refer Note (Refer Note account (Refer Note - 21) (Refer Note defined benefit instruments
- 21) - 21) Note - 21) - 21) plans (Refer (Refer Note - 21)
Note - 21)
As at April 01, 2020 0.02 773.64 (427.10) 44.15 (100.49) 21.69 (2.20) 2.21 311.92
Loss for the year - - (649.64) - - - - - (649.64)
Share forfeiture/ (issued) during the year - - - - - 0.19 - - 0.19
Equity shares under Rights Issue and Preferential Issue - 2,097.49 - - - - - - 2,097.49
[Refer Note - 20(iii) & (iv)]
Premium on exercise of Options - 0.06 - - - - - - 0.06
Other comprehensive income for the year - - - - - - 1.97 (0.37) 1.60
Recognition of Share based payment - - - 11.88 - - - - 11.88
Transfer to Securities Premium on exercise of Options - 8.39 - (8.39) - - - - -
Treasury shares Issued/ (purchased) by ESOP Trust - - - - (3.97) - - - (3.97)
As at March 31, 2021 0.02 2,879.58 (1,076.74) 47.64 (104.46) 21.88 (0.23) 1.84 1,769.53
As at April 01, 2021 0.02 2,879.58 (1,076.74) 47.64 (104.46) 21.88 (0.23) 1.84 1,769.53
Loss for the year - - (80.70) - - - - - (80.70)
Share forfeiture/ (issued) during the year - - - - - (0.14) - - (0.14)
Equity shares under Rights Issue and Preferential Issue - 226.05 - - - - - - 226.05
[Refer Note - 20(iii) & (iv)]
Other comprehensive income for the year - - - - - - 2.20 0.49 2.69
Recognition of Share based payment - - - 28.58 - - - - 28.58
Transfer to Securities Premium on exercise of Options - 12.55 - (12.55) - - - - -
Treasury shares Issued/ (purchased) by ESOP Trust - - - - 1.37 - - - 1.37
Others - - - (3.53) - - - - (3.53)
As at March 31, 2022 0.02 3,118.18 (1,157.44) 60.14 (103.09) 21.74 1.97 2.33 1,943.85

Date : May 18, 2022 Date : May 18, 2022
(M.No.: 23228)
141
STANDALONE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2022
` in Crore
Notes Year ended Year ended
March 31, 2022 March 31, 2021
Cash flows from operating activities
Loss before tax (113.47) (776.44)
Adjustments for:
Depreciation and amortisation expense 36 946.85 945.00
Finance costs 35 337.88 496.17
Gain on retirement of right-of-use assets 32 (14.85) (20.54)
Rent concession on lease rentals 4b, 40k & 44a (215.43) (340.43)
(Profit)/ Loss on sale/ discard of property, plant and (2.67) 0.67
equipment
Fair value changes in derivative financial instrument 2.94 0.39
(net)
Share-based payment to employees 34 28.58 11.88
Interest income 32 (9.32) (3.40)
Liabilities no longer required written back (1.91) (3.83)
Net gain on sale of current investments 32 (19.33) (3.20)
Net Unrealised exchange (gain)/ loss 3.69 1.46
Expense/ (income) on financial assets/ liabilities that (31.16) (26.84)
is designated as fair value through profit or loss
Provision for doubtful debts, deposits and advances 37 7.19 14.17
Bad debts written off 37 1.16 -
Operating profit before working capital changes 920.15 295.06
Changes in working capital:
(Increase)/ decrease in trade receivables (161.50) 232.82
(Increase)/ decrease in inventories (986.30) 606.47
(Increase)/ decrease in other assets (179.91) (151.17)
Increase/ (decrease) in trade payables 1,221.78 (151.21)
Increase/ (decrease) in provisions 13.63 (8.00)
Increase/ (decrease) in other liabilities 174.05 325.43
Cash generated from operations 1,001.90 1,149.40
Income taxes paid (net of refund) 1.16 0.87
Net cash flows from operating activities 1,003.06 1,150.27
Cash flows from investing activities
Purchase of property, plant and equipment, (273.46) (147.53)
intangible assets and capital advance
Consideration paid for acquisition of/ investment in 6a (144.94) (523.07)
subsidiaries and joint venture
Purchase of current investments (9,800.01) (12,359.02)
Inter-corporate deposits to subsidiaries (11.62) (26.86)
Investment in treasury shares held by ESOP trust 1.37 (3.97)
Proceeds from sale of property, plant and 29.48 2.71
equipment and intangible assets
Proceeds from sale/ maturity of current investments 9,581.50 12,069.35
Repayment of Inter-corporate deposits by 50.04 0.60
subsidiaries
Interest received 9.51 3.17
Net cash flows used in investing activities (558.13) (984.62)


STANDALONE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2022
` in Crore
March 31, 2022 March 31, 2021
Cash flows from financing activities
Proceeds from issue of equity shares 0.49 0.50
Proceeds from Rights Issue (net off share issue 20(iii) 247.12 738.66
expenses)
Proceeds from Preferential Issue (net off share issue 20(iv) - 1,499.63
expenses)
Proceeds from non-current borrowings (net off 399.18 683.36
charges)
Proceeds from sale of property, plant and - 28.65
equipment under sale and leaseback arrangement
Proceeds/ (repayments) of current borrowings (net) 434.14 (1,507.72)
Repayment of non-current borrowings (743.87) (834.04)
Repayment of lease liabilities (531.69) (402.87)
Interest paid (306.75) (472.47)
Net cash flows used in financing activities (501.38) (266.30)
Net Decrease in cash and cash equivalents (56.45) (100.65)
Cash and cash equivalents at the beginning of the year 164.26 264.91
Cash and cash equivalents at the end of the year 16 107.81 164.26
Components of Cash and cash equivalents
Balances with banks - on current accounts 27.72 85.05
Balances with banks - on deposit accounts (original 50.00 50.00
maturity less than 3 months)
Balances with credit card companies 11.17 4.12
Balances with e-wallet companies 1.68 0.96
Cash on hand 12.98 14.29
Cheques/ drafts on hand 4.26 9.84
Total Cash and cash equivalents 107.81 164.26


Date : May 18, 2022 Date : May 18, 2022

(M.No.: 23228)
143
NOTES TO THE STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2022
1. CORPORATE INFORMATION
Aditya Birla Fashion and Retail Limited (the “Company”), a public company domiciled in India
and incorporated under the provisions of the Companies Act, 1956. Its equity shares are listed
on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) in India. The registered
office of the Company is located at Piramal Agastya Corporate Park, Building ‘A’, 4th and 5th
Floor, Unit No. 401, 403, 501, 502, L.B.S. Road, Kurla, Mumbai - 400 070.
The Company is engaged in the business of manufacturing and retailing of branded apparels
and runs a chain of apparels and accessories retail stores in India.
The standalone financial statements, as reviewed and recommended by the Audit Committee,
have been approved by the Board of Directors in their meeting held on May 18, 2022.
2. SIGNIFICANT ACCOUNTING POLICIES

2.1 Basis of preparation
The standalone financial statements of the Company have been prepared in accordance
with Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting
Standards) Rules, 2015 (as amended), read with Section 133 of the Companies Act, 2013
(“the Act”) and presentation requirements of Division II of Schedule III of the Act and other
relevant provisions of the Act as applicable. The financial statements have been prepared
on accrual basis under the historical cost convention, except the following assets and
liabilities, which have been measured at fair value as required by the relevant Ind AS:
• Certain financial assets and liabilities (refer accounting policy regarding financial
instruments);
• Defined employee benefit plans;
• Share-based payment; and
• Derivative financial instruments.
The Ministry of Corporate Affairs (MCA) through a notification, amended Schedule III
of the Companies Act, 2013 and the amendments are applicable for financial periods
commencing from April 1, 2021. The Previous year numbers are regrouped or reclassified,
where necessary to comply with the amendment. The Company has evaluated the effect
of the amendments on its financial statements and complied with the same.
2.2 Functional and Presentation Currency:

The financial statements are presented in Indian Rupee (`) which is the functional currency
of the Company. All amounts are rounded to two decimal places to the nearest Crore,
unless otherwise stated. (` 1 Crore is equal to ` 10 Million)
2.3 Summary of significant accounting policies

(I) Current versus non-current classification
The Company presents assets and liabilities in the Standalone Balance Sheet based on
current/ non-current classification.
An 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 equivalents 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 treated as 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.
All other liabilities are classified 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.
(II) Segment information

Operating segments are reported in a manner consistent with the internal reporting
provided to the chief operating decision maker. Segment assets and liabilities include all
operating assets and liabilities. Segment results include all related income and expenditure.
Corporate (unallocated) represents assets, liabilities, income and expenses which relate
to the Company as a whole and are not allocated to the segments.
Inter-segment transfers
The Company generally accounts for inter-segment sales at arm’s length basis in a manner
similar to transactions with third parties.
Allocation of common costs

Common allocable costs are allocated to each segment according to the relative contribution
of each segment to the total common costs.
Unallocated items
Unallocated items include general corporate income, expense and other common assets
and liabilities which are not allocated to any business segment.
Segment accounting policies

The Company prepares its segment information in conformity with the accounting policies
adopted for preparing and presenting the financial statements of the Company as a whole.
(III) Fair value measurements and hierarchy

The Company measures financial instruments, such as investments (other than equity
investments in subsidiaries and joint ventures) and derivatives at fair value at each
Standalone Balance Sheet date.
Fair value is the price that would be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants at the measurement date. The fair
145
value measurement is based on the presumption that the transaction to sell the asset or
transfer the liability takes place either:
(a) In the principal market for the asset or liability; or
(b) In the absence of a principal market, in the most advantageous market for the asset
or liability.
The principal or the most advantageous market must be accessible by the Company.
The fair value of an asset or a liability is measured using the assumptions that market
participants would use when pricing the asset or liability, assuming that market participants
act in their best economic interest.
A fair value measurement of a non-financial asset takes into account a market participant’s
ability to generate economic benefits by using the asset in its highest and best use, or by
selling it to another market participant that would use the asset in its highest and best use.
The Company uses valuation techniques that are appropriate in the circumstances, and
for which sufficient data are available to measure the fair value, maximising the use of
relevant observable inputs and minimising the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial
statements are categorised within the fair value hierarchy based on its nature, characteristics
and risks:
• Level 1 - inputs are quoted (unadjusted) market prices in active markets for identical
assets or liabilities that the entity can access at the measurement date;
• Level 2 - valuation techniques for which the lowest level input that is significant to the
fair value measurement is directly or indirectly observable; and
• Level 3 - valuation techniques for which the lowest level input that is significant to the
fair value measurement is unobservable.
For assets and liabilities that are recognised in the financial statements on a recurring basis,
the Company determines whether transfers have occurred between levels in the hierarchy
by re-assessing categorization (based on the lowest level of input that is significant to the
fair value measurement as a whole) at the end of each reporting period.
(IV) Foreign currencies

Transactions and balances:
Transactions in foreign currency are recorded applying the exchange rate at the date of
transaction. Monetary assets and liabilities denominated in foreign currency, remaining
unsettled at the end of the year, are translated at the closing exchange rates prevailing
on the Standalone Balance Sheet date.
Exchange differences arising on settlement or translation of monetary items are recognised
in the Standalone 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 not
retranslated. 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 Other Comprehensive Income (OCI) or the Standalone Statement of Profit and Loss are
also reclassified in OCI or the Standalone Statement of Profit and Loss, respectively).

(V) Revenue from contracts with customers

Revenue from contracts with customers is recognised upon transfer of control of promised
goods/ services to customers at an amount that reflects the consideration to which the
Company expect to be entitled for those goods/ services.
To recognize revenues, the Company applies the following five-step approach:
• Identify the contract with a customer;
• Identify the performance obligations in the contract;
• Determine the transaction price;
• Allocate the transaction price to the performance obligations in the contract; and
• Recognise revenues when a performance obligation is satisfied.
Revenue from sale of products

Revenue is measured at the fair value of the consideration received or receivable net
of returns and allowances, trade discounts and volume rebates, taking into account
contractually defined terms of payment excluding taxes or duties collected on behalf of
the government.
Goods and Service Tax (GST) is not received by the Company in its own account. Rather, it is
tax collected on value added to the commodity by the seller on behalf of the government.
Accordingly, it is excluded from revenue.
Assets and liabilities arising from right to return

The Company has contracts with customers which entitles them the unconditional right
to return.
Right to return assets
A right of return gives the company a contractual right to recover the goods from a customer
(right to return asset), if the customer exercises its option to return the goods and obtain a
refund. The asset is measured at the carrying amount of the inventory, less any expected
costs to recover the goods, including any potential decreases in the value of the returned
goods.
Refund liabilities
A refund liability is the obligation to refund part or all of the consideration received (or
receivable) from the customer. The Company has therefore recognised refund liabilities in
respect of customer’s right to return. The liability is measured at the amount the Company
ultimately expects it will have to return to the customer. The Company updates its estimate
of refund liabilities (and the corresponding change in the transaction price) at the end of
each reporting period.
The Company has presented its right to return assets and refund liabilities under other
current assets and other current liabilities, respectively.
Income from gift voucher

Gift voucher sales are recognised when the vouchers are redeemed, and the goods are
sold to the customer.
147
Loyalty points programme

The Company operates a loyalty programme which allows customers to accumulate
points on purchases made in retail stores. The points give rise to a separate performance
obligation as it entitles them for redemption as settlement of future purchase transaction
price. Consideration received is allocated between the sale of products and the points
issued, with the consideration allocated to the points equal to their fair value. Fair value
of points is determined by applying statistical techniques based on the historical trends.
Consideration allocated to reward points is deferred and recognised when points are
redeemed or when the points expire. The amount of revenue is based on the value of
points redeemed/ expired.
Income from services

Income from services is recognised as they are rendered based on agreements/
arrangements with the concerned parties, and recognised net of goods and services tax/
applicable taxes.
Interest income
Interest income on all debt instruments is measured at amortised cost. Interest income
is recorded using the effective interest rate (EIR). EIR is the rate that exactly discounts the
estimated future cash payments or receipts over the expected life of the financial instrument
or a shorter period, where appropriate, to the gross carrying amount of the financial asset.
When calculating the EIR, the Company estimates the expected cash flows by considering
all the contractual terms of the financial instrument. Interest income is included in other
income in the Standalone Statement of Profit and Loss.
Export incentives income

Export incentives under various schemes notified by government are accounted for in the
year of exports based on eligibility and when there is no uncertainty in receiving the same.
Commission income
In case of sales of goods, where the Company is an agent in the transaction, the difference
between the revenue and the cost of the goods sold is disclosed as commission income
in other operating income.
(VI) Government grants

Government grants are recognised where there is a reasonable assurance that the grant
will be received and all attached conditions will be complied with:
• When the grant relates to an expense item, it is recognised as income on a systematic
basis over the periods that the related costs, for which it is intended to compensate,
are expensed.
• When the grant relates to an asset, it is recognised as income in Statement of Profit
and Loss in equal amounts over the expected useful life of the related asset.
When loans or similar assistance are provided by governments or related institutions,
at a below-market rate of interest, the effect of this favourable interest is treated as a
government grant. The loan or assistance is initially recognised and measured at fair value,
and the government grant is measured as the difference between the proceeds received
and the initial carrying value of the loan. The loan is subsequently measured as per the
accounting policies applicable to financial liabilities.

(VII) Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of an
asset that necessarily takes a substantial period of time to get ready for its intended use
are capitalised as part of the cost of the respective asset. All other borrowing costs are
expensed in the period they occur in the Standalone Statement of Profit and Loss.
Borrowing cost includes interest and other costs incurred in connection with the
arrangement of borrowings. Borrowing cost also includes exchange differences to the
extent regarded as an adjustment to the interest costs.
(VIII) Taxes
Current tax
The Income tax expense or credit for the period is the tax payable on the current period’s
taxable income based on the applicable income tax rate adjusted by changes in deferred
tax assets and liabilities attributable to temporary differences and to unused tax losses.
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 are enacted or substantively enacted at the reporting date in India.
The management periodically evaluates positions taken in tax returns with respect to
situations in which applicable tax regulation is subject to interpretation and establishes
provisions where appropriate.
Deferred tax
Deferred tax is recognised on temporary differences between the tax bases of assets and
liabilities and their carrying amounts for financial reporting purposes at the reporting date.
Deferred tax liabilities are recognised for all taxable temporary differences, except when the
deferred tax liability arises from the initial recognition of goodwill or an asset or a liability
in a transaction that is not a business combination and, at the time of the transaction,
affects neither the accounting profit nor the taxable profit or loss.
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 when the deferred tax asset relating to the
deductible temporary difference arises from the initial recognition of an asset or a liability
in a transaction that is not a business combination and, at the time of the transaction,
affects neither the accounting profit nor the taxable profit or loss.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced
to the extent that it is no longer probable that sufficient taxable profit will be available to
allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets
are re-assessed at each reporting date and are recognised to the extent that it has become
probable that future taxable profits will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply
in the year when the asset is realised or the liability is settled, based on tax rates and tax
laws that have been enacted or substantively enacted at the reporting date.
Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists
to set off current tax assets against current tax liabilities and the deferred taxes relate to
the same taxable entity and the same taxation authority.
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Tax benefits acquired as a part of business combination, but not satisfying the criteria
for separate recognition at that date, are recognised subsequently if new information is
received or circumstances change. Acquired deferred tax benefits recognised within the
measurement period reduce goodwill related to that acquisition, if they result from new
information obtained about facts and circumstances existing at the acquisition date.
The Company had adopted the new tax regime in the Financial Year 2019-20 under Section
115BAA of the Income Tax Act, 1961 as introduced by the Taxation Laws (Amendment)
Ordinance, 2019.
Current tax and deferred tax relating to items recognised outside the Standalone Statement
of Profit and Loss are recognised outside the Standalone Statement of Profit and Loss
(either in OCI or in equity). Current tax and deferred tax items are recognised in correlation
to the underlying transaction either in OCI or directly in equity.
(IX) Property, plant and equipment

Freehold land is carried at historical cost. Historical cost includes expenditure that is directly
attributable to the acquisition of the items. Property, plant and equipment is stated at cost
net of accumulated depreciation and accumulated impairment losses, if any. Cost includes
borrowing costs for long-term construction projects, if the recognition criteria is met.
Subsequent costs are included in the asset’s 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 de-recognised
when replaced. All other repairs and maintenance are charged to the Standalone Statement
of Profit and Loss, during the reporting period in which they are incurred.
Capital work-in-progress is stated at cost net of accumulated impairment losses, if any.
Depreciation methods, estimated useful lives and residual value

Depreciation on property, plant and equipment is calculated on a straight-line basis over
the useful life of the asset estimated by the management. Depreciation on additions is
provided on a pro rata basis from the month of installation or acquisition. Depreciation on
deletions/ disposals is provided on a pro rata basis upto the month preceding the month
of deletions/ disposals. The management believes that these estimated useful lives reflect
fair approximation of the period over which the assets are likely to be used. The Company
has used the following rates to provide depreciation on its tangible fixed assets:
(a) Assets where useful life is same as Schedule II

Assets Class of Assets Useful life as prescribed
by Schedule II of the
Companies Act, 2013
Factory buildings Freehold buildings 30 years
Fences, wells, tube wells Freehold building 5 years
Borewells (pipes, tubes and Freehold building 5 years
other fittings)
Other office equipment Office equipment 5 years
Electrical installations and Plant and equipment 10 years
equipment (at factory)

(b) Assets where useful life differ from Schedule II
Assets Class of Useful life as prescribed Estimated

Assets by Schedule II of the useful life
Companies Act, 2013
Other than continuous process Plant and 15 years 20 years
plant (single shift) equipment
Plant and machinery – retail Plant and 15 years 5 – 6 years
stores equipment
Furniture and fittings – retail Furniture 10 years 5 – 6 years
stores and fixtures
Furniture and fittings – shop in Furniture 10 years 3 years
shop stores and fixtures
Motorcycles, scooters and Vehicles 10 years 5 years
other mopeds
Motor buses, motor lorries and Vehicles 6 years for motor cars 4 – 5 years
motor cars other than those and 8 years for motor
used in a business of running buses and motor lorries
them on hire
Servers, end user devices, such Computers 3 years for end user 4 years
as desktops, laptops, etc. devices and 6 years for
servers
Furniture and fittings (other Furniture 10 years 7 years
than retail stores) and fixtures
Office electrical equipment Office 5 years 4 years
equipment
Electrically operated vehicles Vehicles 8 years 5 years
including battery powered or
fuel cell powered vehicles
Useful life of assets different from that prescribed in Schedule II has been estimated by
the management, supported by technical assessment.
Leasehold assets
Assets Estimated useful life
Leasehold improvements at stores 5 to 6 years or period of lease, whichever
is shorter
Leasehold improvements other than stores Period of lease
Based on managements’ assessment, items of property, plant and equipment individually
costing less than five thousand rupees, are depreciated within one year from the date the
asset is ready to use or useful life of class of asset to which these assets belong.
Gains or losses on disposal of property, plant and equipment are determined by comparing
proceeds with carrying amount. These are included in the Standalone Statement of Profit
and Loss within other gains/ losses.
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The residual values, useful lives and methods of depreciation of property, plant and
equipment are reviewed at each financial year end and adjusted prospectively, if
appropriate.
(X) Intangible assets

Intangible assets are stated at cost less accumulated amortisation and impairment. The
cost of intangible assets acquired in a business combination is their fair value at the date
of acquisition. Internally generated intangibles, excluding capitalised development costs,
are not capitalised and the related expenditure is reflected in the Standalone Statement
of Profit and Loss, in the period in which the expenditure is incurred.
The useful lives of intangible assets are assessed as either finite or indefinite.
Intangible assets with finite life 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 and changes if any,
made on prospective basis. The amortisation expense on intangible assets with finite lives
is recognised in the Standalone Statement of Profit and Loss.
Intangible assets with indefinite useful life are not amortised, but are tested for impairment
annually, either individually or at the cash-generating unit level. The assessment of
indefinite life is reviewed annually to determine whether the indefinite life continues
to be supportable. If not, the change in useful life from indefinite to finite is made on a
prospective basis.
Gains or losses arising from de-recognition 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 Standalone Statement of Profit and Loss when the asset is de-recognised.
Amortisation methods and periods

A summary of amortisation policies applied to the Company’s intangible assets is as below:
Intangible assets Useful life Amortisation method used
Computer software 3 years Amortised on straight-line basis
Brands/ trademarks 10 years Amortised on straight-line basis
Technical knowhow 10 years Amortised on straight-line basis
Franchisee rights 20 years Amortised on straight-line basis over the period
of franchise agreement
(XI) Business combination and goodwill

Business Combinations are accounted for using the acquisition method. Cost of an
acquisition is measured as the aggregate of the consideration transferred measured at
acquisition date fair value and the amount of any non- controlling interests in the acquiree.
Acquisition-related costs are recognised in Standalone statement of profit and loss as
incurred.
At the acquisition date, the identifiable assets acquired and liabilities and contingent
liabilities assumed in a business combination are measured at their fair values. However,
certain assets and liabilities i.e. deferred tax assets or liabilities, assets or liabilities related
to employee benefit arrangements, liabilities or equity instruments related to share-based

payment arrangements and assets or disposal groups that are classified as held for sale,
acquired or assumed in a business combination are measured as per the applicable Ind-
AS.
Judgement is applied in determining the acquisition date and determining whether control
is transferred from one party to another. Control exists when the Company is exposed to
or has rights to variable returns from its involvement with the entity and has the ability to
affect those returns through power over the entity. In assessing control, potential voting
rights are considered only if the rights are substantive.
At the acquisition date, goodwill on business combination is initially measured at cost,
being the excess of the sum of the consideration transferred, the amount recognised for
any non-controlling interests in the acquiree, and the fair value of the acquirer’s previously
held equity interest in the acquiree (if any) over the net identifiable assets acquired and
the liabilities assumed.
After initial recognition, goodwill is measured at cost less any accumulated impairment
losses. For the purposes of impairment testing, goodwill acquired in a business combination
is allocated to each of the Company’s cash- generating units that are expected to benefit
from the synergies of the combination, irrespective of whether other assets or liabilities
of the acquiree are assigned to those units.
A cash-generating unit (CGU) to which goodwill has been allocated is tested for impairment
annually as at reporting date. When the recoverable amount of the CGU is less than its
carrying amount, an impairment loss is recognised.
On disposal of the relevant cash-generating unit, the attributable amount of goodwill is
included in the determination of the profit or loss on disposal.
(XII) Impairment of non-financial assets

At the end of each reporting period, the Company reviews the carrying amounts of its assets
to determine whether there is any indication of impairment based on internal/ external
factors. An impairment loss, if any, is charged to the Standalone Statement of Profit and
Loss in the year in which an asset is identified as impaired. An asset’s recoverable amount
is higher of an asset’s or cash-generating unit’s (CGUs) fair value less costs of disposal and
its value in use. In assessing value in use, the estimated future cash flows are discounted to
their present value using a pre-tax discount rates, that reflects current market assessment
of the time value of money and the risks specific to the asset for which estimates of future
cash flows have not been adjusted. 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. Impairment losses of continuing operations, including impairment
on inventories, are recognised in the Standalone Statement of Profit and Loss.
A cash-generating unit to which goodwill has been allocated is tested for impairment
annually as at reporting date. If the recoverable amount of the cash-generating unit is
less than its carrying amount, the impairment loss is allocated first to reduce the carrying
amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata
based on the carrying amount of each asset in the unit. Any impairment loss for goodwill
is recognised directly in the Standalone Statement of Profit and Loss.
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Reversal of impairment losses except on goodwill is recorded when there is an

indication that the impairment losses recognised for the assets no longer exist or have
decreased. An impairment loss recognised for goodwill is not reversed in subsequent
periods.
(XIII) Leases
At inception of a contract, the Company assesses whether a contract is, or contains, a lease.
A contract is, or contains, a lease if the contract conveys the right to control the use of an
identified asset for a period of time in exchange for consideration. To assess whether a
contract conveys the right to control the use of an identified asset, the Company assess
whether:
• The contract involves the use of an identified asset – this may be specified explicitly or
implicitly and should be physically distinct or represent substantially all of the capacity
of a physically distinct asset. If the supplier has a substantive substitution right, then
the asset is not identified;
• The Company has the right to obtain substantially all of the economic benefits from
the use of the asset throughout the period of use; and
• The Company has the right to direct the use of the asset. The Company has the right
when it has the decision-making rights that are most relevant to changing how and
for what purpose the asset is used. In rare cases where the decision about how and
for what purpose the asset is used is predetermined, the Company has the right to
direct the use of the asset either the Company has the right to operate the asset;
or the Company designed the asset in a way that predetermines how and for what
purpose it will be used.
At inception or on reassessment of a contract that contains a lease component, the Company
allocates the consideration in the contract to each lease component on the basis of their
relative stand-alone prices.
Where the Company is the lessee

Right-of-use assets
The Company recognises a right-of-use asset and a lease liability at the lease commencement
date except for short- term leases which are less than 12 months and leases of low value
assets. The right-of-use asset is initially measured at cost, which comprises the initial
amount of the lease liability plus any initial direct costs incurred less any lease incentives
received.
The right-of-use asset is subsequently depreciated using the straight-line method from the
commencement date to the earlier of the end of the useful life of the right-of-use asset or
the end of the lease term. If ownership of the leased asset transfers to the Company at the
end of the lease term or the cost reflects the exercise of a purchase option, depreciation
is calculated using the estimated useful life of the asset. The estimated useful lives of
right-of- use assets are determined on the same basis as those of property. In addition,
the right-of-use asset is periodically reduced by impairment losses, if any, adjusted for
certain remeasurements of the lease liability.

Lease liabilities
The lease liability is initially measured at the present value of the lease payments that
are not paid at the commencement date. The lease payments are discounted using the
interest rate implicit in the lease, if that rate can be readily determined. If that rate cannot
be readily determined, the Company uses incremental borrowing rate.
Lease payments included in the measurement of the lease liability comprise of fixed
payments, including in- substance fixed payments. The lease liabilities are measured at
amortised cost using the effective interest method.
In addition, the carrying amount of lease liabilities is re-measured if there is a modification
arising due to change in the lease term, change in the lease payments or a change in the
assessment of an option to purchase the underlying asset. When the lease liability is re-
measured in this way, a corresponding adjustment is made to the carrying amount of the
right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use
asset has been reduced to zero.
The Company presents right-of-use assets that do not meet the definition of investment
property, and lease liabilities, separately in the Standalone Balance Sheet.
Short-term leases and leases of low value assets

The Company applies the short-term lease recognition exemption to its short-term leases
(i.e., those leases that have a lease term of 12 months or less from the commencement
date and do not contain a purchase option). It also applies the lease of low-value assets
recognition exemption to leases that are considered to be low value. Lease payments on
short-term leases and leases of low-value assets are recognised as expense on a straight-
line basis over the lease term.
Where the Company is the lessor

Leases in which the Company does not transfer substantially all the risks and rewards of
ownership of an asset is classified as an operating lease. Assets subject to operating leases
are included in the property, plant and equipment. Rental income on an operating lease is
recognised in the Standalone Statement of Profit and Loss on a straight-line basis over the
lease term. Costs, including depreciation, are recognised as an expense in the Standalone
Statement of Profit and Loss.
Covid-19-Related Rent Concessions

The Ministry of Corporate Affairs vide notification dated July 24, 2020, issued an amendment
to Ind AS 116 - Leases, by inserting a practical expedient w.r.t. “Covid-19- Related Rent
Concessions” effective from the period beginning on or after April 01, 2020 and vide
notification dated June 18, 2021, extended practical expedient upto June 30, 2022.
The amendments to Ind AS 116 provides a practical expedient to lessees in accounting for
rent concessions that are a direct consequence of the COVID-19 pandemic.
Many lessors have provided rent concessions to lessees as a result of the Covid-19
pandemic. Rent concessions can include rent holidays or rent reductions for a period of
time. Applying the requirements in Ind AS 116 for changes to lease payments, particularly
assessing whether the rent concessions are lease modifications and applying the required
155
accounting, could be practically difficult in the current environment. The objective of the
amendment is to provide lessees that have been granted Covid-19 related rent concessions
with practical relief, while still providing useful information about leases to users of the
financial statements.
As a practical expedient, a lessee may elect not to assess whether a COVID-19 related rent
concession from a lessor is a lease modification. A lessee that makes this election accounts
for any change in lease payments resulting from the COVID-19 related rent concession
the same way it would account for the change under Ind AS 116, if the change were not a
lease modification. The practical expedient applies only to rent concessions occurring as
a direct consequence of the COVID-19 pandemic and only if all of the following conditions
are met:
(i) The change in lease payments results in revised consideration for the lease that is
substantially the same as, or less than, the consideration for the lease immediately
preceding the change.
(ii) any reduction in lease payments affect only payments originally due on or before
June 30, 2022.
(iii) There is no substantive change to other terms and conditions of the lease.
Pursuant to the above amendment, the Company has applied the practical expedient with
effect from April 01, 2020. The Company has accounted the unconditional rent concessions
in “Rent expense” in the Standalone Statement of Profit and Loss. Adoption of the COVID-19
related concessions – amendments to Ind AS 116, Leases with effect from April 1, 2021
has resulted in recognition of ` 215.43 crore as income from lease concession during the
year. This amendment is not expected to have any material impact on the Statement of
Profit and Loss for the future years.
(XIV) Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and
a financial liability or equity instrument of another entity.
Financial assets and financial liabilities are recognised when a Company becomes a party
to the contractual provisions of the instruments.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs
that are directly attributable to the acquisition or issue of financial assets and financial
liabilities (other than financial assets and financial liabilities measured at fair value through
profit or loss) are added to or deducted from the fair value of the financial assets or financial
liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to
the acquisition of financial assets or financial liabilities at fair value through the Standalone
Statement of Profit and Loss are recognised immediately in the Standalone Statement of
Profit and Loss.
Purchases or sales of financial assets that require delivery of assets within a time frame
established by regulation or convention in the market place are recognised on the trade
date.
All recognised financial assets are subsequently measured in their entirety at either
amortised cost or fair value, depending on the classification of the financial assets.

For the purpose of subsequent measurement, financial instruments of the Company are
classified in the following categories:
(a)
Non-derivative financial assets
(i) Financial assets at amortised cost
Financial asset is measured at amortised cost using Effective Interest Rate (EIR),
if both the conditions are met:
• The asset is held within a business model whose objective is to hold assets
in order to collect contractual cash flows; and
• The contractual terms of the instrument give rise on specified dates to cash
flows that are solely payments of principal and interest on the principal
amount outstanding.
Effective Interest Rate (EIR) method:

The EIR method is a method of calculating the amortised cost of a debt instrument
and of allocating interest income over the relevant period. 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 effective interest rate is
the rate that exactly discounts estimated future cash receipts (including all fees
and points paid or received that form an integral part of the effective interest
rate, transaction costs and other premiums or discounts) through the expected
life of the debt instrument or, where appropriate, a shorter period, to the gross
carrying amount on initial recognition.
Income is recognised on an effective interest basis for debt instruments other
than those financial assets classified as at Fair Value Through Profit or Loss
(FVTPL). Interest income is recognised in the Standalone Statement of Profit and
Loss and is included in the ‘Other income’ line item.
(ii) Financial assets at Fair Value Through Other Comprehensive Income (FVTOCI)
An instrument shall be measured at FVTOCI, if both of the following conditions
are met:
• The objective of the business model is achieved by both collecting contractual
cash flows and selling financial assets; and
• The asset’s contractual cash flows represent Solely Payments of Principal
and Interest (SPPI).
Financial assets included within FVTOCI category are measured initially as well as at
each reporting period at fair value plus transaction cost. Fair value movements are
recognised in other comprehensive income. However, the Company recognises
interest income, impairment losses and reversals and foreign exchange gain/
(loss) in the Standalone Statement of Profit and Loss. On de-recognition of the
asset, cumulative gain or loss previously recognised in OCI is reclassified from
equity to the Standalone Statement of Profit and Loss.
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(iii) Financial assets at Fair Value Through Profit or Loss (FVTPL)

Financial assets that do not meet the amortised cost criteria or FVTOCI criteria
(refer above) are measured at FVTPL. In addition, financial assets that meet the
amortised cost criteria or the FVTOCI criteria but are designated as at FVTPL are
measured at FVTPL.
A financial asset that meets the amortised cost criteria or financial assets that
meet the FVTOCI criteria may be designated as at FVTPL upon initial recognition
if such designation eliminates or significantly reduces a measurement or
recognition inconsistency that would arise from measuring assets or liabilities
or recognising the gains and losses on them on different bases. The Company
has not designated any debt instrument as at FVTPL.
Financial assets at FVTPL are measured at fair value at the end of each reporting
period, with any gains or losses arising on re-measurement recognised in the
Standalone Statement of Profit and Loss. The net gain or loss recognised in
the Standalone Statement of Profit and Loss incorporates any dividend or
interest earned on the financial asset and is included in the ‘Other income’ line
item. Dividend on financial assets at FVTPL is recognised when the Company’s
right to receive the dividends is established, it is probable that the economic
benefits associated with the dividend will flow to the entity, the dividend does
not represent a recovery of part of cost of the investment and the amount of
dividend can be measured reliably.
Call options over shares in the acquired subsidiary is initially recognised as a
financial asset at fair value, with subsequent changes in fair value recognised in
the standalone statement of profit and loss.
(iv) Equity investments

A joint venture is a type of joint arrangement whereby the parties that have joint
control of the arrangement have rights to the net assets of the joint venture.
Joint control is the contractually agreed sharing of control of an arrangement,
which exists only when decisions about the relevant activities require unanimous
consent of the parties sharing control.
Investment in Subsidiaries and Joint Venture are out of scope of Ind AS 109 and
hence, the Company has accounted for its investment in Subsidiaries and Joint
Venture at cost. All other equity investments are measured at fair value as per
Ind AS 109. Equity instruments which are held for trading are classified as at
FVTPL. For all other equity instruments, the Company has an irrevocable election
to present in other comprehensive income subsequent changes in the fair value.
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 OCI.
There is no recycling of the amounts from OCI to the Standalone Statement of
Profit and Loss, even on sale of investment. However, the Company may transfer
the cumulative gain or loss within equity.

Impairment of financial assets:

The Company applies simplified approach of expected credit loss model for
recognising impairment loss on lease receivables, trade receivables, other
contractual rights to receive cash or other financial asset.
Expected credit losses are the weighted average of credit losses with the respective
risks of default occurring as the weights. Expected credit loss is the difference
between all contractual cash flows that are due to the Company in accordance
with the contract and all the cash flows that the Company expects to receive (i.e.
all cash shortfalls), discounted at the original effective interest rate (or credit
adjusted effective interest rate for purchased or originated credit-impaired
financial assets).
The Company measures the loss allowance for a financial instrument at an amount
equal to the lifetime expected credit losses if the credit risk on that financial
instrument has increased significantly since initial recognition. If the credit risk
on a financial instrument has not increased significantly since initial recognition,
the Company measures the loss allowance for that financial instrument at an
amount equal to 12-month expected credit losses. 12-month expected credit
losses are portion of the lifetime expected credit losses and represent the
lifetime cash shortfalls that will result if default occurs within 12 months after
the reporting date and thus, are not cash shortfalls that are predicted over the
next 12 months.
If the Company measured loss allowance for a financial instrument at lifetime
expected credit loss model in the previous period, but determines at the end of
a reporting period that the credit risk has not increased significantly since initial
recognition due to improvement in credit quality as compared to the previous
period, the Company again measures the loss allowance based on 12-month
expected credit losses.
When making the assessment of whether there has been a significant increase
in credit risk since initial recognition, the Company uses the change in the risk of
a default occurring over the expected life of the financial instrument instead of
the change in the amount of expected credit losses. To make that assessment,
the Company compares the risk of a default occurring on the financial instrument
as at the reporting date with the risk of a default occurring on the financial
instrument as at the date of initial recognition and considers reasonable and
supportable information, that is available without undue cost or effort, that is
indicative of significant increases in credit risk since initial recognition.
For trade receivables or any contractual right to receive cash or another financial
asset that results from transactions that are within the scope of Ind AS 115, the
Company always measures the loss allowance at an amount equal to lifetime
expected credit losses.
Further, for the purpose of measuring lifetime expected credit loss allowance
for trade receivables, the Company has used a practical expedient as permitted
under Ind AS 109. This expected credit loss allowance is computed based on a
provision matrix, which takes into account historical credit loss experience and
adjusted for forward looking information.
159
The impairment requirements for the recognition and measurement of a loss

allowance are equally applied to debt instruments at FVTOCI except that the loss
allowance is recognised in OCI and is not reduced from the carrying amount in
the Standalone Balance Sheet.
The Company determines whether it is necessary to recognise an impairment loss
on its investment in its subsidiaries and joint venture. At each reporting date, the
Company determines whether there is objective evidence that the investment
in the subsidiaries and joint venture is impaired. If there is such evidence, the
Company calculates the amount of impairment as the difference between the
recoverable amount of the subsidiaries and joint venture and its carrying value,
and then recognises the impairment loss in the standalone statement of profit
and loss.
(b) Non derivative financial liabilities

(i) Classification as debt or equity
Debt and equity instruments issued by the Company are classified as either
financial liabilities or as equity in accordance with the substance of the contractual
arrangements and the definitions of a financial liability and an equity instrument.
(1) Equity instruments:

An equity instrument is any contract that evidences a residual interest in
the assets of an entity after deducting all of its liabilities. Equity instruments
issued by the Company are recognised at the proceeds received, net of
direct issue costs.
Repurchase of the Company’s own equity instruments is recognised and
deducted directly in equity. No gain or loss is recognised in the Standalone
Statement of Profit and Loss on the purchase, sale, issue or cancellation of
the Company’s own equity instruments.
(2) Compound financial instruments:

The component parts of compound financial instruments (convertible notes)
issued by the Company are classified separately as financial liabilities and
equity in accordance with the substance of the contractual arrangements
and the definitions of a financial liability and an equity instrument. A
conversion option that will be settled by the exchange of a fixed amount of
cash or another financial asset for a fixed number of the Company’s own
equity instruments is an equity instrument.
At the date of issue, the fair value of the liability component is estimated using
the prevailing market interest rate for similar non-convertible instruments.
This amount is recognised as a liability on an amortised cost basis using
the effective interest method until extinguished upon conversion or at the
instrument’s maturity date.
(3) Financial liabilities:

All financial liabilities are measured at amortised cost using the effective
interest method or at FVTPL.

However, financial liabilities that arise when a transfer of a financial asset

does not qualify for derecognition or when the continuing involvement
approach applies, financial guarantee contracts issued by the Company, and
commitments issued by the Company to provide a loan at below- market
interest rate are measured in accordance with the specific accounting
policies set out below.
Financial liabilities at FVTPL:

Financial liabilities are classified as at FVTPL when the financial liability is
either held for trading or it is designated as at FVTPL.
A financial liability is classified as held for trading, if:

• It has been acquired or incurred principally for the purpose of selling
or repurchasing it in the near term; or
• On initial recognition it is part of a portfolio of identified financial
instruments that the Company manages together and has a recent
actual pattern of short-term profit-taking; or
• It is a derivative that is not a financial guarantee contract or designated
and effective as a hedging instrument.
A financial liability other than a financial liability held for trading may, be
designated as at FVTPL upon initial recognition, if:
• Such designation eliminates or significantly reduces a measurement
or recognition inconsistency that would otherwise arise;
• The financial liability forms part of a group of financial assets or financial
liabilities or both, which is managed and its performance is evaluated
on a fair value basis, in accordance with the Company’s documented
risk management or investment strategy, and information about the
Company is provided internally on that basis; or
• It forms part of a contract containing one or more embedded derivatives,
and Ind AS 109 permits the entire combined contracts to be designated
as at FVTPL in accordance with Ind AS 109.
Financial liabilities at FVTPL are stated at fair value, with any gains or losses
arising on remeasurement recognised in the Standalone Statement of
Profit and Loss.
The Put Option and/or call option on the Non-Controlling Interest (“NCI”) of
subsidiary is initially measured at the fair value. The subsequent changes in
the fair value is recognised in the Standalone Statement of Profit and Loss.
However, financial liabilities that are not held-for-trading and are designated
as at FVTPL, the amount of change in the fair value of the financial liability
that is attributable to changes in the credit risk of that liability is recognised
in other comprehensive income, unless the recognition of the effects of
changes in the liability’s credit risk in other comprehensive income would
161
create or enlarge an accounting mismatch in the Standalone Statement

of Profit and Loss, in which case these effects of changes in credit risk are
recognised in the Standalone Statement of Profit and Loss. The remaining
amount of change in the fair value of liability is always recognised in the
Standalone Statement of Profit and Loss. Changes in fair value attributable
to a financial liability’s credit risk that are recognised in other comprehensive
income are reflected immediately in other comprehensive income under
other equity and are not subsequently reclassified to the Standalone
Gains or losses on financial guarantee contracts and loan commitments
issued by the Company that are designated by the Company as at fair value
through profit or loss are recognised in the Standalone Statement of Profit
and Loss.
Financial liabilities subsequently measured at amortised cost:

Financial liabilities that are not held-for-trading and are not designated as at
FVTPL are measured at amortised cost at the end of subsequent accounting
periods. The carrying amounts of financial liabilities that are subsequently
measured at amortised cost are determined based on the effective interest
method. Interest expense that is not capitalised as part of costs of an asset
is included in the ‘Finance costs’ line item.
The effective interest method is a method of calculating the amortised cost
of a financial liability and of allocating interest expense over the relevant
period. The effective interest rate is the rate that exactly discounts estimated
future cash payments (including all fees and points paid or received that form
an integral part of the effective interest rate, transaction costs and other
premiums or discounts) through the expected life of the financial liability,
or (where appropriate) a shorter period, to the gross carrying amount on
initial recognition.
(ii) Loans and borrowings

Borrowings are initially recognised at fair value, net of transaction costs incurred.
Borrowings are subsequently measured at amortised cost. Any difference
between the proceeds (net of transaction costs) and the redemption amount is
recognised in the Standalone Statement of Profit and Loss over the period of
borrowings using the EIR method. Fees paid on the establishment of loan facilities
are recognised as the transaction cost of the loan to the extent it is probable that
some or all of the facility will be drawn down, the fees are deferred until the draw
down occurs. To the extent that there is no evidence that is probable that some
or all of the facility will be drawn down, the fee is capitalised as a prepayment
for liquidity and amortised over the period of facility to which it relates.
Preference shares, which are mandatorily redeemable on a specific date, are
classified as liabilities. The dividends on these preference shares are recognised
in the Standalone Statement of Profit and Loss as ‘Finance costs’.

(iii) Foreign exchange gains and losses
The fair value of financial assets denominated in a foreign currency is determined

in that foreign currency and translated at the spot rate at the end of each reporting
period.
• For foreign currency denominated financial assets measured at amortised

cost and FVTPL, the exchange differences are recognised in the Standalone
Statement of Profit and Loss, except for those which are designated as
hedging instruments in a hedging relationship.
• For the purposes of recognising foreign exchange gains and losses, FVTOCI
financial assets are treated as financial assets measured at amortised cost.
Thus, the exchange differences on the amortised cost are recognised in the
Standalone Statement of Profit and Loss, and other changes in the fair value
of FVTOCI financial assets are recognised in OCI.
For financial liabilities that are denominated in a foreign currency and are
measured at amortised cost at the end of each reporting period, the foreign
exchange gains and losses are determined based on the amortised cost of the
instruments and are recognised in ‘Other income’.
The fair value of financial liabilities denominated in a foreign currency is

determined in that foreign currency and translated at the spot rate at the end of
the reporting period. For financial liabilities that are measured as at FVTPL, the
foreign exchange component forms part of the fair value gains or losses and is
recognised in the Standalone Statement of Profit and Loss.
De-recognition of financial assets and financial liabilities
The Company de-recognises a financial asset when the contractual rights to the cash
flows from the asset expire, or when it transfers the financial asset and substantially all
the risks and rewards of ownership of the asset to another party. If the Company neither
transfers nor retains substantially all the risks and rewards of ownership and continues
to control the transferred asset, the Company recognises its retained interest in the asset
and an associated liability for the amounts it may have to pay. If the Company retains
substantially all the risks and rewards of ownership of a transferred financial asset, the
Company continues to recognise the financial asset and also recognises a collateralised
borrowing for the proceeds received.
On de-recognition of a financial asset in its entirety, the difference between the asset’s
carrying amount and the sum of the consideration received and receivable, and the
cumulative gain or loss that had been recognised in OCI and accumulated in equity is
recognised in the Standalone Statement of Profit and Loss.
On de-recognition of a financial asset other than in its entirety (for example: when the
Company retains an option to repurchase part of a transferred asset), the Company
allocates the previous carrying amount of the financial asset between the part it continues
to recognise under continuing involvement and the part it no longer recognises on the
basis of the relative fair values of those parts on the date of the transfer. The difference
between the carrying amount allocated to the part that is no longer recognised and the
163
sum of the consideration received for the part no longer recognised and any cumulative
gain or loss allocated to it that had been recognised in other comprehensive income is
recognised in the Standalone Statement of Profit and Loss. A cumulative gain or loss that
had been recognised in other comprehensive income is allocated between the part that
continues to be recognised and the part that is no longer recognised on the basis of the
relative fair values of those parts.
The Company de-recognises financial liabilities only when the Company’s obligations are
discharged, cancelled or have expired. An exchange with a lender of debt instruments
with substantially different terms is accounted for as an extinguishment of the original
financial liability and the recognition of a new financial liability. Similarly, a substantial
modification of the terms of an existing financial liability (whether or not attributable to
the financial difficulty of the debtor) is accounted for as an extinguishment of the original
financial liability and the recognition of a new financial liability. The difference between
the carrying amount of the financial liability de-recognised and the consideration paid and
payable is recognised in the Standalone Statement of Profit and Loss.
Offsetting financial instruments

Financial assets and liabilities are offset, and the net amount is reported in the Standalone
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.
(XV) Derivative financial instruments

The Company uses derivative financial instruments, such as forward currency contracts,
to hedge its foreign currency risks and options contract in accordance with agreement.
Such derivative financial instruments are initially recognised at fair value on the date on
which a derivative contract is entered into and are subsequently re-measured at fair value.
Derivatives are carried as financial assets when the fair value is positive and as financial
liabilities when the fair value is negative.
Any gains or losses arising from changes in the fair value of derivatives are taken directly to
the Standalone Statement of Profit and Loss, except for the effective portion of cash flow
hedges, which is recognised in OCI and later reclassified to the Standalone Statement of
Profit and Loss when the hedge item affects the Standalone Statement of Profit and Loss
or treated as basis adjustment, if a hedged forecast transaction subsequently results in
the recognition of a non-financial asset or non-financial liability.
(XVI) Inventories
Raw materials, components, stores and spares, and packing materials are valued at lower
of cost or net realisable value. However, these items are considered to be realisable at cost
if the finished products, in which they will be used, are expected to be sold at or above
cost. Cost includes cost of purchase and other costs in bringing the inventories to their
present location and condition. Cost is determined on weighted average cost basis.
Traded goods, work-in-progress and finished goods are valued at cost or net realisable value,
whichever is lower. Work-in-progress and finished goods include costs of direct materials,

labour and a proportion of manufacturing overheads based on the normal operating

capacity but excluding borrowing cost. Traded goods cost includes cost of purchase and
other costs incurred in bringing the inventories to their present location and condition.
Cost is determined on weighted average cost basis.
Net realisable value is the estimated selling price in the ordinary course of business, less
estimated costs of completion and the estimated costs necessary to make the sale.
Proceeds in respect of sale of raw materials/ stores are credited to the respective heads.
Obsolete and defective inventory are duly provided for, basis the management estimates
(Refer Note – 40f).
(XVII) Provisions and contingent liabilities

The amount recognised as a provision is the best estimate of the consideration required
to settle the present obligation at the end of the reporting period, taking into account
the risks and uncertainties surrounding the obligation. When a provision is measured
using the cash flows estimated to settle the present obligation, its carrying amount is the
present value of those cash flows (when the effect of the time value of money is material).
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
benefits will be required to settle the obligation and the amount can be reliably estimated.
The expense relating to a provision is presented in the Standalone Statement of Profit and
Loss, net of any reimbursements.
When some or all of the economic benefits required to settle a provision are expected to be
recovered from a third party, a receivable is recognised as an asset, if it is virtually certain
that reimbursement will be received and the amount of the receivable can be measured
reliably.
A present obligation that arises from past events, where it is either not probable that an
outflow of resources will be required to settle or a reliable estimate of the amount cannot
be made, is disclosed as a contingent liability. Contingent liabilities are also disclosed
when there is a possible obligation arising from past events, the existence of which will
be confirmed only by the occurrence or non-occurrence of one or more uncertain future
events not wholly within the control of the Company (Refer Note – 45).
Claims against the Company, where the possibility of any outflow of resources in settlement
is remote, are not disclosed as contingent liabilities.
Contingent assets are not recognised in the financial statements since this may result in
the recognition of income that may never be realised. However, when the realisation of
income is virtually certain, then the related asset is not a contingent asset and is recognised.
(XVIII) Employee benefits

(a)
Short-term employee benefits
Short-term employee benefits are recognised as an expense on accrual basis.
(b) Defined contribution plan

The Company makes defined contribution to the Government Employee Provident
Fund and Superannuation Fund, which are recognised in the Standalone Statement
165
of Profit and Loss, on accrual basis. The Company recognises contribution payable
to the provident fund scheme as an expense, when an employee renders the related
service. The Company has no obligation, other than the contribution payable to the
provident fund.
(c) Defined benefit plan

The Company operates a defined benefit gratuity plan in India. The Company operates
gratuity plan through a Trust wherein certain employees are entitled to the benefit
equivalent to fifteen days salary last drawn for each completed year of service as per
the Payment of Gratuity Act, 1972. In case of some employees, the Company’s scheme
is more favourable as compared to the obligation under Payment of Gratuity Act, 1972.
The benefit vests after five years of continuous service and the same is payable on
termination of service or retirement, whichever is earlier. A part of the gratuity plan
is funded (maintained by an independent insurance company) and another part is
unfunded and managed within the Company, hence the liability has been bifurcated
into funded and unfunded. The Company’s liabilities under The Payment of Gratuity
Act, 1972 are determined on the basis of actuarial valuation made at the end of
each financial year using the projected unit credit method. Obligation is measured
at the present value of estimated future cash flows using a discounted rate that is
determined by reference to market yields at the Standalone Balance Sheet date on
Government bonds, where the terms of the Government bonds are consistent with the
estimated terms of the defined benefit obligation. The net interest cost is calculated
by applying the discount rate to the net balance of the defined benefit obligation and
fair value of plan assets. This cost is included in the ‘Employee benefits expense’ in the
Standalone Statement of Profit and Loss. Re-measurement gains or losses and return
on plan assets (excluding amounts included in net Interest on the net defined benefit
liability) arising from changes in actuarial assumptions are recognised in the period in
which they occur, directly in OCI. These are presented as remeasurement gains or
losses on defined benefit plans under other comprehensive income in other equity.
Remeasurements gains or losses are not reclassified subsequently to the Standalone
(d)
Compensated absences
The employees of the Company are entitled to compensated absences. The employees
can carry forward a portion of the unutilised accumulating compensated absences and
utilise it in future periods or receive cash at retirement or termination of employment.
The Company records an obligation for compensated absences in the period in which
the employee renders the services that increases this entitlement. The Company
measures the expected cost of compensated absences as the additional amount
that the Company expects to pay as a result of the unused entitlement that has
accumulated at the end of the reporting period. The Company recognises accumulated
compensated absences based on actuarial valuation in the Standalone Statement of
Profit and Loss.
The Company presents the entire leave as a current liability in the Standalone Balance
Sheet, since it does not have any unconditional right to defer its settlement for twelve
months after the reporting date.

(XIX) Share-based payment

Employees of the Company receive remuneration in the form of equity-settled instruments
and stock appreciation rights for rendering services over a defined vesting period. Equity-
settled share-based payments to employees and others providing similar services are
measured at the fair value of the equity instruments at the grant date using an appropriate
valuation model.
The fair value determined at the grant date of the equity-settled share-based payments
is expensed on a straight- line basis over the vesting period, based on the Company’s
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 estimate of the
number of equity instruments expected to vest. The impact of the revision of the original
estimates, if any, is recognised in the Standalone Statement of Profit and Loss, such that
the cumulative expense reflects the revised estimate, with a corresponding adjustment
to the equity-settled share options outstanding account.
No expense is recognised for awards 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.
For cash-settled share-based payment, a liability is recognised for the goods or services
acquired, measured initially at the fair value of the liability using a binomial method. At the
end of each reporting period until the liability is settled and at the date of settlement, the
fair value of the liability is re-measured, with any changes in the fair value recognised in
‘Employee benefits expense’ in the Standalone Statement of Profit and Loss for the year.
The Company has created an “ABFRL Employee Welfare Trust”(ESOP Trust) and uses it as
a vehicle for distributing shares to employees under the Employee Stock Option Scheme
2019 or any subsequent Stock Option Scheme. The trust purchase shares of the Company
from the market, for issuing shares to employees. The Company treats trust as its extension
and shares held by trust are treated as treasury shares.
Own equity instruments that are reacquired (treasury shares) are recognised at cost and
deducted from other equity. No gain or loss is recognised in the standalone statement of
profit and loss on the purchase, sale, issue or cancellation of the Company’s own equity
instruments. Any difference between the carrying amount and the consideration, if reissued
or sold, is recognised in capital reserve. Share options exercised during the reporting period
are settled with treasury shares.
(XX) Earnings per share

Basic earnings per share is calculated by dividing the net profit or loss attributable to equity
holders of the Company by the weighted average number of equity shares outstanding
during the period.
Partly paid equity shares are treated as a fraction of an equity share to the extent that
they are entitled to participate in dividends relative to a fully paid equity share during the
reporting period. Earnings, considered in ascertaining the Company’s earnings per share,
is the net profit for the period after deducting preference dividends. The weighted average
number of equity shares outstanding during the period is adjusted for treasury shares
167
and events such as bonus issue, bonus element in a rights issue that have changed the
number of equity shares outstanding, without a corresponding change in resources.
For the purpose of calculating diluted earnings per share, the net profit or loss for the
period attributable to equity shareholders of the Company and the weighted average
number of shares outstanding during the period are adjusted for the effects of all dilutive
potential equity shares.
(XXI) Cash and cash equivalents

Cash and cash equivalents in the Standalone Balance Sheet and for the purpose of the
Standalone Statement of Cash Flows comprise cash on hand and cash at bank including
fixed deposits with original maturity period of three months or less and short-term highly
liquid investments with an original maturity of three months or less net of outstanding bank
overdrafts as they are considered an integral part of the Company’s cash management.
2.4 New and amended standards adopted by the Company:

The Company has applied the following amendments to Ind AS for the first time from the
annual reporting period commencing 1 April 2021:
- Extension of COVID-19 related concessions – amendments to Ind AS 116
- Interest rate benchmark reform – amendments to Ind AS 109, Financial Instruments,
Ind AS 107, Financial Instruments: Disclosures, Ind AS 104, Insurance Contracts and
Ind AS 116, Leases.
The amendments listed above did not have any impact on the amounts recognised in prior
periods and are not expected to significantly affect the current or future periods.
2.5 Standards issues but not yet effective:

The Ministry of Corporate Affairs has vide notification dated March 23, 2022 notified
Companies (Indian Accounting Standards) Amendment Rules, 2022 which amended the
following accounting standards. These amendments are effective from April 01, 2022 and
early adoption is permitted in some cases.
a) Ind AS 16, Property Plant and equipment
b) Ind AS 37, Provisions, Contingent Liabilities and Contingent Assets
c) Ind AS 101, First time adoption of Indian Accounting Standards
d) Ind AS 103, Business Combinations
e) Ind AS 109, Financial Instruments
f) Ind AS 41, Agriculture
The above amendments are not likely to have any material impact on the financial
statements of the Company for the current or future reporting period.

NOTE: 3a
PROPERTY, PLANT AND EQUIPMENT
` in Crore
Freehold Freehold Plant and Leasehold Computers Furniture Office Vehicles Total
land* buildings* equipment improvements and fixtures equipment
Cost
As at April 01, 2020 5.92 42.74 216.51 298.03 112.59 509.26 133.42 15.90 1,334.37
Additions - 0.62 24.75 35.35 8.24 59.45 5.02 0.41 133.84
Disposals - - 22.68 20.91 4.73 70.24 3.78 3.44 125.78
As at March 31, 2021 5.92 43.36 218.58 312.47 116.10 498.47 134.66 12.87 1,342.43
Additions - - 75.57 73.14 14.12 85.08 8.90 2.02 258.83
Disposals - - 46.83 26.43 2.20 74.55 2.51 5.85 158.37
As at March 31, 2022 5.92 43.36 247.32 359.18 128.02 509.00 141.05 9.04 1,442.89
Depreciation
As at April 01, 2020 - 4.11 79.65 152.40 76.12 311.81 66.63 5.55 696.27
Depreciation for the year - 1.56 39.70 48.33 17.26 88.05 7.02 3.73 205.65
(Refer Note - 36)
Disposals - - 17.11 20.51 4.70 45.82 3.05 2.80 93.99
As at March 31, 2021 - 5.67 102.24 180.22 88.68 354.04 70.60 6.48 807.93
Depreciation for the year - 1.57 56.11 49.36 7.93 75.60 7.43 2.76 200.76
(Refer Note - 36)
Disposals - - 39.84 20.78 1.50 66.34 1.92 4.62 135.00
As at March 31, 2022 - 7.24 118.51 208.80 95.11 363.30 76.11 4.62 873.69
Net carrying value as at:
March 31, 2022 5.92 36.12 128.81 150.38 32.91 145.70 64.94 4.42 569.20
March 31, 2021 5.92 37.69 116.34 132.25 27.42 144.43 64.06 6.39 534.50
Net carrying value

` in Crore
As at As at
March 31, 2022 March 31, 2021
Property, plant and equipment 569.20 534.50
Total 569.20 534.50
* The title deeds of immovable properties, included in Property, Plant and Equipment above are
held in the name of the Company except for Freehold land and Freehold building wherein the Gross
Block amounting to ` 5.92 Crore (March 31, 2021: ` 5.92 Crore) and ` 0.13 Crore (March 31, 2021:
` 0.13 Crore), respectively, which are held in the name of the demerged companies and are in the
process of being transferred to the Company.
169
NOTE: 3b
CAPITAL WORK-IN-PROGRESS
` in Crore
As at As at
March 31, 2022 March 31, 2021
Capital work-in-progress 61.04 34.64
Total 61.04 34.64
Ageing of Capital work-in-progress as on March 31, 2022

` in Crore
Capital work-in-progress Less than 1-2 years 2-3 years More than Total
1 Year 3 years
(i) Projects in progress 43.54 12.79 4.65 - 60.98
(ii) Projects temporarily suspended - - - 0.06 0.06
` in Crore
Capital work-in-progress whose To be completed in
completion is overdue or has
exceeded its cost compared to its Less than 1-2 years 2-3 years More than Total
original plan 1 Year 3 years
(i) Project 1 - - - - -
(ii) Project 2 - - - - -
Ageing of Capital work-in-progress as on March 31, 2021

` in Crore
1 Year 3 years
(i) Projects in progress 22.74 10.21 0.02 0.03 33.00
(ii) Projects temporarily suspended 0.37 1.27 - - 1.64
` in Crore
completion is overdue or has
exceeded its cost compared to its Less than 1-2 years 2-3 years More than Total
original plan 1 Year 3 years
(i) Project 1 - - - - -
(ii) Project 2 - - - - -
There are no projects as on the reporting periods where costs have been exceeded cost as compared
to its original plan or where completion is overdue.

NOTE: 4
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES
(a) Right-of-use assets
` in Crore
Land Buildings* Plant and Computers Furniture and Office Total
equipment fixtures equipment
Cost
As at April 01, 2020 10.42 2,719.66 9.56 3.70 38.77 1.62 2,783.73
Additions - 715.27 6.96 0.20 51.41 2.32 776.16
Termination - 243.23 - - - - 243.23
As at March 31, 2021 10.42 3,191.70 16.52 3.90 90.18 3.94 3,316.66
Additions - 1,025.65 4.78 - 6.40 2.28 1,039.11
Termination - 162.58 - - - - 162.58
As at March 31, 2022 10.42 4,054.77 21.30 3.90 96.58 6.22 4,193.19
Depreciation
As at April 01, 2020 0.39 608.66 0.04 0.02 0.18 0.01 609.30
Depreciation for the year (Refer Note - 36) 0.13 714.88 1.74 - 7.33 0.04 724.12
Termination - 83.65 - - - - 83.65
As at March 31, 2021 0.52 1,239.89 1.78 0.02 7.51 0.05 1,249.77
Depreciation for the year (Refer Note - 36) 0.13 708.02 4.03 0.79 18.20 1.04 732.21
Termination - 67.69 - - - - 67.69
As at March 31, 2022 0.65 1,880.22 5.81 0.81 25.71 1.09 1,914.29
As at March 31, 2022 9.77 2,174.55 15.49 3.09 70.87 5.13 2,278.90
As at March 31, 2021 9.90 1,951.81 14.74 3.88 82.67 3.89 2,066.89
* The title deeds of Right-of-use assets above are held in the name of the Company except for buildings wherein
the Gross Block amounts to ` 259.93 Crore (March 31, 2021: ` 259. 93 Crore) which are held in the name of the
demerged companies and are in the process of being transferred to the Company.
Net carrying value
` in Crore
As at As at
March 31, 2022 March 31, 2021
Right-of-use assets 2,278.90 2,066.89
Total 2,278.90 2,066.89
(b) Lease liabilities

` in Crore
As at As at
March 31, 2022 March 31, 2021
Opening balance 2,385.57 2,467.35
Additions 1,002.38 732.80
Retirements (105.99) (166.01)
Interest expense on lease liabilities 205.75 221.89
Rent concession (Refer Note - 40k) (215.43) (340.43)
Payments (656.40) (530.03)
Closing balance 2,615.88 2,385.57
Current 751.05 690.47
Non-current 1,864.83 1,695.10
For maturity analysis of lease liabilities, refer Note - 44a.
171
NOTE: 5
GOODWILL AND OTHER INTANGIBLE ASSETS
` in Crore
Goodwill Brands/ Computer Technical Franchisee Total
Trademarks software know - how rights
Cost
As at April 01, 2020 1,859.60 27.89 80.81 1.84 33.81 2,003.95
Additions - - 4.34 - - 4.34
Disposals - - 0.26 - - 0.26
As at March 31, 2021 1,859.60 27.89 84.89 1.84 33.81 2,008.03
Additions - - 13.34 - - 13.34
Disposals - - 1.47 - - 1.47
As at March 31, 2022 1,859.60 27.89 96.76 1.84 33.81 2,019.90
Amortisation
As at April 01, 2020 - 12.74 63.56 1.28 10.55 88.13
Amortisation for the year - 2.91 10.94 0.20 1.18 15.23
(Refer Note - 36)
Disposals - - 0.26 - - 0.26
As at March 31, 2021 - 15.65 74.24 1.48 11.73 103.10
Amortisation for the year - 2.91 9.59 0.20 1.18 13.88
(Refer Note - 36)
Disposals - - 0.46 - - 0.46
As at March 31, 2022 - 18.56 83.37 1.68 12.91 116.52

March 31, 2022 1,859.60 9.33 13.39 0.16 20.90 1,903.38
March 31, 2021 1,859.60 12.24 10.65 0.36 22.08 1,904.93
Net carrying value

` in Crore
As at As at
March 31, 2022 March 31, 2021
Goodwill 1,859.60 1,859.60
Other intangible assets 43.78 45.33
Total 1,903.38 1,904.93
NOTE: 5A
IMPAIRMENT TESTING OF GOODWILL
Goodwill acquired through various business combinations has been allocated to the three Cash-
Generating Units (CGUs) as below:
1. Pantaloons CGU
2. Madura Fashion & Lifestyle CGU
3. Forever 21 CGU
Pantaloons CGU
During the year ended March 31, 2013, the Company acquired Pantaloons format business
(‘Pantaloons business’) from Future Retail Limited (“FRL”), which consisted of fashion retail business
operating under the brand name “Pantaloons”. Pantaloons is a leading large format fashion retailer
engaged in retailing of apparel and accessories. The business thus acquired is Pantaloons CGU.

Madura Fashion & Lifestyle CGU

Pursuant to the Composite Scheme of Arrangement amongst the Company, Aditya Birla Nuvo
Limited (“ABNL”), Madura Garments Lifestyle Retail Company Limited (“MGLRCL”) and their respective
shareholders and creditors (“Composite Scheme”), Madura Undertaking of ABNL and MGL Retail
Undertaking of MGLRCL (“demerged undertakings”) were transferred to the Company on a going
concern basis, w.e.f. April 01, 2015.
Madura Undertaking is a leading premium branded apparel player in India with brands like Louis
Philippe, Van Heusen, Allen Solly and Peter England, and MGL Retail Undertaking is primarily engaged
in promoting lifestyle brands and having licences to retail various international brands like Armani
Collezioni, Hugo Boss, Versace Collection and many more under one roof, ‘The Collective’. Both these
divisions jointly comprise the Madura Fashion & Lifestyle CGU.
Forever 21 CGU
Effective July 01, 2016, the Company acquired exclusive franchise rights for the Indian market of
Forever 21 business comprising of operating retail stores in India for the sale of clothing, artificial
jewellery, accessories and related merchandise under the brand name “Forever 21” (“F21”), and is
considered as a separate CGU.
For the purpose of Segment reporting, Madura Fashion & Lifestyle and Forever 21 CGUs have been
aggregated to form one segment in accordance with Ind AS 108, considering the same is operated
and monitored by the Company as one.
Carrying amounts of Goodwill allocated to each of the CGUs are as below:
` in Crore
As at As at
March 31, 2022 March 31, 2021
Pantaloons CGU 1,167.55 1,167.55
Madura Fashion & Lifestyle CGU 627.67 627.67
Forever 21 CGU 64.38 64.38
Total 1,859.60 1,859.60
Disclosures with respect to Goodwill allocated to the CGUs
Value in use calculation of CGUs:

The recoverable amount of the CGUs as at March 31, 2022, has been determined based on value in
use using cash flow projections from financial budgets approved by senior management covering
a three years period ended March 31, 2025 and cash flow projections for financial years 2026 and
2027 has been extrapolated to demonstrate the tapering of growth rate for computation of perpetual
cash flows. The Company has considered a terminal growth rate of 5% to arrive at the value in use
to perpetuity beyond March 31, 2027. The pre-tax discount rate is applied to cash flow projections
for impairment testing during the financial years. It is concluded that the carrying value of goodwill
does not exceed the value in use. As a result of this analysis, the management did not identify
impairment for these CGUs.
Key assumptions used for value in use calculations

Discount rates:
Discount rates represent the current market assessment of the risks specific to each CGU, taking into
consideration the time value of money and individual risks of the underlying assets that have not
been incorporated in the cash flow estimates. The discount rate calculation of each CGU is derived
from its Weighted Average Cost of Capital (WACC). The WACC takes into account both debt and equity.
The cost of equity is derived from the expected return on investment by the Company’s investors.
173
The cost of debt is based on the interest-bearing borrowings of the Company. Adjustments to the
discount rate are made to factor in the specific amount and timing of the future tax flows in order
to reflect a pre-tax discount rate.
Pantaloons Madura Forever 21 Pantaloons Madura Forever 21
CGU Fashion & CGU CGU Fashion & CGU
Lifestyle Lifestyle
CGU CGU
Discount rate 14.50% 15.00% 14.90% 13.64% 14.41% 15.41%
Growth rate estimates:

Rates are based on published industry research. Growth rate is based on the Company’s projection
of business and growth of the industry in which the respective CGU is operating. The growth rate is
in line with the long-term growth rate of the industry except for Forever 21 CGU. The growth rate of
Forever 21 CGU considers the Company’s plan to launch new stores/ expected same store growth
and change in merchandise.
No reasonable possible change in key assumptions is likely to result in the recoverable amount of
the CGUs being less than their carrying amount.
NOTE: 6
NON-CURRENT FINANCIAL ASSETS – INVESTMENTS
` in Crore
As at As at
March 31, 2022 March 31, 2021
(a) Investments in subsidiaries and joint venture
Investments in subsidiaries: (Carried at cost)
Unquoted equity instruments
1,46,98,620 (March 31, 2021: 61,37,055) fully paid equity shares of 229.75 104.75
` 10/- each of Jaypore E-Commerce Private Limited (Refer Note - 1
below)
10,000 (March 31, 2021: 10,000) fully paid equity shares of ` 10/- 0.25 0.25
each of TG Apparel & Decor Private Limited (Refer Note - 1 below)
8,62,102 (March 31, 2021: 6,31,670) fully paid equity shares of 77.78 57.85
` 10/- each of Finesse International Design Private Limited (Refer
Note - 2 below)
Sabyasachi Calcutta LLP (Refer Note - 3 below) 389.84 389.84
Share of Profit Ratio:
Aditya Birla Fashion and Retail Limited - 51%
Mr. Sabyasachi Mukherjee - 49%
2,80,00,000 (March 31, 2021: 2,80,00,000) fully paid equity shares 63.00 63.00
of ` 10/- each of Indivinity Clothing Retail Private Limited (Refer
Note - 4 below)
Investments in joint venture: (Carried at cost)
3,579 (March 31, 2021: 3,579) fully paid equity shares of ` 10/- each 67.18 67.18
of Goodview Fashion Private Limited (Refer Note - 5 below)
Total 827.80 682.87

` in Crore
As at As at
March 31, 2022 March 31, 2021
(b) Other Investments: (Carried at fair value through other
comprehensive income)
7,000 (March 31, 2021: 7,000) fully paid equity shares of ` 10/- 7.32 6.66
each of Birla Management Centre Services Limited*
Total 7.32 6.66
* Increase is on account of fair valuation.

(c) Current Investments (Carried at fair value through profit and
loss (FVTPL))
Quoted investments
Aditya Birla Sun Life Liquid Fund - Growth- Regular Plan 87.51 170.61
(formerly known as Aditya Birla Sun Life Cash Plus) (March 31,
2022: 25,70,542.054 units, March 31, 2021: 51,46,153.781 units)
Aditya Birla Sun Life Overnight Fund - Growth- Direct Plan (March - 128.92
31, 2022: Nil, March 31, 2021: 11,58,380.796 units)
Aditya Birla Sun Life Money Manager Fund - Growth Regular Plan 95.43 -
(March 31, 2022: 32,20,919.551 units, March 31, 2021: Nil)
Axis Money Market - Regular Growth(MM-GP) (March 31, 2022: 38.49 -
3,35,483.883 units, March 31, 2021: Nil)
Axis Liquid Fund - Regular Growth(CF-GP) (March 31, 2022: 35.72 -
1,52,008.935 units, March 31, 2021: Nil)
DSP Savings Fund- Regular Plan Growth (March 31, 2022: 15.03 -
35,11,989.369 units, March 31, 2021: Nil)
DSP Liquidity Fund - Regular Plan Growth (March 31, 2022: 12.00 -
39,768.674 units, March 31, 2021: Nil)
HDFC Money Market Fund - Regular Plan Growth (March 31, 41.17 -
2022: 89,682.608 units, March 31, 2021: Nil)
HDFC Liquid Fund - Regular Plan Growth (March 31, 2022: 37.61 -
90,592.704 units, March 31, 2021: Nil)
ICICI Prudential Money Market Fund - Growth (March 31, 2022: 15.34 -
5,04,139.019 units, March 31, 2021: Nil)
Kotak Liquid Fund Regular Plan Growth (March 31, 2022: 35.14 -
82,127.437 units, March 31, 2021: Nil)
L & T Liquid Fund - Regular Growth (March 31, 2022: 69,130.529 20.05 -
units, March 31, 2021: Nil)
Mirae Asset Cash Management Fund - Regular Plan (March 31, 31.17 -
2022: 1,40,625.465 units, March 31, 2021: Nil)
SBI Liquid Fund Regular Growth (March 31, 2022: 1,66,171.185 55.02 -
UTI Overnight Fund - Regular Plan (March 31, 2022: 7,030.267 2.03 -
UTI Liquid Cash Plan - Regular Plan (March 31, 2022: 45,350.426 15.71 -
Total 537.42 299.53
175
` in Crore
As at As at
March 31, 2022 March 31, 2021
Aggregate book value of unquoted investments 835.12 689.53
Aggregate book value of quoted investments 537.42 299.53
Aggregate market value of quoted investments 537.42 299.53
Aggregate amount of impairment in value of investments - -
Notes:
1. During the year ended March 31, 2020, the Board of Directors of the Company approved
acquisition of 100% stake in Jaypore E-Commerce Private Limited (“Jaypore”) and TG Apparel &
Decor Private Limited (“TG Apparel”). Post completion of the conditions precedent under the
aforesaid Share Purchase Agreement(s), Jaypore and TG Apparel became the wholly-owned
subsidiaries of the Company w.e.f. July 02, 2019. Consequent to the above, Jaypore Inc., USA,
an overseas wholly-owned subsidiary of Jaypore had also become a wholly-owned subsidiary
of the Company. As at March 31, 2022, TG Apparel has negative net worth of ` 0.46 Crore
(March 31, 2021: ` 0.25 Crore) due to losses incurred. During the year, the Company has infused
` 125.00 Crore under Rights Issue in Jaypore E-Commerce Private Limited to support the existing
operations and growth of the business resulting in positive net worth as at March 31, 2022.
These two subsidiaries are of strategic importance to the Company and have a long-term
potential. Accordingly, management is of the view that there is no diminution in the value of
these investments. The Company has committed to provide support to fund the operations of
TG Apparel. Jaypore Inc., USA, an overseas wholly-owned subsidiary of Jaypore was dissolved
on September 21, 2020.
2. The Company entered into a strategic partnership with India’s leading designers “Shantanu
& Nikhil” by way of acquisition of 51% stake in ‘Finesse International Design Private Limited’
(“Finesse”). The said acquisition was done through a combination of primary equity infusion and
secondary share purchase by way of signing of Share Subscription and Purchase Agreement
(“SSPA”) and Shareholders’ Agreement with Finesse and its shareholders. Consequent to
aforesaid, Finesse became the subsidiary of the Company w.e.f. July 26, 2019.
During the year, the Company has infused ` 19.93 Crore under Rights Issue to support the
existing operations and growth of the business.
3. On January 27, 2021, the Board of Directors approved the acquisition of 51% stake in Sabyasachi
Calcutta LLP [formerly M/s. Sabyasachi Couture, a partnership firm (“Sabyasachi”)] by entering
into a Framework Agreement. On February 24, 2021, post completion of the customary closing
conditions under the Agreement, the Company concluded the acquisition. Considering the terms
of the Agreement, investment in Sabyasachi is considered as a subsidiary of the Company. Also
refer Note - 9 and Note - 23.
4. On February 24, 2021, the Board of Directors approved the acquisition of 80% stake in Indivinity
Clothing Retail Private Limited [“ICRPL”] by way of entering into ‘Share Subscription and
Shareholders Agreement’ [“SSSA”]. On March 26, 2021, post completion of the customary closing
conditions under the said SSSA, ICRPL became a subsidiary of the Company.
5. On February 24, 2021, the Board of Directors approved the acquisition of 33.50% stake in
Goodview Fashion Private Limited [formerly known as Goodview Properties Private Limited]
[“GFPL”], by way of entering into a ‘Share Purchase and Subscription agreement’ [“SPSA”] along
with a ‘Shareholders Agreement’. On March 19, 2021, post completion of the customary closing
conditions under the said SPSA, the Company concluded the acquisition. Considering the terms of
the SPSA and Shareholders’ Agreement, the investment in GFPL is considered as a Joint Venture.

On or after the expiry of 3 years from the Closing Date and till the expiry of 5 years from the
Closing Date, the Company has right but not an obligation, to acquire all or such number of
Promoter securities from the Key Promoter so as to increase the shareholding to 51%. This is
referred to as the Tranche 2 call option. Tranche 2 call option will be exercised by acquiring the
said equity shares at a value based on specific formula.
Also, the agreement stipulates a simultaneous call and put option (the Company holds the call
options and has written the put options), whereby, after the expiry of 10 years, in certain specified
time periods, the Company can acquire, if it exercises the call option it holds, and will also be
required to acquire, if Key Promoter exercises the put options the Company has written, all or
such number of equity shares so as to increase its shareholding to 100%. These call and put
options are to be exercised by acquiring/selling the said equity shares at fair value. Accordingly,
the fair value of the option is Nil.
NOTE: 7
NON-CURRENT FINANCIAL ASSETS - LOANS
` in Crore
As at As at
March 31, 2022 March 31, 2021
Loans and advances to employees
Secured, considered good - -
Unsecured, considered good 1.55 2.59
Loans receivables, which have significant increase in credit risk - -
Credit impaired - -
Loan to related party (Refer Note - 46)*
Unsecured, considered good 2.08 -
Total 3.63 2.59
* The Company has outstanding loan advanced to TG Apparel & Decor Private Limited (a wholly
owned subsidiary) at an interest rate of 7.45% p.a.
NOTE: 8
NON-CURRENT FINANCIAL ASSETS - SECURITY DEPOSITS
` in Crore
As at As at
March 31, 2022 March 31, 2021
Security deposits
Deposits to related party - unsecured, considered good 5.64 5.64
(Refer Note - 46)
Unsecured, considered doubtful 0.31 0.14
Provision for doubtful deposits (0.31) (0.14)
Total 307.57 303.74
177
NOTE: 9
NON-CURRENT FINANCIAL ASSETS - OTHERS
` in Crore
As at As at
March 31, 2022 March 31, 2021
Other bank balance
Bank deposits with more than 12 months maturity from the 0.48 0.28
Balance Sheet date
Derivative Instruments* 164.60 145.56
Total 165.08 145.84
* During the previous year, the Company acquired 51% stake in Sabyasachi Calcutta LLP by entering
into an agreement on February 24, 2021. Under the terms of the agreement, the Company has a
Call option to purchase the entire holding of Mr. Sabyasachi Mukherjee in case the Put Option (as
specified in Note - 23) is not exercised by Mr. Sabyasachi Mukherjee at the end of fourteen years.
Accordingly, the Company has accounted the fair value of call option of ` 164.60 Crore (March 31,
2021: ` 145.56 Crore) as non-current financial asset based on independent valuation performed by
the Company’s appointed independent valuer.
NOTE: 10
DEFERRED TAX ASSETS (NET)
Reflected in the Standalone Balance Sheet as follows:
` in Crore
As at As at
March 31, 2022 March 31, 2021
Deferred tax assets 353.10 321.23
Deferred tax assets/ (liabilities) (net) 353.10 321.23
Deferred tax assets / (liabilities) relates to the following:

` in Crore
Standalone Balance Sheet Standalone Statement of
Profit and Loss
As at As at Year ended Year ended
Difference between carrying amount (259.11) (262.20) (3.09) 303.21
of Property Plant and Equipment and
Intangible Assets and their tax base
Disallowance under Section 43B and 23.29 20.72 (2.57) 22.81
40(a)(ia) of the Income Tax Act, 1961
Provision for share-based payment 7.28 0.73 (6.55) 1.76
Loss as per income tax computations 466.37 461.41 (4.96) (446.00)
available for offsetting against future
taxable income
Impact of Ind AS 116
ROU assets and lease liabilities 112.59 104.27 (8.32) (13.82)
Others 2.68 (3.70) (6.38) 5.77
Net deferred tax assets/ (liabilities) 353.10 321.23 (31.87) (126.27)

Reconciliation of deferred tax assets/ (liabilities) (net):

` in Crore
As at As at
March 31, 2022 March 31, 2021
As at the beginning of the year 321.23 194.96
Deferred tax income/ (expense) recognised in profit and loss during 32.77 126.80
the year (Refer Note - 38)
Deferred tax income/ (expense) recognised in OCI during the year (0.90) (0.53)
(Refer Note - 38)
As at the end of the year 353.10 321.23
NOTE: 11
OTHER NON-CURRENT ASSETS
` in Crore
As at As at
March 31, 2022 March 31, 2021
Capital advances 8.94 1.12
Prepayments 37.36 11.30
Advances to suppliers - 3.00
Balances with government authorities (other than income tax) 40.08 47.00
Other receivables 0.67 2.55
Total 87.05 64.97
NOTE: 12
INVENTORIES
` in Crore
As at As at
March 31, 2022 March 31, 2021
At lower of cost and net realisable value
Raw materials 286.41 188.82
Includes Goods-in-transit ` 125.03 Crore (March 31, 2021: FALSE
` 71.57 Crore)
Work-in-progress 33.18 20.61
Finished goods 270.08 136.66
Stock-in-trade 2,116.23 1,378.22
Includes Goods-in-transit ` 28.46 Crore (March 31, 2021: FALSE
` 18.03 Crore)
Stores and spares 2.37 1.99
Packing materials 20.96 16.63
Total 2,729.23 1,742.93
During the year ended March 31, 2022 ` 34.46 Crore (March 31, 2021: ` 15.32 Crore) is recognised
as an expense for inventories carried at net realisable value.
179
NOTE: 13
CURRENT FINANCIAL ASSETS - LOANS
` in Crore
As at As at
March 31, 2022 March 31, 2021
Credit impaired - -
Total 6.84 6.49
NOTE: 14
CURRENT FINANCIAL ASSETS - SECURITY DEPOSITS
` in Crore
As at As at
March 31, 2022 March 31, 2021
Security deposits
Total 117.27 99.79
NOTE: 15
TRADE RECEIVABLES
` in Crore
As at As at
March 31, 2022 March 31, 2021
Trade receivables from others 770.10 622.97
Trade receivables from related parties (Refer Note - 46) 9.00 2.58
779.10 625.55
Less: Loss Allowances (24.70) (25.65)
Total 754.40 599.90
Break-up for security details:

` in Crore
As at As at
March 31, 2022 March 31, 2021
Trade receivables
Secured, considered good 103.50 70.57
779.10 625.55

Ageing of Trade Receivables:

` in Crore
Particulars Outstanding as on March 31, 2022
(for following periods from due date of payment)
Not due 0 - 6 6 months 1-2 years 2-3 years More than Total
months - 1 year 3 years
(i) Undisputed Trade Receivables – considered good 553.40 194.49 6.03 1.89 0.83 0.46 757.10
(ii) Undisputed Trade Receivables – considered - - - - - - -
doubtful
(iii) Undisputed - Credit Impaired - - - - - - -
(iv) Disputed Trade Receivables - considered good - - - - - - -
(v) Disputed Trade Receivables - considered doubtful - - - - - - -
(vi) Disputed Trade Receivables – which have - - - - - - -
significant increase in credit risk
(vii) Disputed Trade Receivables – credit impaired - - - - - - -
(viii) Trade Receivables assessed for credit risk on
individual basis:*
Disputed - 0.09 - 0.11 0.89 6.62 7.71
Undisputed - 0.32 5.59 0.07 2.14 6.17 14.29
(ix) Provision on Trade Receivables assessed on (22.00)
individual basis
(x) Expected credit loss (2.70)
Total 553.41 194.90 11.62 2.07 3.86 13.25 754.40
` in Crore
Particulars Outstanding as on March 31, 2021
Not due 0 - 6 6 months 1-2 years 2-3 years More Total
months - 1 year than 3
years
(i) Undisputed Trade Receivables – considered good 259.93 134.61 183.05 19.18 1.77 1.36 599.90
(ii) Undisputed Trade Receivables – considered - - - - - - -
doubtful
(iv) Disputed Trade Receivables - considered good - - - - - - -
(v) Disputed Trade Receivables - considered doubtful - - - - - - -
(vi) Disputed Trade Receivables – which have significant - - - - - - -
increase in credit risk
(vii) Disputed Trade Receivables – credit impaired - - - - - - -
(viii) Trade Receivables assessed for credit risk on
individual basis:*
Disputed - - - 0.24 0.73 5.99 6.96
Undisputed 0.03 3.63 3.71 4.14 4.62 2.56 18.69
(ix) Provision on Trade Receivables assessed on (25.65)
individual basis
(x) Expected credit loss -
Total 259.96 138.24 186.76 23.56 7.12 9.91 599.90
* The Company has recognised allowance of ` 22.00 Crore (March 31, 2021: ` 25.65 Crore) on trade
receivables, which were assessed for credit risk on individual basis.
181
No trade or other receivables is due from directors or other officers of the Company either severally
or jointly with any other person.
For terms and conditions relating to related party receivables, refer Note - 46.
Trade receivables are generally non-interest bearing and on terms of 30 to 180 days.
Based on the risk profiling for each category of customer, the Company has not evaluated credit
risk where the risk is mitigated by collateral. The Company has therefore evaluated credit risk for
departmental, depletion, e-commerce b2b, e-commerce b2c, export and trade customers. The
Company follows the simplified approach method for computing the expected credit loss. The risk
are categorised into high, low and moderate category basis internal and external parameters. Any
customer related specific information has been factored over and above the probability of default
(PD). Provision matrix takes into account historical credit loss experience adjusted for forward-looking
estimates and macro-economic factors. The expected credit loss allowance is based on the ageing of
the days the receivables are due and the rates as given in the provision matrix. The provision matrix
at the end of the reporting period is as follows:
Expected credit loss (%)

Departmental Depletion key Trade Departmental Depletion key Trade
stores accounts Channel stores accounts Channel
Not due 0.00% 0.00% 0.64% - - -
0-90 days 0.00% 0.00% 3.12% - - -
91-180 days 0.00% 0.00% 3.44% - - -
181-365 days 0.00% 0.00% 4.10% - - -
1-2 years 0.00% 0.00% 4.32% - - -
2-3 years 0.00% 0.00% 4.41% - - -
Ageing of receivables on which impairment allowance of doubtful debts is applied*

` in Crore
Departmental Depletion key Trade Departmental Depletion key Trade
stores accounts Channel stores accounts Channel
Not due - - 242.25 - - -
0-90 days - - 18.91 - - -
91-180 days - - 2.52 - - -
181-365 days - - 2.34 - - -
1-2 years - - 3.57 - - -
2-3 years - - 3.84 - - -
Total - - 273.43 - - -
* The amount is net of provision for discount and refund liabilities.

Movement in the expected credit loss allowance

` in Crore
As at As at
March 31, 2022 March 31, 2021
Expected credit loss provision made/ (reversed) on trade 1.61 (0.40)
receivables calculated at lifetime expected credit losses
Specific provision (reversed)/ made (2.56) 6.60
NOTE: 16
CASH AND CASH EQUIVALENTS
` in Crore
As at As at
March 31, 2022 March 31, 2021
Balances with banks
Current accounts 27.72 85.05
Deposit accounts (original maturity less than 3 months) 50.00 50.00
Total 107.81 164.26
The Company has undrawn committed borrowing facilities available to the extent of ` 3,476.00 Crore
as at March 31, 2022 (March 31, 2021: ` 3,662.92 Crore).
Details of non-cash transactions from investing activities and Changes in liabilities arising from
financing activities:
As at March 31, 2022
` in Crore
As at Adjustments Cash flows Non-cash changes As at
March 31, 2021 (net) Fair value Others March 31, 2022
adjustments
Investing activities
Non-current 689.53 - 144.94 0.65 - 835.12
investments
Current investments 299.53 - 218.51 2.12 17.26 537.42
Total 989.06 - 363.45 2.77 17.26 1,372.54
Financing activities
Non-current 802.09 - (44.69) - - 757.40
borrowings
Current borrowings 315.83 - 134.14 - - 449.97
(including current
maturities of non-
current borrowings)
Lease liabilities 2,385.57 - (531.69) - 762.00 2,615.88
Total 3,503.49 - (442.24) - 762.00 3,823.25
183

` in Crore
As at Adjustments Cash flows Non-cash changes As at
March 31, 2020 (net) Fair value Others March 31, 2021
adjustments
Non-current 170.01 - 523.07 (0.50) (3.05) 689.53
investments
Current investments - - 289.67 0.33 9.53 299.53
Total 170.01 - 812.74 (0.17) 6.48 989.06
Non-current 855.02 - (52.93) - - 802.09
borrowings
Current borrowings 1,921.30 - (1,605.47) - - 315.83
(including current
maturities of non-
current borrowings)
Lease liabilities 2,467.35 - (374.22) - 292.44 2,385.57
Total 5,243.67 - (2,032.62) - 292.44 3,503.49
NOTE: 17
BANK BALANCE OTHER THAN CASH AND CASH EQUIVALENTS
` in Crore
As at As at
March 31, 2022 March 31, 2021
Earmarked deposits
Bank deposits (with original maturity of more than 3 months and - 0.17
having remaining maturity of less than 12 months)*
Total 0.11 0.28
* Bank balance other than Cash and cash equivalents are held as margin money under lien to banks
for assuring guarantees.
NOTE: 18
CURRENT FINANCIAL ASSETS - OTHERS
` in Crore
As at As at
March 31, 2022 March 31, 2021
Interest accrued on deposits 0.16 0.35
Deposits to related parties (Refer Note - 46) - 38.42
Total 51.83 58.31

Disclosure as per Regulation 34(3) and 53(f) read with Part A of Schedule V of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 and Section 186 of the Companies
Act, 2013:
Deposits given to Subsidiaries:
` in Crore
Name of companies Interest rates Repayment Outstanding Maximum amount
terms outstanding during the year
ended
As at March As at March March 31, March 31,
31, 2022 31, 2021 2022 2021
Jaypore E-Commerce 7.45% to On demand - 36.54 50.04 36.54
Private Limited 9.74% p.a.
TG Apparel & Decor 7.45% to On demand - 1.88 - 2.35
Private Limited 9.74% p.a.
Total - 38.42 50.04 38.89
The deposits have been utilised for meeting the business requirements by respective companies.
NOTE: 19
OTHER CURRENT ASSETS
` in Crore
As at As at
March 31, 2022 March 31, 2021
Advance to suppliers 126.89 104.86
Export incentives 1.07 3.02
Government grant receivables 1.24 1.11
Insurance claim receivables 0.84 0.07
Right to return assets 206.26 195.51
Total 712.04 578.26
NOTE: 20
EQUITY SHARE CAPITAL
Authorised share capital
As at the beginning of the year 1,00,00,00,000 1,000.00 1,00,00,00,000 1,000.00
Increase during the year - - - -
As at the end of the year 1,00,00,00,000 1,000.00 1,00,00,00,000 1,000.00
185
Issued equity share capital

Increase during the year towards:
Equity shares under Rights Issue [Refer 2,80,504 0.28 9,00,98,151 90.10
Note - 20(iii)]
Equity shares under Preferential Issue - - 7,31,70,731 73.17
[Refer Note - 20(iv)]
Subscribed and paid-up equity share capital

Equity shares under Rights Issue [Refer 2,80,504 22.75 8,99,09,500 67.43
Note - 20(iii)]
(i) Shares held by Promoters :
Shares held by Promoters as at March 31, 2022 % Change

Promoter name No. of Shares % of total during the
shares year
Birla Group Holdings Private Limited 17,15,52,967 18.28 -0.01%
IGH Holdings Private Limited 13,64,72,680 14.54 0.01%
Grasim Industries Limited 9,75,93,931 10.40 0.00%
Umang Commercial Company Private Limited 6,50,66,998 6.93 0.00%
Hindalco Industries Limited 5,02,39,794 5.35 0.00%
Pilani Investment and Industries Corporation Limited 39,88,866 0.43 0.00%
Mrs. Rajashree Birla 8,63,696 0.09 0.00%
Birla Industrial Finance (India) Limited 1,66,508 0.02 0.00%
Birla Consultants Limited 1,66,422 0.02 0.00%
ABNL Investment Limited 77,430 0.01 0.00%
Birla Industrial Investments (India) Limited 34,666 0.00 0.00%
Mr. Kumar Mangalam Birla 33,966 0.00 0.00%
Mrs. Neerja Birla 20,270 0.00 0.00%
Mrs. Vasavadatta Bajaj 19,542 0.00 0.00%
Aditya Vikram Kumar Mangalam Birla HUF 1,780 0.00 0.00%
Total 52,62,99,516 56.09


Promoter name No. of Shares % of total during the
shares year
Grasim Industries Limited 9,75,93,931 10.41 -0.88%
Umang Commercial Company Private Limited 6,50,66,998 6.94 -1.46%
Hindalco Industries Limited 5,02,39,794 5.36 -0.46%
Total 52,61,49,516 56.12
(ii) Rights, preferences and restrictions attached to equity shares

The Company has only one class of equity shares having face value of ` 10/- per share. Each
holder of an equity share is entitled to one vote per share. The dividend proposed by the Board
of Directors, if any, is subject to the approval of the shareholders at the ensuing Annual General
Meeting.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive
the remaining assets of the Company, after distribution to all preference shareholders. The
distribution will be in proportion to the number of the equity shares held by the shareholders.
(iii) Issue of Right Shares

Rights Issue - 2020 :
a) Approval : On May 27, 2020, the Board approved fund raising by way of a Rights Issue. On
June 25, 2020, it further approved the terms of the issue i.e. 9,04,65,693 equity shares of
face value of ` 10 each (“RES”) at a price of ` 110 per Rights Equity Share (including premium
of ` 100 per RES), aggregating to ` 995.12 Crore, in the ratio of 9 RES for every 77 existing
fully-paid shares held by the eligible equity shareholders as on the Record Date i.e. July 1,
2020.
b) Application : On July 28, 2020, 9,02,77,042 RES of face-value ` 10 each were allotted as Partly
paid shares (“PPS”) to the eligible applicants who paid the application amount of ` 55 per RES
(including premium of ` 50). Allotment of 1,88,651 RES has been kept in abeyance, pending
regulatory/ other clearances.
c) First Call : On January 11, 2021, the ‘First call’ money of ` 27.50 per PPS (including premium of
` 25) was called for. On 8,99,09,500 PPS, the amount due, was successfully received. 3,67,542
PPS were forfeited due to non-payment, in accordance with the Articles of Association and
Letter of Offer [dated June 28, 2020] (“LoF”).
187
d) Final Call : On July 5, 2021, the final call money of ` 27.50 per PPS (including premium of
` 25) was called for and the payment period ended on July 19, 2021. The Company issued
a ‘Reminder cum Forfeiture Notice’ to those shareholders who were yet to pay the amount
due, thereby allowing time until September 30, 2021 and further extended to May 31, 2022.
e) Annulment of Forfeiture: On September 1, 2021, the Board of Directors approved annulment
of 3,67,542 partly paid-up shares (“PPS”) which were earlier forfeited. The Company has
received payment towards 2,80,504 PPS and has allowed further time until May 31, 2022
to remaining shareholders.
f) There has been no deviation in the use of proceeds of the Rights Issue, from the objects
stated in the LoF.
g) Pursuant to IND AS 33, basic and diluted earnings per share for the relevant previous year
have been restated for the bonus element in respect of the aforesaid Rights Issue.
(iv) Preferential Issue to foreign portfolio investors

On October 23, 2020, the Board of Directors approved issuance of equity shares on a preferential
basis to Flipkart Investments Private Limited (“Flipkart”), a foreign portfolio investor, duly
registered under the Securities and Exchange Board of India (Foreign Portfolio Investors)
Regulations, 2019, aggregating upto ` 1,500 Crore (“Preferential Issue”). The Company received
the approval of shareholders by way of Postal Ballot on November 22, 2020 and received the
approval of Competition Commission of India on January 20, 2021. On January 28, 2021, post
completion of the closing conditions under the Investment Agreement, the Board of Directors
approved allotment of 7,31,70,731 fully paid-up equity shares to Flipkart at ` 205 per Equity Share
(of which ` 10 is towards face value and ` 195 towards premium) on receipt of the consideration.
There has been no deviation in the use of proceeds of the Preferential Issue, from the objects
stated in the Investment agreement.
(v) Details of shareholders holding more than 5% shares in the Company
Name of the shareholder As at March 31, 2022 As at March 31, 2021

No. of shares % of paid-up No. of shares % of paid-up
held share capital held share capital
Birla Group Holdings Private Limited 17,15,52,967 18.28% 17,15,52,967 18.29%
IGH Holdings Private Limited 13,64,72,680 14.54% 13,63,22,680 14.53%
Grasim Industries Limited 9,75,93,931 10.40% 9,75,93,931 10.41%
Flipkart Investments Private Limited 7,31,70,731 7.80% 7,31,70,731 7.80%
Umang Commercial Company Private 6,50,66,998 6.93% 6,50,66,998 6.94%
Limited
Hindalco Industries Limited 5,02,39,794 5.35% 5,02,39,794 5.36%
(vi) Aggregate number of shares issued for consideration other than cash during the period of
five years immediately preceding the reporting year
On effectiveness of the Composite Scheme of Arrangement amongst the Company, erstwhile
Aditya Birla Nuvo Limited (“ABNL”), Madura Garments Lifestyle Retail Company Limited
(“MGLRCL”) and their respective Shareholders and Creditors under Section 391 to 394 of the
Companies Act, 1956, the Company had issued 67,98,19,778 Equity Shares to the Shareholders
of ABNL and MGLRCL (“said Shares”). Out of the said Shares, 67,60,37,600 Equity Shares were
allotted to the Shareholders of ABNL and MGLRCL on January 27, 2016. However, pursuant to
Clause 21 of the Composite Scheme, allotment of 37,82,178 Equity Shares to 3,475 Non-Resident

Shareholders, including 4 Overseas Corporate Bodies (“OCBs”) of ABNL (“NRE Shareholders”) was
kept pending until receipt of applicable regulatory approvals. Thereafter, from time to time, the
Company has allotted 20,71,265 Equity Shares to 1,407 NRE Shareholders, who held accounts
in India on Non-repatriation basis and provided such valid details.
In view of the amended provisions of the “Foreign Exchange Management (Transfer or Issue of
Security by a Person Resident Outside India) Regulations, 2017” and the authority granted by
the Board of Directors (on February 04, 2019), 16,94,060 Equity Shares were allotted to 2,064
NRE Shareholders of ABNL (excluding OCBs) on March 19, 2019. Post this allotment, out of the
said Shares, 16,853 Equity Shares held by 4 OCBs shall remain pending for allotment until the
receipt of Regulatory approvals.
Summary of Shares allotted pursuant to the Composite Scheme, as at the end of five years
immediately preceding the reporting year:
As at As at As at As at As at
March 31, March 31, March 31, March 31, March 31,
2022 2021 2020 2019 2018
No.of shares No.of shares No.of shares No.of shares No.of shares
Equity shares allotted as fully paid- 72,61,19,443 72,61,19,443 72,61,19,443 72,61,19,443 72,44,25,383
up pursuant to demerger contracts
for consideration other than cash
(vii) Shares reserved for issue under Employee Stock Option Plan
For details of shares reserved for issue under the Employee Stock Option Plan (ESOP) of the
Company, refer Note - 43.
NOTE: 21
OTHER EQUITY
` in Crore
As at As at
March 31, 2022 March 31, 2021
Share suspense account (Refer Note - 20 (vi))
Allotted to Non Resident shareholders during the year - Nil equity - -
shares (March 31, 2021: Nil equity shares)
Reserves and surplus
Securities premium
As at the beginning of the year 2,879.58 773.64
Equity shares under Rights Issue (net off share issue expenses of 226.05 671.03
` Nil (March 31,2021: ` 5.12 Crore) [Refer Note - 20(iii)]
Equity shares under Preferential Issue (net off share issue - 1,426.46
expenses of ` Nil (March 31,2021: ` 0.37 Crore) [Refer Note -
20(iv)]
Premium on exercise of Options 12.55 8.45
As at the end of the year 3,118.18 2,879.58
189
` in Crore
As at As at
March 31, 2022 March 31, 2021
Retained earnings
As at the beginning of the year (1,076.74) (427.10)
Loss for the year (80.70) (649.64)
As at the end of the year (1,157.44) (1,076.74)
Share options outstanding account
Recognition of Share based payment 28.58 11.88
Transfer to Securities Premium on exercise of Options (12.55) (8.39)
Others (3.53) -
Treasury shares (Refer Note - 43)
As at the beginning of the year (104.46) (100.49)
Shares issued /(purchased) by the ESOP Trust during the year 1.37 (3.97)
As at the end of the year (103.09) (104.46)
Capital reserve
Changes during the year [due to forfeiture of Rights equity (0.14) 0.19
shares (Refer Note - 20(iii))]
Other comprehensive income
Remeasurement gains/ (losses) on defined benefit plans
Gains/ (losses) during the year 2.20 1.97
As at the end of the year 1.97 (0.23)
Fair value gains/ (losses) on equity instruments
Gains/ (losses) during the year 0.49 (0.37)
Total 1,943.85 1,769.53
Other equity
Share suspense account (Refer Note - 20 (vi)) 0.02 0.02
Securities premium 3,118.18 2,879.58
Retained earnings (1,157.44) (1,076.74)
Share options outstanding account 60.14 47.64
Treasury shares (Refer Note - 43) (103.09) (104.46)
Capital reserve 21.74 21.88
Remeasurement gains/ (losses) on defined benefit plans 1.97 (0.23)
Fair value gains/ (losses) on equity instruments 2.33 1.84
Total 1,943.85 1,769.53

The description of the nature and purpose of each reserve within other equity is as follows:
1. Share suspense account (Refer Note - 20 (vi))
As per the Scheme of Arrangement, the Non-Resident shareholders of ABNL, holding shares
on repatriation basis, are allotted shares upon receiving necessary regulatory approval(s). The
amount lying in share suspense account pertains to shares not allotted on account of pending
requisite approvals.
2. Securities premium
Securities premium is used to record the premium on issue of shares, and is utilised in accordance
with the provisions of the Companies Act, 2013.
3. Retained earnings
Retained earnings comprise of the Company’s accumulated undistributed profits/ (losses) after
taxes.
4. Share options outstanding account

The fair value of the equity-settled share based payment transactions with employees is
recognised in Standalone Statement of Profit and Loss with corresponding credit to employee
stock options outstanding account. The amount of cost recognised is transferred to share
premium on exercise of the related stock options.
5. Treasury shares (Refer Note - 43)

The equity shares of the Company have been acquired from open markets for Employee Stock
Option Scheme 2019 and is held by ABFRL Employee Welfare Trust (ESOP Trust) at cost. Trust
issue and allot shares to employees at the time of exercise of ESOP by employees.
6. Capital reserve
Capital reserve pertains to the reserve created out of the difference between the share capital
issued and the net assets taken over at the time of Scheme of Arrangement and forfeiture of
Rights shares.
7. Remeasurement gains/ (losses) on defined benefit plans

The cumulative balances of gains/ (losses) arising on remeasurements of defined benefit plan
is accumulated and recognised within this component of other comprehensive income. Items
included in remeasurement gains/ (losses) reserve will not be reclassified subsequently to
Standalone Statement of Profit and Loss.
8. Fair value gains/ (losses) on equity instruments

It represents the cumulative gains/(losses) arising on the fair valuation of equity shares (other
than investments in subsidiaries and a Joint venture, which are carried at cost) measured at fair
value through other comprehensive income. This fair value gain/ (loss) will not be reclassified
subsequently to Standalone Statement of Profit and Loss.
191
NOTE: 22
NON-CURRENT FINANCIAL LIABILITIES - BORROWINGS
` in Crore
Effective Maturity As at As at
interest rate March 31, 2022 March 31, 2021
% p.a.
Redeemable non-convertible debentures
Redeemable non-convertible debentures - 8.71% November 11, - 434.18
Series 6 Zero coupon (Unsecured)* 2022
Redeemable non-convertible debentures - 8.75% May 22, 2023 324.61 325.00
Series 7 Zero coupon (Unsecured)*
Redeemable non-convertible debentures - 5.89% September 09, 399.46 -
Term loans from banks
Term loan from HDFC Bank (TUF) (Secured) 1 1 year MCLR March 15, 2025 6.67 10.00
+ 0.25%
Term loan from others
Other borrowings (Unsecured) 3 8.00% - March 14, 2025 26.15 32.40
14.37% - February 15,
2027
Preference shares
Cumulative redeemable preference shares 4 8.00% March 29, 2024 0.50 0.50
Cumulative redeemable preference shares 5 6.00% October 12, 0.01 0.01
2024
Total 757.40 802.09
*Net off unamortised charges
Current maturities of long-term borrowings

` in Crore
% p.a.
(included in current borrowings)
Redeemable non-convertible debentures - 8.96% August 14, 2021 - 300.00
Series 5 Zero coupon (Unsecured)
Redeemable non-convertible debentures - 8.71% November 11, 434.69 -
Term loan from HDFC Bank (TUF) (Secured) 1 1 year MCLR March 15, 2025 3.33 3.33
+ 0.25%
Term loan from HDFC Bank (TUF) (Unsecured) 2 Base Rate + March 23, 2022 - 4.32
0.20%
Other borrowings (Unsecured) 3 8.00% - March 14, 2025 10.07 8.12
14.37% - February 15,
2027
Total (included in Current Borrowings) 448.09 315.77
Aggregate secured borrowings 10.00 13.33
Aggregate unsecured borrowings 1,195.49 1,104.53

The Company has not defaulted on any loans payable, and there has been no breach of any covenant
attached to the borrowings.
The Company has used the borrowings from banks and financial institutions for the specific purpose
for which it was taken.
The Company has registered all the charges with Registrar of Companies within the statutory period.
Details of security and terms of repayment

1. Term loan from HDFC Bank (TUF) secured by way of exclusive charge over movable assets of the
Company’s plant situated at Bhubaneswar, Odisha. The loan is repayable in 24 equal quarterly
instalments commencing from June 15, 2019.
2. The repayment terms of term loan from HDFC Bank (TUF) are 21 quarterly instalments
commencing from March 23, 2017. First four instalments of ` 0.20 Crore each, next four
instalments of ` 0.25 Crore each, next four instalments of ` 0.30 Crore each, next four instalments
of ` 0.40 Crore each and next 5 instalments of ` 1.08 Crore each.
3. Loan amounting to ` 29.87 Crore is repayable in 20 equal quarterly instalments commencing from
March 2020 and loan amounting to ` 6.35 Crore is repayable in 48-60 equal monthly instalment
commencing on various dates through January 16, 2021 to February 15, 2022.
Details of Cumulative redeemable preference shares

4. 5,00,000 8% Cumulative redeemable preference shares of ` 10/- each are entitled to a cumulative
dividend @ 8% p.a. The dividend proposed by the Board of Directors, if any, shall be subject to
the approval of the shareholders in the ensuing Annual General Meeting. Pursuant to the terms
of issuance, the due date for redemption of 8% Redeemable Cumulative Preference Shares was
March 30, 2019. While the Company had net profits for the financial year 2018-19, it did not
have distributable profits in terms of Section 123 of the Act as it had past accumulated losses.
Accordingly, pursuant to the unanimous consent of all the preference shareholders and in terms
of the applicable provisions of the Act, the Board of Directors of the Company, vide a circular
resolution dated April 11, 2019 approved the variation in terms of the preference shares to the
extent of extending the redemption dates by a period of 5 years i.e. upto March 29, 2024. In the
event of liquidation of the Company, before redemption of preference shares, the holders of
preference shares will have priority over the holders of equity shares in the payment of dividend
and repayment of capital.
5. 500 6% Cumulative redeemable preference shares of ` 100/- each are entitled to a cumulative
dividend @ 6% p.a. The dividend proposed by the Board of Directors, if any, is subject to the
approval of the shareholders in the ensuing Annual General Meeting. Pursuant to the terms of
issuance, the due date for redemption of 6% Redeemable Cumulative Preference Shares was
October 13, 2019. While the Company had net profits for the financial year 2018-19, it did not
extent of extending the redemption dates by a period of 5 years i.e. upto October 12, 2024. In
the event of liquidation of the Company, before redemption of preference shares, the holders of
TUF - Technology Upgradation Fund.
193
NOTE: 23
NON-CURRENT FINANCIAL LIABILITIES- OTHERS
` in Crore
As at As at
March 31, 2022 March 31, 2021
Interest accrued but not due on borrowings - 52.90
Derivative Instruments* 167.93 145.95
Total 167.93 198.85
*During the previous year, the Company acquired 51% stake in Sabyasachi Calcutta LLP by entering
into an agreement on February 24, 2021. Under the terms of the Agreement, the Company has
provided a Put Option to Mr. Sabyasachi Mukherjee to sell his entire holding of 49% to the Company
over a period of fourteen years starting from the end of five years from the aforesaid date and
thereafter in three tranches, should an initial public offer of the organisation (after conversion to a
company) does not take place. Accordingly, the Company has accounted the put option liability of
` 167.93 Crore (March 31, 2021: ` 145.95 Crore) at its fair value as non-current financial liability based
on independent valuation performed by the Company’s appointed independent valuer.
NOTE: 24
NON-CURRENT PROVISIONS
` in Crore
As at As at
March 31, 2022 March 31, 2021
Employee benefit obligation
Provision for gratuity (Refer Note - 42) 23.27 20.72
Provision for pending litigations (Refer Note - 45) 66.75 68.72
Total 90.02 89.44
Movement of provision for pending litigations during the year:

` in Crore
As at As at
March 31, 2022 March 31, 2021
Opening balance 68.72 78.51
Add: provision made during the year 0.65 4.53
Less: provision utilised during the year (0.70) (1.58)
Less: provision reversed during the year (1.92) (12.74)
Closing balance 66.75 68.72
NOTE: 25
OTHER NON-CURRENT LIABILITIES
` in Crore
As at As at
March 31, 2022 March 31, 2021
Deferred income 11.73 11.44
Total 11.73 11.44

NOTE: 26
CURRENT FINANCIAL LIABILITIES - BORROWINGS
` in Crore
As at As at
March 31, 2022 March 31, 2021
Loans repayable on demand from banks
Cash credit/ Working capital demand loan (Secured) 1.88 0.06
Current maturities of long term debt (Refer Note - 22) 448.09 315.77
Total current borrowings 449.97 315.83
Aggregate unsecured borrowings 444.76 312.44
Details of security
Current borrowings are secured by way of first pari passu charge on the current assets of the
Company and second pari passu charge on the movable and immovable assets of the Company.
NOTE: 27
TRADE PAYABLES
` in Crore
As at As at
March 31, 2022 March 31, 2021
Total outstanding dues of micro enterprises and small enterprises 74.56 26.74
(Refer details below)
Total outstanding dues of creditors other than micro enterprises and 3,261.06 2,087.54
small enterprises*
Total 3,335.62 2,114.28
*Includes payables to related parties, For terms and conditions with related parties (Refer Note - 46).
Details of dues to Micro and Small Enterprises as defined under MSMED Act, 2006
` in Crore
As at As at
March 31, 2022 March 31, 2021
a The principal amount and the interest due thereon remaining
unpaid to any supplier as at the end of each accounting year:
Principal amount due to Micro and Small Enterprises* 84.08 27.39
Interest due on the above 0.22 0.01
b. The amount of interest paid by the buyer in terms of Section 16 of - -
the Micro, Small and Medium Enterprises Development Act, 2006,
along with the amount of the payment made to the supplier beyond
the appointed day during each accounting year
c. The amount of interest due and payable for the period of delay in 1.34 0.88
making payment (which have been paid but beyond the appointed
day during the year) but without adding the interest specified under
Micro, Small and Medium Enterprises Development Act, 2006
d. The amount of interest accrued and remaining unpaid at the end 6.64 5.08
of each accounting year
e. The amount of further interest remaining due and payable even - -
in the succeeding years, until such date when the interest dues
as above are actually paid to the small enterprise for the purpose
of disallowance of a deductible expenditure under Section 23 of
the Micro, Small and Medium Enterprises Development Act, 2006.
* Includes amount due to Creditors for capital supplies/ services amounting to ` 9.52 Crore as at
March 31, 2022 ( March 31, 2021: ` 0.65 Crore).
195
The above disclosures are provided by the Company based on the information available with the
Company in respect of the registration status of its vendors.
Ageing of Trade Payables:
` in Crore
Particulars Outstanding as on March 31,2022
Not due Less than 1-2 years 2-3 years More than Total
(including 1 year 3 years
unbilled)
(i) MSME 70.22 3.59 0.13 0.07 0.24 74.25
(ii) Others 2,921.71 254.29 10.23 7.27 65.97 3,259.47
(iii) Disputed dues – MSME - 0.28 0.03 - - 0.31
(iv) Disputed dues – Others 0.56 0.01 - - 1.02 1.59
Particulars Outstanding as on March 31,2021

unbilled)
(i) MSME 23.29 3.42 0.03 - - 26.74
(ii) Others 1,558.33 407.98 35.75 17.08 67.38 2,086.52
(iii) Disputed dues – MSME - - - - - -
(iv) Disputed dues – Others - - - - 1.02 1.02
NOTE: 28
CURRENT FINANCIAL LIABILITIES - OTHERS
` in Crore
As at As at
March 31, 2022 March 31, 2021
Interest accrued but not due on borrowings 133.40 99.77
Creditors for capital supplies/ services 46.07 10.68
Book overdraft - 1.57
Derivative contracts 3.20 3.29
Employee Payable 133.02 96.92
Others 1.48 0.84
Total 317.17 213.07
NOTE: 29
CURRENT PROVISIONS
` in Crore
As at As at
March 31, 2022 March 31, 2021
Provision for compensated absences 89.18 84.64
Provision for gratuity (Refer Note - 42) 0.23 -
Stock Appreciation Rights (SAR) 6.99 0.27
Total 96.40 84.91

NOTE: 30
OTHER CURRENT LIABILITIES
` in Crore
As at As at
March 31, 2022 March 31, 2021
Advances received from customers 45.26 32.57
Deferred revenue* 16.43 10.22
Other advances received 1.67 1.80
Statutory dues (other than income tax) 61.96 35.44
Refund liabilities 370.86 362.12
Deferred income - 0.04
Total 496.18 442.19
* Deferred revenue
` in Crore
As at As at
March 31, 2022 March 31, 2021
Deferred during the year 25.40 30.08
Released to the Standalone Statement of Profit and Loss (19.19) (36.39)
The deferred revenue relates to the accrual and release of customer loyalty points, according to the
loyalty programme of respective businesses. As at March 31, 2022, the estimated liability towards
unredeemed points amounts to ` 16.43 Crore (March 31, 2021: ` 10.22 Crore).
NOTE: 31
REVENUE FROM OPERATIONS
` in Crore
Year ended Year ended
March 31, 2022 March 31, 2021
Sale of products 7,758.89 5,108.13
Revenue from redemption of loyalty points (Refer Note - 30) 19.19 36.39
Total revenue from sale of products 7,778.08 5,144.52
Revenue from rendering of services 3.23 1.49
Other operating income
Scrap sales 9.87 10.00
Licence fees and royalties 4.65 1.47
Space on hire 1.43 0.56
Commission income 17.78 16.38
Total 7,824.20 5,181.14
197
(a) Right to return assets and refund liabilities:

` in Crore
March 31, 2022 March 31, 2021
(b) Contract balances:

` in Crore
March 31, 2022 March 31, 2021
Contract assets
Trade receivables 754.40 599.90
Contract Liabilities
Deferred revenue 16.43 10.22
(c) Reconciliation of revenue as recognised in the Standalone Statement of Profit and Loss with the
contracted price:
` in Crore
March 31, 2022 March 31, 2021
Revenue as per contracted price 9,085.87 6,046.78
Less:
Sales return 670.45 495.75
Discount 574.79 359.67
Loyalty points 16.43 10.22
Revenue as per the Standalone Statement of Profit and Loss 7,824.20 5,181.14
(d) Disclosure of disaggregated revenue recognised in the Standalone Statement of Profit and Loss:
` in Crore
March 31, 2022 March 31, 2021
Madura Fashion & Lifestyle
Revenue from retail operations 3,002.92 1,935.59
Revenue from non-retail operations 2,195.21 1,386.97
5,198.13 3,322.56
Pantaloons
Revenue from non-retail operations 139.44 70.06
2,626.07 1,858.58

(e) Disclosure of disaggregated revenue recognised in the Standalone Statement of Profit and Loss based
on geographical segment:
` in Crore
March 31, 2022 March 31, 2021
Revenue from customers outside India 162.65 104.10
Revenue from customers within India 7,661.55 5,077.04
NOTE: 32
OTHER INCOME
` in Crore
March 31, 2022 March 31, 2021
Profit on sale of property, plant and equipment 2.67 -
Interest income 9.32 3.40
Net gain on sale of current investments 19.33 3.20
Fair value gain on financial instruments at FVTPL 32.80 31.29
Gain on retirement of right-of-use assets (Refer Note - 4a & 44a) 14.85 20.54
Miscellaneous income 15.12 14.21
Total 94.09 72.64
NOTE: 33
COST OF MATERIALS CONSUMED
` in Crore
March 31, 2022 March 31, 2021
(a) Materials consumed
Inventories at the beginning of the year 188.82 187.05
Add: Purchases 907.35 421.00
1,096.17 608.05
Less: Inventories at the end of the year 286.41 188.82
Total 809.76 419.23
(b) Purchase of stock-in-trade
Purchase of stock-in-trade 3,730.08 1,508.83
Total 3,730.08 1,508.83
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade
Opening inventories
Stock-in-trade 1,378.22 1,944.19
1,535.49 2,145.05
Less:
Closing inventories
Stock-in-trade 2,116.24 1,378.22
2,419.50 1,535.49
(Increase)/Decrease in inventories (884.01) 609.56
199
NOTE: 34
EMPLOYEE BENEFITS EXPENSE
` in Crore
March 31, 2022 March 31, 2021
Salaries, wages and bonus 904.92 719.07
Contribution to provident and other funds (Refer Note - 42) 55.55 50.36
Share-based payment to employees (Refer Note - 43) 28.58 11.88
Gratuity expense (Refer Note - 42) 15.47 14.45
Staff welfare expenses 38.91 28.15
Total 1,043.43 823.91
NOTE: 35
FINANCE COSTS
` in Crore
March 31, 2022 March 31, 2021
Interest expense on borrowings 131.61 266.79
Interest expense on lease liabilities (Refer Note - 4b & 44a) 205.75 221.89
Other borrowing costs 0.52 7.49
Fair value impact on financial instruments at FVTPL 2.31 2.22
Total 340.19 498.39
NOTE: 36
DEPRECIATION AND AMORTISATION EXPENSE
` in Crore
March 31, 2022 March 31, 2021
Depreciation on property, plant and equipment (Refer Note - 3a) 200.76 205.65
Depreciation on right-of-use assets (Refer Note - 4a & 44a) 732.21 724.12
Amortisation on intangible assets (Refer Note - 5) 13.88 15.23
Total 946.85 945.00

NOTE: 37
OTHER EXPENSES
` in Crore
March 31, 2022 March 31, 2021
Consumption of stores and spares 5.03 3.74
Power and fuel 11.48 8.13
Electricity charges 96.79 75.55
Repairs and maintenance
Buildings 0.11 0.34
Plant and machinery 11.12 9.73
Others 176.50 147.50
Insurance 10.43 10.97
Rates and taxes 14.32 19.85
Processing charges 72.64 50.34
Commission to selling agents 132.08 106.97
Brokerage and discounts 1.22 0.66
Advertisement and sales promotion 257.04 110.63
Transportation and handling charges 143.37 84.02
Royalty expenses 18.58 15.93
Legal and professional expenses 103.84 110.81
Bad debts written off 1.16 -
Allowances for bad and doubtful debts 2.03 6.20
Provision for bad and doubtful deposits and advances 5.16 7.97
Printing and stationery 14.12 10.11
Travelling and conveyance 53.82 27.91
Communication expenses 4.18 5.57
Loss on sale/ discard of property, plant and equipment - 0.67
Bank and credit card charges 36.05 26.36
Payment to auditors (Refer details below) 1.78 1.71
Foreign exchange loss (net) 10.80 8.92
Information technology expenses 135.31 76.73
Outsourcing, housekeeping and security expenses 290.16 257.53
Corporate Social Responsibility (CSR) expenses (Refer Note - 41) 2.94 2.00
Directors’ fees 0.63 0.68
Miscellaneous expenses 42.12 27.10
Total 1,654.81 1,214.63
Payment to auditors:
` in Crore
March 31, 2022 March 31, 2021
For audit fees (including Limited Review fees) 1.47 1.31
For tax audit fees 0.20 0.17
For other services* 0.02 0.10
For reimbursement of expenses 0.09 0.13
Total 1.78 1.71
*Above excludes fees of ` Nil (March 31, 2021: ` 0.45 Crore) paid to auditors for certification services
for Rights Issue, which is considered as part of share issue expenses.
201
NOTE: 38
INCOME TAX EXPENSE
The major components of income tax (income)/ expense are:
Standalone Statement of Profit and Loss:
Profit or loss section
` in Crore
March 31, 2022 March 31, 2021
Current income tax
Current income tax charge - -
(A) - -
Deferred tax
Relating to origination and reversal of temporary differences (32.77) (126.80)
(B) (32.77) (126.80)
Total (A+B) (32.77) (126.80)
OCI section
Deferred tax related to items recognised in OCI during the year
` in Crore
March 31, 2022 March 31, 2021
Net (gains)/ losses on re-measurement of defined benefit plans 0.74 0.66
Net (gains)/ losses on fair value of equity instruments 0.16 (0.13)
Total 0.90 0.53
Reconciliation of tax (income)/ expense and the accounting profit/ (loss) multiplied by India’s
domestic tax rate
` in Crore
March 31, 2022 March 31, 2021
Accounting Loss before income tax (113.47) (776.44)
Tax expense/ (income) at India’s statutory income tax rate of 25.17% (28.56) (195.43)
(March 31, 2021: 25.17%)
Expenses not allowed under the Income tax Act:
Corporate Social Responsibility Expenses 0.74 0.54
Expenses disallowed for tax purposes 0.87 -
One time impact of amendment in Section 32 of the Income- - 68.84
tax Act, 1961 (Refer Note - 40c)
Others (5.82) (0.75)
Income tax expenses/ (income) as per Statement of Profit (32.77) (126.80)
and Loss Account

NOTE: 39
EARNINGS PER SHARE (EPS)
Basic EPS amounts are calculated by dividing the profit/(loss) for the year attributable to equity holders
of the Company by the weighted average number of equity shares outstanding during the year.
Diluted EPS amounts are calculated by dividing the profit/(loss) attributable to equity holders of the
Company 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/(loss) and equity share data used in the basic and diluted EPS
computations:
` in Crore
March 31, 2022 March 31, 2021
Loss for calculation of EPS (A) (80.70) (649.64)
Weighted average number of equity shares for calculation of (B) 92,49,31,614 81,67,00,886
Basic EPS
Basic EPS (`) (A/B) (0.87) (7.95)
Weighted average number of equity shares outstanding 92,49,31,614 81,67,00,886
Weighted average number of potential equity shares* 80,24,183 2,87,96,459
Weighted average number of equity shares for calculation of 92,49,31,614 81,67,00,886
Diluted EPS
Diluted EPS (`) (C) (0.87) (7.95)
Nominal value of shares (`) 10.00 10.00
Treasury shares are adjusted in computing the weighted average number of equity shares outstanding
during the year in calculation of EPS.
Basic and diluted earnings per share for the year ended March 31, 2021, have been restated for the
bonus element in respect of Rights Issue made during the year ended March 31, 2022.
* Stock options granted to the employees under various ESOP schemes are considered to be potential
equity shares. The same is considered in the determination of diluted earnings per share to the
extent that they are not anti-dilutive. The stock options are not included in the determination of
basic earnings per share. The details relating to stock options are given in Note - 43.
NOTE - 40
SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
The preparation of the Company’s financial statements requires the management to make
judgements, estimates and assumptions that affect the reported amounts of revenues, expenses,
assets, liabilities, the accompanying disclosures and the disclosure of contingent liabilities. Uncertainty
about these assumptions and estimates could result in outcomes that require a material adjustment
to the carrying amount of assets or liabilities affected in future periods. Estimates and assumptions
are reviewed on periodic basis. Revisions to accounting estimates are recognised in the period in
which the estimates are revised.
The key assumptions concerning the future and other key sources of estimation, that have a significant
risk of causing a material adjustment to the carrying amounts of assets and liabilities, within the
next financial year, are described below. The Company’s assumptions and estimates are based on
203
parameters available at the time of preparation of financial statements. Existing circumstances

and assumptions about future developments, however, may change due to market changes or
circumstances arising that are beyond the control of the Company. Such changes are reflected in
the assumptions when they occur.
(a) Impairment of non-financial assets including Goodwill

Impairment exists when the carrying value of an asset or Cash-Generating Unit (CGU) exceeds
its recoverable amount, which is higher of its fair value less costs of disposal and its value in
use. The fair value less costs of disposal calculation is based on available data from binding
sales transactions, conducted at arm’s length, for similar assets or observable market prices
less incremental costs for disposing off the asset. The value in use calculation is based on
Discounted Cash Flow (DCF) model. The cash flows are derived from the budget for the next three
years and next 2 years have been extrapolated to demonstrate the tapering of growth rate for
computation of perpetual cash flows. These cashflows are considered as a base to arrive at the
value of perpetuity. The budget do not include restructuring activities that the Company is not
yet committed to or significant future investments that will enhance the asset’s performance of
the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF
model as well as the expected future cash inflows and the growth rate used for extrapolation
purposes. These estimates are most relevant to goodwill recognised by the Company. The key
assumptions used to determine the value in use for the different CGUs, are disclosed and further
explained in Note - 5A.
(b) Share-based payment

The Company uses the most appropriate valuation model depending on the terms and conditions
of the grant, including the expected life of the share option, volatility and dividend yield. For
cash-settled transactions, the liability needs to be remeasured at the end of each reporting
period upto the date of settlement, with any changes in fair value recognised in the Standalone
Statement of Profit and Loss. The assumptions and models used for estimating fair value for
share-based payment transactions are disclosed in Note - 43.
(c) Taxes
Deferred tax assets are recognised for unused tax losses to the extent that it is probable that
taxable profit will be available against which the losses can be utilised. Significant management
judgement is required to determine the amount of deferred tax assets that can be recognised,
based upon the likely timing and the level of future taxable profits.
As at March 31, 2022, the Company has ` 1,852.88 Crore (March 31, 2021: ` 1,833.19 Crore) of
tax losses carried forward as per income tax records of the Company. These losses pertain to
unabsorbed business loss as at March 31, 2022 of ` 554.51 Crore (March 31, 2021 ` 585.48 Crore)
which has an expiry of eight years and unabsorbed depreciation loss as at March 31, 2022 of
` 1,298.37 Crore (March 31, 2021: ` 1,247.71 Crore) which do not have any expiry period. Further
details on taxes are disclosed in Notes - 10 and 38.
During the previous year, the Finance Act, 2021 had amended Section 32 of the Income Tax
Act, 1961, whereby effective from April 1, 2020, goodwill of a business was not considered
as a depreciable asset and depreciation on goodwill not allowed as deductible expenditure.
Consequent to such amendment, in accordance with the requirements of Ind AS 12 - Income
Taxes, the Company recognised a one-time net deferred tax expense amounting to ` 68.84 Crore
representing net deferred tax liability (‘DTL’) arising from difference between the carrying value
of goodwill as per books of account and as per updated tax written down value of NIL resulting
from the aforementioned amendment.

In view of the amendments introduced by the Finance Act, 2021 to the Income Tax Act, 1961
and considering the opinion received by the Company from a senior legal counsel, as at March
31, 2021, the Company recorded deferred tax asset of ` 243.11 Crore on the carry forward
unabsorbed depreciation pertaining to goodwill relating to earlier years. The Company also
recorded a deferred tax liability on the carrying value of goodwill as at March 31, 2021 considering
no future deduction is available pursuant to the said amendment.
The reversal of the aforesaid DTL and cash outflow on this account is deemed unlikely as the
value of associated goodwill is expected to be recovered through value in use.
(d) Employee benefit plans

The cost of the defined benefit plan and other employment benefits plan 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, 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 India. Those mortality tables
tend to change only at intervals in response to demographic changes. Future salary increases
are based on expected future inflation rates.
Further details about gratuity obligations are given in Note - 42.
(e) Revenue recognition – Loyalty points

The Company operates a loyalty programme where customers accumulate points for purchases
made, which entitle them to discount on future purchases. The Company estimates the fair value
of points awarded under the loyalty programme by applying statistical techniques. Inputs to
the model include making assumptions about expected redemption rate basis the Company’s
historic trends of redemption and expiry period of the points and such estimates are subject to
uncertainty. As at March 31, 2022, the estimated liability towards unredeemed points amounts
to ` 16.43 Crore (March 31, 2021: ` 10.22 Crore).
Further details are given in Note - 30.
(f) Provision on inventories

The Company has defined policy for provision on inventory for each of its business by
differentiating the inventory into core and non-core (fashion) and sub-categorised into finished
goods and raw materials. The Company provides provision based on policy, past experience,
current trend and future expectations of these materials depending on the category of goods.
(g) Provision for discount and sales return

The Company provides for discount and sales return based on season wise, brand wise and
channel wise trend of previous years. The Company reviews the trend at regular intervals to
ensure the applicability of the same in the changing scenario, and based on the management’s
assessment of market conditions.
205
(h) Impairment allowance for doubtful debts

Trade receivables do not carry any interest and are stated at their nominal value as reduced
by appropriate allowances for estimated irrecoverable amounts. Under Ind AS, impairment
allowance has been determined based on Expected Credit Loss (ECL) model. Estimated
irrecoverable amounts are based on the ageing of the receivable balance and historical
experience. Additionally, a large number of minor receivables is grouped into homogeneous
groups and assessed for impairment collectively. Individual trade receivables are written off if the
same are not collectible. The carrying amount of allowance for doubtful debts under ECL model
is ` 24.70 Crore (March 31, 2021: ` 25.65 Crore). Further details about impairment allowance
are given in Note - 15.
(i) Leases
The Company determines the lease term as the non-cancellable term of the lease, together with
any periods covered by an option to extend the lease if it is reasonably certain to be exercised,
or any periods covered by an option to terminate the lease, if it is reasonably certain not to be
exercised.
The Company has several lease contracts that include extension and termination options.
The Company applies judgement in evaluating whether it is reasonably certain to exercise the
option to renew or terminate the lease. It considers all relevant factors that create an economic
incentive for it to exercise either the renewal or termination. After the commencement date, the
Company reassesses the lease term if there is a significant event or change in circumstances
that is within its control and affects its ability to exercise or not to exercise the option to renew
or to terminate.
(j) Assessment of COVID - 19 impact on operations

The Company has considered the impact of COVID-19 as evident so far in the standalone financial
statements and will also continue to closely monitor any material changes to future economic
conditions which necessitate any further modifications.
(k) Covid-19-Related Rent Concessions

The amendments to Ind AS 116 provides a practical expedient to lessees in accounting for rent
concessions that are a direct consequence of the COVID-19 pandemic.
Many lessors have provided rent concessions to lessees as a result of the Covid-19 pandemic.
Rent concessions can include rent holidays or rent reductions for a period of time. Applying
the requirements in Ind AS 116 for changes to lease payments, particularly assessing whether
the rent concessions are lease modifications and applying the required accounting, could be
practically difficult in the current environment. The objective of the amendment is to provide
lessees that have been granted Covid-19 related rent concessions with practical relief, while still
providing useful information about leases to users of the financial statements.
concession from a lessor is a lease modification. A lessee that makes this election accounts for
any change in lease payments resulting from the COVID-19 related rent concession the same way
it would account for the change under Ind AS 116, if the change were not a lease modification.
The practical expedient applies only to rent concessions occurring as a direct consequence of
the COVID-19 pandemic and only if all of the following conditions are met:
substantially the same as, or less than, the consideration for the lease immediately preceding
the change.

(ii) any reduction in lease payments affect only payments originally due on or before June 30,
2022 .
The Ministry of Corporate Affairs vide notification dated July 24, 2020, issued an amendment to
Ind AS 116 - Leases, by inserting a practical expedient w.r.t. “Covid-19- Related Rent Concessions”
effective from the period beginning on or after April 01, 2020 and vide notification dated June
18, 2021, extended practical expedient upto June 30, 2022.The Company has accounted the
unconditional rent concessions of ` 215.43 Crore (March 31, 2021: ` 340.43 Crore) during the
year ended March 31, 2022. The same has been accounted as a reduction of rent expenses in
the Standalone Statement of Profit and Loss.
(l) Valuation of Put Option and Call Option

The fair value of financial liability (put option) arising from acquisition agreements, has been
determined by discounting consideration payable at the time of exercise of the put option as per
the terms of the agreement, using appropriate valuation model. The probability of the estimate
within the range can be reasonably assessed and are used in the management’s estimates of
fair value of the put option. The fair value of financial asset (call option) arising from terms of
acquisition agreements, has been determined by discounting the call option payoff, using an
appropriate discount rate, considering the terms of the agreement. Such valuation includes
assumptions such as discount rate, future cashflow and EBITDA estimates. Such assumptions
are reviewed at each reporting date.
(m) Going concern

The management has performed an assessment of the Company’s ability to continue as a
going concern. Based on the assessment, the management believes that there is no material
uncertainty with respect to any events or conditions that may cast a significant doubt on the
entity to continue as a going concern, hence the financial statements have been prepared on a
going concern basis.
NOTE - 41
DISCLOSURE IN RESPECT OF CORPORATE SOCIAL RESPONSIBILITY UNDER SECTION 135 OF THE
COMPANIES ACT, 2013 AND RULES THEREON
` in Crore
March 31, 2022 March 31, 2021
a) Gross amount required to be spent by the Company during the - 1.16
year
b) Amount approved by the Board to be spent during the year 3.00 2.00
` in Crore
In Cash Yet to be paid in Cash Total
March 31, 2022:
i) Construction/ acquisition of any asset - - -
ii) On purposes other than (i) above 2.94 - 2.94
March 31, 2021:
207
In case of Section 135(5) unspent amount

Opening Balance Amount deposited Amount required Amount spent Closing Balance as on
as on April 01, 2021 in Specified Fund of to be spent during the March 31, 2022*
Schedule VII within during the year year
6 months
- - - 2.94 -
* Since the amount spent exceeds amount required to be spent, the unspent amount is Nil.
In case of Section 135(5) Excess amount spent

Opening Balance as on Amount required to be Amount spent during Closing Balance as on
April 01, 2021 spent during the year the year March 31, 2022*
- - 2.94 -
*The Company has spent in excess of the mandatory requirement under the Companies Act,2013
but the same is not proposed to be set off against the amounts required to spent in the future year.
Details of ongoing projects
In case of Section 135(6) (Ongoing Project)
Opening Balance as on Amount required to be Amount spent Closing Balance as on
April 01, 2021 spent during the year during the year March 31, 2022
With In Separate From From With In Separate
Company CSR Unspent Company’s Separate CSR Company CSR Unspent
A/c bank A/c Unspent A/c A/c
- - - - - - -
NOTE - 42
GRATUITY AND OTHER POST-EMPLOYMENT BENEFIT PLANS
The Company operates gratuity plan through a Trust wherein certain employees are entitled to
the benefit equivalent to fifteen days salary last drawn for each completed year of service as per
the Payment of Gratuity Act, 1972. In case of some employees, the Company’s scheme is more
favourable as compared to the obligation under Payment of Gratuity Act, 1972. The same is payable
on termination of service or retirement, whichever is earlier. The benefit vests after five years of
continuous service. A part of the gratuity plan is funded and another part is unfunded and managed
within the Company, hence the liability has been bifurcated into funded and unfunded.
The Company contributes to the Fund based on the actuarial valuation report. The Company has
contributed to the Insurer Managed Fund (managed by Life Insurance Corporation of India), details
of which is available in the table of Investment pattern of plan assets. Based on which, the Company
is not exposed to any market risk.
The following tables summarise the components of net benefit expense recognised in the Standalone
Statement of Profit and Loss and Standalone Balance Sheet for the respective plans:
Unfunded defined benefit plan
Net benefit expense recognised through the Standalone Statement of Profit and Loss
` in Crore
March 31, 2022 March 31, 2021
Current service cost 3.98 3.88
Interest cost on defined benefit obligation 1.52 1.39
Total 5.50 5.27

Changes in the present value of the Defined Benefit Obligations (DBO) are as follows:
` in Crore
As at As at
March 31, 2022 March 31, 2021
Opening defined benefit obligation 23.73 20.90
Actuarial (gain)/ loss on account of:
Changes in financial assumptions (1.00) 0.36
Experience adjustments 0.53 (1.45)
Actuarial (gain)/ loss recognised in OCI (0.47) (1.09)
Benefits paid (2.40) (1.66)
Liabilities assumed/ (settled)* - 0.31
Closing defined benefit obligation 26.36 23.73
Funded defined benefit plan

Net benefit expense recognised through the Standalone Statement of Profit and Loss
` in Crore
March 31, 2022 March 31, 2021
Interest on plan assets (4.76) (4.16)
9.97 9.18
Changes in the defined benefit obligation and fair value of plan assets are as follows:
(i) Changes in the present value of the Defined Benefit Obligations (DBO)
` in Crore
As at As at
March 31, 2022 March 31, 2021
Liabilities assumed/ (settled)* (0.21) (0.24)
*On account of inter-company transfer.
209
(ii) Change in fair value of plan assets

` in Crore
As at As at
March 31, 2022 March 31, 2021
Opening fair value of the plan assets 74.39 63.16
Contributions by the employer - 6.77
Interest income on plan assets 4.76 4.16
Actuarial gain/ (loss) recognised in OCI
Actual returns on plan assets less interest cost on plan assets 0.41 0.30
Closing fair value of the plan assets 79.56 74.39
Amounts recognised in the Standalone Balance Sheet

` in Crore
As at As at
March 31, 2022 March 31, 2021
Present value of the defined benefit obligation at the end of the year:
Funded 76.70 71.38
Unfunded 26.36 23.73
103.06 95.11
Fair value of plan assets 79.56 74.39
Net liability/ (asset) 23.50 20.72
Net liability is classified as follows:
Current 0.23 -
Non-current 23.27 20.72
Net liability 23.50 20.72
Gratuity is funded through investments with an insurance service provider, i.e. Life Insurance
Corporation of India (LIC). The plan assets under the scheme are administered by LIC. The investments
are primarily in low risk assets.
The principal assumptions used in determining gratuity (funded and unfunded) defined benefit
obligations for the Company are shown below:
As at As at
March 31, 2022 March 31, 2021
Discount rate
Funded plan 6.90% 6.40%
Unfunded plan 6.90% 6.40%
Salary escalation rate
Funded plan
Management 8.00% 8.00%
Staff 7.00% 7.00%
Workers 5.00% 5.00%
Unfunded plan
Stores 7.00% 7.00%
HO and Zones 8.00% 8.00%
The estimates of future salary increase, considered in actuarial valuation, takes into account inflation,
seniority, promotion and other relevant factors such as supply and demand in the employment
market.

A quantitative sensitivity analysis for significant assumptions is as follows:

Sensitivity level
Discount rate 0.50% increase 0.50% decrease 0.50% increase 0.50% decrease
Increase/ (Decrease) in DBO
(` in Crore)
Funded plan (3.01) 3.22 (2.93) 3.15
Unfunded plan (0.94) 1.00 (0.88) 0.94
Salary escalation rate 0.50% increase 0.50% decrease 0.50% increase 0.50% decrease
(` in Crore)
Funded plan 3.21 (3.02) 3.11 (2.92)
Unfunded plan 0.95 (0.91) 0.90 (0.86)
The above sensitivity analysis have been determined based on a method that extrapolates the impact
on defined benefit obligation as a result of reasonable changes in key assumptions occurring at the
end of the reporting period.
There has been no change from the previous year in the method and assumptions used in preparing
the sensitivity analysis.
The maturity profile of the defined benefit obligation are as follows:
` in Crore
March 31, 2022 March 31, 2021
Within the next 12 months (next annual reporting period) 10.63 9.89
Between 2 and 5 years 41.90 36.96
Beyond 10 years 104.00 95.58
Total 203.08 182.09
The Company is expected to contribute ` 8.19 Crore to the gratuity fund during the year ended
March 31, 2023.
The average duration of the defined benefit plan obligation at the end of the reporting period is 7
to 8 years (March 31, 2021: 8 to 9 years).
Defined contribution plans

Amount recognised as an expense and included in Note - 34 as “Contribution to provident and other
funds”
` in Crore
March 31, 2022 March 31, 2021
Contribution to Government Provident Fund 41.19 37.07
Contribution to Superannuation Fund 1.10 1.15
Contribution to Employee Pension Scheme (EPS) 5.46 4.85
Contribution to Employee State Insurance (ESI) 7.16 6.31
Contribution to Employee Deposit Linked Insurance Scheme (EDLIS) 0.15 0.08
Contribution to Labour Welfare Fund (LWF) 0.12 0.09
Contribution to National Pension Scheme (NPS) 0.37 0.81
Total 55.55 50.36
In respect of the Honourable Supreme Court ruling in February 2019 relating to computation
of salaries for Provident Fund contribution, there is uncertainty and ambiguity in retrospective
application and accordingly the Company will evaluate its position as clarity emerges.
211
The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and
post-employment benefits received Presidential assent in September 2020. The Code has been
published in the Gazette of India. However, the date on which the Code will come into effect has
not been notified. The Company will assess the impact of the Code when it comes into effect and
will record any related impact after the Code becomes effective.
NOTE- 43
SHARE-BASED PAYMENT
The expense recognised for employee services received during the year is shown in the following table:
` in Crore
March 31, 2022 March 31, 2021
Expense arising from equity-settled share-based payment transactions 27.21 11.85
(net of cross charge)
Expense arising from cash-settled share-based payment 1.37 0.03
transactions
Total 28.58 11.88
a. Employee Stock Option Plans (Options and RSUs)

I. Employee Stock Option Scheme - 2013
During the year ended March 31, 2014, i.e. on July 22, 2013, the ESOP Compensation Committee of
the Board of Directors of the Company (merged with Nomination and Remuneration Committee
w.e.f. November 04, 2014) (“Committee”) and the Board of Directors (“Board”) approved the
introduction of an Employee Stock Option Scheme, viz., Employee Stock Option Scheme - 2013
(“Scheme 2013”) for issue of Stock Options in the form of Options (“Options”) and/ or Restricted
Stock Units (“RSUs”) to the identified employees of the Company and of its holding and subsidiary
companies, subject to the approval of the shareholders of the Company. Shareholders of the
Company, vide a resolution passed at the Sixth Annual General Meeting of the Company, held
on August 23, 2013, approved the introduction of the Scheme 2013 and authorised the Board/
Committee to finalise and implement the Scheme 2013.
Accordingly, under the said Scheme 2013, vide its resolution dated October 25, 2013, the
Committee commenced granting of options.
i) Details of the grants under the Scheme 2013
Tranche 1 Tranche 3
Options RSUs RSUs
No. of Options/ RSUs 830,382 259,849 279,544
Method of accounting Fair value Fair value Fair value
Vesting plan Graded vesting - Bullet vesting at Bullet vesting on
25% every year the end of 3rd year December 7, 2016
Exercise period 5 years from the 5 years from the 5 years from the
date of vesting date of vesting date of vesting
Grant date October 25, 2013 October 25, 2013 May 11, 2016
Grant/ exercise price (` per share) 102.10 10.00 10.00
Market price on the date of granting of Options/ BSE - 104.10 BSE - 104.10 BSE - 152.10
RSUs (` per share) NSE - 103.55 NSE - 103.55 NSE - 152.10
Method of settlement Equity Equity Equity
There are no Options/RSUs unvested/excersiable under Tranche 2 as on March 31, 2022 and
March 31, 2021.

Note:
RSUs – Tranche 3 were granted to employees of Madura Fashion & Lifestyle division of the
Company, who were grantees of RSUs of Aditya Birla Nuvo Limited (“ABNL”) and had become
employees of the Company pursuant to the effectiveness of the Composite Scheme of
Arrangement between the Company, ABNL, Madura Garments Lifestyle Retail Company Limited
and their respective shareholders and creditors under Section 391 to 394 of the Companies Act,
1956. Accordingly, as per the terms and conditions of the grant, these RSUs vested as per the
original vesting schedule of ABNL RSUs, i.e., on December 7, 2016.
ii) Movement of Options and RSUs granted

The following table illustrates the number and weighted average exercise prices of, and
movements in, Options and RSUs during the year:
No. of Weighted No. of RSUs Weighted
Options average average
exercise price exercise price
(` per share) (` per share)
Tranche 1
Outstanding at the beginning of the financial year 12,129 102.10 - -
Granted during the financial year - - - -
Exercised during the financial year* (4,603) 102.10 - -
Lapsed during the financial year - - - -
Outstanding at the end of the financial year 7,526 102.10 - -
Unvested at the end of the financial year - - - -
Exercisable at the end of the financial year 7,526 102.10 - -
Tranche 3
Outstanding at the beginning of the financial year N.A. N.A. - -
Granted during the financial year N.A. N.A. - -
Exercised during the financial year N.A. N.A. - -
Lapsed during the financial year N.A. N.A. - -
Outstanding at the end of the financial year N.A. N.A. - -
Unvested at the end of the financial year N.A. N.A. - -
Exercisable at the end of the financial year N.A. N.A. - -
* The weighted average share price at the date of exercise of these Options was ` 271.98.
Further, the following table illustrates the number and weighted average exercise prices of and
movements in Options and RSUs during the previous year:
Tranche 1
Exercised during the financial year - - - -
213

Tranche 3
Outstanding at the beginning of the financial year N.A. N.A. 37,840 10.00
Exercised during the financial year* N.A. N.A. (37,840) 10.00
The weighted average remaining contractual life for the Options outstanding as at March 31,
2022, is 1 year (March 31, 2021: 2 years) and for RSUs outstanding as at March 31, 2022, is Nil
(March 31, 2021: Nil).
iii) The following table lists the inputs to the model used for the Options and RSUs as on
grant date:
Options RSUs
Tranche 1 Tranche 1 Tranche 3
Expected dividend yield (%) Nil Nil Nil
Expected volatility (%) 45.93 45.93 37.41
Risk-free interest rate (%) 8.58 8.58 7.37
Weighted average fair value per Option/ 52.96 95.90 142.63
RSU (`)
Model used Black-Scholes model Black-Scholes model Black-Scholes model
II. Aditya Birla Fashion and Retail Limited Employee Stock Option Scheme 2017
During the year ended March 31, 2018, i.e. on July 25, 2017, the Nomination and Remuneration
Committee of the Board of Directors of the Company (“NRC”) and the Board of Directors (“Board”)
approved the introduction of another Employee Stock Option Scheme, viz. Aditya Birla Fashion
and Retail Limited Employee Stock Option Scheme 2017 (“Scheme 2017”) for issue of Stock
Options in the form of Options (“Options”) and/or Restricted Stock Units (“RSUs”) to the identified
employees of the Company and of its holding and subsidiary companies, subject to the approval
of the Shareholders of the Company. Shareholders of the Company, vide a resolution passed
at the Tenth Annual General Meeting of the Company, held on August 23, 2017, approved the
introduction of the Scheme 2017 and authorised the Board/ NRC to finalise and implement the
Scheme 2017.
Accordingly, under the said Scheme 2017, vide its resolution dated September 8, 2017, the

i) Details of the grants under Scheme 2017

Options RSUs
Tranche 1 Tranche 2 Tranche 3 Tranche 4 Tranche 1 Tranche 2 Tranche 3 Tranche 4
No. of Options/ RSUs 37,38,254 14,406 2,88,122 90,039 13,04,558 14,568 1,17,144 30,349
Method of accounting Fair value Fair value Fair value Fair value Fair value Fair value Fair value Fair value
Vesting plan Graded Graded Graded Graded Bullet Bullet Bullet Bullet
vesting - vesting - vesting - vesting - vesting at vesting at vesting at vesting at
25% every 25% every 25% every 25% every the end of the end of the end of the end of
year year year year 3rd year 3rd year 3rd year 3rd year
Exercise period 5 years from 5 years from 5 years from 5 years from 5 years from 5 years from 5 years from 5 years from
the date of the date of the date of the date of the date of the date of the date of the date of
vesting vesting vesting vesting vesting vesting vesting vesting
Grant date September October 27, February 02, April 18, September October 27, February 02, April 18,
08, 2017 2017 2018 2018 08, 2017 2017 2018 2018
Grant/ exercise price 178.30 148.10 163.60 150.80 10.00 10.00 10.00 10.00
(` per share)
Market price on the date of BSE - 176.40 BSE - 147.95 BSE - 156.35 BSE - 147.70 BSE - 176.40 BSE - 147.95 BSE - 156.35 BSE - 147.70
granting of Options/ RSUs NSE - 176.50 NSE - 148.70 NSE - 156.55 NSE - 147.10 NSE - 176.50 NSE - 148.70 NSE - 156.55 NSE - 147.10
(` per share)
Method of settlement Equity Equity Equity Equity Equity Equity Equity Equity

Tranche 1
Outstanding at the beginning of the financial year 16,41,845 178.30 5,12,881 10.00
Exercised during the financial year^ (1,64,561) 178.30 (1,72,971) 10.00
Lapsed during the financial year (79,234) 178.30 - -
Outstanding at the end of the financial year 13,98,050 178.30 3,39,910 10.00
Exercisable at the end of the financial year 13,98,050 178.30 3,39,910 10.00
Tranche 2
Exercised during the financial year^ - - - -
Outstanding at the end of the financial year - - - -
Exercisable at the end of the financial year - - - -
215

Tranche 3
Outstanding at the beginning of the financial year 1,62,069 163.60 72,838 10.00
Exercised during the financial year^ (90,038) 163.60 (60,698) 10.00
Outstanding at the end of the financial year 72,031 163.60 12,140 10.00
Exercisable at the end of the financial year 72,031 163.60 12,140 10.00
Tranche 4
Outstanding at the beginning of the financial year 67,529 150.80 30,349 10.00
Unvested at the end of the financial year 22,509 150.80 - -
^The weighted average share price at the date of exercise of these Options and RSUs was
` 255.86.
Tranche 1
Exercised during the financial year^^ - - (4,57,317) 10.00
Lapsed during the financial year (8,84,265) 178.30 (14,028) 10.00
Unvested at the end of the financial year 5,63,689 178.30 - -
Tranche 2
Exercised during the financial year^^ - - (7,284) 10.00


Tranche 3
Outstanding at the end of the financial year 1,62,069 163.60 72,838 10.00
Exercisable at the end of the financial year 1,08,047 163.60 72,838 10.00
Tranche 4
Unvested at the end of the financial year 45,019 150.80 30,349 10.00
^^The weighted average share price at the date of exercise of these RSUs was ` 151.45.
The weighted average remaining contractual life for the share Options outstanding as at March
31, 2022, is 3 years (March 31, 2021: 4 years) and for RSUs outstanding as at March 31, 2022, is
4 years (March 31, 2021: 4 years).
grant date:
Options RSUs
Expected dividend yield (%) Nil Nil Nil Nil Nil Nil Nil Nil
Expected volatility (%) 36.57 36.28 35.32 35.28 36.57 36.28 35.32 35.28
Risk-free interest rate (%) 6.70 6.75 7.43 7.43 6.77 6.98 7.54 7.54
Weighted average fair value 77.04 63.85 71.56 65.93 171.41 141.29 156.99 144.20
per Option/ RSU (`)
Model used Black- Black- Black- Black- Black- Black- Black- Black-
Scholes Scholes Scholes Scholes Scholes Scholes Scholes Scholes
model model model model model model model model
III. Aditya Birla Fashion and Retail Limited Employee Stock Option Scheme 2019
During the year ended March 31, 2020, on July 26, 2019, the Nomination and Remuneration
Committee and the Board of Directors (“Board”), approved introduction of Employee Stock
Option Scheme, viz. Aditya Birla Fashion and Retail Limited Employee Stock Option Scheme 2019
(“Scheme 2019”) through trust route, for issue of Stock Options in the form of Options (“Options”)
217
and/or Restricted Stock Units (“RSUs”) to the identified employees of the Company and of its
holding and subsidiary companies. Based on the loan granted by the Company, the Trust held
47,10,457 equity shares as at March 31, 2021. During the year ended March 31, 2022, the Trust
purchased additional 2,23,128 equity shares to back the grants made under the Scheme 2019.
As on March 31, 2022, the Trust holds 46,54,072 equity shares. 2,79,513 equity shares were
exercised during the year.
Accordingly, under the said Scheme 2019, vide its resolution dated December 2, 2019, the

Options RSUs
Tranche 1 Tranche 2 Tranche 3 Tranche 1 Tranche 2
No. of Options/ RSUs 33,42,876 1,16,360 14,17,684 11,18,385 32,161
Method of accounting Fair value Fair value Fair value Fair value Fair value
Vesting plan Graded Graded Bullet vesting Bullet vesting Bullet vesting
vesting - 25% vesting - 25% at the end of at the end of at the end of
every year every year 1st year 3rd year 3rd year
Exercise period 5 years from 5 years from 5 years from 5 years from 5 years from
the date of the date of the date of the date of the date of
vesting vesting vesting vesting vesting
Grant date December December January 21, December December
02, 2019 28, 2020 2021 02, 2019 28, 2020
Grant/ exercise price (` per share) 225.25 164.10 173.55 10.00 10.00
Market price on the date of granting of BSE - 226.90 BSE - 163.85 BSE - 173.05 BSE - 226.90 BSE - 163.85
Options/ RSUs (` per share) NSE - 226.65 NSE - 163.80 NSE - 173.85 NSE - 226.65 NSE - 163.80
Method of settlement Equity Equity Equity Equity Equity

Tranche 1
Exercised during the financial year^ (92,682) 225.25 - -
Lapsed during the financial year (2,29,902) 225.25 (1,04,320) 10.00
Unvested at the end of the financial year 14,67,262 225.25 9,58,790 10.00


Tranche 2
Tranche 3
Outstanding at the beginning of the financial year 14,08,593 173.55 - -
Exercised during the financial year^ (1,83,195) 173.55 - -
Lapsed during the financial year (1,02,300) 173.55 - -
Outstanding at the end of the financial year 11,23,098 173.55 - -
Exercisable at the end of the financial year 11,23,098 173.55 - -
` 283.16.

Tranche 1
219

Tranche 2
Outstanding at the beginning of the financial year - - - -
Granted during the financial year 1,16,360 164.10 32,161 10.00
Unvested at the end of the financial year 1,16,360 164.10 32,161 10.00
Tranche 3
Granted during the financial year 14,17,684 173.55 - -
31, 2022 is 5 years (March 31, 2021: 6 years) and for RSUs outstanding as at March 31, 2022 is
grant date:
Options RSUs
Expected dividend yield (%) Nil Nil Nil Nil Nil
Expected volatility (%) 32.88 36.16 36.02 32.88 36.16
Risk-free interest rate (%) 6.66 5.62 5.62 6.76 6.19
Weighted average fair value per Option/ RSU (`) 112.00 84.39 76.78 216.18 158.10
Model used Binomial Binomial Binomial Binomial Binomial
model model model model model
b. Stock Appreciation Rights (SARs)

The SAR compensation cost is amortised on a straight-line basis over the total vesting period
of the SARs. Accordingly, ` 1.37 Crore (March 31, 2021: ` 0.03 Crore) has been taken to the
Standalone Statement of Profit and Loss.

I. Aditya Birla Fashion and Retail Limited Stock Appreciation Rights Scheme 2019
On February 04, 2019, the Nomination and Remuneration Committee and the Board of Directors
of the Company, at their respective meetings had approved the “Aditya Birla Fashion and Retail
Limited Stock Appreciation Rights Scheme 2019” (“SARs Scheme 2019”), to grant SARs in the
form of “Option SARs” and “RSU SARs”, from time to time, to the eligible employees (as defined
in the SARs Scheme 2019).
i) The details of the Plan are as below:
SARs
Option SARs
Tranche 1 Tranche 2 Tranche 3 Tranche 4
No. of SARs 61,226 17,92,686 Nil 2,04,546
Method of accounting Fair value Fair value NA Fair value
Vesting plan May 16, 2019 August 18, NA Graded vesting
and September 2024 - 33.33% every
08, 2019 year
Exercise period 3 years from 3 years from NA 3 years from
the date of the date of the date of
vesting vesting vesting
Grant date May 15, 2019 August 18, NA November 03,
2021 2021
Grant price (` per share) 178.30 206.35 NA 288.10
Market price on the date of granting of BSE - 192.45 BSE - 205.80 NA BSE - 285.10
SARs (` per share) NSE - 192.80 NSE - 205.90 NSE - 285.15
Method of settlement Cash Cash NA Cash
SARs
RSU SARs
No. of SARs 6,880 6,38,700 1,005 56,533
Method of accounting Fair value Fair value Fair value Fair value
Vesting plan September 08, August 18, December 02, November 03,
2020 2024 2022 2024
Exercise period 3 years from 3 years from 3 years from 3 years from
the date of the date of the date of the date of
vesting vesting vesting vesting
Grant date May 15, 2019 August 18, August 18, November 03,
2021 2021 2021
Grant price (` per share) 10.00 10.00 10.00 10.00
Market price on the date of granting of SARs BSE - 192.45 BSE - 205.80 BSE - 205.80 BSE - 285.10
(` per share) NSE - 192.80 NSE - 205.90 NSE - 205.90 NSE - 285.15
Method of settlement Cash Cash Cash Cash
221
ii) Movement of SARs granted

movements in, SARs during the year:

No. of SARs Weighted No. of SARs Weighted
average average
Tranche 1
Option SARs
RSU SARs
Tranche 2
Option SARs
RSU SARs


No. of SARs Weighted No. of SARs Weighted
average average
Tranche 3
RSU SARs
Granted during the financial year 1,005 10.00 - -
Tranche 4
Option SARs
RSU SARs
` 281.87.
The weighted average remaining contractual life for SARs options outstanding as at March 31,
2022 is 4 years (March 31, 2021 : 2 years) and for RSUs outstanding as at March 31, 2022, is 6
years (March 31, 2021: 2 years).
223
iii) The following table lists the inputs to the model used for SARs as on grant date:
Option SARs
Expected dividend yield (%) Nil Nil Nil Nil
Expected volatility (%) 32.53 36.00 NA 36.71
Risk-free interest rate (%) 5.88 5.74 NA 5.78
Weighted average fair value per SAR (`) 27.42 72.15 NA 94.85
Model used Binomial Binomial NA Binomial
model model model
RSU SARs
Expected volatility (%) 31.74 36.46 36.46 36.90
Risk-free interest rate (%) 6.24 6.16 6.16 6.08
Weighted average fair value per SAR (`) 144.94 172.79 172.79 204.55
Model used Binomial Binomial Binomial Binomial
model model model model
The expected life of the Share Options, RSUs and SARs is based on historical data and current
expectations, and is not necessarily indicative of exercise patterns that may occur. The expected
volatility reflects the assumption that the historical volatility over a period similar to the life of
the Share Options, RSUs and SARs is indicative of future trends, which may not necessarily be
the actual outcome.
NOTE - 44
COMMITMENTS AND CONTINGENCIES
a) Leases
Lease commitments as lessee
The Company has entered into agreements for taking on lease certain residential/ office/ store
premises, warehouses, property, plant and equipment on lease and licence basis. The lease
term is for periods ranging from 3 to 21 years, with escalation clauses in the lease agreements.
Consistent with Industry practice, the Company has contracts which have fixed rentals or variable
rentals based on a percentage of sales in the stores, or a combination of both.
Expenses/ Income recognised in the Standalone Statement of Profit and Loss
` in Crore
March 31, 2022 March 31, 2021
Other income
Gain on retirement of right-of-use assets 14.85 20.54
Rent
Expense relating to short-term leases 41.88 17.81
Expense relating to leases of low value assets 0.78 1.74
Variable rent* 563.42 331.55

` in Crore
March 31, 2022 March 31, 2021
Finance cost
Depreciation and amortisation expenses
Depreciation on right-of-use assets 732.21 724.12
Other expenses
Sublease payments received (not shown separately in the 0.80 0.84
Standalone Statement of Profit and Loss)
* The variable rent varies basis percentage of Net Sales Value (NSV) at the lease premises.
Contractual maturities of lease liabilities

The below table provides details regarding the contractual maturities of lease liabilities on
undiscounted basis:
` in Crore
As at As at
March 31, 2022 March 31, 2021
Within one year 897.94 847.52
After one year but not more than five years 1,918.32 1,789.10
More than five years 228.43 130.07
Total 3,044.69 2,766.69
The initial non-cancellable period of the lease agreement pertaining to stores are upto 3 years,
beyond which there is an option for the lessee to continue the lease, which the Company expects
to continue for a period of 2 to 3 years after the initial non-cancellable period, accordingly 5 – 6
years has been considered as non-cancellable for the purpose of the above disclosure. Post such
period, the Company has the option to exit the lease by giving a notice period and the Company
assesses its intention to continue considering location and other economic factors associated
with the lease arrangement.
Total cash outflow for leases for the year ended March 31, 2022 is ` 1,283.47 Crore (March 31,
2021: ` 896.65 Crore).
The Company entered into a sale and leaseback transaction in respect of certain assets such
as furniture and fixtures, office equipment etc., in line with its capital expenditure strategy. The
assets were sold at fair values with no gains/ losses. Sale proceeds of ` Nil (March 31, 2021:
` 28.65 Crore) were realised upon sale of such assets. The lease arrangement is for a period of 4-5
years. The same has been recorded as a right-of-use assets with corresponding lease liabilities.
Lease commitments for leases not considered in measurement of lease liabilities

` in Crore
As at As at
March 31, 2022 March 31, 2021
Lease commitment for short-term leases 3.62 7.98
Lease commitment for leases of low value assets - 0.79
Total 3.62 8.77
225
Future Cash Outflows to which the Company is potentially exposed and not reflected in
measurement of lease liabilities
` in Crore
Particulars March 31, 2022 March 31, 2021
Increase/ (Decrease) in sales Increase by 5% Decrease by 5% Increase by 5% Decrease by 5%
Rent 28.17 (28.17) 16.58 (16.58)
b) Capital commitments
` in Crore
As at As at
March 31, 2022 March 31, 2021
Estimated amount of contracts remaining to be executed on 87.67 19.65
capital account and not provided for (net of advances)
Customs duty on capital goods and raw materials imported 0.03 0.07
under advance licensing/ EPCG scheme, against which export
obligation is to be fulfilled
Total 87.70 19.72
c) Other commitments
As at March 31, 2022, the Company has committed to provide financial support to TG Apparel
& Décor Private Limited (a wholly owned subsidiary) with regard to its operations.
Refer Note 6 for commitments towards investments in Sabyasachi Calcutta LLP and Goodview
Fashion Private Limited.
NOTE - 45
CONTINGENT LIABILITIES NOT PROVIDED FOR
` in Crore
As at As at
March 31, 2022 March 31, 2021
Claims against the Company not acknowledged as debts
Commercial taxes 45.17 27.04
Excise duty 0.50 0.50
Customs duty - 2.54
Textile committee cess 0.75 0.75
Others* 15.85 16.29
Total 62.27 47.12
* Pertains to claims made by third parties, pending settlement which are considered not tenable.
The Company’s pending litigations comprise of claims against the Company primarily for excise duty,
comprising various cases demanding duty on reversal of CENVAT credit on sale of capital goods
and for commercial taxes, comprising various cases in respect of short fall of Forms F, H, I and C,
disallowance of input credit, etc.
The Company has reviewed all its pending litigations and proceedings, and has adequately provided
for where provisions are required and disclosed the contingent liabilities in its standalone financial
statements where financial outflow is not probable. The Company does not expect the outcome

of these proceedings to have a materially adverse effect on its standalone financial statements. In
respect of litigations, where the management’s assessment of a financial outflow is probable, the
Company has a provision of ` 66.75 Crore as at March 31, 2022 (March 31, 2021: ` 68.72 Crore)
(Refer Note - 24).
The Company has a process whereby periodically all long-term contracts are assessed for material
foreseeable losses. At the year end, the Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable losses.
NOTE - 46
RELATED PARTY TRANSACTIONS
Names of related parties and related party relationship with whom transactions have taken place:
Name of related parties

Subsidiaries
Jaypore E-Commerce Private Limited (Wholly-owned subsidiary)
TG Apparel & Decor Private Limited (Wholly-owned subsidiary)
Jaypore Inc.(A wholly-owned subsidiary of Jaypore E-Commerce Private Limited) was dissolved on
September 21, 2020
Finesse International Design Private Limited
Sabyasachi Calcutta LLP - with effect from February 24, 2021
Sabyasachi Inc.(A wholly-owned subsidiary of Sabyasachi Calcutta LLP) - with effect from February
24, 2021
Indivinity Clothing Retail Private Limited - with effect from March 26, 2021
Joint Venture
Goodview Fashion Private Limited - with effect from March 19, 2021
Other related parties in which directors are interested
Aditya Birla Fashion and Retail Jan Kalyan Trust
Grasim Premium Fabric Private Limited (formerly known as Soktas India Private Limited) upto June
20, 2021
Aditya Birla Management Corporation Private Limited
lndiginus Learning Private Limited - with effect from June 05, 2020
Post-employment benefit plans

Aditya Birla Fashion and Retail Limited - Employees Group Superannuation Scheme Trust
Aditya Birla Fashion and Retail Limited - Employees Group Gratuity Fund Trust
Key Management Personnel (“KMP”)

Mr. Kumar Mangalam Birla - Chairman and Non-Executive Director with effect from February 24, 2021
Mr. Himanshu Kapania - Vice Chairman and Non-Executive Director
Mr. Ashish Dikshit - Managing Director
Mr. Vishak Kumar - Whole-time Director with effect from February 24, 2021
227
Ms. Sangeeta Pendurkar - Whole-time Director with effect from February 24, 2021
Mr. Arun Thiagarajan - Independent Director upto May 10, 2020
Mr. Nish Bhutani - Independent Director with effect from June 05, 2020
Ms. Preeti Vyas - Independent Director with effect from March 31, 2021
Mr. Sunirmal Talukdar - Independent Director
Mr. Sanjeeb Chaudhuri - Independent Director upto June 05, 2020
Ms. Sukanya Kripalu - Independent Director
Mr. Yogesh Chaudhary - Independent Director with effect from March 17, 2021
Mr. Arun Kumar Adhikari - Independent Director with effect from May 19, 2021
Mr. Sushil Agarwal - Non-Executive Director upto March 31, 2021
Mr. Vikram Rao - Non-Executive Director with effect from March 17, 2021
Mr. Jagdish Bajaj - Chief Financial Officer
Ms. Geetika Anand - Company Secretary
Relative of Key Management Personnel (“KMP”)

Ms. Karuna Rao upto March 31, 2021
The following table provides the total amount of transactions that have been entered into with
related parties for the relevant financial year:
` in Crore
Year ended March 31, 2022 Year ended March 31, 2021
Subsidiaries KMP and Other Subsidiaries KMP and Other
and Joint Relative related and Joint Relative related
Venture of KMP parties Venture of KMP parties
Sale of goods 2.82 - - 1.06 - -
Interest income 1.48 - - 1.79 - -
Reimbursement of expenses Recovered 12.64 - - 3.20 - -
from
Purchase of goods 0.56 - 2.84 0.20 - 7.92
Reimbursement of expenses paid to - - 19.24 - - 25.36
Consultancy services - - - - - 0.10
Production services 1.63 - - - - -
Contribution to trusts - - 4.37 - - 10.18
Deposits given 13.70 - - 26.86 - 3.48
Repayment of deposits 50.04 - - 0.60 - 5.54
Receipt of Security deposits 0.39 - - - - -
Investment in share capital 144.93 - - 63.00 - -
Investment made in limited liability - - - 389.84 - -
partnership firm
Investment made in Joint Venture - - - 12.45 - -
Remuneration paid to KMP* - 33.77 - - 9.85 -
Remuneration paid to relative of KMP - - - - 0.01 -
* Includes director sitting fees

Balances outstanding
` in Crore
Subsidiaries KMP and Other Subsidiaries KMP and Other
and Joint Relative related and Joint Relative related
Venture of KMP parties Venture of KMP parties
Amounts owed to related parties - - 4.82 - - 19.26
Amounts owed by related parties 9.00 - - 2.58 - -
Deposits/ Loans receivable 2.08 - 5.64 38.42 - 5.64
The above amounts are classified as loans receivables, security deposit receivable, trade receivables,
inter corporate deposit receivable and trade payables (Refer Notes - 7, 8, 15, 18 and 27 respectively).
Disclosure as per Regulation 34(3) and 53(f) read with Part A of Schedule V of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015:
Disclosure of transactions with the entity belonging to the promoter/ promoter group holding
10% or more shareholding in the Company
Transactions during the financial year
` in Crore
March 31, 2022 March 31, 2021
Grasim Industries Limited
Reimbursement of expenses recovered from 1.95 1.53
Purchase of goods 22.87 0.84
` in Crore
As at As at
March 31, 2022 March 31, 2021
Amounts owed to entity 16.59 -
Amounts owed by entity 0.71 0.03
No amounts in respect of the related parties have been written off/ back during the year.
Terms and conditions of transactions with related parties

The sales to and purchases from related parties are made on terms equivalent to those that prevail
in arm’s length transactions. Amount owed to and by related parties are unsecured and interest free
and settlement occurs in cash. Deposits to wholly-owned subsidiaries are unsecured, interest bearing
and settlement occurs in cash. There have been no guarantees received or provided for any related
party receivables or payables. For the year ended March 31, 2022, the Company has not recorded
any impairment of receivables relating to amounts owed by related parties (March 31, 2021: ` Nil).
This assessment is undertaken each financial year through examining the financial position of the
related party and the market in which the related party operates.
229
Compensation of Key Managerial Personnel (KMP) of the Company

` in Crore
March 31, 2022 March 31, 2021
Short-term employee benefits 22.58 6.18
Post-employment benefits 1.41 0.46
Share-based payment 9.78 3.21
Total 33.77 9.85
Year ended March 31, 2022 KMP remuneration is not comparable with previous year as current year
remuneration for whole time directors is for twelve months which was 36 days during the previous
year.
The amounts disclosed in the table are the amounts recognised as an expense during the reporting
period related to key managerial personnel.
KMPs interests in the Employee Stock Options, RSUs and SARs

Scheme Grant date Expiry date Exercise As at March As at March
price 31, 2022 31, 2021
(`) Number Number
outstanding outstanding
Aditya Birla Fashion and Retail Limited Employee Stock Option Scheme 2017
Options - Tranche 1 September 08, 2017* September 07, 2026 178.30 4,87,709 5,76,248
Options - Tranche 3 February 2, 2018* February 1, 2027 163.60 45,020 1,35,058
Options - Tranche 4 April 18, 2018 April 17, 2027 150.80 67,529 67,529
Options - Tranche 1 December 02, 2019* December 01, 2028 225.25 7,30,456 8,05,911
Options - Tranche 3 January 21, 2021 January 20, 2027 173.55 4,03,274 5,28,250
Total 17,33,988 21,12,996
RSUs - Tranche 1 September 08, 2017 September 07, 2025 10.00 91,048 97,118
RSUs - Tranche 3 February 2, 2018* February 1, 2026 10.00 - 60,698
RSUs - Tranche 4 April 18, 2018 April 17, 2026 10.00 30,349 30,349
RSUs - Tranche 1 December 02, 2019* December 01, 2027 10.00 2,99,498 2,99,498
Total 4,20,895 4,87,663
Aditya Birla Fashion and Retail Limited Stock Appreciation Scheme 2019
Options - Tranche 3 August 18, 2021 August 17, 2027 206.35 3,36,369 -
Options - Tranche 4 November 03, 2021 November 03, 2027 288.10 2,04,546 -
Total 5,40,915 -
Aditya Birla Fashion and Retail Limited Stock Appreciation Scheme 2019
RSUs - Tranche 3 August 18, 2021 August 17, 2027 10.00 92,964 -
RSUs - Tranche 4 November 03, 2021 November 03, 2027 10.00 56,533 -
Total 1,49,497 -
*The above includes Options/RSU’s granted to Mr. Vishak Kumar and Ms. Sangeeta Pendurkar who
have been appointed as Whole-time Directors with effect from February 24, 2021.

NOTE - 47
FINANCIAL INSTRUMENTS: FAIR VALUE, RISK MANAGEMENT OBJECTIVES AND POLICIES
A. Accounting classification and fair values
The carrying value and fair value of financial instruments by categories as at March 31, 2022
and March 31, 2021 are as follows:
` in Crore
FVTPL FVTOCI Amortised Total Fair value
cost* carrying
value Level 1 Level 2 Level 3
Financial assets
Investments (Refer Notes - 6b and 6c) 537.42 7.32 - 544.74 537.42 - 7.32
Loans (Refer Notes - 7 and 13) - - 10.47 10.47 - - -
Security deposits (Refer Notes - 8 and 14) - - 424.84 424.84 - - -
Trade receivables (Refer Note - 15) - - 754.40 754.40 - - -
Cash and cash equivalents (Refer Note - 16) - - 107.81 107.81 - - -
Bank balance other than the cash and cash - - 0.11 0.11 - - -
equivalents (Refer Note - 17)
Other financial assets (Refer Notes - 9 and - - 52.31 52.31 - - -
18)
Derivative Instruments (Refer Note - 9) 164.60 - - 164.60 - - 164.60
Total 702.02 7.32 1,349.94 2,059.28 537.42 - 171.92
Financial liabilities
Non-current borrowings (Refer Note - 22) - - 757.40 757.40 - - -
Current borrowings (Refer Note - 26) - - 449.97 449.97 - - -
Lease liabilities (Refer Note - 4b) - - 2,615.88 2,615.88 - - -
Deposits - - 380.96 380.96 - - -
Trade payables (Refer Note - 27) - - 3,335.62 3,335.62 - - -
Other financial liabilities (Refer Notes - 23 - - 313.97 313.97 - - -
and 28)
Derivative contracts (Refer Note - 28) 3.20 - - 3.20 3.20 - -
Total 171.13 - 7,853.80 8,024.93 3.20 - 167.93
231

` in Crore
cost* carrying
value Level 1 Level 2 Level 3
Financial assets
Investments (Refer Notes - 6b and 6c) 299.53 6.66 - 306.19 299.53 - 6.66
Bank balance other than the cash and cash - - 0.28 0.28 - - -
Other financial assets (Refer Notes - 9 and - - 58.59 58.59 - - -
18)
Derivative contracts (Refer Notes - 9) 145.56 - - 145.56 - - 145.56
Total 445.09 6.66 1,235.64 1,687.39 299.53 - 152.22
Deposits - - 297.91 297.91 - - -
Other financial liabilities (Refer Notes - 23 - - 262.68 262.68 - - -
and 28)
Total 149.24 - 6,178.36 6,327.60 3.29 - 145.95
*Carrying value of financial instruments measured at amortised cost equals to the fair value.
The investments made in subsidiaries and joint venture as at March 31, 2022 is ` 827.80 Crore
(March 31, 2021: ` 682.87 Crore) and are measured at cost.
Key inputs for level 1 and 3 fair valuation techniques

a) Derivative contracts:
i) Forward contracts: Fair value of forward foreign exchange contracts is determined using
forward exchange rates as provided by banks to the Company (level 1)
b) Derivative Instruments:
i) Option contracts: Fair value of option contracts is determined basis valuation performed
by independent valuer appointed by the Company (level 3)
c) Investment:
i) Unquoted equity instruments: Valuation has been done by considering the net worth
of the company and price to book multiple to arrive at the fair value (level 3)
ii) Quoted investments: Valuation has been done based on market value of the investment
i.e. fair value (level 1)

Valuation inputs and relationships to fair value

The following tables show the valuation techniques used in measuring level 3 fair values, as well
as the significant unobservable inputs used (refer above notes for valuation technique adopted):
Financial instruments measured at fair value

` in Crore
Particulars Fair Value as Significant Fair Value as at Sensitivity
at March 31, unobservable March 31, 2022
2022 inputs Increase Decrease
by 0.50% by 0.50%
Call 164.60 Risk adjusted 154.20 172.80 Increase in discount rate by 0.50% would
Option discount rate decrease the fair value by ` 10.40 Crore and
decrease in discount rate by 0.50% would increase
the fair value by ` 8.20 Crore
EBITDA margin 160.60 166.00 Increase in margin by 0.50% would decrease
projection the fair value by ` 4.00 Crore and decrease in
margin by 0.50% would increase the fair value
by ` 1.40 Crore
Revenue 162.10 166.20 Increase in revenue by 0.50% would decrease
revenue by 0.50% would increase the fair value
by ` 1.60 Crore
Put Option 167.93 Risk adjusted 162.10 172.50 Increase in discount rate by 0.50% would
discount rate decrease the fair value by ` 5.83 Crore and
the fair value by ` 4.57 Crore
EBITDA margin 173.50 160.70 Increase in margin by 0.50% would increase
margin by 0.50% would decrease the fair value
by ` 7.23 Crore
Revenue 169.00 165.50 Increase in revenue by 0.50% would increase
revenue by 0.50% would decrease the fair value
by ` 2.43 Crore
` in Crore
by 0.50% by 0.50%
Call 145.56 Risk adjusted 137.42 152.59 Increase in discount rate by 0.50% would
Option discount rate decrease the fair value by ` 8.14 Crore and
the fair value by ` 7.03 Crore.
EBITDA margin 143.65 146.48 Increase in EBITDA margin by 0.50% would
projection decrease the fair value by ` 1.91 Crore and
decrease in EBITDA margin by 0.50% would
increase the fair value by ` 0.92 Crore.
Revenue 141.81 147.90 Increase in revenue projection by 0.50% would
projection decrease the fair value by ` 3.75 Crore and
decrease in revenue projection by 0.50% would
233

by 0.50% by 0.50%
Put Option 145.95 Risk adjusted 139.87 152.01 Increase in discount rate by 0.50% would
discount rate decrease the fair value by ` 6.08 Crore and
the fair value by ` 6.06 Crore.
projection increase the fair value by ` 4.25 Crore and
decrease the fair value by ` 6.00 Crore.
Revenue 147.52 144.59 Increase in revenue projection by 0.50% would
decrease in revenue projection by 0.50% would
B. Risk management objectives and policies

The Company’s principal financial liabilities, other than derivatives, comprise loans and
borrowings, trade and other payables. The main purpose of these financial liabilities is to finance
the Company’s operations. The Company’s principal financial assets include trade and other
receivables and cash and cash equivalents that derive directly from its operations.
The Company is exposed to market risk, credit risk and liquidity risk. The Company’s senior
management oversees the management of these risks. It is the Company’s policy that no trading
in derivatives for speculative purposes may be undertaken. The Board of Directors reviews and
agrees policies for managing each of these risks, which are summarised below:
a) Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will
fluctuate because of changes in market prices. Market risk comprises two types of risk:
interest rate risk and currency risk.
The sensitivity analyses in the following sections relate to the position as at March 31, 2022
and March 31, 2021.
The sensitivity analyses have been prepared on the basis that the amount of net debt, the
ratio of fixed to floating interest rates of the debt, derivatives and the proportion of financial
instruments in foreign currencies are all constant.
The analyses exclude the impact of movements in market variables on the carrying values
of gratuity and other post-retirement obligations and provisions.
The sensitivity of the relevant profit or loss item is the effect of the assumed changes in
respective market risks. This is based on the financial assets and financial liabilities held at
March 31, 2022 and March 31, 2021.
i) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument
will fluctuate because of changes in the market interest rates. The Company’s exposure
to the risk of changes in market interest rates relates primarily to the Company’s debt
obligations with floating interest rates.

The Company manages its interest rate risk by having a balanced portfolio of fixed and
variable rate loans and borrowings. As at March 31, 2022, approximately 99% of the
Company’s borrowings are at a fixed rate of interest (March 31, 2021: 98%).
Interest rate sensitivity

The following table demonstrates the sensitivity to a reasonably possible change in
interest rates on that portion of loans and borrowings taken at floating rates. With all
other variables held constant, the Company’s profit/ (loss) before tax is affected through
the impact on floating rate borrowings, as follows:
Basis points (%) 0.50% 0.50% 0.50% 0.50%
increase decrease increase decrease
Increase/ (decrease) on
loss before tax
` in Crore (0.06) 0.06 (0.09) 0.09
The assumed movement in basis points for the interest rate sensitivity analysis is based
on the currently observable market environment, showing a significantly higher volatility
than in the prior years.
ii) Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure
will fluctuate because of changes in foreign exchange rates. The Company’s exposure
to the risk of changes in foreign exchange rates relates primarily to the Company’s
operating activities denominated in foreign currency.
The Company manages foreign currency risk by hedging its transactions using foreign
currency forward contracts. The foreign exchange forward contracts are not designated
as cash flow hedges, and are entered into for periods consistent with foreign currency
exposure of the underlying transactions, generally from 2 to 6 months. As at March 31,
2022, the Company has hedged Nil (March 31, 2021: Nil) of its receivables in foreign
currency and 91% (March 31, 2021: 89%) of its payables in foreign currency.
The following table provide the details of forward contracts outstanding at the Standalone
Balance Sheet date:
Currency Foreign currency ` in Crore
in Crore
Forward contracts to buy (Hedge of payables) USD 4.61 349.93

in Crore
Forward contracts to buy (Hedge of payables) USD 2.86 214.71
235
The details of unhedged foreign currency exposure as at the Standalone Balance Sheet
date are as follows:

in Crore
Trade payables (net of advances) USD 0.26 19.56
EURO 0.07 5.76
GBP 0.07 7.16
HKD 0.03 0.28
Trade receivables USD 0.27 20.55
EURO 0.04 3.63
GBP 0.07 7.22
HKD 0.16 1.57
Bank balances USD 0.00* 0.09
CNY 0.02 0.20
BDT 0.07 0.06

in Crore
EURO 0.02 1.89
GBP 0.06 5.65
HKD 0.62 5.79
EURO 0.05 4.01
GBP 0.09 9.29
CNY 0.01 0.07
BDT 0.11 0.09
* The amount has been rounded off in Crore.
Foreign currency sensitivity

The following table demonstrates the sensitivity to a reasonably possible change in
USD, with all other variables held constant. The impact on the Company’s loss before
tax is due to changes in the fair value of monetary assets and liabilities. The Company’s
exposure to foreign currency changes for all other currencies is not material.
Basis points (%) 0.50% 0.50% 0.50% 0.50%
increase decrease increase decrease
loss before tax
` in Crore (0.10) 0.10 (0.07) 0.07

b) 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. To manage this, the Company
periodically assesses financial reliability of customers and other counterparties, taking into
account the financial condition, current economic trends, and analysis of historical bad debts
and ageing of financial assets. Individual risk limits are set and periodically reviewed on the
basis of such information. Credit risk from balances with banks and financial institutions is
managed by the Company’s treasury department in accordance with the Company’s policy.
Investments of surplus funds are made only with approved counterparties and within credit
limits assigned to each counterparty.
The Company only deals with parties which has good credit rating given by external rating
agencies or based on the Company’s internal assessment.
Financial assets are written off when there is no reasonable expectations of recovery,
such as a debtor failing to engage in a repayment plan with the Company. Where loans or
receivables have been written off, the Company continues to engage in enforcement activity
to attempt to recover the receivable dues where recoveries are made, these are recognised
as income in the Standalone Statement of Profit and Loss.
The Company is exposed to credit risk from its operating activities (primarily trade receivables
and security deposits).
Trade receivables
Customer credit risk is managed by each business unit, subject to the Company’s established
policy, procedures and control relating to customer credit risk management. Credit quality
of a customer is assessed, and individual credit limits are defined in accordance with this
assessment. Outstanding customer receivables are regularly monitored. As at March 31,
2022, the Company has 16 customers (March 31, 2021: 20 customers) that owed the Company
more than ` 5.00 Crore each and accounts for approximately 80% (March 31, 2021: 86%) of
all the receivables outstanding. There are 175 customers (March 31, 2021: 87 customers)
with balances greater than ` 0.50 Crore each and accounts for approximately 18% (March
31, 2021: 13%) of the total amounts receivable.
An impairment analysis is performed at each reporting date on the basis of sales channel.
In addition, a large number of minor receivables are grouped into homogeneous groups
and assessed for impairment collectively. The calculation is based on losses from historical
data.
The Company’s maximum exposure to credit risk for the components of the Standalone
Balance Sheet as at March 31, 2022 and March 31, 2021, is the carrying amount as provided
in Note - 15.
c) Liquidity risk
The Company monitors its risk of shortage of funds. The Company’s objective is to maintain
a balance between continuity of funding and flexibility through the use of bank overdrafts,
bank loans, debentures, preference shares and commercial papers. Approximately, 37%
of the Company’s debt will mature in less than one year as at March 31, 2022 (March 31,
2021: 28%) based on the carrying value of borrowings reflected in the financial statements.
The Company assessed the concentration of risk with respect to refinancing its debt and
concluded it to be low. The Company has access to various sources of funding.
237
The below tables summarises the maturity profile of the Company’s financial liabilities based
on contractual payments.

` in Crore
Less than 1 to 5 More than Total
1 year years 5 years
Borrowings (other than preference shares)* 627.24 797.07 - 1,424.31
Cumulative redeemable preference shares - 0.51 - 0.51
Lease liabilities 897.94 1,918.32 228.43 3,044.69
Other financial liabilities 317.17 - 167.93 485.10
Deposits 152.60 228.36 - 380.96
Trade payables 3,335.62 - - 3,335.62
Total 5,330.57 2,944.26 396.36 8,671.19

` in Crore
Less than 1 to 5 More than Total
1 year years 5 years
Borrowings (other than preference shares)* 432.24 967.67 - 1,399.91
Cumulative redeemable preference shares - 0.51 - 0.51
Other financial liabilities 213.07 52.90 145.95 411.92
Deposits 130.63 167.28 - 297.91
Trade payables 2,114.28 - - 2,114.28
Total 3,737.74 2,977.46 276.02 6,991.22
*Includes interest
Excessive risk concentration

Concentrations arise when a number of counterparties are engaged in similar business
activities, or activities in the same geographical region, or have economic features that
would cause their ability to meet contractual obligations, to be similarly affected by changes
in economic, political or other conditions. Concentrations indicate the relative sensitivity of
the Company’s performance to developments affecting a particular industry.
The Company is leader in apparels in the country and has a diversified portfolio of brands.
NOTE - 48
CAPITAL MANAGEMENT
The Company’s objective, when managing capital is to ensure the going concern operation and to
maintain an efficient capital structure to reduce the cost of capital, support the corporate strategy
and meet shareholder’s expectations. The policy of the Company is to borrow funds through banks/
financial institutions supported by committed borrowing facilities to meet anticipated funding
requirements. The Company manages its capital structure and makes adjustments in the light of
changes in economic conditions and the requirement of financial markets.
The capital structure is governed by policies approved by the Board of Directors, and is monitored
by various metrics. Funding requirements are reviewed periodically with any debt issuances.

The following table summarises the capital of the Company (debts excludes lease liabilities):
` in Crore
As at As at
March 31, 2022 March 31, 2021
Short-term debts (including current maturities of long-term 449.97 315.83
borrowings)
Long-term debts 757.40 802.09
Total borrowings 1,207.37 1,117.92
Equity 2,882.14 2,684.58
In order to achieve this overall objective, the Company’s capital management, amongst other
things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and
borrowings.
During the year, the Company has not defaulted on any loans payable, and there have been no
breach of any financial covenants attached to the borrowings.
No changes were made in the objectives, policies or processes for managing capital during the year
ended March 31, 2022 and March 31, 2021.
NOTE - 49
ACQUISTION OF REEBOK INDIA BUSINESS
On December 14, 2021, the Board approved acquiring the exclusive online and offline rights to the
global brand ‘Reebok’ for India, Bhutan, Nepal, Bangladesh, Maldives, Sri Lanka market and purchase
of certain assets of ‘Reebok India Company’ including inventory, currents assets/liabilities by way
of entering into a Licensing Agreement and a Purchase Agreement, respectively. The transaction
will be effective upon:a) completion of transfer of global ownership of ‘Reebok’ Brand from Adidas
to Authentic Brand Group, US and b) signing of definitive agreement(s) and necessary statutory
approvals, if any.
NOTE - 50
SETTING UP OF D2C SUBSIDIARY
On February 4, 2022, the Board approved to set up a new subsidiary, for foraying into the Direct to
Consumer (“D2C’) business towards building a portfolio of distinct, new-age, digital brands across
categories in fashion, beauty and other allied lifestyle segments. The D2C portfolio will be built
through organic and inorganic means.
NOTE - 51
ACQUISTION OF HOUSE OF MASABA LIFESTYLE PRIVATE LIMITED (“HMLPL”)
On January 14, 2022, the Board of Directors approved the acquisition of majority stake in HMLPL by
way of entering into a Binding Term Sheet subject to signing of definitive agreements, completion of
closing conditions precedent to be set out in the definitive agreements and statutory approvals, if any.
HMLPL houses apparel, non-apparel, beauty and personal care and accessories business under the
brand ‘Masaba’. The Board of Directors at their meeting held on May 18, 2022 noted the completion
of the conditions precedent and authorised officers of the Company to take necessary actions to
close the acquisition by signing definitive agreements. Post signing of the definitive agreements the
Company will hold 52.4% stake in HMLPL making it a subsidiary of the Company.
239
NOTE - 52
RATIO DISCLOSURES
As at As at % Change Reasons for variance more than 25%
March 31, 2022 March 31, 2021
Current ratio (times)1 1.03 1.08 -4.63% Not applicable
Debt equity ratio (times)2 0.17 0.22 21.92% Not applicable
Debt service coverage ratio 0.04 (0.67) 105.74% Increase in Earnings before interest and tax and
(times)3 reduction in principal repayments compared to
previous year
Return On Equity (%)4 -2.90% -34.46% 91.58% Decrease in Loss for the year
Inventory turnover (times)5 3.50 2.53 38.22% Increase in Revenue from Operations for the year
Debtors turnover (times)6 11.55 8.02 44.01% Increase in Revenue from Operations for the year
Trade Payables turnover 1.70 0.93 -82.80% Increase in purchases in line with increase in
(times)7 Revenue from Operations.
Net capital turnover (times)8 11.67 5.67 105.82% Increase in Revenue from Operations and increase
in net working capital
Net profit margin (%)9 -1.03% -12.54% 91.79% Increase in Revenue from Operations resulting in
decrease in Loss for the year
Return On Average Capital 3.52% -4.44% 179.28% Increase in Earnings before interest and tax
Employed (%)10 compared to previous year
Return On Investment (%)11 2.13% -2.90% 173.45% Increase in Earnings before interest and tax and
increase in total assets compared to previous year
Ratios have been computed as follows:
1. Current ratio = Current Assets / Current Liabilities (excluding Lease Liabilities accounted as per
Ind AS 116)
2. Debt equity ratio = Debt / Equity
Debt = Borrowings (excluding Lease Liabilities accounted as per Ind AS 116) - Cash and Bank
Balance (includes fixed deposits) - Liquid Investments
Equity = Equity share capital + Other equity (excluding Ind AS 116)
3. Debt service coverage ratio = Earnings before interest* and tax / [Finance cost* + Principal
repayment of non-current borrowings (netted off to the extent of non-current borrowings availed
during the same period for the repayments)]
4. Return on equity ratio = Profit after tax / Average of opening and closing Net Worth
5. Inventory turnover = Revenue from Operations for the period / Average of opening and closing
Inventories
6. Debtors turnover = Revenue from Operations for the period / Average of opening and closing
Trade Receivables
7. Trade payables turnover = Total Purchases / Average of opening and closing Trade Payables
8. Net capital turnover = Revenue from Operations for the period / Average of opening and closing
Working Capital
9. Net profit margin = Profit After Tax / Revenue from Operations
10. Return on Average Capital Employed = Earnings before interest and tax / Average of opening
and closing Capital Employed
11. Return on Investment = Earnings before interest and tax / Average of opening and closing Total
Assets
* Finance cost/ interest comprises of Interest expense on borrowings and excludes interest expense
on lease liabilities and interest charge on fair value of financial instruments.

NOTE - 53
LARGE CORPORATE DISCLOSURE
The Company is a Large Corporate as per the SEBI circular number SEBI/HO/DDHS/CIR/P/2018/144
¬dated November 26, 2018. Below is disclosure required as per the said circular:
Details of the current block ` in Crore
Particulars Details
2-year block period FY2021-22, FY2022-23
Incremental borrowing done in FY 2021-22 (a) 400.00
Mandatory borrowing to be done through debt securities in FY 2021-22 (b) = (25% of a) 100.00
Actual borrowing done through debt securities in FY 2021-22 ( c) 400.00
Shortfall in the borrowing through debt securities, if any, for FY 2020-21 carried Nil
forward to FY 2021-22 (d)
Quantum of (d), which has been met from (c) ( e) Nil
Shortfall, if any, in the mandatory borrowing through debt securities for FY 2021-22 Nil
{after adjusting for any shortfall in borrowing for FY 2020-21 which was carried forward
to FY 2021-22} (f)= (b)-[(c)-(e)]
Amount of fine to be paid for the block, if applicable Fine = 0.2% of {(d)-(e)} NA
NOTE - 54
SEGMENT INFORMATION
In accordance with Ind AS 108 - Operating segments, segment information has been provided in
the Consolidated Financial Statements of the Company and therefore no separate disclosure on
segment information is given in these Standalone Financial Statements.
NOTE - 55
ADDITIONAL REGULATORY INFORMATION REQUIRED BY SCHEDULE III
(i) DETAILS OF BENAMI PROPERTY HELD

No proceedings have been initiated on or are pending against the Company under the Prohibition
of Benami Property Transactions Act, 1988 (as amended in 2016) (formerly the Benami
Transactions (Prohibition) Act, 1988 (45 of 1988)) and Rules made thereunder.
(ii) COMPLIANCE WITH NUMBER OF LAYERS OF COMPANIES

The Company has complied with the number of layers prescribed under Section 2(87) of the
Companies Act, 2013 read with Companies (Restriction of number of layers) Rules, 2017.
(iii) RELATIONSHIP WITH STRUCK OFF COMPANIES

The Company has no transactions with the companies struck off under Companies Act, 2013 or
Companies Act, 1956.
(iv) BORROWINGS SECURED AGAINST CURRENT ASSETS

The Company has been sanctioned working capital limits in excess of ` 5 crores, in aggregate,
from banks on the basis of security of current assets. The Company has filed quarterly return
with such banks and the details are as under:
241
For the year ended March 31, 2022

` in Crore
Name of the Bank/Financial Institution Aggregate working Nature of Amount Amount as Difference *
capital limits Current Assets disclosed as per per books of
sanctioned basis offered as quarterly return account
security of current Security
assets
State Bank of India, HDFC Bank Limited and Axis 808.00 Inventory and 2,677.55 2,808.54 130.99
Bank Limited (Quarter ended June 2021) books debts
Bank Limited (Quarter ended September 2021) books debts
Bank Limited (Quarter ended December 2021) books debts
Bank Limited(Quarter ended March 2022) books debts
For the year ended March 31, 2021

Name of the Bank/Financial Institution Aggregate working Nature of Amount Amount as Difference *
capital limits Current Assets disclosed as per per books of
sanctioned basis offered as quarterly return account
security of current Security
assets
Bank Limited (Quarter ended June 2020) books debts
Bank Limited (Quarter ended September 2020) books debts
Bank Limited (Quarter ended December 2020) books debts
State Bank of India, HDFC Bank Limited and Axis 808.00 Inventory and 2,475.36 2,342.83 (132.53)
Bank Limited(Quarter ended March 2021) books debts
*Certain categories of inventories and book debts were excluded in the quarterly returns filed
by the Company.
(v) WILFUL DEFAULTER

The Company has not been declared wilful defaulter by any bank or financial institution or
government or any government authority.
(vi) COMPLIANCE WITH APPROVED SCHEME(S) OF ARRANGEMENTS

The Company has not entered into any scheme of arrangement which has an accounting impact
on current or previous financial year.
(vii) UTILISATION OF BORROWED FUNDS AND SHARE PREMIUM

The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies),
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.

The Company has not received any funds 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.
(viii) UNDISCLOSED INCOME

There is no income surrendered or disclosed as income during the current or previous year in
the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books
of account.
(ix) DETAILS OF CRYPTO CURRENCY OR VIRTUAL CURRENCY

The Company has not traded or invested in crypto currency or virtual currency during the current
or previous year.
(x) VALUATION OF PROPERTY PLANT AND EQUIPMENT (INCLUDING RIGHT-OF-USE ASSETS) AND
INTANGIBLE ASSETS
The Company has not revalued its Property, Plant and Equipment (including Right-of-use assets)
and Intangible assets during the current or previous year. The Company did not have any
Investment Property during the current or previous year.
(xi) REGISTRATION OF CHARGES OR SATISFACTION WITH REGISTRAR OF COMPANIES

There are no charges or satisfaction which are yet to be registered with the Registrar of Companies
beyond the statutory period.
NOTE - 56
PREVIOUS YEAR FIGURES
Standalone Financial Statements for the year ended March 31, 2022 have been prepared in accordance
with amended Division II of Schedule III to the Companies Act, 2013. Balances of certain assets and
liabilities as at the previous year ended March 31, 2021 have been regrouped or reclassified, where
necessary, to comply with the amended Division II of Schedule III. Such reclassifications did not have
a material impact on the financial statements.


Membership No. : 203637 (DIN: 01842066) (DIN: 03321646)
Date : May 18, 2022 Date : May 18, 2022

(M.No.: 23228)
243
INDEPENDENT AUDITOR’S REPORT
Report on the Audit of the Consolidated Financial Statements
Opinion
1. We have audited the accompanying consolidated financial statements of Aditya Birla Fashion
and Retail Limited (hereinafter referred to as the “Holding Company”) which includes the
financial statements of ABFRL Employee Welfare Trust and its subsidiaries (Holding Company
and its subsidiaries together referred to as “the Group”) and its joint venture (Refer Note 53
to the attached consolidated financial statements), which comprise the Consolidated Balance
Sheet as at March 31, 2022, and the Consolidated Statement of Profit and Loss (including Other
Comprehensive Income), the Consolidated Statement of Changes in Equity and the Consolidated
Statement of Cash Flows for the year then ended, and notes to the consolidated financial
statements, including a summary of significant accounting policies and other explanatory
information (hereinafter referred to as “the consolidated financial statements”).
2. 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 (“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, and its joint venture as at March 31, 2022, of consolidated total comprehensive loss
(comprising of loss and other comprehensive income), consolidated changes in equity and its
consolidated cash flows for the year then ended.
Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
Section 143(10) of the Act. Our responsibilities under those Standards are further described in
the “Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements” section
of our report. We are independent of the Group and its joint venture in accordance with the
ethical requirements that are relevant to our audit of the consolidated financial statements in
India in terms of the Code of Ethics issued by the Institute of Chartered Accountants of India
and the relevant provisions of the Act, and we have fulfilled our other ethical responsibilities
in accordance with these requirements. 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
sub-paragraph 16 of the Other Matters section below, is sufficient and appropriate to provide
a basis for our opinion.
Key Audit Matters

4. Key audit matters are those matters that, in our professional judgment, were of most significance
in our audit of the consolidated financial statements of the current period. 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.

Impairment assessment of goodwill Our audit procedures included the following:
(Refer Note 5A to the consolidated financial • Understood and evaluated the design and tested
statements) operating effectiveness of Holding company’s
controls to assess impairment of goodwill on an
The Group has goodwill of ` 2,209.20 annual basis.
crores as at March 31, 2022.
• Evaluated whether the CGUs were determined and
The goodwill was acquired in business the goodwill allocation was performed in accordance
combinations recorded in the prior years with requirements of Ind AS 36 and our knowledge
and was allocated to cash generating units of the Group operations.
(CGU) of the Company. In accordance with • Evaluated the appropriateness of the approach
Ind AS 36, Impairment of Assets, goodwill selected by the management to determine the
acquired in a business combination is recoverable amount of the CGU.
required to be tested for impairment
annually.
independence of the management expert engaged
Management has performed impairment by the Holding Company.
assessment for each of the CGUs to which • Assessed the reasonableness of the cashflow
goodwill has been allocated by comparing projections by testing the key management
the carrying amount of the CGU, including assumptions and estimates used in the impairment
the goodwill, with the recoverable amount analysis and evaluated the consistency of the
of the CGU which is higher of value in use cashflow projections with the budgets approved by
and fair value less costs of disposal. the Board of Directors.
Impairment assessment of goodwill • Evaluated the sensitivity analysis performed by
requires significant management management on the growth rates and discount
judgement and estimates such as rate to determine whether reasonable changes
projected cash flows, discount rates, in these key assumptions would result in the
growth rates over the projection period carrying amounts of individual CGUs to exceed their
and terminal growth rates. Given the recoverable amounts.
judgement, subjectivity and sensitivity • Involved auditor’s expert to assist in evaluating
of key parameters to the changes in the impairment assessment including certain
economic conditions, the impairment assumptions used.
assessment of goodwill is considered to • Evaluated the adequacy of the disclosures made in
be a key audit matter. the consolidated financial statements.
Based on procedures above, management’s impairment
assessment of goodwill appears to be reasonable.
Provision for Inventory obsolescence Our audit procedures included the following:
(Refer Notes 12 and 41(f) to the • Understood and evaluated the design and tested
consolidated financial statements) the operating effectiveness of Group’s controls
to assess the adequacy of provision for inventory
The Group held inventories of ` 2,929.59 obsolescence.
crores as at March 31, 2022. In accordance
• Evaluated the methodology used by the management
with Ind AS 2, Inventories, inventories are
to determine the provision for inventory obsolescence
carried at lower of cost or net realizable
and determined whether the method is consistent
value.
with that applied in the prior year.
The Group operates in a fast changing • Assessed whether the changes in the methodology
fashion market where there is a risk (if any), are reasonable and consistent with our
of inventory falling out of fashion and understanding of the changes in the business.
proving difficult to be sold above cost.
• Evaluated the ageing report including assessing
Management has a policy to recognize
its completeness and the underlying management
provisions for inventory considering
judgements and estimates made. Further, assessed
assessment of future trends and the
on a sample basis whether the calculation of
Group’s past experience related to its
provision for obsolescence is in accordance with
ability to liquidate the aged inventory.
Group’s policy.
245
The provision for inventory obsolescence • Verified appropriate approvals for specific
has been considered as a key audit obsolescence provisions and assessed their
matter, as determination of provision for reasonableness on a sample basis.
inventory involves significant management • Evaluated the adequacy of the disclosures made in
judgment and estimates. the consolidated financial statements.
Based on the above procedures performed, we did
not identify any material exceptions in recognition and
measurement of provision for inventory obsolescence.
Provision for discount and sales returns Our audit procedures included the following:
(Refer Note 41(g) to the consolidated • Understood and evaluated the design and tested
financial statements) the operating effectiveness of Group’s controls to
The Group has recognized provision for assess the adequacy of provision for discounts and
unsettled discounts and sales returns sales returns.
amounting to ` 231.88 crores and ` 393.39 • Evaluated the periodic account reconciliations
crores respectively, as at March 31, 2022. prepared by the management during the year.
Revenue from contracts with customers • Evaluated the management estimates and
is recognised when the entity satisfies a judgements in determining the provision for
performance obligation by transferring discounts and sales returns and assessed whether
control of promised goods to a customer. the same is consistent with the prior year.
Recognition of revenue requires
• Evaluated the contract terms for a sample of
determination of the net selling price
customer contracts to assess the reasonableness
after considering variable consideration
of the provision for discounts and returns and
including forecast of sales returns and
determine whether the same is in line with terms of
discounts.
the contract.
The estimate of sales returns and discounts
depends on contract terms, forecasts • Verified credits notes issued to customers on a
of sales volumes and past history of sample basis and assessed the validity of claims
quantum of returns. The expected returns with the underlying documents and appropriate
and discounts that have not yet been approvals.
settled with the customers are estimated • Evaluated the adequacy of the disclosures made in
and accrued. the consolidated financial statements.
Determination of provision for discounts Based on the above procedures performed, we did
and sales returns is determined as a key not identify any material exceptions in recognition
audit matter as it involves significant and measurement of provisions for discount and sales
management judgement and estimation. returns.
5. The following Key Audit Matter was included in the memorandum of work performed dated
May 11, 2022 on the consolidated financial statements of Sabyasachi Calcutta LLP issued by an
independent firm of Chartered Accountants (‘Component auditor’) reproduced by us as under:
Key Audit Matter How the work of the Component auditor addressed
the key audit matter
Impairment assessment of intangible The audit procedures included the following:
asset • Understood the Sabyasachi Calcutta LLP’s
Sabyasachi Calcutta LLP has an Intangible management process of forecasting the future cash
Asset being ‘Brand’ amounting to `623.26 flows, evaluating the assumptions and comparing the
crores as at March 31, 2022 which estimates to externally available industry, economic
was recognized in previous year on and financial data, wherever necessary;
reconstitution of the Limited Liability
Partnership.

Key Audit Matter How the work of the Component auditor addressed
the key audit matter
Sabyasachi Calcutta LLP’s management • Assessed that the methodology used by Sabyasachi
has engaged independent valuation Calcutta LLP’s management to estimate the value
expert to perform impairment assessment in use of the brand is consistent with accounting
of brand by determining their recoverable standards and is in line with the valuation standards
amount using the value in use method. applicable in India;
Sabyasachi Calcutta LLP’s management • Involved auditor’s expert to assess the methodologies
has determined that the brand has an used by Sabyasachi Calcutta LLP’s management to
indefinite useful life. determine the recoverable amount of the Intangible
Impairment assessment of brand with Asset;
indefinite useful life is considered as a key • Evaluated the Sabyasachi Calcutta LLP management’s
audit matter since it requires estimates determination that no re-estimation of the useful life
such as projected cash flows, discount of the brand is considered necessary at the year end.
rates, growth rates over the projection
period and terminal growth rates which • Evaluated the adequacy of the disclosures made in
are subjective and sensitive to changes in the consolidated financial statements.
economic conditions. Based on procedures above, management’s impairment
assessment of the brand appears to be reasonable.
Other Information
6. The Holding Company’s Board of Directors is responsible for the other information. The other
information comprises the Chairman’s Statement, Report of Board of Directors, Sustainability
and Business Responsibility Report, Corporate Governance Report and Management Discussion
and Analysis Report but does not include the consolidated financial statements and our auditor’s
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 the 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 and
the reports of the other auditors as furnished to us (Refer paragraph 16 below), 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 and Those Charged with Governance for the Consolidated
Financial Statements
7. The Holding Company’s 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
and consolidated cash flows, and consolidated changes in equity of the Group including its joint
venture in accordance with the accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act. The respective Board of Directors
of the companies included in the Group and of its joint venture are responsible for maintenance
247
of adequate accounting records in accordance with the provisions of the Act for safeguarding the
assets of the Group 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 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.
8. In preparing the consolidated financial statements, the respective Board of Directors of the
companies included in the Group and of its joint venture are responsible for assessing the ability
of the Group and of its joint venture 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.
9. The respective Board of Directors of the companies included in the Group and of its joint venture
are responsible for overseeing the financial reporting process of the Group and its joint venture.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements

10. 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 auditor’s 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.
11. As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional scepticism 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 consolidated 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 management’s 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 and its joint venture to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s 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 auditor’s report. However, future events or conditions may cause the Group and
its joint venture 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 and its joint venture 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.
12. 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.
13. 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.
14. 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 of
the current period and are therefore the key audit matters. We describe these matters in our
auditor’s 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
15. The consolidated financial statements of the Company for the year ended March 31, 2021 were
audited by another firm of chartered accountants under the Act who, vide their report dated
May 28, 2021, expressed an unmodified opinion on those consolidated financial statements.
16. We did not audit the financial statements of 4 subsidiaries (including a step down subsidiary),
included in the consolidated financial statements, whose financial statements reflect total assets
of ` 1,145.79 crores and net assets of `874.45 crores as at March 31, 2022, total revenue of
249
`269.20 crores, total profit after tax of `10.16 crores and total comprehensive income (comprising
of profit and other comprehensive loss) of ` 9.74 crores and net cash outflows of `2.65 crores
for the year ended on that date, as considered in the consolidated financial statements. These
financial statements have been audited by other auditors whose reports have been furnished to
us by the Management, and our opinion on the consolidated financial statements in so far as it
relates to the amounts and disclosures included in respect of these subsidiaries and our report
in terms of sub-section (3) of Section 143 of the Act including report on Other Information in so
far as it relates to the aforesaid subsidiaries, is based solely on the reports of the other auditors.
Our opinion 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.
Report on Other Legal and Regulatory Requirements
17. As required by the Companies (Auditor’s Report) Order, 2020 (“CARO 2020”), issued by the
Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in
the Annexure B, a statement on the matter specified in paragraph 3(xxi) of CARO 2020.
18. 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 of the aforesaid
consolidated financial statements.
(b) In our opinion, proper books of account as required by law relating to preparation of the
aforesaid consolidated financial statements have been kept so far as it appears from our
examination of those books and the reports of the other auditors.
(c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss (including
other comprehensive income), the Consolidated Statement of Changes in Equity and the
Consolidated Statement of Cash Flows dealt with by this Report are in agreement with the
relevant books of account and records 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.
(e) On the basis of the written representations received from the directors of the Holding
Company as on March 31, 2022 taken on record by the Board of Directors of the Holding
Company and the reports of the statutory auditors of its subsidiary companies (as applicable)
and joint venture incorporated in India, none of the directors of the Group companies
and its joint venture incorporated in India is disqualified as on March 31, 2022 from being
appointed as a director in terms of Section 164(2) of the Act.
(f) With respect to the adequacy of internal financial controls with reference to consolidated
financial statements of the Group and the operating effectiveness of such controls, refer
to our separate report in ‘Annexure A’.
(g) With respect to the other matters to be included in the Auditor’s Report in accordance with
Rule 11 of the Companies (Audit and Auditor’s) Rules, 2014, in our opinion and to the best
of our information and according to the explanations given to us:

i. The consolidated financial statements disclose the impact, if any, of pending litigations
on the consolidated financial position of the Group and its joint venture – Refer Notes
25 and 46 to the consolidated financial statements.
ii. The Group and its joint venture did not have any long-term contracts including derivative
contracts as at March 31, 2022 for which there were any material foreseeable losses.
iii. There has been no delay in transferring amounts required to be transferred to the
Investor Education and Protection Fund by the Holding Company and its subsidiary
companies and joint venture incorporated in India during the year.
iv. (a) The respective Managements of the Holding Company and its subsidiaries and a
joint venture 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 and a joint venture respectively that, to the best of their
knowledge and belief, as disclosed in the notes to the accounts, no funds (which
are material either individually or in the aggregate) 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 or any of such subsidiaries and a joint venture 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, directly or indirectly, lend or invest in other persons or entities identified in
any manner whatsoever by or on behalf of the Company or any of such subsidiaries
and a joint venture (“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 and a
joint venture 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 and a joint venture respectively that, to the best of their
knowledge and belief, as disclosed in the notes to the accounts, no funds (which are
material either individually or in the aggregate) have been received by the Company
or any of such subsidiaries and a joint venture from any person(s) or entity(ies),
including foreign entities (“Funding Parties”), with the understanding, whether
recorded in writing or otherwise, that the Company or any of such subsidiaries
and joint venture shall, 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 has been considered reasonable and
appropriate in the circumstances, performed by us and those performed by the
auditors of the subsidiaries and a joint venture which are companies incorporated
in India whose financial statements have been audited under the Act, nothing has
come to our or other auditor’s notice that has caused us or the other auditors to
believe that the representations under sub-clause (a) and (b) contain any material
misstatement.
251
v. The Holding Company, its subsidiary companies, and joint venture, has not declared
or paid any dividend during the year.
19. The Group and its joint venture have paid/ provided for managerial remuneration in accordance
with the requisite approvals mandated by the provisions of Section 197 read with Schedule V
to the Act.

A. J. Shaikh
Partner
UDIN: 22203637AJFDRZ5331
Place: Mumbai
Date: May 18, 2022

ANNEXURE A TO INDEPENDENT AUDITOR’S REPORT

Referred to in paragraph 18(f) of the Independent Auditor’s Report of even date to the members of
Aditya Birla Fashion and Retail Limited on the consolidated financial statements for the year ended
March 31, 2022
Report on the Internal Financial Controls with reference to Consolidated Financial Statements
under clause (i) of sub-section 3 of Section 143 of the Act
1. In conjunction with our audit of the consolidated financial statements of the Company as of and
for the year ended March 31, 2022, we have audited the internal financial controls with reference
to Consolidated financial statements of Aditya Birla Fashion and Retail Limited (hereinafter
referred to as “the Holding Company”), as of that date. Reporting under clause (i) of sub section
3 of Section 143 of the Act in respect of the adequacy of the internal financial controls with
reference to Consolidated financial statements is not applicable to all the subsidiaries and a
joint venture incorporated in India namely Jaypore E-commerce Private Limited, TG Apparel &
Decor Private Limited, Sabyasachi Calcutta LLP, Indivinity Clothing Retail Private Limited, Finesse
International Design Private Limited and Goodview Fashion Private Limited, respectively, pursuant
to MCA notification GSR 583(E) dated 13 June 2017.
Management’s Responsibility for Internal Financial Controls

2. The Board of Directors of the Holding Company, to whom reporting under clause (i) of sub
section 3 of Section 143 of the Act in respect of the adequacy of the internal financial controls
with reference to consolidated financial statements is applicable, is responsible for establishing
and maintaining internal financial controls based on 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
(“the Guidance Note”) 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 company’s 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 Act.
Auditor’s Responsibility
3. Our responsibility is to express an opinion on the Company’s internal financial controls with
reference to consolidated financial statements based on our audit. We conducted our audit in
accordance with the Guidance Note issued by the ICAI and the Standards on Auditing deemed
to be prescribed under Section 143(10) of the Companies Act, 2013, to the extent applicable to
an audit of internal financial controls, both applicable to an audit of internal financial controls
and both issued by the 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.
4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the
internal financial controls system 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 auditor’s judgement, including the
assessment of the risks of material misstatement of the consolidated financial statements,
whether due to fraud or error.
253
5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our audit opinion on the Holding Company’s internal financial controls system with
reference to consolidated financial statements.
Meaning of Internal Financial Controls with reference to consolidated financial statements

6. A company’s 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 Consolidated financial statements for external purposes in accordance
with generally accepted accounting principles. A company’s 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 Consolidated 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 company’s
assets that could have a material effect on the Consolidated financial statements.
Inherent Limitations of Internal Financial Controls with reference to consolidated financial

statements
7. 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 control
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
8. In our opinion, the Holding Company which is a company incorporated in India, has, in all
material respects, an adequate internal financial controls system with reference to consolidated
financial statements and such internal financial controls with reference to consolidated financial
statements were operating effectively as at March 31, 2022, 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.

A. J. Shaikh
Partner
Place: Mumbai
Date: May 18, 2022

ANNEXURE B TO INDEPENDENT AUDITORS’ REPORT

Referred to in paragraph 17 of the Independent Auditors’ Report of even date to the members of
Aditya Birla Fashion and Retail Limited on the Consolidated Financial Statements as of and for the
year ended March 31, 2022
As required by paragraph 3(xxi) of the CARO 2020, we report that the auditors of the following
companies have given remarks in their CARO report on the standalone financial statements of
the respective companies to whom requirements of CARO 2020 is applicable and included in the
Consolidated Financial Statements of the Holding Company:
Sl. Name of the CIN Relationship Date of the Paragraph

No. Company with the respective number in
Holding auditors’ the respective
Company report CARO reports
1. Aditya Birla Fashion L18101MH2007PLC233901 Holding May 18, 2022 (i)(c) and (ii)(b)
and Retail Limited Company of
the group
2. Finesse International U74900DL2007PTC164203 Subsidiary May 11, 2022 (xvii)
Design Private
Limited
3. Indivinity Clothing U18109HR2021PTC093323 Subsidiary May 12, 2022 (xvii)
Retail Private Limited
4. Goodview Fashion U18100HR1996PTC096704 Joint Venture May 12, 2022 (xvii)
Private Limited
5. Jaypore E-Commerce U51900DL2012PTC289276 Subsidiary May 11, 2022 (xvii)
Private Limited
6. TG Apparel & Decor U51109DL2015PTC288706 Subsidiary May 11, 2022 (xvii)
Private Limited

A. J. Shaikh
Partner
Place: Mumbai
Date: May 18, 2022
255
CONSOLIDATED BALANCE SHEET AS AT MARCH 31, 2022
` in Crore
No. March 31, 2022 March 31, 2021
ASSETS
I Non-current assets
(a) Property, plant and equipment 3a 294 631.20 574.71
(b) Capital work-in-progress 3b 295 102.57 37.60
(c) Right-of-use assets 4a 296 2,522.93 2,141.42
(d) Investment property 4c 297 1.92 1.92
(e) Goodwill 5 298 2,209.20 2,209.20
(f) Other intangible assets 5 298 693.99 699.65
(g) Intangible assets under development 0.64 -
(h) Financial assets
(i) Investment in joint venture 6a 301 68.57 66.93
(ii) Other investments 6b 302 7.32 6.66
(iii) Loans 7 302 1.56 2.59
(iv) Security deposits 8 302 323.58 308.95
(v) Other financial assets 9 302 3.32 0.46
(i) Deferred tax assets 10 303 380.46 333.92
(j) Non-current tax assets (net) 22.81 24.89
(k) Other non-current assets 11 304 101.97 71.93
Total - Non-current assets 7,072.04 6,480.83
II Current assets
(a) Inventories 12 304 2,929.59 1,846.96
(b) Financial assets
(i) Current investments 13 305 608.14 344.31
(ii) Loans 14 306 7.14 6.54
(iii) Security deposits 15 306 118.96 100.90
(iv) Trade receivables 16 307 756.43 607.97
(v) Cash and cash equivalents 17 309 118.22 246.13
(vi) Bank balance other than Cash and cash 18 311 2.31 15.62
equivalents
(vii) Other financial assets 19 311 43.56 15.66
(c) Other current assets 20 311 750.17 596.00
Total - Current assets 5,334.52 3,780.09
TOTAL - ASSETS 12,406.56 10,260.92


CONSOLIDATED BALANCE SHEET AS AT MARCH 31, 2022
` in Crore
No. March 31, 2022 March 31, 2021
EQUITY AND LIABILITIES
I Equity
(a) Equity share capital 21 312 938.29 915.05
(b) Other equity 22 316 1,835.03 1,728.74
Equity attributable to owners of the Company 2,773.32 2,643.79
(c) Non-controlling interest 22 316 15.20 32.48
Total - Equity 2,788.52 2,676.27
II Non-current liabilities
(i) Borrowings 23 319 777.97 814.37
(ii) Lease liabilities 4b 297 2,076.46 1,754.13
(iii) Deposits 228.36 167.28
(iv) Other financial liabilities 24 322 421.92 427.11
(b) Deferred tax liabilities 10 303 211.94 212.25
(c) Provisions 25 322 101.68 95.84
(d) Other non-current liabilities 26 323 11.73 11.44
Total - Non-current liabilities 3,830.06 3,482.42
III Current liabilities
(i) Borrowings 27 323 454.36 322.01
(ii) Lease liabilities 4b 297 791.63 709.27
(iii) Trade payables
Total outstanding dues of micro enterprises 28 323 87.44 26.89
and small enterprises
Total outstanding dues of creditors other than 28 323 3,323.12 2,125.53
micro enterprises and small enterprises
(iv) Deposits 152.62 130.73
(v) Other financial liabilities 29 324 336.90 219.70
(b) Liabilities for current tax (net) 2.29 -
(c) Provisions 30 325 101.32 91.98
(d) Other current liabilities 31 325 538.30 476.12
Total - Current liabilities 5,787.98 4,102.23
TOTAL - EQUITY AND LIABILITIES 12,406.56 10,260.92
The accompanying notes are an integral part of the consolidated financial statements.

A.J. SHAIKH ASHISH DIKSHIT SANGEETA PENDURKAR
Date : May 18, 2022 Date : May 18, 2022
(M.No.: 23228)
257
CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2022
` in Crore
No. March 31, 2022 March 31, 2021
I Revenue from operations 32 326 8,136.22 5,248.92
II Other income 33 327 100.55 73.40
III Total income (I + II) 8,236.77 5,322.32
IV Expenses
(a) Cost of materials consumed 34a 328 867.18 421.25
(b) Purchase of stock-in-trade 34b 328 3,793.42 1,526.72
(c) Changes in inventories of finished goods, 34c 328 (940.43) 614.99
work-in-progress and stock-in-trade
(d) Employee benefits expense 35 329 1,158.53 865.39
(e) Finance costs 36 329 350.71 502.60
(f) Depreciation and amortisation expense 37 329 997.03 962.75
(g) Rent expense 45a 353 & 393.22 10.67
& 4a 296
(h) Other expenses 38 330 1,764.38 1,255.15
Total expenses 8,384.04 6,159.52
V Loss before Share in Profit/ (Loss) of Joint (147.27) (837.20)
Venture and Tax (III - IV)
VI Add: Share in Profit / (Loss) of Joint Venture 2.34 (0.34)
VII Loss before tax (V+ VI) (144.93) (837.54)
VIII Income tax expense
(a) Current tax 39 331 20.89 40.12
(b) Deferred tax 39 331 (47.46) (141.66)
(26.57) (101.54)
IX Loss for the year (VII - VIII) (118.36) (736.00)
X Other comprehensive income/ (loss)
Items that will not be reclassified to profit or loss
(a) Re-measurement gains/ (losses) on defined benefit 1.82 2.89
plans
Income tax effect on above (0.35) (0.73)
(b) Fair value gains/ (losses) on equity instruments 0.64 (0.50)
Income tax effect on above (0.16) 0.13
Items that will be reclassified to profit or loss
(a) Exchange differences on translation of foreign 0.10 0.02
operations
Income tax effect on above - -
Total other comprehensive income/ (loss) for 2.05 1.81
the year
XI Total comprehensive income/ (loss) for the year (116.31) (734.19)
(IX + X)
XII Loss attributable to
- Owners of the Company (108.72) (672.51)
- Non-controlling interest (9.64) (63.49)
(118.36) (736.00)


CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2022
` in Crore
No. March 31, 2022 March 31, 2021
XIII Other comprehensive income/ (loss) attributable to
- Owners of the Company 1.99 1.67
- Non-controlling interest 0.06 0.14
2.05 1.81
XIV Total comprehensive income/ (loss) attributable to
- Owners of the Company (106.73) (670.84)
- Non-controlling interest (9.58) (63.35)
(116.31) (734.19)
XV Earnings per equity share [Nominal value of 40 332
share ` 10 (March 31, 2021 : ` 10 )]
Basic (` ) (1.18) (8.23)
Diluted (` ) (1.18) (8.23)

Date : May 18, 2022 Date : May 18, 2022
(M.No.: 23228)
259
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED MARCH 31, 2022
a. Equity share capital
Equity shares of ` 10 each issued
As at the beginning of the year 937,736,163 937.73 773,964,840 773.96
Equity shares under Rights Issue and Preferential Issue [Refer Note- 21(iii) & (iv)] 280,504 0.28 163,268,882 163.27
Exercise of Options (Refer Note - 44) 492,871 0.49 502,441 0.50
As at the end of the year 938,509,538 938.50 937,736,163 937.73

Equity shares of ` 10 each subscribed and fully paid
As at the beginning of the year 937,530,659 915.05 773,947,987 773.95
Equity shares under Rights Issue and Preferential Issue [Refer Note- 21(iii) & (iv)] 280,504 22.75 163,080,231 140.60
Exercise of Options (Refer Note - 44) 492,871 0.49 502,441 0.50

As at the end of the year 938,304,034 938.29 937,530,659 915.05
b. Other equity
` in Crore
Share Reserves and surplus Other comprehensive income Equity Non- Total
suspense Securities Retained Share Treasury Capital Remeasurement Fair value Foreign attributable controlling other
account premium earnings options shares reserve gains/ (losses) on gains/ (losses) currency to owners interest equity
(Refer (Refer (Refer outstanding (Refer (Refer defined benefit on equity translation of the (Refer
Note - 22) Note - 22) Note - 22) account Note - 22) Note - 22) plans (Refer instruments reserve Company Note-22)
(Refer Note - 22) (Refer (Refer
Note - 22) Note - 22) Note-22)
As at April 01, 2020 0.02 773.64 (444.92) 44.15 (100.49) 21.69 (2.31) 2.21 (0.05) 293.94 19.90 313.84
Pursuant to business combination (Refer Note - 22) - - - - - - - - - - 450.14 450.14
Profit/ (Loss) during the year - - (672.51) - - - - - - (672.51) (63.49) (736.00)
Share forfeiture/ (issued) during the year - - - - - 0.19 - - - 0.19 - 0.19
Equity shares under Rights Issue and Preferential Issue - 2,097.49 - - - - - - - 2,097.49 - 2,097.49
[Refer Note- 21(iii) & (iv)]
Non-controlling Interest put option (Refer Note - 24) - - - - - - - - - - (374.21) (374.21)
Premium on exercise of Options - 0.06 - - - - - - - 0.06 - 0.06
Other comprehensive income for the year - - - - - - 2.03 (0.37) 0.01 1.67 0.14 1.81
Recognition of Share based payment - - - 11.87 - - - - - 11.87 - 11.87
Transfer to Securities Premium on exercise of Options - 8.39 - (8.39) - - - - - - - -
Treasury shares issued/ (purchased) by ESOP Trust - - - - (3.97) - - - - (3.97) - (3.97)
As at March 31, 2021 0.02 2,879.58 (1,117.43) 47.63 (104.46) 21.88 (0.28) 1.84 (0.04) 1,728.74 32.48 1,761.22
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED MARCH 31, 2022
` in Crore
Share Reserves and surplus Other comprehensive income Equity Non- Total
suspense Securities Retained Share Treasury Capital Remeasurement Fair value Foreign attributable controlling other
account premium earnings options shares reserve gains/ (losses) on gains/ (losses) currency to owners interest equity
(Refer (Refer (Refer outstanding (Refer (Refer defined benefit on equity translation of the (Refer
Note - 22) Note - 22) Note - 22) account Note - 22) Note - 22) plans (Refer instruments reserve Company Note-22)
Annual Report | 2021-22
(Refer Note - 22) (Refer (Refer

Note - 22) Note - 22) Note-22)
As at April 01, 2021 0.02 2,879.58 (1,117.43) 47.63 (104.46) 21.88 (0.28) 1.84 (0.04) 1,728.74 32.48 1,761.22
Profit/ (Loss) during the year - - (108.72) - - - - - - (108.72) (9.64) (118.36)
Other comprehensive income for the year - - - - - - 1.39 0.50 0.10 1.99 0.06 2.05
Recognition of Share based payment - - - 29.13 - - - - - 29.13 - 29.13
Share forfeiture/ (issued) during the year - - - - - (0.14) - - - (0.14) - (0.14)
Equity shares under Rights Issue and Preferential Issue - 226.05 - - - - - - - 226.05 - 226.05
[Refer Note- 21(iii) & (iv)]
Non-controlling interest relating to Sabyasachi Calcutta - - - - - - - - - - 374.21 374.21
Report
LLP recognised on April 01, 2021

Directors
Difference between Put option liability and NCI relating to - - (46.94) - - - - - - (46.94) 46.94 -
Sabyasachi Calcutta LLP [Refer Note - 2.3(XIII)]
Non-controlling interest relating to Sabyasachi Calcutta - - - - - - - - - - (421.15) (421.15)
LLP derecognised on March 31, 2022
Acquisition of NCI share - - 2.65 - - - - - - 2.65 (2.65) -
Transfer to Securities Premium on exercise of Options - 12.55 - (12.55) - - - - - - - -
Corporate
Treasury shares issued/ (purchased) by ESOP Trust - - - - 1.37 - - - - 1.37 - 1.37

Others - - 5.05 (4.15) - - - - - 0.90 (5.05) (4.15)
Governance Report
As at March 31, 2022 0.02 3,118.18 (1,265.39) 60.06 (103.09) 21.74 1.11 2.34 0.06 1,835.03 15.20 1,850.23

Business

Responsibility and


Financial
Date : May 18, 2022 Date : May 18, 2022

Statements

(M.No.: 23228)
AGM
Notice
261
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2022
` in Crore
March 31, 2022 March 31, 2021
Cash flows from operating activities
Loss before tax (144.93) (837.54)
Adjustments for:
Depreciation and amortisation expense 37 997.03 962.75
Finance costs 36 348.40 500.38
Gain on retirement of right-of-use assets 33 (14.85) (21.74)
Rent concession on lease rentals 4b, 41k & 45a (219.18) (343.72)
(Profit)/ Loss on sale/ discard of property, plant and (2.66) 0.72
equipment
Share-based payment to employees 35 29.13 11.70
Interest income 33 (9.38) (2.42)
Liabilities no longer required written back (2.10) (3.83)
Net gain on sale of current investments 33 (20.23) (3.29)
Net Unrealised exchange (gain)/ loss 3.69 1.46
Expense/ (income) on financial assets/ liabilities that (28.16) (27.08)
is designated as fair value through profit or loss
Provision for doubtful debts, deposits and advances 38 7.17 14.22
Bad debts written off 38 1.22 1.89
Share of (profit)/ loss of Joint Venture (2.34) 0.34
Operating profit before working capital changes 942.81 253.84
Changes in working capital:
(Increase)/ decrease in trade receivables (155.51) 224.93
(Increase)/ decrease in inventories (1,082.63) 611.14
(Increase)/ decrease in other assets (196.59) (6.05)
Increase/ (decrease) in trade payables 1,259.83 (53.17)
Increase/ (decrease) in provisions 15.59 (7.64)
Increase/ (decrease) in other liabilities 183.45 83.57
Cash generated from operations 966.95 1,106.62
Income taxes paid (net of refund) (16.44) (2.82)
Net cash flows from operating activities 950.51 1,103.80
Cash flows from investing activities
Purchase of property, plant and equipment, (347.95) (161.26)
intangible assets and capital advance
Consideration on acquisition of/ investment in - 15.56
subsidiaries, net of cash acquired
Drawings by minority holder of Limited Liability - (316.24)
Partnership Firm
Investments in joint venture - (67.18)
Purchase of current investments (10,008.14) (12,410.75)
Proceeds/ (Investment) in treasury shares held by 1.37 (3.97)
ESOP Trust
Proceeds from sale of property, plant and equipment 29.49 2.74
and intangible assets
Proceeds from sale/ maturity of current investments 9,764.54 12,083.44
Interest received 9.24 2.44
Net cash flows used in investing activities (551.45) (855.22)


CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED MARCH 31, 2022
` in Crore
March 31, 2022 March 31, 2021
Cash flows from financing activities
Proceeds from issue of equity shares 0.49 0.50
Proceeds from Rights Issue (net off share issue 21(iii) 247.12 738.66
expenses)
Proceeds from Preferential Issue (net off share issue 21(iv) - 1,499.63
expenses)
Proceeds from non-current borrowings (net off 414.34 692.32
charges)
Proceeds from sale of property, plant and equipment - 28.65
under sale and leaseback arrangement
Proceeds/ (repayments) from current borrowings 432.35 (1,513.38)
(net)
Repayment of non-current borrowings (750.74) (833.67)
Repayment of lease liabilities (560.87) (406.10)
Interest paid (309.66) (475.87)
Net cash flows used in financing activities (526.97) (269.25)
Net Decrease in cash and cash equivalents (127.91) (20.67)
Cash and cash equivalents at the beginning of the year 246.13 266.80
Cash and cash equivalents at the end of the year 17 118.22 246.13
Components of Cash and cash equivalents
Balances with banks - on current accounts 36.75 91.97
Balances with banks - on deposit accounts (original 50.44 124.43
maturity less than 3 months)
Total Cash and cash equivalents 118.22 246.13

Date : May 18, 2022 Date : May 18, 2022
(M.No.: 23228)
263
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2022
1. CORPORATE INFORMATION
Aditya Birla Fashion and Retail Limited (“the Company” or “the Holding Company”), a public
company domiciled in India and incorporated under the provisions of the Companies Act,
1956. Its equity shares are listed on the National Stock Exchange (NSE) and Bombay Stock
Exchange (BSE) in India. The registered office of the Company is located at Piramal Agastya
Corporate Park, Building ‘A’, 4th and 5th Floor, Unit No. 401, 403, 501, 502, L.B.S. Road, Kurla,
Mumbai - 400070.
The Company, its subsidiaries (together referred to as the “Group”) and its joint venture are
engaged in the business of manufacturing and retailing of branded apparels and runs a chain
of apparels and accessories retail stores in India.
The consolidated financial statements, as reviewed and recommended by the Audit Committee,
have been approved by the Board of Directors in their meeting held on May 18, 2022.
2. SIGNIFICANT ACCOUNTING POLICIES

2.1 Basis of preparation
The consolidated financial statements of the Group have been prepared in accordance with
Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting
Standards) Rules, 2015 (as amended), read with Section 133 of the Companies Act, 2013
(“the Act”) and presentation requirements of Division II of Schedule III of the Act and other
relevant provisions of the Act as applicable. The consolidated financial statements have
been prepared on accrual basis under the historical cost convention, except the following
assets and liabilities, which have been measured at fair value as required by the relevant
Ind AS:
• Certain financial assets and liabilities (refer accounting policy regarding financial
instruments);
• Defined employee benefit plans;
• Share-based payment; and
• Derivative financial instruments.
The Ministry of Corporate Affairs (MCA) through a notification, amended Schedule III of the
Companies Act, 2013 and the amendments are applicable for financial periods commencing
from April 1, 2021. The Group has evaluated the effect of the amendments on its financial
statements and complied with the same.
2.2 Functional and Presentation Currency:

The functional currency of the Group, its subsidiaries and its joint venture is determined
on the basis of the primary economic environment in which it operates. The financial
statements are presented in Indian Rupee (` ) which is the functional currency of the
Company. All amounts are rounded to two decimal places to the nearest Crore, unless
otherwise stated. (` 1 Crore is equal to ` 10 Million)
2.3 Summary of significant accounting policies
(I) Principles of consolidation
The consolidated financial statements (CFS) comprise the financial statements of the

Company and its Subsidiaries and Joint Venture. Subsidiaries are entities controlled
by the Group. The CFS of the Group have been prepared in accordance with the
Indian Accounting Standards on “Consolidated Financial Statements” (Ind AS 110) and
“Investment in Associates and Joint Ventures” (Ind AS 28) notified under Section 133
of the Companies Act, 2013. The Group controls an investee only if the Group has:
• Power over the investee (i.e. existing rights that give it the current ability to direct
the relevant activities of the investee)
• Exposure, or rights, to variable returns from its involvement with the investee,
and
• The ability to use its power over the investee to affect its returns.
The Group re-assesses whether or not it controls an investee if facts and circumstances
indicate that there are changes to one or more of the three elements of control.
Consolidation of a subsidiary begins when the Group obtains control over the
subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities,
income and expenses of a subsidiary acquired or disposed of during the year are
included in the consolidated financial statements from the date the Group gains
control until the date the Group ceases to control the subsidiary.
Consolidated financial statements are prepared using uniform accounting policies
for like transactions and other events in similar circumstances. If a member of the
Group uses accounting policies other than those adopted in the consolidated financial
statements for like transactions and events in similar circumstances, appropriate
adjustments are made to that Group member’s financial statements in preparing the
consolidated financial statements to ensure conformity with the Group’s accounting
policies.
The financial statements of all entities used for the purpose of consolidation are
drawn up to same reporting date as that of the parent company, i.e., year ended
on March 31. When the end of the reporting period of the parent is different from
that of a subsidiary and joint venture, the subsidiary and joint venture prepares, for
consolidation purposes, additional financial information as of the same date as the
financial statements of the parent to enable the parent to consolidate the financial
information of the subsidiary and joint venture, unless it is impracticable to do so.
Consolidation procedures for subsidiaries:
• Combine like items of assets, liabilities, equity, income, expenses and cash
flows of the parent with those of its subsidiaries. For this purpose, income and
expenses of the subsidiary are based on the amounts of the assets and liabilities
recognised in the consolidated financial statements at the acquisition date.
• Offset (eliminate) the carrying amount of the parent’s investment in each
subsidiary and the parent’s portion of equity of each subsidiary. Business
combinations policy explains how to account for any related goodwill.
• Eliminate in full intragroup assets and liabilities, equity, income, expenses and
cash flows relating to transactions between entities of the group (profits or
losses resulting from intragroup transactions that are recognised in assets are
eliminated in full). Intragroup losses may indicate an impairment that requires
265
recognition in the consolidated financial statements. Ind AS 12 Income Taxes

applies to temporary differences that arise from the elimination of profits and
losses resulting from intragroup transactions.
Profit or loss and each component of Other Comprehensive Income (OCI) are attributed
to the equity holders of the Parent of the Group and to the non- controlling interests,
even if this results in the non- controlling interests having a deficit balance.
Changes in the Group’s ownership interests in subsidiaries that do not result in the
Group losing control over the subsidiaries are accounted for as equity transactions.
The carrying amounts of the Group’s interests and the non-controlling interests are
adjusted to reflect the changes in their relative interests in the subsidiaries. Any
difference between the amount by which the non-controlling interests are adjusted
and the fair value of the consideration paid or received is recognised directly in equity
and attributed to owners of the Company.
Equity Accounted Investees:
A joint venture is a type of joint arrangement whereby the parties that have joint
control of the arrangement have rights to the net assets of the joint venture. Joint
control is the contractually agreed sharing of control of an arrangement, which exists
only when decisions about the relevant activities require unanimous consent of the
parties sharing control.
The considerations made in determining whether significant influence or joint control
are similar to those necessary to determine control over the subsidiaries.
The Group’s investments in its joint venture are accounted for using the equity method.
Under the equity method, the investment in a joint venture is initially recognised at
cost. The carrying amount of the investment is adjusted to recognise changes in the
Group’s share of net assets of the joint venture since the acquisition date. Goodwill
relating to the joint venture is included in the carrying amount of the investment and
is not tested for impairment individually.
The Consolidated Statement of Profit and Loss reflects the Group’s share of the results
of operations of the joint venture. Any change in OCI of those investees is presented as
part of the Group’s OCI. In addition, when there has been a change recognised directly
in the equity of the joint venture, the Group recognises its share of any changes, when
applicable, in the statement of changes in equity. Unrealised gains resulting from the
transaction between the Group and joint venture are eliminated to the extent of the
interest in the joint venture, and deferred tax is made on the same.
When the Group’s share of losses of joint venture equals or exceeds its interest in that
joint venture (which includes any long-term interest that, in substance, forms part of
the Group’s net investment in the joint venture), the Group discontinues recognising
its share of further losses. Additional losses are recognised only to the extent that the
Group has incurred legal or constructive obligation or made payments on behalf of
the joint venture. If the joint venture subsequently reports profits, the Group resumes
recognising its share of those profits only after its share of the profits equals the share
of losses not recognised.
The aggregate of the Group’s share of profit or loss of the joint venture is shown on
the face of the Consolidated Statement of Profit and Loss separately.

The financial statements of the joint venture are prepared for the same reporting
period as the Group. When necessary, adjustments are made to bring the accounting
policies in line with those of the Group.
After application of the equity method, the Group determines whether it is necessary
to recognise an impairment loss on its investment in its joint venture. At each reporting
date, the Group determines whether there is objective evidence that the investment
in the joint venture is impaired. If there is such evidence, the Group calculates the
amount of impairment as the difference between the recoverable amount of the joint
venture and its carrying value, and then recognises the loss as ‘Share of profit of a
joint venture’ in the Consolidated Statement of Profit and Loss.
Upon loss of joint control over the joint venture, the Group measures and recognises
any retained investment at its fair value. Any difference between the carrying amount
of the joint venture upon loss of joint control and the fair value of the retained
investment and proceeds from disposal is recognised in the Consolidated Statement
of Profit and Loss.
(II) Current versus non-current classification

The Group presents assets and liabilities in the Consolidated Balance Sheet based on
current/ non-current classification.
An 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 equivalents 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 treated as 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.
All other liabilities are classified 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 Group has identified twelve months
as its operating cycle.
(III)
Segment information
Operating segments are reported in a manner consistent with the internal reporting
provided to the chief operating decision maker. Segment assets and liabilities include
267
all operating assets and liabilities. Segment results include all related income and
expenditure. Corporate (unallocated) represents assets, liabilities, income and
expenses which relate to the Group as a whole and are not allocated to the segments.
Inter-segment transfers
The Group generally accounts for inter-segment sales at arm’s length basis in a manner
similar to transactions with third parties.
Allocation of common costs
Common allocable costs are allocated to each segment according to the relative
contribution of each segment to the total common costs.
Unallocated items
Unallocated items include general corporate income, expense and other common
assets and liabilities which are not allocated to any business segment.
Segment accounting policies
The Group prepares its segment information in conformity with the accounting policies
adopted for preparing and presenting the financial statements of the Group as a whole.
(IV) Fair value measurements and hierarchy

The Group measures financial instruments, such as investments (other than equity
investments in joint ventures) and derivatives at fair value at each Consolidated
Balance Sheet date.
Fair value is the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the measurement
date. The fair value measurement is based on the presumption that the transaction
to sell the asset or transfer the liability takes place either:
(a) In the principal market for the asset or liability; or
(b) In the absence of a principal market, in the most advantageous market for the
asset or liability.
The principal or the most advantageous market must be accessible by the Group.
The fair value of an asset or a liability is measured using the assumptions that market
participants would use when pricing the asset or liability, assuming that market
participants act in their best economic interest.
A fair value measurement of a non-financial asset takes into account a market
participant’s ability to generate economic benefits by using the asset in its highest
and best use, or by selling it to another market participant that would use the asset
in its highest and best use.
The Group uses valuation techniques that are appropriate in the circumstances, and
for which sufficient data are available to measure the fair value, maximising the use
of relevant observable inputs and minimising the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the consolidated
financial statements are categorised within the fair value hierarchy based on its nature,
characteristics and risks:

• Level 1 - inputs are quoted (unadjusted) market prices in active markets

for identical assets or liabilities that the entity can access at the measurement
date;
• Level 2 - valuation techniques for which the lowest level input that is significant
to the fair value measurement is directly or indirectly observable; and
• Level 3 - valuation techniques for which the lowest level input that is significant
to the fair value measurement is unobservable.
For assets and liabilities that are recognised in the consolidated financial statements
on a recurring basis, the Group determines whether transfers have occurred between
levels in the hierarchy by re-assessing categorization (based on the lowest level of
input that is significant to the fair value measurement as a whole) at the end of each
reporting period.
(V)
Foreign currencies
Transactions and balances:
In preparing the financial statements of each individual group entity, transactions
in currencies other than the entity’s functional currency (foreign currencies) are
recorded applying the exchange rate at the date of transaction. Monetary assets
and liabilities denominated in foreign currency, remaining unsettled at the end of
the year, are translated at the closing exchange rates prevailing on the Consolidated
Balance Sheet date.
Exchange differences arising on settlement or translation of monetary items are
recognised in the Consolidated 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 not retranslated. 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 Other Comprehensive Income (OCI) or the Consolidated
Statement of Profit and Loss are also reclassified in OCI or the Consolidated Statement
of Profit and Loss, respectively).
For the purposes of presenting these consolidated financial statements, the assets
and liabilities of foreign operations, including goodwill and fair value adjustments
arising on acquisition are translated into Indian Rupees, the functional currency of
the Company, at the exchange rates at the reporting date. The income and expenses
of foreign operations are translated into Indian Rupees at the exchange rates
at the dates of the transactions or an average rate, if the average rate approximates
the actual rate at the date of the transaction. Exchange differences arising on
translation for consolidation are recognised in OCI and accumulated in other equity (as
exchange differences on translating the financial statements of a foreign operation),
except to the extent that the exchange differences are allocated to non-controlling
interest.
269
(VI) Revenue from contracts with customers

Revenue from contracts with customers is recognised upon transfer of control of
promised goods/ services to customers at an amount that reflects the consideration
to which the Group expect to be entitled for those goods/ services.
To recognize revenues, the Group applies the following five-step approach:
• Identify the contract with a customer;
• Identify the performance obligations in the contract;
• Determine the transaction price;
• Allocate the transaction price to the performance obligations in the contract;
and
• Recognise revenues when a performance obligation is satisfied.
Revenue is measured at the fair value of the consideration received or receivable net
of returns and allowances, trade discounts and volume rebates, taking into account
contractually defined terms of payment excluding taxes or duties collected on behalf
of the government.
Goods and Service Tax (GST) is not received by the Group in its own account. Rather,
it is tax collected on value added to the commodity by the seller on behalf of the
government. Accordingly, it is excluded from revenue.
Assets and liabilities arising from right to return
The Group has contracts with customers which entitles them the unconditional right
to return.
Right to return assets
A right of return gives the Group a contractual right to recover the goods from a
customer (right to return asset), if the customer exercises its option to return the goods
and obtain a refund. The asset is measured at the carrying amount of the inventory,
less any expected costs to recover the goods, including any potential decreases in
the value of the returned goods.
Refund liabilities
A refund liability is the obligation to refund part or all of the consideration received (or
receivable) from the customer. The Group has therefore recognised refund liabilities
in respect of customer’s right to return. The liability is measured at the amount the
Group ultimately expects it will have to return to the customer. The Group updates its
estimate of refund liabilities (and the corresponding change in the transaction price)
at the end of each reporting period.
The Group has presented its right to return assets and refund liabilities under other
current assets and other current liabilities, respectively.
Income from gift voucher
Gift voucher sales are recognised when the vouchers are redeemed, and the goods
are sold to the customer.
Loyalty points programme
The Group operates a loyalty programme which allows customers to accumulate points

on purchases made in retail stores. The points give rise to a separate performance
obligation as it entitles them for redemption as settlement of future purchase
transaction price. Consideration received is allocated between the sale of products
and the points issued, with the consideration allocated to the points equal to their
fair value. Fair value of points is determined by applying statistical techniques based
on the historical trends.
Consideration allocated to reward points is deferred and recognised when points are
redeemed or when the points expire. The amount of revenue is based on the value
of points redeemed/ expired.
Income from services
Income from services is recognised as they are rendered based on agreements/
arrangements with the concerned parties, and recognised net of goods and services
tax/ applicable taxes.
Interest income
Interest income on all debt instruments is measured at amortised cost. Interest income
is recorded using the effective interest rate (EIR). EIR is the rate that exactly discounts
the estimated future cash payments or receipts over the expected life of the financial
instrument or a shorter period, where appropriate, to the gross carrying amount of
the financial asset. When calculating the EIR, the Group estimates the expected cash
flows by considering all the contractual terms of the financial instrument. Interest
income is included in other income in the Consolidated Statement of Profit and Loss.
Export incentives income
Export incentives under various schemes notified by government are accounted for in
the year of exports based on eligibility and when there is no uncertainty in receiving
the same.
Commission income
In case of sales of goods, where the Group is an agent in the transaction, the difference
between the revenue and the cost of the goods sold is disclosed as commission income
in other operating income.
(VII)
Government grants
Government grants are recognised where there is a reasonable assurance that the
grant will be received, and all attached conditions will be complied with:
• When the grant relates to an expense item, it is recognised as income on a
systematic basis over the periods that the related costs, for which it is intended
to compensate, are expensed.
• When the grant relates to an asset, it is recognised as income in Statement of
Profit and Loss in equal amounts over the expected useful life of the related
asset.
When loans or similar assistance are provided by governments or related institutions,
at a below-market rate of interest, the effect of this favourable interest is treated as a
government grant. The loan or assistance is initially recognised and measured at fair
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value, and the government grant is measured as the difference between the proceeds
received and the initial carrying value of the loan. The loan is subsequently measured
as per the accounting policies applicable to financial liabilities.
(VIII)
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of
an asset that necessarily takes a substantial period of time to get ready for its intended
use are capitalised as part of the cost of the respective asset. All other borrowing costs
are expensed in the period they occur in the Consolidated Statement of Profit and Loss.
Borrowing cost includes interest and other costs incurred in connection with the
arrangement of borrowings.
Borrowing cost also includes exchange differences to the extent regarded as an
adjustment to the interest costs.
(IX)
Taxes
The Income tax expense or credit for the period is the tax payable on the current
period’s taxable income based on the applicable income tax rate adjusted by changes
in deferred tax assets and liabilities attributable to temporary differences and to
unused tax losses.
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 are enacted or substantively enacted at the
reporting date in India.
The management periodically evaluates positions taken in tax returns with respect to
situations in which applicable tax regulation is subject to interpretation and establishes
provisions where appropriate.
Deferred tax
Deferred tax is recognised on temporary differences between the tax bases of assets
and liabilities and their carrying amounts for financial reporting purposes at the
reporting date.
Deferred tax liabilities are recognised for all taxable temporary differences, except
when the deferred tax liability arises from the initial recognition of goodwill or an
asset or a liability in a transaction that is not a business combination and, at the time
of the transaction, affects neither the accounting profit nor the taxable profit or loss.
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 when the deferred tax asset
relating to the deductible temporary difference arises from the initial recognition of an
asset or a liability in a transaction that is not a business combination and, at the time
of the transaction, affects neither the accounting profit nor the taxable profit or loss.

The carrying amount of deferred tax assets is reviewed at each reporting date and
reduced to the extent that it is no longer probable that sufficient taxable profit will
be available to allow all or part of the deferred tax asset to be utilised. Unrecognised
deferred tax assets are re-assessed at each reporting date and are recognised to the
extent that it has become probable that future taxable profits will allow the deferred
tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to
apply in the year when the asset is realised or the liability is settled, based on tax rates
and tax laws that have been enacted or substantively enacted at the reporting date.
Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right
exists to set off current tax assets against current tax liabilities and the deferred taxes
relate to the same taxable entity and the same taxation authority.
Tax benefits acquired as a part of business combination, but not satisfying the criteria
for separate recognition at that date, are recognised subsequently if new information
is received or circumstances change. Acquired deferred tax benefits recognised
within the measurement period reduce goodwill related to that acquisition, if they
result from new information obtained about facts and circumstances existing at the
acquisition date.
The Group had adopted the new tax regime in the Financial Year 2019-20 under
Section 115BAA of the Income Tax Act, 1961 as introduced by the Taxation Laws
(Amendment) Ordinance, 2019.
Current tax and deferred tax relating to items recognised outside the Consolidated
Statement of Profit and Loss are recognised outside the Consolidated Statement of
Profit and Loss (either in OCI or in equity). Current tax and deferred tax items are
recognised in correlation to the underlying transaction either in OCI or directly in
equity.
(X) Property, plant and equipment

Freehold land is carried at historical cost. Historical cost includes expenditure that is
directly attributable to the acquisition of the items. Property, plant and equipment
is stated at cost net of accumulated depreciation and accumulated impairment
losses, if any. Cost includes borrowing costs for long-term construction projects, if
the recognition criteria is met.
Subsequent costs are included in the asset’s 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 Group, and the cost of the item can
be measured reliably. The carrying amount of any component accounted for as a
separate asset is de-recognised when replaced. All other repairs and maintenance
are charged to the Consolidated Statement of Profit and Loss, during the reporting
period in which they are incurred.
Capital work-in-progress is stated at cost net of accumulated impairment losses, if any.
Depreciation methods, estimated useful lives and residual value
Depreciation on property, plant and equipment is calculated on a straight-line basis
273
over the useful life of the asset estimated by the management. Depreciation on
additions is provided on a pro rata basis from the month of installation or acquisition.
Depreciation on deletions/ disposals is provided on a pro rata basis upto the month
preceding the month of deletions/ disposals. The management believes that these
estimated useful lives reflect fair approximation of the period over which the assets
are likely to be used. The Group has used the following rates to provide depreciation
on its tangible fixed assets:
(a) Assets where useful life is same as Schedule II
Assets Class of Assets Useful life as prescribed by

Schedule II of the Companies
Act, 2013
Factory buildings Freehold buildings 30 years
Fences, wells, tube wells Freehold buildings 5 years
Borewells (pipes, tubes Freehold buildings 5 years
and other fittings)
Other office equipment Office equipment 5 years
Electrical installations and Plant and 10 years
equipment (at factory) equipment
(b) Assets where useful life differ from Schedule II

Assets Class of Assets Useful life as Estimated
prescribed by useful life
Schedule II of
the Companies
Act, 2013
Other than continuous process Plant and 15 years 20 years
plant (single shift) equipment
Plant and machinery – retail Plant and 15 years 5 – 6 years
stores equipment
Furniture and fittings – retail Furniture and 10 years 5 – 6 years
stores fixtures
Furniture and fittings – shop in Furniture and 10 years 3 years
shop stores fixtures
Motorcycles, scooters and other Vehicles 10 years 5 years
mopeds
Motor buses, motor lorries and Vehicles 6 years for motor 4 – 5 years
motor cars other than those cars and 8 years
used in a business of running for motor buses
them on hire and motor lorries
Servers, end user devices, such Computers 3 years for end 4 years
as desktops, laptops, etc. user devices
and 6 years for
servers

Assets where useful life differ from Schedule II

Assets Class of Assets Useful life as Estimated
prescribed by useful life
Schedule II of
the Companies
Act, 2013
Furniture and fittings (other Furniture and 10 years 7 years
than retail stores) fixtures
Office electrical equipment Office 5 years 4 years
equipment
Electrically operated vehicles Vehicles 8 years 5 years
including battery powered or
fuel cell powered vehicles
Useful life of assets different from that prescribed in Schedule II has been estimated
by the management, supported by technical assessment.
Leasehold assets
Assets Estimated useful life
Leasehold improvements at stores 5 to 6 years or period of lease,
whichever is shorter
Leasehold improvements other than stores Period of lease
Based on managements’ assessment, items of property, plant and equipment

individually costing less than five thousand rupees, are depreciated within one year
from the date the asset is ready to use or useful life of class of asset to which these
assets belong.
Gains or losses on disposal of property, plant and equipment are determined by
comparing proceeds with carrying amount. These are included in the Consolidated
Statement of Profit and Loss within other gains/ losses.
The residual values, useful lives and methods of depreciation of property, plant and
equipment are reviewed at each financial year end and adjusted prospectively, if
appropriate.
(XI) Investment properties

Investment property is freehold land and structure, held to earn rental income or for
capital appreciation or both, but not for sale in ordinary course of business, used in
the production or supply of goods or services or for administrative purposes.
Investment properties are measured initially at cost, including transaction costs.
Subsequent to initial recognition, investment properties are stated at cost less
accumulated depreciation and accumulated impairment loss, if any.
Though the Group measures investment properties using cost-based measurement,
the fair value of investment properties are disclosed in the notes. Fair value is
determined on the basis of assessable market value of the property as per rate
275
specified by Government Authority. The best evidence of fair value is current prices in
an active market for similar properties. Where such information is not available, the
Group considers information from a variety of sources including current prices in an
active market for properties of different nature or recent prices of similar properties
in less active markets, adjusted to reflect those differences.
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 Consolidated Statement of Profit
and Loss in the period of derecognition. In determining the amount of consideration
from the derecognition of investment properties the Group considers the effects
of variable consideration, existence of a significant financing component, non-cash
consideration, and consideration payable to the buyer (if any).
Transfers are made to (or from) investment properties only when there is a change in
use. Transfers between investment property, owner-occupied property and inventories
do not change the carrying amount of the property transferred and they do not change
the cost of that property for measurement or disclosure purposes.
(XII)
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and impairment. The
cost of intangible assets acquired in a business combination is their fair value at the
date of acquisition. Internally generated intangibles, excluding capitalised development
costs, are not capitalised and the related expenditure is reflected in the Consolidated
Statement of Profit and Loss, in the period in which the expenditure is incurred.
The useful lives of intangible assets are assessed as either finite or indefinite.
Intangible assets with finite life 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
and changes if any, made on prospective basis. The amortisation expense on intangible
assets with finite lives is recognised in the Consolidated Statement of Profit and Loss.
Intangible assets with indefinite useful life are not amortised, but are tested for
impairment annually, either individually or at the cash-generating unit level. The
assessment of indefinite life is reviewed annually to determine whether the indefinite
life continues to be supportable. If not, the change in useful life from indefinite to
finite is made on a prospective basis.
Gains or losses arising from de-recognition 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 Consolidated Statement of Profit and Loss when the
asset is de-recognised.

Amortisation methods and periods

A summary of amortisation policies applied to the Group’s intangible assets is as below:
Intangible assets Useful life Amortisation method used
Computer software 3 years Amortised on straight-line basis
Brands/ trademarks 10 years Amortised on straight-line basis, except
where the Brand/Trademark is considered to
have indefinite life
Technical knowhow 10 years Amortised on straight-line basis
Franchisee rights 20 years Amortised on straight-line basis over the
period of franchise agreement
Non-Compete 7 years Amortised on straight-line basis
(XIII) Business combination and goodwill

Business Combinations are accounted for using the acquisition method. Cost of an
acquisition is measured as the aggregate of the consideration transferred measured
at acquisition date fair value and the amount of any non-controlling interests in the
acquiree. For each business combination, the Group elects whether to measure the
non-controlling interests in the acquiree at fair value or at the proportionate share
of the acquiree’s identifiable net assets. Acquisition-related costs are recognised in
Consolidated Statement of Profit and Loss as incurred.
At the acquisition date, the identifiable assets acquired and liabilities and contingent
liabilities assumed in a business combination are measured at their fair values.
However, certain assets and liabilities i.e. deferred tax assets or liabilities, assets or
liabilities related to employee benefit arrangements, liabilities or equity instruments
related to share-based payment arrangements and assets or disposal groups that
are classified as held for sale, acquired or assumed in a business combination are
measured as per the applicable Ind-AS.
When the Group acquires a business, it assesses the financial assets and liabilities
assumed for appropriate classification and designation in accordance with the
contractual terms, economic circumstances and pertinent conditions as at the
acquisition date.
If the business combination is achieved in stages, any previously held equity interest
is re-measured at its acquisition date fair value and any resulting gain or loss is
recognised in profit or loss or OCI, as appropriate.
Judgement is applied in determining the acquisition date and determining whether
control is transferred from one party to another. Control exists when the Group is
exposed to or has rights to variable returns from its involvement with the entity and
has the ability to affect those returns through power over the entity. In assessing
control, potential voting rights are considered only if the rights are substantive.
At the acquisition date, goodwill on business combination is initially measured at cost,
being the excess of the sum of the consideration transferred, the amount recognised
for any non-controlling interests in the acquiree, and the fair value of the acquirer’s
previously held equity interest in the acquiree (if any) over the net identifiable assets
acquired and the liabilities assumed.
277
After initial recognition, goodwill is measured at cost less any accumulated impairment
losses. For the purposes of impairment testing, goodwill acquired in a business
combination is allocated to each of the Group’s cash-generating units that are expected
to benefit from the synergies of the combination, irrespective of whether other assets
or liabilities of the acquiree are assigned to those units.
Where the group does not have present ownership interest in the shares held by the
non-controlling shareholders, measured at either fair value or at the proportionate
share of the acquiree’s identifiable net assets, and the related put option held by the
group over such non-controlling shares remains unexercised, the group accounts for
the non-controlling interest and the written put option at the end of each reporting
period as below:
a) Group determines the amount that would have been recognised for the non-
controlling interest, including an allocation to reflect the share of profit or loss,
share of changes in other comprehensive income and dividends (if any) declared
during the reporting period;
b) The group de-recognises the non-controlling interest as if it was acquired at the
end of the reporting period;
c) The group recognises a financial liability in respect of the written put option
at the present value of the amount payable on exercise of the non-controlling
interest; and
d) Difference between b) and c) is accounted for as an equity transaction.
Upon exercise of the put option over the non-controlling interest the amount
recognised as financial liability is extinguished by payment of the exercise price.
If the put option over the non-controlling interest remains unexercised, non-controlling
interest is recognised at the amount it would have been, as if the put option had
never been granted (i.e. measured initially at the date of the business combination,
and remeasured for subsequent allocations of profit or loss, other comprehensive
income and changes in equity attributable to the non-controlling interest). The financial
liability is derecognised, with a corresponding credit to the same component of equity.
A cash-generating unit (CGU) to which goodwill has been allocated is tested for
impairment annually as at reporting date. When the recoverable amount of the CGU
is less than its carrying amount, an impairment loss is recognised.
On disposal of the relevant cash-generating unit, the attributable amount of goodwill
is included in the determination of the profit or loss on disposal.
(XIV) Impairment of non-financial assets

At the end of each reporting period, the Group reviews the carrying amounts of its
assets to determine whether there is any indication of impairment based on internal/
external factors. An impairment loss, if any, is charged to the Consolidated Statement
of Profit and Loss in the year in which an asset is identified as impaired. An asset’s
recoverable amount is higher of an asset’s or cash-generating unit’s (CGUs) fair value
less costs of disposal and its value in use. In assessing value in use, the estimated future
cash flows are discounted to their present value using a pre-tax discount rates, that
reflects current market assessment of the time value of money and the risks specific to

the asset for which estimates of future cash flows have not been adjusted. 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.
Impairment losses of continuing operations, including impairment on inventories,
are recognised in the Consolidated Statement of Profit and Loss.
A cash-generating unit to which goodwill has been allocated is tested for impairment
annually as at reporting date. If the recoverable amount of the cash-generating unit
is less than its carrying amount, the impairment loss is allocated first to reduce the
carrying amount of any goodwill allocated to the unit and then to the other assets
of the unit pro-rata based on the carrying amount of each asset in the unit. Any
impairment loss for goodwill is recognised directly in the Consolidated Statement of
Profit and Loss.
Reversal of impairment losses except on goodwill is recorded when there is an
indication that the impairment losses recognised for the assets no longer exist or have
decreased. An impairment loss recognised for goodwill is not reversed in subsequent
periods.
(XV)
Leases
At inception of a contract, the Group assesses whether a contract is, or contains, a
lease. A contract is, or contains, a lease if the contract conveys the right to control
the use of an identified asset for a period of time in exchange for consideration. To
assess whether a contract conveys the right to control the use of an identified asset,
the Group assess whether:
• The contract involves the use of an identified asset – this may be specified
explicitly or implicitly and should be physically distinct or represent substantially
all of the capacity of a physically distinct asset. If the supplier has a substantive
substitution right, then the asset is not identified;
• The Group has the right to obtain substantially all of the economic benefits from
the use of the asset throughout the period of use; and
• The Group has the right to direct the use of the asset. The Group has the right
when it has the decision-making rights that are most relevant to changing how
and for what purpose the asset is used. In rare cases where the decision about
how and for what purpose the asset is used is predetermined, the Group has
the right to direct the use of the asset either the Group has the right to operate
the asset; or the Group designed the asset in a way that predetermines how and
for what purpose it will be used.
At inception or on reassessment of a contract that contains a lease component, the
Group allocates the consideration in the contract to each lease component on the
basis of their relative stand-alone prices.
Where the Group is the lessee
Right-of-use assets
The Group recognises a right-of-use asset and a lease liability at the lease
commencement date except for short-term leases which are less than 12 months and
279
leases of low value assets. The right-of-use asset is initially measured at cost, which
comprises the initial amount of the lease liability plus any initial direct costs incurred
less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method
from the commencement date to the earlier of the end of the useful life of the right-
of-use asset or the end of the lease term. If ownership of the leased asset transfers to
the Group at the end of the lease term or the cost reflects the exercise of a purchase
option, depreciation is calculated using the estimated useful life of the asset. The
estimated useful lives of right-of-use assets are determined on the same basis as those
of property. In addition, the right-of-use asset is periodically reduced by impairment
losses, if any, adjusted for certain remeasurements of the lease liability.
Lease liabilities
The lease liability is initially measured at the present value of the lease payments
that are not paid at the commencement date. The lease payments are discounted
using the interest rate implicit in the lease, if that rate can be readily determined.
If that rate cannot be readily determined, the Group uses incremental
borrowing rate.
Lease payments included in the measurement of the lease liability comprise of fixed
payments, including in-substance fixed payments. The lease liabilities are measured
at amortised cost using the effective interest method.
In addition, the carrying amount of lease liabilities is re-measured if there is a
modification arising due to change in the lease term, change in the lease payments
or a change in the assessment of an option to purchase the underlying asset. When
the lease liability is re-measured in this way, a corresponding adjustment is made
to the carrying amount of the right-of-use asset or is recorded in profit or loss if the
carrying amount of the right-of-use asset has been reduced to zero.
The Group presents right-of-use assets that do not meet the definition of investment
property, and lease liabilities, separately in the Consolidated Balance Sheet.
Short-term leases and leases of low value assets
The Group applies the short-term lease recognition exemption to its short-term leases
(i.e., those leases that have a lease term of 12 months or less from the commencement
date and do not contain a purchase option). It also applies the lease of low-value assets
recognition exemption to leases that are considered to be low value. Lease payments
on short-term leases and leases of low-value assets are recognised as expense on a
straight-line basis over the lease term.
Where the Group is the lessor
Leases in which the Group does not transfer substantially all the risks and rewards of
ownership of an asset is classified as an operating lease. Assets subject to operating
leases are included in the property, plant and equipment. Rental income on an
operating lease is recognised in the Consolidated Statement of Profit and Loss on a
straight-line basis over the lease term. Costs, including depreciation, are recognised
as an expense in the Consolidated Statement of Profit and Loss.

Covid-19-Related Rent Concessions

The amendments to Ind AS 116 provides a practical expedient to lessees in accounting
for rent concessions that are a direct consequence of the COVID-19 pandemic.
Many lessors have provided rent concessions to lessees as a result of the Covid-19
pandemic. Rent concessions can include rent holidays or rent reductions for a period
of time. Applying the requirements in Ind AS 116 for changes to lease payments,
particularly assessing whether the rent concessions are lease modifications and
applying the required accounting, could be practically difficult in the current
environment. The objective of the amendment is to provide lessees that have been
granted Covid-19 related rent concessions with practical relief, while still providing
useful information about leases to users of the financial statements.
As a practical expedient, a lessee may elect not to assess whether a COVID-19 related
rent concession from a lessor is a lease modification. A lessee that makes this election
accounts for any change in lease payments resulting from the COVID-19 related rent
concession the same way it would account for the change under Ind AS 116, if the
change were not a lease modification. The practical expedient applies only to rent
concessions occurring as a direct consequence of the COVID-19 pandemic and only
if all of the following conditions are met:
(i) The change in lease payments results in revised consideration for the lease
that is substantially the same as, or less than, the consideration for the lease
immediately preceding the change.
(ii) any reduction in lease payments affect only payments originally due on or before
June 30, 2022.
Pursuant to the above amendment, the Group has applied the practical expedient
with effect from April 01, 2020. The Group has accounted the unconditional rent
concessions in “Rent expenses” in the Consolidated Statement of Profit and Loss.
Adoption of the COVID-19 related concessions – amendments to Ind AS 116, Leases

with effect from April 1, 2021 has resulted in recognition of ` 219.18 crores as income
from lease concession during the year. This amendment is not expected to have any
material impact on the Statement of Profit and Loss for the future years.
(XVI) Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity
and a financial liability or equity instrument of another entity.
Financial assets and financial liabilities are recognised when a Group becomes a party
to the contractual provisions of the instruments.
Financial assets and financial liabilities are initially measured at fair value. Transaction
costs that are directly attributable to the acquisition or issue of financial assets and
financial liabilities (other than financial assets and financial liabilities measured at
fair value through profit or loss) are added to or deducted from the fair value of the
financial assets or financial liabilities, as appropriate, on initial recognition. Transaction
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costs directly attributable to the acquisition of financial assets or financial liabilities

at fair value through the Consolidated Statement of Profit and Loss are recognised
immediately in the Consolidated Statement of Profit and Loss.
Purchases or sales of financial assets that require delivery of assets within a time
frame established by regulation or convention in the market place are recognised
on the trade date.
All recognised financial assets are subsequently measured in their entirety
at either amortised cost or fair value, depending on the classification of the financial
assets.
For the purpose of subsequent measurement, financial instruments of the Group are
classified in the following categories:
(a) Non-derivative financial assets
(i) Financial assets at amortised cost
Financial asset is measured at amortised cost using Effective Interest Rate
(EIR), if both the conditions are met:
• The asset is held within a business model whose objective is to hold
assets in order to collect contractual cash flows; and
• The contractual terms of the instrument give rise on specified dates
to cash flows that are solely payments of principal and interest on the
principal amount outstanding.
Effective Interest Rate (EIR) method:
The EIR method is a method of calculating the amortised cost of a debt
instrument and of allocating interest income over the relevant period.
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
effective interest rate is the rate that exactly discounts estimated future
cash receipts (including all fees and points paid or received that form an
integral part of the effective interest rate, transaction costs and other
premiums or discounts) through the expected life of the debt instrument
or, where appropriate, a shorter period, to the gross carrying amount on
initial recognition.
Income is recognised on an effective interest basis for debt instruments
other than those financial assets classified as at Fair Value Through Profit or
Loss (FVTPL). Interest income is recognised in the Consolidated Statement
of Profit and Loss and is included in the ‘Other income’ line item.
(ii) Financial assets at Fair Value Through Other Comprehensive Income (FVTOCI)
An instrument shall be measured at FVTOCI, if both of the following conditions
are met:
• The objective of the business model is achieved by both collecting
contractual cash flows and selling financial assets; and
• The asset’s contractual cash flows represent Solely Payments of Principal
and Interest (SPPI).

Financial assets included within FVTOCI category are measured initially as

well as at each reporting period at fair value plus transaction cost. Fair value
movements are recognised in other comprehensive income. However, the
Group recognises interest income, impairment losses and reversals and
foreign exchange gain/ (loss) in the Consolidated Statement of Profit and
Loss. On de-recognition of the asset, cumulative gain or loss previously
recognised in OCI is reclassified from equity to the Consolidated Statement
of Profit and Loss.
(iii) Financial assets at Fair Value Through Profit or Loss (FVTPL)
Financial assets that do not meet the amortised cost criteria or FVTOCI
criteria (refer above) are measured at FVTPL. In addition, financial assets
that meet the amortised cost criteria or the FVTOCI criteria but are
designated as at FVTPL are measured at FVTPL.
A financial asset that meets the amortised cost criteria or financial assets
that meet the FVTOCI criteria may be designated as at FVTPL upon initial
recognition if such designation eliminates or significantly reduces a
measurement or recognition inconsistency that would arise from measuring
assets or liabilities or recognising the gains and losses on them on different
bases. The Group has not designated any debt instrument as at FVTPL.
Financial assets at FVTPL are measured at fair value at the end of each
reporting period, with any gains or losses arising on re-measurement
recognised in the Consolidated Statement of Profit and Loss. The net
gain or loss recognised in the Consolidated Statement of Profit and Loss
incorporates any dividend or interest earned on the financial asset and
is included in the ‘Other income’ line item. Dividend on financial assets
at FVTPL is recognised when the Group’s right to receive the dividends
is established, it is probable that the economic benefits associated with
the dividend will flow to the entity, the dividend does not represent a
recovery of part of cost of the investment and the amount of dividend can
be measured reliably.
(iv) Equity investments
All equity investments (other than investments in joint ventures) are
measured at fair value as per Ind AS 109. Equity instruments which are
held for trading are classified as at FVTPL. For all other equity instruments,
the Group has an irrevocable election to present in other comprehensive
income subsequent changes in the fair value. The Group makes such
election on an instrument- by-instrument basis. The classification is made
on initial recognition and is irrevocable.
If the Group decides to classify an equity instrument as at FVTOCI, then all
fair value changes on the instrument, excluding dividends, are recognised in
the OCI. There is no recycling of the amounts from OCI to the Consolidated
Statement of Profit and Loss, even on sale of investment. However, the
Group may transfer the cumulative gain or loss within equity.
283
Impairment of financial assets:

The Group applies simplified approach of expected credit loss model for
recognising impairment loss on lease receivables, trade receivables, other
contractual rights to receive cash or other financial asset.
Expected credit losses are the weighted average of credit losses with the
respective risks of default occurring as the weights. Expected credit loss is
the difference between all contractual cash flows that are due to the Group
in accordance with the contract and all the cash flows that the Group expects
to receive (i.e. all cash shortfalls), discounted at the original effective interest
rate (or credit adjusted effective interest rate for purchased or originated
credit-impaired financial assets).
The Group measures the loss allowance for a financial instrument at an
amount equal to the lifetime expected credit losses if the credit risk on that
financial instrument has increased significantly since initial recognition.
If the credit risk on a financial instrument has not increased significantly
since initial recognition, the Group measures the loss allowance for that
financial instrument at an amount equal to 12-month expected credit losses.
12-month expected credit losses are portion of the lifetime expected credit
losses and represent the lifetime cash shortfalls that will result if default
occurs within 12 months after the reporting date and thus, are not cash
shortfalls that are predicted over the next 12 months.
If the Group measured loss allowance for a financial instrument at lifetime

expected credit loss model in the previous period, but determines at the
end of a reporting period that the credit risk has not increased significantly
since initial recognition due to improvement in credit quality as compared
to the previous period, the Group again measures the loss allowance based
on 12- month expected credit losses.
When making the assessment of whether there has been a significant

increase in credit risk since initial recognition, the Group uses the change
in the risk of a default occurring over the expected life of the financial
instrument instead of the change in the amount of expected credit losses. To
make that assessment, the Group compares the risk of a default occurring
on the financial instrument as at the reporting date with the risk of a default
occurring on the financial instrument as at the date of initial recognition and
considers reasonable and supportable information, that is available without
undue cost or effort, that is indicative of significant increases in credit risk
since initial recognition.
For trade receivables or any contractual right to receive cash or another

financial asset that results from transactions that are within the scope of
Ind AS 115, the Group always measures the loss allowance at an amount
equal to lifetime expected credit losses.
Further, for the purpose of measuring lifetime expected credit loss allowance
for trade receivables, the Group has used a practical expedient as permitted
under Ind AS 109. This expected credit loss allowance is computed based on

a provision matrix, which takes into account historical credit loss experience
and adjusted for forward looking information.
The impairment requirements for the recognition and measurement of a
loss allowance are equally applied to debt instruments at FVTOCI except
that the loss allowance is recognised in OCI and is not reduced from the
carrying amount in the Consolidated Balance Sheet.
(b) Non derivative financial liabilities
(i) Classification as debt or equity
Debt and equity instruments issued by the Group are classified as either
financial liabilities or as equity in accordance with the substance of the
contractual arrangements and the definitions of a financial liability and an
equity instrument.
(1) Equity instruments:
An equity instrument is any contract that evidences a residual interest
in the assets of an entity after deducting all of its liabilities. Equity
instruments issued by the Group are recognised at the proceeds
received, net of direct issue costs.
Repurchase of the Group’s own equity instruments is recognised
and deducted directly in equity. No gain or loss is recognised in the
Consolidated Statement of Profit and Loss on the purchase, sale, issue
or cancellation of the Group’s own equity instruments.
(2) Compound financial instruments:
The component parts of compound financial instruments (convertible
notes) issued by the Group are classified separately as financial
liabilities and equity in accordance with the substance of the contractual
arrangements and the definitions of a financial liability and an equity
instrument. A conversion option that will be settled by the exchange
of a fixed amount of cash or another financial asset for a fixed number
of the Group’s own equity instruments is an equity instrument.
At the date of issue, the fair value of the liability component is estimated
using the prevailing market interest rate for similar non-convertible
instruments. This amount is recognised as a liability on an amortised
cost basis using the effective interest method until extinguished upon
conversion or at the instrument’s maturity date.
(3) Financial liabilities:
All financial liabilities are measured at amortised cost using the effective
interest method or at FVTPL.
However, financial liabilities that arise when a transfer of a financial
asset does not qualify for derecognition or when the continuing
involvement approach applies, financial guarantee contracts issued by
the Group, and commitments issued by the Group to provide a loan
at below-market interest rate are measured in accordance with the
specific accounting policies set out below.
285
Financial liabilities at FVTPL:

Financial liabilities are classified as at FVTPL when the financial liability
is either held for trading or it is designated as at FVTPL.
A financial liability is classified as held for trading, if:
• It has been acquired or incurred principally for the purpose of
selling or repurchasing it in the near term; or
• On initial recognition it is part of a portfolio of identified financial
instruments that the Group manages together and has a recent
actual pattern of short-term profit-taking; or
• It is a derivative that is not a financial guarantee contract or
designated and effective as a hedging instrument.
A financial liability other than a financial liability held for trading may,
be designated as at FVTPL upon initial recognition, if:
• Such designation eliminates or significantly reduces a measurement
or recognition inconsistency that would otherwise arise;
• The financial liability forms part of a group of financial assets or
financial liabilities or both, which is managed, and its performance
is evaluated on a fair value basis, in accordance with the Group’s
documented risk management or investment strategy, and
information about the Group is provided internally on that basis;
or
• It forms part of a contract containing one or more embedded
derivatives, and Ind AS 109 permits the entire combined contracts
to be designated as at FVTPL in accordance with Ind AS 109.
Financial liabilities at FVTPL are stated at fair value, with any gains or
losses arising on remeasurement recognised in the Consolidated
However, financial liabilities that are not held-for-trading and are
designated as at FVTPL, the amount of change in the fair value of
the financial liability that is attributable to changes in the credit risk
of that liability is recognised in other comprehensive income, unless
the recognition of the effects of changes in the liability’s credit risk in
other comprehensive income would create or enlarge an accounting
mismatch in the Consolidated Statement of Profit and Loss, in which
case these effects of changes in credit risk are recognised in the
Consolidated Statement of Profit and Loss. The remaining amount
of change in the fair value of liability is always recognised in the
Consolidated Statement of Profit and Loss. Changes in fair value
attributable to a financial liability’s credit risk that are recognised
in other comprehensive income are reflected immediately in other
comprehensive income under other equity and are not subsequently
reclassified to the Consolidated Statement of Profit and Loss.

Gains or losses on financial guarantee contracts and loan commitments

issued by the Group that are designated by the Group as at fair value
through profit or loss are recognised in the Consolidated Statement
of Profit and Loss.
Financial liabilities subsequently measured at amortised cost:
Financial liabilities that are not held-for-trading and are not designated
as at FVTPL are measured at amortised cost at the end of subsequent
accounting periods. The carrying amounts of financial liabilities that are
subsequently measured at amortised cost are determined based on
the effective interest method. Interest expense that is not capitalised
as part of costs of an asset is included in the ‘Finance costs’ line item.
The effective interest method is a method of calculating the amortised
cost of a financial liability and of allocating interest expense over the
relevant period. The effective interest rate is the rate that exactly
discounts estimated future cash payments (including all fees and points
paid or received that form an integral part of the effective interest
rate, transaction costs and other premiums or discounts) through the
expected life of the financial liability, or (where appropriate) a shorter
period, to the gross carrying amount on initial recognition.
(ii) Loans and borrowings
Borrowings are initially recognised at fair value, net of transaction costs
incurred. Borrowings are subsequently measured at amortised cost.
Any difference between the proceeds (net of transaction costs) and the
redemption amount is recognised in the Consolidated Statement of Profit
and Loss over the period of borrowings using the EIR method. Fees paid on
the establishment of loan facilities are recognised as the transaction cost
of the loan to the extent it is probable that some or all of the facility will be
drawn down, the fees are deferred until the draw down occurs. To the extent
that there is no evidence that is probable that some or all of the facility will
be drawn down, the fee is capitalised as a prepayment for liquidity and
amortised over the period of facility to which it relates.
Preference shares, which are mandatorily redeemable on a specific date,
are classified as liabilities. The dividends on these preference shares are
recognised in the Consolidated Statement of Profit and Loss as ‘Finance
costs’.
(iii) Foreign exchange gains and losses
The fair value of financial assets denominated in a foreign currency is
determined in that foreign currency and translated at the spot rate at the
end of each reporting period.
• For foreign currency denominated financial assets measured at
amortised cost and FVTPL, the exchange differences are recognised in
the Consolidated Statement of Profit and Loss, except for those which
are designated as hedging instruments in a hedging relationship.
287
• For the purposes of recognising foreign exchange gains and losses,

FVTOCI financial assets are treated as financial assets measured at
amortised cost. Thus, the exchange differences on the amortised cost
are recognised in the Consolidated Statement of Profit and Loss, and
other changes in the fair value of FVTOCI financial assets are recognised
in OCI.
For financial liabilities that are denominated in a foreign currency and are
measured at amortised cost at the end of each reporting period, the foreign
exchange gains and losses are determined based on the amortised cost of
the instruments and are recognised in ‘Other income’.
The fair value of financial liabilities denominated in a foreign currency is
determined in that foreign currency and translated at the spot rate at the
end of the reporting period. For financial liabilities that are measured as at
FVTPL, the foreign exchange component forms part of the fair value gains or
losses and is recognised in the Consolidated Statement of Profit and Loss.
De-recognition of financial assets and financial liabilities
The Group de-recognises a financial asset when the contractual rights to the
cash flows from the asset expire, or when it transfers the financial asset and
substantially all the risks and rewards of ownership of the asset to another
party. If the Group neither transfers nor retains substantially all the risks
and rewards of ownership and continues to control the transferred asset,
the Group recognises its retained interest in the asset and an associated
liability for the amounts it may have to pay. If the Group retains substantially
all the risks and rewards of ownership of a transferred financial asset, the
Group continues to recognise the financial asset and also recognises a
collateralised borrowing for the proceeds received.
On de-recognition of a financial asset in its entirety, the difference between
the asset’s carrying amount and the sum of the consideration received and
receivable, and the cumulative gain or loss that had been recognised in OCI
and accumulated in equity is recognised in the Consolidated Statement of
Profit and Loss.
On de-recognition of a financial asset other than in its entirety (for example:
when the Group retains an option to repurchase part of a transferred asset),
the Group allocates the previous carrying amount of the financial asset
between the part it continues to recognise under continuing involvement
and the part it no longer recognises on the basis of the relative fair values
of those parts on the date of the transfer. The difference between the
carrying amount allocated to the part that is no longer recognised and
the sum of the consideration received for the part no longer recognised
and any cumulative gain or loss allocated to it that had been recognised in
other comprehensive income is recognised in the Consolidated Statement
of Profit and Loss. A cumulative gain or loss that had been recognised in
other comprehensive income is allocated between the part that continues
to be recognised and the part that is no longer recognised on the basis of
the relative fair values of those parts.

The Group de-recognises financial liabilities only when the Group’s

obligations are discharged, cancelled or have expired. An exchange with a
lender of debt instruments with substantially different terms is accounted
for as an extinguishment of the original financial liability and the recognition
of a new financial liability. Similarly, a substantial modification of the terms
of an existing financial liability (whether or not attributable to the financial
difficulty of the debtor) is accounted for as an extinguishment of the original
financial liability and the recognition of a new financial liability. The difference
between the carrying amount of the financial liability de-recognised and the
consideration paid and payable is recognised in the Consolidated Statement
of Profit and Loss.
Offsetting financial instruments
Financial assets and liabilities are offset, and the net amount is reported in
the Consolidated 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.
(XVII) Derivative financial instruments

The Group uses derivative financial instruments, such as forward currency contracts
and options contract in accordance with agreement, to hedge its foreign currency
risks. Such derivative financial instruments are initially recognised at fair value on the
date on which a derivative contract is entered into and are subsequently re-measured
at fair value. Derivatives are carried as financial assets when the fair value is positive
and as financial liabilities when the fair value is negative.
Any gains or losses arising from changes in the fair value of derivatives are taken
directly to the Consolidated Statement of Profit and Loss, except for the effective
portion of cash flow hedges, which is recognised in OCI and later reclassified to
the Consolidated Statement of Profit and Loss when the hedge item affects the
Consolidated Statement of Profit and Loss or treated as basis adjustment, if a hedged
forecast transaction subsequently results in the recognition of a non-financial asset
or non-financial liability.
(XVIII) Inventories
Raw materials, components, stores and spares, and packing materials are valued
at lower of cost or net realisable value. However, these items are considered to be
realisable at cost if the finished products, in which they will be used, are expected to
be sold at or above cost. Cost includes cost of purchase and other costs in bringing the
inventories to their present location and condition. Cost is determined on weighted
average cost basis.
Traded goods, work-in-progress and finished goods are valued at cost or net realisable
value, whichever is lower. Work-in-progress and finished goods include costs of direct
materials, labour and a proportion of manufacturing overheads based on the normal
operating capacity but excluding borrowing cost. Traded goods cost includes cost of
289
purchase and other costs incurred in bringing the inventories to their present location
and condition. Cost is determined on weighted average cost basis.
Net realisable value is the estimated selling price in the ordinary course of business,
less estimated costs of completion and the estimated costs necessary to make the sale.
Proceeds in respect of sale of raw materials/ stores are credited to the respective
heads. Obsolete and defective inventory are duly provided for, basis the management
estimates (Refer Note – 41f).
(XIX) Provisions and contingent liabilities
The amount recognised as a provision is the best estimate of the consideration
required to settle the present obligation at the end of the reporting period, taking into
account the risks and uncertainties surrounding the obligation. When a provision is
measured using the cash flows estimated to settle the present obligation, its carrying
amount is the present value of those cash flows (when the effect of the time value
of money is material).
Provisions are recognised when the Group has a present legal or constructive
obligation as a result of past events, it is probable that an outflow of resources
embodying economic benefits will be required to settle the obligation and the amount
can be reliably estimated. The expense relating to a provision is presented in the
Consolidated Statement of Profit and Loss, net of any reimbursements.
When some or all of the economic benefits required to settle a provision are expected
to be recovered from a third party, a receivable is recognised as an asset, if it is virtually
certain that reimbursement will be received and the amount of the receivable can
be measured reliably.
A present obligation that arises from past events, where it is either not probable that
an outflow of resources will be required to settle or a reliable estimate of the amount
cannot be made, is disclosed as a contingent liability. Contingent liabilities are also
disclosed when there is a possible obligation arising from past events, the existence
of which will be confirmed only by the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control of the Group (Refer Note – 46).
Claims against the Group, where the possibility of any outflow of resources in
settlement is remote, are not disclosed as contingent liabilities.
Contingent assets are not recognised in the consolidated financial statements since
this may result in the recognition of income that may never be realised. However,
when the realisation of income is virtually certain, then the related asset is not a
contingent asset and is recognised.
(XX) Employee benefits

(a) Short-term employee benefits
Short-term employee benefits are recognised as an expense on accrual basis.
(b) Defined contribution plan
The Group makes defined contribution to the Government Employee Provident
Fund and Superannuation Fund, which are recognised in the Consolidated

Statement of Profit and Loss, on accrual basis. The Group recognises contribution
payable to the provident fund scheme as an expense, when an employee renders
the related service. The Group has no obligation, other than the contribution
payable to the provident fund.
(c) Defined benefit plan
The Group operates a defined benefit gratuity plan in India. The Group contributes
to a gratuity fund maintained by an independent insurance company. The Group’s
liabilities under The Payment of Gratuity Act, 1972 are determined on the basis
of actuarial valuation made at the end of each financial year using the projected
unit credit method. Obligation is measured at the present value of estimated
future cash flows using a discounted rate that is determined by reference to
market yields at the Consolidated Balance Sheet date on Government bonds,
where the terms of the Government bonds are consistent with the estimated
terms of the defined benefit obligation. The net interest cost is calculated by
applying the discount rate to the net balance of the defined benefit obligation
and fair value of plan assets. This cost is included in the ‘Employee benefits
expense’ in the Consolidated Statement of Profit and Loss. Re-measurement
gains or losses and return on plan assets (excluding amounts included in net
Interest on the net defined benefit liability) arising from changes in actuarial
assumptions are recognised in the period in which they occur, directly in OCI.
These are presented as re-measurement gains or losses on defined benefit plans
under other comprehensive income in other equity. Remeasurements gains or
losses are not reclassified subsequently to the Consolidated Statement of Profit
and Loss.
(d) Compensated absences
The employees of the Group are entitled to compensated absences. The employees
can carry forward a portion of the unutilised accumulating compensated absences
and utilise it in future periods or receive cash at retirement or termination of
employment. The Group records an obligation for compensated absences
in the period in which the employee renders the services that increases this
entitlement. The Group measures the expected cost of compensated absences
as the additional amount that the Group expects to pay as a result of the unused
entitlement that has accumulated at the end of the reporting period. The Group
recognises accumulated compensated absences based on actuarial valuation in
the Consolidated Statement of Profit and Loss.
The Group presents the entire leave as a current liability in the Consolidated
Balance Sheet, since it does not have any unconditional right to defer its
settlement for twelve months after the reporting date.
(XXI) Share-based payment

Employees of the Group receive remuneration in the form of equity-settled instruments
and stock appreciation rights for rendering services over a defined vesting period.
Equity-settled share-based payments to employees and others providing similar
291
services are measured at the fair value of the equity instruments at the grant date
using an appropriate valuation model.
The fair value determined at the grant date of the equity-settled share-based
payments is expensed on a straight-line basis over the vesting period, based on the
Group’s estimate of equity instruments that will eventually vest, with a corresponding
increase in equity. At the end of each reporting period, the Group revises its estimate
of the number of equity instruments expected to vest. The impact of the revision of
the original estimates, if any, is recognised in the Consolidated Statement of Profit
and Loss, such that the cumulative expense reflects the revised estimate, with a
corresponding adjustment to the equity- settled share options outstanding account.
No expense is recognised for awards 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.
For cash-settled share-based payment, a liability is recognised for the goods or services
acquired, measured initially at the fair value of the liability using a binomial method.
At the end of each reporting period until the liability is settled and at the date of
settlement, the fair value of the liability is re-measured, with any changes in the fair
value recognised in ‘Employee benefits expense’ in the Consolidated Statement of
Profit and Loss for the year.
The Group has created an “ABFRL Employee Welfare Trust” (ESOP Trust) and uses it
as a vehicle for distributing shares to employees under the Employee Stock Option
Scheme 2019 or any subsequent Stock Option Scheme. The trust purchase shares of
the Company from the market, for giving shares to employees. The Group treats trust
as its extension and shares held by trust are treated as treasury shares.
Own equity instruments that are reacquired (treasury shares) are recognised at cost
and deducted from other equity. No gain or loss is recognised in the Consolidated
Statement of Profit and Loss on the purchase, sale, issue or cancellation of the
Company’s own equity instruments. Any difference between the carrying amount and
the consideration, if reissued or sold, is recognised in capital reserve. Share options
exercised during the reporting period are settled with treasury shares.
(XXII) Earnings per share

Basic earnings per share is calculated by dividing the net profit or loss attributable
to equity holders of the Group by the weighted average number of equity shares
outstanding during the period.
Partly paid equity shares are treated as a fraction of an equity share to the extent that
they are entitled to participate in dividends relative to a fully paid equity share during
the reporting period. Earnings, considered in ascertaining the Company’s earnings
per share, is the net profit for the period after deducting preference dividends. The
weighted average number of equity shares outstanding during the period is adjusted
for events such as bonus issue, bonus element in a rights issue that have changed the
number of equity shares outstanding, without a corresponding change in resources.

For the purpose of calculating diluted earnings per share, the net profit or loss for the
period attributable to equity shareholders of the Group and the weighted average
number of shares outstanding during the period are adjusted for the effects of all
dilutive potential equity shares.
(XXIII) Cash and cash equivalents

Cash and cash equivalents in the Consolidated Balance Sheet and for the purpose
of the Consolidated Statement of Cash Flows comprise cash on hand and cash at
bank including fixed deposits with original maturity period of three months or less
and short-term highly liquid investments with an original maturity of three months
or less net of outstanding bank overdrafts as they are considered an integral part of
the Group’s cash management.
2.4 New and amended standards adopted by the Group:

The Group has applied the following amendments to Ind AS for the first time from the
annual reporting period commencing 1 April 2021:
- Extension of COVID-19 related concessions – amendments to Ind AS 116
- Interest rate benchmark reform – amendments to Ind AS 109, Financial Instruments,
Ind AS 107, Financial Instruments: Disclosures, Ind AS 104, Insurance Contracts and
Ind AS 116, Leases.
The amendments listed above did not have any impact on the amounts recognised in prior
periods and are not expected to significantly affect the current or future periods.
2.5 Standards issues but not yet effective:

The Ministry of Corporate Affairs has vide notification dated March 23, 2022 notified
Companies (Indian Accounting Standards) Amendment Rules, 2022 which amended the
following accounting standards. These amendments are effective from April 01, 2022 and
early adoption is permitted in some cases.
a) Ind AS 16, Property Plant and equipment
b) Ind AS 37, Provisions, Contingent Liabilities and Contingent Assets
c) Ind AS 101, First time adoption of Indian Accounting Standards
d) Ind AS 103, Business Combinations
e) Ind AS 109, Financial Instruments
f) Ind AS 41, Agriculture
The above amendments are not likely to have any material impact on the financial
statements of the Group for the current or future reporting period.
293
NOTE: 3a
PROPERTY, PLANT AND EQUIPMENT
` in Crore
Freehold Freehold Plant and Leasehold Computers Furniture Office Vehicles Total
land* buildings* equipment improve- and equipment
ments fixtures
Cost
As at April 01, 2020 5.92 42.74 216.72 300.96 113.33 510.56 133.93 15.96 1,340.12
Additions - 0.62 24.75 44.93 9.05 62.28 6.12 0.41 148.16
Addition pursuant to business combination - - 7.37 2.49 1.01 12.06 1.53 0.81 25.27
Disposals - - 22.72 21.84 4.77 70.85 4.15 3.44 127.77
As at March 31, 2021 5.92 43.36 226.12 326.54 118.62 514.05 137.43 13.74 1,385.78
Additions - - 80.18 83.63 16.99 96.07 14.19 2.17 293.23
Disposals - - 46.85 26.43 2.20 74.55 2.53 5.85 158.41
As at March 31, 2022 5.92 43.36 259.45 383.74 133.41 535.57 149.09 10.06 1,520.60
Depreciation
As at April 01, 2020 - 4.11 79.67 152.83 76.22 312.06 66.74 5.60 697.23
Depreciation for the year (Refer Note - 37) - 1.56 39.81 49.76 17.61 88.93 7.35 3.77 208.79
Disposals - - 17.12 20.92 4.73 46.13 3.25 2.80 94.95
As at March 31, 2021 - 5.67 102.36 181.67 89.10 354.86 70.84 6.57 811.07
Depreciation for the year (Refer Note - 37) - 1.57 57.15 52.20 9.00 81.22 9.14 3.04 213.32
Disposals - - 39.84 20.77 1.50 66.34 1.93 4.61 134.99
As at March 31, 2022 - 7.24 119.67 213.10 96.60 369.74 78.05 5.00 889.40

March 31, 2022 5.92 36.12 139.78 170.64 36.81 165.83 71.04 5.06 631.20
March 31, 2021 5.92 37.69 123.76 144.87 29.52 159.19 66.59 7.17 574.71
Net carrying value

` in Crore
As at As at
March 31, 2022 March 31, 2021
Property, plant and equipment 631.20 574.71
Total 631.20 574.71
* The title deeds of immovable properties, included in Property, Plant and Equipment above are held in the
name of the Group except for Freehold land and Freehold building wherein the Gross Block amounting to
` 5.92 Crore (March 31, 2021: ` 5.92 Crore) and ` 0.13 Crore (March 31, 2021: ` 0.13 Crore), respectively, which
are held in the name of the demerged companies and are in the process of being transferred to the Group.

NOTE: 3b
CAPITAL WORK-IN-PROGRESS
` in Crore
As at As at
March 31, 2022 March 31, 2021
Capital work-in-progress 102.57 37.60
Total 102.57 37.60
Ageing of Capital work-in-progress as on March 31, 2022 ` in Crore

1 Year 3 years
(i) Projects in progress 83.27 13.46 5.79 - 102.52
(ii) Projects temporarily suspended - - - 0.05 0.05

completion is overdue or has exceeded
Less than 1-2 years 2-3 years More than Total
its cost compared to its original plan
1 Year 3 years
(i) Project 1 - - - - -
(ii) Project 2 - - - - -
Ageing of Capital work-in-progress as on March 31, 2021 ` in Crore

1 Year 3 years
(i) Projects in progress 24.56 11.34 0.02 0.03 35.95
(ii) Projects temporarily suspended 0.38 1.27 - - 1.65

completion is overdue or has exceeded
Less than 1-2 years 2-3 years More than Total
its cost compared to its original plan
1 Year 3 years
(i) Project 1 - - - - -
(ii) Project 2 - - - - -
There are no projects as on the reporting periods where costs have been exceeded cost as compared
to its original plan or where completion is overdue.
295
NOTE: 4
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES
(a) Right-of-use assets
` in Crore
Land Buildings* Plant and Computers Furniture Office Total
equipment and equipment
fixtures
Cost
As at April 01, 2020 10.42 2,755.67 9.56 3.70 38.77 1.62 2,819.74
Additions - 741.37 6.96 0.20 51.42 2.32 802.27
Addition pursuant to business 0.27 30.46 - - - - 30.73

combination
Termination - 250.66 - - - - 250.66
As at March 31, 2021 10.69 3,276.84 16.52 3.90 90.19 3.94 3,402.08
Additions - 1,225.58 4.81 - 6.40 2.28 1,239.07
Termination - 162.67 - - - - 162.67
As at March 31, 2022 10.69 4,339.75 21.33 3.90 96.59 6.22 4,478.48
Depreciation
As at April 01, 2020 0.39 612.25 0.04 0.02 0.18 0.01 612.89
Depreciation for the year 0.13 723.16 1.74 - 7.33 0.04 732.40
(Refer Note - 37)
Termination - 84.63 - - - - 84.63
As at March 31, 2021 0.52 1,250.78 1.78 0.02 7.51 0.05 1,260.66
Depreciation for the year 0.13 738.33 4.05 0.79 18.21 1.04 762.55
(Refer Note - 37)
Termination - 67.66 - - - - 67.66
As at March 31, 2022 0.65 1,921.45 5.83 0.81 25.72 1.09 1,955.55
As at March 31, 2022 10.04 2,418.30 15.50 3.09 70.87 5.13 2,522.93
As at March 31, 2021 10.17 2,026.06 14.74 3.88 82.68 3.89 2,141.42
* The title deeds of Right of Use assets above are held in the name of the Group except for Buildings wherein
the Gross Block amounts to ` 259.93 Crore (March 31, 2021: ` 259. 93 Crore) which are held in the name
of the demerged companies and are in the process of being transferred to the Group.
Net carrying value

` in Crore
As at As at
March 31, 2022 March 31, 2021
Right-of-use assets 2,522.93 2,141.42
Total 2,522.93 2,141.42

(b) Lease liabilities

` in Crore
As at As at
March 31, 2022 March 31, 2021
Opening balance 2,463.40 2,501.80
Additions 1,198.00 758.25
Addition pursuant to business combination - 31.99
Retirements (105.66) (173.40)
Payments (682.74) (536.43)
Closing balance 2,868.09 2,463.40
Current 791.63 709.27
Non-current 2,076.46 1,754.13
For maturity analysis of lease liabilities, refer Note - 45a.
(c) Investment Property

` in Crore
As at As at
March 31, 2022 March 31, 2021
Freehold Land and Structure 1.92 1.92
Total 1.92 1.92
Fair value of investment property 8.23 9.83
The above fair value has been arrived on the basis of assessable market value of the above
property as per rate specified by Directorate of Registration and Stamp Revenue, Government
of West Bengal.
Estimation of fair value: The best evidence of fair value is current prices in an active market for
similar properties. Where such information is not available, the Group considers information
from a variety of sources including current prices in an active market for properties of different
nature or recent prices of similar properties in less active markets, adjusted to reflect those
differences.
297
NOTE: 5
GOODWILL AND OTHER INTANGIBLE ASSETS
` in Crore
Goodwill Brands/ Computer Technical Franchisee Non-Compete Total
Trademarks software know-how rights right
Cost
As at April 01, 2020 1,983.06 79.77 80.85 1.84 33.81 3.00 2,182.33
Additions - 0.17 7.34 - - - 7.51
Addition pursuant to business 226.14 606.50 - - - - 832.64
combination
Disposals - - 0.26 - - - 0.26
As at March 31, 2021 2,209.20 686.44 87.93 1.84 33.81 3.00 3,022.22
Additions - 0.65 15.85 - - - 16.50
Addition pursuant to business - - - - - - -
combination
Disposals - - 1.47 - - - 1.47
As at March 31, 2022 2,209.20 687.09 102.31 1.84 33.81 3.00 3,037.25
Amortisation
As at April 01, 2020 - 16.38 63.57 1.28 10.55 0.29 92.07
Amortisation for the year - 8.54 11.64 0.20 1.18 - 21.56
(Refer Note - 37)
Disposals - - 0.26 - - - 0.26
As at March 31, 2021 - 24.92 74.95 1.48 11.73 0.29 113.37
Amortisation for the year - 8.69 11.29 - 1.18 - 21.16
(Refer Note - 37)
Disposals - - 0.47 - - - 0.47
As at March 31, 2022 - 33.61 85.77 1.48 12.91 0.29 134.06
March 31, 2022 2,209.20 653.48 16.54 0.36 20.90 2.71 2,903.19
March 31, 2021 2,209.20 661.52 12.98 0.36 22.08 2.71 2,908.85
Net carrying value

` in Crore
As at As at
March 31, 2022 March 31, 2021
Goodwill 2,209.20 2,209.20
Other intangible assets 693.99 699.65
Total 2,903.19 2,908.85

NOTE: 5A
IMPAIRMENT TESTING OF GOODWILL
Goodwill acquired through various business combinations have been allocated to the six Cash-
Generating Units (CGUs) as below:
1. Pantaloons CGU
2. Madura Fashion & Lifestyle CGU
3. Forever 21 CGU
4. Jaypore CGU
5. Finesse CGU
6. Sabyasachi CGU
Pantaloons CGU
During the year ended March 31, 2013, the Company acquired Pantaloons format business
(‘Pantaloons business’) from Future Retail Limited (“FRL”), which consisted of fashion retail business
operating under the brand name “Pantaloons”. Pantaloons is a leading large format fashion retailer
engaged in retailing of apparel and accessories. The business thus acquired is Pantaloons CGU.
Madura Fashion & Lifestyle CGU

Pursuant to the Composite Scheme of Arrangement amongst the Company, Aditya Birla Nuvo
Limited (“ABNL”), Madura Garments Lifestyle Retail Company Limited (“MGLRCL”) and their respective
shareholders and creditors (“Composite Scheme”), Madura Undertaking of ABNL and MGL Retail
Undertaking of MGLRCL (“demerged undertakings”) were transferred to the Company on a going
concern basis, w.e.f. April 01, 2015.
Madura Undertaking is a leading premium branded apparel player in India with
brands like Louis Philippe, Van Heusen, Allen Solly and Peter England, and MGL Retail
Undertaking is primarily engaged in promoting lifestyle brands and having licences to retail
various international brands like Armani Collezioni, Hugo Boss, Versace Collection and many
more under one roof, ‘The Collective’. Both these divisions jointly comprise the Madura Fashion &
Lifestyle CGU.
Forever 21 CGU
Effective July 01, 2016, the Company acquired exclusive franchise rights for the Indian market of
Forever 21 business comprising of operating retail stores in India for the sale of clothing, artificial
jewellery, accessories and related merchandise under the brand name “Forever 21” (“F21”), and is
considered as a separate CGU.
Jaypore CGU
Effective July 02, 2019, the Company entered in a Share Purchase Agreement(s) with Jaypore
E-Commerce Private Limited (“Jaypore”) and TG Apparel & Decor Private Limited (“TG Apparel”)
which sells ethnic fashion merchandise under its own brand “Jaypore” and of other third-party
brands through stores and on-line channels. Consequent to the above, Jaypore, Jaypore Inc.,
USA (an overseas wholly-owned subsidiary of Jaypore) and TG Apparel become wholly-owned
subsidiaries of the Company. These Companies together are considered as a separate CGU
“Jaypore CGU”.
Jaypore Inc., USA, an overseas wholly-owned subsidiary of Jaypore was dissolved on
September 21, 2020.
299
Finesse CGU
Effective July 26, 2019, the Company entered into a strategic partnership with India’s leading designers
“Shantanu & Nikhil” by way of acquisition of 51% stake in ‘Finesse International Design Private Limited’
(“Finesse”), which is primarily engaged in the business of occasional and ceremonial contemporary
apparel for men and women under the brand name ‘Shantanu & Nikhil’. Finesse became the subsidiary
of the Company and is considered as a separate CGU “Finesse CGU”.
Sabyasachi CGU
Effective February 24, 2021, the Company entered into Agreement with Sabyasachi Calcutta LLP
[formerly M/s. Sabyasachi Couture, a partnership firm (“Sabyasachi”) with a profit share of 51% to
the Company, which is engaged in the business of manufacturing, distribution and sale of designer
apparel, accessories and jewellery under its own brand ‘Sabyasachi’ (the “Brand” or “Brand –
‘Sabyasachi’”). Sabyasachi is India’s largest and most influential luxury designer brands with strong
Indian roots and global appeal. The Brand straddles categories such as apparel, accessories and
jewellery and has a strong franchisee network in India, US, UK, and the Middle East. Considering
the terms of the Agreement, Sabyasachi Calcutta LLP became the subsidiary of the Company and is
considered as a separate CGU “Sabyasachi CGU”. Also refer Note - 47a.
For the purpose of Segment reporting, Madura Fashion & Lifestyle, Forever 21 , Jaypore, Finesse and
Sabyasachi CGUs have been aggregated to form Madura Fashion & Lifestyle segment in accordance
with Ind AS 108.
Carrying amounts of Goodwill allocated to each of the CGUs are as below:
` in Crore
As at As at
March 31, 2022 March 31, 2021
Pantaloons CGU 1,167.55 1,167.55
Madura Fashion & Lifestyle CGU 627.67 627.67
Forever 21 CGU 64.38 64.38
Jaypore CGU 88.44 88.44
Finesse CGU 35.02 35.02
Sabyasachi CGU 226.14 226.14
Total 2,209.20 2,209.20
Disclosures with respect to Goodwill allocated to the CGUs

Value in use calculation of CGUs
The recoverable amount of the CGUs as at March 31, 2022, has been determined based on value in
use using cash flow projections from financial budgets approved by senior management covering
a three years period ended March 31, 2025 and cash flow projections for financial years 2026 and
2027 has been extrapolated to demonstrate the tapering of growth rate for computation of perpetual
cash flows. The Group has considered a terminal growth rate of 5% to arrive at the value in use to
perpetuity beyond March 31, 2027. The pre-tax discount rate is applied to cash flow projections for
impairment testing during the financial years. It is concluded that the carrying value of goodwill does
not exceed the value in use. As a result of this analysis, the management did not identify impairment
for these CGUs.

Key assumptions used for value in use calculations

Discount rates:
Discount rates represent the current market assessment of the risks specific to each CGU, taking
into consideration the time value of money and individual risks of the underlying assets that have
not been incorporated in the cash flow estimates. The discount rate calculation of each CGU is
derived from its Weighted Average Cost of Capital (WACC). The WACC takes into account both debt
and equity. The cost of equity is derived from the expected return on investment. The cost of debt
is based on the interest-bearing borrowings of the respective CGU. Adjustments to the discount
rate are made to factor in the specific amount and timing of the future tax flows in order to reflect
a pre-tax discount rate.
Growth rate estimates:

Rates are based on published industry research. Growth rate is based on the Group’s projection of
business and growth of the industry in which the Group is operating. The growth rate is in line with
the long-term growth rate of the industry except for Forever 21 CGU, Jaypore CGU ,Finesse CGU and
Sabyasachi CGU. The growth rate of these CGUs considers the Group’s plan to launch new stores/
expected same store growth, digital e-commerce and change in merchandise.
No reasonable possible change in key assumptions is likely to result in the recoverable amount of
the CGUs being less than their carrying amount.
Terminal growth rate Discount rate
As at As at As at As at
Pantaloons CGU 5.00% 6.00% 14.50% 13.64%
Madura Fashion & Lifestyle CGU 5.00% 6.00% 15.00% 14.41%
Forever 21 CGU 5.00% 6.00% 14.90% 15.41%
Jaypore CGU 5.00% 6.00% 19.10% 19.58%
Finesse CGU 5.00% 6.00% 15.20% 16.04%
Sabyasachi CGU 5.00% - 18.70% -
NOTE: 6
(a) INVESTMENT IN JOINT VENTURE
` in Crore
As at As at
March 31, 2022 March 31, 2021
Joint Venture (Refer Note - 47b)
Share in Net Assets 38.13 38.13
Goodwill 29.05 29.05
Equity Investment in Joint Venture - at cost 67.18 67.18
Share in profit / (loss) after tax (including other comprehensive 1.39 (0.25)
income) of Joint Venture
Total 68.57 66.93
301
(b) OTHER INVESTMENTS: (Carried at fair value through other comprehensive income)
` in Crore
As at As at
March 31, 2022 March 31, 2021
7,000 (March 31, 2021: 7,000) fully paid equity shares of ` 10/- each of 7.32 6.66
Birla Management Centre Services Limited*
Total 7.32 6.66
* Increase is on account of fair valuation.
Aggregate book value of unquoted investments 75.89 73.59
Aggregate amount of impairment in value of investments - -
NOTE: 7
NON-CURRENT FINANCIAL ASSETS - LOANS
` in Crore
As at As at
March 31, 2022 March 31, 2021
Credit impaired - -
Total 1.56 2.59
NOTE: 8
NON-CURRENT FINANCIAL ASSETS - SECURITY DEPOSITS
` in Crore
As at As at
March 31, 2022 March 31, 2021
Security deposits
Deposits to related party - unsecured, considered good (Refer Note - 48) 5.64 5.64
Total 323.58 308.95
NOTE: 9
NON-CURRENT FINANCIAL ASSETS - OTHERS
` in Crore
As at As at
March 31, 2022 March 31, 2021
Other bank balance
Bank deposits with more than 12 months maturity from the 3.32 0.46
Balance Sheet date
Total 3.32 0.46

NOTE: 10
DEFERRED TAX ASSETS/ (LIABILITIES) (NET)
Reflected in the Consolidated Balance Sheet as follows:
` in Crore
As at As at
March 31, 2022 March 31, 2021
Deferred tax assets 380.46 333.92
Deferred tax liabilities 211.94 212.25
Deferred tax assets/ (liabilities) relates to the following:

` in Crore
Consolidated Balance Sheet Consolidated Statement of
Profit and Loss
As at As at Year ended Year ended
Depreciation and amortisation expense (256.69) (260.27) (3.58) 303.26
Disallowance under Section 43B and 24.76 21.08 (3.68) 22.91
40(a)(ia) of the Income Tax Act, 1961
Provision for share-based payment 7.27 0.73 (6.54) 1.76
Loss as per income tax computations 492.25 477.05 (15.20) (459.31)
available for offsetting against future
taxable income
Intangibles recognised in business (7.36) (7.36) - (1.33)
combinations
Deferred tax impact on share of loss - - - (0.09)
in joint venture
Impact of Ind AS 116
ROU assets and lease liabilities 115.81 105.19 (10.62) (13.90)
Others 4.42 (2.50) (7.33) 5.64
Net deferred tax assets (net) 380.46 333.92 (46.95) (141.06)
Deferred tax liabilities
Deferred tax pursuant to business 211.94 211.94 - -
combination
Others - 0.31
Deferred tax liabilities (Net) 211.94 212.25
Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set
off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable
entity and the same taxation authority.
303
Reconciliation of deferred tax assets/ (liabilities) (net):

` in Crore
Deferred tax assets (net) Deferred tax liabilities (net)
As at As at As at As at
As at the beginning of the year 333.92 194.96 (212.25) (7.25)
Deferred tax pursuant to business - 4.93 - (211.94)
combinations (Refer Note - 47)
Deferred tax income/ (expense) 47.05 134.72 0.31 6.94
recognised in profit and loss
Deferred tax impact on share of loss in - (0.09) - -
joint venture
Deferred tax income/ (expense) (0.51) (0.60) - -
recognised in OCI during the year
(Refer Note - 39)
As at the end of the year 380.46 333.92 (211.94) (212.25)
NOTE: 11
OTHER NON-CURRENT ASSETS
` in Crore
As at As at
March 31, 2022 March 31, 2021
Capital advances 17.76 1.29
Advances to suppliers - 3.00
Total 101.97 71.93
NOTE: 12
INVENTORIES
` in Crore
As at As at
March 31, 2022 March 31, 2021
Inventories
At lower of cost and net realisable value
Raw materials 307.51 196.02
Includes Goods-in-transit ` 125.03 Crore (March 31, 2021:
` 71.57 Crore)
Includes Goods-in-transit ` 1.90 Crore (March 31, 2021: ` Nil)
Stock-in-trade 2,192.44 1,432.50
Includes Goods-in-transit ` 28.46 Crore (March 31, 2021:
` 18.05 Crore)
Stores and spares 34.43 9.99
Packing materials 23.46 16.62
Total 2,929.59 1,846.96
During the year ended March 31, 2022, ` 37.09 Crore (March 31, 2021: ` 19.95 Crore) is recognised
as an expense for inventories carried at net realisable value.

NOTE: 13
CURRENT INVESTMENTS (Carried at fair value through profit and loss (FVTPL))
` in Crore
As at As at
March 31, 2022 March 31, 2021
Quoted investments
Aditya Birla Sun Life Liquid Fund - Growth-Regular Plan 87.51 170.61
(formerly known as Aditya Birla Sun Life Cash Plus)
(March 31, 2022: 25,70,542.054 units, March 31, 2021: 51,46,153.781
units)
Aditya Birla Sun Life Overnight Fund - Growth- Direct Plan - 128.92
(March 31, 2022: Nil, March 31, 2021: 11,58,380.796 units)
Aditya Birla Sunlife Money Market Fund 4.08 -
(March 31, 2022: 1,37,771.60 units March 31, 2021: Nil)
Aditya Birla Sunlife Liquid Fund 13.02 0.75
(March 31, 2022: 379,345.35 units, March 31, 2021: 22,623.47 units)
Aditya Birla Sun Life Savings Fund- Growth 0.89 -
(March 31, 2022: 20,322.745 units, March 31, 2021: Nil)
Aditya Birla Sun Life Liquid Fund 8.22 -
Aditya Birla Sun Life Money Manager Fund - Growth Regular Plan 95.43 -
Axis Money Market - Regular Growth(MM-GP) 38.49 -
Axis Liquid Fund - Regular Growth(CF-GP) 35.72 -
ABSL Money Manager Fund Units 7.51 -
ABSL Savings Fund Units 8.18 -
Axis Money Market Fund Units 8.03 -
DSP Saving Fund - Regular Plan Growth 15.03 -
DSP Liquidity Fund - Regular Plan Growth 12.00 -
DSP Floater Fund - Regular - Growth Plan - 22.00
(March 31, 2022: Nil, March 31, 2021: 2,18,85,315.269 units)
HDFC Money Market Fund - Regular Growth Plan 41.17 -
HDFC Liquid Fund - Regular Growth Plan 37.61 -
HDFC Ultra Short Term Fund - Regular - Growth Plan - 22.03
(March 31, 2022: Nil, March 31, 2021: 1,85,94,443.411 units)
ICICI Prudential Money Market - Fund Growth 15.34 -
IDFC Cash Fund Units 1.52 -
Invesco Liquid Fund Units 5.02 -
305
` in Crore
As at As at
March 31, 2022 March 31, 2021
Kotak Liquid Fund Regular Plan Growth 35.14 -
Kotak Equity Arbitrage Fund Growth Regular Plan 3.07 -
(March 31, 2022: 10,16,322.965 units March 31, 2021: Nil)
L & T Liquid Fund - Regular Growth 20.05 -
Mirae Asset Cash Management Fund - Regular Plan 31.17 -
SBI Liquid Fund Regular Growth 55.02 -
UTI Overnight Fund - Regular Plan 2.03 -
UTI Liquid Cash Plan - Regular Plan 15.71 -
UTI Arbitrage Fund 3.22 -
(March 31,2022: 9,298.017 units, March 31, 2021: Nil)
UTI Money Market Fund Units 7.95 -
Total 608.14 344.31
Aggregate book value of quoted investments 608.14 344.31
Aggregate market value of quoted investments 608.14 344.31
NOTE: 14
CURRENT FINANCIAL ASSETS - LOANS
` in Crore
As at As at
March 31, 2022 March 31, 2021
Credit impaired - -
Total 7.14 6.54
NOTE: 15
CURRENT FINANCIAL ASSETS - SECURITY DEPOSITS
` in Crore
As at As at
March 31, 2022 March 31, 2021
Security deposits
Total 118.96 100.90

NOTE: 16
TRADE RECEIVABLES
` in Crore
As at As at
March 31, 2022 March 31, 2021
Trade receivables from others 781.32 634.30
Less: Loss Allowances (24.89) (26.33)
Total 756.43 607.97
Break-up for security details:

` in Crore
As at As at
March 31, 2022 March 31, 2021
Trade receivables
Secured, considered good 104.00 70.57
Total 781.32 634.30

` in Crore
Particulars Outstanding as on March 31, 2022 (for following periods from due date of payments)
Not Due 0-6 6 months 1-2 years 2-3 years More than Total
(i) Undisputed Trade Receivables – 550.86 198.43 6.24 2.04 0.90 0.83 759.30
considered good
(ii) Undisputed Trade Receivables – - - - - - - -
considered doubtful
(iv) Disputed Trade Receivables - considered - - - - - - -
good
(v) Disputed Trade Receivables - considered - - - - - - -
doubtful
(vii) Disputed Trade Receivables – credit - - - - - - -
impaired
(viii) Trade Receivables assessed for credit risk
on individual basis:*
Disputed - 0.11 - 0.11 0.89 6.62 7.73
Undisputed - 0.32 5.59 0.07 2.14 6.17 14.29
(ix) Provision on Trade Receivables assessed (22.02)
on individual basis
(x) Expected credit loss (2.87)
Total 550.86 198.86 11.83 2.22 3.93 13.62 756.43
307

` in Crore
Particulars Outstanding as on March 31, 2021 (for following periods from due date of payments)
Not Due 0-6 6 months 1-2 years 2-3 years More than Total
(i) Undisputed Trade Receivables – 258.88 143.58 183.06 19.32 1.77 1.36 607.97
considered good
(ii) Undisputed Trade Receivables – - - - - - - -
considered doubtful
(iv) Disputed Trade Receivables - considered - - - - - - -
good
(v) Disputed Trade Receivables - considered - - - - - - -
doubtful
(vii) Disputed Trade Receivables – credit - - - - - - -
impaired
(viii) Trade Receivables assessed for credit risk
on individual basis:*
Disputed - - 0.02 0.24 0.73 6.38 7.37
Undisputed 0.03 3.73 3.71 4.14 4.81 2.54 18.96
(ix) Provision on Trade Receivables assessed (26.33)
on individual basis
(x) Expected credit loss -
Total 258.91 147.31 186.79 23.70 7.31 10.28 607.97
* The Group has recognised allowance of ` 22.02 Crore (March 31, 2021: ` 26.33 Crore) on trade receivables,
which were assessed for credit risk on individual basis.
No trade or other receivables is due from directors or other officers of the Group either severally
or jointly with any other person.
For terms and conditions relating to related party receivables, refer Note - 48.
Trade receivables are generally non-interest bearing and on terms of 30 to 180 days.
Based on the risk profiling for each category of customer, the Group has not evaluated credit
risk where the risk is mitigated by collateral. The Group has therefore evaluated credit risk for
departmental, depletion, e-commerce b2b, e-commerce b2c, export and trade customers. The
Group follows the simplified approach method for computing the expected credit loss. The risk
are categorised into high, low and moderate category basis internal and external parameters. Any
customer related specific information has been factored over and above the probability of default
(PD). Provision matrix takes into account historical credit loss experience adjusted for forward-looking
estimates and macro-economic factors. The expected credit loss allowance is based on the ageing of
the days the receivables are due and the rates as given in the provision matrix. The provision matrix
at the end of the reporting period is as follows:

Expected credit loss (%)

Departmental Depletion Trade Departmental Depletion Trade
stores key accounts Channel stores key accounts Channel
Not due 0.00% 0.00% 0.64% - - -
0-90 days 0.00% 0.00% 3.12% - - -
91-180 days 0.00% 0.00% 3.44% - - -
181-365 days 0.00% 0.00% 4.10% - - -
1-2 years 0.00% 0.00% 4.32% - - -
2-3 years 0.00% 0.00% 4.41% - - -
Ageing of receivables on which impairment allowance of doubtful debts is applied*

` in Crore
Departmental Depletion Trade Departmental Depletion Trade
stores key accounts Channel stores key accounts Channel
Not due - - 242.25 - - -
0-90 days - - 18.91 - - -
91-180 days - - 2.52 - - -
181-365 days - - 2.34 - - -
1-2 years - - 3.57 - - -
2-3 years - - 3.84 - - -
Total - - 273.43 - - -
* The amount is net of provision for discount and refund liabilities.
Movement in the expected credit loss allowance

` in Crore
As at As at
March 31, 2022 March 31, 2021
On account of business combination - 0.40
Expected credit loss provision made/ (reversed) on trade 1.12 (0.40)
receivables calculated at lifetime expected credit losses
Specific provision (reversed)/ made (2.56) 6.69
NOTE: 17
CASH AND CASH EQUIVALENTS
` in Crore
As at As at
March 31, 2022 March 31, 2021
Balances with banks
Deposit accounts (original maturity less than 3 months) 50.44 124.43
Total 118.22 246.13
The Group has undrawn committed borrowing facility available to the extent of ` 3,546.00 Crore as at
March 31, 2022 (March 31, 2021: ` 3,714.28 Crore).
309
Details of non-cash transactions from investing activities and Changes in liabilities arising from financing
activities:
` in Crore
Non-cash changes
As at Adjust- Pursuant Cash flows Fair value Others As at
March 31, ments to business (net) adjust- March 31,
2021 combinations ments 2022
Non-current investments 73.59 - - - 0.66 1.64 75.89
Current investments 344.31 - - 243.60 2.80 17.43 608.14
Total 417.90 - - 243.60 3.46 19.07 684.03
Non-current borrowings 814.37 - - (36.40) - - 777.97
Current borrowings (including current 322.01 - - 132.35 - - 454.36
maturities of non-current borrowings)
Lease liabilities 2,463.40 - - (560.87) - 965.56 2,868.09
Total 3,599.78 - - (464.92) - 965.56 4,100.42

` in Crore
Non-cash changes
As at Adjust- Pursuant Cash flows Fair value Others As at
March 31, ments to business (net) adjust- March 31,
2020 combinations ments 2021
Non-current investments 7.16 - - 70.73 (0.50) (3.80) 73.59
Current investments 7.04 - - 327.31 0.33 9.63 344.31
Total 14.20 - - 398.04 (0.17) 5.83 417.90
Non-current borrowings 856.93 - 2.58 (45.14) - - 814.37
Current borrowings (including current 1,926.10 - 5.50 (1,609.59) - - 322.01
maturities of non-current borrowings)
Lease liabilities 2,501.80 - 31.99 (377.45) - 307.06 2,463.40
Total 5,284.83 - 40.07 (2,032.18) - 307.06 3,599.78

NOTE: 18
BANK BALANCE OTHER THAN CASH AND CASH EQUIVALENTS
` in Crore
As at As at
March 31, 2022 March 31, 2021
Earmarked deposits
Bank deposits (with original maturity of more than 3 months and 2.20 15.51
having remaining maturity of less than 12 months)*#
Total 2.31 15.62
* Bank balance other than cash and cash equivalents are held as margin money under lien to banks for assuring
guarantees.
# Bank deposits amounting to ` Nil (March 31, 2021 ` 13.37 Crore) of Sabyasachi Calcutta LLP (a subsidiary of
the Company) are held as margin money under lien to banks for assuring guarantees and against term loan/
working capital facilities.
NOTE: 19
CURRENT FINANCIAL ASSETS - OTHERS
` in Crore
As at As at
March 31, 2022 March 31, 2021
Interest accrued on deposits 0.17 0.03
Total 43.56 15.66
NOTE: 20
OTHER CURRENT ASSETS
` in Crore
As at As at
March 31, 2022 March 31, 2021
Capital advances 0.12 -
Advance to suppliers 142.33 110.36
Government grant receivables 1.24 1.11
Insurance claim receivables 0.84 0.07
Total 750.17 596.00
311
NOTE: 21
EQUITY SHARE CAPITAL
Authorised share capital

As at the beginning of the year 1,00,00,00,000 1,000.00 1,00,00,00,000 1,000.00
Increase during the year - - - -
As at the end of the year 1,00,00,00,000 1,000.00 1,00,00,00,000 1,000.00
Issued equity share capital

Equity shares under Rights Issue 2,80,504 0.28 9,00,98,151 90.10
[Refer Note - 21(iii)]
Subscribed and paid-up equity share capital

Equity shares under Rights Issue 2,80,504 22.75 8,99,09,500 67.43
[Refer Note - 21(iii)]
(i) Shares held by Promoters :

Promoter name No. of Shares % of total shares during the year

Grasim Industries Limited 9,75,93,931 10.40 0.00%
Umang Commercial Company Private Limited 6,50,66,998 6.93 0.00%
Hindalco Industries Limited 5,02,39,794 5.35 0.00%
Pilani Investment and Industries Corporation 39,88,866 0.43 0.00%
Limited


Promoter name No. of Shares % of total shares during the year

Total 52,62,99,516 56.09
Shares held by Promoters as at March 31, 2021 % Change during

Promoter name No. of Shares % of total the year
shares
Grasim Industries Limited 9,75,93,931 10.41 -0.88%
Umang Commercial Company Private Limited 6,50,66,998 6.94 -1.46%
Hindalco Industries Limited 5,02,39,794 5.36 -0.46%
Total 52,61,49,516 56.12
(ii) Rights, preferences and restrictions attached to equity shares

The Company has only one class of equity shares having face value of ` 10/- per share. Each
holder of an equity share is entitled to one vote per share. The dividend proposed by the Board
of Directors, if any, is subject to the approval of the shareholders at the ensuing Annual General
Meeting.
In the event of liquidation of the Company, the holders of equity shares will be entitled to
receive the remaining assets of the Company, after distribution to all preference shareholders.
The distribution will be in proportion to the number of the equity shares held by the
shareholders.
313
(iii) Issue of Right Shares

Rights Issue - 2020 :
a) Approval : On May 27, 2020, the Board approved fund raising by way of a Rights Issue.
On June 25, 2020, it further approved the terms of the issue i.e. 9,04,65,693 equity shares of
face value of ` 10 each (“RES”) at a price of ` 110 per Rights Equity Share (including premium
of ` 100 per RES), aggregating to ` 995.12 Crore, in the ratio of 9 RES for every 77 existing
fully-paid shares held by the eligible equity shareholders as on the Record Date i.e.
July 1, 2020.
b) Application : On July 28, 2020, 9,02,77,042 RES of face-value ` 10 each were allotted as Partly
paid shares (“PPS”) to the eligible applicants who paid the application amount of ` 55 per RES
(including premium of ` 50). Allotment of 1,88,651 RES has been kept in abeyance, pending
regulatory/ other clearances.
c) First Call : On January 11, 2021, the ‘First call’ money of ` 27.50 per PPS (including premium of
` 25) was called for. On 8,99,09,500 PPS, the amount due, was successfully received. 3,67,542
PPS were forfeited due to non-payment, in accordance with the Articles of Association and
Letter of Offer [dated June 28, 2020] (“LoF”).
d) Final Call : On July 5, 2021, the final call money of ` 27.50 per PPS (including premium of
` 25) was called for and the payment period ended on July 19, 2021. The Company
issued a ‘Reminder cum Forfeiture Notice’ to those shareholders who were yet to pay the
amount due, thereby allowing time until September 30, 2021 and further extended to
May 31, 2022.
e) Annulment of Forfeiture: On September 1, 2021, the Board of Directors approved annulment
of 3,67,542 partly paid-up shares (“PPS”) which were earlier forfeited. The Company has
received payment towards 2,80,504 PPS and has allowed further time until May 31, 2022
to remaining shareholders.
f) There has been no deviation in the use of proceeds of the Rights Issue, from the objects
stated in the LoF.
g) Pursuant to IND AS 33, basic and diluted earnings per share for the relevant previous year
have been restated for the bonus element in respect of the aforesaid Rights Issue.
(iv) Preferential Issue to foreign portfolio investors

On October 23, 2020, the Board of Directors approved issuance of equity shares on a preferential
basis to Flipkart Investments Private Limited (“Flipkart”), a foreign portfolio investor, duly
registered under the Securities and Exchange Board of India (Foreign Portfolio Investors)
Regulations, 2019, aggregating upto ` 1,500 Crore (“Preferential Issue”). The Company received
the approval of shareholders by way of Postal Ballot on November 22, 2020 and received the
approval of Competition Commission of India on January 20, 2021. On January 28, 2021, post
completion of the closing conditions under the Investment Agreement, the Board of Directors
approved allotment of 7,31,70,731 fully paid-up equity shares to Flipkart at ` 205 per Equity Share
(of which ` 10 is towards face value and ` 195 towards premium) on receipt of the consideration.
There has been no deviation in the use of proceeds of the Preferential Issue, from the objects
stated in the Investment agreement.

(v) Details of shareholders holding more than 5% shares in the Company

Name of the shareholder As at March 31, 2022 As at March 31, 2021
No. of shares % of paid-up No. of shares % of paid-up
held share capital held share capital
Birla Group Holdings Private Limited 17,15,52,967 18.28% 17,15,52,967 18.29%
IGH Holdings Private Limited 13,64,72,680 14.54% 13,63,22,680 14.53%
Grasim Industries Limited 9,75,93,931 10.40% 9,75,93,931 10.41%
Flipkart Investments Private Limited 7,31,70,731 7.80% 7,31,70,731 7.80%
Umang Commercial Company Private 6,50,66,998 6.93% 6,50,66,998 6.94%
Limited
Hindalco Industries Limited 5,02,39,794 5.35% 5,02,39,794 5.36%
(vi) Aggregate number of shares issued for consideration other than cash during the period of
five years immediately preceding the reporting year
On effectiveness of the Composite Scheme of Arrangement amongst the Company, erstwhile
Aditya Birla Nuvo Limited (“ABNL”), Madura Garments Lifestyle Retail Company Limited
(“MGLRCL”) and their respective Shareholders and Creditors under Section 391 to 394 of the
Companies Act, 1956, the Company had issued 67,98,19,778 Equity Shares to the Shareholders
of ABNL and MGLRCL (“said Shares”). Out of the said Shares, 67,60,37,600 Equity Shares were
allotted to the Shareholders of ABNL and MGLRCL on January 27, 2016. However, pursuant to
Clause 21 of the Composite Scheme, allotment of 37,82,178 Equity Shares to 3,475 Non-Resident
Shareholders, including 4 Overseas Corporate Bodies (“OCBs”) of ABNL (“NRE Shareholders”) was
kept pending until receipt of applicable regulatory approvals. Thereafter, from time to time, the
Company has allotted 20,71,265 Equity Shares to 1,407 NRE Shareholders, who held accounts
in India on Non-repatriation basis and provided such valid details.
In view of the amended provisions of the “Foreign Exchange Management (Transfer or Issue of
Security by a Person Resident Outside India) Regulations, 2017” and the authority granted by
the Board of Directors (on February 04, 2019), 16,94,060 Equity Shares were allotted to 2,064
NRE Shareholders of ABNL (excluding OCBs) on March 19, 2019. Post this allotment, out of the
said Shares, 16,853 Equity Shares held by 4 OCBs shall remain pending for allotment until the
receipt of Regulatory approvals.
Summary of Shares allotted pursuant to the Composite Scheme, as at the end of five years
immediately preceding the reporting year:
As at As at As at As at As at
March 31, March 31, March 31, March 31, March 31,
2022 2021 2020 2019 2018
No.of shares No.of shares No.of shares No.of shares No.of shares
Equity shares allotted as fully paid- 72,61,19,443 72,61,19,443 72,61,19,443 72,61,19,443 72,44,25,383
up pursuant to demerger contracts
for consideration other than cash
(vii) Shares reserved for issue under Employee Stock Option Plan
For details of shares reserved for issue under the Employee Stock Option Plan (ESOP) of the
Group, refer Note - 44.
315
NOTE: 22
OTHER EQUITY
` in Crore
As at As at
March 31, 2022 March 31, 2021
Share suspense account (Refer Note - 21(vi))
Allotted to Non Resident shareholders during the year - - -
Nil equity shares (March 31, 2021: Nil)

Securities premium
As at the beginning of the year 2,879.58 773.64
Equity shares under Rights Issue (net off share issue 226.05 671.03
expenses of ` Nil (March 31, 2021: ` 5.12 Crore)) [Refer
Note- 21(iii)]
Equity shares under Preferential Issue (net off share issue - 1,426.46
expenses of ` Nil (March 31, 2021: ` 0.37 Crore)) [Refer
Note- 21(iv)]
Premium on exercise of Options 12.55 8.45
As at the end of the year 3,118.18 2,879.58
Retained earnings
As at the beginning of the year (1,117.43) (444.92)
Loss for the year (108.72) (672.51)
Difference between Put option liability and NCI relating (46.94) -
to Sabyasachi Calcutta LLP [Refer Note - 2.3(XIII)]
Acquisition of NCI share 2.65 -
Others 5.05 -
As at the end of the year (1,265.39) (1,117.43)
Share options outstanding account

Recognition of Share based payment 29.13 11.87
Transfer to Securities Premium on exercise of Options (12.55) (8.39)
Others (4.15) -
Treasury shares (Refer Note - 44)

Shares issued/ (purchases) by ESOP Trust during the year 1.37 (3.97)
As at the end of the year (103.09) (104.46)

` in Crore
As at As at
March 31, 2022 March 31, 2021
Capital reserve
Changes during the year [due to forfeiture of Rights (0.14) 0.19
equity shares (Refer Note - 21(iii))]

Remeasurement gains/ (losses) on defined benefit plans
Fair value gains/ (losses) on equity instruments

Gains/ (losses) during the year 0.50 (0.37)
Foreign currency translation reserve

Other equity attributable to owners of the Company (A) 1,835.03 1,728.74
Non-controlling interest
Pursuant to business combinations (Refer Note - 47) - 450.14
Non-controlling interest relating to Sabyasachi 374.21 -
Calcutta LLP recognised on April 01, 2021
Difference between Put option liability and NCI relating 46.94 -
to Sabyasachi Calcutta LLP [Refer Note - 2.3(XIII)]
Non-controlling interest relating to Sabyasachi Calcutta (421.15) -
LLP derecognised on March 31, 2022 (Refer Note - 24)
Acquisition of NCI share (2.65) -
Profit/ (Loss) during the year (9.58) (63.35)
Others (5.05) -
Non-controlling Interest put option (Refer Note - 24) - (374.21)
As at the end of the year (B) 15.20 32.48
Total other equity (A+B) 1,850.23 1,761.22
317
Other equity
` in Crore
As at As at
March 31, 2022 March 31, 2021
Share suspense account (Refer Note - 21(vi)) 0.02 0.02
Securities premium 3,118.18 2,879.58
Retained earnings (1,265.39) (1,117.43)
Share options outstanding account 60.06 47.63
Treasury shares (Refer Note - 44) (103.09) (104.46)
Capital reserve 21.74 21.88
Remeasurement gains/ (losses) on defined benefit plans 1.11 (0.28)
Fair value gains/ (losses) on equity instruments 2.34 1.84
Foreign currency translation reserve 0.06 (0.04)
Other equity attributable to owners of the Company 1,835.03 1,728.74
Non-controlling interest 15.20 32.48
The description of the nature and purpose of each reserve within other equity is as follows:
1. Share suspense account (Refer Note - 21(vi))
As per the Scheme of Arrangement, the Non-Resident shareholders of ABNL, holding shares
on repatriation basis, are allotted shares upon receiving necessary regulatory approval(s). The
amount lying in share suspense account pertains to shares not allotted on account of pending
requisite approvals.
2. Securities premium
Securities premium is used to record the premium on issue of shares, and is utilised in accordance
with the provisions of the Companies Act, 2013.
3. Retained earnings
Retained earnings comprise of the Group’s accumulated undistributed profits/ (losses) after
taxes.
4. Share options outstanding account

The fair value of the equity-settled share based payment transactions with employees is
recognised in Consolidated Statement of Profit and Loss with corresponding credit to employee
stock options outstanding account. The amount of cost recognised is transferred to share
premium on exercise of the related stock options.
5. Treasury shares (Refer Note - 44)

The equity shares of the Company have been acquired from open markets for Employee Stock
Option Scheme 2019 and is held by ABFRL Employee Welfare Trust (ESOP Trust) at cost. Trust
issue and allot shares to employees at the time of exercise of ESOP by employees.

6. Capital reserve
Capital reserve pertains to the reserve created out of the difference between the share capital
issued and the net assets taken over at the time of Scheme of Arrangement and forfeiture of
Rights shares.
7. Remeasurement gains/ (losses) on defined benefit plans
The cumulative balances of gains/ (losses) arising on remeasurements of defined benefit plan
is accumulated and recognised within this component of other comprehensive income. Items
included in remeasurement gains/ (losses) reserve will not be reclassified subsequently to
Consolidated Statement of Profit and Loss.
8. Fair value gains/ (losses) on equity instruments
It represents the cumulative gains/(losses) arising on the fair valuation of equity shares (other
than investments in subsidiaries, which are carried at cost) measured at fair value through other
comprehensive income. This fair value gains/ (losses) will not be reclassified subsequently to
9. Foreign currency translation reserve
The translation reserve comprise foreign currency exchange differences arising from the
translation of the financial statements of foreign operations. This gains/ (losses) will be reclassified
subsequently to Consolidated Statement of Profit and Loss.
NOTE: 23
NON-CURRENT FINANCIAL LIABILITIES - BORROWINGS
` in Crore
% p.a.
Redeemable non-convertible debentures
Redeemable non-convertible debentures - 8.71% November 11, 2022 - 434.18
Redeemable non-convertible debentures - 8.75% May 22, 2023 324.61 325.00
Redeemable non-convertible debentures - 5.89% September 09, 2024 399.46 -
Term loans from banks
Term loan from HDFC Bank (TUF) 1 year MCLR + 0.25% March 15, 2025 6.67 10.00
(Secured)1
Term loan from Standard Chartered Bank Repo rate + 4.00% ** March 31, 2034 0.79 1.35
(Secured)3
Term loan from Axis Bank (Secured)4 1 Year MCLR + 1.25% September 30, 2024 5.57 8.36
Term loan from Yes Bank (Secured)5 EBLR + 0.95% August 09, 2024 - 2.20
Term loan-FCTL (Secured)6 Reference Rate+1.90% March 31, 2023 14.21 -
Vehicle loans from banks
Vehicle loan from Yes Bank (Secured)8 8.14% April 02, 2025 - 0.37
Term loan from others
Other borrowings (Unsecured)9 8.00% - 14.37% March 14, 2025 - 26.15 32.40
February 15, 2027
Preference shares
Cumulative redeemable preference shares10 8.00% March 29, 2024 0.50 0.50
Cumulative redeemable preference shares11 6.00% October 12, 2024 0.01 0.01
Total 777.97 814.37
** The rate of interest for previous year ended March 31,2020 was MCLR+0.50%. The same has been revised to Repo rate+4.00% w.e.f.
January 11, 2021 onwards.
319

` in Crore
Effective interest Maturity As at As at
rate March 31, 2022 March 31, 2021
% p.a.
Redeemable non-convertible debentures 8.96% August 14, 2021 - 300.00
- Series 5 Zero coupon (Unsecured)
Redeemable non-convertible debentures 8.71% November 11, 2022 434.69 -
- Series 6 Zero coupon (Unsecured)*
Term loan from HDFC Bank (TUF) 1 year MCLR + 0.25% March 15, 2025 3.33 3.33
(Secured) 1
Term loan from HDFC bank (TUF) Base Rate + 0.20% March 23, 2022 - 4.32
(Unsecured)2
Term loan from Standard Chartered Bank Repo rate + 4.00% ** March 31, 2034 0.64 0.64
(Secured)3
Term loan from Axis Bank (Secured)4 1 Year MCLR + 1.25% September 30, 2024 2.80 0.60
Term loan from Yes Bank (Secured) 5
EBLR + 0.95% August 09, 2024 - 0.87
Term loan-FCTL (Secured)6 Reference Rate + 1.90% March 31, 2023 0.95 -
Vehicle loan from HDFC Bank (Secured) 7
10.25% November 07, 2021 - 0.03
Vehicle loan from Yes Bank (Secured) 8
8.14% April 02, 2025 - 0.10
Other borrowings (Unsecured)9 8.00% - 14.37% March 14, 2025 - 10.07 8.12
February 15, 2027
Total (included in Current Borrowings) 452.48 318.01
Aggregate unsecured borrowings 1,195.49 1,104.53
The Group has not defaulted on any loans payable, and there has been no breach of any covenant
attached to the borrowings.
The Group has used the borrowings from banks and financial institutions for the specific purpose
for which it was taken.
The Group has registered all the charges with Registrar of Companies within the statutory period.
Details of security and terms of repayment

1. Term loan from HDFC Bank (TUF) secured by way of exclusive charge over movable assets of the
Company’s plant situated at Bhubaneswar, Odisha. The loan is repayable in 24 equal quarterly
instalments commencing from June 15, 2019.
2. The repayment terms of term loan from HDFC Bank (TUF) are 21 quarterly instalments
commencing from March 23, 2017. First four instalments of ` 0.20 Crore each, next four
instalments of ` 0.25 Crore each, next four instalments of ` 0.30 Crore each, next four instalments
of ` 0.40 Crore each and next 5 instalments of ` 1.08 Crore each.
3. Term loan is secured against the residential/ commercial property of director of Finesse
International Design Private Limited (a subsidiary of the Company). The loan is repayable in 180
equal monthly instalments commencing from April 2019.

4. Term loan is secured by way of first charge created by hypothecation of movable property, plant
and equipment and current assets of Finesse International Design Private Limited (a subsidiary of
the Company) excluding vehicles both present and future. The loan is repayable in 12 structured
quarterly instalments commencing from December 2021, i.e., after the moratorium period of
12 months.
5. Term Loan is secured by the exclusive charge on fixed deposit amounting to ` 1.50 Crore of
Sabyasachi Calcutta LLP (a subsidiary of the Company). The loan is repayable in quarterly
instalments commencing from May 2020 i.e after the moratorium period of 6 months.
6 Foreign Currency Term Loan (FCTL in US Dollars) from a Bank taken by the Subsidiary of the
Company (M/s Sabyasachi Inc.) is secured by an irrevocable Standby Letter of Credit backed by
its Parent entity (Sabyasachi Calcutta LLP) and charge over all moveable and immovable Property,
plant and equipment of the Subsidiary. The loan is repayable in 16 equal quarterly instalments
starting from March 31, 2023.
7 Vehicle loan is secured by way of first charge created by hypothecation of vehicles of Finesse
International Design Private Limited (a subsidiary of the Company). The loan is repayable in 84
equal monthly instalments commencing from December 2014.
8 Vehicle loan is secured by hypothecation of specific vehicles of Sabyasachi Calcutta LLP
(a subsidiary of the Company). The loan is repayable in 84 equated monthly instalments
commencing from May 2018.
9 Loan amounting to ` 29.87 Crore is repayable in 20 equal quarterly instalments commencing from
March 2020 and loan amounting to ` 6.35 Crore is repayable in 48-60 equal monthly instalment
commencing on various dates through January 16, 2021 to February 15, 2022.
Details of Cumulative redeemable preference shares

10 5,00,000 8% Cumulative redeemable preference shares of ` 10/- each are entitled to a cumulative
dividend @ 8% p.a. The dividend proposed by the Board of Directors, if any, shall be subject to
the approval of the shareholders in the ensuing Annual General Meeting. Pursuant to the terms
of issuance, the due date for redemption of 8% Redeemable Cumulative Preference Shares was
March 30, 2019. While the Company had net profits for the financial year 2018-19, it did not
extent of extending the redemption dates by a period of 5 years i.e. upto March 29, 2024. In the
event of liquidation of the Company, before redemption of preference shares, the holders of
11 500 6% Cumulative redeemable preference shares of ` 100/- each are entitled to a cumulative
dividend @ 6% p.a. The dividend proposed by the Board of Directors, if any, is subject to the
approval of the shareholders in the ensuing Annual General Meeting. Pursuant to the terms of
issuance, the due date for redemption of 6% Redeemable Cumulative Preference Shares was
October 13, 2019. While the Company had net profits for the financial year 2018-19, it did not
321
extent of extending the redemption dates by a period of 5 years i.e. upto October 12, 2024. In
the event of liquidation of the Company, before redemption of preference shares, the holders of
TUF - Technology Upgradation Fund.
NOTE: 24
NON-CURRENT FINANCIAL LIABILITIES- OTHERS
` in Crore
As at As at
March 31, 2022 March 31, 2021
Interest accrued but not due on borrowings - 52.90
Non-controlling interest put option* 421.15 374.21
Others 0.77 -
Total 421.92 427.11
*During the previous year, the Company acquired 51% stake in Sabyasachi Calcutta LLP by entering into an
agreement on February 24, 2021. Under the terms of the Agreement, the Company has provided a Put Option
to Mr. Sabyasachi Mukherjee to sell his entire holding of 49% to the Company over a period of fourteen years
starting from the end of five years from the aforesaid date and thereafter in three tranches, should an initial
public offer of the organisation (after conversion to a company) does not take place. In respect of the balance
49% held by promoter of Sabyasachi Calcutta LLP, the Company has accounted the same as non-current financial
liability considering the put option. This qualifies as a liability under Ind AS since the Company does not have
an unconditional right to not purchase the interest as per the terms of the Agreement. The Non-Controlling
Interest has been recorded at the present value of the expected future cash outflows based on an independent
valuation performed by the Company’s appointed independent valuer.
NOTE: 25
NON-CURRENT PROVISIONS
` in Crore
As at As at
March 31, 2022 March 31, 2021
Provision for compensated absence 1.77 -
Stock Appreciation Rights (SAR) 0.18 -
Provision for pending litigations (Refer Note - 46) 66.75 68.72
Total 101.68 95.84
Movement of provision for pending litigations during the year:

` in Crore
As at As at
March 31, 2022 March 31, 2021
Opening balance 68.72 78.51
Add: provision made during the year 0.65 4.53
Less: provision utilised during the year (0.70) (1.58)
Less: provision reversed during the year (1.92) (12.74)
Closing balance 66.75 68.72

NOTE: 26
OTHER NON-CURRENT LIABILITIES
` in Crore
As at As at
March 31, 2022 March 31, 2021
Deferred income 11.73 11.44
Total 11.73 11.44
NOTE: 27
CURRENT FINANCIAL LIABILITIES - BORROWINGS
` in Crore
As at As at
March 31, 2022 March 31, 2021
Loans repayable on demand from banks
Cash credit/ Working capital demand loan (Secured) 1.88 4.00
Current maturities of long-term borrowings (Refer Note - 23) 452.48 318.01
Total current borrowings 454.36 322.01
Aggregate unsecured borrowings 444.76 312.44
Details of security
Current borrowings are secured by way of first pari passu charge on the current assets and second
pari passu charge on the movable and immovable assets of the respective entities of the Group.
NOTE: 28
TRADE PAYABLES
` in Crore
As at As at
March 31, 2022 March 31, 2021
Total outstanding dues of micro enterprises and small enterprises 87.44 26.89
(Refer details below)
Total outstanding dues of creditors other than micro enterprises and 3,323.12 2,125.53
small enterprises*
Total 3,410.56 2,152.42
* Includes payable to related parties, for terms and conditions with related parties (Refer Note - 48).
` in Crore
As at As at
March 31, 2022 March 31, 2021
a. The principal amount and the interest due thereon remaining unpaid
to any supplier as at the end of each accounting year:
Principal amount due to Micro and Small Enterprises* 97.22 27.61
Interest due on the above 0.39 0.01
b. The amount of interest paid by the buyer in terms of Section 16 of - -
the Micro, Small and Medium Enterprises Development Act, 2006,
along with the amount of the payment made to the supplier beyond
the appointed day during each accounting year;
323
` in Crore
As at As at
March 31, 2022 March 31, 2021
c. The amount of interest due and payable for the period of delay in 1.43 0.88
making payment (which have been paid but beyond the appointed
day during the year) but without adding the interest specified under
Micro, Small and Medium Enterprises Development Act, 2006;
d. The amount of interest accrued and remaining unpaid at the end of 6.90 5.08
each accounting year; and
e. The amount of further interest remaining due and payable even - -
in the succeeding years, until such date when the interest dues as
above are actually paid to the small enterprise for the purpose of
disallowance of a deductible expenditure under Section 23 of the
Micro, Small and Medium Enterprises Development Act, 2006.
* Includes amount due to Creditors for capital supplies/ services amounting to ` 9.78 Crore as at March 31,
2022 (March 31, 2021 : ` 0.72 Crore).
The above disclosures are provided by the Group based on the information available with the Group in respect
of the registration status of its vendors.
Ageing of Trade Payables:

` in Crore
Particulars Outstanding as on March 31,2022 (for following periods from due date of payment)
unbilled)
(i) MSME 77.07 9.28 0.16 0.08 0.24 86.83
(ii) Others 2,942.01 292.43 12.47 7.55 66.15 3,320.61
(iii) Disputed dues – MSME - 0.44 0.17 - - 0.61
(iv) Disputed dues – Others 0.56 0.01 0.74 0.18 1.02 2.51
Particulars Outstanding as on March 31,2021 (for following periods from due date of payment)
unbilled)
(i) MSME 23.44 3.42 0.03 - - 26.89
(ii) Others 1,566.60 433.42 38.93 17.13 67.59 2,123.67
(iii) Disputed dues – MSME - - - - - -
(iv) Disputed dues – Others - 0.59 0.10 0.15 1.02 1.86
NOTE: 29
CURRENT FINANCIAL LIABILITIES - OTHERS
` in Crore
As at As at
March 31, 2022 March 31, 2021
Interest accrued but not due on borrowings 133.41 99.86
Interest accrued and due on borrowings 0.01 -
Creditors for capital supplies/ services 59.10 12.42
Book overdraft - 1.57
Derivative contracts 3.20 3.29
Employee Payable 139.50 98.52
Others 1.68 4.04
Total 336.90 219.70

NOTE: 30
CURRENT PROVISIONS
` in Crore
As at As at
March 31, 2022 March 31, 2021
Provision for compensated absences 90.89 85.68
Stock Appreciation Rights (SAR) 7.03 0.27
Provision for contingency* 2.39 5.11
Total 101.32 91.98
*Provision for contingency of Sabyasachi Calcutta LLP (a subsidiary of the Company) is created towards
differential rate for embroidery charges claimed by Job workers towards job work of earlier years. The claims
are under process of settlement.
NOTE: 31
OTHER CURRENT LIABILITIES
` in Crore
As at As at
March 31, 2022 March 31, 2021
Deferred revenue* 16.43 10.22
Other advances received 1.67 1.76
Statutory dues (other than income tax) 64.66 37.49
Deferred income - 0.04
Total 538.30 476.12
* Deferred revenue
` in Crore
As at As at
March 31, 2022 March 31, 2021
Deferred during the year 25.40 30.08
Released to the Consolidated Statement of Profit and Loss (19.19) (36.39)
The deferred revenue relates to the accrual and release of customer loyalty points, according to the
loyalty programme of respective businesses. As at March 31, 2022, the estimated liability towards
unredeemed points amounts to ` 16.43 Crore (March 31, 2021: ` 10.22 Crore).
325
NOTE: 32
REVENUE FROM OPERATIONS
` in Crore
March 31, 2022 March 31, 2021
Sale of products 8,064.53 5,174.14
Revenue from redemption of loyalty points (Refer Note - 31) 19.19 36.39
Total revenue from sale of products 8,083.72 5,210.53
Revenue from rendering of services 9.34 2.27
Other operating income
Scrap sales 9.87 10.01
Licence fees and royalties 4.65 1.46
Space on hire 1.43 0.56
Commission income 17.78 17.32
Others 0.27 -
Total 8,136.22 5,248.92
(a) Right to return assets and refund liabilities:

` in Crore
As at As at
March 31, 2022 March 31, 2021
(b) Contract balances:

` in Crore
As at As at
March 31, 2022 March 31, 2021
Contract assets
Trade receivables 756.43 607.97
Contract liabilities
Deferred revenue 16.43 10.22
(c) Reconciliation of revenue as recognised in the Consolidated Statement of Profit and Loss
with the contracted price:
` in Crore
March 31, 2022 March 31, 2021
Revenue as per contracted price 9,420.78 6,123.02
Less:
Sales return 671.56 495.93
Discount 596.57 367.95
Loyalty points 16.43 10.22
Revenue as per the Consolidated Statement of Profit and Loss 8,136.22 5,248.92

(d) Disclosure of disaggregated revenue recognised in the Consolidated Statement of Profit

and Loss:
` in Crore
March 31, 2022 March 31, 2021
Madura Fashion & Lifestyle
Revenue from non-retail operations 2,208.90 1,421.73
5,510.15 3,390.34
Pantaloons
Revenue from non-retail operations 139.44 70.06
2,626.07 1,858.58
(e) Disclosure of disaggregated revenue recognised in the Consolidated Statement of Profit and
Loss based on geographical segment:
` in Crore
March 31, 2022 March 31, 2021
NOTE: 33
OTHER INCOME
` in Crore
March 31, 2022 March 31, 2021
Interest income 9.38 2.42
Net gain on sale of current investments 20.23 3.29
Fair value gain on financial instruments at FVTPL 33.44 31.50
Gain on retirement of right-of-use assets (Refer Note - 4a & 45a) 14.85 21.74
Miscellaneous income 22.65 14.45
Total 100.55 73.40
327
NOTE: 34
COST OF MATERIALS CONSUMED
` in Crore
March 31, 2022 March 31, 2021
(a) Materials consumed
Inventories at the beginning of the year 196.02 188.14
Add: Purchases 978.67 423.69
1,174.69 611.83
Inventories taken over pursuant to business combinations
Raw materials - 5.44
Less: Inventories at the end of the year 307.51 196.02
Total 867.18 421.25
(b) Purchase of stock-in-trade

Purchase of stock-in-trade 3,793.42 1,526.72
Total 3,793.42 1,526.72
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade

` in Crore
March 31, 2022 March 31, 2021
Opening inventories
Stock-in-trade 1,432.50 1,952.11
1,624.33 2,161.34
Inventories taken over pursuant to business combinations
Finished goods - 18.38
Stock-in-trade - 49.57
Work-in-progress - 10.03
- 77.98
1,624.33 2,239.32
Less:
Closing inventories
Stock-in-trade 2,192.43 1,432.50
2,564.76 1,624.33
(Increase)/Decrease in inventories (940.43) 614.99

NOTE: 35
EMPLOYEE BENEFITS EXPENSE
` in Crore
March 31, 2022 March 31, 2021
Salaries, wages and bonus 1,011.77 758.30
Contribution to provident and other funds (Refer Note - 43) 58.56 51.25
Share-based payment to employees (Refer Note - 44) 29.13 11.70
Gratuity expense (Refer Note - 43) 17.81 15.39
Staff welfare expenses 41.26 28.75
Total 1,158.53 865.39
NOTE: 36
FINANCE COSTS
` in Crore
March 31, 2022 March 31, 2021
Interest expense on borrowings 133.59 267.84
Interest expense on lease liabilities (Refer Note - 4b & 45a) 214.27 224.91
Other borrowing costs 0.54 7.63
Fair value impact on financial instruments at FVTPL 2.31 2.22
Total 350.71 502.60
NOTE: 37
DEPRECIATION AND AMORTISATION EXPENSE
` in Crore
March 31, 2022 March 31, 2021
Depreciation on property, plant and equipment (Refer Note - 3a) 213.32 208.79
Depreciation on right-of-use assets (Refer Note - 4a & 45a) 762.55 732.40
Amortisation on intangible assets (Refer Note - 5) 21.16 21.56
Total 997.03 962.75
329
NOTE: 38
OTHER EXPENSES
` in Crore
March 31, 2022 March 31, 2021
Consumption of stores and spares 5.04 3.74
Power and fuel 11.55 8.15
Electricity charges 99.49 76.42
Repairs and maintenance
Buildings 0.31 0.52
Plant and machinery 11.17 9.78
Others 179.06 148.36
Insurance 11.27 11.22
Rates and taxes 15.37 20.05
Commission to selling agents 140.30 108.39
Brokerage and discounts 1.32 0.66
Advertisement and sales promotion 292.98 120.07
Transportation and handling charges 148.37 86.57
Royalty expenses 18.58 15.93
Legal and professional expenses 114.95 125.36
Bad debts written off 1.22 1.89
Allowances for bad and doubtful debts 2.01 6.29
Provision for bad and doubtful deposits and advances 5.16 7.93
Printing and stationery 14.82 10.37
Travelling and conveyance 58.37 28.51
Communication expenses 4.68 5.84
Loss on sale/ discard of property, plant and equipment - 0.72
Bank and credit card charges 38.52 27.48
Payment to auditors (Refer details below) 2.40 2.06
Donation 0.01 0.05
Postage expenses 4.88 -
Foreign exchange loss (net) 9.16 8.85
Information technology expenses 138.71 79.13
Outsourcing, housekeeping and security expenses 294.03 258.74
Corporate Social Responsibility (CSR) expenses (Refer Note - 42) 2.94 2.00
Directors’ fees 0.63 0.68
Miscellaneous expenses 38.64 27.60
Total 1,764.38 1,255.15
Payment to auditors*:
` in Crore
March 31, 2022 March 31, 2021
For audit fees (including Limited Review fees) 1.72 1.53
For tax audit fees 0.24 0.18
For other services** 0.34 0.22
For reimbursement of expenses 0.10 0.13
Total 2.40 2.06
* Includes fees of subsidiaries to other auditors.
**Above excludes fees of ` Nil (March 31, 2021 : ` 0.45 Crore) paid to auditors of the Company for certification
services for Rights Issue, which is considered as part of share issue expenses.

NOTE: 39
INCOME TAX EXPENSE
The major components of income tax (income)/ expense are:
Consolidated Statement of Profit and Loss:
Profit or loss section
` in Crore
March 31, 2022 March 31, 2021
Current income tax
Current income tax charge* 20.89 40.12
(A) 20.89 40.12
Deferred tax
Relating to origination and reversal of temporary differences (47.46) (141.66)
(B) (47.46) (141.66)
Total (A+B) (26.57) (101.54)
OCI section
Deferred tax related to items recognised in OCI during the year
` in Crore
March 31, 2022 March 31, 2021
Net (gains)/ losses on re-measurement of defined benefit plans (0.35) (0.73)
Net (gains)/ losses on fair value of equity instruments (0.16) 0.13
Total (0.51) (0.60)
Reconciliation of tax (income)/ expense and the accounting profit/ (loss) multiplied by India’s domestic tax rate
` in Crore
March 31, 2022 March 31, 2021
Accounting Loss before income tax (144.93) (837.54)
Tax expense/ (income) at India’s statutory income tax rate of 25.17% (36.48) (210.81)
(March 31, 2021: 25.17%)
Expenses not allowed under the Income tax Act:
- Corporate Social Responsibility 0.74 0.54
- Expenses disallowed for tax purposes 1.06 1.17
- Others 2.24 0.03
- Impact of differential higher income tax rate applicable to a subsidiary 5.87 (1.00)
- One time impact of amendment in Section 32 of the Income-tax - 68.84
Act, 1961 (Refer Note - 41c)
- Tax on Capital gains under Section 45(4) of the Income-tax Act, 1961 - 39.69
Income tax expenses/ (income) as per Statement of Profit and Loss (26.57) (101.54)
Account
*Current Tax for the year ended March 31, 2021, included a one-time tax of ` 39.69 Crore on deemed capital
gains on reconstitution of Sabyasachi Calcutta LLP (“the LLP”) relating to existing partners arising from the
induction of the Company as a partner in the LLP. This was entirely attributable to the Non-Controlling interest
in LLP and not to the Company.
331
NOTE: 40
EARNINGS PER SHARE (EPS)
Basic EPS amounts are calculated by dividing the profit/(loss) for the year attributable to equity holders
of the Company by the weighted average number of equity shares outstanding during the year.
Diluted EPS amounts are calculated by dividing the profit/(loss) attributable to equity holders of the
Company 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/(loss) and equity share data used in the basic and diluted EPS
computations:
` in Crore
March 31, 2022 March 31, 2021
Loss for calculation of EPS (A) (108.72) (672.51)
Weighted average number of equity shares for calculation of (B) 924,931,614 816,700,886
Basic EPS
Basic EPS (` ) (A/B) (1.18) (8.23)
Weighted average number of equity shares outstanding 924,931,614 816,700,886
Weighted average number of potential equity shares* 8,024,183 28,796,459
Weighted average number of equity shares for calculation of 924,931,614 816,700,886
Diluted EPS
Diluted EPS (` ) (C) (1.18) (8.23)
Nominal value of shares (` ) 10.00 10.00
Treasury shares are adjusted in computing the weighted average number of equity shares outstanding
during the year in calculation of EPS.
Basic and diluted earnings per share for the year ended March 31, 2021, have been restated for the
bonus element in respect of Rights issue made during the year ended March 31, 2022.
*Stock options granted to the employees under various ESOP schemes are considered to be potential
equity shares. The same is considered in the determination of diluted earnings per share to the
extent that they are not anti-dilutive. The stock options are not included in the determination of
basic earnings per share. The details relating to stock options are given in Note - 44.
NOTE - 41
SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
The preparation of the Group’s financial statements requires the management to make judgements,
estimates and assumptions that affect the reported amounts of revenues, expenses, assets, liabilities,
the accompanying disclosures and the disclosure of contingent liabilities. Uncertainty about these
assumptions and estimates could result in outcomes that require a material adjustment to the
carrying amount of assets or liabilities affected in future periods. Estimates and assumptions are
reviewed on periodic basis. Revisions to accounting estimates are recognised in the period in which
the estimates are revised.
The key assumptions concerning the future and other key sources of estimation, that have a significant
risk of causing a material adjustment to the carrying amounts of assets and liabilities, within the
next financial year, are described below. The Group’s assumptions and estimates are based on
parameters available at the time of preparation of financial statements. Existing circumstances
and assumptions about future developments, however, may change due to market changes or

circumstances arising that are beyond the control of the Group. Such changes are reflected in the
assumptions when they occur.
(a) Impairment of non-financial assets including Goodwill

Impairment exists when the carrying value of an asset or Cash-Generating Unit (CGU) exceeds
its recoverable amount, which is higher of its fair value less costs of disposal and its value in
use. The fair value less costs of disposal calculation is based on available data from binding
sales transactions, conducted at arm’s length, for similar assets or observable market prices
less incremental costs for disposing off the asset. The value in use calculation is based on
Discounted Cash Flow (DCF) model. The cash flows are derived from the budget for the next
three years and next 2 years have been extrapolated to demonstrate the tapering of growth rate
for computation of perpetual cash flows. These cashflows are considered as a base to arrive at
the value of perpetuity. The budget do not include restructuring activities that the Group is not
yet committed to or significant future investments that will enhance the asset’s performance of
the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF
model as well as the expected future cash inflows and the growth rate used for extrapolation
purposes. These estimates are most relevant to goodwill recognised by the Group. The key
assumptions used to determine the value in use for the different CGUs, are disclosed and further
explained in Note - 5A.
(b) Share-based payment

The Group uses the most appropriate valuation model depending on the terms and conditions
of the grant, including the expected life of the share option, volatility and dividend yield. For
cash-settled transactions, the liability needs to be remeasured at the end of each reporting
period upto the date of settlement, with any changes in fair value recognised in the Consolidated
Statement of Profit and Loss. The assumptions and models used for estimating fair value for
share-based payment transactions are disclosed in Note - 44.
(c) Taxes
Deferred tax assets are recognised for unused tax losses to the extent that it is probable that
taxable profit will be available against which the losses can be utilised. Significant management
judgement is required to determine the amount of deferred tax assets that can be recognised,
based upon the likely timing and the level of future taxable profits.
As at March 31, 2022, the Group has ` 1,955.10 Crore (March 31, 2021: ` 1,894.70 Crore) of
tax losses carried forward as per income tax records of the Group. These losses pertain to
unabsorbed business loss as at March 31, 2022 of ` 647.25 Crore (March 31, 2021:` 641.59 Crore)
which has an expiry of eight years and unabsorbed depreciation loss as at March 31, 2022 of
` 1,307.85 Crore (March 31, 2021: ` 1,253.11 Crore) which do not have any expiry period. Further
details on taxes are disclosed in Notes - 10 and 39.
During the previous year, the Finance Act, 2021 had amended Section 32 of the Income Tax
Act, 1961, whereby effective from April 1, 2020, goodwill of a business was not considered
as a depreciable asset and depreciation on goodwill not allowed as deductible expenditure.
Consequent to such amendment, in accordance with the requirements of Ind AS 12 - Income
Taxes, the Company recognised a one-time net deferred tax expense amounting to ` 68.84 Crore
representing net deferred tax liability (‘DTL’) arising from difference between the carrying value
of goodwill as per books of account and as per updated tax written down value of NIL resulting
from the aforementioned amendment.
333
In view of the amendments introduced by the Finance Act, 2021 to the Income Tax Act, 1961
and considering the opinion received by the Company from a senior legal counsel, as at March
31, 2021, the Company recorded deferred tax asset of ` 243.11 Crore on the carry forward
unabsorbed depreciation pertaining to goodwill relating to earlier years. The Company also
recorded a deferred tax liability on the carrying value of goodwill as at March 31, 2021 considering
no future deduction is available pursuant to the said amendment.
The reversal of the aforesaid DTL and cash outflow on this account is deemed unlikely as the
value of associated goodwill is expected to be recovered through value in use.
(d) Employee benefit plans

The cost of the defined benefit plan and other employment benefits plan 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, 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 India. Those mortality tables
tend to change only at intervals in response to demographic changes. Future salary increases
are based on expected future inflation rates.
Further details about gratuity obligations are given in Note - 43.
(e) Revenue recognition – Loyalty points

The Group operates a loyalty programme where customers accumulate points for purchases
made, which entitle them to discount on future purchases. The Group estimates the fair value
of points awarded under the loyalty programme by applying statistical techniques. Inputs to
the model include making assumptions about expected redemption rate basis the Group’s
historic trends of redemption and expiry period of the points and such estimates are subject to
uncertainty. As at March 31, 2022, the estimated liability towards unredeemed points amounts
to ` 16.43 Crore (March 31, 2021: ` 10.22 Crore).
Further details are given in Note - 32.
(f) Provision on inventories

The Group has defined policy for provision on inventory for each of its business by differentiating
the inventory into core and non-core (fashion) and sub-categorised into finished goods and raw
materials. The Group provides provision based on policy, past experience, current trend and
future expectations of these materials depending on the category of goods.
(g) Provision for discount and sales return

The Group provides for discount and sales return based on season wise, brand wise and channel
wise trend of previous years. The Group reviews the trend at regular intervals to ensure the
applicability of the same in the changing scenario, and based on the management’s assessment
of market conditions.

(h) Impairment allowance for doubtful debts

Trade receivables do not carry any interest and are stated at their nominal value as reduced
by appropriate allowances for estimated irrecoverable amounts. Under Ind AS, impairment
allowance has been determined based on Expected Credit Loss (ECL) model. Estimated
irrecoverable amounts are based on the ageing of the receivable balance and historical
experience. Additionally, a large number of minor receivables is grouped into homogeneous
groups and assessed for impairment collectively. Individual trade receivables are written off if the
same are not collectible. The carrying amount of allowance for doubtful debts under ECL model
is ` 24.89 Crore (March 31, 2021: ` 26.33 Crore). Further details about impairment allowance
are given in Note - 16.
(i) Leases
The Group determines the lease term as the non-cancellable term of the lease, together with
any periods covered by an option to extend the lease if it is reasonably certain to be exercised,
or any periods covered by an option to terminate the lease, if it is reasonably certain not to be
exercised.
The Group has several lease contracts that include extension and termination options. The Group
applies judgement in evaluating whether it is reasonably certain to exercise the option to renew
or terminate the lease. It considers all relevant factors that create an economic incentive for it to
exercise either the renewal or termination. After the commencement date, the Group reassesses
the lease term if there is a significant event or change in circumstances that is within its control
and affects its ability to exercise or not to exercise the option to renew or to terminate.
(j) Assessment of COVID - 19 impact on operations
The Group has considered the impact of COVID-19 as evident so far in the consolidated financial
statements and will also continue to closely monitor any material changes to future economic
conditions which necessitate any further modifications.
(k) Covid-19-Related Rent Concessions
The amendments to Ind AS 116 provides a practical expedient to lessees in accounting for rent
concessions that are a direct consequence of the COVID-19 pandemic.
Many lessors have provided rent concessions to lessees as a result of the Covid-19 pandemic.
Rent concessions can include rent holidays or rent reductions for a period of time. Applying
the requirements in Ind AS 116 for changes to lease payments, particularly assessing whether
the rent concessions are lease modifications and applying the required accounting, could be
practically difficult in the current environment. The objective of the amendment is to provide
lessees that have been granted Covid-19 related rent concessions with practical relief, while still
providing useful information about leases to users of the financial statements.
concession from a lessor is a lease modification. A lessee that makes this election accounts for
any change in lease payments resulting from the COVID-19 related rent concession the same way
it would account for the change under Ind AS 116, if the change were not a lease modification.
The practical expedient applies only to rent concessions occurring as a direct consequence of
the COVID-19 pandemic and only if all of the following conditions are met:
335
substantially the same as, or less than, the consideration for the lease immediately preceding
the change.
(ii) any reduction in lease payments affect only payments originally due on or before June 30,
2022.
The Ministry of Corporate Affairs vide notification dated July 24, 2020, issued an amendment to
Ind AS 116 - Leases, by inserting a practical expedient w.r.t. “Covid-19- Related Rent Concessions”
effective from the period beginning on or after April 01, 2020 and vide notification dated June
18, 2021, extended practical expedient upto June 30, 2022.
The Group has accounted the unconditional rent concessions of ` 219.18 Crore (March 31,
2021: ` 343.72 Crore) during the year ended March 31, 2022. The same has been accounted as
a reduction of rent expenses in the Consolidated Statement of Profit and Loss.
(l) Valuation of Non - controlling interest Put Option

The fair value of financial liability (put option) arising from acquisition agreements, has been
determined at present value of consideration payable, using appropriate valuation model. The
probability of the estimate within the range can be reasonably assessed and are used in the
management’s estimates of fair value of the put option. Such valuation includes assumptions
such as discount rate, future cashflow and EBITDA estimates. Such assumptions are reviewed
at each reporting date.
(m) Going concern

The management has performed an assessment of the Group’s ability to continue as a going
concern. Based on the assessment, the management believes that there is no material uncertainty
with respect to any events or conditions that may cast a significant doubt on the entity to continue
as a going concern, hence the consolidated financial statements have been prepared on a going
concern basis.
NOTE - 42
DISCLOSURE IN RESPECT OF CORPORATE SOCIAL RESPONSIBILITY UNDER SECTION 135 OF THE
COMPANIES ACT, 2013 AND RULES THEREON
` in Crore
March 31, 2022 March 31, 2021
a) Gross amount required to be spent by the Group during the year - 1.16
b) Amount approved by the Board to be spent during the year 3.00 2.00
` in Crore
In Cash Yet to be paid Total
in Cash
March 31, 2022:
March 31, 2021:

In case of Section 135(5) unspent amount

Opening Balance Amount deposited Amount required Amount spent Closing Balance
as on April 01, in Specified Fund of to be spent during the year as on March 31,
2021 Schedule VII within during the year 2022*
6 months
- - - 2.94 -
* Since the amount spent exceeds amount required to be spent, the unspent amount is Nil.
In case of Section 135(5) Excess amount spent

Opening Balance as on Amount required to be Amount spent during Closing Balance as on
April 01, 2021 spent during the year the year March 31, 2022*
- - 2.94 -
* The Group has spent in excess of the mandatory requirement under the Companies Act, 2013 but the same
is not proposed to be set off against the amounts required to spent in the future year.
Details of ongoing projects along with
In case of Section 135(6) (Ongoing Project)
Opening Balance as on Amount required Amount spent during Closing Balance as on
April 01, 2021 to be spent during the year March 31, 2022
the year
With In Separate From From With In Separate
Company CSR Unspent Company’s Separate CSR Company CSR
A/c bank A/c Unspent A/c Unspent A/c
- - - - - - -
NOTE - 43
GRATUITY AND OTHER POST-EMPLOYMENT BENEFIT PLANS
The Group operates gratuity plan through a Trust wherein certain employees are entitled to the
benefit equivalent to fifteen days salary last drawn for each completed year of service as per the
Payment of Gratuity Act, 1972. In case of some employees, the Group’s scheme is more favourable as
compared to the obligation under Payment of Gratuity Act, 1972. The same is payable on termination
of service or retirement, whichever is earlier. The benefit vests after five years of continuous service.
A part of the gratuity plan is funded and another part is unfunded and managed within the Group,
hence the liability has been bifurcated into funded and unfunded.
The Group contributes to the Fund based on the actuarial valuation report. The Group has contributed
to the Insurer Managed Fund (managed by Life Insurance Corporation of India), details of which is
available in the table of Investment pattern of plan assets. Based on which, the Group is not exposed
to any market risk.
The following tables summarise the components of net benefit expense recognised
in the Consolidated Statement of Profit and Loss and Consolidated Balance Sheet for the
respective plans:
Unfunded defined benefit plan
Net benefit expense recognised through the Consolidated Statement of Profit and Loss
` in Crore
March 31, 2022 March 31, 2021
Total 7.84 6.21
337
Changes in the present value of the Defined Benefit Obligations (DBO) are as follows:
` in Crore
As at As at
March 31, 2022 March 31, 2021
Addition pursuant to business combinations - 4.04
Changes in demographic assumptions (0.19) (0.05)
Actuarial (gain)/ loss recognised in OCI 0.53 (1.35)
Liabilities assumed/ (settled)* 0.47 0.31
Funded defined benefit plan

Net benefit expense recognised through the Consolidated Statement of Profit and Loss
` in Crore
March 31, 2022 March 31, 2021
Interest on plan assets (4.76) (4.16)
9.97 9.18
Changes in the defined benefit obligation and fair value of plan assets are as follows:
(i) Changes in the present value of the Defined Benefit Obligations (DBO):
` in Crore
As at As at
March 31, 2022 March 31, 2021
Liabilities assumed/ (settled)* (0.21) (0.24)

(ii) Change in fair value of plan assets

` in Crore
As at As at
March 31, 2022 March 31, 2021
Opening fair value of the plan assets 74.39 63.16
Contributions by the employer - 6.77
Interest income on plan assets 4.76 4.16
Actuarial gain/ (loss) recognised in OCI
Actual returns on plan assets less interest cost on plan assets 0.40 0.30
Closing fair value of the plan assets 79.55 74.39
Amounts recognised in the Consolidated Balance Sheet

` in Crore
As at As at
March 31, 2022 March 31, 2021
Present value of the defined benefit obligation at the end of
the year:
Funded 76.70 71.38
Unfunded 36.84 31.05
113.54 102.43
Fair value of plan assets 79.55 74.39
Net liability/ (asset) 33.99 28.04
Net liability is classified as follows:
Current 1.01 0.92
Non-current 32.98 27.12
Net liability 33.99 28.04
Gratuity is funded through investments with an insurance service provider, i.e. Life Insurance
Corporation of India (LIC). The plan assets under the scheme are administered by LIC. The investments
are primarily in low risk assets.
The principal assumptions used in determining gratuity (funded and unfunded) defined benefit
obligations for the Group are shown below:
As at As at
March 31, 2022 March 31, 2021
Discount rate
Funded plan 6.90% 6.40%
Unfunded plan 6.30% to 7.50% 5.65% to 6.55%
Salary escalation rate
Funded plan
Management 8.00% 8.00%
Staff 7.00% 7.00%
Workers 5.00% 5.00%
Unfunded plan
Stores 5.00% to 9.00% 5.00% to 9.00%
HO and Zones 5.00% to 9.00% 5.00% to 9.00%
The estimates of future salary increase, considered in actuarial valuation, takes into account inflation, seniority,
promotion and other relevant factors such as supply and demand in the employment market.
The overall expected rate of return on plan assets is determined based on the market yield prevailing as on
that date, applicable to the period over which the obligation is expected to be settled.
339
A quantitative sensitivity analysis for significant assumptions is as follows:

Sensitivity level
Discount rate 0.50% increase 0.50% decrease 0.50% increase 0.50% decrease
(` in Crore)
Funded plan (3.01) 3.22 (2.93) 3.15
Unfunded plan (2.00) 2.24 (1.17) 1.28
Salary escalation rate 0.50% increase 0.50% decrease 0.50% increase 0.50% decrease
(` in Crore)
Funded plan 3.21 (3.02) 3.11 (2.92)
Unfunded plan 2.06 (1.87) 1.21 (1.14)
The above sensitivity analysis have been determined based on a method that extrapolates the impact
on defined benefit obligation as a result of reasonable changes in key assumptions occurring at the
end of the reporting period.
There has been no change from the previous year in the method and assumptions used in preparing
the sensitivity analysis.
The maturity profile of the defined benefit obligation are as follows:
` in Crore
March 31, 2022 March 31, 2021
Within the next 12 months (next annual reporting period) 11.39 10.81
Beyond 10 years 125.77 104.40
Total 232.55 197.32
The Group is expected to contribute ` 8.19 Crore to the gratuity fund during the year ended
March 31, 2023.
The average duration of the defined benefit plan obligation at the end of the reporting period is
7 to 15 years (March 31, 2021: 4 to 16 years).
Defined contribution plans

Amount recognised as an expense and included in Note - 35 as “Contribution to provident and other
funds”
` in Crore
March 31, 2022 March 31, 2021
Contribution to Government Provident Fund 43.51 37.76
Contribution to Superannuation Fund 1.10 1.15
Contribution to Employee Pension Scheme (EPS) 5.46 4.87
Contribution to Employee State Insurance (ESI) 7.85 6.51
Contribution to Employee Deposit Linked Insurance Scheme (EDLIS) 0.15 0.08
Contribution to Labour Welfare Fund (LWF) 0.12 0.09
Contribution to National Pension Scheme (NPS) 0.37 0.79
Total 58.56 51.25

In respect of the Honourable Supreme Court ruling in February 2019 relating to computation
of salaries for Provident Fund contribution, there is uncertainty and ambiguity in retrospective
application and accordingly the Group will evaluate its position as clarity emerges.
The Code on Social Security, 2020 (‘Code’) relating to employee benefits during employment and
post-employment benefits received Presidential assent in September 2020. The Code has been
published in the Gazette of India. However, the date on which the Code will come into effect has
not been notified. The Group will assess the impact of the Code when it comes into effect and will
record any related impact after the Code becomes effective.
NOTE - 44
SHARE-BASED PAYMENT
The expense recognised for employee services received during the year is shown in the following table:
` in Crore
March 31, 2022 March 31, 2021
Expense arising from equity-settled share-based payment 27.72 11.67
transactions
Expense arising from cash-settled share-based payment transactions 1.41 0.03
Total 29.13 11.70
A. Employee share-based payment plans of Holding Company

a. Employee Stock Option Plans (Options and RSUs)
I. Employee Stock Option Scheme - 2013
During the year ended March 31, 2014, i.e. on July 22, 2013, the ESOP Compensation Committee of
the Board of Directors of the Company (merged with Nomination and Remuneration Committee
w.e.f. November 04, 2014) (“Committee”) and the Board of Directors (“Board”) approved the
introduction of an Employee Stock Option Scheme, viz., Employee Stock Option Scheme - 2013
(“Scheme 2013”) for issue of Stock Options in the form of Options (“Options”) and/ or Restricted
Stock Units (“RSUs”) to the identified employees of the Company and of its holding and subsidiary
companies, subject to the approval of the shareholders of the Company. Shareholders of the
Company, vide a resolution passed at the Sixth Annual General Meeting of the Company, held
on August 23, 2013, approved the introduction of the Scheme 2013 and authorised the Board/
Committee to finalise and implement the Scheme 2013.
Accordingly, under the said Scheme 2013, vide its resolution dated October 25, 2013, the
i) Details of the grants under the Scheme 2013
Tranche 1 Tranche 3
Options RSUs RSUs
No. of Options/ RSUs 8,30,382 2,59,849 2,79,544
Method of accounting Fair value Fair value Fair value
Vesting plan Graded vesting - Bullet vesting at the Bullet vesting on
25% every year end of 3rd year December 7, 2016
Exercise period 5 years from the date 5 years from the date 5 years from the date
of vesting of vesting of vesting
341
Tranche 1 Tranche 3
Options RSUs RSUs
Grant date October 25, 2013 October 25, 2013 May 11, 2016
Grant/ exercise price (` per share) 102.10 10.00 10.00
Market price on the date of granting of Options/ BSE - 104.10 BSE - 104.10 BSE - 152.10
RSUs (` per share) NSE - 103.55 NSE - 103.55 NSE - 152.10
Method of settlement Equity Equity Equity
There are no Options/RSUs unvested/excersiable under Tranche 2 as on March 31, 2022 and
March 31, 2021.
Note:
RSUs – Tranche 3 were granted to employees of Madura Fashion & Lifestyle division of the
Company, who were grantees of RSUs of Aditya Birla Nuvo Limited (“ABNL”) and had become
employees of the Company pursuant to the effectiveness of the Composite Scheme of
Arrangement between the Company, ABNL, Madura Garments Lifestyle Retail Company Limited
and their respective shareholders and creditors under Section 391 to 394 of the Companies Act,
1956. Accordingly, as per the terms and conditions of the grant, these RSUs vested as per the
original vesting schedule of ABNL RSUs, i.e., on December 7, 2016.

No. of Weighted average No. of Weighted average
Options exercise price RSUs exercise price
Tranche 1
Outstanding at the beginning of the 12,129 102.10 - -
financial year
Exercised during the financial year* (4,603) 102.10 - -
Tranche 3
Outstanding at the beginning of the N.A. N.A. - -
financial year
Exercised during the financial year N.A. N.A. - -

Further, the following table illustrates the number and weighted average exercise prices of
and movements in Options and RSUs during the previous year:
Tranche 1
financial year
Tranche 3
Outstanding at the beginning of the N.A. N.A. 37,840 10.00
financial year
Exercised during the financial year* N.A. N.A. (37,840) 10.00
The weighted average remaining contractual life for the Options outstanding as at March 31,
2022, is 1 years (March 31, 2021: 2 years) and for RSUs outstanding as at March 31, 2022, is Nil
(March 31, 2021: Nil).
iii) The following table lists the inputs to the model used for the Options and RSUs as on grant
date:
Options RSUs
Tranche 1 Tranche 1 Tranche 3
Expected dividend yield (%) Nil Nil Nil
Expected volatility (%) 45.93 45.93 37.41
Risk-free interest rate (%) 8.58 8.58 7.37
Weighted average fair value per Option/ RSU (` ) 52.96 95.90 142.63
Model used Black-Scholes Black-Scholes Black-Scholes
model model model
II. Aditya Birla Fashion and Retail Limited Employee Stock Option Scheme 2017
During the year ended March 31, 2018, i.e. on July 25, 2017, the Nomination and Remuneration
Committee of the Board of Directors of the Company (“NRC”) and the Board of Directors (“Board”)
approved the introduction of another Employee Stock Option Scheme, viz. Aditya Birla Fashion
343
and Retail Limited Employee Stock Option Scheme 2017 (“Scheme 2017”) for issue of Stock
Options in the form of Options (“Options”) and/or Restricted Stock Units (“RSUs”) to the identified
employees of the Company and of its holding and subsidiary companies, subject to the approval
of the Shareholders of the Company. Shareholders of the Company, vide a resolution passed
at the Tenth Annual General Meeting of the Company, held on August 23, 2017, approved the
introduction of the Scheme 2017 and authorised the Board/ NRC to finalise and implement the
Scheme 2017.
Accordingly, under the said Scheme 2017, vide its resolution dated September 8, 2017, the
Options RSUs
No. of Options/ RSUs 37,38,254 14,406 2,88,122 90,039 13,04,558 14,568 1,17,144 30,349
Method of accounting Fair value Fair value Fair value Fair value Fair value Fair value Fair value Fair value
Vesting plan Graded Graded Graded Graded Bullet Bullet Bullet Bullet
vesting - 25% vesting - 25% vesting - 25% vesting - 25% vesting at vesting at vesting at vesting at
every year every year every year every year the end of the end of 3rd the end of the end of
3rd year year 3rd year 3rd year
Exercise period 5 years from 5 years from 5 years from 5 years from 5 years from 5 years from 5 years from 5 years from
the date of the date of the date of the date of the date of the date of the date of the date of
vesting vesting vesting vesting vesting vesting vesting vesting
Grant date September 08, October 27, February 02, April 18, September 08, October 27, February 02, April 18,
2017 2017 2018 2018 2017 2017 2018 2018
Grant/ exercise price 178.30 148.10 163.60 150.80 10.00 10.00 10.00 10.00
(` per share)
Market price on the date of BSE - 176.40 BSE - 147.95 BSE - 156.35 BSE - 147.70 BSE - 176.40 BSE - 147.95 BSE - 156.35 BSE - 147.70
granting of Options/ RSUs NSE - 176.50 NSE - 148.70 NSE - 156.55 NSE - 147.10 NSE - 176.50 NSE - 148.70 NSE - 156.55 NSE - 147.10
(` per share)
Method of settlement Equity Equity Equity Equity Equity Equity Equity Equity

Tranche 1
Outstanding at the beginning of the 16,41,845 178.30 5,12,881 10.00
financial year
Exercised during the financial year^ (1,64,561) 178.30 (1,72,971) 10.00


Tranche 2
financial year
Outstanding at the end of the financial year - - - -
Tranche 3
Outstanding at the beginning of the 1,62,069 163.60 72,838 10.00
financial year
Exercised during the financial year^ (90,038) 163.60 (60,698) 10.00
Tranche 4
Outstanding at the beginning of the 67,529 150.80 30,349 10.00
financial year
^The weighted average share price at the date of exercise of these Options and RSUs was ` 255.86.
Further, the following table illustrates the number and weighted average exercise prices of and movements in
Options and RSUs during the previous year:
Tranche 1
Exercised during the financial year^^ - - (4,57,317) 10.00
345

Tranche 2
Exercised during the financial year^^ - - (7,284) 10.00
Tranche 3
Tranche 4
Unvested at the end of the financial year 45,019 150.80 30,349 10.00
^^The weighted average share price at the date of exercise of these RSUs was ` 151.45.
The weighted average remaining contractual life for the share Options outstanding as at March 31, 2022, is 3 years
(March 31, 2021: 4 years) and for RSUs outstanding as at March 31, 2022, is 4 years (March 31, 2021: 4 years).
date:
Options RSUs
Expected dividend yield (%) Nil Nil Nil Nil Nil Nil Nil Nil
Expected volatility (%) 36.57 36.28 35.32 35.28 36.57 36.28 35.32 35.28
Risk-free interest rate (%) 6.70 6.75 7.43 7.43 6.77 6.98 7.54 7.54
Weighted average fair 77.04 63.85 71.56 65.93 171.41 141.29 156.99 144.20
value per Option/RSU (` )
Model used Black-Scholes Black-Scholes Black-Scholes Black-Scholes Black-Scholes Black-Scholes Black-Scholes Black-Scholes
model model model model model model model model

III. Aditya Birla Fashion and Retail Limited Employee Stock Option Scheme 2019
During the year ended March 31, 2020, on July 26, 2019, the Nomination and Remuneration
Committee and the Board of Directors (“Board”), approved introduction of Employee Stock
Option Scheme, viz. Aditya Birla Fashion and Retail Limited Employee Stock Option Scheme 2019
(“Scheme 2019”) through trust route, for issue of Stock Options in the form of Options (“Options”)
and/or Restricted Stock Units (“RSUs”) to the identified employees of the Company and of its
holding and subsidiary companies. Based on the loan granted by the Company, the Trust held
47,10,457 equity shares as at March 31, 2021. During the year ended March 31, 2022, the Trust
purchased additional 2,23,128 equity shares to back the grants made under the Scheme 2019.
As on March 31, 2022, the Trust holds 46,54,072 equity shares. 2,79,513 equity shares were
exercised during the year.
Accordingly, under the said Scheme 2019, vide its resolution dated December 2, 2019, the
Options RSUs
No. of Options/ RSUs 33,42,876 1,16,360 14,17,684 11,18,385 32,161
Method of accounting Fair value Fair value Fair value Fair value Fair value
Vesting plan Graded vesting - Graded vesting - Graded vesting - Bullet vesting at Bullet vesting at
25% every year 25% every year 25% every year the end of 3rd year the end of 3rd year
Exercise period 5 years from the 5 years from the 5 years from the 5 years from the 5 years from the
date of vesting date of vesting date of vesting date of vesting date of vesting
Grant date December 02, December 28, January 21, 2021 December 02, December 28,
2019 2020 2019 2020
Grant/ exercise price 225.25 164.10 173.55 10.00 10.00
(` per share)
Market price on the date of BSE - 226.90 BSE - 163.85 BSE - 173.05 BSE - 226.90 BSE - 163.85
granting of Options/ RSUs NSE - 226.65 NSE - 163.80 NSE - 173.85 NSE - 226.65 NSE - 163.80
(` per share)
Method of settlement Equity Equity Equity Equity Equity

Tranche 1
financial year
Lapsed during the financial year (2,29,902) 225.25 (1,04,320) 10.00
347

Tranche 2
Outstanding at the beginning of the 1,16,360 164.10 32,161 10.00
financial year
Tranche 3
Outstanding at the beginning of the 14,08,593 173.55 - -
financial year
Exercised during the financial year^ (1,83,195) 173.55 - -
Lapsed during the financial year (1,02,300) 173.55 - -
Exercisable at the end of the financial year 11,23,098 173.55 - -
Tranche 1
financial year


Tranche 2
Outstanding at the beginning of the - - - -
financial year
Granted during the financial year 1,16,360 164.10 32,161 10.00
Unvested at the end of the financial year 1,16,360 164.10 32,161 10.00
Tranche 3
financial year
31, 2022 is 5 years (March 31, 2021: 6 years) and for RSUs outstanding as at March 31, 2022 is
date:
Options RSUs
Expected dividend yield (%) Nil Nil Nil Nil Nil
Expected volatility (%) 32.88 36.16 36.02 32.88 36.16
Risk-free interest rate (%) 6.66 5.62 5.62 6.76 6.19
Weighted average fair value per Option/RSU (` ) 112.00 84.39 76.78 216.18 158.10
Model used Binomial Binomial Binomial Binomial Binomial
model model model model mode
b. Stock Appreciation Rights (SARs)

The SAR compensation cost is amortised on a straight-line basis over the total vesting period
of the SARs. Accordingly, ` 1.41 Crore (March 31, 2021: ` 0.03 Crore) has been taken to the
I. Aditya Birla Fashion and Retail Limited Stock Appreciation Rights Scheme 2019
On February 04, 2019, the Nomination and Remuneration Committee and the Board of Directors
349
of the Company, at their respective meetings had approved the “Aditya Birla Fashion and Retail
Limited Stock Appreciation Rights Scheme 2019” (“SARs Scheme 2019”), to grant SARs in the
form of “Option SARs” and “RSU SARs”, from time to time, to the eligible employees (as defined
in the SARs Scheme 2019).
i) The details of the Plan are as below:
SARs
Option SARs
No. of SARs 61,226 17,92,686 Nil 2,04,546
Method of accounting Fair value Fair value NA Fair value
Vesting plan May 16, August 18, NA Graded
2019 and 2024 vesting -
September 33.33% every
08, 2019 year
Exercise period 3 years from 3 years from NA 3 years from
the date of the date of the date of
vesting vesting vesting
Grant date May 15, August 18, NA November
2019 2021 03, 2021
Grant/ exercise price (` per share) 178.30 206.35 NA 288.10
Market price on the date of granting of BSE - 192.45 BSE - 205.80 NA BSE - 285.10
SARs (` per share) NSE - 192.80 NSE - 205.90 NSE - 285.15
Method of settlement Cash Cash NA Cash
SARs
RSU SARs
No. of SARs 6,880 6,38,700 1,005 56,533
Method of accounting Fair value Fair value Fair value Fair value
Vesting plan September August 18, December November
08, 2020 2024 02, 2022 03, 2024
Exercise period 3 years from 3 years from 3 years from 3 years from
the date of the date of the date of the date of
vesting vesting vesting vesting
Grant date May 15, August 18, August 18, November
2019 2021 2021 03, 2021
Grant/ exercise price (` per share) 10.00 10.00 10.00 10.00
Market price on the date of granting of BSE - 192.45 BSE - 205.80 BSE - 205.80 BSE - 285.10
SARs (` per share) NSE - 192.80 NSE - 205.90 NSE - 205.90 NSE - 285.15
Method of settlement Cash Cash Cash Cash

ii) Movement of SARs granted

movements in, SARs during the year:
SARs exercise price SARs exercise price
Tranche 1
Option SARs
financial year
RSU SARs
financial year
Tranche 2
Option SARs
financial year
RSU SARs
financial year
351

SARs exercise price SARs exercise price
Tranche 3
RSU SARs
financial year
Tranche 4
Option SARs
financial year
Exercisable at the end of the financial year - -
RSU SARs
financial year
The weighted average remaining contractual life for SARs options outstanding as at March 31,
2022 is 4 years (March 31, 2021 : 2 years) and for RSUs outstanding as at March 31, 2022, is 6
years (March 31, 2021: 2 years).
iii) The following table lists the inputs to the model used for SARs as on grant date:
Option SARs
Expected volatility (%) 32.53 36.00 NA 36.71
Risk-free interest rate (%) 5.88 5.74 NA 5.78
Weighted average fair value per SAR (` ) 27.42 72.15 NA 94.85
Model used Binomial Binomial NA Binomial
model model model

RSU SARs
Expected volatility (%) 31.74 36.46 36.46 36.90
Risk-free interest rate (%) 6.24 6.16 6.16 6.08
Weighted average fair value per SAR (` ) 144.94 172.79 172.79 204.55
Model used Binomial Binomial Binomial Binomial
model model model model
The expected life of the Share Options, RSUs and SARs is based on historical data and current
expectations, and is not necessarily indicative of exercise patterns that may occur. The expected
volatility reflects the assumption that the historical volatility over a period similar to the life of
the Share Options, RSUs and SARs is indicative of future trends, which may not necessarily be
the actual outcome.
NOTE - 45
COMMITMENTS AND CONTINGENCIES
a) Leases
Lease commitments as lessee
The Group has entered into agreements for taking on lease certain residential/ office/ store
premises, warehouses, property, plant and equipment on lease and licence basis. The lease
term is for periods ranging from 3 to 21 years, with escalation clauses in the lease agreements.
Consistent with Industry practice, the Group has contracts which have fixed rentals or variable
rentals based on a percentage of sales in the stores, or a combination of both.
Expenses/ Income recognised in the Consolidated Statement of Profit and Loss
` in Crore
March 31, 2022 March 31, 2021
Other income
Gain on retirement of right-of-use assets 14.85 21.74
Rent
Expense relating to short-term leases 47.26 18.32
Expense relating to leases of low value assets 1.35 1.81
Variable rent* 563.79 332.20
Rent concession (219.18) (343.72)
Finance cost
Depreciation and amortisation expenses
Depreciation on right-of-use assets 762.55 732.40
Other expenses
Sublease payments received (not shown separately in the 0.80 0.84
Consolidated Statement of Profit and Loss)
* The variable rent varies basis percentage of Net Sales Value (NSV) at the lease premises.
353
Contractual maturities of lease liabilities

The below table provides details regarding the contractual maturities of lease liabilities on
undiscounted basis:
` in Crore
As at As at
March 31, 2022 March 31, 2021
Within one year 946.89 870.05
After one year but not more than five years 2,093.93 1,846.17
More than five years 323.38 138.02
Total 3,364.20 2,854.24
The initial non-cancellable period of the lease agreement is upto 3 years, beyond which there is
an option for the lessee to continue the lease, which the Group expects to continue for a period
of 2 to 3 years after the initial non-cancellable period, accordingly 5 – 6 years has been considered
as non-cancellable for the purpose of the above disclosure. Post such period, the Group has the
option to exit the lease by giving a notice period and the Group assesses its intention to continue
considering location and other economic factors associated with the lease arrangement.
Total cash outflow for leases for the year ended March 31, 2022 is ` 1,316.13 Crore
(March 31, 2021 is ` 904.28 Crore).
The Group entered into a sale and leaseback transaction in respect of certain assets such as
furniture and fixtures, office equipment etc., in line with its capital expenditure strategy. The
assets were sold at fair values with no gains/ losses. Sale proceeds of ` Nil (March 31, 2021 :
` 28.65 Crore) were realised upon sale of such assets. The lease arrangement is for a
period of 4-5 years. The same has been recorded as a right-of-use assets with corresponding
lease liabilities.
Lease commitments for leases not considered in measurement of lease liabilities

` in Crore
March 31, 2022 March 31, 2021
Lease commitment for short-term leases 4.02 8.51
Lease commitment for leases of low value assets 0.02 0.85
Total 4.04 9.36
Future Cash Outflows to which the Group is potentially exposed and not reflected in
measurement of lease liabilities
` in Crore
Particulars March 31, 2022 March 31, 2021
Increase/ (decrease) in sales Increase Decrease Increase Decrease
by 5% by 5% by 5% by 5%
Rent 28.19 (28.19) 16.61 (16.61)

b) Capital commitments
` in Crore
As at As at
March 31, 2022 March 31, 2021
Estimated amount of contracts remaining to be executed on capital 98.76 21.19
account and not provided for (net of advances)
Customs duty on capital goods and raw materials imported under 0.03 0.07
advance licensing/ EPCG scheme, against which export obligation
is to be fulfilled
Total 98.79 21.26
c) Other commitments
Refer Note 47 for commitments towards investment in Goodview Fashion Private Limited.
NOTE - 46
CONTINGENT LIABILITIES NOT PROVIDED FOR
` in Crore
As at As at
March 31, 2022 March 31, 2021
Claims against the Group not acknowledged as debts
Commercial taxes 45.17 27.04
Excise duty 0.50 0.50
Customs duty 0.03 2.54
Bank Guarantees 37.43 2.41
Textile committee cess 0.75 0.75
Others* 17.15 16.29
Total 101.03 49.53
* Pertains to claims made by third parties, pending settlement which are considered not tenable.
The Group’s pending litigations comprise of claims against the Group primarily for excise duty,
comprising various cases demanding duty on reversal of CENVAT credit on sale of capital goods
and for commercial taxes, comprising various cases in respect of short fall of Forms F, H, I and C,
disallowance of input credit, etc.
The Group has reviewed all its pending litigations and proceedings, and has adequately provided
for where provisions are required and disclosed the contingent liabilities in its financial statements
where financial outflow is not probable. The Group does not expect the outcome of these proceedings
to have a materially adverse effect on its financial statements. In respect of litigations, where the
management’s assessment of a financial outflow is probable, the Group has a provision of ` 66.75
Crore as at March 31, 2022 (March 31, 2021: ` 68.72 Crore) (Refer Note-25).
Bank Guarantee is given by Sabyasachi Calcutta LLP (a subsidiary of the Company) to foreign bank
in respect of standby letter of credit (SBLC ) facility of USD 50,00,000 (March 31, 2021: USD 3,00,000)
to be availed by M/s Sabyasachi Inc. (a wholly owned subsidiary of Sabyasachi Calcutta LLP).
Finesse International Design Private Limited (a subsidiary of the Company) received assessment orders
under Section 153A related to block assessment in Income Tax for the assessment years 2013-14 to
2018-19, the demand of which is ` 2.16 Crore. During the year, the Company has received a favourable
355
order for the assessment years 2013-14 to 2016-17 and the Company has filed further appeal for
the assessment years 2017-18 to 2018-19 against the tax demand of ` 1.02 crore and is confident
that the outcome is unlikely to result in a claim against the Company. Further, the Company has
recourse to indemnification provided by the promoters of the Company vide the Share Subscription
and Purchase Agreement executed with the Company.
The Group has a process whereby periodically all long-term contracts are assessed for material
foreseeable losses. At the year end, the Group did not have any long-term contracts including
derivative contracts for which there were any material foreseeable losses.
NOTE - 47a
BUSINESS COMBINATIONS/ INVESTMENTS
Acquisitions during the year ended March 31, 2021
(i) Acquisition of 51% stake in Sabyasachi Calcutta LLP
On January 27, 2021, the Board of Directors had approved the acquisition of 51% stake in
Sabyasachi Calcutta LLP [formerly M/s. Sabyasachi Couture, a partnership firm (“Sabyasachi”
or “the LLP”)] by entering into a Framework Agreement. On February 24, 2021, post completion
of the customary closing conditions under the Framework Agreement, the Company concluded
the acquisition. Considering the terms of the Framework Agreement, the LLP is considered
as a subsidiary of the Company.On February 24, 2021, the partners of the LLP signed the LLP
Agreement stipulating the capital of the partners and other terms and conditions in line with the
aforesaid Framework Agreement as amended by the LLP Agreement and Framework Agreement
on May 27, 2021.
Fair value recognised on acquisition
` in Crore ` in Crore
Assets taken over
Property, plant and equipment 25.27
Capital work-in-progress 1.46
Right-of-use assets 29.54
Investment Property 1.92
Other intangible assets (Brand) 606.50
Inventories 91.32
Security deposits 3.03
Trade receivables 1.80
Cash and cash equivalents 27.23
Deferred tax asset 4.93
Other assets 7.03 800.03
Liabilities taken over
Borrowings 8.08
Lease liabilities 30.79
Deferred tax liabilities (Refer below) 211.94
Trade payables 21.82
Other payables 42.91 315.54
Total identifiable net assets at fair value as at February 24, 2021 (A) 484.49
Agreed capital contribution as on February 24, 2021 (B) 710.63
Goodwill recognised (B- A) (Refer below) 226.14

In accordance with the purchase price allocation conducted by the Company during the previous
year ended March 31, 2021, the Company recorded all the identifiable assets and liabilities
including the ‘Sabyasachi’ brand. As per the LLP Agreement, the agreed capital contribution as
on February 24, 2021 is determined to be ` 710.63 Crore leading to a goodwill of ` 14.20 Crore.
The Company invested ` 389.84 Crore in the LLP for its share of 51% and as per the LLP
Agreement, existing partners (promoters) withdrew ` 277.00 Crore, post infusion of capital by
the Company.
During February 2022, at the time of filing of the Income Tax return for the Financial year
ended March 31, 2021, management based on expert advice determined that depreciation on
the ‘Sabyasachi’ brand is not allowable as a deduction under the Income Tax Act, 1961. This
resulted in a taxable temporary difference between the carrying amount of ‘Sabyasachi’ brand
and its tax base. Ind AS 103, Business Combination, permits adjustments to the provisional
amounts recorded at the time of initial recognition of a business combination within a period
of 12 months by restating the balances for the comparative period. Accordingly, an additional
deferred tax liability amounting to ` 211.94 Crore has been recorded in respect of the aforesaid
taxable temporary difference with a corresponding adjustment to the amount of goodwill by
restating the comparative information for the prior year. Goodwill is allocated entirely to the
Madura Fashion & Lifestyle Segment. Other intangible assets primarily comprise of the Brand and
Trademarks (“Sabyasachi”) which has been determined by management to have an indefinite life.
As per Framework Agreement, the Company has provided Mr. Sabyasachi Mukherjee, Put
Option to sell his entire holding, i.e. 49% to the Company over a period of fourteen years starting
from the end of five years from the aforesaid date and thereafter in three tranches, should
an initial public offer of the organisation (after conversion to a company) does not take place.
The Company has a Call option to purchase the entire holding of Mr. Sabyasachi Mukherjee
in case the Put Option is not exercised at the end of fourteen years. In respect of the balance
49% held by promoter of Sabyasachi Calcutta LLP, the Company has accounted the same as
non-current financial liability considering the put option. This qualifies as a liability under Ind
AS since the Company does not have an unconditional right to not purchase the interest as per
the terms of the Agreement. The Non-Controlling Interest has been recorded at the present
value of the expected future cash outflows based on an independent valuation performed by
the Company’s appointed independent valuer. In accordance with Ind AS, the Group has elected
an accounting policy choice to recognise the gross liability with a corresponding derecognition
of non-controlling interest balance in its consolidated financial statements. Further, the Group
has made an accounting policy choice to present any subsequent change in the fair value of
gross liability in other equity.
(ii) Investment in 80% equity stake in Indivinity Clothing Retail Private Limited
On February 24, 2021, the Board of Directors approved the investment of ` 63.00 Crore in 80%
equity stake in Indivinity Clothing Retail Private Limited [“ICRPL”] by way of entering into ‘Share
Subscription and Shareholders Agreement’ [“SSSA”]. On March 26, 2021, post completion of the
customary closing conditions under the said SSSA, ICRPL became a subsidiary of the Company.
The balance 20% equity is held by the promoter. ICRPL was incorporated on March 03, 2021 to
carry-on the business of manufacture, and sale of apparel, jewellery and accessories.
357
NOTE - 47b
INTEREST IN JOINT VENTURE
On February 24, 2021, the Board of Directors approved the acquisition of 33.50% stake in Goodview
Fashion Private Limited [formerly known as Goodview Properties Private Limited] [“GFPL”], by way
of entering into a ‘Share Purchase and Subscription agreement’ [“SPSA”] along with a ‘Shareholders
Agreement’. On March 19, 2021, post completion of the customary closing conditions under the said
SPSA, the Company concluded the acquisition. Considering the terms of the SPSA and Shareholders’
Agreement, the investment in GFPL is considered as a Joint Venture.
Below is the joint venture of the Group which have been accounted as per equity method of
accounting. Summarised financial information of the joint venture, based on its Ind AS financial
statements, and reconciliation with the carrying amount of the investment in consolidated financial
statements are set out below:
(A) Goodview Fashion Private Limited [formerly known as Goodview Properties Private Limited]
- Proportion of ownership interest 33.50%
(a) Summarised Balance Sheet ` in Crore
Particulars Acquisition Date
Current assets, including cash and cash equivalents 24.89
Non-current assets 122.02
Current liabilities, including tax payable (27.54)
Non-current liabilities, including deferred tax liabilities (18.33)
Net Assets 101.04
Group Share in % 33.50%
Group Share before Call option 33.85
Purchase consideration paid by the Company 67.18
Less: Fair value of Call option (Tranche 2) (4.28)
Net Purchase consideration paid by the Company towards acquistion of equity 62.90
stake in business
Goodwill 29.05
(b) Summarised statement of profit and loss ` in Crore

Particulars Year ended Period ended
March 31, 2022 March 31, 2021
Revenue from operations 63.49 1.27
Other income 0.34 0.04
Total Income 63.83 1.31
Cost of materials consumed 7.77 0.17
Changes in inventories of stock-in-trade (3.37) (0.44)
Employee benefits expense 11.33 0.40
Finance costs 2.03 0.09
Depreciation and amortisation expense 6.10 0.30
Other expenses 33.00 1.81
Total expenses 56.86 2.33
Profit/ (Loss) before tax for the Year/ Period 6.97 (1.02)
Income tax expense/(credit) 1.75 (0.26)
Profit/ (Loss) for the Year/ Period 5.22 (0.76)
Other comprehensive income (loss) for the Year/ period (0.26) 0.02
Total comprehensive income for the Year/ period 4.96 (0.74)
Group’s share of profit/(loss) after tax for the Year/ period 1.66 (0.25)

The contingent liabilities of joint venture as at March 31, 2022 is Nil (March 31, 2021 : Nil) and capital
commitments as at March 31, 2022 is amounting to ` 0.01 Crore (March 31, 2021 : ` 0.02 Crore)
On or after the expiry of 3 years from the Closing Date and till the expiry of 5 years from the Closing
Date, the Company has right but not an obligation, to acquire all or such number of Promoter securities
from the Promoter of Goodview Fashion Private Limited so as to increase the shareholding to 51%.
This is referred to as the Tranche 2 call option. Tranche 2 call option will be exercised by acquiring
the said equity shares at a value based on specific formula.
Also, the agreement stipulates a simultaneous call and put option (the Company holds the call options
and has written the put options), whereby, after the expiry of 10 years, in certain specified time
periods, the Company can acquire, if it exercises the call option it holds, and will also be required to
acquire, if Promoter exercises the put options the Company has written, all or such number of equity
shares so as to increase its shareholding to 100%. These call and put options are to be exercised by
acquiring/selling the said equity shares at fair value. Accordingly, the fair value of the option is Nil.
NOTE - 48
RELATED PARTY TRANSACTIONS
Names of related parties and related party relationship with whom transactions have taken place:
Name of related parties
Joint Venture
Goodview Fashion Private Limited - with effect from March 19, 2021
Other related parties in which directors are interested

Aditya Birla Fashion and Retail Jan Kalyan Trust
Grasim Premium Fabric Private Limited (formerly known as Soktas India Private Limited) upto June
20, 2021
Aditya Birla Management Corporation Private Limited
lndiginus Learning Private Limited - with effect from June 05, 2020
Post-employment benefit plans

Aditya Birla Fashion and Retail Limited - Employees Group Superannuation Scheme Trust
Aditya Birla Fashion and Retail Limited - Employees Group Gratuity Fund Trust
Key Management Personnel (“KMP”)

Mr. Kumar Mangalam Birla - Chairman and Non-Executive Director with effect from February 24, 2021
Mr. Himanshu Kapania - Vice Chairman and Non-Executive Director
Mr. Ashish Dikshit - Managing Director
Mr. Vishak Kumar - Whole-time Director with effect from February 24, 2021
Ms. Sangeeta Pendurkar - Whole-time Director with effect from February 24, 2021
Mr. Arun Thiagarajan - Independent Director upto May 10, 2020
Mr. Nish Bhutani - Independent Director with effect from June 05, 2020
Ms. Preeti Vyas- Independent Director with effect from March 31, 2021
359
Mr. Sunirmal Talukdar - Independent Director

Mr. Sanjeeb Chaudhuri - Independent Director upto June 05, 2020
Ms. Sukanya Kripalu - Independent Director
Mr. Yogesh Chaudhary - Independent Director with effect from March 17, 2021
Mr. Arun Kumar Adhikari - Independent Director with effect from May 19, 2021
Mr. Sushil Agarwal - Non-Executive Director upto March 31, 2021
Mr. Vikram Rao - Non-Executive Director with effect from March 17, 2021
Mr. Jagdish Bajaj - Chief Financial Officer
Ms. Geetika Anand - Company Secretary
Relative of Key Management Personnel (“KMP”)

Ms. Karuna Rao upto March 31, 2021
The following table provides the total amount of transactions that have been entered into with
related parties for the relevant financial year:
` in Crore
Year ended March 31, 2022 Year ended March 31, 2021
Joint KMP and Other Joint KMP and Other
Venture Relative related Venture Relative related
of KMP parties of KMP parties
Purchase of goods - - 2.84 - - 7.92
Reimbursement of expenses paid to - - 19.24 - - 25.36
Consultancy services - - - - - 0.10
Share in Profit (loss) after tax (including 1.66 - - (0.25) - -
other comprehensive income) of Joint
Venture
Contribution to trusts - - 4.37 - - 10.18
Deposits given - - - - - 3.48
Repayment of deposit - - - - - 5.54
Investment made in Joint Venture - - - 12.45 - -
Remuneration paid to KMP* - 33.77 - - 9.85 -
Remuneration paid to relative of KMP - - - - 0.01 -
* Includes director sitting fees
` in Crore
KMP and Other related KMP and Other related
Relative of parties Relative of KMP parties
KMP
Amounts owed to related parties - 4.82 - 19.26
Deposits receivable - 5.64 - 5.64
The above amounts are classified as security deposit receivable and trade payables (Refer Notes - 8
and 28 respectively).

Disclosure as per Regulation 34 (3) and 53 (f) read with Part A of Schedule V of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015:
Disclosure of transactions with the entity belonging to the promoter/ promoter group holding
10% or more shareholding in the Company
Transactions during the financial year
` in Crore
March 31, 2022 March 31, 2021
Reimbursement of expenses recovered from 1.95 1.53
Purchase of goods 22.87 0.84
` in Crore
As at As at
March 31, 2022 March 31, 2021
Amounts owed to entity 16.59 -
Amounts owed by entity 0.71 0.03
No amounts in respect of the related parties have been written off/ back during the year.
Terms and conditions of transactions with related parties
The sales to and purchases from related parties are made on terms equivalent to those that prevail
in arm’s length transactions. Amount owed to and by related parties are unsecured and interest free
and settlement occurs in cash. There have been no guarantees received or provided for any related
party receivables or payables. For the year ended March 31, 2022, the Group has not recorded any
impairment of receivables relating to amounts owed by related parties (March 31, 2021: ` Nil). This
assessment is undertaken each financial year through examining the financial position of the related
party and the market in which the related party operates.
Compensation of Key Managerial Personnel (KMP) of the Company
` in Crore
March 31, 2022 March 31, 2021
Short-term employee benefits 22.58 6.18
Post-employment benefits 1.41 0.46
Share-based payment 9.78 3.21
Total 33.77 9.85
Year ended March 31, 2022 KMP remuneration is not comparable with previous year as current year
remuneration for whole time directors is for twelve months which was 36 days during the previous
year.
The amounts disclosed in the table are the amounts recognised as an expense during the reporting
period related to key managerial personnel.
361
KMPs interests in the Employee Stock Options and RSUs

Scheme Grant date Expiry date Exercise As at As at
price (` ) March 31, 2022 March 31, 2021
Number Number
outstanding outstanding
Employee Stock Option Scheme 2017
Options - Tranche 1 September 08, 2017* September 07, 2026 178.30 4,87,709 5,76,248
Options - Tranche 3 February 2, 2018* February 1, 2027 163.60 45,020 1,35,058
Options - Tranche 4 April 18, 2018 April 17, 2027 150.80 67,529 67,529

Options - Tranche 1 December 02, 2019* December 01, 2028 225.25 730,456 8,05,911
Options - Tranche 3 January 21, 2021 January 20, 2027 173.55 403,274 5,28,250
Total 17,33,988 21,12,996

RSUs - Tranche 1 September 08, 2017 September 07, 2025 10.00 91,048 97,118
RSUs - Tranche 3 February 2, 2018* February 1, 2026 10.00 - 60,698
RSUs - Tranche 4 April 18, 2018 April 17, 2026 10.00 30,349 30,349

RSUs - Tranche 1 December 02, 2019* December 01, 2027 10.00 2,99,498 2,99,498
Total 4,20,895 4,87,663

Stock Appreciation Scheme 2019
Options - Tranche 3 August 18, 2021 August 17, 2027 206.35 3,36,369 -
Options - Tranche 4 November 03, 2021 November 03, 2027 288.10 2,04,546 -
Total 5,40,915 -

Stock Appreciation Scheme 2019
RSUs - Tranche 3 August 18, 2021 August 17, 2027 10.00 92,964 -
RSUs - Tranche 4 November 03, 2021 November 03, 2027 10.00 56,533 -
Total 1,49,497 -
* The above includes Options/RSU’s granted to Mr. Vishak Kumar and Ms. Sangeeta Pendurkar who have been
appointed as Whole-time Directors with effect from February 24, 2021.

NOTE - 49
GROUP INFORMATION
The consolidated financial statements of the Group include subsidiaries and joint venture listed in
the table below:
Name of the entity Relationship Country of Principal Proportion of ownership interest
with Company incorporation Activities and voting power held by Parent
As at As at
March 31, 2022 March 31, 2021
Jaypore E-Commerce Private Subsidiary India Retailing 100.00% 100.00%
Limited
TG Apparel & Decor Private Subsidiary India Retailing 100.00% 100.00%
Limited
Jaypore Inc. (dissolved on Subsidiary USA Retailing NA NA
September 21, 2020)
Finesse International Design Subsidiary India Manufacturing 58.69% 51.00%
Private Limited and retailing
Sabyasachi Calcutta LLP Subsidiary India Manufacturing 51.00% 51.00%
and retailing
Sabyasachi Inc. Subsidiary USA Retailing 51.00% 51.00%
Indivinity Clothing Retail Subsidiary India Manufacturing 80.00% 80.00%
Private Limited and retailing
Goodview Fashion Private Joint Venture India Manufacturing 33.50% 33.50%
Limited and retailing
NOTE - 50
SEGMENT INFORMATION
Based on the “management approach”, as defined under Ind AS 108 - Operating segments, the Chief
Operating Decision Maker (CODM) evaluates the Group’s performance and allocates the resources
based on the analysis of various performance indicators by business segments. Accordingly, the
business of the Group is divided into two business segments, which are as follows:
Segments Activities
Madura Fashion & Lifestyle Manufacturing, distribution and retailing of branded fashion apparel and
accessories
Pantaloons Retailing of apparel and accessories
Jaypore, TG Apparel, Jaypore Inc., Finesse, Forever 21, Sabyasachi, Sabyasachi Inc. and Indivinity
businesses have been included in Madura Fashion & Lifestyle segment, considering all of these deal
into branded apparel and is viewed as branded business.
Prices between operating segments are on an arm’s length basis in a manner similar to transactions
with third parties.
363
Year ended March 31, 2022

` in Crore
Particulars Madura Fashion Pantaloons Total Eliminations Total
& Lifestyle Segments
Revenue
External customers 5,510.15 2,626.07 8,136.22 - 8,136.22
Inter-segment 182.62 - 182.62 (182.62) -
Total revenue 5,692.77 2,626.07 8,318.84 (182.62) 8,136.22
Year ended March 31, 2022 and As at March 31, 2022

` in Crore
Particulars Madura Fashion Pantaloons Total Corporate Total
& Lifestyle Segments and
eliminations
Expenses/ (income)
Depreciation and 562.90 434.13 997.03 - 997.03
amortisation expense
Segment profit/ (loss) 270.35 (66.43) 203.92 (348.85) (144.93)
Total assets 7,386.07 3,973.09 11,359.16 1,047.40 12,406.56
Total liabilities 5,400.67 2,624.29 8,024.96 1,593.08 9,618.04
Other disclosures
Capital expenditure 202.11 173.22 375.33 - 375.33
Year ended March 31, 2021

` in Crore
Particulars Madura Fashion Pantaloons Total Eliminations Total
& Lifestyle Segments
Revenue
External customers 3,390.34 1,858.58 5,248.92 - 5,248.92
Inter-segment 82.83 - 82.83 (82.83) -
Total revenue 3,473.17 1,858.58 5,331.75 (82.83) 5,248.92

` in Crore
Particulars Madura Fashion Pantaloons Total Corporate Total
& Lifestyle Segments and
eliminations
Expenses/ (income)
Depreciation and 542.58 420.17 962.75 - 962.75
amortisation expense
Segment profit/ (loss) (214.13) (144.50) (358.63) (478.91) (837.54)
Total assets 5,852.25 3,324.03 9,176.28 1,084.64 10,260.92
Total liabilities 4,004.86 2,016.07 6,020.93 1,563.72 7,584.65
Other disclosures
Capital expenditure 740.85 50.77 791.62 - 791.62

Inter-segment revenues are eliminated upon consolidation and reflected in the ‘Eliminations’ column.
All Eliminations are part of detailed reconciliations presented further below.
Corporate and eliminations
Finance income and costs are not allocated to individual segments as the underlying instruments
are managed on a Group basis.
Current taxes, deferred taxes and certain financial assets and liabilities are not allocated to these
segments as they are also managed on a Group basis.
Capital expenditure consists of additions of property, plant and equipment and intangible assets
including assets from acquisition of subsidiaries.
Reconciliation of amounts reflected in the consolidated financial statements:
Reconciliation of profit
` in Crore
March 31, 2022 March 31, 2021
Segment profit/(loss) 203.92 (358.63)
Other unallocable (expenditure)/ income (net) 14.00 (0.48)
Finance costs (Refer Note - 36) (350.71) (502.60)
Inter-segment (loss)/ profit on sales (elimination) (14.48) 24.51
Share in loss of Joint Venture 2.34 (0.34)
Loss before tax (144.93) (837.54)
Reconciliation of assets
` in Crore
As at As at
March 31, 2022 March 31, 2021
Segment operating assets 11,359.16 9,176.28
Cash and cash equivalents 64.78 93.65
Deferred tax assets (net) (Refer Note - 10) 380.46 333.92
Non-current tax assets (net) 22.81 24.89
Investment in Joint Venture (Refer Note - 6a) 68.57 66.93
Non-current investments (Refer Note - 6b) 7.32 6.66
Current Investments (Refer Note - 13) 537.42 299.53
Other corporate assets 98.56 383.59
Inter-segment eliminations (132.52) (124.53)
Total 12,406.56 10,260.92
365
Reconciliation of liabilities
` in Crore
As at As at
March 31, 2022 March 31, 2021
Segment operating liabilities 8,024.96 6,020.93
Current borrowings (Refer Note - 27) 1.88 4.00
Non-current borrowings (Refer Note - 23) 777.97 814.37
Current maturities of long-term borrowings (Refer Note - 27) 452.48 318.01
Interest accrued but not due on borrowings (Refer Note - 24 and 29) 133.41 152.76
Deferred tax liabilities (net) (Refer Note - 10) 211.94 212.25
Other corporate liabilities 98.99 152.15
Inter-segment eliminations (83.59) (89.82)
Total 9,618.04 7,584.65
Other information required by IND AS 108

` in Crore
March 31, 2022 March 31, 2021
Total 8,136.22 5,248.92
(i) Non current assets excluding Financial Instrument, Deferred tax assets, Investment accounted
using equity method amounting to ` 6,265.33 Crore (March 31, 2021: ` 5,755.46 Crore) are held
within India and ` 21.90 Crore (March 31, 2021: ` 5.86 Crore) are held outside India.
(ii) No single customer or customer group has accounted for more than 10% of the external revenues
during the current and previous year.
NOTE - 51
FINANCIAL INSTRUMENTS: FAIR VALUE, RISK MANAGEMENT OBJECTIVES AND POLICIES
A. Accounting classification and fair values
The carrying value and fair value of financial instruments by categories as at March 31, 2022 and
March 31, 2021 are as follows:
` in Crore
cost* carrying Level 1 Level 2 Level 3
value
Financial assets
Investments (Refer Notes - 6b and 13) 608.14 7.32 - 615.46 608.14 - 7.32


` in Crore
value
Financial assets
Bank balance other than Cash and cash - - 2.31 2.31 - - -
Other financial assets (Refer Notes - 9 and 19) - - 46.88 46.88 - - -
Total 608.14 7.32 1,375.08 1,990.54 608.14 - 7.32
Deposits - - 380.98 380.98 - - -
Other financial liabilities (Refer Notes - 24 and 29) - - 334.47 334.47 - - -
Non-controlling interest put option (Refer Note - 24) 421.15 - - 421.15 - - 421.15
Total 424.35 - 8,226.43 8,650.78 3.20 - 421.15

` in Crore
value
Financial assets
Investments (Refer Notes - 6b and 13) 344.31 6.66 - 350.97 344.31 - 6.66
Bank balance other than Cash and cash - - 15.62 15.62 - - -
Other financial assets (Refer Notes - 9 and 19) - - 16.12 16.12 - - -
Total 344.31 6.66 1,304.82 1,655.79 344.31 - 6.66
Lease liabilities (Refer note - 4b) - - 2,463.40 2,463.40 - - -
Deposits - - 298.01 298.01 - - -
Other financial liabilities (Refer Notes - 24 and 29) - - 269.31 269.31 - - -
Non-controlling interest put option (Refer Note - 24) 374.21 - - 374.21 - - 374.21
Total 377.50 - 6,319.52 6,697.02 3.29 - 374.21
* Carrying value of financial instruments measured at amortised cost equals to the fair value.
367
The carrying value of investment made in joint venture as at March 31, 2022 is ` 68.57 Crore (March
31, 2021: ` 66.93 Crore) and are measured at cost.
Key inputs for level 1 and 3 fair valuation techniques

a) Derivative contracts:
i) Forward contracts: Fair value of forward foreign exchange contracts is determined using
forward exchange rates as provided by banks to the Company (level 1)
b) Non-controlling interest put option :
i) Option contracts: Fair value of option contracts is determined basis valuation performed
by independent valuer appointed by the Company (level 3)
c) Investment:
i) Unquoted equity instruments: Valuation has been done by considering the net worth of the
company and price to book multiple to arrive at the fair value (level 3)
ii) Quoted investments: Valuation has been done based on market value of the investment
i.e. fair value (level 1)
Valuation inputs and relationships to fair value
The following tables show the valuation techniques used in measuring level 3 fair values, as well
as the significant unobservable inputs used (refer above notes for valuation technique adopted):
Financial instruments measured at fair value
` in Crore
Particulars Fair Value Significant Fair Value as at Sensitivity
as at unobservable March 31,2022
March 31, inputs Increase Decrease
2022 by 0.50% by 0.50%
Non-controlling 421.15 Risk adjusted 405.60 435.00 Increase in discount rate by 0.50% would
interest put option discount rate decrease the fair value by ` 15.55 Crore and
decrease in discount rate by 0.50% would
Revenue 422.90 417.30 Increase in revenue by 0.50% would
projection increase the fair value by ` 1.75 Crore
and decrease in revenue by 0.50% would
B. Risk management objectives and policies

The Group’s principal financial liabilities, other than derivatives, comprise loans and borrowings,
trade and other payables. The main purpose of these financial liabilities is to finance the Group’s
operations. The Group’s principal financial assets include trade and other receivables and cash and
cash equivalents that derive directly from its operations.
The Group is exposed to market risk, credit risk and liquidity risk. The Group’s senior management
oversees the management of these risks. It is the Group’s policy that no trading in derivatives for
speculative purposes may be undertaken. The Board of Directors reviews and agrees policies for
managing each of these risks, which are summarised below:

a) Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate
because of changes in market prices. Market risk comprises two types of risk: interest rate risk
and currency risk.
The sensitivity analyses in the following sections relate to the position as at March 31, 2022 and
March 31, 2021.
The sensitivity analyses have been prepared on the basis that the amount of net debt, the
ratio of fixed to floating interest rates of the debt, derivatives and the proportion of financial
instruments in foreign currencies are all constant.
The analyses exclude the impact of movements in market variables on the carrying values of
gratuity and other post-retirement obligations and provisions.
The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective
market risks. This is based on the financial assets and financial liabilities held at March 31, 2022
and March 31, 2021.
i) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will
fluctuate because of changes in the market interest rates. The Group’s exposure to the risk of
changes in market interest rates relates primarily to the Group’s debt obligations with floating
interest rates.
The Group manages its interest rate risk by having a balanced portfolio of fixed and variable
rate loans and borrowings. As at March 31, 2022, approximately 97% of the Group’s borrowings
are at a fixed rate of interest (March 31, 2021: 97%).
Interest rate sensitivity
The following table demonstrates the sensitivity to a reasonably possible change in interest
rates on that portion of loans and borrowings taken at floating rates. With all other variables
held constant, the Group’s profit/ (loss) before tax is affected through the impact on floating
rate borrowings, as follows:

Basis points (%) 0.50% increase 0.50% decrease 0.50% increase 0.50% decrease
loss before tax
` in Crore (0.18) 0.18 (0.16) 0.16
The assumed movement in basis points for the interest rate sensitivity analysis is based on the
currently observable market environment, showing a significantly higher volatility than in the
prior years.
ii) Foreign currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate
because of changes in foreign exchange rates. The Group’s exposure to the risk of changes in
foreign exchange rates relates primarily to the Group’s operating activities denominated in
foreign currency.
369
The Group manages foreign currency risk by hedging its transactions using foreign currency
forward contracts. The foreign exchange forward contracts are not designated as cash flow
hedges, and are entered into for periods consistent with foreign currency exposure of the
underlying transactions, generally from 2 to 6 months. As at March 31, 2022, the Group has
hedged Nil (March 31, 2021: Nil) of its receivables in foreign currency and 91% (March 31, 2021:
88%) of its payables in foreign currency.
The following table provide the details of forward contracts outstanding at the Consolidated
Balance Sheet date:
As at March 31, 2022 Currency Foreign currency ` in Crore
in Crore
Forward contracts to buy(Hedge of payables) USD 4.61 349.93

in Crore
Forward contracts to buy(Hedge of payables) USD 2.86 214.71
The details of unhedged foreign currency exposure as at the Consolidated Balance Sheet date
are as follows:
in Crore
EURO 0.07 5.76
GBP 0.07 7.16
HKD 0.03 0.28
EURO 0.04 3.63
HKD 0.16 1.57
GBP 0.07 7.22
CNY 0.02 0.20
BDT 0.07 0.06
in Crore
EURO 0.02 1.89
GBP 0.06 5.65
HKD 0.62 5.79
EURO 0.05 4.01
HKD 0.04 0.38
GBP 0.09 9.29
CNY 0.01 0.07
BDT 0.11 0.09

Foreign currency sensitivity

The following table demonstrates the sensitivity to a reasonably possible change in USD, with
all other variables held constant. The impact on the Group’s loss before tax is due to changes
in the fair value of monetary assets and liabilities. The Group’s exposure to foreign currency
changes for all other currencies is not material.
Basis points (%) 0.50% increase 0.50% decrease 0.50% increase 0.50% decrease
loss before tax
` in Crore (0.10) 0.10 (0.08) 0.08
b) 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. To manage this, the Group periodically assesses
financial reliability of customers and other counterparties, taking into account the financial
condition, current economic trends, and analysis of historical bad debts and ageing of financial
assets. Individual risk limits are set and periodically reviewed on the basis of such information.
Credit risk from balances with banks and financial institutions is managed by the Group’s treasury
department in accordance with the Group’s policy. Investments of surplus funds are made only
with approved counterparties and within credit limits assigned to each counterparty.
The Group only deals with parties which has good credit rating given by external rating agencies
or based on the Group’s internal assessment.
Financial assets are written off when there is no reasonable expectations of recovery, such as a
debtor failing to engage in a repayment plan with the Group. Where loans or receivables have
been written off, the Group continues to engage in enforcement activity to attempt to recover the
receivable dues where recoveries are made, these are recognised as income in the Consolidated
The Group is exposed to credit risk from its operating activities (primarily trade receivables and
security deposits).
Trade receivables
Customer credit risk is managed by each business unit, subject to the Group’s established
policy, procedures and control relating to customer credit risk management. Credit quality of a
customer is assessed, and individual credit limits are defined in accordance with this assessment.
Outstanding customer receivables are regularly monitored. As at March 31, 2022, the Group has
16 customers (March 31, 2021: 20 customers) that owed the Group more than ` 5 Crore each
and accounts for approximately 80% (March 31, 2021: 86%) of all the receivables outstanding.
There are 177 customers (March 31, 2021: 87 customers) with balances greater than ` 0.50 Crore
each and accounts for approximately 18% (March 31, 2021: 13%) of the total amounts receivable.
An impairment analysis is performed at each reporting date on the basis of sales channel. In
addition, a large number of minor receivables are grouped into homogeneous groups and
assessed for impairment collectively. The calculation is based on losses from historical data.
The Group’s maximum exposure to credit risk for the components of the Consolidated Balance
Sheet as at March 31, 2022 and March 31, 2021, is the carrying amount as provided in Note - 16.
371
c) Liquidity risk
The Group monitors its risk of shortage of funds. The Group’s objective is to maintain a balance
between continuity of funding and flexibility through the use of bank overdrafts, bank loans,
debentures, preference shares and commercial papers. Approximately, 37% of the Group’s
debt will mature in less than one year as at March 31, 2022 (March 31, 2021: 28%) based on
the carrying value of borrowings reflected in the Consolidated financial statements. The Group
assessed the concentration of risk with respect to refinancing its debt and concluded it to be
low. The Group has access to various sources of funding.
The below tables summarises the maturity profile of the Group’s financial liabilities based on
contractual payments.
` in Crore
Less than 1 to 5 years More than Total
1 year 5 years
Borrowings (other than 631.62 817.63 - 1,449.25
preference shares)*
Cumulative redeemable - 0.51 - 0.51
preference shares
Deposits 152.62 228.36 - 380.98
Trade payables 3,410.56 - - 3,410.56
Total 5,478.59 3,141.20 744.53 9,364.32

` in Crore
Less than 1 to 5 years More than Total
1 year 5 years
Borrowings (other than 476.84 979.95 - 1,456.79
preference shares)*
Cumulative redeemable - 0.51 - 0.51
preference shares
Deposits 130.73 167.28 - 298.01
Trade payables 2,152.42 - - 2,152.42
Total 3,849.74 3,046.81 512.23 7,408.78
*Includes interest
Excessive risk concentration

Concentrations arise when a number of counterparties are engaged in similar business activities,
or activities in the same geographical region, or have economic features that would cause their
ability to meet contractual obligations, to be similarly affected by changes in economic, political
or other conditions. Concentrations indicate the relative sensitivity of the Group’s performance
to developments affecting a particular industry.
The Group is leader in apparels in the country and has a diversified portfolio of brands.

NOTE - 52
CAPITAL MANAGEMENT
The Group’s objective, when managing capital is to ensure the going concern operation and to
maintain an efficient capital structure to reduce the cost of capital, support the corporate strategy and
meet shareholder’s expectations. The policy of the Group is to borrow funds through banks/ financial
institutions supported by committed borrowing facilities to meet anticipated funding requirements.
The Group manages its capital structure and makes adjustments in the light of changes in economic
conditions and the requirement of financial markets.
The capital structure is governed by policies approved by the Board of Directors, and is monitored
by various metrics. Funding requirements are reviewed periodically with any debt issuances.
The following table summarises the capital of the Group (debts excludes lease liabilities):
` in Crore
As at As at
March 31, 2022 March 31, 2021
Short-term debts (including current maturities of long-term 454.36 322.01
borrowings)
Long-term debts 777.97 814.37
Total borrowings 1,232.33 1,136.38
Total - Equity (Including Non-controlling interest) 2,788.52 2,676.27
In order to achieve this overall objective, the Group’s capital management, amongst other things, aims
to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings.
No changes were made in the objectives, policies or processes for managing capital during the year
ended March 31, 2022 and March 31, 2021.
NOTE - 53
ADDITIONAL INFORMATION REQUIRED UNDER SCHEDULE III OF THE COMPANIES ACT, 2013
Name of the entity Net assets i.e. total Share in profit/ (loss) Share in other Share in total
assets minus total comprehensive income/ comprehensive income/
liabilities (loss) (OCI) (loss) (TCI)
As % of ` in Crore As % of ` in Crore As % of ` in Crore As % of TCI ` in Crore
consolidated consolidated consolidated
net assets profit/ (loss) OCI
Parent
Aditya Birla Fashion and 103.36% 2,882.14 68.18% (80.70) 130.96% 2.69 67.07% (78.01)
Retail Limited
Subsidiaries
Jaypore E-Commerce 2.62% 73.16 21.73% (25.72) 6.33% 0.13 22.01% (25.60)
Private Limited
TG Apparel & Decor -0.02% (0.46) 0.18% (0.21) - - 0.18% (0.21)
Private Limited
Finesse International 0.65% 18.09 6.37% (7.54) -6.82% (0.14) 6.60% (7.68)
Design Private Limited
Sabyasachi Calcutta LLP 28.55% 796.15 -23.42% 27.72 -27.30% (0.56) -23.36% 27.16
Indivinity Clothing Retail 1.38% 38.62 25.84% (30.59) 1.21% 0.02 26.28% (30.57)
Private Limited
373
Name of the entity Net assets i.e. total Share in profit/ (loss) Share in other Share in total
assets minus total comprehensive income/ comprehensive income/
liabilities (loss) (OCI) (loss) (TCI)
Adjustments arising out of -36.54% (1,019.18) 1.12% (1.32) -4.38% (0.09) 1.20% (1.40)
consolidation
Total 100.00% 2,788.52 100.00% (118.36) 100.00% 2.05 100.00% (116.31)
Non-controlling Interest in 15.20 (9.64) 0.06 (9.58)

subsidiary
Finesse International 7.48 (3.52) 0.06 (3.46)
Indivinity Clothing Retail 7.72 (6.12) - (6.12)
Private Limited
Total 2,773.32 (108.72) 1.99 (106.73)

Name of the entity Net assets i.e. total assets Share in profit/ (loss) Share in other Share in total
minus total liabilities comprehensive income/ comprehensive income/
(loss) (OCI) (loss) (TCI)
Parent
Aditya Birla Fashion and 100.31% 2,684.58 88.27% (649.64) 88.51% 1.60 88.27% (648.04)
Retail Limited
Subsidiaries
Jaypore E-Commerce -0.98% (26.14) 2.25% (16.58) -4.43% (0.08) 2.27% (16.66)
Private Limited
TG Apparel & Decor -0.01% (0.25) -0.27% 2.00 - - -0.27% 2.00
Private Limited
Finesse International 0.22% 5.84 1.40% (10.29) 13.83% 0.25 1.37% (10.04)
Sabyasachi Calcutta LLP 28.73% 769.00 7.48% (55.02) 2.08% 0.04 7.49% (54.98)
Indivinity Clothing Retail 2.59% 69.19 0.01% (0.04) - - 0.01% (0.04)
Private Limited
Adjustments arising out of -30.86% (825.95) 0.87% (6.43) - - 0.88% (6.43)
consolidation
Total 100.00% 2,676.27 100.00% (736.00) 100.00% 1.81 100.00% (734.19)
Non-controlling Interest in 32.48 (63.49) 0.14 (63.35)

subsidiary
Finesse International 13.58 (6.47) 0.12 (6.35)
Sabyasachi Calcutta LLP 5.06 (57.01) 0.02 (56.99)
Indivinity Clothing Retail 13.84 (0.01) - (0.01)
Private Limited
Total 2,643.79 (672.51) 1.67 (670.84)

NOTE - 54
ACQUISTION OF REEBOK INDIA BUSINESS
On December 14, 2021 the Board approved acquiring exclusive online and offline rights to the global
brand ‘Reebok’ for the Indian market and other ASEAN countries and purchase of certain assets
of ‘Reebok India Company’ including inventory, currents assets/liabilities by way of entering into
a Licensing Agreement and a Purchase Agreement, respectively. As part of the transfer of global
ownership of ‘Reebok’, various agreements have been signed between the Authentic Brand Group,
US and Adidas. The transaction will be effective upon signing of definitive agreement(s) and necessary
statutory approvals, if any.
NOTE - 55
SETTING UP OF D2C SUBSIDIARY
On February 4, 2022, the Board approved to set up a new subsidiary, for foraying into the Direct to
Consumer (“D2C’) business towards building a portfolio of distinct, new-age, digital brands across
categories in fashion, beauty and other allied lifestyle segments. The D2C portfolio will be built
through organic and inorganic means.
NOTE - 56
ACQUISITION OF MAJORITY STAKE IN ‘HOUSE OF MASABA LIFESTYLE PRIVATE LIMITED’ (“HMLPL”)
On January 14, 2022, the Board of Directors approved the acquisition of majority stake in HMLPL by
way of entering into a Binding Term Sheet subject to signing of definitive agreements, completion
of closing conditions precedent to be set out in the definitive agreements and statutory approvals, if
any. HMLPL houses apparel, non-apparel, beauty & personal care and accessories business under the
brand ‘Masaba’. The Board of Directors at its meeting held on May 18, 2022 have noted, completion
of the said conditions and authorised officers of the Company to take necessary actions to close
the acquisition by signing definitive agreements, post which the Company will hold 52.4% stake in
HMLPL making it a subsidiary of the Company.
NOTE - 57
ADDITIONAL REGULATORY INFORMATION REQUIRED BY SCHEDULE III
(i) DETAILS OF BENAMI PROPERTY HELD
No proceedings have been initiated on or are pending against the Group under the Prohibition of
Benami Property Transactions Act, 1988 (as amended in 2016) (formerly the Benami Transactions
(Prohibition) Act, 1988 (45 of 1988)) and Rules made thereunder.
(ii) COMPLIANCE WITH NUMBER OF LAYERS OF COMPANIES

The Parent, Subsidiaries and a Joint Venture in India have complied with the number of layers
prescribed under Section 2(87) of the Companies Act, 2013 read with Companies (Restriction
of number of layers) Rules, 2017.
(iii) RELATIONSHIP WITH STRUCK OFF COMPANIES

The Group has no transactions with the companies struck off under Companies Act, 2013 or
Companies Act, 1956.
(iv) WILFUL DEFAULTER

The Parent, Subsidiaries and a Joint Venture in India have not been declared wilful defaulter by
any bank or financial institutions or government or any government authority.
375
(v) UNDISCLOSED INCOME

There is no income surrendered or disclosed as income during the current or previous year in
the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books
of account.
(vi) VALUATION OF PROPERTY PLANT AND EQUIPMENT (INCLUDING RIGHT-OF-USE ASSETS),
INTANGIBLE ASSETS AND INVESTMENT PROPERTY
The Group has not revalued its Property, Plant and Equipment (including Right-of-use
assets),Intangible assets and Investment Property during the current or previous year.
NOTE - 58
PREVIOUS YEAR FIGURES
Consolidated Financial Statements for the year ended March 31, 2022 have been prepared in
accordance with amended Division II of Schedule III to the Companies Act, 2013. Balances of certain
assets and liabilities as at the previous year ended March 31, 2021 have been regrouped or reclassified,
where necessary, to comply with the amended Division II of Schedule III. Such reclassifications did
not have a material impact on the financial statements. During the year ended March 31, 2021, the
Company acquired/invested in Sabyasachi Calcutta LLP, Sabyasachi Inc. and Indivinity Clothing Retail
Private Limited which forms part of “Madura Fashion & Lifestyle” segment of the Group with effect
from February 24, 2021 and March 26, 2021, respectively. Accordingly, the figures for the year ended
March 31, 2022 are strictly not comparable to the previous year.


Date : May 18, 2022 Date : May 18, 2022

(M.No.: 23228)


Registered office: Piramal Agastya Corporate Park, Building ‘A’, 4th and 5th Floor,
Unit No. 401, 403, 501, 502, L.B.S. Road, Kurla, Mumbai - 400 070
CIN: L18101MH2007PLC233901
Tel: +91 - 8652905000 | Fax: +91 - 8652905400
Website: www.abfrl.com | E-mail: [email protected]
Notice of 15th Annual General Meeting
NOTICE is hereby given that the 15th Annual General Meeting of the Shareholders of Aditya Birla
Fashion and Retail Limited (“the Company”) will be held on Monday, September 5, 2022 at 4:00 p.m.
IST through Video Conferencing (“VC”) / Other Audio- Visual Means (“OAVM”) to transact the following
businesses:
ORDINARY BUSINESS
1) Consider and adopt:

a) Audited Standalone Financial Statements of the Company for the financial year ended
March 31, 2022 and the Reports of the Directors and Auditors thereon and
b) Audited Consolidated Financial Statements of the Company for the financial year ended
March 31, 2022 and the Reports of the Auditors thereon.
2) Consider and appoint Mr. Kumar Mangalam Birla (DIN: 00012813) who retires by rotation
and being eligible, offers himself for re-appointment.
3) Consider and appoint Ms. Sangeeta Pendurkar (DIN: 03321646) who retires by rotation
and being eligible, offers herself for re-appointment.
By Order of the Board
Sd/-
Geetika Anand
Place : Mumbai Company Secretary and Compliance Officer
Date : May 18, 2022 Membership No.: A23228
377
Annexure A
Details(1) of the Directors seeking appointment / re-appointment
(as set out in item nos. 2 and 3 of this Notice)
In terms of Regulation 36 of the Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015 read with Clause 1.2.5 of Secretarial Standards
2 on General Meetings (SS-2)
Name of Director Mr. Kumar Mangalam Birla Ms. Sangeeta Pendurkar
DIN 00012813 03321646
Date of Birth / Age June 14, 1967 / 54 years January 24, 1966 / 56 years
Brief resume n MBA from the London Business n Master of Business Admin:
along with School. University of Pune and Bachelor

experience and n Chartered Accountant. of Pharmacy: University of
qualifications n Chairman of your Company and Mumbai.
the Aditya Birla Group. n CEO of Pantaloons and Jaypore.
n In the 25 years that he has been n Over 30 years of work.
at the helm of the Group, he experience spanning across

has accelerated growth, built four diverse sectors i.e. FMCG,
meritocracy and enhanced pharmaceuticals, financial
stakeholder value. In the services and retail.
process, he has raised the n Former Managing Director of
Group’s turnover by over 20 Kellogg - India and South Asia

times. n Before joining Kellogg India, held
n Chairs the Boards of the major senior positions at Coca-Cola

Group companies in India and India, HSBC Bank, Hindustan
globally. Unilever and at Novartis (then
n Chancellor of Birla Institute of Hindustan Ciba-Geigy), where
Technology & Science (BITS). she started her career.
n Chairman of IIM, Ahmedabad. n Was the Chairperson of
n Director of the G. D. Birla. the FICCI - Food Processing

Medical Research & Education Committee, for two consecutive
Foundation. years when she was part of the
n Serves on the London Business food industry.
School’s Asia Pacific Advisory n Currently, an Independent
Board and is a Honorary Fellow Director on the board of Tata

of the London Business School. SIA Airlines & Signify Innovations
India Limited.
Date of First February 24, 2021 February 24, 2021
Appointment
Expertise in specific Industrialist Corporate Management
functional areas
Terms and conditions Proposed to be re-appointed as a Whole-time Director appointed for
of appointment / Non-Executive Director, liable to a period of 5 years w.e.f. February
re-appointment retire by rotation. 24, 2021, liable to retire by rotation.
Past Remuneration ` 3 Lakh (Sitting Fees). ` 9.35 Crore as a Whole-time
drawn from the Director.
Company
Remuneration sought Remuneration to be drawn from As per the terms of appointment.
to be paid the Company shall comprise of the
Sitting Fees paid for attending the
meetings of the Board of Directors
and / or its Committees.

Name of Director Mr. Kumar Mangalam Birla Ms. Sangeeta Pendurkar

Shareholding in the 33,966 Equity Shares Nil
Company (Excluding 52,18,89,546 Equity shares
held as beneficial owner)
Relationship with None None

the other Directors,
Manager and Other
Key Managerial
Personnel of the
Company
No. of Board Meetings 4 out of 7 6 out of 7
attended during the
FY2021-22
List of other 1) Aditya Birla Capital Limited 1) Tata SIA Airlines Limited
Companies in which 2) Aditya Birla Sun Life AMC 2) Signify Innovations India
Directorship is held (2) Limited Limited
3) Aditya Birla Sun Life Insurance
3) Sula Vineyards Limited
Company Limited
4) Century Textiles and Industries 4) TG Apparel & Decor Private
Limited Limited
5) Grasim Industries Limited 5) Jaypore E-Commerce Private
6) Hindalco Industries Limited Limited
7) UltraTech Cement Limited
Listed entities from Vodafone Idea Limited Nil
which resigned as a
Director in the past
three years
Chairperson Nil Nil
/ Member of
Committee(s) of
Board of Directors of
the Company (3)
Chairperson / Audit Committee
Member of the
Nil 1) Tata SIA Airlines Limited
Committee(s) of
2) Signify Innovations India Limited
Board of Directors
of other Companies Stakeholders Relationship Committee
in which Director
is a Member / Nil Nil
Chairperson (3)
Notes:
(1) Details stated in Annexure A are as on the date of the AGM Notice i.e. May 18, 2022.
(2) In terms of the applicable provisions of the Companies Act, 2013 (“Act”) and the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (“SEBI Listing Regulations”), total number of directorships:
(a) consist of directorships in all public limited companies (including deemed public company), whether listed or not;
(b) excludes this company, foreign companies, private limited companies and companies formed under section 25 of the
erstwhile Companies Act, 1956 and under section 8 of the Act.
(3) In terms of the applicable provisions of the SEBI Listing Regulations, memberships and chairpersonship in committee only
includes the Audit Committee and Stakeholders Relationship Committee in other public limited companies (including deemed public
company), whether listed or not.
379
Notes for Members’ Attention
1. Virtual Meeting
The Ministry of Corporate Affairs (“MCA”) has vide its General Circular no. 2/2022 dated May 5,
2022(1) permitted the holding of the Annual General Meeting (“AGM” or “Meeting”), through Video
Conferencing (“VC”) / Other Audio Visual Means (“OAVM”), without the physical presence of the
Members at a common venue. Members participating through the VC / OAVM shall be reckoned
for the purpose of quorum under Section 103 of the Companies Act, 2013 (“Act”).
Further, the Securities and Exchange Board of India (“SEBI”) vide its Circular no. SEBI/HO/CFD/
CMD2/CIR/P/2022/62 dated May 13, 2022(2) has granted further relaxations to ensure the AGM
is conducted effectively. In compliance with the provisions of the Act, Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing
Regulations”) and MCA Circulars, the AGM of the Company is being held through VC / OAVM.
The deemed venue for the AGM will be the Registered Office of the Company. Since the AGM
will be held through VC / OAVM, the route map of the venue of the Meeting is not annexed
hereto.
2. Electronic copy of Annual Report and Notice of the 15th Annual General Meeting
a) In compliance with the MCA Circulars and SEBI Circulars, Notice of the AGM along with
the Annual Report 2021-22 is being sent only through electronic mode to those Members
whose e-mail addresses are registered with the Company / Depositories.
b) Members may note that the Notice and Annual Report 2021-22 will also be available on the
Company’s website www.abfrl.com, websites of the Stock Exchanges, i.e. BSE Limited and
National Stock Exchange of India Limited at www.bseindia.com and www.nseindia.com
respectively and website of Link Intime India Private Limited (“LIIPL”) i.e. https://instavote.
linkintime.co.in/.
3. Register to receive communications electronically

Members who have not registered / updated their e-mail address or mobile number with
the Company but wish to receive all communication (including Annual Report) from the Company
electronically may register / update their e-mail and mobile numbers on http://www.abfrl.
com/investors/update-contact-details/.
Members are also encouraged to register / update their e-mail addresses or mobile number
with the relevant Depository Participant.
4. Directors seeking appointment / re-appointment

Relevant details with respect of Directors seeking appointment / re-appointment at the AGM, in
terms of Regulation 36 of the SEBI Listing Regulations and Clause 1.2.5 of Secretarial Standards
on General Meetings, are set out in Annexure A, which also form part of this Notice.
1
General Circular no. 02/2022 dated May 5, 2022 read with General Circular no. 02/2021 dated January 13, 2021, General Circular
no. 20/2020 dated May 5, 2020, General Circular no. 14/2020 dated April 8, 2020 and General Circular no. 17/2020 dated April
13, 2020 (collectively referred to as “MCA Circulars”).
2
Circular no SEBI/HO/CFD/CMD2/CIR/P/2022/62 dated May 13, 2022 read with SEBI/HO/CFD/CMD2/CIR/P/2021/11 dated January
15, 2021, Circular no. SEBI/HO/CFD/CMD1/CIR/P/2020/79 dated May 12, 2020 (collectively referred to as “SEBI Circulars”).

5. Proxy
The AGM is being held pursuant to the MCA Circulars and SEBI Circulars through VC / OAVM,
physical attendance of Members has been dispensed with. Accordingly, the facility for
appointment of proxies by the Members will not be available for the AGM. Hence, the Proxy
Form and Attendance Slip are not annexed to this Notice.
6. Authorised Representative
Institutional / Corporate Shareholders (i.e. other than individuals HUF, NRI. etc.) are required to send
a scanned copy (PDF / JPG Format) of its Board or governing body Resolution / Authorization etc.,
authorizing its representative to attend the AGM through VC / OAVM on its behalf and to vote
through remote e-voting.
The said Resolution / Authorization shall be sent to the Scrutinizer by e-mail through its
registered e-mail address to Mr. Dilip Bharadiya at [email protected] with a copy marked to
the Company Secretary at [email protected].
7. Document open for inspection

Documents required to be kept open for inspection by the Members at the AGM in terms of
the applicable laws, shall be made available on https://instameet.linkintime.co.in.
8. E-voting
Pursuant to Section 108 of the Act, Rule 20 of the Companies (Management and Administration)
Rules, 2014, as amended, Regulation 44 of the SEBI Listing Regulations and the MCA Circulars,
the Company is pleased to provide the facility to Members to exercise their right to vote, on
the Resolutions proposed to be passed at AGM, by electronic means.
The Company has engaged the services of LIIPL to provide the remote e-voting facility on
InstaVote and the e-voting system on the date of the AGM on InstaMeet.
The Company has appointed Mr. Dilip Bharadiya (holding membership no. FCS 7956), Partner of
M/s. Dilip Bharadiya & Associates, Company Secretaries, to act as the Scrutinizer and to
scrutinize the entire e-voting process (i.e. remote e-voting and e-voting at the AGM) in a fair and
transparent manner.
Remote e-voting : Important Dates
Cut-off date : Monday, August 29, 2022
(for determining the Members entitled to vote on
the resolutions set forth in this notice)
Remote e-voting period Commence from : 9:00 a.m. IST, Friday, September 2, 2022
(During this period, members
of the Company as on the cut- End at : 5.00 p.m. IST, Sunday, September 4, 2022
off date may cast their vote by (The remote e-voting module shall be disabled for
remote e-voting) voting thereafter by LIIPL)
URL for remote e-voting : https://instavote.linkintime.co.in/

NSDL: https://eservices.nsdl.com/ or https://
www.evoting.nsdl.com/
CDSL: https://web.cdslindia.com/myeasi/
home/login or https://www.cdslindia.com/
381
Remote e-voting : Procedure
(1) Depository: For Individual Shareholders holding securities in demat mode
Step For Shareholders holding securities For Shareholders holding securities with
no. with NSDL CDSL
Registered User
1 The URL for users to login for NSDL IDeAS The URL for users to login to Easi / Easiest are
facility : https://eservices.nsdl.com either https://web.cdslindia.com/myeasi/home/login
on a personal computer or on a mobile. or www.cdslindia.com and click on New System
Myeasi.
2. Once the home page of e-Services Login through their User Id and password.
is launched, click on the “Beneficial
Owner” icon under “Login” which is
available under ‘IDeAS’ section. A new
screen will open. You will have to enter
your User ID and Password.
3. After successful authentication, you After successful login of Easi / Easiest the user
will be able to see e-Voting services. will be also able to see the E Voting Menu.
Click on “Access to e-Voting” under The Menu will have links of e-Voting service
e-Voting services and you will be able provider i.e. NSDL, KARVY, LINKINTIME, CDSL.
to see e-Voting page.
4. Click on Company name or e-Voting Click on e-Voting service provider name to
service provider name and you will be cast your vote.
re-directed to e-Voting service provider
website for casting your vote during the
remote e-Voting period or joining virtual
meeting & voting during the meeting.
First time user
5. Option to register is available at https:// Option to register is available at https://web.cdslindia.
eservices.nsdl.com. Select “Register Online com/myeasi./Registration/EasiRegistration
for IDeAS “Portal or click at https://eservices.
nsdl.com/SecureWeb/IdeasDirectReg.jsp
Alternative Method
6. Visit the e-Voting website of NSDL. Open The user can directly access e-Voting page by
web browser by typing the following URL: providing demat Account Number and PAN No.
https://www.evoting.nsdl.com/ either on a from a link in www.cdslindia.com home page.
personal computer or on a mobile.
7. Once the home page of e-Voting system is
launched, click on the icon “Login” which is (Skip step)
available under ‘Shareholder / Member’ section.
8. A new screen will open. You will have
to enter your User ID (i.e. your sixteen-
digit demat account number hold with NSDL), (Skip step)
Password / OTP and a Verification Code
as shown on the screen.
9. After successful authentication, you
will be redirected to NSDL Depository (Skip step)
site wherein you can see e-Voting page.
10. Click on Company name or e-Voting The system will authenticate the user by
service provider name and you will be sending OTP on registered Mobile & Email
redirected to e-Voting service provider as recorded in the demat Account. After
website for casting your vote during the successful authentication, user will be
remote e-Voting period or joining virtual provided links for the respective ESP where
meeting & voting during the meeting. the E Voting is in progress.

You can also login using the login credentials of your demat account through your Depository
Participant registered with NSDL / CDSL for e-Voting facility. Once login, you will be able to
see e-Voting option. Once you click on e-Voting option, you will be redirected to NSDL / CDSL
Depository site after successful authentication, wherein you can see e-Voting feature. Click
on Company name or e-Voting service provider name and you will be redirected to e-Voting
website of InstaVote for casting your vote during the remote e-Voting period to cast your vote
without any further authentication.
In case shareholders / members holding securities in demat mode have any technical issues
related to login through Depository i.e. NSDL / CDSL, they may contact the respective helpdesk
given below:
Login type Helpdesk Details

Individual Shareholders holding securities in Members facing any technical issue in login
demat mode with NSDL can contact NSDL helpdesk by sending a
request at [email protected] or call at toll free
no.: 1800 1020 990 and 1800 22 44 30
Individual Shareholders holding securities in Members facing any technical issue in login
demat mode with CDSL can contact CDSL helpdesk by sending a
request at [email protected] or
contact at 022-23058738 or 22-23058542-43
(2) Insta Vote: For Individual Shareholders holding securities in physical mode and
Institutional shareholders.
Step For first time users of InstaVote OR shareholders For shareholders holding shares
no. holding shares in physical mode in demat form and existing user
of InstaVote
1. Open the internet browser and launch the URL: https://instavote.linkintime.co.in
2. Click on “Sign Up” under ‘SHARE HOLDER’ tab and register
with your following details: -
A. User ID: Enter your User ID
(i) For members holding : 16 digits beneficiary ID.
shares in demat account
held with CDSL
(ii) For members holding : 8 Character DP ID followed
shares in demat account by 8 digit client ID.
held with NSDL
(iii) For members holding : EVEN for fully paid-up
shares in physical form (220299) or for partly paid-
up (220301) followed by the
Folio number registered
with the Company
B. Permanent Account Number (PAN) : Enter your
10-digit PAN (Members who have not updated their PAN
with the Depository Participant (DP) / Company shall use the
sequence number provided to you, if applicable.
C. Date of Birth (DOB) / Date of Incorporation (DOI): (Skip step)
Enter the DOB / DOI (As recorded with your DP / Company
- in DD/MM/YYYY format)
D. Bank Account Number: Enter your Bank Account Number
(last four digits), as recorded with your DP / Company.
383
Step For first time users of InstaVote OR shareholders For shareholders holding shares
no. holding shares in physical mode in demat form and existing user
of InstaVote
(i) For members holding : Shall provide either ‘C’ or
shares in demat account ‘D’, above
held with CDSL
(ii) For members holding : Shall provide ‘D’ above
shares in demat account
held with NSDL
(iii) For members holding : Shall provide their folio
shares in physical form number in ‘D’ above
but have not recorded ‘C’
and ‘D’ above
3. Set the password of your choice (The password should contain
minimum 8 characters, at least one special Character (@!#$&*), at
(Skip step)
least one numeral, at least one alphabet and at least one capital
letter).
4. Click on ‘confirm’ and your password will be generated. (Skip step)
(Use your existing password)
5. Click on ‘Login’ under the ‘SHARE HOLDER’ tab.
6. Enter your User ID, Password and Image Verification (CAPTCHA) Code and click on ‘Submit’.
7. After successful login, you will be able to see the notification for e-voting.
8. Select ‘View’ icon and the e-voting page will appear.
9. Refer the Resolution description and cast your vote by selecting your desired option ‘Favour /
Against’. (If you wish to view the entire Resolution details, click on the ‘View Resolution’ file link).
10. After selecting the desired option i.e. Favour / Against, click on ‘Submit’. A confirmation box will
be displayed. If you wish to confirm your vote, click on ‘Yes’, else to change your vote, click on
‘No’ and accordingly modify your vote.
11. Once the vote on a resolution is cast by the member, such member shall not be allowed to
change it subsequently.
Remote e-voting : Points to remember

1. Institutional shareholders (i.e. other than Individuals, HUF, NRI etc.) and Custodians are required to log
on the e-voting system of LIIPL at https://instavote.linkintime.co.in / and register themselves
as ‘Custodian / Mutual Fund / Corporate Body’. They are also required to upload a scanned
certified true copy of the board resolution / authority letter / power of attorney etc. together
with attested specimen signature of the duly authorised representative(s) in PDF format in
the ‘Custodian / Mutual Fund / Corporate Body’ login for the Scrutinizer to verify the same.
2. If you have forgotten the password:
• Click on ‘Login’ under ‘SHARE HOLDER’ tab and further Click ‘forgot password?’
• Enter User ID, select Mode and Enter Image Verification (CAPTCHA) Code and Click on ‘Submit’.
3. In case shareholders / members is having valid e-mail address, Password will be sent to his /
her registered e-mail address.
4. It is strongly recommended not to share your password with any other person and take utmost
care to keep your password confidential.
5. During the voting period, shareholders / members can login any number of time till they have
voted on the resolution(s) for a particular “Event”.

6. Shareholders / members holding multiple folios / demat account shall choose the voting process
separately for each of the folios / demat account.
In addition, shareholder will also be provided with a facility to attend the AGM through VC / OAVM
through the LIIPL e-Voting system. The members who have cast their vote by remote e-voting prior to
the AGM will be entitled to and may attend the AGM but shall not be entitled to cast their vote again.
In case shareholders / members holding securities in physical mode / Institutional shareholders
have any queries regarding e-voting, they may refer the Frequently Asked Questions (‘FAQs’) and
InstaVote e-Voting manual available at https://instavote.linkintime.co.in, under Help section or
send an e-mail to [email protected] or contact on: Tel: 022-4918 6000.
9. Attending the AGM through InstaMeet

Shareholder will be provided with a facility to attend the AGM through VC / OAVM through
InstaMeet. The meeting shall be opened 30 (Thirty) minutes before the scheduled time of the
AGM and shall be kept open throughout the proceedings of the AGM.
Please note that the attendance of the Members attending the AGM through VC / OAVM will
be counted for the purpose of ascertaining the quorum under Section 103 of the Act.
Members desiring to attend the AGM through VC / OAVM are requested to refer to the detailed
procedure given below.
Attend the AGM through VC / OAVM: Procedure
Step For all shareholders

no.
1. Open the internet browser and launch the URL: https://instameet.linkintime.co.in
2. Select the “Company” and “Event Date” and register with your following details: -
A. Demat Account No. or Folio No: Enter your 16 digit Demat Account No. or Folio No:
(i) For members holding shares in demat : 16 digits beneficiary ID.
account held with CDSL
(ii) For members holding shares in demat : 8 Character DP ID followed by 8 digit
account held with NSDL Client ID.
(iii) F or member s holding shares in : Folio number registered with the
physical form Company.
B. PAN: Enter your 10-digit PAN (Members who have not updated their PAN with the DP / Company
shall use the sequence number provided to you, if applicable).
C. Mobile No.: Enter your mobile number.

D. E-mail ID: Enter your e-mail ID, as recorded with your DP / Company.
3. Click “Go to Meeting” (You are now registered for InstaMeet and your attendance is marked for the meeting).
4. Shareholders will be required to allow camera and use internet with a good speed to avoid
any disturbance during the meeting.
In case shareholders / members have any queries regarding login, they may send an e-mail to
[email protected] or contact on: Tel: 022-49186175.
385
10. Speaker registration for the AGM
1. Shareholders who would like to express their views / ask questions during the meeting
may register themselves as a speaker by sending their request in advance atleast 7 (seven)
days prior to meeting i.e. Monday, August 29, 2022 mentioning their name, demat account
number / folio number, e-mail ID, mobile number at [email protected].
2. Only those shareholders who have registered themselves as a speaker will be allowed to
express their views / ask questions during the Meeting.
3. Shareholders will get confirmation on first cum first basis depending upon the provision
made by the client.
4. Shareholders / members who are registered as speakers for the event are
requested to download and install the Webex application by clicking on the link
www.webex.com/downloads.html/ (Members may also refer a tutorial video available on
www.youtube.com/watch?v=U2C9BVtGVrk).
5. Shareholders are requested to speak only when moderator of the Meeting / management
will announce the name and serial number for speaking.
6. Please note that the Company reserves the right to restrict the number of questions
and number of speakers, depending upon availability of time as appropriate for smooth
conduct of the AGM.
7. Other shareholders may ask questions to the panellist, via active chat-board during the
meeting.
The shareholders who do not wish to speak during the AGM but have queries may send
their queries in advance 7 (seven) days prior to meeting i.e. Monday, August 29, 2022
mentioning their name, demat account number / folio number, e-mail ID, mobile number at
[email protected]. These queries will be replied to by the Company suitably
by e-mail.
11. E-voting during the AGM through InstaMeet

1. Only those shareholders, who are present in the AGM through VC / OAVM facility and have
not casted their vote on the Resolutions through remote e-voting and are otherwise not
barred from doing so, shall be eligible to vote through e-voting system available during
the AGM.
2. If any Votes are cast by the shareholders through the e-voting available during the AGM
and if the same shareholders have not participated in the meeting through VC / OAVM
facility, then the votes cast by such shareholders shall be considered invalid as the facility
of e-voting during the meeting is available only to the shareholders attending the meeting.
3. Shareholders who have voted through remote e-voting will be eligible to attend the AGM.
However, they will not be eligible to vote at the AGM.
Once the electronic voting is activated by the scrutinizer / moderator during the meeting,
shareholders / members who have not exercised their vote through the remote e-voting can
cast the vote as under:

E-voting during the AGM : Procedure
Step For all shareholders

no.
1. On the shareholders VC page, click on the link for e-Voting “Cast your vote”.
2. Enter your 16 digit Demat Account No. / Folio No. and OTP (received on the registered mobile
number / registered e-mail ID) received during registration for InstaMeet and click on “Submit”.
3. After successful login, you will see “Resolution Description” and against the same the
option “Favour / Against” for voting.
4. Cast your vote by selecting appropriate option i.e. “Favour / Against” as desired. Enter the
number of shares (which represents no. of votes) as on the cut-off date under “Favour /
Against”.
5. After selecting the appropriate option i.e. “Favour / Against”, click on “Save”. Then a
confirmation box will be displayed. If you wish to confirm your vote, click on “Confirm”,
else to change your vote, click on “Back” and accordingly modify your vote.
6. Once you confirm your vote on the resolution, you will not be allowed to modify or change
your vote subsequently.
In case shareholders / members have any queries regarding login / e-voting, they may send an
e-mail to [email protected] or contact on: Tel: 022-49186175.
12. Other information related to e-voting

a. A person, whose name is recorded in the register of members or in the register of beneficial
owners of the Company, as on the cut-off date i.e. Monday, August 29, 2022 only shall be
entitled to avail the facility of e-voting, either through remote e-voting and voting at the
AGM. A person who is not a member as on the cut-off date should treat this notice for
information purposes only.
b. Members who have cast their vote by remote e-voting prior to the AGM will be entitled to
attend the AGM and their presence shall be counted for the purpose of quorum. However,
they shall not be entitled to cast their vote again. In case a member casts his vote by more
than one mode of voting including remote e-voting, then voting done through remote
e-voting shall prevail and other shall be treated as invalid.
c. Voting rights of the members shall be in proportion to their shares of the paid-up equity
share capital of the Company as on the cut-off date i.e. Monday, August 29, 2022.
d. Any person, who acquires shares of the Company and becomes a member of the Company
after dispatch of the notice and holds shares as of the cut-off date may follow the procedure
for remote e-voting as enumerated in detail hereinabove. They may also refer to the FAQs
and e-voting manual available at https://instavote.linkintime.co.in/ (under help section) or
write an e-mail to [email protected] or [email protected].
e. Every client ID no. / folio no. will have one vote, irrespective of number of joint holders.
However, in case the joint holders wish to attend the meeting, the joint holder whose
name is higher in the order of names among the joint holders, will be entitled to vote at
the AGM.
f. The members may also update their mobile number and e-mail ID in the user profile
details of their respective client ID no. / folio no., which may be used for sending future
communication(s).
387
13. General Instructions
a. Shareholders / Members are encouraged to join the Meeting through Tablets / Laptops
connected through broadband for better experience.
b. Shareholders / Members are required to use Internet with a good speed (preferably 2
MBPS download stream) to avoid any disturbance during the meeting.
c. Please note that Shareholders / Members connecting from Mobile Devices or Tablets or
through Laptops connecting via Mobile Hotspot may experience Audio / Visual loss due
to fluctuation in their network. It is therefore recommended to use stable Wi-Fi or LAN
connection to mitigate any kind of aforesaid glitches.
d. At the AGM, the Chairperson shall, at the end of discussion on the resolutions on which
voting is to be held, allow e-voting at the AGM.
e. The Scrutinizer shall submit a consolidated Scrutinizer’s Report of the total votes cast in
favour or against, not later than 48 (forty eight) hours of the conclusion of the AGM, to the
Chairman or a person authorized by him in writing, who shall countersign the same and
declare the result of the voting forthwith.
f. The results alongwith the consolidated Scrutinizer’s Report shall be declared by means of:
(i) dissemination on the website of the Company i.e. www.abfrl.com and website of
LIIPL i.e. https://instavote.linkintime.co.in/ and
(ii) communication to BSE Limited and National Stock Exchange of India Limited, thereby
enabling them to disseminate the same on their respective websites.
14. Correspondence
Members are requested to make all correspondence in connection with shares held by them
by addressing letters directly to the Company or RTA, quoting their folio number or DP ID -
Client ID, as the case may be.
15. Information for Non-Resident Indian Shareholders

Non-resident Indian shareholders are requested to immediately inform the Company / RTA, if
shares are held in physical mode or to their DP, if the holding is in electronic mode, regarding
change in the residential status on return to India for permanent settlement and / or the
particulars of the NRE account with a bank in India, if not furnished earlier.
16. Information related to Investor Education and Protection Fund (“IEPF”)

The Members, whose unpaid or unclaimed amounts have been transferred to IEPF, may claim
the same by making an online application to the IEPF Authority in web Form No. IEPF-5 available
on www.iepf.gov.in.
17. MEMBERS ARE REQUESTED TO PLEASE READ THE “COMPANY’S RECOMMENDATIONS TO

THE SHAREHOLDERS” PROVIDED IN THE “GENERAL SHAREHOLDERS’ INFORMATION”
SECTION OF THE ANNUAL REPORT FOR FY 2021-22.
By Order of the Board
Sd/-
Geetika Anand
Place : Mumbai Company Secretary and Compliance Officer
Date : May 18, 2022 Membership No.: A23228

Important Dates
Saturday, August 13, 2022 n

Receipt of Annual Report and AGM Notice.
n
Available on www.abfrl.com
Monday, August 29, 2022 n

Cut-off Date to determine the members who
shall be entitled to vote.
n
Last day to register as speaker or send queries.
Friday, September 2, 2022 Commencement of remote e-voting at 9:00 a.m.
Sunday, September 4, 2022 End of remote e-voting at 5:00 p.m.
Monday, September 5, 2022 n

Date of the AGM.
n
Participate and vote during the AGM.
Wednesday, September 7, 2022 n

Announcement of voting results.
n
Available on www.abfrl.com
389
Virtual Guide
E-voting Commence from : 9:00 a.m. IST, Friday, September 2, 2022
End at : 5.00 p.m. IST, Sunday, September 4, 2022
Mode of shareholding Physical & Institutional

Shareholder
Voting Mechanism
User type
Login in successfully
Vote in favour / against the resolutions & click on “Submit”
Attend AGM: Monday, September 5, 2022

1) Open https://instameet.linkintime.co.in Or Webex Application, if you are a speaker.
2) Register for the event and log in.
(Please use Tablets / Laptops connected through broadband for better experience)
3) Mark your attendance and attend the AGM Proceeds.
(Meeting shall begin at 4:00 p.m.)
4) Vote at the AGM.
(Only if you have not cast your vote on the Resolutions through remote e-voting)
5) Meeting concludes.
Results The results along with the consolidated Scrutinizer’s Report shall be declared on the
website of:
a) the Company i.e. www.abfrl.com;
b) Link Intime India Private Limited i.e. https://instavote.linkintime.co.in/ and
c) BSE Limited and National Stock Exchange of India Limited i.e. www.bseindia.com and
www.nseindia.com respectively.

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Abfrl Fy 2022

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Chairman’s Letter to Shareholders

For many years, we have been talking about

Over the years, corporations have tried

This era of disruption also presents a unique

Many economies have experienced a sharp surge in

As the stance of monetary policy shifts, there is

While the global economic backdrop remains challenging,

Thus, while businesses will need to remain on guard

India: An engine of global growth

The Indian economy has not remained unscathed by these

On the positive side, economic activity in India has

compass to navigate Aditya Birla Group: Dynamism and Resilience at Play

This institutional dynamism and resilience helped us

The pandemic inordinately impacted the future of work,

It has been a matter of great pride for us that our employee

The Group’s continued focus and investment in its People

Internal employee movements of over 5000 (within the

Building an aspirational workplace for a diverse workforce

Your Company’s Performance

Your Company is India’s leading branded fashion player,

The Company strengthened its overall competitive

Your Company’s revenue for FY22 stood at ` 8,136 Cr,

a diverse and well- Your Company’s capital structure has undergone a

Kumar Mangalam Birla

At ABFRL, sustainability and fashion are not a paradox. We have

Sustainability has been built into our business strategies, integrated

In FY -, we set ourselves on a transition i.e., Sustainability .

Despite the pandemic, various operational and supply chain

Digitalisation has been a major focus of our innovation eﬀorts.

We also believe that collaboration and co-creation will help us in

The overarching goal of our strategy evolution is to leverage scale

To passionately satisfy Indian consumer needs in fashion, style and value,

STAGES IN PRODUCT LIFECYCLE

NATURAL CAPITAL PRODUCT DESIGN LOGISTICS, STORAGE

Ground Water Withdrawal 1,32,530 m3 MARKETING AND SALES

SOCIAL & RELATIONSHIP CAPITAL

ENERGY WATER SUSTAINABLE PRODUCTS

33% Water Positive

Usage of sustainable inputs like BCI Cotton,

2 lakh sq.ft. Zero severity –

The pilot of select certi ed facilities

• R e -designated as an Independent Director w.e.f. May 18, 2022

• SKILLS & COMPETENCIES

Human Resource Development Expertise - Strategic Marketing Risk Management

Sustainability Technology, Digitisation &

Chairperson I Member For detailed profile of Directors refer http://www.abfrl.com/corporate-governance/

CORPORATE GOVERNANCE REPORT 54

BUSINESS RESPONSIBILITY AND

INDEPENDENT AUDITOR'S REPORT ON

STANDALONE FINANCIAL STATEMENTS 138

INDEPENDENT AUDITOR'S REPORT ON

CONSOLIDATED FINANCIAL STATEMENTS 256

AGM NOTICE 377

Revenue (` Crore) EBITDA (` Crore)

EBIT (` Crore) PAT (` Crore)

67 FY17 FY18 FY19

ROACE (excl. G/W and ROU) ROACE

REPORT OF THE BOARD OF DIRECTORS

MANAGEMENT DISCUSSION AND ANALYSIS

Global Economy Overview

Indian Economy Overview

The Indian Apparel Industry

2 Aditya Birla Fashion and Retail Limited