AFM Annual Report

PROJECT
on
“Annual Report of Avenue Supermarts Ltd”
Submitted in partial fulfillment of the requirements
for the award of the degree of
Post-Graduation Program in Management
ICFAI BUSINESS SCHOOL, GURGAON
Under the guidance of: Submitted by:

Prof. Navneet Saxena Shravoni Pal-21BSP1061
Subject: Section: H
Accounting for Managers
ICFAI Business School, Gurgaon

26th August,2021
Index
Serial Starting Ending
Numbe Content Page Page
r Number Number
1. Introduction 3 3
2. Performance Highlights 4 4
3. Director’s Report 5 6
4. Management and Discussion Analysis 7 9
5. Corporate Governance Report 10 18
6. Awards and Accolades 19 19
Motto
Avenue Supermarts Ltd 2

Good Products Great Value
We constantly endeavour to ensure that we fulfil all our customers’ everyday household
needs by offering them ‘value for money’ products at our stores. Our customer-first culture
has contributed significantly to our progress over the years. We strive to continue this
journey and fulfil the aspirations and needs of all our customers.
VISION & MISSION

At DMart, we continuously research, identify and make available new products and
categories to fulfil our customers’ everyday needs at the best value. Our mission is to
be the lowest priced retailer in our area of operation.
Core Values
 Action
 Focus
To be focused about what I do.
 Motivated
To be clear of achieving my goal.
 Enthusiastic
To love what I do.
 Care
 Respect
To respect every individual in the organisation and provide her/him with the dignity and
attention to make her/him believe that she/he makes a difference to the organisation.
 Listen
To listen and resolve any employee/ partner/customer grievance quickly and fairly
 Truth
 Integrity
By being open, honest and fair in all our relationships and being respectful and trustful
to others.
Performance Highlights
With a strategy of maintaining cost efficiencies while offering the best customer value,
DMart has witnessed stable performance across financial and operational parameters over
the years. FY 2020- 21 was disrupted due to COVID-19.
 Net Sales/Income from Operations

o On standalone basis, net sales for FY 2020 were Rs19,916.25Crore FY 2019 was
Rs24,675.01Crore which shows increase by 23.89%
o On consolidated basis net sales for FY 2020 was Rs24,870.20Crore and for FY 2019 was
Rs20,004.52Crore which shows increase of 24.32%
 Other Income
o On standalone basis, other income for FY 2020 was Rs63.33Crore and for FY2019 was
Rs51.41Crore which shows increase by 23.19%
o On consolidated basis, other income for FY 2020 was Rs59.99Crore and for FY2019 was
Rs48.35Crore which shows increase by 24.07%
 Profit Before tax
o On standalone basis, Profit before tax for FY 2020 was Rs1,782.89Crore and for FY2019
was Rs1,447.64Crore which shows increase by 23.16%
o On consolidated basis, profit before tax for FY 2020 was Rs1,744.77Crore and for FY2019
was Rs1,421.94Crore which shows increase by 22.70%
 Profit After Tax
o On standalone basis, Profit after tax for FY 2020 was Rs1,349.89Crore and for FY2019
was Rs936.35Crore which shows increase by 44.17%
o On consolidated basis, profit after tax for FY 2020 was Rs 1,300.98Crore and for FY2019
was Rs902.46Crore which shows increase by 44.16%
 Fixed Asset Turnover
o For FY 2018-19 was Rs4.3Crore and FY 2019-20 was Rs4.1Crore which shows
decrease of 4.65%
 Bill cuts
o For FY 2018-19 was Rs17.2Crore and FY 2019-20 was Rs20.1Crore which shows increase
of 16.86%
 Revenue from Operations
o For FY 2018-19 was Rs19,916Crore and FY 2019-20 was Rs26,675Crore which shows
increase of 23.89%
 Earnings before interest, taxes, depreciation, and amortization (EBITDA)
o For FY 2018-19 was Rs1,642Crore and FY 2019-20 was Rs2,122Crore which shows
increase of 29.23%
Director’s report
 Business and Operations
I. During the year under review, Company recorded steady growth and opened
maximum stores ever in its history by adding 38 new. We continued to provide value
to our customers with the existing approach of Everyday Low Cost/Everyday Low-
Price principle.
II. On standalone basis, the total income for FY 2021 was Rs23,996.10 Crore, which is
3% lower than the previous year’s income of Rs24,738.34 Crore.
 Our total income on consolidated basis for FY 2021 was Rs24,339.27 Crore as against
rs24,930.19 Crore during FY 2020. On standalone basis, the net profit after tax (PAT)

for FY 2021 stood at Rs1,165.31 Crore as against previous year’s net profit of
`1,349.89 Crore thereby recording a de-growth of 13.67%.
 Our net profit after tax (PAT) on consolidated basis for FY 2021 amounted for
Rs1,099.43 Crore as compared to Rs1,300.98 Crore in the previous year.
 Changes in Capital Shares
I. During FY 2020-21 there was no change in the authorised and paid-up share capital
of the Company. The paid-up Equity Share Capital as on 31st March, 2021 amounted
to Rs647.77 Crores. The Company has neither issued any shares with differential
rights as to dividend, voting or otherwise nor issued any sweat equity shares during
the year under review
 Minimum Public Shareholding Compliance
I. Mr. Radhakishan S. Damani, Mr. Gopikishan S. Damani, Mrs. Shrikantadevi R. Damani
and Mrs. Kirandevi G. Damani, the individual promoters of the Company, sold
14,800,000 equity shares of the Company constituting 2.28% of the total paid-up
capital of the Company to the public in accordance with the “Comprehensive
Guidelines on Offer for Sale (OFS) of Shares by Promoters through the Stock
Exchange Mechanism” issued by the Securities and Exchange Board of India on 14th
February, 2020 and 17th February, 2020, respectively.
II. Consequently, the Company is now compliant with the Minimum Public
Shareholding requirements as mandated under Rules 19(2)(b) and 19A of the
Securities Contracts (Regulation) Rules, 1957 read with Regulation 38 of the Listing
Regulations.
 Dividend
I. With a view to conserve resources for expansion of business, your directors have
thought it prudent not to recommend any dividend for the financial year under
review.
 Dividend Distribution Policy
I. The Dividend Distribution Policy adopted by your Company is available on the
Company’s website at https://www.dmartindia.com/investor-relationship. The said
Policy is disclosed under Annexure-I to this Report. Directors’ Report CORPORATE
OVERVIEW STATUTORY REPORTS FINANCIAL STATEMENTS NOTICE OF THE AGM 32
III. Transfer of Reserves
IV. The Company has not transferred any amount of profit to the reserves during the
financial year under review.
 Align Retail Trades Private Limited (ARTPL)
I. ARTPL, a wholly-owned subsidiary Company incorporated on 22nd September, 2006,
is engaged in the business of packing Avenue Supermarts Limited | ANNUAL REPORT
FY 2020-21 25 and selling of grocery products, spices, dry fruits, etc. Its revenue from
operations for FY 2021 stood at Rs1,296.15 Crore against Rs1,177.62 Crore in the
previous year and the Company posted net profit after tax of Rs15.80 Crore for FY
2021 against Rs24.81 Crore for FY 2020.
 Avenue E-Commerce Limited (AEL)

I. AEL’s revenue from operations for FY 2021 stood at Rs791.29 Crore vis-à-vis
Rs354.03 Crore in the FY 2020.The Company registered a loss of Rs80.62 Crore in FY
2021 against the loss of Rs79.71 Crore in FY 2020.
 Nahar Seth & Jogani Developers Private Limited (NSJDPL):
I. Revenue from operations of the Company for FY 2021 and FY 2020 was Rs0.75 Crore
and the Company earned net profit after tax of Rs0.53 Crore for FY 2021 against
Rs0.54 Crore for FY 2020.
 Related Party
I. During the year 2020-21, your Company did not enter into any material related party
transactions. Accordingly, disclosure with respect to the same in the Form AOC-2 in
terms of Section 134 of the Companies Act, 2013 is not applicable. The transactions
entered by the Company during the financial year under review were in conformity
with the Company’s Policy on Related Party Transactions.
 Particulars of loans given, investments made, guarantees given and securities
provided during the year under review and as covered under the provisions of
Section 186 of the Companies Act, 2013 have been disclosed in the notes to the
standalone financial statements forming part of the Annual Report.
Management and Discussion Analysis

 Economic Overview
I. The year under review was one of the most challenging one in recent history,
characterised by volatility and instability.
II. The outbreak of the novel coronavirus and the consequent pandemic- induced
lockdown caused trade disruptions on a large scale.
III. The Indian economy was also affected by this crisis as it recorded a de-growth of
10.4% during the first nine months of FY 2020-21, compared to a growth rate of 4.4%
in the same period the previous year
IV. Recovery was underway in many sectors of the economy. However, the country is
currently facing a second wave of new infections and mortalities. This second wave
of the virus towards the end of FY 2020-21 has again led to full or partial lockdowns
across several states.
 Industry Overview

I. The pandemic has significantly impacted several retail businesses in the country.
II. The overall retail industry is estimated to have de-grown by 10- 13% in FY 2020-21
and within this the organised brick and mortar industry is estimated to have de-
grown by 19-22%
III. E-Commerce has seen significant acceleration during FY 2020-21. Consumers
preferred to stay home and increased their adoption of shopping from E-Commerce
platforms during the pandemic. The industry is estimated to have grown by 9-12%
during FY 2020-21.
IV. Some of these habits are likely to sustain in the long run and benefit the E-
Commerce industry. Within E-Retail, Food & Grocery segment has seen significantly
strong growth in FY 2020- 21.
 Business Overview
I. Avenue Supermarts Limited (DMart) is a national supermarket chain, with a focus on
value-retailing offering a wide range of products with a focus on the Foods, Non-
Foods (FMCG) and General Merchandise & Apparel product categories. Since
launching our first store in 2002 in Mumbai, Maharashtra, we have grown to 234
stores with a retail business area of 8.82 million sq. ft
II. We remain focussed on our strategy of offering our customers good quality products
at great value, based on the Everyday Low Cost/Everyday Low Price (EDLC/EDLP)
principle.
 Key Performance Indicators
I. Over the years we have seen steady growth in the number of stores and
consequently our retail business area.
II. As of March 31, 2021 we had 39 distribution centres and 7 packing centres.
III. Our total number of bill cuts have declined during the year. Our total number of bill
cuts, was 15.2 crores in FY 2020-21 as compared to 20.1 crores during FY 2019-20.
IV. Our annualised revenue from sales per retail business area sq. ft. (#) was `27,306 in
FY 2020-21 and `32,879 in FY 2019-20
 Human Capital
I. At the end of FY 2020-21, we had a total of 10,175 permanent employees and 36,869
employees hired on contractual basis.
 Information Technology (IT)
I. Our robust IT systems have significantly aided this growth by simplifying complex
processes throughout our operations.
II. Our IT systems are equipped with an array of data management tools specific to our
business needs and support key aspects of our business. IT has enabled our cash
management systems, in-store systems, logistics systems, human resources, project
management, maintenance, and other administrative functions.
III. This implementation has contributed positively towards minimising product
shortage, pilferage, out of stock situations etc., and has increased overall operational
efficiency.
 Internal Control Systems and their Adequacy

I. We have put in place internal control systems and a structured internal audit process
vested with the task of safeguarding the assets of the organisation and ensuring
reliability and accuracy of the accounting and other operational data.
II. Similarly, we maintain a system of monthly review of the business as a key
operational control, wherein the performance of units is reviewed and corrective
action is initiated.
III. We also have in place a capital expenditure control system for authorising spends on
new assets and projects. Accountability is established for implementing the projects
on time and within the approved budget.
IV. The Audit Committee and the Senior Management Team are regularly apprised of
the internal audit findings and regular updates are provided of the action taken on
the internal audit reports.
V. During the year, we carried out a detailed review of internal financial controls. The
findings were satisfactory and suggestions for improvement have been taken up for
implementation. Policy guidelines and Standard Operating Procedures (SOPs)
continue to be updated where required, to keep pace with business requirements.
 Risks and Concerns
Below are some of the key risks and concerns in our business:
I. The outbreak of COVID-19 could materially and adversely affect our business,
financial condition, and results of operations
II. If we are unable to continue to offer daily low prices pursuant to our EDLC/EDLP
pricing strategy, we risk losing our distinct advantage and a substantial portion of our
customers, which will adversely affect our business, financial condition, and results
of operations Availability of commercially viable real estate properties at suitable
locations for our new stores, timely execution of sale deeds/leave and license
registrations and getting regulatory approvals for these properties
III. Our ability to attract, hire, train and retain skilled employees
IV. Our inability to maintain an optimal level of inventory in our stores may impact our
operations adversely
V. Our continued understanding and prediction of consumers’ changing needs and
preferences and timely customising of our offerings
VI. Effective management of our store expansion and operations in newer
locations/cities/states
 Impact of COVID-19
I. During the last quarter of FY 2019-20, COVID-19 spread globally and in India, and
impacted business operations of the Company.
II. During FY 2020-21, our business operations faced several challenges including:
a) Temporary store closure for operations due to local restrictions CAUTIONARY
STATEMENT Statements in this Annual Report, particularly those which relate to the
Management Discussion and Analysis, describing the Company’s objectives,
projections, estimates and expectations, may constitute ‘forward-looking
statements’ within the meaning of applicable laws and regulations. Actual results
may materially differ from those expressed or implied.
b) Significantly reduced footfall at operational stores

c) Sale of only essential items and temporary stoppage of sale of non-essential items
(garments and general merchandise) for extended periods
d) Reduced employee attendance due to local transport restrictions
e) Temporary stoppage of all our construction activities for extended periods
f) Disruption in our Supply Chain due to restricted manpower, transportation and
material unavailability for extended periods
Corporate Governance Report

 Board of Directors
i. Mr. Ramesh Damani
i. Category: Chairman, Non- Executive, Independent Director
ii. Particulars of Directorships in other Listed Entities
A. Aptech Limited
a) Category of Directorship: Non-Executive, Independent Director
B. VIP Industries Limited
b) Category of Directorship: Non-Executive, Independent Director
iii. No. of Equity Shares: 100,000
iv. % Shareholding: 0.02
2. Mr. Chandrashekhar Bhave
i. Category: Non- Executive, Independent Director

ii. Particulars of Directorships in other Listed Entities
A. Mahindra & Mahindra Financial Services Limited
a) Category of Directorship: Non-Executive, Independent Director
B. Tejas Networks Limited
b) Category of Directorship: Non-Executive, Independent Director
iii. No. of Equity Shares: 0
iv. % Shareholding: 0

3. Ms. Kalpana Unadkat

i. Category: Non-Executive, Independent Director
ii. No. of Equity Shares: 0
iii. % Shareholding: 0
4. Mrs. Manjri Chandak
i. Category: Non-Executive, Non-Independent Director
ii. No. of Equity Shares: 0
iii. % Shareholding: 0
5. Mr. Ignatius Navil Noronha
i. Category: Executive Director
ii. No. of Equity Shares: 13,201,235
iii. % Shareholding: 2.04
6. Mr. Ramakant Baheti
ii. No. of Equity Shares: 2,850,339
7. Mr. Elvin Machado
ii. No. of Equity Shares: 321,794
I. Board Meetings
I. The Board Meeting is conducted at least once in every quarter to discuss the
performance of the Company and its Quarterly Financial Results, along with other
Company issues.
II. The Board also meets to consider other business(es), whenever required, from time
to time. Agenda of the business(es) to be transacted at the Board Meeting along
with explanatory notes thereto are drafted and circulated well in advance to the
Board of Directors of the Company.
III. The Company always ensures that Board members are presented with all the
relevant information on vital matters affecting the working of the Company including
the information as inter alia specified under Part A of Schedule II of Regulation 17(7)
of the Listing Regulations. Every Board Member is free to suggest the inclusion of any
item on the agenda and hold due discussions thereto.
IV. Six meetings were held during the year and the gap between two meetings did not
exceed 120 days. The dates of the meetings were as follows: 11th May, 2019, 13th
July, 2019, 12th October, 2019, 11th January, 2020, 5th February, 2020 and 3rd
March, 2020. The Nineteenth Annual General Meeting of the Shareholders of the
Company was held on Tuesday, 20th August, 2019. March, 2020.
V. The Nineteenth Annual General Meeting of the Shareholders of the Company was
held on Tuesday, 20th August, 2019.
 AUDIT COMMITTEE

o The Audit Committee of the Company is duly constituted as per Regulation 18 of the
Listing Regulations, read with the provisions of Section 177 of the Companies Act,
2013. All the Members of the Audit Committee are financially literate and capable of
analysing Financial Statements of the Company. Mr. Chandrashekhar Bhave is the
Chairman of the Audit Committee.
o Terms of Reference of the Audit Committee are as follows:
a) Oversight of the Company’s financial reporting process and the disclosure of its financial
information to ensure that the financial statement is correct, sufficient and credible;
b) Recommendation for appointment, re-appointment and replacement, remuneration and
terms of appointment of auditors of the Company;
c) Approval of payment to statutory auditors for any other services rendered by the
statutory auditors;
d) Reviewing, with the management, the annual financial statements and auditor’s report
thereon before submission to the Board for approval, with particular reference to:
i. Matters required to be included in the Director’s Responsibility Statement to be included
in the Board’s report in terms of clause (c) of sub-section 3 of Section 134 of the Companies
Act, 2013;
ii. Changes, if any, in accounting policies and practices and reasons for the same;
iii. Major accounting entries involving estimates based on the exercise of judgement by
management;
iv. Significant adjustments made in the financial statements arising out of audit findings;
v. Compliance with listing and other legal requirements relating to financial statements;
vi. Disclosure of any related party transactions; and
vii. Modified opinion(s) in the draft audit report.
e) Reviewing, with the management, the quarterly financial statements before submission
to the Board for approval;
f) Reviewing, with the management, the statement of uses/application of funds raised
through an issue (public issue, rights issue, preferential issue, etc.), the statement of funds
utilised for purposes other than those stated in the offer document/ prospectus/ notice and
the report submitted by the monitoring agency monitoring the utilisation of proceeds of a
public or rights issue, and making appropriate recommendations to the Board to take up
steps in this matter;
g) Review and monitor the auditor’s independence and performance, and effectiveness of
audit process;
h) Approval or any subsequent modification of transactions of the Company with related
parties;

i) Scrutiny of inter-corporate loans and investments;
j) Valuation of undertakings or assets of the Company, wherever it is necessary;
k) Evaluation of internal financial controls and risk management systems;
l) Monitoring the end use of funds raised through public offers and related matters;
m) Reviewing, with the management, performance of statutory and internal auditors,
adequacy of the internal control systems;
n) Reviewing the adequacy of internal audit function, if any, including the structure of the
internal audit department, staffing and seniority of the official heading the department,
reporting structure coverage and frequency of internal audit;
o) Discussion with internal auditors of any significant findings and follow up thereon;
p) Reviewing the findings of any internal investigations by the internal auditors into matters
of where there is suspected fraud or irregularity or a failure of internal control systems of a
material nature and reporting the matter to the Board;
q) Discussion with statutory auditors before the audit commences, about the nature and
scope of audit as well as post-audit discussion to ascertain any area of concern;
r) To look into the reasons for substantial defaults in the payment to the depositors,
debenture holders, shareholders (in case of non-payment of declared dividends) and
creditors;
s) To establish and review the functioning of the whistle-blower mechanism;
t) Approval of appointment of Chief Financial Officer (i.e., the whole-time finance director or
any other person heading the finance function or discharging that function) after assessing
the qualifications, experience, and background, etc. of the candidate;
u) Carrying out any other terms of reference as may be decided by the Board or specified/
provided under the Companies Act, 2013 or the Listing Regulations or by any other
regulatory authority; and v) Review of
(1) management discussion and analysis of financial condition and results of operations;
(2) statement of significant related party transactions (as defined by the audit committee),
submitted by management;
(3) management letters/letters of internal control weaknesses issued by the statutory
auditors;
(4) internal audit reports relating to internal control weaknesses;
(5) the appointment, removal and terms of remuneration of the chief internal auditor shall
be subject to review by the audit committee;
(6) statement of deviations including

(a) quarterly statement of deviation(s) including report of monitoring agency, if applicable,
submitted to stock exchange(s) in terms of Regulation 32(1) of the Listing Regulations;
(b) annual statement of funds utilised for purposes other than those stated in the offer
document/ prospectus/ notice in terms of Regulation 32(7) of the SEBI Listing Regulations.
w) Reviewing the utilisation of loans and/or advances from/investment by the holding
company in the subsidiary exceeding rupees 100 crore or 10% of the asset size of the
subsidiary, whichever is lower including existing loans/ advances/ investments existing as on
the date of coming into force of this provision.
x) Review the compliance of the provision of Regulation 9A of the SEBI (Prohibition of
Insider Trading) Regulations, 2015 at least once in a financial year and verify that the
systems for internal controls are adequate and operating sufficiently and forward the said
report with the comments/observations to the Board of Directors of the Company
 Audit Committee Meetings

II. During Financial Year 2019-20, Six Audit Committee meetings were held. The
meetings were held on 11th May, 2019, 13th July, 2019, 12th October, 2019 and
11th January, 2020, 5th February, 2020 and 3rd March, 2020.
III. The details of composition of Audit Committee and attendance of each Committee
Member are as follows:
1. Mr. Chandrashekhar Bhave
Designation in the Committee: Chairman
No. of meetings held during the Member’s tenure:6
No. of meetings attended by the Member:6
2. Mr. Ramesh Damani
Designation in the Committee: Member
No. of meetings held during the Member’s tenure: 6
3. Ms. Kalpana Unadkat
4. Mr. Ramakant Baheti
 REMUNERATION OF DIRECTORS
a) Criteria of making payments to Non-Executive Directors
i. Sitting Fees
o The Non-Executive Directors are entitled to sitting fees for attending the
meetings of the Board of Directors and Committees thereof.

o Sitting fees paid to Non-Executive Directors are within the prescribed
limits under the Companies Act, 2013 and as determined by the Board of
Directors from time to time.
ii. Commission
o The shareholders of the Company at their annual general meeting
held on 6th September, 2017 agreed payment to Independent
Directors of the Company on annual basis, by way of commission,
the cumulative of which shall not exceed one percent of the net
profits of the Company per annum computed in the manner
prescribed under Section 198 of the Companies Act, 2013,
iii. Reimbursement of expenses
o The Non-Executive Directors are also entitled to reimbursement of
expenses for participation in the Board and other meetings in
terms of the Companies Act, 2013.
o During the year, there was no pecuniary relationship or
transaction between the Company and any of its Non-Executive
Directors apart from sitting fees and commission. The Company
has not granted any stock options to any of its Non-Executive
Directors.
b) Managing Director & Whole-time Director
o The Company has paid remuneration to its Managing Director and Whole-
time Directors, by way of salary and perquisites, within the limits
stipulated under the Companies Act, 2013 and as per the approval sought
from the shareholders of the Company
i. Service Contract, Severance Fees and Notice Period

o Mr. Ignatius Navil Noronha was re-appointed as Managing Director of the
Company for a period of five years from 1st February, 2016 upto 31st
January, 2021.
o Mr. Ramakant Baheti was re-appointed as a Whole-time Director of the
Company for a period of five years from 1st May, 2019 up to 30th April,
2024.
o Mr. Elvin Machado was re-appointed as a Whole-time Director of the
Company, for a term of three years from 10th June, 2018 up to 9th June,
2021.
o There is no separate provision for payment of any severance fees for the
Managing Director or either of the Whole-time Directors. However, there
is a provision of a notice period of six months from either side for all
three of them.
ii. Employee Stock Options
Details of Stock options granted to the Executive Directors under the
Employee Stock Ownership Plan (ESOP) Scheme, 2016 are as under:
a) Mr. Ignatius Navil Noronha

Category: NIL
Date of grant: NIL
Options granted: NIL
Options vested and exercised: NIL
Grant price per equity share (Rs): NIL
Vesting period Exercise period: NIL
b) Mr. Ramakant Baheti
Category: NIL
Date of grant: NIL
Options granted: NIL
Options vested and exercised: NIL
Grant price per equity share (Rs): NIL
Vesting period Exercise period: NIL
c) Mr. Elvin Machado
Category: Class A Options
Options granted: 60,000
Options vested and exercised: NA
Grant price per equity share (Rs): Rs 299
Vesting period Exercise period: 9 years
Category: Class B Options
Date of grant: 14.03.2017
Options vested and exercise: NA
Grant price per equity share (Rs): Rs299
Vesting period Exercise period: 6 years
Category: Class C Options
Options vested and exercised: 12,000
Grant price per equity share (Rs): Rs299
Vesting period Exercise period: 2.5 years
Exercise period: 3 months from the date of vesting or such other period
as may be determined by the ESOP Committee
 GENERAL BODY MEETINGS
i. Annual General Meetings
The details of Annual General Meetings convened during the last three
years are as follows:
I. For Financial Year: 2018-19
II. Date and Time: Tuesday, 20th August, 2019, at 11:00 a.m
III. Venue: Nehru Centre Auditorium, Discovery of India Building,
Ground Floor, Dr. Annie Besant Road, Worli, Mumbai - 400 018.
IV. Special Resolutions
• To offer and issue secured, rated, cumulative, redeemable, non-
convertible debentures aggregating upto Rs1,500 crore on private
placement basis.
• To issue upto 25,000,000 equity shares through Qualified
Institutions Placement.

• To ratify Avenue Supermarts Limited Employee Stock Option
Scheme 2016 (the “ESOP Scheme”).
• To ratify Employee Stock Options granted to the employees of
the Subsidiary Company(is) under Avenue Supermarts Limited
Employee Stock Option Scheme 2016.
II. Date and Time: Tuesday, 28th August, 2018, at 11:00 a.m.
convertible debentures aggregating upto Rs1,500 crore on private
placement basis.
II. Date and Time: Wednesday, 6th September, 2017, at 11:00 a.m.
convertible debentures aggregating up to Rs1,000 crore on private
placement basis.
ii. Extraordinary General Meetings
o No Extraordinary General Meetings of members were convened
during the last three financial years.
iii. Details of resolutions passed through Postal Ballot
o As per Section 110 of the Companies Act, 2013 read with Rule 22
of the Companies (Management and Administration) Rules, 2014,
during the year under review, no resolutions were passed by
members of the Company through Postal Ballot
 Means of Communication
i. Quarterly Results
o The Company communicates to the Stock Exchanges about the
quarterly financial results within 30 minutes from the conclusion
of the Board Meeting in which the same is approved. The results
are usually published in (Economic Times) English newspaper
having country-wide circulation and in (Maharashtra Times)
Marathi newspaper where the registered office of the Company is
situated. These results were also placed on the Company’s
website https://www.dmartindia.com.
ii. Website
o All the information and disclosures required to be disseminated as
per Regulation 46(2) of the Listing Regulations and Companies Act,

2013 are being posted at Company’s website:
https://www.dmartindia.com.
o The official news releases and presentations to the institutional
investors or analysts, if made are disseminated to the Stock
Exchange at www.nseindia.com and www.bseindia.com and the
same is also uploaded on the website of the Company
https://www.dmartindia.com.
iii. Designated E-mail address for investor services
o To serve the investors better and as required under Listing
regulations, the designated e-mail address for investors
complaints is [email protected].
Awards and Accolades

No Awards or accolades have been awarded to the company in the year under observation
i.e., 2019-20.

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AFM Annual Report

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PROJECT

Post-Graduation Program in Management

ICFAI BUSINESS SCHOOL, GURGAON

Under the guidance of: Submitted by:

ICFAI Business School, Gurgaon

4. Management and Discussion Analysis 7 9

5. Corporate Governance Report 10 18

6. Awards and Accolades 19 19

Avenue Supermarts Ltd 2

VISION & MISSION

 Net Sales/Income from Operations

Avenue Supermarts Ltd 3

Avenue Supermarts Ltd 4

Avenue Supermarts Ltd 5

Management and Discussion Analysis

Avenue Supermarts Ltd 6

Avenue Supermarts Ltd 7

Avenue Supermarts Ltd 8

Corporate Governance Report

2. Mr. Chandrashekhar Bhave

i. Category: Non- Executive, Independent Director

Avenue Supermarts Ltd 9

3. Ms. Kalpana Unadkat

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 Audit Committee Meetings

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i. Service Contract, Severance Fees and Notice Period

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Avenue Supermarts Ltd 15

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Awards and Accolades

Avenue Supermarts Ltd 17

Avenue Supermarts Ltd 18

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