Particulars (Rs.

lacs) Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

Number of stores
Shoppers stop
Opening 83 88
Net addition 5 5
Closing 79 83 88 93

Others
Opening 82 87
Net addition 5 5
Closing 71 82 87 92

Total stores 146 150 165 175 185

Customer entry (in million) 45.40 46.80 42.50 45.17 47.82

3.1% -9.2% 6.3% 5.9%

Customer entry - Shoppers stop 39.78 36.13 38.13 40.36

As a % of total footfalls 85.0% 85.0% 84.4% 84.4%
Customer entry - Others 7.02 6.38 7.04 7.46
As a % of total footfalls 15.0% 15.0% 15.6% 15.6%

Average customer entry per store - Shoppers stop 0.50 0.45 0.45 0.45
Growth 0.0% 0.0%

Average customer entry per store - Other stores 0.10 0.08 0.08 0.08
Growth 0.0% 0.0%

Conversion ratio (%) 25.60% 26.10% 27.50% 27.50% 27.50%

No. of buyers (in million) 11.62 12.21 11.69 12.42 13.15

5.1% -4.3% 6.3% 5.9%

Average transaction size (Rs.) 2,791 2,878 3,053 3,145 3,239

3.1% 6.1% 3.0% 3.0%

Calculated revenue directly from SS stores 351,542 356,819 390,644 425,937

Total retail revenue - SS 359,185 354,093 390,644 425,937

Growth -1.4% 10.3% 9.0%

Other retail operating revenue - SS stores 5,620 5,056 5,860 6,389

As a % of total retail revenue 1.6% 1.4% 1.5% 1.5%

Revenue from crossword

Revenue from operations 9,867 9,375

Other retail operating revenue 1,019 1,149

Total revenue from crossword 10,886.090 10,523.520 10,839 11,164

-3.3% 3.0% 3.0%

Revenue from online sales 4,015 13,113

As a % of total sales excl. online sales 1.0% 3.0%
Total revenue 375,690 369,672 411,358 456,604
-1.6% 11.3% 11.0%

Consolidated
Revenue from operations
Retail Sale of Merchandise
Own merchandise – Gross of tax 377,746 397,243
Concessionaire / Consignment merchandise - Gross of 32,595 26,259
Total 410,341 423,502

Less: Goods & Service tax / Value added tax 19,452 42,537
Less: Cost of concessionaire / consignment merchandi 21,838 17,497
Total retail sale of merchandise 369,051 363,468

Other retail operating revenue

Facility management fees 2,618 2,579
Income from store displays and sponsorship 650 632
Gift Vouchers lapsed 1,766 1,722
Direct marketing 1,189 1,060
Income from franchisees 173 212
Other 243 -
Other revenue from operations 6,639 6,204

Total revnue from operations 375,690 369,672

Gross retail volume of business and operations comprise:-

Own merchandise 377,746 397,243
Concessionaire / Consignment merchandise 32,595 26,259
Other Retail operating revenue 6,639 6,204
Total gross revenue 416,980 429,706

Consolidated revenue
Revenue from operations 375,690 369,672
Other income 3,127 1,653
Tota Income 378,817 371,326

Standalone
Revenue from operations
Retail sale of merchandise
Own merchandise - Gross of tax 335,179 367,501 387,317
Concessionaire / Consignment merchand 36,366 32,595 26,259
Total 371,545 400,096 413,576

Less: Goods & Service tax / Value added 17,969 19,073 41,985
Less: Cost of concessionaire / consig 24,453 21,838 17,497
Total retail sale of merchandise 329,123 359,185 354,093

Other retail operating revenue

Facility management fees 2,614 2,618 2,579
Gift Vouchers lapsed 2,492 1,766 1,722
Income from store displays and sponso 82 162 55
Direct marketing 1,169 831 700
Other - 243 -
Other revenue from operations 6,357 5,620 5,056

Total revnue from operations 335,480 364,804 359,149

Gross retail volume of business and operations comprise:-

Own merchandise 335,179 367,501 387,317
Concessionaire / Consignment merchan 36,366 32,595 26,259
Other Retail operating revenue 6,357 5,620 5,056
Total gross revenue 377,902 405,716 418,631

Standalone revenue
Revenue from operations 335,480 364,804 359,149
Other income 3,024 2,957 1,602
Tota Income 338,504 367,761 360,751

Revenue coming from other businesses (Crossword) 10,886 10,524

 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25

93 98 103 108 113

5 5 5 5 5
98 103 108 113 118

92 97 102 107 112

5 5 5 5 5
97 102 107 112 117

195 205 215 225 235

50.47 53.11 55.76 58.41 61.05

5.5% 5.2% 5.0% 4.7% 4.5%

42.59 44.82 47.05 49.28 51.51

84.4% 84.4% 84.4% 84.4% 84.4%
7.88 8.29 8.71 9.13 9.54
15.6% 15.6% 15.6% 15.6% 15.6%

0.45 0.45 0.45 0.45 0.45

0.0% 0.0% 0.0% 0.0% 0.0%

0.08 0.08 0.08 0.08 0.08

0.0% 0.0% 0.0% 0.0% 0.0%

27.50% 27.50% 27.50% 27.50% 27.50%

13.88 14.61 15.33 16.06 16.79

5.5% 5.2% 5.0% 4.7% 4.5%

3,336 3,436 3,539 3,645 3,755

3.0% 3.0% 3.0% 3.0% 3.0%

462,996 501,895 542,711 585,524 630,418

462,996 501,895 542,711 585,524 630,418

8.7% 8.4% 8.1% 7.9% 7.7%

6,945 7,528 8,141 8,783 9,456

 1.5% 1.5% 1.5% 1.5% 1.5%

11,499 11,844 12,200 12,566 12,943

3.0% 3.0% 3.0% 3.0% 3.0%

23,725 35,962 55,491 59,809 64,336

5.0% 7.0% 10.0% 10.0% 10.0%
505,165 557,229 618,542 666,682 717,153
10.6% 10.3% 11.0% 7.8% 7.6%
Particulars (Rs. lacs) Mar-16 Mar-17 Mar-18 Mar-19 Mar-20
Revenue
Revenue from operations 443,198 375,690 369,672 411,358 456,604
Total income 443,198 375,690 369,672 411,358 456,604
Growth -15.2% -1.6% 11.3% 11.0%

Cost of goods sold 286,324 234,475 226,793 250,928 273,962

As a % of total revenue 64.6% 62.4% 61.3% 61.0% 60.0%
Gross profit 156,874 141,215 142,879 160,430 182,641
Gross margin 35.4% 37.6% 38.7% 39.0% 40.0%
Expenses
Employee benefits expense 33,303 28,727 31,566 34,965 37,898
Growth -13.7% 9.9% 10.8% 8.4%
As a % of total revenue 7.5% 7.6% 8.5% 8.5% 8.3%
Other expenses 105,664 93,250 90,164 99,549 109,585
Growth -11.7% -3.3% 10.4% 10.1%
As a % of total revenue 23.8% 24.8% 24.4% 24.2% 24.0%
EBITDA 17,907 19,239 21,149 25,916 35,158
EBITDA margin 4.0% 5.1% 5.7% 6.3% 7.7%
Depreciation and amortisation ex 12,966 11,870 11,490 11,579 11,356
EBIT 4,941 7,368 9,658 14,337 23,803
EBIT margin 1.1% 2.0% 2.6% 3.5% 5.2%
Finance costs 8,485 5,998 3,768 432 -
Other income 2,597 3,127 1,653 2,057 2,283
As a % of total revenue 0.6% 0.8% 0.4% 0.5% 0.5%
Exceptional items - 1,283 (21,599) - -
Profit before tax (946) 3,215 29,142 15,961 26,086
Income tax expenses 3,336 2,025 1,756 4,788 7,826
Tax rate -352.6% 63.0% 6.0% 30.0% 30.0%
Net profit for the year from cont (4,282) 1,189 27,386 11,173 18,260
Net profit margin -1.0% 0.3% 7.4% 2.7% 4.0%

Discontinued operations
Loss from discontinued operat (1) (8,400) (6,082)
Share of Profit / (Loss) in joint 254 (627) 143
Tax expenses of discontinued o - - -
(Loss) for the year from disconti 253 (9,026) (5,939)

Net profit / (loss) for the year (4,029) (7,837) 21,447

Non-controlling interests (4,270) (4,109) (2,975)
Profit / (loss) for the year attri 241 (3,728) 24,422

Earning per equity share (for continuing operations) (Rs.)

Basic 0.29 1.42 32.42
Diluted 0.29 1.42 32.41
Earning per equity share (for continuing and discontinued operations) (Rs.)
Basic 0.29 (4.46) 28.91
Diluted 0.29 (4.46) 28.90

Weighted average number of equity shares

Basic 83,426,364 83,497,550 84,476,168
Diluted 83,480,844 83,497,550 84,491,999
 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25

505,165 557,229 618,542 666,682 717,153

505,165 557,229 618,542 666,682 717,153
10.6% 10.3% 11.0% 7.8% 7.6%

292,996 323,193 358,755 386,676 415,949

58.0% 58.0% 58.0% 58.0% 58.0%
212,169 234,036 259,788 280,006 301,204
42.0% 42.0% 42.0% 42.0% 42.0%

40,413 44,578 46,391 50,001 53,786

6.6% 10.3% 4.1% 7.8% 7.6%
8.0% 8.0% 7.5% 7.5% 7.5%
116,188 122,590 129,894 133,336 143,431
6.0% 5.5% 6.0% 2.7% 7.6%
23.0% 22.0% 21.0% 20.0% 20.0%
55,568 66,868 83,503 96,669 103,987
11.0% 12.0% 13.5% 14.5% 14.5%
12,833 13,934 15,909 15,856 16,995
42,735 52,933 67,594 80,813 86,993
8.5% 9.5% 10.9% 12.1% 12.1%
- - - - -
2,526 2,786 3,093 3,333 3,586
0.5% 0.5% 0.5% 0.5% 0.5%
- - - - -
45,261 55,719 70,686 84,147 90,578
13,578 16,716 21,206 25,244 27,174
30.0% 30.0% 30.0% 30.0% 30.0%
31,683 39,004 49,481 58,903 63,405
6.3% 7.0% 8.0% 8.8% 8.8%
Particulars (Rs. lacs) Mar-16 Mar-17 Mar-18 Mar-19
Assets
Non current assets
Property plant and equipment 74,955 75,974 59,982 62,433
Capital work in progress 3,213 1,472 1,534 1,500
Goodwill on consolidation 9,765 9,765 965 965
Intangible Assets 5,975 6,509 6,317 7,506
Intangible assets under development 121 528 281 280
Financial assets
Investments 3,896 1,986 26,243 26,000
Trade receivables 6,393 11,001 - 100
Other financial assets 14,223 16,320 11,957 12,341
Deferred tax assets net 361 429 1,978 2,000
Other non current assets 11,156 9,951 9,678 10,284
Total non current assets 130,055 133,934 118,935 123,410
Current assets
Inventories 57,920 57,756 35,632 37,811
Financial assets
Investments - - 2,004 2,000
Trade Receivables 5,187 5,683 4,772 5,635
Cash and cash equivalents 725 548 535 9,281
Bank balances other than above 311 213 69 70
Other financial assets 6,751 4,044 589 600
Other current assets 2,228 3,467 16,228 4,114
Total current assets 73,122 71,711 59,827 59,511

Total assets 203,177 205,645 178,762 182,921

Equity and liabilities

Equity
Equity share capital 4,173 4,175 4,398 4,398
Other equity 47,337 43,748 86,046 97,219
Equity attributable to owners of the Company 51,510 47,923 90,444 101,617
Non controlling interests (122) 521 - 10
Total equity 51,388 48,444 90,444 101,627
Liabilities
Non current liabilities
Borrowings 45,807 37,096 4,400 -
Deferred tax liabilities net - - - 50
Other financial liabilities - - 61 60
Total non current liabilities 45,807 37,096 4,461 110
Current liabilities
Financial liabilitiies
Borrowings 18,089 25,400 3,835 -
Trade payables 49,439 49,081 51,907 61,873
 Other financial liabilities 24,052 30,776 8,259 4,114
Provisions 814 1,003 822 800
Other current liabilities 13,588 13,846 19,034 14,398
Total current liabilities 105,981 120,106 83,856 81,184

Total Liabilities 151,789 157,201 88,318 81,294

Total equity and liabilities 203,177 205,645 178,762 182,921

Check - - - -

Revenue 443,198 375,690 369,672 411,358

COGS 286,324 234,475 226,793 250,928

Other financial assets 14,223 16,320 11,957 12,341

As a % of revenue 3.2% 4.3% 3.2% 3.0%

Other non current assets 11,156 9,951 9,678 10,284

As a % of revenue 2.5% 2.6% 2.6% 2.5%

Inventories 57,920 57,756 35,632 37,811

Turnover days 74 90 57 55

Trade Receivables 5,187 5,683 4,772 5,635

Turnover days 4 6 5 5

Other current assets 2,228 3,467 16,228 4,114

As a % of revenue 0.5% 0.9% 4.4% 1.0%

Trade payables 49,439 49,081 51,907 61,873

Turnover days 63 76 84 90

Other financial liabilities 24,052 30,776 8,259 4,114

As a % of revenue 5.4% 8.2% 2.2% 1.0%

Other current liabilities 13,588 13,846 19,034 14,398

As a % of revenue 3.1% 3.7% 5.1% 3.5%

Borrowings, non current

Opening 45,807 37,096 4,400
Addition
Repayment (8,712) (32,696) (4,400)
Closing 45,807 37,096 4,400 -
Borrowings, current
Opening 18,089 25,400 3,835
Addition 7,312
Repayment (21,566) (3,835)
Closing 18,089 25,400 3,835 -

Total debt 63,896 62,496 8,235 -

Finance costs 8,485 5,998 3,768 432

Effective Interest rate 9.5% 10.7% 10.50%

Equity share capital

Opening 4,173 4,175 4,398
Issue of new shares 2 223
Buyback
Closing 4,173 4,175 4,398 4,398

Other equity
Opening 86,046
Issue of new shares
Buyback
Profit 11,173
Closing 47,337 43,748 86,046 97,219
 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25

66,588 70,758 75,089 79,656 85,548 92,198

1,500 1,500 1,500 1,500 1,500 1,500
965 965 965 965 965 965
8,890 10,579 11,816 12,989 14,575 16,030
280 280 280 280 280 280

26,000 26,000 26,000 26,000 26,000 26,000

100 100 100 100 100 100
13,698 15,155 16,717 18,556 20,000 21,515
2,000 2,000 2,000 2,000 2,000 2,000
11,415 12,629 13,931 15,464 16,667 17,929
131,437 139,966 148,398 157,510 167,636 178,517

41,282 44,150 48,700 54,059 58,266 62,677

2,000 2,000 2,000 2,000 2,000 2,000

6,255 6,920 7,633 8,473 9,133 9,824
22,686 48,700 83,276 128,361 180,840 237,245
70 70 70 70 70 70
600 600 600 600 600 600
4,566 5,052 5,572 6,185 6,667 7,172
77,459 107,491 147,852 199,748 257,576 319,588

208,896 247,457 296,250 357,258 425,211 498,106

4,398 4,398 4,398 4,398 4,398 4,398

115,479 147,161 186,165 235,645 294,548 357,953
119,877 151,559 190,563 240,043 298,946 362,351
10 10 10 10 10 10
119,887 151,569 190,573 240,053 298,956 362,361

- - - - - -
50 50 50 50 50 50
60 60 60 60 60 60
110 110 110 110 110 110

- - - - - -
67,552 72,246 79,691 88,460 95,345 102,563
 4,566 5,052 5,572 6,185 6,667 7,172
800 800 800 800 800 800
15,981 17,681 19,503 21,649 23,334 25,100
88,899 95,778 105,567 117,094 126,145 135,635

89,009 95,888 105,677 117,204 126,255 135,745

208,896 247,457 296,250 357,258 425,211 498,106

- - - - - -

456,604 505,165 557,229 618,542 666,682 717,153

273,962 292,996 323,193 358,755 386,676 415,949

13,698 15,155 16,717 18,556 20,000 21,515

3.0% 3.0% 3.0% 3.0% 3.0% 3.0%

11,415 12,629 13,931 15,464 16,667 17,929

2.5% 2.5% 2.5% 2.5% 2.5% 2.5%

41,282 44,150 48,700 54,059 58,266 62,677

55 55 55 55 55 55

6,255 6,920 7,633 8,473 9,133 9,824

5 5 5 5 5 5

4,566 5,052 5,572 6,185 6,667 7,172

1.0% 1.0% 1.0% 1.0% 1.0% 1.0%

67,552 72,246 79,691 88,460 95,345 102,563

90 90 90 90 90 90

4,566 5,052 5,572 6,185 6,667 7,172

1.0% 1.0% 1.0% 1.0% 1.0% 1.0%

15,981 17,681 19,503 21,649 23,334 25,100

3.5% 3.5% 3.5% 3.5% 3.5% 3.5%

- - - - - -

- - - - - -
 - - - - - -

- - - - - -

- - - - - -

- - - - - -
10.50% 10.50% 10.50% 10.50% 10.50% 10.50%

4,398 4,398 4,398 4,398 4,398 4,398

4,398 4,398 4,398 4,398 4,398 4,398

97,219 115,479 147,161 186,165 235,645 294,548

18,260 31,683 39,004 49,481 58,903 63,405

115,479 147,161 186,165 235,645 294,548 357,953
Particulars (Rs. lacs) Mar-16 Mar-17 Mar-18 Mar-19
EBIT 4,941 7,368 9,658 14,337
Tax rate -352.6% 63.0% 6.0% 30.0%
NOPAT 10,036

Add back- Depreciation 11,579

Changes in working capital 9,158
Capex (15,185)
Free cash flow to the firm 15,588
Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
23,803 42,735 52,933 67,594 80,813 86,993
30.0% 30.0% 30.0% 30.0% 30.0% 30.0%
16,662 29,915 37,053 47,316 56,569 60,895

11,356 12,833 13,934 15,909 15,856 16,995

684 189 1,141 1,344 1,055 1,106
(16,894) (18,691) (19,503) (21,649) (23,334) (25,100)
11,807 24,245 32,626 42,920 50,146 53,895
Particulars (Rs. lacs) Mar-19 Mar-20
FCFF 15,588 11,807
Disount factor (WACC) 12.7% 1.03 1.16
Discounted FCFF 15,109 10,158

Terminal value (2025) 856,552

PV of terminal value 405,854
Total Discounted cash flow 144,014
Enterprises Value (EV) 549,867

Sustainable growth rate (g) 6%

Less:- Debt 8234.85

Add:- Cash 603.68
Add:- Investment 28246.16
Fair value of Shopper Stop 570,482

Number share out standing 879

Fair value of per share 649.013

Current Market Price 512

Upside/ Downside 27%

Cost of Equity
Beta 1.08
Risk free rate 7.16%
Market rate of return 12.71%
Risk premium 5.55%
CoE 13.15%

Cost of Debt
Effective interest rate 10.50%
Tax rate 30%
CoD 7.4%

Total Capital
Equity 90443.99 91.7%
Debt 8234.85 8.3%
98678.84 100%

WACC 12.7%
 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25
24,245 32,626 42,920 50,146 53,895
1.31 1.48 1.66 1.87 2.11
18,513 22,110 25,816 26,771 25,537

Growth rate
649 4% 5% 6% 7% 8%
10.7%
11.7%
WACC 12.7%
13.7%
14.7%
Aditya Birla Fashion and Retail Limited Price Mcap EV EV/ EBITD EV/ Sales P/E
Future Lifestyle Fashion Limited
Trent Ltd
V- Mart retail
Titan
Shopper stop

Multiple

Company Ka fundamental Business product swot pestel segement customer

B2B Growth Plagrowth driver
TTM Forward
Particulars (Rs. lacs) Mar-16 Mar-17
Operating activities
Profit before tax from continuing operations (947) 3,215
(Loss) before tax from discontinued operations - (9,026)
Net (Loss) / profit after exceptional item and tax (947) (5,812)
Adjustments to reconcile profit before tax to net cashflow:
Depreciation and amortisation 12,966 11,870
Allowance for doubtful debts / advances 206 273
Share-based payment expense 115 65
Finance costs 8,485 5,998
Loss on sale of property, plant and equipment (net) 93 1
Refundable deposit considered in measurement of minimum lease 1,332 1,244
Interest (time value) recognised on interest free lease deposit (1,091) (1,028)
Interest income (637) (57)
Exceptional items (46) 1,283
Operating profit before working capital changes 20,476 13,838
Working capital adjustment:
Decrease in inventories (8,337) 164
Decrease / (Increase) in trade receivables 2,737 (5,099)
(Increase) / Decrease in Financial assets (others) 1,146 1,542
(Increase) / Decrease in Other non-current assets (2,095) 46
Decrease / (Increase) in Lease deposits-net 1,620 (1,323)
Increase in Short term provisions (2) 153
Increase / (Decrease) in Trade payables and other current liabilitie 4,237 (508)
Others
Cash generated from operations 19,782 8,814
Income taxes paid (net of refunds) (4,246) (2,411)
Net cash from operating activities 15,536 6,403

Investing activities
Purchase of property, plant and equipment (17,298) (11,415)
Proceeds from disposal of property, plant and equipment 77 273
Proceeds from sale of investment in Joint ventures -
Net Proceeds from sale of investments in subsidiary -
Other investments in mutual funds -
Interest received 40 69
Net cash used in investing activities (17,181) (11,074)
Financing activities
Proceeds from issue of equity shares 5 2
Securities premium on issue of share capital 216 93
Share Application money received against options 29
Issue of share capital to minority shareholders 2,069 4,764
Dividend and dividend tax paid (753) -
Interim Dividend and dividend tax paid (753)
Proceeds from long term borrowings 29,112 17,679
Repayment of long term borrowings (9,773) (19,383)
Short term loans (net) (10,603) 1,833
Finance costs paid (8,500) (5,972)
Net cash from financing activities 1,050 (985)

Net (Decrease) in cash and cash equivalents during the year (595) (5,655)
Cash and cash equivalents - beginning of the year 1,320 (6,843)
Cash and cash equivalents - end of the year 725 (12,499)

Add: Bank overdraft / Cash credit - 13,046

Cash and Cash Equivalents on balance sheet 725 548
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

29,142 15961 26086 45261 55719 70686 84147

(5,939)
23,203 15,961 26,086 45,261 55,719 70,686 84,147

11,490 11579 11356 12833 13934 15909 15856

271 - - - - - -
11 - - - - - -
3,768 432 - - - - -
52
821
(681)
(1,458)
(21,599)
15,879 27,972 37,441 58,094 69,654 86,596 100,002

22,125 (2,180) (3,471) (2,868) (4,550) (5,359) (4,207)

1,479 -963 -620 -665 -713 -840 -659
(26,878) -395 -1357 -1457 -1562 -1839 -1444
(6,881) 11508 -1584 -1700 -1822 -2146 -1685
5,754
4 -21.82 0 0 0 0 0
21,886 1,183 7,716 6,878 9,789 11,528 9,051
26 - - - - -
33,369 37,130 38,125 58,283 70,795 87,940 101,057
(3,562) (4,788) (7,826) (13,578) (16,716) (21,206) (25,244)
29,807 32,342 30,300 44,704 54,079 66,734 75,813

(11,458) -15185 -16894 -18691 -19503 -21649 -23334

52
2,870
5,569 246.16 0 0 0 0 0
(2,004)
1,464
(3,507) (14,939) (16,894) (18,691) (19,503) (21,649) (23,334)

223 0 0 0 0 0 0
17,919 0 0 0 0 0 -

1,451 10 0 0 0 0 0
(754)

-
(19,426) -4400.08 0 0 0 0 0
(12,354) -3834.77 0 0 0 0 0
(4,160) (432) - - - - -
(17,101) (8,657) - - - - -

9,199 8,746 13,405 26,013 34,576 45,085 52,480

(12,499) 535 9,281 22,686 48,700 83,276 128,361
(3,300) 9,281 22,686 48,700 83,276 128,361 180,840

3,835
535 9,281 22,686 48,700 83,276 128,361 180,840
 Mar-25

90578

90,578

16995
-
-
-

107,573

(4,411)
-691
-1514
-1766

0
9,489
-
108,679
(27,174)
81,506

-25100

(25,100)

0
0

0
 0
0
-
-

56,405
180,840
237,245

237,245
 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
Property, Plant and Equipment
Gross Block
Opening 82,199 87,665 76,240 88,581 102,279
Addition 14,450 11,892 12,341 13,698 15,155
Disposals -8,985 -23,317
Closing 87,665 76,240 88,581 102,279 117,434

Capex as a % of sales 3.8% 3.2% 3.00% 3.00% 3.00%

Accumulated Depreciation
Opening 7,244 11,690 16,258 26,147 35,690
Depreciation during the year 13,104 9,808 9,889 9,543 10,986
Disposals -8,658 -5,241
Closing 11,690 16,258 26,147 35,690 46,676

Depreciation rate 15.4% 12.0% 12.0% 10.0% 10.0%

Net Block
Opening 74,955 75,974 59,982 62,433 66,588
Closing 75,974 59,982 62,433 66,588 70,758

Intangible assets
Opening 7,338 9,825 10,630 13,509 16,706
Addition 2,530 2,643 2880 3196 3536
Disposals -44 -1,838
Closing 9,825 10,630 13,509 16,706 20,242

Capex as a % of sales 0.7% 0.7% 0.70% 0.70% 0.70%

Accumulated Amortization
Opening 1,364 3,315 4,313 6,003 7,816
Amortization during the year 1,995 1,682 1690 1813 1847
Disposals -44 -684
Closing 3,315 4,313 6,003 7,816 9,663

Amortization rate 23.3% 16.4% 14% 12% 10%

Net Block
Opening 5,975 6,509 6,317 7,506 8,890
Closing 6,509 6,317 7,506 8,890 10,579

Goodwill
Opening 9,765 9,765 965 965 965
Addition
Disposals -8,799
Closing 9,765 965 965 965 965
Mar-22 Mar-23 Mar-24 Mar-25

117,434 133,036 150,355 169,022

15,602 17,319 18,667 20,080

133,036 150,355 169,022 189,103

2.80% 2.80% 2.80% 2.80%

46,676 57,947 70,700 83,475

11,271 12,753 12,775 13,430

57,947 70,700 83,475 96,904

9.0% 9.0% 8.0% 7.5%

70,758 75,089 79,656 85,548

75,089 79,656 85,548 92,198

20,242 24,142 28,472 33,139

3901 4330 4667 5020

24,142 28,472 33,139 38,159

0.70% 0.70% 0.70% 0.70%

9,663 12,326 15,483 18,564

2663 3157 3081 3565

12,326 15,483 18,564 22,129

12% 12% 10% 10%

10,579 11,816 12,989 14,575

11,816 12,989 14,575 16,030

965 965 965 965

965 965 965 965