SO RAB S. ENGINEER & CO. (Regd.) CHARTERED ACCOUNTANTS

TELEPHONE : +91 79 29700466 : +91 79 48006782

EMAIL :sseahm@sseco.in sseahm@hotmail.com

WEB : www.sseco.in

804, SAKAR-IX, BESIDES OLD RBI. ASHRAM ROAD,

AHMEOABAO-380 009

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTER.IM STANDLAONE FINANCIAL RESULTS OF ARVIND FASHIONS UNITED

TO THE BOARD OF DIRECTORS OF AR.VIND FASHIONS UMITED

L We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of Arvind Fashions Limited (''the Company") for the quarter and nine month ended December 31, 2020 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

2. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

4. Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying statement of unaudited standalone financial results prepared in accordance with applicable accounting standards and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.

5. We draw your attention to note 4 of the Statement which describes the uncertainties and management's assessment of the financial impact due to COVID-19 pandemic situation, for which a definitive assessment in the subsequent period is highly dependent upon circumstances as they evolve.

Our opinion is not modified in respect of this matter.

For Sorab S. Engineer & Co. Chartered Accountants Firm Registration No. 110417W

Qµ.-rl Jh- l. ..~>~_,;;:~,~<::.

:if :::iN:~::::2B. 11 : ::.-.~.:Ji~ ,· _.. ' ; r ,P' ~ , _.,.,, / > •/

UDIN: 21100892AAAAc Y55" 6it:.,\. /-<.'(!/ ,:~'JfjtZ:c!i?'

Ahmedabad --__-;;~ February 03, 2021

Head Office : 902, Raheja Centre, Free Press Journal Marg, Nariman Point, Mumbai-400 021. Telephone: +91 22 2282 4811, 2204 0861 •Email: sorabsengineer@yahoo.com, ssemum@sseco.in

Bengaluru Branch : F-1, Vaastu Jayalaxmi, 8 Street, Opp. Fortis Hospital, 1st Main Road, Sheshadripuram, Bengaluru-560020 Telephone : +91 9925879234 • Email : sseblr@sseco.in

1

2

I J

4

5

ill

1

8

!I

10 H

l.2

Partk:uiars

Income (a1 ~venue from ooeratians. (O} Other Inc:omia

Total Income

l!)[pen,;es (a) Cost of Trims and accessories consumed (b) Purchases of strn;k~in-trade (c) Chanaes ln hwentor1es of stock~in~:trade (d} Emotoyee benefits exoense ( e) finance costs (f) Depreciation and amortisation f;xoense { Q) Other itl(0M°l5f!S

1\RV!ND FASHIONS LIMITED

('v..-p.rillt¢"0fllcot: Di.1 Pa-<:: rrlrHt;,. !!'' F\()(.~r., l J _..,_, G. Rwd. BnlH~uru ~60 00]

fol :) i -80-4 ! 'i :'I CJ-t,i:'H

I nu~-

I 31.l.2.20 :M.(19.20 I 31.12.111 ! Unaudited I Unaudited l Unaudited

I I I

I l ' 15;:~~ i S1HO ! 199. ll

4.58 I 3.30 t 1,54.94 · ,,.,..,

I . o.os 36.66 (76.42) 113.89 50.22 101.50 35.59

9.51 9.41 12.40 7.15 9.72 11.44 3.72 4.77 2.02

23.33 12.44 34.86

I

I

I I

Total l:xpenSti 130.59 n.42 U0.25 I

Profit/( t.o,;s l before e1«,elltional items anll t»x 11 • 2 I

ExcepttonaJ items (Refer Note 4}

Profit/ ( Loss l Before Tax (3-41

Tu:Ex-M Current Tax (Excess)lshort orovlslon related to earlier vears Deferred Tax Charue/ lCreditl Total Tax E><oense/fCreditl

Net Prof!t/{l.ou) for the period {5--6)

Other Com...-ehenslve ln<:ome/ {Loss) (Net of Taxl (a) Items that will not be classlfled to prolll; and loss

0\ Re-measurement oam/(iosS) on defined benefit olans (Ii} lncome Tax related to ti'£ Item above

(bl Items that WIii be clllfflflecl to oroflt and loss m Effective oort'.lon of oains i (loss) on cash flow heaoes (ii) Income Tax retated to the item above

otheT Comprehensive Income/ (toss} (Net of Tax)

Total comprehensive Incom<,/ {toss) to, the Period (7+8)

Paid.-uo Eouitv Share caoltal ff ace Value ~ _4/- oer share) Other Et::,u-itv

£amino Per $hare In Rs ( Not Annualised) -BaSic ·Diluted

If See accomnanylnn no_ to Ille Standalone Financial Results)

As oer our reoort of even date For Soral> s. Enolneer & Co. Chartered Accountants firm RE!Qistratlon No. 110417W

~ Jl.--,-CA. Chokshi Srn-evas B. Partner Membershlo No. 100892

Ahmedabad fet>ruarv 03, 2021

24.35

.

24.35

{1.08' /1.()8)

25.43

CL04 {0.01}

I 0.03

25.46

39.47

3.22 3.19

/\..-11--•"/lffL)

1.56 (7.84)

145J3) .

{44.17! {7.84)

(0.18)

0.04 {3.39' 0.04 !3.571

144,21 !4,2711

0.55 W.10) (0.17) 0,04

. {0.03)

. 0.01 0.38 f0.08

143.83) {4.35

39.46 23,47 .

(5.19) (0.55) (5.171 (0.55)

Regd, Office : Main Building, Arvind Llm1ted Premlses, Naroda Road, Ahmedabad - 380 025.

ON: LS2399GJ2016PLC085595

fRs. in Crores excf!ot o~r share data/

N--~ I Y-•~ 31.12.20 I :11.12.111 I 31.03.20

Unaudited ! Unaudited I Audited

I ! 648,831 239,18 ' 854.11

&.71! 12.44 ~u~~ K-~~

0.66 4.52 [22.97) 458.28 577.52 146.64 (0.79) 4.69

25.04 45.35 56.10 29.24 27.63 37.32 11.47 7.63 13.04 52.69 126.10 161.43

2.43;U lilj,4,86 654.62

IU6 17.32) U.!IJ

(45.731 (19.26)

!36.81) (7.32) {7.:U\

(0.17) (0.17) /0.38\ 12.36 {2.27'

(0.3111 !2.53\ U.441

f36.4!H 4.791 {4,891

0.29 ((1.48) m.26l (0.10) 0,17 0.09

. 0.19 0.31 fll.17>

{36.30) t5,lfll (§.116

39.47 23.47 23.47 l,32.5. 79

(4.28) (0.62) (0.63) (4.28) (0.62) (0.63)

For IU'vlrul Fashions Limited

Manaaioo Otrect:or & CEO DlN:03023079

Senqaturu Fet>ruarv 03. 2021

ARYJJ{l)J:A.SBIONS LIMITEQ ~ )1018ER OF THE LALBHAI GROtl'

c • .,..,... Oftict: Ou Pare Trinity. . .'~ttI Fk)()L 17. M.G Road, Bcngaluru -~ 560 on!

Notes to the Standalone Financial Results:

T1;I. 9i .. s1)~4l5.5 060i

wwvi.arvindfashion.s.com

The above standalone financial nesults have been prepared m accordance with Indian Accounting Standards as prescnbed under section 133 of the Companies Act 2013 read with Ru!e 3 of the Companies (Indian Accounting Standards) Rules, 2015 as amended lrorn time to time,

2 The above standalone financial results for the quarter and nine months ended December 31, 2020 which have been subjected to review by the Auditors of the Company, were reviewed and recommended by the Audit Committee and subsequently approved by the Board of Directors at their meetmg held on February 03, 2020 ir, terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation 2015. The Statutory Auditors have expressed an unqualified audit opinion.

3 The Company is primarily engaged in the business of Branded Apparels (Garments and Accessories) which in the terms of Ind AS 108 on 'Operating Segments', constitutes a single reporting segment.

4 Due to Covid19, the fashion business has been severely impacted. This has led to lower sales, resulting into inventory buiid·up and slower collection of receivables .• With easing of lockdown restrictions, the company's performance for the current quarter has been progressive and we expect the momen.tum to continue with an overall improvement in Covid situation.

The Company has taken several steps including raising of equity capital by way of rights issue of Rs. 399. 79 Crores, strategic partnership with f!ipkart india Private Limited for its youth brands flying Machine which has resulted in cash flow of Rs. 61.90 Crores, discontinuation of certain brands, sharp reduction In overheads and closure of uiwiable stores. With objectives of faster releasing cash and have fresh inventory offered to customers, the Group has decided to offer higher discounts to liquidate old inventor,1 rapidly and take back goods sold from customers where collection of funds is getting· delayed and sell it through other channels for faster liquidation. In order to achieve these objectives,. during the quarter ended December 31, 2020, the Group has made special provision of Rs. Nil consisting of Rs. Nil for Margin on Sales Return and Scheme and Discounts, Rs .. Ni! for Inventory Dormancy and Rs. Nil for Allowance for Doubtful Debtors. (Quarter ended September 30, 2020 and nine months ended December 31, 2020, Rs, 45.73 Crores, Rs. 7.29 Crores, Rs. 32.44 Crores and Rs. 6.00 Crores respectively; Year ended March 31, 2020: Rs. 19.26 Crores, Rs. 12.52 Crores, Rs, 4.89 Crores and Rs. 1.85 Crores respectively) which are disclosed under Exceptional Items.

The Company believes that this pandemic is not likely to impact the recoverability of the carrying value of its assets further .. The Company is closely monitoring the developments and possible effects that may result from the present pandemic on its financial condition, liquidity .and operations and working to minimize the Impact of this unprecedented situation. As the situation is continuously evolving, the eventual impact may be different from the estimates made as of the date of approval of these Results.

5 The Company has transferred by way of sale, the wholesale trading business of "Flying Machine" ("FM") brand as a going concern to Arvind Youth Brands Private Limited (AYBPL), a subsidiary company on a slump sale basis for a lump sum consideration of Rs. 61.90 Crores during the quarter ended September 30, 2020.

6 During the quarter, the Company has allotted 27,000 equity shares (quarter ended September 30, 2020: Nii, quarter ended December 31, 2019: Nil, year ended March 31, 2020: 6,84,691) pursuant to exercise of stock options by employees.

7 On June 21, 2020, the Board of Directors of the Company had approved the revised size of Rights tssue of 3,99, 79,347 shares of face value of Rs. 4 each (the "Rights Issue Shares") at a price of Rs. 100 per Rights Equity Shares (including premium of R.s. 96 per Rights Equity Share) in the ratio of 62:91, i.e. 62 Rights Equity Shares for every 91 existing Equity Shares held by the eligible equity shareholders on the record date, i.e. March 18, 2020. On July 24, 2020, the Company has approved the allotment of 3,99,79,347 equity shares of face value Rs. 4/· each to the eligible equity shareholders as fully paid up. There is no deviation in use of proceeds from the objects stated in the Offer document for Right issue.

Pursuant to IND AS 33, basic and diluted earnings per share for the previous periods have been restated for the bonus element in respect of right issue.

8 The Parliament of India has approved the Code of Social Security, 2020 ( the Code) which . may impact the contribution by the Company towards Provident Fund, Gratuity and ESIC. The Code have been published in the Gazette of India. However effective date has yet not been notified. The Company wHl access the impact of the Code and wjil record related impact ln the period it becomes effective.

9 Previous period's figures have been regrouped/rearranged wherever necessary, to conform to current period presentation.

For Sorab S. Engineer & Co. Chartered Accountants

For Arvind Fashions Limited

CLJ~tioJL 1:::7%, --~•,.:t:='__,,,,,.,:,-:u7JLaot-•'-•...,.,..._ __

CA. Chokshi Shrevas a. Partner Membership No. 100892

Ahmedabad February 03, 2021

/\f\'IOD

Shailesh Chaturvedi Managing Director & CEO DIN: 03023079

Bengaluru February 03, 2021

Regd. Office ; Main Bmldlng, Arvind Limited Premises. Naroda Rood. A_hmedabad - 38-0 025

CIN l5239iJGJ20l6PI.CD85595

•

SO RAB S. ENGINEER & CO. (Regd.) CHARTERED A~COUNTANTS

TELEPHONE : +91 79 29700466

EMAIL

WEB

: +91 79 48006782 : sseahm@sseco.in sseahm@hotmail.com

: www.sseco.in

804, SAKAR-IX, BESIDES OLD RBI,

ASHRAM ROAD, AHMEDABAD-380 009

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED FINANCIAL RESULTS OF ARVIND FASHIONS UMITED

TO THE BOARD OF DIRECTORS OF ARVIND FASHIONS UMITED

L We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of Arvind Fashions Limited ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group") for the quarter and nine months ended December 31, 2020 ("the Statement") being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

2. This Statement, which is the responsibility of the Parent's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the SEBI (listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

4. The Statement includes the results of the following entities:

Parent Company Arvind Fashions Limited

Subsidiary Companies Arvind Lifestyle Brands Limited Arvind Beauty Brands Retail Private Limited PVH Arvind Fashion Private limited (Previously known as Calvin Klein Arvind Fashion Private Limited) Arvind Youth Brands Private Limited Value Fashion Retail Limited

ffi~i:~\i\ o'A~A,D/f )/

,,, /._0,"<'1/ ~'(;f.~'5/. Head Office : 902, Raheja Centre, Free Press Journal Marg, Nariman Point, Mumbai-400 021. ·~~,.. Telephone : +91 22 2282 4811, 2204 0861 • Email : sorabsengineer@yahoo.com, ssemurn@sseco.in

Bengaluru Branch: F-1, Vaastu Jayalaxmi, B Street, Opp. Fortis Hospital, 1st Main Road, Sheshadripuram, Bengaluru-560020. Telephone : +91 9925879234 • Email : sseblr@sseco.in

SO RAB S. ENGINEER & CO. (Regd.)

5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other. auditors referred to in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and. measurement principles laid down in.the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

6. We draw your attention to note 4 of the Statement which describes the .uncertainties and management's. assessment of the financial impact due to COVID-19 pandemic situation, for which a definitive assessment in the subsequent period is highly dependent upon circumstances as they evolve.

Our opinion is not modified in respect of this matter.

7. We did not review the interim financial results of one subsidiary included in the consolidated unaudited financial results, whose interim financial results reflect total revenues of Rs. 420.13 Crores and Rs. 711.49 Crores, total net loss after tax of Rs. 127 .54 Crores and Rs. 337.05 Crores and the total comprehensive loss of Rs. 127 .28 Crores and Rs. 335.50 Crores., for the quarter and nine months ended December 31, 2020 respectively. This interim financial result has been reviewed by other auditors whose report has been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this subsidiary, is based solely on the report of the other au.ditors and the procedures performed by us as stated in paragraph 3 above.

Our conclusion.on the Statement is not modifie<:t in respect of the above matters.

8. The consolidated unaudited financial results include the interim financial results of one subsidiary which has not been reviewed by their auditors, whose interim financial results reflects total revenue of Rs~ 101.97 Crores. and Rs. 155.60 Crores, total net profit after tax of Rs. 5.29 Crores and loss of Rs. 0.58 Crores and total comprehensive profit of Rs. 5.28 Crores and loss of Rs. 0.60 Crores for the quarter and nine months ended December 31, 2020 respectively as considered in the Statement. According to the information. and explanations given to us by the Management, these interim financial results are not material to the Group.

Our conclusion on the Statement is not modified in respect of our reliance on the interim financial information certified by the Management.

For Sorab s. Engineer & Co. Chartered Accountants Firm Registration No. 110417W

ei-t~· Jh- !. CA. Chokshi Shreyas B. Partner ,, Membership No.100892 ·~ UDIN: 21100892~CZ.5S2.5"~,. ~~

Ahmedabad February 03, 2021

! ; j

Parth:-uutrs

\RVlND FA:'>HIQN~,D A .'lfJ.'.Mllf'.'.Jt Of' TOP: !.At.JfAI GROUF

C0:rJ110,ni:t ()l'!k::e: 0., f':-.::r: fnmt\. I"' fio,g, i 7. \tG Rold. 8i1;'0t:li•• V.<'J llt<i

j'~).·9J -il./....;/l55,){..tti

.n:,,-,.. 3!\ mJf::.,i:•tM'..1:ucn

I

' 3112.20 ! 3Q.M.211 31.12.1' -! I Unaudited i Una••~ ! Unam:fited j

A continuing ~Ort:&

1 Income (a,) Revenue from over-anons {b) Other lno;)(J'l4 (Refer Note 5~

Te .. 11-

,l exoe,..._ [a:) Cost of trtms ano a,ccessorles consumed ib) Purdtases d aock~iA~o.,de-le) Q\aOQtt tn inventones (d} fmol<rtail- blrMtfltl exoenw ( e} finance costs { n Oecrtetatlo" and •mortlSl'ltton e-1:oense (Q} Other exo«t.S

T-lhpo,,-

:, Profltl(t.oa:l btlfore el(Cftl)tiona! Items iu,a ta¾ (1-l.)

.. Ex-cepbonal items {~er Note 4 and 51

$ "">flt/lcossl _,,,,..,.!ll--4l

& Tax f!x.uense 0..1.rrent Tax ( Excess )/short orov1Sion related to earUe-r veers - Ta, Charael (Crooltl Total fix S.xnenu/(Ctedit)

7 Net Profit/{Loo} tor the period from Continuing Operations {S-6}

8 Oiscontinulllil Operations ( Rm, Note 10 l ti Profit/(LOSS) 8efOre Tax for the t)eflod from OiscontiAulflQ Ooerations 9 Tax Exoense.J(Cred1t) on mscontimJID<J Ooerations l.O Net Proflt/tt.ossl - the -ioc1 - IHscontinuin<i Oi>ermons /S--91

u. !'let Prollt/(1.0SSl lo, - period from O>ntjm,!ng Operations and Olscontir,uing Ooerations {7+10} Attributable to: eauitv Holders of the -N-on-contromng interest

12 Other comp""""'5ive Income/ (Loss) (Net of Tax)

13

14 15

16

(al Items that will not,,.._ to ...-ollt and 1-m Re~ff"leasurement aain/floss} 00 defined betteffl: oians ! ii) Income Tax related to the item above

(!>l ttems that wm 1>e - to o,offt and !Off m EffeetJve oott!Qn of ®ii'lS I HOS$} on Ci'sh fl!.'.JW heaQ.e-s i!I\ !ru:ome Tax .-.lated to tmo item above

Qtl>er co---. In"°'""' (t.oss) {Net of Tn)

Attributable to: e<1uitv holder& of - Parent Non-amtroltili-Q interest

Total O>ml'!"'henslve itlCOme/ (!..oss) lot- the Period {11+12) Attributable to: eauitv holden: of t!>e Pa,_ Non--:COfltromoo interest

Paid~un Eaun:v Share C3oltal {Face Value t •1- oer_share} Other Eo:uitv

£amino PM Share in Rs (Not Annualised l C-onttnuinf;a Ooentttons

•Basic -Diluted

Olscontinulno ~ ·-·DiMe<!

COntinuina and DiScori:tinuina Ooerations ~Basic -011'-""<l

I 1$ee a----*~ffl'I .. _.._ th \'.he

As oer our reaort of even date For SOrab S. Enoineer & Co. Chartered Accountants A Firm Refltstration No. 110417W J ~

~~l~r-!'artne-Me:mbershto No. 100892

Ahmedal)a<I Fet,ruarv 03. 2021

Fina-•al ---utts l

I

901.421 I 436-83 9.71 , 26.98

@11.1.J A~• mt '

<113.31 53 ... 11◄ .15 216.59 60.13 sa.02 5L22 5-Q.78 66,77 75.78

239.88 154.24 ....... !i-14.11$

(:U.351 (151.04)

. 145.201

C!4.35l 11!16.24)

9,<4 f6.75\

,- 9.1$4 HJ.7"'

I l43.Jl'9 {J.89.4!1>

I I

(21.73) (28.30)

21.:n• --•A

165.621 <217.79>

!ff.OIi) !211.76}

2.38 f!LO) f6S.S.2 2•-7.79

0.22 3.06 /0.16) ;L04l

[OJ.)9) it,921

•n.OJ A,10

1.061

I~ rn.~,l 0.10

(67.87) (210.70) 2.72 16.99

' (65.65 (211.69

39.47 39.46

(3.01} (19.601 (3,151 (19.51)

/2.14) (3.10) (2.16) (3.08)

(5.15) (22.70) (S-..lt\ 122,59)

;\fl,!flD Rq,i Office; Mmn Buihling. ,'miud Lim,1.od_ ~ ~ Rmd... A~~ 3&) OJ5

CfN L513·99GlWJtW1.£0ff'.'J9-5

l L051,61 I

10.67 ,,.,u,,,. i

I 0.261

-421.19 ;

1~0-~7 I ,6.~3 i

73.28 1 117.1~ ! 279.97 I

112,.oe

(6';.1!1)

f!!6.78l

(2.92)

129,7>' ,~2.54

134.14\

(14.12)

114,12'

f4$.26l

IS0.86)

2.50 ,.,,.,a26\

(0,33)

0.06

Vl!I (),n, 2.73

1.211 1.4~ 2.=

'45.53

149.58) 4.05

145.53

23.47

(4,76) (4.71)

(l.83) (1.82)

(6,59\ (6.~3)

3•.12.iii unaudl•ed

1,~~;:;; ! 1 s~•-.,.2

.,a.1a 388.46 162.24 172.77 2Hf.10 481.84

1 "3.it

(3(17.81}

145,20)

(413.07}

14.'-"l 14.Sl

{427 • .591

! (68.95)

168.95'

!4!16..54'

1476.53)

'20.01 ·1-4-H:;r.:

2.45 (0,94)

(4,751

'3.24

4 __ 7fi\

14n.2111 '22.50

499.711

39.47

(45.671 {45,65)

(1.69) (7.69)

(SJ.36) (.5.1.14)

flt;;. in Crores ~ceot °'r ihare o.,ta)

lnded I Vuar e--~--" '1-1'419 ' 31.03.:W

li-···o· I Audited

l 3,613-57 i 2,940.U I

J.8.01 ' 59.711 I l 27 I "It ~7'3.~~~

I

uol 5.!5 1,656,98 ' 2,071.95

(2•.86) /84.33) 244.07 313,06 205.72 273.55 322.09 420.6-6 812,0.3 1050A5

3:U1.63 4 0411.519 --

t:?59.3tH (376.64)

(60,69

(259.36) 1437.3.3)

(0,171 (0.17) ,94_9s• 1 77.Z.6~

tc.5~02 177.431'

'{1&.t.341 {3$!1.90\

I '33.021! (59.09l

(6,2911 (19.$()\ '2".731 3<l,29

'1!11.071 1399.1!1\

(196,411) (4110.141 C" 1.55

399.19 '

(1.55) l.04 0-~9 {0.19)

3-15 S.77 .

2.09 6.62

0.58 :us '-'l ~.16 1

2.09 6.62

' (195.8:1.l !397.:un

6.84 4.71 '1118..98 13!12.57

23.47 23.47 573.83

(22.03) (4692) (21.83) (46,591

(3.-lr) (5.10) (3.44) (5.06)

(2.5.50) (52,02) {lS,27) (51.65)

!'or Arvind Fashions Limited

Shallesh ClusturlNb.-~,•--~~=-W--'' ., •• Managing Director & CEO OlN:03023079

AR VIND FASHIONS LIMITED A ~L"iil•li'.R. Ot'-nlt LALl!Ul.,\I GROUP'

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Thi! aOove consoHdat~d financial results have been prepared in accord.aince with Indian_ Accounting St:and.?1rds as prescribed unOC( 5-e!ction 133 of the Companies Act 2013 read with Rule 3 of the Compi!1n-1es (Indian Accounting_ Standard5) Ru{e.s, 2015 as amended from time to time.

2 The above consolidated finandai resutts for the quarter and n!ne month ended December 31_, 2020 which have been subj~cti!d tc review b'r the StJtutory Auditors, were ravie\•td dnd recommended b)' the Audlt Committae and subsequtrltl)' approved by the So,rd of Diracto~ ~t th~ir rneetirniheld on February 03, 2021 in temrs of Regulation 33 of the, SEB1 (Listing Obligations and D1sdosure Requirements) Reyutation 2015. The Statutory Auditors ha'w'e ex.pressed an unquantled audit _oplnlon.

3 The Group is primarily engao-ed !n the business of Branded Apparels (Garments and Accessories} which in the terms of Ind AS 108 on 'Operating Segments', constitutes a singfe reporting segment.

4 Due to Covid19, the Fashion business has been severely Impacted. This has fed to tower safes~ resulting into inventory buitd~up and-slOwer co!lect1on of receivables. -With easing of iockdown restJfctionsJ the comp.a.ny's performance 'for the current quarter has be~n progressive and we expect the momentum to continue with an overall improvement in Covid situ3tion.

Th~ Group has takan several steps indudlnQ ra11ano of equity c•pitai by "'"Y cl dQhto issue of Rs. 399.79 Crones, strateg,c p•rtn•rsh1p with Fllpkart fndia Private Umited for tts youth bntnds Flytng Machine whlch has resuked in cash now of Rs. 260 Crores, 'dtiieontiouatlon of certain brands, sharp re<iuction in overheads and closure of unviable stores, Wfth obiective.s of faster releasing cash and have fresh inventory offered to customers, the Group has decided to offer higher discounts to liquidate old inventory rapidly and take back goods sold from customers where coHectton of funds i-s g~tting -ct-etaye-d and sett it through other channels for faster liquidation, In order ro_ achieve these objectives, during the quarter ended O.,cember 31, 2020, the Group has made SJ)l!!Ciol provision of Rs. Nil con$isDng of Rs. Nil for Margm on Sales Return and Scheme amt Discounts, Rs. Nii for Inventory Dormancy and Rs. Nil fur Allowance for Doubtful Debtors. (Quarter ended September 30, 2020 and nine months ended December 31, 2020, Rs. 157.11 Crores, Rs. 34.74 Crores, Rs, 96.83 Crores and Rs. 25.54 Crones respectively; Year ended March 31, 2020: Rs. 60.69 Crones, Rs, 37.49 Crores, Rs, !3.!9 Crores and Rs. 10.01 Crores respe,:t,vely) which are disclosed under Exceptional Items.

The,-Company believes that thfs pandemic ls not lik-ety to imp-act the_recoverab!ltty of the carrying v9lue of its assets further. The Company is closely monitoring the developments and possible effects that may result from the present pandemic on its financial condition, liquidity and ope-rations and working to minimize the Impact of this unprecedented situation: As the situation is rontinuously evolving$ the eventual impact may be different from ,he estimates made as of the date of approval of these Results.

5 The Parent Compony and 4rvlnd Lifestyle B<ands Limited (ALBL), a "holly owned subs,dlary Company have transferred by way of sale, the wholesale trading business and retail trading business of "Flv1119 Mochln«• ("FW) brand ,..,_ctlvelv as a go1119 concern t<i Arvind Youth Brands Priv;,te Limited (AYBPl), a subsidiary cQmpany on a slump sale b•CI• for a lump sum con~•<lenitlon or Rs. 61,90 Crores ano Rs. 151.30 Crores respectively dunng the quarter ended September 30, 2020.

The Flipkart India Private Limited has purcnased a SH,lnificant minority st•ke in AYBPL through purchase of Compulsoniy Convertible Preference Shares for Rs. 260 Crores. Rs. 111.91 crores, being the gain on sale of shares has been disclosed under Exceptional Items during the quarter ended September 30, 2020.

6 The Ministry of Corporate Affairs vide notification dated July 24, 2020, Issued an amendment to Ind AS 116-Leases, by inserting a practical expedient w.r.t 'Covid-19-Related Rent Concessions" effective from the period beginning on or after April 01, 2020. Pursuant to the above amendment, the Group has applied the practical expedient by accounting the unconditional rent concessions of Rs. 6.68 Crores (l\s. 14.:,i Crores for the quarter ended September 30, 2020 and Rs. 85$7 Crores for the nine months ended December 31. 2020) The above unconditional rent concessions for the quarter ended December 31, 2020 includes Rs, 0.49 Crores pertaining to periods after December 31, 2020, UnCllnditional rent concession for the quarter ended September 30, 2020 included Rs. 14.84 Crores pertaining to periods after September 30, 2020.

7 Ounng the quarter, the Company has allotted 27,000 equity shares (quarter ended September 30, 2020: NH, quarter ended December 31, 2019: Nil, year ended March 31, 2020: 6,84,691) pursuant to exercise of stock options by employees.

S The National Company law Tribunal (NCLT), v1de !ts order dated luly 14, 2020 has approved the scheme of amalgamaMn of Tommy Hilfiger Arvind Fashion Private Limited with Cafvln Klem Arvlrui Fashion Prlvat• um1ted rtow renamed as P\IH Arvlnd Fashion Private limited. The scheme has become effective with appointed date i,e, April 01, 2019, As required by applicable accounting standard the con$0!ldateo financial results of previous periods have been restated,

9 On June 21, 2020, the Board of Directors of the Company had approved the revised size of Rights Issue of 3,99,79,347 shares of face value of Rs. 4 each {the "Rights Issue Shares"} at a price of Rs. 100 per Rights Equity Shares (including premium of Rs, 96 per Rights Equity Share) in the ratio of 62:91, I.e. 62 Rights Equity Shares for every 91 existing Equity Shares held by the eligible equity shareholders on the record date, i.e. March 18, 2020. On July 24, 2020, the Company has approved the allotment of 3,99,79,347 equity shares of face value Rs. 4/· each to the eligible equity shareholders as fully paid up. There is no deviation in use of proceeds from the objects stated in the Offer document for Right lssue.

Pursuant to IND AS 33, basic and diluted e.arnings per share for the previous periods have been restated for the bonus element in_ respect of right ,ssue.

10 The Management of Arvind Lifestyle Brands Limited {ALBL), a wholly owned subsidiary of the Company has decided to discontinue Brands like GAP, Hanes, New Port and Ruf & Tuf. AcCllrdingly, the activities of these orands business that are considered as dispasat group are presented as a discontinued operation _in acconlance with the provisions of Indian Accounting Standard 105 - 'Non-current Assets Held for Sale anct Dlsqmtinued Operations·. Conse<iuentlv, Lass before tax and tax expenses relating to these brands business have been disclosed ,;eparately as dis<:ontlnued op,lira!;lons as part of the aoove results, The previous perloos have been re-classlfled to give effe<:t to the presentation requirements of lnd AS 105: Non-current Assets Held for Sale and Oiscontinued Operations.

11 The Parliament of India has approved the Code ol Social Security, 2020 (the Code) which may impact the contribution by the Company towards Provident Fund, Gratuity and ESIC The Code have been published in the Gazette of India. However effective date has yet not been notified, the Group will assess tile ,mpact of the Code and will record related impact in the period it becomes effective.

12_ Previous period's figures have been regrouped/rearranged wherever necessary,,. to conform to 'current period presentation.

Partner Membership No. 100892

Ahmed a bad februarv 03, 2021

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For Anrirnl Fashions Limited

Shailesh Chaturvedi ManaainQ Director & CEO D!N:03023079

tlenQaluru Februarv 03, 2021

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