Lodha Developers Limited — Interim / Quarterly Report 2021

May 14, 2021

May 14,2021

The Listing Dept., BSE Limited Corporate Relationship Department Phiroze Jeejeebhoy Towers Dalal Street Mumbai- 400001

Scrip Code: 543287 Scrip lD:-LODHA

The Listing Dept. National Stock Exchange of lndia Limited Exchange Plaza, C-1, Block G Bandra Kurla Complex Bandra (E), Mumbai - 400 051

Trad ing Symbol : LODHA Debt Segment - DB - LDPL23 & DB-LODL23

Dear Sir/Madam,

Sub: Outcome of the Board Meeting held on May 14, 2021 - Audited Financiat Results for the quarter and year ended March 31, 2021 ("Results")

ln continuation of our letter dated May 6,2021, we wish to inform you that the Board of Directors of the Company, at its meeting held today, has inter alia approved the Audited Financial Results (Standalone and Consolidated) of the Company for the quarter and year ended March 31, 2021.

Pursuant to Regulation 33 read with Schedule lll of SEBI (Listing Obligations and Disclosures Requrrements) Regulations, 2015, please find enclosed copy of the Results and the Statutory Auditors Report with unmodified opinions on the said results of the Company.

The financial results are also being uploaded on the Company's website at www.lodhagroup. in.

The meeting of Board of Directors of the Company commenced at 12:30 P.M. and concluded at 02:30 P, M.

Thanking you,

Yours faithfully, For Macrotech Developers Limited

• ,n l, +A,Y-€ea4.y'2-r-L-

Sanjyot Rangnuekar Company Secretary & Compliance Officer Membership No F4154

602, Ftoor 6, Raheja Titanium Western Express Highway, GeetanjaLi RaiLway Cotony, Ram Nagar, Goregaon (E) Mumbai 400063, lN0lA Tet: +91 22 6831 1600

lndependent Auditor's Report on Quarterly consolidated Financial Results and year to Date Consolidated Financial Results pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015

To the Board of Directors of Macrotech Developers Limited (Formerly Lodha Developers Limited)

Report on the Audit of Consolidated Financial Results

Opinion

We have audited the accompanying consotidated annuat financiaI resutts of Macrotech Developers Limited (hereinafter referred to as the 'Hotding company' or 'the company') and its subsidiaries (Hotding Company and its subsidiaries together referred to as "the Group"), its associate and joint ventures for the quarter and year ended March 31,2021, ('the Statement') attached herewith, being submitted by the Hotding company pursuant to the requirement of Regutation 33 of the sEBl (Listing Obtigations and Disctosure Requirements) Regutations, 2015, as amended (,Listing Regutations,).

ln our opinion and to the best of our information and according to the exptanations given to us and based on the consideration of reports of other auditors on separate audited financiat resutts of the subsidiaries, associate and joint ventures, the aforesaid Statement:

(i) inctude the annual financiat resutts of the entities as given in the Annexure 1 to this report

(ii) are presented in accordance with the requirements of Regutation 33 of the Listing Regutations in this regard; and

(iii) give a true and fair view in conformity with the appticabte accounting standards prescribed under Section 133 of the Companies Act, 2013 ("the Act") read with Companies (lndian Accounting Standards) Rutes, 2015, as amended and other accounting principtes generatty accepted in lndia, of net profit and other comprehensive income and other financiat jnformation of the Group for the quarter and year ended March 31, ?.0Z1 .

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibitities under those Standards are further described in the Auditor's Responsibitities for the Audit of the consotidated financiat resutts section of our report. We are independent of the Group, its associate and joint ventures in accordance with the Code of Ethics issued by the lnstitute of Chartered Accountants of lndia together with the ethical requirements that are retevant to our audit of the financial statements under the provisions of the Act and the Rutes thereunder, and we have futfitted our other ethical responsibi lities in accordance with these requirements and the Code of Ethics.

We betieve that the audit evidence obtained by us and other auditors in terms of their reports referred to in "Other Matter" paragraph betow, is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

We draw attention to Note 3 to the accompanying Statement which describes the management's assessment of the COVID-'19 pandemic on the Group's resutts and the extent to which it witt impact the Group's operations is dependent upon future devetopments, which remain uncertain.

Our opinion is not modified in respect of above matter

Board of Directors' Responsibilities for the Consolidated Financial Resutts

This Statement, which is the responsibitity of the Hotding Company's Management and approved by the Hotding Company's Board of Directors, have been prepared on the basis of the consotidated annual financia[ statements. The Hotding Company's Board of Directors are responsibte for the preparation and presentation of this Statement that give a true and fair view of the net profit and other comprehensive income and other financial information of the Group inctuding its associates and joint ventures in accordance with the lndian Accounting Standards prescribed under Section 133 of the Act read with Companies (lndian Accounting Standards) Rutes, 2015, as amended and other accounting principtes generatty accepted in lndia and in comptiance with Regutation 33 of the Listing Regutations. The respective Board of Directors of the companies inctuded in the Group and of its associates and joint ventures are responsibte for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and its associates and joint ventures and for preventing and detecting frauds and other irregutarities; selection and apptjcation of appropriate accounting poticies; making judgments and estimates that are reasonabte and prudent; and the design, imptementation and maintenance of adequate internal financiat controts, that were operating effectivety for ensuring accuracy and compteteness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Statement by the Directors of the Hotding Company, as aforesaid.

ln preparing the Statement, the respective Board of Directors of the companies included in the Group and of its associates and joint ventures are responsible for assessing the abitity of the Group and its associates and joint ventures to continue as a going concern, disctosing, as appticabte, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to tiquidate the Group or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies inctuded in the Group and of its associates and joint ventures are responsibte for overseeing the financiaI reporting process of the Group and of its associates and jointty ventures.

Auditor's Responsibitities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonabte assurance about whether the Statement as a whole are free from materiaI misstatement, whether due to fraud or error, and to issue an auditor's report that inctudes our opinion. Reasonabte assurance is a high teve( of assurance, but is not a guarantee that an audit conducted in accordance with SAs witt atways detect a materiat misstatement when it exists. Misstatements can arise from fraud or error and are considered materiat if, individuatty or in the aggregate, they coutd reasonabty be expected to inftuence the economic decisions of users taken on the basis of this Statement.

As part of an audit in accordance with sAs, we exercise professional judgment and maintain professionat skepticism throughout the audit. We also:

• ldentify and assess the risks of materiat misstatement of the statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resutting from fraud is higher than for one resulting from error, as fraud may involve cotlusion, forgery, intentionaI omissions, misrepresentations, or the override of internaI controt.
• Obtain an understanding of internal control retevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are atso responsibte for expressing our opinion on whether the company has adequate internal financiaI controts with reference to financial statements in ptace and the operating effectiveness of such controts.
• Evatuate the appropriateness of accounting poticies used and the reasonab(eness of accounting estimates and retated disctosures made by the Board of Directors.
• Conclude on the appropriateness of the Eoard of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists retated to events or conditions that may cast significant doubt on the abitity of the Group and its associates and joint ventures to continue as a going concern. lf we conctude that a materja( uncertainty exists, we are required to draw attention in our auditor's report to the retated disctosures in the Statement or, if such disctosures are inadequate, to modify our opinion. Our conctusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and its associates and joint ventures to cease to continue as a going concern.
• Evatuate the overatl presentation, structure and content of the Statement, inctuding the disclosures, and whether the Statement represent the undertying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financiat resutts of the entities within the Group and its associate and joint ventures to express an opinton on the Statement. We are responsibte for the direction, supervision and performance of the audit of financiat information of such entities inctuded in the Statement of which we are the independent auditors. For the other entities inctuded in the Statement, which have been audited by other

auditors, such other auditors remain responsibte for the direction, supervision and performance of the audits carried out by them. We remain sotely responsibte for our audit opinion.

We communicate with those charged with governance of the Hotding Company and such other entities included in the Statement of which we are the independent auditors regarding, among other matters, the ptanned scope and timing of the audit and significant audit findings, inctuding any significant deficiencies in internat control that we identify during our audit.

We also provide those charged with governance with a statement that we have comptied with retevant ethicaI requirements regarding independence, and to communicate with them att retationships and other matters that may reasonabty be thought to bear on our independence, and where appticabte, retated safeguards.

We atso performed procedures in accordance with the circutar issued by SEB| under Regutation 33(8) of the Listing Regutations, as amended, to the extent possibte.

Other Matters

• The Statement inctudes the audited financiat resutts of 16 subsidiaries, whose financial resutts reftect total assets of Rs. 2,34,892.80 lakhs as at March 31,2021, total revenue of Rs. Nit and Rs. 1,516.79 lakhs, total toss after tax of Rs. 860.30 takhs and Rs. 3,859.08 takhs and net cash inftows amounting to Rs. 18.68 and Rs. 32.3'l Lakhs for the quarter and year ended on that date, as considered in the consotidated financiat resutts. The consotidated financiat resutts atso inctude Group's share of net toss of Rs. Nit for the quarter and year ended March 31,2021, in respect of a joint venture (inctuding its subsidiaries), whose financiat statements have been audited by their respective independent auditors. The independent auditors, reports on financiat resutts of these entities have been furnished to us and our opinion on the Statement, in so far as it retates to the amounts and disctosures inctuded in respect of these entities, is based sotety on the report of such auditors and the procedures performed by us are as stated in paragraph above. 1
• The Statement inctudes the unaudrted financiaI resutts of a subsidiary, whose financiaI resutts reflect totat assets of Rs. 279,062.30 lakhs as at 31 March, 2021, totat revenues of Rs. 5,254.02 takhs and Rs.20,712.24 lakhs, total profit after tax of Rs. 132.23 takhs and Rs. 490.53 takhs and net cash inftows amounting to Rs.15.'18 Lakhs and cash outftows amounting to Rs. 97.14 lakhs for the quarter and year ended on that date, as considered in the consotidated financiat resutts. The consotidated financiat resutts atso inctude the Group's share of net profit of Rs. 23.08 Lakhs and net loss of Rs. 2.24 lakhs for the quarter and year ended 31 March, 2021, as considered in the consotidated financial resutts, in respect of an associate and a joint venture, whose financiat statements have not been audited by us. These unaudited financiat results have been furnished to us by the Management and our opinion on the Statement, in so far as it retates to the amounts and disctosures inctuded in respect of these subsidiary, joint venture and associate is based sotety on such unaudited financiat resutts. ln our opinion and according to the information and exptanations given to us by the Management, these financiat results are not material to the Group. 2.

Head Office: 602, Ftoor 6, Raheia Titanium, Western Express Highw.y. Geetanjati Railway Colony, Ram Nagar, Goregaon {E), ^.{umbai {00063, lNOlA, Tei: +91 22 6811 1600 Regd. No. 105041V I Ahmedabad I BengalurLr I Chennai I Goa I GuruSram I Byderabad Ko<hi Xolkata Mumbai Pune !4 44.!1!k!.in

Our opinion on the Statement is not modified with respect to our retiance on the work done and the reports of the other auditors and the financiat resutts certified by the Board of Directors.

• 3 The Statement includes the resutts for the quarter ended 31-March-21 and 31-March-20 which represents the batancing figures between the audited figures in respect of the futt financiat year and the unpubtished audited figures for the nine months period ended 31-Dec-20 and 31- Dec-'19 respectivety as prepared by the management in accordance with lnd AS 34,,lnterim FinanciaI Reporting" for the purpose of lnitiat Pubtic Offer of the Company and on whjch we had issued our unmodified opinion dated January 29, 202'1.
• 4 The Statement inctudes the resutts for the quarter ended 31-Dec-20 which represents the batancing figures between the unpublished audited figures for the nine months period ended 31-December-2o as aforesaid and the period-to-date figures upto six months ended 30- September-20 prepared by the management of the Company, which is not subject to audit or review by the statutory auditors.

For lvlSKA & Associates Chartered Accountants lCAl Fjrm Registration No 105047W

Bhavik Lalit 5hah

Bhavik L. Shah Partner Membership No.:122071 UDIN: 21 122071AAAAECl881

Ptace: Mumbai Date: '14 May 2021

Head Office: 602, Floor 6, Raheja Titanium, Western Expr€ss Highway, Geetanjali Ra'lway Colony, Ram Nagar, Goregaon (E), M!mbai {00061, lNolA, Tel: +91 22 6811 1600 Regd. No. 105047W I Ahmedabad Bengaturu Chennai I Goa I Gurugram I Hyderabad Kochi Kolkata MLrmbai I Pune www.mskat

Annexure 1

List of entities consolidated as at 31 March 2021

Sr.No.	Name of the Company	Relationship
1	Anantnath Constructions and Farms Pvt. Ltd.
2	Apollo Complex Pvt. Ltd.
3	Lodha Developers U.S., lnc.
4	Ramshyam lnfracon Pvt. Ltd
5	Bellissimo Constructions and Developers Pvt. Ltd. (Formerly known as LodhaKnowledge Foundation)
6	Lodha Developers lnternational (Netherlands) B. V
7	Odeon Theatres and Properties Pvt. Ltd.
8	Renover Green Consultants Pvt. Ltd
9	Simtools Pvt. Ltd.	Subsidiaries
10	Sitaldas Estate Pvt. Ltd.
11	Copious Developers and Farms Pvt. Ltd.
L2	Center for Urban lnnovation
13	Lodha Developers Canada Ltd.
),4	Palava lnstitute of Advanced 5kill Training
15	Lodha Developers lnternational Ltd.
16	Bellissimo Estate h/t. Ltd. (Formerly known as Palava City ManagementAssociation)
1,7	Erickmart Constructions And Developers Pvt. Ltd
18	Classichomes Developers & Farms Pvt. Ltd
19	Cowtown lnfotech Services Pyt. Ltd. (Formerly known as Cowtown LandDevelopment A^. Ltd.)
20	CoMown Software Design Pw. Ltd. (Formerly known as Nabhiraja SoftwareDesign Pvt. Ltd.)
21,	Palava lndustrial and Logistics Park Pvt. Ltd. (Formerly Grandezza SupremousThane Pvt. Ltd.)
22	Homescapes Constructions Pvt. Ltd
23	Luxuria Complex Pvt. Ltd.
24	National standard (lndia) Ltd.
	One Place Commercials Pvt. Ltd. (Formerly known as Sahasrabuddhe TutorialsPvt. Ltd. )
26	Palava City Management Pvt. Ltd
27	Palava Dwellers Pvt. Ltd.
28	Palava lnduslogic 2 P,t. Ltd
29	Primebuild Developers and Farms Pvt. Ltd
30	Roselabs Finance Ltd.
31	Sanathnagar Enterprises Ltd

Head Office: 602, Floor 6, Raheja Titanium, Western Express Highway, Geetanjati Railway Cotony, Ram Nagar, Goregaon (E), Mumbai 400061, lND|A, Tet: +91 22 6811 1600 Regd. No. 105047w I Ahmedabad Bengaluru I Chennai I Goa I Gurugram I Hyderabad Kochi (olkata Mumbai Pune

32	Bellissimo Buildtech LLP
33	MMR Social Housing Private Limited (formerly known as Lodha Buildcon p!t.Ltd.)
34	Lodha Developers UK Ltd
35	Lodha Developers lGSQ Limited*
36	Lincoln Square Apartments Limited'
37	Lodha Developers 48CS Limited*
38	New Court Holdings Limited*
39	lGSQ Leaseco Limited*
40	Lodha Developers Dorset Close Limited*
47	Lodha Developers lGSQ Holdings Limited*
	Grosvenor Streel Apartment Limited*	Jointly venture
43	Lodha Developers lnternational (Jersey) lll Limited*
44	New Court Developers Limited *
45	LGS lnvestments Limited*
46	1GS Residences Limited *
41	1GS Properties lnvestments Limited (Formerly GS Penthouse Limited)+
48	Altamount Road Properties Private Limited
49	Kora Construction Private Limited	Associate

. Subsidiaries of Lodha Devetopers UK Limited

Head Officer 602, Floor 6, Raheja Titanium, Western Express Bighway, Geetanjati Railway Colony, Ram Nagar, Goregaon tE), Mumbai 400063, lNDlA, Tet: +91 22 6831 1600 Regd. No. 105041v I Ahmedabad B€ngaluru Chennai I Goa I Gurugram I Hyderabad I Kochi Kollata Murhbai Pune www.mska.in

MACROTECH DEVELOPERS LIMITED (Formerly known as LODHA DEVELOPERS LIMITED) CIN: U45200MH1995PLC093041

Registered Office: 412, Floor- 4, 17G Vardhaman Chamber, Cawasji Patel Road, Horniman Circle, Fort, Mumbai - 400001 Corporate office: Lodha Excelus, L 2, N M Joshi Marg, Mahalaxmi, Mumbai - 400011 Tel: +9122 61334400; Fax No: +9122 23024550; Email: shares@lodhagroup.com

AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2021

			Quarter ended		₹ in Lakhs Year ended
	Sr. No.	Particulars	31-Mar-2021(Audited)(Refer Note 7)	31-Dec-2020(Unaudited)(Refer Note 7)	31-Mar-2020(Audited)(Refer Note 7)	31-Mar-2021(Audited)	31-Mar-2020(Audited)
$\mathbf{1}$		Income
	a	Revenue From Operations	2,53,356.34	1,51,410.40	3,16,962.75	5,44,857.47	12,44,259.05
	b	Other Income	7,760.45	8,566.58	3,401.20	32,307.68	11,839.30
		Total Income	2,61,116.79	1,59,976.98	3,20,363.95	5,77,165.15	12,56,098.35
$\overline{\mathbf{2}}$		Expenses
	$\alpha$	Cost of Projects	1.55.145.57	97,295.42	2,64,001.59	3,60,382.09	9,54,997.92
	b	Employee Benefits Expense	8,488.47	7,642.07	5,635.98	28,635.30	39,044.71
	C)	Finance Costs	31,473.02	26,569.00	15,176.29	1,12,569.28	73,035.93
	d)	Depreciation, Impairment and AmortisationExpense	1,700.00	1,829.70	9,018.69	7,342.15	29,240.02
	$\epsilon$	Other Expenses	8,882.66	(794.70)	21,393.07	18,643.01	59,488.60
		Total Expenses	2,05,689.72	1,32,541.49	3, 15, 225.62	5,27,571.83	11,55,807.18
3		Profit Before exceptional items and Share ofNet Loss in Associate and Joint Venture (1-2)	55,427.07	27,435.49	5,138.33	49,593.32	1,00,291.17
4		Share of Net Profit/ (Loss) in Associates andJoint Venture	23.08	(22.89)	(4.31)	(2.24)	(4.46)
5		Exceptional Items (Refer Note 5)		(275.41)	15.63	(46, 275.41)	15.63
6		Profit before tax (3+4+5)	55,450.15	27,137.19	5,149.65	3,315.67	1,00,302.34
$\overline{7}$		Tax expense
		al Current Tax	(4, 440.22)	(3,918.21)	(446.08)	(10, 218.94)	(3,388.83)
		b) Deferred Tax	(19, 790.74)	(49.08)	19,141.09	11,692.11	(22,760.72)
8		Net Profit for the period / year (6+7)	31,219.19	23,169.90	23,844.66	4,788.84	74, 152. 79
9		Other Comprehensive Income
		A Items that will not be reclassified to	126.68	25.06	(88.55)	123.10	(106.31)
		Statement of Profit and Loss
		Re-measurement of defined benefit plans	194.58	38.50	(136.24)	189.17	(163.45)
		Income Tax effectB Items that will be reclassified to Statement of	(67.90)	13.44	47.69	166.07	57.14
		Profit and Loss
		Foreign Currency Translation Reserve	24.69	235.86	1,089.48	525.35	(1, 125.54)
10		Total Comprehensive Income for the period /$year(8+9)$	31,370.56	23,430.82	24,845.59	5,437.29	72,920.94
11		Profit for the period/year attributable to:	31,219.19	23,169.90	23,844.66	4,788.84	74,152.79
		(i) Owners of the Company	31,055.90	22,724.58	13,174.99	4,015.60	72,756.27
		(ii) Non Controlling Interest	163.29	445.32	10,669.67	773.24	1,396.52
12		Other Comprehensive Income / (Loss) for theperiod/year attributable to:	151.37	260.92	1,000.93	648.45	(1, 231.85)
		(i) Owners of the Company	151.20	261.13	658.74	648.49	(1,099.29)
		(ii) Non Controlling Interest	0.17	(0.21)	342.19	(0.04)	(132.56)
13		Total Comprehensive Income for the period/year attributable to:	31,370.56	23,430.82	24,845.59	5,437.29	72,920.94
		(i) Owners of the Company	31,207.10	22,985.71	13,833.73	4,664.09	71,656.98
		(ii) Non Controlling Interest	163.46	445.11	11,011.86	773.20	1,263.96
14		Total Paid-up Equity Share Capital	39,587.80	39,587.80	39,587.80	39,587.80	39,587.80
		(Face Value of ₹ 10/- each)
15		Other Equity (Excluding Revaluation Reserve)		$\overline{a}$		3,77,268.81	3,72,604.71
16		Earnings Per Share (EPS) (amount in ₹)
		(not annualised except year end EPS)
		Basic	7.84	5.74	3.33	1.01	18.38
		Diluted	7.84	5.74	3.33	1.01	18.38

	(₹ in Lakhs)
	STATEMENT OF AUDITED CONSOLIDATED ASSETS AND LIABILITIES
Sr.	No. Particulars	As at	As at
		$31-Mar-21$	31-Mar-20
А	ASSETS	(Audited)	(Audited)
	1) Non-Current Assets
	Property, Plant and Equipment	1,12,257.02	1,18,506.24
	Capital Work In Progress	628.58	628.58
	Investment Property	27,665.01	28,816.03
	Goodwill	54,667.62	54,667.62
	Intangible Assets	39.97	101.70
	Investments accounted for using the Equity Method	5,872.01	5,832.07
	Financial Assets
	Investments	22,248.95	20,425.50
	Loans	3,49,901.19	4,25,600.43
	Other Financial Assets	25,387.47	13,171.99
	Non-Current Tax Assets (net)	20,924.06	36,354.42
	Deferred Tax Assets (net)	20,986.29	9,358.73
	Other Non-Current Assets	6,651.46	7,020.94
	Total Non-Current Assets	6,47,229.63	7,20,484.25
	2) Current Assets
	Inventories	28,30,070.63	29,03,144.38
	Financial Assets
	Investments	1,29,818.34	1,29,036.37
	Loans	45.284.79	41,665.99
	Trade Receivables	65,452.51	79,428.76
	Cash and Cash Equivalents	22,758.12	11,854.09
	Bank Balances other than Cash and Cash Equivalents	13,922.38	6,840.99
	Other Financial Assets	82,786.64	61,636.27
	Other Current Assets	93,487.48	1,15,164.02
	Total Current Assets	32,83,580.89	33,48,770.87
	Total Assets $(1 + 2)$	39,30,810.52	40,69,255.12
В	EQUITY AND LIABILITIES
	1) Equity
	Equity Share capital	39,587.80	39,587.80
	Other Equity	4,20,308.16	4,15,644.06
	Non-Controlling Interests	52,688.96	51,915.76
		5, 12, 584.92	5,07,147.62
2)	Non-Current Liabilities
	Financial Liabilities
	Borrowings	4, 26, 758, 13	2,13,385.81
	Trade Payables
	Due to Micro and Small Enterprises	6,920.13	1,830.15
	Due to Others	9,595.60	20,477.30
	Other Financial Liabilities	16,359.62	8,637.11
	Provisions	1.605.51	1,767.15
	Other Non-Current Liabilties	9,509.12	9,689.79
	Deferred Tax Liabilities (net)	6.57	5.06
		4,70,754.68	2,55,792.37
3)	Current Liabilities
	Financial Liabilities
	Borrowings	13,89,927.00	16,28,030.61
	Trade Payables
	Due to Micro and Small Enterprises	29, 293. 18	4,765.94
	Due to Others	1,23,969.67	2,00,204.58
	Other Financial Liabilities	2,22,864.69	2,36,180.08
	Provisions	519.27	625.13
	Current Tax Liabilities (net)	5,195.63	1,837.04
	Other Current Liabilities	11,75,701.48	12,34,671.75
		29,47,470.92	33,06,315.13
	Total Equity and Liabilities $(1 + 2 + 3)$	39,30,810.52	40,69,255.12

Devel

$\langle$ 5 $\angle$

(₹ in Lakhs)

STATEMENT OF AUDITED CONSOLIDATED CASH FLOW

I

		For the Year ended$31-Mar-21$(Audited)	For the Year ended31-Mar-20(Audited)
	(A) Operating Activities
	Profit Before Tax	3,315.67	1,00,302.34
	Adjustments for:
	Depreciation, Amortisation and Impairment Expense	7,342.15	29,240.02
	(Profit)/ Loss on Sale of Property, Plant and Equipment	(644.03)	(315.46)
	Share of Net Profit/(Loss) in AssociateExceptional Items	2.24	4.46
		46,275.41	(15.63)
	Net Unrealised Foreign Exchange DifferencesInterest Income	(16,994.88)	(1,630.06)
	Finance Costs	(27, 500.59)	(5,087.53)
		2,52,463.05	3,11,070.97
	Gain on Sale of Investments/ Subsidiary (net)		(965.88)
	Sundry Balances / Excess Provisions written off/ back (net)	(7,320.57)	(4,908.23)
	Provision for/ (Write back of) Doubtful Receivables and Advances / Deposits		(2,066.06)
	Gains arising from fair valuation of financial instruments	(888.71)	(168.80)
	Dividend on Current Investments	(47.11)	(112.70)
	Operating Profit Before Working Capital ChangesWorking Capital Adjustments:	2,56,002.63	4,25,347.44
	(Increase) / Decrease in Trade and Other Receivables	23,098.59	(30, 312, 13)
	Decrease in Inventories	73,010.34	1,20,536.00
	Decrease in Trade and Other payables	(1,08,286.72)	(1, 30, 159.95)
	Cash Generated from / (used in) Operating Activities	2,43,824.84	3,85,411.36
	Income Tax refund received /(Income Tax Paid) (Net)	8,570.01	(8.209.87)
	Net Cash Flows from / (used in) Operating Activities	2,52,394.85	3,77,201.49
(B)	Investing ActivitiesSale of Property, Plant and EquipmentPurchase of Property, Plant and EquipmentNet Investment / (Divestment) in Bank DepositsPurchase of Non-Current InvestmentsSale/ (Purchase) of Current Investments (net)Interest receivedLoans (Given) / Received back (Net)Dividend on Current Investments ReceivedNet Cash Flows from Investing Activities	851.46(204.43)(7.081.39)(1,865.63)106.747,058.4243,075.3247.1141,987.60	825.00(3,748.19)680.73(8, 268.71)(19,950.39)4,421.1147,100.11112.7021,172.36
	(C) Financing Activities
	Finance Costs Paid	(1,80,265.28)	(3,05,224.45)
	Proceeds from Borrowings	3, 17, 139.41	5,38,999.49
	Repayment of Part of Optionally Convertible Debentures		(2,828,14)
	Repayment of Borrowings	(4,20,386.98)	(6, 49, 786.55)
	Net Cash Flows from/ (used in) Financing Activities	(2,83,512.85)	(4.18, 839.65)
	(D) Net Increase/ (Decrease) in Cash and Cash Equivalents (A+B+C):	10,869.60	(20, 465.80)
	Add: Cash and Cash Equivalents at the beginning of the year	11,854.09	35,252.72
	Exchange difference on translation of foreign currency Cash and CashEquivalent	34.43	95.37
	Cash and Cash Equivalents on Disposal		(3,028.92)
	Cash and Cash Equivalents acquired on account of Acquisition		0.72
	Cash and Cash Equivalents at year end	22,758.12	11,854.09

Notes on Audited Consolidated Financial Results:

• 1 The above Audited Consolidated financial results for the quarter and year ended 31-March-21 have been reviewed by the Audit Committee and approved by the Board of Directors ('the Board') on 14-May-2021. The statutory auditors of the Company have expressed an unmodified opinion on the audited consolidated financial results for the year ended 31-March-21.
• 2 Subsequent to Balance Sheet date, the Company has completed the Initial Public Offering (IPO) of its equity shares comprising a fresh issue of 5,14,40,328 equity shares having a face value of $\bar{\tau}$ 10 each at premium of $\bar{\tau}$ 476 per share aggregating ₹ 2,50,000 lakhs. Pursuant to the IPO, the equity shares of the Company are listed on BSE Limited and National Stock Exchange of India Limited with effect from 19-April-21.
• 3 The outbreak of corona virus (COVID-19) pandemic globally and in India is causing disturbance and slowdown of economic activity. Due to lockdown announced by the Government, the Group operations were slowed down in compliance with applicable regulatory orders. The operations and economic activities have gradually resumed with requisite precautions. The Group continues to monitor the situation and take appropriate action, as considered necessary in due compliance with the applicable regulations.

The management has used the principles of prudence in applying judgments, estimates and assumptions based on the current conditions. In assessing the liquidity position and recoverability of assets such as Goodwill, Inventories, Financial assets and Other assets, based on current indicators of future economic conditions, the Group expects to recover the carrying amounts of its assets. However, the actual impact of COVID-19 pandemic on the Group's future operations remain uncertain and dependant on spread of COVID-19 and steps taken by the Government to mitigate the economic impact and may differ from the estimates as at the date of approval of these consolidated financial results. The Group is closely monitoring the impact of COVID-19 on its financial condition, liquidity, operations, suppliers and workforce.

• 4 The Group is mainly engaged in the business of real estate development, which is considered to be the only reportable segment by the management.
• 5 The Group had given loan to LD UK and its subsidiaries from time to time for its UK business operations. During the year, the Group has made provision of $\bar{\tau}$ 46,000 lakhs against the said loans taking into account impact of COVID-19 on UK project which has led to delays in completion with additional cost. This has been disclosed under "Exceptional Item".
• 6 Pursuant to amendment to Section 32 of the Income Tax Act, 1961 introduced by the Finance Act, 2021, depreciation on Goodwill of a business will not be allowed as a deductible expenditure effective 01-April-20. Consequently, in accordance with the requirements of Ind AS 12 "Income Taxes", the Group has recognised one time additional deferred tax liability of ₹10,097.46 lakh and charged to statement of profit and loss as deferred tax expense being the difference between the book base and tax base of NIL of Goodwill.
• 7 The figures for the quarter ended 31-March-2021 and 31-March-2020 represents the balancing figures between the audited figures in respect of the full financial year and the unpublished audited figures for the nine months period ended 31-Dec-2020 and 31-Dec-2019 respectively prepared as per Ind AS 34 "Interim Financial Reporting" for the purpose of IPO. The figures for the quarter ended 31-Dec-2020 represents the balancing figures between the unpublished audited figures for the nine months period ended 31-Dec-2020 as aforesaid and the period-to-date figures up to six months ended 30-Sep-2020 prepared by the management, which has not been subjected to review or audit by the statutory auditors.

8 The figures for the corresponding previous year/period have been regrouped/ reclassified, wherever considered necessary, to make them comparable with current year/period classification.

Place: Mumbai Date: 14-May-2021

Macrotech Deyelopers Limited

For and on behalf of the Board of Directors of

Abhishek Lodha Managing Director and CEO DIN: 00266089

602, floor 6, Raheja Titanium Western Express Highway, Geetanjatt Raitway Cotony, Ram Nagar, Goregaon (E) ^,{umbai 400061. INDIA Tet: +91 22 6E31 1tO0

lndependent Auditor's Report on Quarterly Financial Results and Year to Date Financial Results of the Company pursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 201 5

To the Board of Directors of Macrotech Developers Limited (Formerly Lodha Developers Limited )

Report on the Audit of Standalone Financial Results

Opinion

We have audited the accompanying standatone annuat financial resu[ts of Macrotech Developers Limited (hereinafter referred to as 'the Company') for the quarter and year ended March 31, 2021 ('the Statement'), attached herewith, being submitted by the Company pursuant to the requirement of Regutation 33 and 52 of the SEBI (Listing Obtigations and Disctosure Requirements) Regutations, 2015, as amended ('Listing Regutations').

ln our opinion and to the best of our information and according to the exptanations given to us, the aforesaid Statement:

(i) is presented in accordance with the requirements of Regutation 33 and 52 of the Listing Regutations in this regard; and

(ii) give a true and fair view in conformity with the appticabte accounting standards prescribed under Section 133 of the Companies Act, 2013 ("the Act") read with Companies (lndian Accounting Standards) Rutes, 2015, as amended, and other accounting principtes generally accepted in lndia, of net toss and other comprehensive income and other financial information of the Company for the quarter and year ended March 31 , 2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibitities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Financial Resutts section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the lnstitute of Chartered Accountants of lndia together with the ethicaI requirements that are retevant to our audit of the financiaI statements under the provisions of the Act and the Rutes thereunder, and we have futfitted our other ethicat responsibitities in accordance with these requirements and the Code of Ethics.

We betieve that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

We draw attention to Note 7 to the accompanying Statement which describes the management,s assessment of the COVID -19 pandemic on the Company's resutts and the extent to which it witt impact the Company's operations is dependent upon future devetopments, which remain uncertain. Our opinion is not modified in respect of above matter.

Board of Directors'Responsibilities for the Financial Results

This Statement have been prepared on the basis of the annuat financiat statements. The Company's Board of Directors are responsibte for the preparation and presentation of this Statement that give a true and fair view of the net loss and other comprehensive income in accordance with the lndian Accounting Standards prescribed under Section 133 of the Act read with Companies (lndian Accounting Standards) Rutes,2015, as amended issued thereunder and other accounting principtes generatty accepted in lndia and in comptiance with Regutation 33 and 52 of the Listing Regulations. The Board of Directors of the Company are responsibte for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregutarities; setection and apptication of appropriate accounting poticies; making judgments and estimates that are reasonabte and prudent; and the design, imptementation and maintenance of adequate internaI financial controts, that were operating effectivety for ensuring accuracy and compteteness of the accounting records, retevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Statement by the Directors of the Company, as aforesaid.

ln preparing the Statement, the Board of Directors of the Company are responsible for assessing the abitity of the Company to continue as a going concern, disctosing, as applicabte, matters retated to going concern and using the going concern basis of accounting untess the Board of Directors ejther intends to tiquidate the Company or to cease operations, or has no reatistic atternative but to do so.

The Board of Directors of the Company are responsibte for overseeing the financiat reporting process of the Company.

Auditor's Responsibilities for the Audit of the Financial Results

Our objectives are to obtain reasonabte assurance about whether the Statement as a whote are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that inctudes our opinion. Reasonabte assurance is a high tevet of assurance, but is not a guarantee that an audit conducted in accordance with SAs witt always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individuatty or in the aggregate, they coutd reasonabty be expected to inftuence the economic decisions of users taken on the basis of these Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professionat skepticism throughout the audit. We atso:

• ldentify and assess the risks of materiat misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a materiaI misstatement resulting from fraud is higher than for one resutting from error, as fraud may invotve coItusion, forgery, intentionaI omissions, misrepresentations, or the override of internaI controt.
• Obtain an understanding of internat control retevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are atso responsibte for expressing our opinion on whether the company has adequate internal financiaI controts with reference to financia( statements in ptace and the operating effectiveness of such controts.
• Evaluate the appropriateness of accounting poticies used and the reasonabteness of accounting estimates and related disctosures made by the Board of Directors in terms of the requirements specified under Regutation 33 and 52 of the Listing Regutations.
• Conctude on the appropriateness of the Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the abitity of the Company to continue as a going concern. lf we conctude that a material uncertainty exists, we are required to draw attention in our auditor's report to the retated disctosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conctusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• . Evatuate the overatl presentation, structure and content of the Statement, inctuding the disclosures, and whether the Statement represent the undertying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance of the Company of which we are the independent auditors regarding, among other matters, the ptanned scope and timing of the audit and significant audit findings, inctuding any significant deficiencies in internat control that we identify during our audit.

We atso provide those charged with governance with a statement that we have comptied with retevant ethical requirements regarding independence, and to communicate with them al[ retationships and other matters that may reasonably be thought to bear on our independence, and where appticabte, retated safeguards.

Other Matters

The Statement includes the resutts for the quarter ended 31-March-2l and 31-March-2o which represents the batancing figures between the audited figures in respect of the futt financial year and the unpublished audited figures for the nine months period ended 3'l -Dec-20 and 3'l -Dec-19 respectivety as prepared by the management in accordance with lnd AS 34 "lntenm Financiat Reporting" for the purpose of lnitial Pubtic Offer of the Company and on which we had issued our unmodified opinion dated January 29, 2021 .

The Statement inctudes the resutts for the quarter ended 31-Dec-20 which represents the batancing figures between the unpubtished audited figures for the nine months period ended 31-December-2o as aforesaid and the reviewed period-to-date figures upto six months ended 3o-september-zo prepared pursuant to the Regutation 52 of the SEBI (Listing Obligations and Disctosure Requirements) Regutations 20'15 and on which we had issued our unmodified conctusion dated November 8, 2020.

For ,rtSKA & Associates

Chartered Accountants lCAl Firm Registration No.105047W

Bhavik L. Shah Partner Membership No. : 12207'l UDIN :21'l 2207'l AAAAEB5880

Ptace: Mumbai Date: 14 May 2021

Head Office: 602, ftoor 6, Raheia Tilanium, Western Express Highway, Geetanjati Raitway Colony, Ram Nagar, Goregaon (E), Mumbai 400061, lNDlA, Tel: +91 22 5811 1600 Regd. No. 105047W I Ahmedabad I Bengaluru I Chennai I Goa I GuruS.am Hyderabad I Kochi I Kotkata I rr{umbai I Pune www.mtka.in

MACROTECH DEVELOPERS LIMITED (Formerly known as LODHA DEVELOPERS LIMITED) CIN: U45200MH1995PLC093041

Registered Office: 412, Floor- 4, 17G Vardhaman Chamber, Cawasji Patel Road, Horniman Circle, Fort, Mumbai - 400001 Corporate office: Lodha Excelus, L 2, N M Joshi Marg, Mahalaxmi, Mumbai - 400011 Tel: +9122 61334400; Fax No: +9122 23024550; Email: shares@lodhagroup.com

AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2021

		₹ in Lakhs
				Quarter ended			Year ended
		Sr. No. Particulars	31-Mar-21(Audited)(Refer note 9)	31-Dec-20(Unaudited)	31-Mar-20(Audited)(Refer note 9) (Refer note 9)	31-Mar-21(Audited)	31-Mar-20(Audited)
1		Income
	$\alpha$	Revenue From Operations	2,72,015.28	76,561.24	1,73,507.67	4,29,969.41	8, 11, 475.79
		b) Other Income	3,160.76	4,174.01	12,073.79	14,628.90	33,453.36
		Total Income	2,75,176.04	80,735.25	1,85,581.46	4,44,598.31	8,44,929.15
$\overline{2}$		Expenses
		a) Cost of Projects	1.68.703.06	57,213.75	1,30,262.39	2,95,568.90	5,51,265.96
	bl	Employee Benefits Expense	7,564.73	6,804.50	3,387.55	25,651.40	28,008.83
		c) Finance Costs	22,279.69	20,028.37	18,770.47	81,789.34	78,204.50
	ď	Depreciation, Impairment and AmortisationExpense	1,379.79	1,499.87	8,526.15	5,728.92	24,326.52
	$\epsilon$	Other Expenses	6,414.65	(2,877.93)	17,046.68	10,224.76	41,630.09
		Total Expenses	2,06,341.92	82,668.56	1,77,993.24	4, 18, 963. 32	7,23,435.90
3		Profit/ (Loss) before Exceptional Items (1-2)	68,834.12	(1,933.31)	7,588.22	25,634.99	1,21,493.25
4		Exceptional Items (Refer Note 8)			18,500.00	46,000.00	56,000.00
5		Profit/ (Loss) before tax (3-4)	68,834.12	(1,933.31)	(10, 911.78)	(20, 365.01)	65,493.25
6		Tax expense
		a) Current Tax	(4,934.87)	(442.56)		(5, 377.43)
		b) Deferred Tax	(23,935.95)	450.64	4,856.16	7,170.27	(22, 192.00)
$\overline{7}$		Net Profit/ (Loss) for the period / year (5+6)	39,963.30	(1, 925.23)	(6,055.62)	(18, 572.17)	43,301.25
8		Other Comprehensive Income
		(i) Items that will not be reclassified to
		Statement of Profit and Loss-Remeasurements	180.36	34.72	(107.47)	191.90	(34.85)
		of Defined Benefit Plans
		(ii) Income tax relating to items that will not be
		reclassified to Profit or Loss	(63.03)	(12.13)	37.55	(67.06)	12.18
9		Total Comprehensive Income /(Loss) for theperiod / year (7+8)	40,080.63	(1,902.64)	(6, 125.54)	(18, 447.33)	43,278.58
$10$		Total Paid-up Equity Share Capital	39,587.80	39,587.80	39,587.80	39,587.80	39,587.80
		(Face Value of ₹ 10/- each)
11		Other Equity (Excluding Revaluation Reserve)	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$		2,78,980.18	2,20,110.73
12		Debenture Redemption Reserve				53,788.21	1,30,983.29
13		Net Worth	$\sim$			3,72,356.19	3,90,681.82
14		Earnings Per Share (EPS) (amount in ₹)
		Basic (not annualised except year end EPS)	10.09	(0.49)	(1.53)	(4.69)	10.94
		Diluted (not annualised except year end EPS)	10.09	(0.49)	(1.53)	(4.69)	10.94
15		Debt Equity Ratio (Refer Note 12)	$\overline{\phantom{a}}$	$\overline{\phantom{0}}$		3.98	4.32
16		Debt Service Coverage Ratio (Refer Note 12)	$\overline{\phantom{a}}$	$\overline{\phantom{a}}$	$\overline{\phantom{0}}$	0.38	0.86
17		Interest Service Coverage Ratio (Refer Note 12)	$\sim$			1.23	1.91

	$($ ₹ in Lakhs)
	STATEMENT OF STANDALONE ASSETS AND LIABILITIES
Sr.		As at	As at
	No. Particulars	31-Mar-21(Audited)	31-Mar-20(Audited)
A	ASSETS
	1) Non-Current Assets
	Property, Plant and Equipment	79,450.35	83,424.74
	Capital Work In Progress	628.58	628.58
	Investment Property	37,387.18	38,726.34
	Goodwill	40,117.05	40,117.05
	Intangible Assets	5,763.24	6,196.66
	Financial Assets
	Investments	26,069.37	26,762.04
	Loans	2,10,709.29	2,47,418.24
	Other Financial Assets	3,768.57	22,678.95
	Non-Current Tax Assets (net)	13,819.36	31,280.40
	Deferred Tax Assets (net)	9,348.32	2,123.40
	Other Non-Current Assets	3,676.20	3,907.01
	Total Non-Current Assets	4,30,737.51	5,03,263.41
	2) Current Assets
	Inventories	23,76,210.25	25,37,079.06
	Financial Assets
	Investments	79,818.34	79,036.37
	Loans	49,886.35	62,348.23
	Trade Receivables	58,059.19	73,067.30
	Cash and Cash Equivalents	16,272.94	8,412.11
	Bank Balances other than Cash and Cash Equivalents	5,112.04	3,153.48
	Other Financial Assets	1,17,240.85	96,766.50
	Other Current Assets	63,448.50	80,752.36
	Total Current Assets	27,66,048.46	29,40,615.41
	Total Assets (1 + 2)	31,96,785.97	34,43,878.82
B	EQUITY AND LIABILITIES
	1) Equity
	Equity Share capital	39,587.80	39,587.80
	Other Equity	3,75,807.74	3,94,133.37
		4, 15, 395.54	4,33,721.17
2)	Non-Current Liabilities
	Financial Liabilities
	Borrowings	83,124.85	45,091.54
	Trade Payables
	Due to Micro and Small Enterprises	70.36	40.48
	Due to Others	154.16	399.66
	Other Financial Liabilities	16,290.60
	Provisions		8,510.29
		1,339.63	1,446.22
	Other Non-Current Liabilties	9,509.121,10,488.72	9,689.79
3)	Current Liabilities		65,177.98
	Financial Liabilities
	Borrowings	13.95.820.72	16,43,668.81
	Trade Payables
	Due to Micro and Small Enterprises	2,673.23	386.70
	Due to Others	1,05,971.15
	Other Financial Liabilities		1,66,930.41
	Provisions	2,24,536.17	2,35,162.19
	Other Current Liabilities	442.66	519.05
		9,41,457.7826,70,901.71	8,98,312.5129,44,979.67
	Total Equity and Liabilities $(1 + 2 + 3)$	31,96,785.97	34,43,878.82

(₹ in Lakhs)

STATEMENT OF CASH FLOW
	For the Year ended	For the Year ended
	31-Mar-21(Audited)	31-Mar-20
(A) Operating Activities		(Audited)
Profit/ (Loss) Before Tax	(20, 365.01)	65.493.25
Adjustments for:
Depreciation, impairment and Amortisation Expense	5,728.92	24,326.52
Net Unrealised Foreign Exchange Gain	(17, 157, 16)	(5, 236, 36)
Provision for Doubtful Receivables / Advances	46,000.00	53, 127.77
Sundry Balances / Excess Provisions Written Off/ (Back) (Net)	(6,725.77)	(1,896.25)
Profit on Sale of Property, Plant and Equipment	(333.26)	(659.06)
Profit on Investments		(431.76)
Gains arising from Fair Valuation of Financial Instruments	(888.71)	(168.80)
Dividend Income	(47.11)	(110.24)
Interest Income	(9,301.99)	(28, 328.60)
Finance Costs	2,16,883.40	2.19.590.96
Operating Profit Before Working Capital Changes	2, 13, 793.31	3,25,707.43
Working Capital Adjustments:
(Increase)/Decrease in Trade and Other Receivables	18,405.68	(3,479.79)
Decrease in Inventories	72.772.37	61,259.34
Increase/(Decrease) in Trade and Other Payables	29,932.00	(1,78,128.81)
Cash Generated From Operating Activities	3, 34, 903. 36	2,05,358.17
Income Tax Paid/(Refund)	10,699.48	(5,324.76)
Net Cash Flows From Operating Activities	3,45,602.84	2,00,033.41
Investing Activities(B)
Purchase of Property, Plant And Equipment	(155.74)	(2,215.76)
Sale of Property, Plant And Equipment	507.05	825.00
Purchase of Non-Current Investments		(9.729.93)
Sale of Non-Current Investments	2,742.12	1,00,930.76
(Purchase) / Sale of Current Investments	(1,901.11)	2,280.25
Investment / (Divestment) in Bank Deposits (Net)	(2,518.46)	3,010.06
Loans (Given)/ Received back (Net)	48,995.68	(1, 37, 320.38)
Interest Received	1,835.62	27,439.49
Dividend Received	47.11	110.24
Net Cash Flows/ (used) From Investing Activities	49,552.27	(14,670.27)
Financing Activities(C)
Proceeds from Borrowings	1,79,210.01	1,80,105.53
Repayment of Borrowings	(3,58,194.83)	(1, 57, 277, 14)
Finance Costs paid	(2,08,309.46)	(2, 21, 286.07)
Net Cash Flow used in Financing Activities	(3, 87, 294.28)	(1,98,457.68)
Net Increase/ (Decrease) in Cash and Cash Equivalents (A+B+C):(D)	7,860.83	(13,094.54)
Add: Cash and Cash Equivalents at the beginning of the year	8,412.11	21,506.65
Cash and Cash Equivalents at year end	16,272.94	8,412.11

Notes on Audited Standalone Financial Results:

• The above Standalone financial results for the Quarter and year ended 31-March-21 have been reviewed by the Audit $\mathbb{I}$ Committee and approved by the Board of Directors ('the Board') on 14-May-21. The statutory auditors of the Company have expressed an unmodified opinion on the audited standalone financial results for the year ended 31-March-21.
• 2 Subsequent to Balance sheet date, the Company has completed the Initial Public Offering (IPO) of its equity shares comprising a fresh issue of 5,14,40,328 equity shares having a face value of ₹ 10 each at premium of ₹ 476 per share aggregating ₹ 2,50,000 lakhs. Pursuant to the IPO, the equity shares of the Company are listed on BSE Limited and National Stock Exchange of India Limited with effect from 19-April-21.
• Withdrawal application for scheme of demerger of certain residential buildings from Belmondo and Splendora Projects 3 into two wholly owned subsidiaries viz Luxuria Complex Private Limited and Renovar Green Consultants Private Limited respectively filed on 17-January-20 was approved by NCLT, Mumbai Bench vide order dated 18-December-20.
• The NCLT, Mumbai Bench had approved the Schemes of demerger of (a) Xperia Mall, Palava into Bellissimo Estate Pvt. $\Delta$ Ltd and (b) Palava 'I Think tower' into Palava Industrial & Logistics Park Private Limited (Formerly known as Grandezza Supremous Thane Pvt. Ltd) on 27-April-20 and 15-June-20 respectively. The Company has however applied to NCLT, Mumbai Bench for recalling the final order of both the schemes.
• The NCLT, Mumbai Bench approved the Scheme of Amalgamation of Copious Developers and Farms Pvt. Ltd. and Ramshyam Infracon Pvt. Ltd., both wholly owned subsidiary, (Appointed date: 01-April-19) with the Company on 03-May-21. The Standalone Financial Results have, however, been prepared without giving impact of the same, as certify copy of the order is awaited.
• The Standalone financial results have been prepared without giving impact of the following Schemes as these schemes are pending for approval before the NCLT, Mumbai Bench:
  • a. Scheme of Amalgamation of Palava Dwellers Private Limited, a subsidiary with the Company filed on 29-March-20.
  • b. Scheme of demerger of Evoq Tower into Homescapes Constructions Private Limited, a wholly owned subsidiary filed on 24-February-21.
• The outbreak of corona virus (COVID-19) pandemic globally and in India is causing disturbance and slowdown of 7 economic activity. Due to lockdown announced by the Government, the Company operations were slowed down in compliance with applicable regulatory orders. The operations and economic activities have gradually resumed with requisite precautions. The Company continues to monitor the situation and take appropriate action, as considered necessary in due compliance with the applicable regulations.

The management has used the principles of prudence in applying judgments, estimates and assumptions based on the current conditions. In assessing the liquidity position and recoverability of assets such as Goodwill, Inventories, Financial assets and Other assets, based on current indicators of future economic conditions, the Company expects to recover the carrying amounts of its assets. However, the actual impact of COVID-19 pandemic on the Company's future operations remain uncertain and dependant on spread of COVID-19 and steps taken by the Government to mitigate the economic impact and may differ from the estimates as at the date of approval of these standalone financial results. The Company is closely monitoring the impact of COVID-19 on its financial condition, liquidity, operations, suppliers and workforce.

The Company had given loans to its subsidiaries from time to time for its UK business operations. During the year, the Company has made provision of ₹ 46,000 lakhs against the said loans taking into account impact of COVID-19 on UK project which has led to delays in completion with additional cost. This has been disclosed under "Exceptional Item".

• The figures for the quarter ended 31-March-21 and 31-March-20 represents the balancing figures between the qualited $\mathsf{Q}$ figures in respect of the full financial year and the unpublished audited figures for the nine months period ended 31-December-20 and 31-December-19 respectively prepared as per Ind AS 34 "Interim Financial Reporting" for the purpose of IPO. The figures for the guarter ended 31-December-20 represents the balancing figures between the unpublished audited figures for the nine months period ended 31-December-20 as aforesaid and the reviewed period -to-date figures up to six months ended 30-September-20 pursuant to the Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.
• 10 Pursuant to amendment to Section 32 of the Income Tax Act, 1961 introduced by the Finance Act, 2021, depreciation on Goodwill of a business will not be allowed as a deductible expenditure effective 01-April-20. Consequently, in accordance with the requirements of Ind AS 12 "Income Taxes", the Company has recognised one time additional deferred tax liability of ₹10,097.46 lakh and charged to statement of profit and loss as deferred tax expense being the difference between the book base and tax base of NIL of Goodwill.
• 11 The Company is mainly engaged in the business of real estate development, which is considered to be the only reportable segment by the management.

2 Definitions for Coverage Ratios:a) Debt Equity Ratio	Paid-up Debt / Total Equity (Share Capital + Applicable Reserves)
b) Debt Service Coverage Ratio	Earnings before Interest and Tax */ (Interest cost + Principle Repayment)(excluding refinancing and group debt))
c) Interest Service Coverage Ratio	Earnings before Interest and Tax */ Interest cost

Interest cost represents Finance cost debited to Statement of Profit and Loss and Interest cost charged through cost of projects.

* Earnings before Interest and Tax excludes Exceptional Item

13 Details of Credit Rating	Current	Previous
NCD Issue of ₹62,500 lakhs (Brickwork Ratings)	BWR BBB	BWR BBB
NCD Issue of $\bar{\xi}$ 49,500 lakhs (India Ratings)	IND BBB-	IND BB/RWN

14 Asset Cover

The listed Non-Convertible Debentures (NCDs) of the Company aggregating to ₹99,500 lakhs outstanding as at 31-March-21 are secured by way of a registered mortgage over the project land, construction there on and project receivables owned by the Company/ subsidiary. The asset cover thereof exceeds 100% of the principal amount of the listed NCDs.

• 15 a) Previous due date for the payment of Interest of NCDs ₹ 62,500 lakhs was 27-February-21 and of NCDs ₹ 49,500 lakhs was 3-February-21. The said Interest have been paid on due date.
  • b) Previous due date for the payment of Principal:

NCDs ₹ 62,500 lakhs - ₹ 12,500 lakhs on 27-February-21-paid on due date. ₹ 12,500 lakhs on 27-August-21 is prepaid on 11-May-21.

NCDs ₹ 49,500 lakhs - Not applicable

• c) Next due date for the payment of Interest of NCDs ₹ 62,500 lakhs is 27-May-21 and of ₹ 49,500 lakhs is 31-March-22.
• d) Next due date for the payment of Principle:

NCDs ₹ 62,500 lakhs - ₹ 12,500 lakhs on 27-February-22

NCDs ₹ 49,500 lakhs - on 13-July-23.

16 The figures for the corresponding previous year/period have been regrouped/ reclassified, wherever considered necessary, to make them comparable with current year/period classification.

For and on behalf of the Board of Directors of Mgcrotech Developers Limited Abhishek Lodha Managing Director and CEO DIN: 00266089

Place: Mumbai Date: 14-May-21