Vedant Fashions Limited

Investor Presentation
May 2022
1
Disclaimer

This presentation and the accompanying slides (the “Presentation”), which have been prepared by Vedant Fashions Limited (the “Company”), have been prepared solely for
information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in
connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document
containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or
warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation.
This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission
from, this Presentation is expressly excluded

Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively
forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and
assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various
international markets, the performance of the industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future
levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its
exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results
expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking
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statements and projections. All Maps used in the presentation are not to scale. All data, information, and maps are provided "as is" without warranty or any representation of
accuracy, timeliness or completeness.

2
Contents

1 2 3 4 5
About Vedant Key Our Growth Q4 Update and Financial
Fashions Investment Strategy Financial Summary
Highlights Performance

3
 1 2 3 4 5
About Vedant Key Our Growth Q4 Update and Financial
Fashions Investment Strategy Financial Summary
Highlights Performance

4
 Introduction to Vedant Fashions
Indian Wedding and Celebration Wear Brand
Our Brands
Headquartered in Kolkata, incorporated in 2002 by Mr. Ravi Modi, Vedant Fashions offers Indian wedding & celebration wear
 for men, women & kids

Largest company in India in men’s Indian wedding & celebration wear by Revenue, OPBDIT1 & PAT*. Commands dominant
 position in conventionally unorganized market

 Manyavar brand is category leader in branded Indian wedding & celebration wear market with pan-India presence*

Growing presence in women’s Indian wedding & celebration wear with Mohey - Largest brand by number of stores with pan-
 India presence*

 One-stop destination with wide product portfolio for every celebratory occasion; aspirational yet value-for-money offering

 Omni-channel network of EBOs, MBOs, LFS & Online (own website, mobile app & leading lateral e-commerce platforms)

Delivers aristocratic & seamless customer experience via aesthetic franchisee-owned EBOs ~89% of FY22 Sales of
 Customers

Retail footprint (FY22) of 1.3 mn sq. ft. across India (583 EBOs2 in 223 cities & towns in India) and Overseas (12 EBOs in
 USA, Canada & UAE)

Source: *Crisil Report; As of FY20 (latest available); Note: (1) OPBDIT is Operating profit before depreciation, interest & tax; (2) Includes 77 shop-in-shops (SIS)

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What makes Manyavar Special
#2

Multi-brand Product Portfolio #3

#1
 One-stop destination with wide product portfolio for Strong Control Over Entire Ecosystem
men, women & kids catering to all celebratory
occasions across price points  Strong design capabilities with data-driven/ AI backed
Aspirational Yet Value for Money decision-making and demand forecasting
 Low level of obsolete & dead stock
 Aspirational Brand with Aristocratic & seamless  Tech-driven unique supply chain & inventory mgmt. with
customer experience  52 Week Design collection Model Automated Replenishment System at pin code level
 Uniform pricing across online & offline channels in India  Integrated secondary sales network with full visibility of
 No discounts/ end-of-season sales for Manyavar brand products sold at our stores
 Multi Decade growth Opportunity for the Category from  Having First mover advantage, VFL scaled up and
here organized highly unorganized and fragmented category

#4
#6

Curated Marketing Strategy with Multi

Strong Corporate Governance #5
Channel Presence
 Experienced management with rich functional expertise
 Big 4 statutory auditor coupled with eminent Board of Industry Leading Economics  Emotional connect with theme-based campaigns
Directors  World Class Financial Matrix in apparel retail being  Celebrity brand ambassadors
 Embraces ESG & promotes CSR largest company in India in men’s Indian wedding &  Omni-channel network with pan-India presence
celebration wear by Revenue, OPBDIT & PAT*
 Asset light & franchisee-led EBO distribution model with
high cash conversion ratio
 Leads the peer set in terms of financial & operational
metrics
 What makes Manyavar Special
Source: *Crisil Report; As of FY20 (latest available)
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 Our Brand Portfolio
One-stop Destination for Every Family’s Celebration Wear Needs

Manyavar is category leader in branded Indian wedding & celebration wear market with pan-
India presence*. Manyavar is our flagship Men’s & Kid’s brand in mid-premium Indian wedding
& celebration wear price range

Twamev is a premium offering in men’s Indian wedding & celebration wear market & is priced
between Manyavar & other luxury boutique brands

Manthan is value brand offering in men’s Indian wedding & celebration wear that aims to cater to
sizable number of mid-market weddings & other celebrations through its product portfolio

Mohey, an emerging brand in women’s mid-premium segment, is the largest brand by number of
stores with pan-India presence, focusing on women’s Indian wedding & celebration wear*

Mebaz is a heritage brand with a strong regional presence in AP & Telangana. It is a one-stop
shop for ethnic celebration needs of the entire family in mid-premium to premium price segment

Source: *Crisil Report; As of FY20 (latest available)

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Evolution Over the
Years

Brand  Strategic Acquisition Celebration

Manyavar Wear Partner in
of Mebaz
started Femina Miss
operations  Kedaara Capital
India 2021
via invested
predecessor Launched Mohey
entity (Women’s Celebration  Launched Twamev (Men’s
Wear label) premium wear brand)
 Crossed INR 10,000 mn
1st EBO in Surpassed >INR 1,000 EBO revenue & 1 mn
Bhubaneshwar mn EBO revenue sq. ft. of EBO presence

1999 2002 2008 2011 2012 2013 2015 2016 2017 2018 2019 2020 2021 2022

 Crossed INR 5,000 Launch of Listing on

1st International mn in EBO Manyavar Stock
store in Dubai revenue mobile app Exchanges
(UAE)
Official Indian  1st Store in USA  Launch of Manthan
Incorporated
Vedant Fashions Wear Partner of (Value Celebration Wear
Pvt. Ltd. 3 IPL teams label)
 Official Sponsor of 2
IPL teams
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 1 2 3 4 5
About Vedant Key Our Growth Q4 Update and Financial
Fashions Investment Strategy Financial Summary
Highlights Performance

9
Our Strengths

Large & growing Indian wedding & celebration wear market driven by an increased spending on such
wear

Market leader in Indian celebration wear market with diversified brand portfolio across value spectrum
for entire family

Unique business model combining asset-light brand play along with seamless purchase experience;
no end of season sales/ discounts for Manyavar brand

Attractive marketing initiatives of creating connections through emotions

Widespread pan-India multi-channel presence with ~89% sales of customers (FY22) through EBO
network with scalable franchisee model

Technology-based supply chain network with strong processes in place

Experienced & professional leadership team

Experienced Board of Directors aided by professional partners

Strong growth trajectory with industry leading margins, return metrics & healthy cash generation

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 Large and Growing Indian Wedding and Celebration Wear Market

Indian Ethnic Wear & Celebration Wear Market

Aggregate Industry1 Men Women

Ethnic Wear Ethnic Wear Ethnic Wear

~1,800 5.5-6.0% ~180 ~1,458
NA NA
~2,350-2,400 NA NA

Celebration Wear Celebration Wear Celebration Wear

5.5-6.0% ~735
~1,020 ~133 5.0-6.2% 5.3%-6.4%
~1,325-1,375 ~170-180 ~950-1,000

Branded Branded Branded

~153.0-204.0 ~26.6-33.3 ~110.3-147.0
FY20 (INR bn) 371.0-440.0 ~68.0-81.0 ~256.5-300.0
FY25 (INR bn) 18.0-20.0%
18.0-22.0% 17.0-20.0%
CAGR FY20-25E

Multi-day & Multi-event Wedding Celebrations with Ethnic Wear National & Regional Festivals adding to Category Growth

Mehndi Haldi Sangeet Engagement Wedding Diwali Durga Pooja Rakhi Ganesh
Independence Day
Chaturthi

Source: Crisil Report; Note: (1) Aggregate industry includes Kids wear
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…Driven by Increased Spending on Celebration Wear

Multi-day & multi-event wedding Trend to wear apt Indian Wedding &
#1 Huge domestic market of weddings per year #2 celebrations
#3 Celebration wear for events

34% Population estimated in marriage

3-5 days Wedding span
Many festivals spent
25+ Festivals in India
over span of 5-10 days
age (20-39 yrs) (2021) For all functions other than
~50 guests wedding
~283 mn
Unmarried Population (2021)
>200 guests Attend main wedding
Majority festivals have Celebration in
Trends significant Corporates by
9.5-10 mn Marriages per year Destination Pre-wedding photo Theme-based pre-
celebrations & social
gatherings
employees
Weddings shoot wedding parties

Increasing association with brands in Shift from tailored to ready-to-wear Increased penetration of branded players in
#4 celebration ethnic apparel
#5 celebration ethnic apparel
#6 Tier 2/3 markets
Brand Latest Fashion
=
Quality + Fit + Providing seamless experience by Increase in sale of branded items
avoiding multiple trials in tailored made through advertisement
products

Marketing Initiatives by Brands like Manyavar Up-to-date designs available

Source: Crisil Report

Brands use data analytics to identify consumer needs

Recommendations by in-store experts

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…Driven by Increased Spending on Celebration Wear
Consumers from Tier 2/3 towns visit Metro/
Tier 1 cities to shop branded celebration wear

Branded players expanding in Tier 2/3 cities to

improve their market & visibility

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 Diversified Brand Portfolio Catering to Aspirations of Entire
Family

Year 19991 2019 20182 2015 20173

Target Group Men, Boys Men Men Women Men, Women, Kids

Price Spectrum Mid-Premium Premium Value Mid-Premium Mid-Premium to Premium

Distribution EBOs, MBOs, LFS, E-commerce EBOs MBOs, LFS, E-commerce EBOs & E-commerce EBOs

 Kurta set  Men: Kurta, Indo-western, Sherwani,

 Men: Kurta, Indo-western, Sherwani,  Lehenga
 Sherwani Jacket, Suit, Accessories
jacket, accessories  Saree
Product Portfolio  Kids: Kurta set, jacket set, Indo-
 Indo-western  Kurta
 Gown
 Women: Lehenga, Saree, Suit, Kurti
 Suit  Kids: Lehenga, Gown, Frock, Kurta,
western, accessories  Accessories
 Accessories Suit, Accessories

 Category leader in branded Indian  Largest brand by number of stores,

 Upscale consumer experience  South India focused regional brand;
wedding & celebration wear market  Large blend of product designs at with pan-India presence focusing
strong presence in AP & Telangana
with a pan-India presence* value prices women’s Indian wedding & celebration
 Cross-sell premium offering to wear*
 One-stop shop for ethnic celebration
Key Attributes  Other brands in the category only Manyavar customers  Benefit from Manyavar’s leadership
need of entire family
1/7th the size of Manyavar  Aims to cater to sizable number of position & pan-India EBO footprint
 Priced between Manyavar & luxury mid-market weddings & other  Celebrity brand ambassador &
 No end of season sales or celebrations  Rich heritage brand with strong
boutique brands campaigns like “#Dulhan wali
discounts for Manyavar brand legacy
feeling”

Source: Crisil Report; *As of FY20 (latest available); Note: (1) Brand ‘Manyavar’ started operations via predecessor entity in 1999; (2) Large scale operations commenced after refreshed launch in 2018; (3) Brand ‘Mebaz’ was started in 2002 but
was acquired by Company in 2017;
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Aesthetic Appeal with Modern Touch stores to provide Enhanced and Elevated
Customer Experience

14
Aesthetic Appeal with Modern Touch stores to provide Enhanced
Elevated
and Customer Experience

15
Unique Model with High Barriers to Entry

Supply Chain & Vendor Management Inventory Management

► Tech-based fully-integrated supply chain with automated ► Algorithm-based inventory management system for
replenishment system real- time monitoring store inventory at EBOs
► Large network of 460+ registered vendors across 42 cities (FY22) ► Ability to minimize obsolete & dead stock
► Longstanding relationship with expert artisans ► For online channel, inventory stocking is integrated with
entire warehouse stock

Understanding Consumer Preferences Robust Franchisee-led EBO distribution model

► Collect secondary sales data to analyze consumer ► Initial capital commitment from franchisees
buying behavior
► Provide all necessary support to Franchisees
► Product development basis prevailing trends & consumer
preferences gathered via data analysis, market surveys ► ~77% franchisees have operated stores for >3 yrs (FY22)
► Network of 300+ franchisee partners (FY22)

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Attractive Marketing Initiatives of Creating Connections through Emotions

# #
Theme-based Marketing Campaigns around Indian Traditions & Values to Develop Deeper Emotional Connect

# #Pehno Apni Pehchan #Shaadi Grand Hogi Apno Wali Shaadi

Embrace your roots Celebrations incomplete Weddings about Best celebrated

Umpteen happiness Wedding celebrations with loved ones
without Ethnic Wear vast emotions with Family

# Diwali Wali Feeling # Taiyaar Hokar Aaiye # Shaadi ka Kharcha Adha Adha

Wedding - union of two Families can share all wedding

Celebrate religious festivals like Diwali in traditional attire
families expenses equally

Marketing Initiatives

► Brand
► Billboard
► Multiplex Cinema Traditional Brand Ambassador
Building ► Event
► Television Sponsorship

► In-store Visual
► Social Media In-Store ► Store Facade
► Email
Digital
► Store Shutter

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Fully Integrated Technology-based Supply Chain Network

► Automated Replenishment System

► Longstanding relationship at EBO level
fabric & material suppliers
► Use of tech to monitor &
manage real-time store
inventory levels
460 42 cities
Registered Sourcing
0.26 mn sq. ft.
vendors network Central Warehouse
(FY22) (FY22) in Kolkata (FY22)

Product Design Inventory EBO Retail

Vendors Manufacturing
Team Management Network

► Headed by Chief Product ► Access to large number ► ERP-Ginesys system at

Officer, associated since of artisans across India each franchisee-owned EBO
inception ► Manufactures a) in-house & b) ► Product resource synchronization
► Develop authentic, concept- via 3rd party jobbers between EBOs & warehouse
based, impressionable ► Also procures finished ► Track inventory on real-time basis
designs products from 3rd party & sales made at EBOs
► Uses market research manufacturers ► Analyze trends & consumer behavior,
& customer data backward integrate it into supply
insights Stages of Production chain & minimize dead stock

Cutting Embroidery Stitching Finishing

Accurate forecasting & planning to System driven procurement & Automated Replenishment
Supply Chain guide end to end supply chain controlled manufacturing & Inventory Management
Strong relationships with vendors

Data-driven decision making & forecasting of cultural & evolving fashion trends across India
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Consistent Focus on Building Strong and Automated Processes

 Launch of Compliance Tool;

Adoption of Wooqer –  Launch of MBO Digital Order  Launch of Upgraded Website;
Successful Adoption of App
ERP Integrated System Communication Module  Fully integrated stores catalogue
Business Analytical Tool  Installation of Onsite
since Inception with Stores  Mobile App
premises DR Site

2002 2008 2009 2012 2016 2017 2018 2019 2020 2021

Retail ERP Module Integration Launch of

Introduction Launch of Manyavar  Adoption of W.M.S1 process
with auto replenishment Jobber Portal
of “Sansar Module” – Vendor Portal  Launch of “Swayam App”
planning model since 1st EBO
POS Order Management

Sansar

 Fully Integrated  System Driven  Algorithmically

managed  Able to achieve
economies of scale in
production
 Data-based decision-
making & forecasting  High quality finished
products increase repeat
purchases

Source: Crisil Report; Note: (1) W.M.S is Warehouse Management System

Experienced Board of Directors aided by Professional Partners

Ravi Modi Shilpi Modi Sunish Sharma

Nominee Director
Chairman & MD Whole-time Director
PG Diploma in Computer Aided Mgt. (IIM Calcutta),
Commerce (St. Xavier's College, Kolkata) Commerce (Allahabad University) B.Com (DU), Cost Accountant
Work Experience
Work Experience Work Experience
Kedaara Capital General Atlantic McKinsey & Co

Co-CEO & Ex-Engagement

Ex-MD
Managing Partner Manager

Manish Mahendra Choksi Tarun Puri Abanti Mitra

Independent Director Independent Director Independent Director

MBA (University of Houston), B.Tech (Houston

PGDM (IIM Calcutta), B. Tech (BITS Pilani) PG in Rural Management (IRMA)
University)
Work Experience Work Experience Work Experience
Asian Paints Chiratae Ventures Nike Unilever
Positron Consulting Spandana Sphoorty Criss Financial
Vice Chairman Global Advisory Board Ex-MD (Nike India) Ex-Regional VP
Independent Independent
Director
Director Director

S.R. Batliboi & Tech-driven

Professional Co. LLP company with
Big 4 Statutory Professional
Partners & ERP System automated
An affiliate of Auditor Management
Practices processes &
EY controls

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Embracing ESG by Empowering Artisans and Community

Inclusive growth of all stakeholders even during tough

Contributions through Manas Foundation
times

Informal education Employment to local Associated with over Continued to support

to tribal children artisans & 460 registered vendors & encourage vendors
embroidery workers (FY22) & jobbers for their
across India growth during the
COVID-19 pandemic

Improve preventive
CSR Spends
healthcare
& sanitation
54.8 52.1
43.8
35.8

INR mn
Ensure 1.2%
environmental 0.7% 0.7% 0.8%
sustainability
& animal FY 2019 FY 2020 FY 2021 FY 2022
welfare CSR Expenditure % of Total Expense

Through its CSR initiatives, the Company aims to improve the livelihood for the underprivileged

21
Awards and Accolades

2018 2014
2022 2020

“Most Admired Retailer of the Year “Fastest Growing Company-

“Dream Employer of the Year” “Men’s Indianwear” maximum turnover INR 300 crore”
Marketing & Promotions Campaign”
World HRD Congress Images Excellence Award Images Retail Award ET Bengal Corporate Award

"Retail Marketing Campaign of the Year

#TaiyaarHokarAaiye” “Pioneer in Ethnic Retail Business”
ET Now ABP News
“The Best of Bharat” Awards 2017
E4M Pride of India
“Excellence in Business Performance –
Turnover between INR 300 Crore and
1,000 Crore”
“Most Admired Fashion Brand of the year:
“Most Admired Fashion Brand of the ET Bengal Corporate Award
Men’s Indian Wear” 2008 - 2010
year: Men’s Indianwear” Images Fashion Award
Images Fashion Award

2019 “Iconic Men’s Ethnic Brand”

2015 Central Icons

“Transformational Contribution to Indian “National Retailer of the Year”

2021 Apparel and Retail Industry” 4th Annual“Excellence
Indian Retailin&Supply
Indian eRetail
Ministry of Textiles and the Clothing Awards
Manufacturers Association of India Chain Management &
Fulfillment”
Images Retail Tech Award
“Most Admired Retailer of the year Times Business Award for 2004 - 2008
Marketing and Advertising campaign” “Best Men's Ethnic Wear Brand (East)”
Mapic India “Highest Job Creator - above INR 300
Times Group crore to INR 1000 crore”
ET Bengal Corporate Award
“Best Employer Branding Award” “Retail Marketing Campaign of the Year”
World HRD Congress and Stars Group ET Now “Best Men's Ethnic Wear Brand”
Central Icons

22
 1 2 3 4 5
About Vedant Key Our Growth Q4 Update and Financial
Fashions Investment Strategy Financial Summary
Highlights Performance

23
Our Growth Strategy

Retail Expansion within Up-selling and cross-selling

and outside India initiatives

Enhancement of brand appeal

through targeted marketing
Disciplined approach initiatives
towards acquisitions

Significant potential and space for growth of our

emerging brands
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Retail Expansion within and Outside India

Strategic enablers Independent growth strategy for each of the brands

Expansion in new Expansion in new cities /

geographies Increasing penetration in existing
towns in existing
markets across existing cities
geographies

Strong existing Cluster-based Identification of

presence in the expansion strategy potential locations
market in existing & new ■ Increase volumes via MBOs,
geographies ■ Expand along with 'Manyavar‘ LFS, wholesale & online
■ Expand into new cities and
increase retail area in existing channels
cities ■ Exclusive Mohey standalone
■ Increase volumes via stores
MBOs, LFS, & online channel
In-depth market Omni-channel Online sales through
research & presence website & mobile ■ Expand into international ■ Up-selling at 'Manyavar' stores
analysis application platforms markets

Robust expansion plans to improve reach across online & offline channels

Plans to double EBO retail space footprint1 Leverage on e-commerce boost by adopting omni-channel strategy

(mn sq. ft.) Sales of Customers – Online Channel

2.2
Online channel allow customers to browse (INR mn)
product catalogues online & decide on CAGR: 70.0% 408
1.3 designs
187
0.5 127
Omni-channel strategy, customers have 83
flexibility to access products through offline
FY 2016 FY 2022 Next Few Years and online channels Source: CRISIL report; Note: (1) Includes 77 shop-in-shops (SIS)

25
Retail Expansion within and Outside India
FY 2019 FY 2020 FY 2021 FY 2022

26
Retail Expansion within and Outside India (Cont’d.)

Strong focus on increasing presence in international markets

Key parameters to
Strong-rooted Indian High spending power
expand international Large Indian diaspora traditions
presence

International
Presence
(FY22)

3 UK
Canada* 1
Countries

USA* 5
12 Middle East
EBOs
South East Asia
UAE*
8 6
Cities Australia
India1*

24,357 sq. ft. 583

EBO Retail Store Space

Existing EBO Stores Existing presence Expansion plans * Plans to expand further
27
Retail Expansion within and Outside India (Cont’d.)
Note: (1) Includes 77 shop-in-shops (SIS)

28
Up-selling and Cross-selling Initiatives

Up-selling & Cross-selling Initiatives Deepen customer connections & extend buying opportunities

Up-sell
Growth Strategy
Wedding Non Wedding

Customers looking for premium offerings

Cross-sell
High
ABV, ABS,
&
Leveraging ‘Manyavar’ store presence Productivity
Bride & Groom Family & Attendees Festivals Celebrations
Friends & Guests

Targeting
Targeting Targeting Targeting National

+
Celebrations
Brides & Targeting guests Festivals like
= ‘Man-Moh’ Grooms close family attending Diwali, Holi as well
such as
Birthday,
with multiple & special multi as Regional
Anniversary &
wedding friends wedding Festivals like
Coordinated Jodi Collection for the bride & the groom Housewarming
occasions occasions Durga Puja,
Party
Pongal

To expand product portfolio Programs for Staff & Franchisee

Expand via omni-channel Training Through Incentive Programs

Kids’ Wear Range Accessories
strategy with an optimal blend of
products

29
Up-selling and Cross-selling Initiatives
Short videos Up-selling & Cross-selling ‘WOW bills’- Reward initiative
In-person meetings For achieving sales threshold
initiatives

30
Enhanced Focus on Kids Segment to Drive Growth

Large & growing Kids’ Indian Wedding &

Brands in
Celebration Wear market*
Kids Category

Ethnic Wear
162
Distribution
EBOs, MBOs, LFS, E-commerce EBOs
Channel

Celebration
Wear
Kids’ Product Kurta set, jacket set, indo-westerns & Lehengas, gowns, frocks, kurtas, suits &
152 `
5.1-6.2% Portfolio accessories accessories
195-205

Branded
16.2-23.8
46.5-59.0

FY20 (INR bn)

FY25 (INR bn) CAGR FY20-25E

Marketing Campaigns Strategy to grow in the Kids category

Expand/ Introduce
Product Range

Focus on opportunities in adjacent product categories within

Strategic
Indian wedding & celebration wear like kids apparels &
Acquisitions
accessories

Source: CRISIL report; Note: *Market size for Kids category have been taken as balancing figures of aggregate market & men’s & women’s market together for Indian Branded Wedding & Celebration Wear Market
31
Significant Potential for Growth of our Emerging Brands
(32/2)

Independent brand strategy enabled with assessment of customer demand, international & local trends &
evolving customer preferences

Opportunity Strategy

~INR 735 bn 5.3-6.4% 15-20% 17-20% Introduction of Cross-sell with ‘Manyavar’ brand as coordinated Jodi,
‘MAN – MOH’ leveraging Manyavar’s leadership position
Overall women’s Penetration of Branded
CAGR women’s Indian wedding CAGR
Indian wedding &
celebration wear
(FY20-25E) & celebration wear (FY20-25E) Footprint
Expand footprint with Manyavar EBOs
market (FY20) market (FY20) Expansion
Lack of a nation-wide brand in the mid-premium & premium market
Standalone
Establish standalone ‘Mohey’ brand stores
stores
Target
To increase the depth of product mix to an additional array of
Establish a leadership position Merchandize Mix
products, including accessories
in Women’s Indian Wedding & Establish presence in
Celebration Wear market like high demand product Independent marketing initiatives; celebrity brand
‘Manyavar’ market ambassadors

Marketing
Strategy

Building brand through event Celebrity advertisements to

sponsorships attract youth

Source: CRISIL report

32
Significant Potential for Growth of our Emerging Brands
(33/2)

Opportunity

INR 133 bn 5.0-6.2% 20-25% 18-22%

Overall men’s Indian wedding CAGR Penetration of Branded men’s Indian CAGR
& celebration wear Market (FY20-25E) wedding & celebration wear Market (FY20-25E)
(FY20) (FY20)

Target Focus on further up-selling at existing Manyavar stores Increase footprint to cater to ~5 mn weddings in a year

Increase footprint with a targeted presence through MBOs

Up-scale ‘Manyavar’ customer base to premium offering
& LFS channels

Target new customers via attractive pricing

Establish footprint with ‘Manyavar’ stores
initiatives
Strategy

Create a comprehensive merchandise mix Focus on online sales via online channels*

Blend of product designs at value

Independent marketing initiatives
prices

Source: CRISIL report; *Note: Online channel includes Manyavar website, Manyavar mobile application and leading e-commerce partners
30
Disciplined Approach towards Acquisitions

Growth via acquisitions Driven by…

Established Competitor Regional gaps and consolidate leadership position

Leverage existing strong cash position

Optimize omni-channel network

Expand Presence in Product / Category

New Regions Expansion Resulting in…

Increase in customer base

Strategic acquisition of South India focused Heritage brand ‘Mebaz’ in FY18

Economies of scale
Strengthen leadership position in South Indian
market, specially in AP & Telangana
Rationale

Complement Company’s existing omni-channel Increase in profitability margins

network

‘One-stop-shop’ for the ethnic celebration needs of

Higher market share
the entire family

31
 1 2 3 4 5
About Vedant Key Our Growth Q4 Update and Financial
Fashions Investment Strategy Financial Summary
Highlights Performance

32
Wide Pan-India Reach and Presence including International Markets

Presence Presence Net Rollout

(as of Mar-22) (as of Dec-21) (Q4 FY22)

1.27 mn 1.21 mn 57 k
Sq. ft. Sq. ft. Sq. ft.

EBO’s Area EBO’s Area EBO’s Area

595 578 17

EBOs1 EBOs1 EBOs1

223 222

Cities & towns in India Cities & towns in

India

International Presence (as of Mar-22)

3
8 Total EBOs: 12
Countries Cities 6 5 1
24,357 sq. ft. UAE USA Canada

Total Retail Store Space

33
Note: 1. EBO’s includes shop-in-shops (SIS)

34
Strong Retail Growth (Sale of our Customers1) across Channels
INR in mn

Q4 FY’22 Vs Q4 FY’21 FY’22 Vs FY’21

+45.4% +76.2%
3,981 14,736

2,738
VFL recorded SSSG2 of 33.4% in Q4
FY’22 over Q4 FY’21 and 65.2% SSSG in
8,362
FY’22 over FY’21

Q4 FY’21 Q4 FY’22 FY’21 FY’22

Note: 1. Sales of our customers comprises of sales of products of our brands (a) made by our EBOs, LFSs and online channel customers, and (b) made by us to MBOs (including shop-in-shops) and certain lateral e-commerce platforms customers
at RSP; 2. SSSG stores for comparing with FY21 includes stores open on or before 31st Mar’ 2020 and running as on FY22
35
Q4 FY22 and FY22 Financial Highlights (Consolidated)

Q4 FY22 YoY Analysis INR in mn

Revenue from Operations Gross Profit & Gross Margin EBITDA & EBITDA Margin PAT & PAT Margin

Margins  67.4% 66.4% Margins  47.3% 49.6% Margins  24.9% 29.9%

54.7% 52.4% 61.9% 86.3%

2,963 1,967 1,469 887

1,916 1,291 907 476

  
Q4 FY21 Q4 FY22 Q4 FY21 Q4 FY22 Q4 FY21 Q4 FY22 Q4 FY21 Q4 FY22

FY22 YoY Analysis

Revenue from Operations Gross Profit & Gross Margin EBITDA & EBITDA Margin PAT & PAT Margin

Margins  66.8% 66.9% 49.9% 50.1% 23.5% 30.3%

Margins  Margins 

84.3% 84.5% +85.0% +136.9%

10,408 6,958 5,213 3,149

5,648 3,771 2,817

1,329

  
FY21 FY22 FY21 FY22 FY21 FY22 FY21 FY22

Note: (1) Gross Profit = Revenue from Operations – Cost of Goods Sold; Cost of Goods Sold = Cost of Material Consumed + Changes in Inventories of finished goods & Work-in-progress + Purchase of stock-in-trade + Job Charges; Gross Margin = Gross Profit ÷
36
Q4 FY22 and FY22 Financial Highlights (Consolidated)
Revenue from Operations (2) Note for EBITDA = PBT + Finance cost + Depreciation - Interest Income on fixed deposits, bonds & debentures - Dividend Income - Profit on sale of investments - Profit on fair valuation of investments carried at FVTPL

37
Profit and Loss Statement Q4 FY22 and FY22 (Consolidated)
INR in mn
Quarter ended Year ended
Particulars March 31, 2022 December31, 2021 March 31, 2021 March 31, 2022 March 31, 2021
(Audited) (Unaudited) (Unaudited) (Audited) (Audited)
Sr.no Income:
I Revenue from operations 2,963 3,847 1,916 10,408 5,648
II Other income 111 114 93 499 602
III Total income ( I + II ) 3,074 3,961 2,008 10,908 6,250
IV Expenses:
Cost of materials used
- Raw materials 380 352 276 1,152 555
- Accessories & packing materials 55 54 36 176 101
Purchases of stock-in-trade 532 592 337 1,706 708
Changes in inventories of finished goods, work-in-progress and
stock-in-trade (224) 22 (214) (366) 100
Employee benefits expense 166 179 106 575 381
Finance costs 86 76 62 284 258
Depreciation and amortisation expense 269 244 228 944 955
Other expenses 613 734 521 2,206 1,373
Total expenses 1,878 2,252 1,352 6,678 4,431

V Profit before tax (III-IV) 1,196 1,710 656 4,230 1,819

VI Tax expense/(credit):
- Current tax 308 429 153 1,057 433
- Deferred tax charge/(credit) 1 3 27 24 57
VII Profit for the period/year (V-VI) 887 1,278 476 3,149 1,329

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Marketing Initiatives

Marketing Initiatives Theme- based Marketing Ad Campaigns

Official Indian Wear partner for
ICC World Cup 2021
# #Manyavar Aa Gaya # #Diwali Wali Feeling

Collaboration with Celebrity Influencers Twamev Launch on Social Media Platform

News Channels & Multiplex Collaboration

37
 1 2 3 4 5
About Vedant Key Our Growth Q4 Update and Financial
Fashions Investment Strategy Financial Summary
Highlights Performance

38
 Long Track Record of Strong Growth Trajectory
INR in mn

Revenue & Sales of Customers Gross Profit1 EBITDA2

Sales of Margins  Margins 

11,355 12,652 8,362 14,736 65.0% 65.3% 66.8% 66.9% 42.2% 43.6% 49.9% 50.1%
Customers
10,408 6,958 5,213
9,155 5,980
8,007 5,203 3,988
3,380
5,648 3,771 2,817

FY 19 FY 20 FY 21 FY22 FY 19 FY 20 FY 21 FY22 FY 19 FY 20 FY 21 FY22

PBT PAT RoCE (Pre-Tax)3

Margins  33.8% 34.1% 32.2% 40.6% 22.0% 25.8% 23.5% 30.3%

Margins 

4,230 3,149 75.38%

2,366
2,709 3,118 1,764
1,329 48.24% 47.80%
1,819 34.07%

FY 19 FY 20 FY 21 FY22 FY 19 FY 20 FY 21 FY22 FY 19 FY 20 FY 21 FY 22
Note: (1) Gross Profit = Revenue from Operations – Cost of Goods Sold; Cost of Goods Sold = Cost of Material Consumed + Changes in Inventories of finished goods & Work-in-progress + Purchase of stock-in-trade + Job Charges; Gross Margin = Gross Profit ÷
Revenue from Operations (2) EBITDA = PAT + Finance costs + Total tax expense + Depreciation - Other finance income (3) ROCE = Numerator = PBT + Finance cost – (Interest income on fixed deposits, debentures + Profit on sale of investments + Profit on fair
valuation of investments carried at FVTPL + Dividend income from mutual funds) Denominator = Net worth – (Current investment + Non current investment + Other bank balance)
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 Consolidated P&L Statement

Year ended Year ended Year ended Year ended

INR mn
31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22

Revenue from operations 8,007 9,155 5,648 10,408

Other income 191 325 602 499

Total income 8,198 9,480 6,250 10,908

Cost of goods sold 2,226 2,512 1,463 2,668

Job Charges 578 663 414 782

Employee benefits expense 472 533 381 575

Other expenses 1,374 1,510 959 1,424

EBITDA 3,380 3,988 2,817 5,213

EBITDA % 42.2% 43.6% 49.9% 50.1%

Finance cost 196 256 258 284

Depreciation and amortisation expense 643 887 955 944

Profit before tax 2,709 3,118 1,819 4,230

Tax expenses 945 752 490 1,081

Profit after tax 1,764 2,366 1,329 3,149

Net Profit % 22.0% 25.8% 23.5% 30.3%

Note: Figures rounded off to the nearest integer; Cost of goods sold = Cost of material consumed + Change in inventories + Purchase of stock-in-trade; EBITDA = PBT + Finance cost + Depreciation - Interest Income on fixed
deposits, bonds & debentures - Dividend Income - Profit on sale of investments - Profit on fair valuation of investments carried at FVTPL

40
Consolidated Balance Sheet

INR mn As at 31-Mar-19 As at 31-Mar-20 As at 31-Mar-21 As at 31-Mar-22

Assets
Non-current assets
Fixed Assets 2,421 2,608 2,556 2,480
Right-of-use assets 1,963 2,460 2,035 2,667
Capital work-in-progress 14 - 2 -
Investments 252 460 800 1,003
Other non-current assets 1,107 1,072 1,112 1,207
Total non-current assets 5,756 6,601 6,505 7,357
Current assets
Inventories 909 1,209 1,012 1,430
Trade receivables 3,327 3,721 3,612 3,967
Investments including Cash and bank Balance 2,886 3,748 4,627 4,160
Other current assets 307 637 500 770
Assets held for sale - - - 13
Total current assets 7,429 9,315 9,751 10,340
Total assets 13,185 15,916 16,257 17,697
Equity and Liabilities
Equity
Equity share capital 250 250 248 243
Other equity 8,577 10,410 10,666 10,585
Total equity 8,828 10,660 10,914 10,828
Non-current liabilities
Lease liabilities 1,297 1,697 1,397 1,934
Deposits 634 737 818 912
Deferred tax liabilities (net) 90 81 147 168
Other Liabilities & Provisions 412 423 383 423
Total non-current liabilities 2,433 2,937 2,745 3,437
Current liabilities
Borrowings - - - -
Lease liabilities 541 731 707 853
Trade payables 581 504 499 730
Other current liabilities 803 1,083 1,391 1,849
Total current liabilities 1,925 2,318 2,597 3,432
Total equity and liabilities 13,185 15,916 16,257 17,697
Note: Figures rounded off to the nearest integer; Fixed Assets includes Property, Plant & Equipment, Goodwill, Intangible Assets & Intangible Assets under development; Cash and bank balances include balance with bank, cash on hand and fixed
deposits with banks with maturity > 3 months and <12 months * Buyback In July 2021 of INR 3,313.31 Million

41
Consolidated Cash Flow Statement

Year Year Year Year

INR mn
ended 31- ended 31- ended 31- ended 31-
Mar-19 Mar-20 Mar-21 Mar-22
Cash flow from operating activities
Profit before tax 2,709 3,118 1,819 4,230
Operating profit before working capital changes 3,369 3,989 2,472 5,050
Movement in working capital (67) (804) 399 (450)
Cash generated from operations 3,303 3,185 2,871 4,600
Net income tax (paid) (954) (750) (345) (1,090)
Net cash from operating activities 2,348 2,434 2,526 3,510
Cash flow from investing activities
Purchase of property, plant and equipments, capital work in progress & intangible assets
(101) (284) (125) (23)
(including capital advances)
Proceeds from sale of property, plant and equipments & intangible assets (including advance
28 100 276 132
received)
Net proceeds from sales / (purchase) of investments (463) (1,445) (1,424) 37
Interest and dividend income and other items (1,093) 672 389 418
Net cash (used in) investing activities (1,629) (957) (884) 565
Cash flow from financing activities
Proceeds / (repayment of borrowings) (1) 0 - -
Cash-credit paid back (126) - - -
Payment of Lease Liability (581) (803) (578) (834)
Buy back of shares - - (1,084) (3,313)
Dividend paid - (604) - -
Interest paid other than lease & other items (2) (3) (2) (4)
Proceeds from fresh equity shares issuance against vested ESOPs in Holding Company - - - 47
Net cash used in financing activities (710) (1,410) (1,665) (4,105)
Net increase / (decrease) in Cash and cash equivalents 9 68 (23) (30)
Cash and cash equivalents at the beginning of the period 12 21 89 66
Cash and cash equivalents at the end of the period 21 89 66 36

42
Glossary

Term Description
Company Vedant Fashions Limited

Crisil Report The report titled “Assessment of the apparel industry with a special focus on Indian wedding and celebration wear market in India” dated Sep-
2021 as updated by the addendum dated December 2021 prepared by CRISIL
EBO Exclusive brand outlets of a brand or company
ERP Enterprise resource planning system

Indian wedding & celebration wear Apparel worn on special occasions such as weddings; close-knit family functions like puja, house warming, etc.; festivals such as Diwali, Eid,
Holi and Rakshabandhan; and other events such as Independence Day and Republic Day
Indo-western Combination of traditional Indian ethnic apparel & western wear

LFS Large format stores

MBO Multi-brand outlets

Men’s ethnic wear or apparel Apparel including Kurtas, Indo-westerns, Sherwanis, jackets & other accessories

OPBDIT Operating profit before depreciation, interest & tax

Ready-to-wear Apparel made for general market & sold through shops rather than made to order for an individual customer

RSP Retail selling price

Sales of Customers Includes sales of products of Company’s brands (a) made by Company’s EBOs, LFSs & online channel customers, & (b) made by Company to
MBOs (including shop-in-shops) & certain lateral e-commerce platforms customers at RSP
SIS (Shop-in-shops) An arrangement where a separate retail space is allocated in stores for retailing Company’s products

Women’s ethnic wear or apparel Apparel such as lehengas, sarees & stitched suits

43
 Thank You
Company : Investor Relations Advisors :

Vedant Fashions Limited Orient Capital (a division of Link Group)

Mr. Rajesh Agrawal
CIN: L51311WB2002PLC094677
+91 99674 91495
[email protected]
Investor Relations Team
[email protected] Ms. Rasika Sawant
+91 95944 57518
www.vedantfashions.com
[email protected]

44