Questions across 6 calls

Archana Menon

Morgan Stanley

Aditya Birla Fashion and Retail Limited

Aditya Birla Fashion and Retail Limited CC-May26.pdf · 2026-05-26

Congratulations on the strong performance. My first question was actually on Pantaloons. So, the 17% Pantaloons format revenue growth. Yes. So, my question was on the Pantaloons format. If you could just help us understand what drove the 17% revenue growth. I understand there could be some benefit of the EOSS, which moved into this quarter. But any additional details you could help us with on this?

That's great to hear. Just continuing on this, firstly, could you help us with your online share of revenues for Pantaloons currently? And secondly, all these positives that you spoke of, is that helping you in a higher customer walk-in? Or is it more conversion or ASP? Any numbers that you can help us with? It's not for the full year, at least for the exit quarter, which you think is more sustainable going ahead?

Aditya Birla Fashion and Retail Limited CC-Nov25.pdf · 2025-11-05

So, my first question was on Pantaloons. So just on the SSG number that you've reported, it's good to see the 7% sort of LTL. How do you think of this in terms of how it can sustain? Should we be thinking of all the metrics that you have done actually driving this sort of growth even in the quarters ahead? And secondly, this is for Pantaloons itself. There's been a lot of store renovation and other exercises that you've been doing. So, do you see a performance divergence between stores, which were been renovated or the new stores versus the earlier ones? So, any numbers that you can share either in terms of revenue throughput or SSG that would be very helpful.

Understood. And on the margin side for Pantaloons, how are you thinking firstly about marketing spend for the full year? Is this more of a timing difference? Or should that be going up? And secondly, when we look at the Pantaloons' reported segment EBITDA margin, how should we be thinking of that for the full year versus last year when we also factor in the marketing expenses as well as some losses from OWND!?

Aditya Birla Fashion and Retail Limited CC-Jun25.pdf · 2025-08-14

My questions are on Pantaloons. Firstly, on the marketing and brand building side, I mean, what is the spend currently as a percentage of revenue for Pantaloons? And how has that been in the past? Are we thinking of taking that up in this year and in the years to come? And the second question was on the retail identity. There's a mention of the new retail identity and some pictures. But just wanted to get a sense from you that of your total 400 -odd stores, what percentage of stores would be, say, under the old retail ide ntity, which maybe are not so happy let's say, maybe 5 years earlier. So what is that percentage? And how are you thinking of refurbishments and renovations going ahead?

Understood. And just 2 follow -ups. First, if you could just help me with the city presence for Pantaloons now after all the store closures? And secondly, for TMRW, after the fundraise, what would your stake be right now?

Aditya Birla Fashion and Retail Limited CC-Dec23.pdf · 2024-02-15

My question was actually on the demand side. Just wanted to get your sense on any early trends that you're seeing over Jan and Feb because there was a comment in the presentation of all the players starting their sales season early this time. Sir any trends, any sort of impro vement that you've seen in Jan versus December?

Okay. Understood. And the other question w as on the balance sheet side. So you did say that you 28 billion sort of net debt for March '24, but how are you looking debt beyond that for '25, '26?

Aditya Birla Lifestyle Brands Limited

Aditya Birla Lifestyle Brands Limited CC-Feb26.pdf · 2026-02-03

Hi. Thank you so much for the opportunity. My first question was mainly on the demand side and the revenue growth that's been posted. So is there any divergence this quarter between the primary and secondary sales growth? And is there any element of channel restocking after the GST-related disruption in the second quarter?

Understood. And how have trends been in January?

Aditya Birla Lifestyle Brands Limited CC-Jun25.pdf · 2025-08-14

Hi. Thank you so much for the opportunity. My first question was on the channel mix. So, you like you mentioned in your analyst -- during the Analyst Day that incrementally a majority of the growth will be led by the retail channel. But just wanted to understand w hen you're talking about double-digit growth for the next few years, how are you thinking about growth from the non-retail channel and specifically for the e -commerce, we've seen declining trends in the last three quarters. Do you think majority of the channel correction is now behind us?

Understand. Just following up on that, within the wholesale channel, what is the mix between department stores and MBOs?