SHOPPERS STOP

SEC/123/2024-25 January 14, 2025

To,
BSE Limited National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers, Exchange Plaza,
Dalal Street, Fort, Bandra-Kurla Complex, Bandra (East),
Mumbai 400 001. Mumbai 400 051.
Stock Code : 532638 Stock Symbol : SHOPERSTOP

Dear Sir / Madam,

Sub.: Outcome of the Board meeting

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we would like
to inform you that the Board of Directors of the Company at its meeting held today i.e., on January 14, 2025, have inter- alia
unanimously approved the following:
(a) Un-Audited Financial Results for the quarter and nine months ended December 31, 2024.
Un-Audited Financial Results (Standalone and Consolidated) of the Company for the quarter and nine months ended
December 31, 2024 (“the Financial Results”). A copy of the same is enclosed herewith along with Limited Review Report
issued by the Statutory Auditors of the Company on the Financial Results.
(b) Change in Company Secretary & Chief Compliance Officer.
(i) Mr. Nishit Sheth who was handling responsibilities in an interim capacity has stepped down and will cease to be
Company Secretary & Chief Compliance Officer of the Company with effect from close of business hours of January
14, 2025. He has accordingly tendered his resignation on January 14, 2025. Mr. Sheth will continue to contribute to
the Company Secretarial and Compliance Team of the Company in his earlier capacity.
For the records, a copy of the resignation letter of Mr. Nishit Sheth as Company Secretary & Chief Compliance
Officer, is being annexed herewith as Annexure B.
(ii) Appointment of Mr. Rakeshkumar Saini (Membership No. A20257) as the Company Secretary and Chief Compliance
Officer of the Company with effect from January 15, 2025, as recommended by the Nomination, Remuneration and
Corporate Governance Committee of the Board and approved by the Board of Directors of the Company at its
Meeting held today. Mr. Saini shall discharge the duties in terms of applicable SEBI regulations and the Companies
Act,2013.
The details as required under Regulation 30 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015
read with SEBI Circular No SEBI/HO/CFD/PoD2/CIR/P/2023/120 dated July 11, 2023, for the above changes are given in
Annexure A
This information is also being made available on the corporate website of the Company i.e.
https://corporate.shoppersstop.com/investors/.
The aforesaid Board Meeting commenced at 02.10 p.m. and concluded at 4.55 p.m.
Kindly take the above on record.
Thank you.

Yours truly,
For Shoppers Stop Limited
KARUNAKARAN Digitally signed by KARUNAKARAN
MOHANASUNDARAM
MOHANASUNDARAM Date: 2025.01.14 17:06:07 +05'30'

Karunakaran Mohanasundaram
Chief Financial Officer

Shoppers Stop Limited

Registered & Service Office : Umang Tower, 5th Floor, Mindspace, Off. Link Road, Malad (W), Mumbai 400 064, Maharashtra.
T 022- 42497000 CIN : L51900MH1997PLC108798. Email : customercare@shoppersstop.com Website: www.shoppersstop.com
Toll Free No.:1800-419-6648 (9 am to 9 pm).
SR BC& COLLP 12th Floor, The Ruby
29 Senapati Bapat Marg
ChaFtered Accountants • Dadar (West)
Mumbai - 400 028, India

Tel: +91 22 6819 8000

Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Standalone
Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, as amended

Review Report to
The Board of Directors
Shoppers Stop Limited

1. We ha ve reviewed the acco mpanying statement of unaudited standalone f inancia l results of

Shoppers Stop Lim ited (the " Company") f or the quarter ended December 31, 20 24 and year
t o date f ro m April 0 1, 2024 t o Decem ber 31, 202 4 (th e "Statement") attached herewith,
being submitted by the Company pursuant t o th e requirements of Regu lat ion 33 of the SEBI
(Listing Obligations and Disclosure Requi rem ents) Regulations, 2015, as amended (t he
"Listing Regulat io ns").

2. The Company's Management is responsible for the preparation of the Statement in

accordance with the recogn iti on and measurement principles laid down in Indian Acco unting
Standard 34, (I nd AS 34) "Interim Financi al Rep orting" prescribed under Section 133 of the
Companies Act, 2013 as amended, read with relevant rules issued thereunder and other
acc ounting principles generally accepted in India and in compliance with Regulat ion 33 of the
Listing Regulations. The Statement has been approved by the Company's Board of Directors.
Our responsibility is to express a con clusion on the Statement based on our review.

3. We conducted our review of the Statement in accordance with the Stand ard on Review
Engageme nts (SRE) 2410, " Review of Interim Financial Information Performed by the
Independent Aud itor 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 assuran ce as
to whether the Statement is free of material misstatement. A review of interim financial
information cons ists of making inqu iries, primari ly 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 assuran ce that we would become aware of all
significant matters that might be identified in an audit. Accordingly, we do not express an
audit opinion.

4. Based on our review co nducted as above, 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 aforesa id Indian Ac co unting Standards (' Ind AS')
specified under Section 133 of the Companies Act, 2013 as amended, read with re levant
rules issued thereunder and other accounting principles generally accepted in India, has not
disclosed the information required to be disclosed in terms of the Listing Regulations,
including the manner in which it is to be disclosed, or that it contains any material
misstatement.

(This Space has been intent io nally left blank)

SR 8 C & CO LLP, a Limited Liability Partnership with LLP Identity No. AA8·4318
Regd. Olfice : :?2. Cdm-3c Street. Bloct,.: '8', 3rd Floor, Kolkata-700 016
SR BC & CO LLP
Chartered Accountants

Sh oppers Stop Limi ted

Page 2 of 2

5. Emphasis of Matter Paragraph

We draw attention to Note 4 t o the unaudited financial results regarding non- provision of
retrospec t ive levy of serv ice tax for the period from June 0 1, 200 7 to Mar ch 31, 20 10 on
renting of immovable prope rt ies given for commercial use, aggregating Rs. 16.60 crores,
pending fi nal disposa l of t he appeal filed bef ore the supreme cou rt.

Our conclusion is not modified in respect of t his matte r.

For S R B C & CO LLP

Chartered Ac count ants
ICAI Firm registration number: 324982E/E300003

per Fi roz Pradhan

Partner
Membership No. : 109360

UDIN : 25109360BMKYEV6870

Mumbai
Ja nuary 14, 2025
SR BC& COLLP 12th Floor, The Ruby
29 Senapati Bapat Marg
Cha r tered Accountants • Dadar (West)
Mumbai • 400 028, India

Tel: +9122 6819 8000

Independent Audito r's Review Report on the Quarterly and Year to Date Unaudited Consolidated
Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, as amended

Review Report to
The Board of Directors
Shoppers Stop Limited

1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of

Shoppers Stop Limited (the "H old ing Co mpany") and its subsidiaries (t he Holding Company and
its subsidiaries together referred to as "the Group"), for the quarter ended December 31, 2024
and year to date from April 01, 2024 t o December 31, 2024 (the "Statement") attached
herewith, being submitted by the Holdi ng Company pursuant to the requirements of Regulation
33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
(the "Listing Regulations").

2. The Hold ing Company's Management is resp onsible for the preparation of the Statement in
accordance with the recogniti on and measurement principles laid down in Indian Accounting
Standard 34, (In d AS 34) "Interim Financial Reporting" prescribed under Section 133 of the
Companies Act, 2013 as amended, 'read with relevant rules issued thereunder and other
accounting principles genera ll y accepted in India and in compliance with Regulation 33 of the
Listing Regulations. The Statement has been approved by the Holding Company's Board of
Directors. 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 (S RE ) 24 10, " 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 Statement is free of material misstatement. 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 Master Circular issued by the Securities
and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent
applicable.

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

Parent Company
i. Shoppers Stop Limited

Subsidiaries
i. Gateway Multichannel Retail (India) Limited
ii. Shopper's Stop Brand (India) Limited (Formerly known as Shopper's Stop Services (India)
limited)
iii. Shopper's Stop .co m (India ) Limited
iv. Global SS Beauty Brands Limited (Formerly known as Upasna Trading company)

SR BC & co LLP, a Limited L•ability Partnership w,th LLP Identity No. AAB-431B
Regd. Office: 22, Camac Streel. Block 'B'. 3rd Floor, Kolkata-700 016
SR BC & CO LLP
Chartered -Accountants

Shoppers Stop Limited

Page 2 of 2

5. Based on our review conducted and procedures performed as stated in paragraph 3 above,
nothing has come t o our attention that causes us to believe that the accompanying Statement,
prepared in accordance with recognition and measurement principles laid down in the aforesaid
Ind ian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013,
as amended, read with relevant rules issued thereunder and other accounting principles generally
accepted in India, has not disclosed the information required t o be disclosed in terms of the
Listing Regulati ons, including the manner in which it is to be disclosed, or that it contains any
material misstatement.

6. Emphasis of Matter paragraph

We draw attention t o Note 4 to the unaudited financial result regarding non-prov1s1on of

retrospective levy of service tax for t he period from June 01,2007 t o March 31, 2010 on renting
of immovable properties given for comme rcia l use, aggregating Rs 20.11 crores, pending final
disposal of appeal before the supreme court.

Our conclusion is not modified in respe,ct of this matter.

For S R B C & CO LLP

Chartered Accountants
ICAI Firm registration number: 324982E/E300003

per Fi roz Pradhan

Partner
Membership No.: 109360

UDIN: 25109360BMKYEW4964

Mumbai
January 14, 2025
 SHOPPERS STOP
Shoppers Stop Limited
Registered Office: Umang Tower", 5th Floor, Mindspace, Off.Link Road, Malad (West}, Mumbai 400 064.
Tel: (+91 22) 42497000; Website: www.shoppersstop.com. E-mail: investor@shoppersstop.com. GIN: L51900MH1997PLC108798

PART I : STATEMENT OF UNAUDITED STANDALONE AND CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31 DECEMBER 2024
(Rupees in Crores)

Standalone Consolidated
Particulars
For the Financial For the Financial
For the Quarter Ended For the Nine Months Ended For the Quarter Ended For the Nine Months Ended
Year Ended Year Ended
31 December 2024 30 Sept2024 31 December 2023 31 December 2024 31 December 2023 31 March 2024 31 December 2024 30 Sept2024 31 December 2023 31 December 2024 31 December 2023 31 March 2024
(Refer Notes Below) Unaudited Unaudited Unaudited Unaudited Unaudited Audited Unaudited Unaudited Unaudited Unaudited Unaudited Audited

Income

Revenue from Operations 1,311.46 1,068.10 1,206.78 3,413.26 3,213.48 4,213.16 1,379.47 1,114.87 1,237.52 3,563.64 3,270.25 4,316.59

Other Income 22.32 9.72 3.34 35.58 21.13 55.70 22.53 9.75 3.36 35.84 21.23 55.82

Total Income 1,333.78 1,077.82 1,210.12 3,448.84 3,234.61 4,268.86 1,402.00 1,124.62 1,240.88 3,599.48 3,291.48 4,372.41

Expenses
Purchases of stock-in-trade 949.88 797.07 820.50 2,410.85 2,159.48 2,625.18 1,019.25 829.95 861.62 2,524.75 2,245.06 2,730.98
Changes in inventories of stock-in trade - Decrease/ (Increase) (171.63) (154.82) (93.27) (376.25) (257.83) (128.92) (197.73) (157.97) (116.15) (395.92) (316.93) (186.77)
Employee benefits expense 106.38 101.37 96.36 307.84 290.53 381.82 110.31 104.77 99.38 318.29 298.19 392.99
Finance Costs 64.69 63.79 57.87 188.85 166.75 223.56 65.42 64.51 58.61 190.93 167.67 225.27
Depreciation and amortisation expense 129.32 121.38 111.22 367.39 324.32 436.12 130.03 121.76 111.32 368.90 324.54 436.57
Other expenses 186.90 177.66 167.81 542.00 473.86 623.53 201.88 188.29 ' 175.18 578.02 493.66 662.43

Total expenses 1,265.54 1,106.45 1,160.49 3,440.68 3,157.11 4,161.29 1,329.16 1,151.31 1,189.96 3,584.97 3,212.19 4,261.47
Profit I (Loss) before exceptional items and tax 68.24 (28.63) 49.63 8.16 77.50 107.57 72.84 (26.69) 50.92 14.51 79.29 110.94

Exceptional Items ( see note 5 ) 2.05 2.05 4.90 6.49 2.05 2.05 4.90 6.49

Profit I (Loss) before tax 68.24 (30.68) 49.63 6.11 72.60 101.08 72.84 (28.74) 50.92 12.46 74.39 104.45

Tax expenses
Current tax 1.43 0.59 2.04 0.21
Deferred tax 19.46 (8.68) 14.07 1.84 20.32 27.20 19.18 (8.74) 14.07 1.50 20.32 26.99

Net Profit/ (Loss) for the period 48.78 (22.00) 35.56 4.27 52.28 73.88 52.23 (20.59) 36.85 8.92 54.07 77.25

Other Comprehensive Income/ (loss)

Items that will not be reclassified to profit or loss :
Remeasurement of employee defined benefit obligation (0.25) (0.25) (0.18) (0.75) (0.55) (1.42) (0.25) (0.25) (0.19) (0.75) (0.55) (1.43)
Income tax relating to above 0.06 0.06 0.05 0.19 0.14 0.36 0. 06 0.06 0.05 0.19 0.14 0.36

Total other comprehensive income/ (loss) (0 19) (0.19) (0.14) (056) (0.41) (1.06) (0.19) (0.19) (0.14) (0.56) (0.41) (1.07)

Total Comprehensive income/ (loss) for the period 48.59 (22.19) 35.42 3.71 51.87 72.82 52.04 (20.78) 36.71 8.36 53.66 76.18

Profit/ (Loss) for the period attributable to:

- Owners of the Company 48.78 (22.00) 35.56 4.27 52.28 73.88 52.23 (20.59) 36.85 8.92 54.07 77.25
- Non-controlling interests

Other comprehensive income/ (loss) for the period attributable to :

- Owners of the Company (0.19) (0.19) (0.14) (0.56) (0.41) (1.06) (0.19) (0.19) (0.14) (0.56) (0.41) (1.07)
- Non-controlling interests

Total comprehensive income/ (loss) for the period attributable to :

- Owners of the Company 48.59 (22.19) 35.42 3.71 51.87 72.82 52.04 (20.78) 36.71 8.36 53.66 76.18
- Non-controlling interests

Paid-up equity share capital (Face value of Rs.5/- Per Share) 55.00 54.99 54.97 55.00 54.97 54.98 55.00 54.99 54.97 55.00 54.97 54.98

Other equity 268.97 246.44

Earnings per share (In Rs.) (not annualised for quarters)

- Basic 4.43 (2.00) 3.23 0.39 4.76 6.73 4.75 (1.87) 3.36 0. 81 4.92 7.03
- Diluted
- 4.41

SIGNED FC R IDENTIFICA ION

(2.00) 3.22 0.39 4.74 6.69 4.72 (1 .87) 3.33 0.81 4.90 7.00

BY ~ l
S R B C & Cf:) l ! f-;,
MUMB._~A~- i- - --~
 PART II:

1 The above financial results have been prepared in accordance with Indian Accounting Standards as precribed under section 133 of the Companies Act 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015, as
amended.
2 The Company is primarily engaged in the business of retail trade through retail and departmental store facilities in India, which in the terms of Ind AS 108 on 'Operating Segments', constitutes a single reporting segment.

3 The Consolidated Financial results of Shoppers Stop limited and its subsidiaries namely, Gateway Multichannel Retail (India) Limited, Shoppers Stop Brands (India) Limited (formerly known as Shoppers Stop Services (India) Limited), Global

SS Beauty Brands Limited ( formerly known as Upasna Trading Limited) and Shopper's Stop.Com (India) Limited are consolidated in accordance with Ind AS 110 on Consolidation of Financial Statements.
4 Pursuant to levy of service tax on renting of immovable properties given for commercial use, retrospectively with effect from 1 June, 2007, the Company has based on a legal advice, challenged the said levy and, inter-alia, its retrospective
application. Pending the final disposal of the matter, which is presently before the Supreme Court, the Company continues not to provide for the retrospective levy aggregating Rs 20.11 Crores in consolidated results (Standalone Rs 16.60
Crores) for the period 1 June 2007 to 31 March 2010 fully paid under protest.

5 During the quarter ended 30th September 2024, an exceptional item of Rs.2.05 crores represents the stock damaged at one of our store on account of smoke and soot due to fire in the adjacent vicinity, for which insurance claim is filed. The
Company is confident of receiving the insurance claim amount. During the nine months ended 31st December 2023,an exceptional item of Rs 4.90 crores represents stock damaged at a third party owned warehouse due to fire.

For the year ended 31st of March 2024, the exceptional items of Rs 6.49 crores comprises:
a. Loss of Rs 5. 70 crores towards impairment of Property, Plant and Equipment and Right of Use assets on three retail stores.
b. Net loss on account of stock damaged due to fire and claim acknowledged by the insurance company amounting to Rs 0.79 crores.

6 During the quarter under review, the Company has granted 21,345 Employee Stock Options (ESOP's) under ESOP Scheme 2022, (for the quarter ended 30 September 2024 : 54,292 ; for the quarter ended 31 December 2023 : 8,117) and
10,673 (for the quarter ended 30 September, 2024: 27,145 and for the quarter ended 31 December 2023: Nil) Restricted Stock Units to eligible employees, under ESOP 2022 Scheme,32,450 (for the quarter ended 30 September 2024:
16,881 and for quarter ended 31 December 2023: 5,368) Employee stock options have been exercised during the quarter.

7 The above financial results have been reviewed and recommended by the Audit Committee and have been approved and taken on records by the Board of Directors at its meetings held on 14 January,2025.

8 The limited review as required under Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations,2015 has been completed by the statutory auditors of the Company and unmodified report has been issued.

9 The previous period's figures have been regrouped I rearranged wherever necessary to conform to the current period's classification(s).

•SIGNEDr R IDENTIFICATION For Shoppers Stop Limited

BY
~~~
SR B C & CO LLP Kav& ~
Place: Mumbai
MUMBAI Customer Care Associate & Managing Director
Date : 14 January,2025 & Chief Executive Officer
 SHOPPERS STOP
Annexure A

Details under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with
SEBI Circular No. SEBI/HO/CFD/CFD- PoD-1/P/CIR/2023/123 dated July 13, 2023

Particulars Resignation Appointment

Name Mr. Nishit Sheth Mr. Rakeshkumar Saini
Reason for change viz. Mr. Nishit Sheth has stepped down from his Currently Working as VP- Legal, is additionally
appointment, re- interim role & responsibilities assigned for appointed as the Company Secretary & Chief
appointment, position of Company Secretary & Chief Compliance Officer (Key Managerial
resignation, removal, Compliance Officer of the Company Personnel) of the Company with effect from
death or otherwise; effective from close of business hours of January 15, 2025.
January 14, 2025 and Mr. Sheth will continue
to contribute to the Company Secretarial
and Compliance Team in his earlier capacity.

Date of appointment/ Resignation is effective from close of Appointed with effect from January 15, 2025.
reappointment/ business hours of January 14, 2025.
cessation
(as applicable) & term
of appointment/re-
appointment
Brief profile (in case Not Applicable Mr. Rakeshkumar Saini is a Law graduate and a
of appointment); member of the Institute of Company
Secretaries of India (ACS No. 20257) with 19+
years of experience in company secretarial,
legal, regulatory and compliance functions;
across diverse sectors such as retail, beauty,
FMCG, e-commerce, wholesale trade, and
financial services. Before joining the Company,
he was working as AVP-Legal and Company
Secretary at Tata CLiQ. He has previously
worked with Lakme Lever (HUL), Trent
Hypermarket, Tesco Hindustan Wholesaling,
Subhkam capital, L&T Finance and ASAL (a
Tata AutoComp Systems subsidiary).
Mr. Saini assumed the role of Head of Legal at
Shoppers Stop Limited on November 11, 2024.
His extensive experience in retail and digital
businesses will help in driving organizational
transformation and contribute to the growth
and success of the Company.
Disclosure of Not Applicable Not Applicable.
relationships
between
directors
(in case of
appointment of a
director)

Shoppers Stop Limited

Registered & Service Office : Umang Tower, 5th Floor, Mindspace, Off. Link Road, Malad (W), Mumbai 400 064, Maharashtra.
T 022- 42497000 CIN : L51900MH1997PLC108798. Email : customercare@shoppersstop.com Website: www.shoppersstop.com
Toll Free No.:1800-419-6648 (9 am to 9 pm).
 Annexure B

NISHIT SHETH

Date: January 14, 2025

To,
The Board of the Directors,
Shoppers Stop Limited,
Mumbai

Subject: Resignation from the interim position of Company Secretary & Chief Compliance Officer of the
Company.

Dear Sir / Madam,

I hereby tender my resignation and step down from the interim role and responsibilities assigned to me as Company
Secretary and Chief Compliance Officer of the Company, effective from the close of business hours on January 14,
2025. I will continue to contribute to the Company Secretarial and Compliance Team of the Company in my earlier
capacity.

I would also like to express my sincere thanks to the Board of Directors and Senior Management of the Company for
their unwavering support and cooperation extended to me during my tenure as interim Company Secretary and Chief
Compliance Officer.

Nisbit beth
ICSI Membership No: A43365