Avenue Supermarts Limited

Plot No. 3-72 & B-72A, Wagle Industrial Estate, Thane (West) , Maharashtra, India - 400 604

Tel.: 91 22 33400500 0 Fax: 91 22 33400599 ' e-mail: info@dmartindia.com' Website: www.dmartindia.com

Date: 13th June, 2018

To,

BSE Limited The National Stock Exchange of India Ltd.

Corporate Services Department Corporate Communications Department

Phiroze Jeejeebhoy Towers, ”Exchange Plaza”, 5th Floor,

Dalal Street, Bandra — Kurla Complex, Bandra (East),

Mumbai—400 001 Mumbai—400 051

BSE Scrip Code: 540376 NSE Scrip Symbol: DMART

Sub: Analyst/ Investor Meet 2018

Dear Sir/Madam,

We refer to our letter dated 8th June, 2018 in respect of intimation of an Analyst/ Investor Meet

2018. Please find attached herewith presentation for the said meeting. The same is also uploaded on

the website of the Company.

You are requested to take the above information on record.

Thanking You,

For Avenue Supermarts Limited

W W”Ashu Gupta

Company Secretary & Compliance Officer

Encl: as above

CIN: L51900MH2000PLC126473

REGISTERED ADDRESS: Anjaneya, Opp. Hiramndanl Foundation School, Powai, Mumbai, Maharashtra, India - 400076

Corporate Presentation

R G B

Logo Green 4 109 57

Light Green 5 149 77

Lighter Green 6 186 96

Dark Red 190 0 0

Light Red 255 129 129

Dark Blue 0 46 92

Light Blue 0 71 142

Ligher Blue 101 178 255

Font: Frutiger LT 57 Cn

Text grey 64 64 64

Fiscal 2018

Corporate Presentation

Safe Harbor Statement The information contained in this Presentation should be considered in the context of the circumstances prevailing at the time and has not been, and will

not be, updated to reflect material developments which may occur after the date of the Presentation. The information set out herein may be subject to

updating, completion, revision, verification and amendment and such information may change materially. This presentation is based on the economic,

regulatory, market and other conditions as in effect on the date hereof. It should be understood that subsequent developments may affect the information

contained in this presentation, which neither the Company nor its affiliates, or representatives are under an obligation to update, revise or affirm. You

acknowledge and agree that the Company and/or its affiliated companies and/or their respective employees and/or agents have no responsibility or

liability (express or implied) whatsoever and howsoever arising (including, without limitation for any claim, proceedings, action, suits, losses, expenses,

damages or costs) which may be brought against or suffered by any person as a result of acting in reliance upon the whole or any part of the contents of

this Presentation and neither the Company, its affiliated companies nor their respective employees or agents accepts any liability for any error, omission

or misstatement, negligent or otherwise, in this Presentation and any liability in respect of the Presentation or any inaccuracy therein or omission

therefrom which might otherwise arise is hereby expressly disclaimed.

Certain statements contained in this Presentation may be statements relating to the Company’s beliefs, plans and expectations about the future and other

forward looking statements that are based on management’s current expectations or beliefs as well as a number of assumptions about the Company’s

operations and factors beyond the Company’s control or third party sources and involve known and unknown risks and uncertainties that could cause

actual results to differ materially from those contemplated by the relevant forward looking statements. Forward looking statements contained in this

Presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. There is

no obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise. You should not place

undue reliance on forward looking statements, which speak only as of the date of this Presentation.

Certain data contained in this Presentation was obtained from various external data sources, and neither the Company nor any of its affiliates, advisers or

representatives has verified this data with independent sources. Accordingly, the Company and its affiliates, advisers and representatives make no

representation as to the fairness, accuracy, correctness or completeness of that data, and this data involves risks and uncertainties and is subject to

change based on various factors.

The information contained in this Presentation is not to be taken as any recommendation made by the Company or any other person to enter into any

agreement with regard to any investment. You will be solely responsible for your own assessment of the market and the market position of the Company

and you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the

Company. This document has not been and will not be reviewed or approved by a regulatory authority in India or by any stock exchange in India. This

document and its contents should not be forwarded or transmitted in any manner to any person other than its intended recipient and should not be

reproduced in any manner whatsoever.

Corporate Presentation

Table of Contents

1 2 3 4 Company

Snapshot

Industry

Overview

Business

Overview

Operating &

Financial

Summary

Company Snapshot 1

Corporate Presentation

Brief Snapshot

155 Stores

Across 11 States and 1

Union Territory

Predominantly ownership based store operating

model

Emerging National

Supermarket Chain

Incorporated in 2000 by our promoter Mr. Radhakishan

Damani

Corporate Presentation

Key Financial and Operational Statistics

Retail Business Area 4.9 million sq. ft.

Sales per Retail Business Area sq ft

INR 32,719

FY 2018 (INR Crs) Revenue - 15,009

EBITDA – 1,337 PAT – 785

Key Categories Food (51.55%)

Non Food (20.03%) General Merchandise &

Apparel (28.42%)

Total Bill Cuts – 13.44 crs

Like for Like Growth – 14.2%*

All Data pertains to year ended on March 31, 2018 *: LFL growth means the growth in revenue from sales of same stores which have been operational for at least 24 months at the end of a Fiscal

Industry Overview 2

Corporate Presentation

Retail forms around 30% of India’s GDP currently India is a consumption-led economy with private consumption

forming ~60% of the GDP

Food & Grocery forms the largest share of Organized B&M Retail (2016)

Low penetration provides huge potential for growth in F&G

Source: Technopak report titled “Industry Report on Indian Food and General Merchandise Retail Industry” - August, 2016 ^ Accessories includes Bags, Belts, Wallets ^^ Others include Books & Stationery, Toys, Eyewear, Sports Goods, Alcoholic Beverages & Tobacco

Modern Retail Penetration Category wise

2016 2020

Retail forms around 50% of private consumption in India

Food & Grocery24%

Jewellery & Watches

23%Apparel & Accessories^

20%

CDIT16%

Footwear5%

Home & Living5%

Pharmacy & Wellness3%

Others^^ 4%

386

616

960

27 55 115

0

200

400

600

800

1,000

FY2012 FY2016 FY2020P

(USD

bn

)

Overall Retail Organized Brick & Mortar Retail

7% 9% 12%

CAGR (2016-20) Overall Retail: 11.7% Organized Brick & Mortar Retail: 20.2%

Organized Retail Share

1.1

12.3

NA 1.1 1.8 1.8 1.3 1.1

2.0

13.9

10.0

2.4 2.1 1.7 1.5 1.1

0.0

3.0

6.0

9.0

12.0

15.0

Ind

ia US

Ch

ina

Bra

zil

Ger

man

y

UK

Fran

ce

Ital

y

Pri

vate

Co

nsu

mp

tio

n (

USD

tn

)

2015 2020P

3%

22%

40%

27%

10%

25%

10% 12% 5%

32.5%

43.5%

30%

12%

32%

12% 14%

0%

10%

20%

30%

40%

50%

Foo

d &

Gro

cery

Ap

par

el &

Acc

esso

rie

s^

Foo

twea

r

Jew

elle

ry &

Wat

ches

Ph

arm

acy

&W

elln

ess

Co

nsu

me

rEl

ectr

on

ics

Ho

me

&Li

vin

g

Oth

ers^

^

Corporate Presentation

94 49 40 39 26 25 24 23 19 16

355

261

0

100

200

300

400

Mah

aras

htr

a

Tam

il N

adu

Kar

nat

aka

Gu

jara

t

Raj

asth

an AP

Tela

nga

na

Har

yan

a

MP

Pu

nja

b

Dm

art

Stat

es

Re

st o

f In

dia

States where D-Mart is Present Account for >50% of Total Retail Spend

9

Retail Spending in Select States^ Break-up of Retail Spending by States (2016)

^ Highlighted states represent the areas of operation for D-Mart Source: Technopak Industry report on Indian Food & General Merchandise Retail Industry , Aug 2016 ; Data available only for Select States

Maharashtra

94

Uttar Pradesh

44

Andhra Pradesh / Telangana

49

Tamil Nadu 49

West Bengal

29

Gujarat 39

Karnataka

40

26 Rajasthan

Kerala 23

Madhya Pradesh

19

Odisha

11

Punjab

Haryana

23

16 Bihar

Delhi 26

Retail Spending 2016 (USD bn) State shaded in Red indicate new states where stores have been opened in FY18

Growth in Retail Spending across Key D-Mart States (2012-16 CAGR)

10% 11% 11%

14% 12%

Maha-rashtra

Gujarat AP/Telangana

Karnataka MP

Total India Retail Spend – US$ 616 bn

US$

Bn

16

Business Overview 3

Corporate Presentation

Key Product Categories

11

Non-Foods (FMCG) Foods General Merchandise & Apparel

Dairy

Fruits & Vegetables

Plastic Goods

Bed & Bath Crockery Toys & Games

Home Care

Garments

Home Appliances Footwear

Personal Care Toiletries Other over the

counter products

Staples

Frozen Products

Groceries

Processed Foods

Beverages and Confectionery

Snacks

FY17

20.03%

51.55%

53.32% 19.85

%

26.83%

Share of Revenue

FY18 FY17

Share of Revenue

FY18 FY17

Share of Revenue

FY18

28.42%

Corporate Presentation

Cluster Based Expansion Strategy Continues

12

2002-03

Maharashtra (1)

Maharashtra (62)

Karnataka (12)

Gujarat (30)

Madhya Pradesh & Chhattisgarh

(9)

Maharashtra (34)

Gujarat (14)

2011-12 2017-18

1 Store

55 Stores

155 Stores

Andhra Pradesh & Telangana

(4)

Karnataka (3)

Andhra Pradesh (10)

Rajasthan (5)

NCR (1)

Daman (1)

Tamilnadu (3)

Punjab (3)

Telangana (19)

Maharashtra (60)

Karnataka (11)

Gujarat (29)

Madhya Pradesh & Chhattisgarh

(5)

2016-17

131 Stores

Andhra Pradesh (6)

NCR (1)

Daman (1)

Tamilnadu (1)

Rajasthan (3)

Telangana (14)

Numbers in bracket represent stores in that particular state

Corporate Presentation

Year Wise Store Additions

13

62

13

14

21

21

24

FY13 FY14 FY15 FY16 FY17 FY18

75 Total stores

155 131 110 89

Operating & Financial Summary 4

Corporate Presentation

Operating & Financial Summary

15

Like For Like Growth (24 Months)*

Revenue from Sales per Retail Business Area sq ft#

Total Bills Cuts (in Crs)

Retail Business Area at Fiscal End

*: LFL growth means the growth in revenue from sales of same stores which have been operational for at least 24 months at the end of a Fiscal #: Annualized revenue from sales calculated on the basis of 365 days in a year (on standalone basis) divided by Retail Business Area at the end of fiscal

5.34

6.72

8.47

10.85

13.44

1

3.5

6

8.5

11

13.5

FY14 FY15 FY16 FY17 FY18

26.1%

22.4% 21.5% 21.2%

14.2%

0%

10%

20%

30%

40%

FY14 FY15 FY16 FY17 FY18

(%)

2.1

2.7

3.3

4.1

4.9

0.0

1.0

2.0

3.0

4.0

5.0

FY14 FY15 FY16 FY17 FY18

(mn

sq

ft)

23,419 26,388

28,136 31,120

32,719

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

FY14 FY15 FY16 FY17 FY18

(IN

R)

Corporate Presentation

Operating & Financial Summary (Cont’d.)

16

PAT & PAT margin

EBITDA^ & EBITDA Margin

Net Cash flow from Operations

Revenue from Operations

^ EBITDA = Profit / (Loss) before Taxation + Depreciation and amortisation + Finance Costs - Other Income * Revenue from operations is including other operating income and excluding other income

4,670

6,419

8,575

11,881

15,009

0

FY14 FY15 FY16 FY17 FY18

(IN

R C

rs)

223 297

424

620

934

0

200

400

600

800

1,000

FY14 FY15 FY16 FY17 FY18

(IN

R C

rs)

336 454

657

964

1,337 7.2% 7.1% 7.7%

8.1% 8.9%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

0

300

600

900

1,200

1,500

FY14 FY15 FY16 FY17 FY18

INR

Crs

EBITDA EBITDA margin (as % of Revenue from Operations)

160 211

318

483

785

3.4% 3.3% 3.7%

4.1%

5.2%

0.5%

1.5%

2.5%

3.5%

4.5%

5.5%

0

150

300

450

600

750

900

FY14 FY15 FY16 FY17 FY18

(IN

R C

rs

PAT PAT margin (as % of Total Income)

Corporate Presentation

Operating & Financial Summary (Cont’d.)

17

Days Inventory & Days Payables

Fixed Asset and Inventory Turnover Ratio

* Fixed Asset Turnover = Revenue from Operations/Total Fixed Assets ^ Inventory Turnover Ratio = Revenue from Operations/Average Inventory Days Inventory = (Average Inventory / COGS)*365 ; Days Payables = (Average Payables / COGS)*365

Debt = Short term borrowings + Long term borrowings + Current portion of Long Term Debt Return on Net Worth = Net profit after tax / Average Net Worth , (Return on Capital Employed = EBIT / (Avg Debt + Avg Equity – Avg Cash – Avg Current Investment) * Proceeds from IPO received on 18 March 2017 has not been considered for calculation purpose for FY17

Debt and Equity

Return on Net Worth and Return on Capital Employed

28.4 29.7 29.7 28.8 30.0

10.2 8.8 8.4 8.4 8.4 0

10

20

30

40

FY14 FY15 FY16 FY17 FY18Days Inventory Days Payables

3.75 4.01 3.99 4.44 4.43

15.02 14.36 14.41 14.91 14.43

0x

3x

5x

8x

10x

13x

15x

FY14 FY15 FY16 FY17 FY18Fixed Asset Turnover Inventory Turnover Ratio

18.4% 19.7%

23.5%

27.7%

18.5%

20.2% 21.0% 23.8%

27.6% 23.2%

0%

5%

10%

15%

20%

25%

30%

FY14 FY15 FY16 FY17 FY18

(%)

Return on Net Worth Return on Capital Employed 6

23

88

7

1,1

77

1,4

81

43

9

95

1

1,1

94

1,5

12

3,8

37

4,6

43

0.66

0.74 0.78

0.39 0.09

0.0

0.2

0.4

0.6

0.8

1.0

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

FY14 FY15 FY16 FY17 FY18

(IN

R C

rs

Total Debt Equity Debt/ Equity

Corporate Presentation

Thank you!