a in ra LIFESPACES

21 st October, 2019

BSE Limited	National Stock Exchange of India Limited
Corporate Services,	Exchange Plaza,
Piroze Jeejeebhoy Towers,	Sandra Kurla Complex,
Dalal Street,	Sandra (East), Mumbai 400051
Mumbai-400 001
Listing: !)ttp://listing.bseindia.corn	Listing: https://www.connect2nse.com/LIST!NG/

Re:

Security	BSE	NSE	ISIN
Equity	532313	MAHLIFE	INE813A01018
Shares

Dear Sirs I Madam,

Sub.: Outcome of Board Meeting held on 21 st October. 2019 (Board meeting commenced at 6.00 pm and ended at 11.30 pm)

Pursuant to the provisions of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirement) Regulations, 2015 ["SEBI LODR"], we wish to inform you that the Board of Directors at its meeting held today, 21 st October, 2019, inter alia, have approved the Unaudited standalone and consolidated financial results for the 2nd quarter and half year ended on 30th September, 2019;

Accordingly, we are enclosing the following:

a) A copy of the Unaudited standalone and consolidated financial results for the 2 nd quarter and half year ended on 30th September, 2019;
b) Limited Review Report on standalone and consolidated financial results of the Company for the 2nd quarter and half year ended on 30 th September, 2019, issued by Statutory Auditors, M/s. Deloitte Haskins & Sells LLP.
c) A copy of the press release for Q2 FY 20 which will be circulated to Press. The press release is self - explanatory.

Mahindra Lifespace Developers Ltd. Clf,J: 1.,ii;WOMH·J umJPLC11!lB4B MahimJrn Towte1·1_;, 5th Flour·. Dr. G. M. BlmsalB Mar·(J, Worli, Mumbai 400 018, India Tel.: +81 22 67478600/ 8601 www.mahind1'('1lifespac1�s.co111

Mahindra LIFESPACES

The press release and the financial results will also be hosted on the website of the Company http://www.mahindralifespaces.com.

Kindly take note of the above.

Thanking you,

Yours faithfully, For Mahindra Lifespace Developers Limited

Suhas Kulkapri Chief Legal Officer & Company Secretary $(FCS - 2427)$ Encl.: a/a

Mahindra Lifespace Developers Ltd. CIN : 1.45200MH1999PLC118949 Mahindra Towers, 5th Floor, Dr. G. M. Bhosale Marg, Worli, Mumbai 400 018, India Tel.: +91 22 67478600 / 8601 www.mahindralifespaces.com

	Mahindra Lifespace Developers LimitedFax No.: 022-24975084Registered Office :- Mahindra Towers, 5th Floor, Worli, Mumbai - 400018	CIN - L45200MH1999PLC118949		Tel.: 022-67478600 Website: www.mahindralifespaces.com
	Statement of Standalone Unaudited Financial Results For The Quarter and Half Year Ended 30th September, 2019
	Particulars		Quarter ended		Half Year Ended		(Rs. in lakhs)Year Ended
		30.09.2019Unaudited	30 06 2019Unaudited	30.09.2018Unaudited	30.09.2019Unaudited	30.09.2018Unaudited	31.03.2019Audited

	Revenue from Operations	27.149	8.357	7.158	35,506	20.457	48.603
2	Other income	2.148	1.552	3.336	3,700	4.579	6,881
	3 Total Income (1+2)	29,297	9,909	10,494	39,206	25.036	55.434
	Expenses:
	a) Cost of Sales
	- Cost of Projects	21.901	5.566	4.210	27,467	13.015	33,284
	- Operating Expenses	360	36	53	396	112	376
	b) Employee Benefits Expense	2,117	1,932	1.514	4.049	3.288	6,634
	c) Finance Costs	48	36	235	84365	493	548306
	d) Depreciation and Amortization Expense	180	185	75		149
	e) Other Expenses	1.711	1.125	1.277	2.836	2.627	5.878
	Total Expenses	26,317	8,880	7.364	35.197	19,684	47,026
	5 Profit Before Tax (3-4)	2.980	1.029	3,130	4,009	5,352	8,458
	6 Tax Expense/(Credit):
	a) Current Tax			118		684
	b) Deferred Tax	(2)	61	803	59	937	2.599

	7 Profit after Tax (5-6)	2.982	968	2,209	3.950	3,731	5.859

	8 Other Comprehensive Income
	items that will not be reclassified to profit or lossRemeasurements of the defined benefit liabilities (net of taxes)	62		6	62	6	(77)

	9 Total Comprehensive Income (7+8)	3,044	968	2.215	4.012	3.737	5,782
	10 Paid-up Equity Share Capital (Face Value of Rs.10 each)	5.136	5.135	5.135	5.136	5.135	5.135
	11 Reserves (excluding revaluation reserves) as at Balance Sheet date				1,70,981	1.67.951	1.69.996
	12 Capital Redemption Reserve				7,354	7.354	7.354

	13 Earnings per equity share (Face value of Rs. 10/- each) (Rs.)*
	a) Basic	581	1.89	4.30	7.69	7 27	11.41
	b) Diluted	5.79	1.88	4.29	7.67	7.25	11 39

$\overline{\mu}$

$\frac{1}{\sqrt{2\pi}}$

			Quarter ended			Half Year Ended	Year Ended
	Particulars	30.09.2019Unaudited	30.06.2019Unaudited	30.09.2018Unaudited	30.09.2019Unaudited	30.09.2018Unaudited	31.03.2019Audited
$\ddot{\mathbf{1}}$	Segment Revenue (Revenue from Operations)
	a) Projects, Project Management and Developmentb) Operating of Commercial ComplexesTotal.	26.79235727,149	7,9993588,357	6.8423167,158	34.79171535,506	19.75370420,457	47.1661.43748,603
$\overline{\mathbf{2}}$	Segment Resultsa) Projects. Project Management and Developmentto) Operating of Commercial Complexes	3,884280	2.537272	2.452258	6.421552	5,937558	12,2981.159
	Total Segment ResultsLess : Other unallocable expenditure / (income) (net) excluding interest belowLess : Unallocable InterestTotal Profit before Tax [19] [19] [19] [19] [19] [19] [19] [19]	4.1641,136482,980	2,8091.744361,029	2,710(655)2353,130	6,9732,880844,009	6,4956504935,352	13,4574.4515488,458
3	Segment Assetsa) Projects. Project Management and Development	1.65,496	1,86.519	1.91.010	1,65,496	1.91.010	1,80,560
	b) Operating of Commercial ComplexesTotal Segment Assetsc) Unallocated Corporate AssetsTotal Assets.	3.1641 68 56059,0162,27,676	2.7721,89,29158.0492,47,340	2.4881,93,49852.0392,45,537	3,1641,68,66059,0162,27,676	2.4881,93,49852.0392,45,537	2.7271.83,28759.3142,42,601
4	Segment Liabilitiesa) Projects, Project Management and Developmentb) Operating of Commercial Complexes	45.019568	65,462573	65.196570	45.019563	65,196570	62.027557
	Total Segment Liabilitiesc) Unallocated Corporate LiabilitiesTotal Liabilities	45,5875,97251,559	66,0355.18671,221	65,7666,68572,451	45,5875.97251,559	65,7666,68572,451	62,5844,88667,470
	Statement of Assets and Liabilities as on 30th September, 2019			(Rs. In Lakhs)
			As at30.09.2019Unaudited	As at31.03.2019Audited
А$\mathbf{1}$	ASSETSNon-Current AssetsProperty, Plant and Equipment		490	601
	Right of Use AssetsCapital work-in-progressInvestment PropertyOther Intangible assets		7441.1162.12225	9812.14132
	Financial Assets- investmentsDeferred tax assets (net)Other Non Current Assets		65.5291,4403,683	65.0681,5333,347
$\mathbf{z}$	Total Non Current AssetsCurrent Assets		75,149	73,703
	InventoriesFinancial Assets- Trade Receivables- Cash and Cash Equivalents		79.39512.2277.616	99.77911.28710,901
	- Bank Balances other than Cash and Cash Equivalents above.- Loans- Other Financial AssetsOther Current AssetsTotal Current Assets		6,38411.48318,49616,9261,52,527	10,7885.19519,64411.3041.68,898
	Total Assets (1+2)		2,27,676	2 42,601
81	EQUITY AND LIABILITIESEquity
	Equity Share capitalOther EquityNetworth		5.1361,70,9811,76,117	5.1351.69,9961.75,131
$\overline{\mathbf{z}}$	LiabilitiesNon-Current LiabilitiesFinancial Liabilities			$\sim$ $\sim$
	- Lease LiabilitiesProvisionsTotal Non Current Liabilities		303406709	385385
3	Current LiabilitiesFinancial Liabilities- Borrowings		15,619	and the11.954
	- Lease Liabilities- Trade PayablesTotal Outstanding Dues of Micro Enterprises and Small EnterprisesTotal Outstanding Dues of Creditors other than Micro Enterprises and		459
	Small Enterprises- Other Financial LiabilitiesOther Current LiabilitiesProvisions		8.2353.81520,2581,085	12.3143,52837,121789
	Current Tax Liabilities (Net)Total Current Liabilities		1.37950,850	1,37967,085
	Total Equity and Liabilities (1+2+3)		2,27,676	2,42,601

$\frac{1}{2}$

		(Rs.in lakhs)
		Half Year Ended
Particulars	30.09.2019Unaudited	30.09.2018Unaudited
A. Cash flows from operating activities
Profit Before Tax	4,009	5.352
Adjustments for :
Depreciation and Amortisation Expense	365	149
Profit on sale of current investments		(83)
Expense Recognised in respect of equity-settled-share-based-payments	51	78
Interest Income	(806)	(2, 186)
Net gain arising on financial assets measured at fair value through profit or loss	(461)	(27)
Finance Costs	84	493
Dividend Income	(1.843)	(2.209)
Loss / (Gain) on disposal of Property, Plant & Equipment	3	(6)
Operating Profit Before Working Capital Changes	1.402	1.561
Changes in:
(increase) / Decrease in Trade and Other Receivables / Advances	(6.596)	2.412
Decrease in Inventories	20.953	7.782
Decrease in Trade Payables and Other Liabilities	(20.236)	(2, 141)
Cash (used in)/Generated from Operations	(4.477)	9.614
income taxes paid	(336)	(1.675)
Net Cash (used in) / generated from operating activities	(4.813)	7.939

B. Cash flows from investing activities
Payment to acquire Property, Plant and Equipment	(143)	(151)
Proceeds from disposal of Property, Plant and Equipment	8	83
Payment to acquire financial assets		(37.245)
Proceeds from sale of financial assets		52.061
Bank deposits (net)	4.425	866
Changes in earmarked balances and margin accounts with banks	(20)	77
Payment to acquire other non-currrent investments		(500)

Purchase of investment in subsidiaries and Joint VenturesInterest received		(400)315
	541
Dividend received	1.843	2.209
Inter-corporate Deposit Given	(4.840)	(1.332)
Inter-corporate Deposit Realised		5,800
Net Cash generated from investing activities	1.814	21.783

C. Cash flows from financing activities	36.976	5.000
Proceeds from borrowings
Repayment of borrowings	(33.312)	(29.419)
interest paid	(619)	(2.417)
Dividend Paid (including tax thereon).	(3.088)	(3.234)
Proceeds from issue of Equity shares of the Company	-1	-1
Payment of lease liabilities	(244)
Net Cash used in financing activities	(286)	(30.069)

Net decrease in cash and cash equivalents	(3.285)	(347)
Cash and Cash Equivalents at the beginning of the year.	10.901	3.597
Cash and Cash Equivalents at the end of the period	7.616	3.250

A R

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$\frac{1}{\sqrt{4}}$

Notes:
The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on 21st October. 2019. Theunaudited interim standalone financial results for the quarter and half year ended 30th September, 2019 have been subjected to limited review by the statutory auditors, Deloitte Haskinsand Sells LLP who have expressed an unmodified opinion.
2 The standalone financial results of the Company have been prepared in accordance with the Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the CompaniesAct. 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India.
3 Ministry of Corporate Affairs has notified Ind AS 116 'Leases' which is effective from 01st April, 2019. Pursuant to this, the Company has applied this standard to all lease contractsexisting on 01st April, 2019 using the retrospective approach with the cumulative effect at the date of initial application. On that date, the Company recognised a lease liability measuredat the present value of the remaining lease payments using the lessee's incremental borrowing rate as at 01st April, 2019 and corresponding Right of Use (ROU) asset measured at anamount equivalent to lease liability. Therefore, there is no effect of adopting Ind AS 116 on retained earnings as at 01st April, 2019, with no restatement of comparative information.Comparatives for the quarter and half year ended 30th September, 2018 and for the year ended 31st March. 2019 will continue to be reported under the accounting policies included aspart of our Annual Report for year ended 31st March. 2019. Thus, on transition, the adoption of the new standard resulted in recognition of Right of Use' asset of Rs.973 lakhs, and alease liability of Rs. 973 lakhs.
In view of this, the operating lease rent which was hitherto accounted under 'Other expenses' in previous periods has now been accounted as depreciation and finance costs.Accordingly the profit for the current quarter and half year ended 30th September, 2019 is lower by Rs. 8 lakhs (net) and Rs.18 lakhs (net) respectively. To this extent, the performanceof the current quarter and half year ended 30th September, 2019 is not comparable with previous quarter/year's results. The financial results of current quarter and half year ended 30thSeptember, 2019 results in an increase of Rs.115 lakhs and Rs. 229 lakhs respectively in depreciation for the right of use assets and increase of Rs. 16 lakhs and Rs. 33 lakhsrespectively in finance costs on lease liability and decrease in operating lease rent cost of Rs. 122 lakhs and Rs. 244 lakhs respectively.
During the current quarter ended 30th September 2019, the paid up equity capital has gone up by Rs 0.69 lakhs due to allotment of 6.850 shares pursuant to exercise of stock optionsby eligible employees under ESOS 2012.
5 During the quarter ended September 30, 2019, the Company has opted to convert its investment in 3.20.17,000 Series B Optionally Convertible Debentures (OCD's) in Mahindra HomesPrivate Limited ("MHPL) and has received 64,034 fully paid-up Series C Equity Shares (non-voting rights) of the face value of Rs 10 each. As a result of this conversion, the investmentin equity shares are now recognised at cost.
6Since the nature of activities being carried out by the Company is such that profits / losses from certain transactions do not necessarily accrue evenly over the year, results of a quartermay not be representative of profits / losses for the year.	designed and the second control of the
As per Ind AS 108 'Operating Segment', the Company has reported Segment Information for below segments :a. Projects, Project Management and Developmentb. Operating of Commercial ComplexesFor the purpose of this, the Managing Director is the Chief Operating Decision Maker.
8 Previous period / year figures have been regrouped wherever found necessary, to conform to current period / year classification
	For and on behalf of the Board

Place: MumbaiDated . 21st October, 2019	Sangeeta PrasadManaging DirectorDIN: 02791944

D Chartered Accountants e 01 e Indiabulls Finance Centre Haskins & Sells LLP ElpNLne1'Road4st)

Mumbai -400013 Maharashtra, India

Tel: +91 22 6185 4000 Fax: +91 2261854001

INDEPENDENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF MAHINDRA LIFESPACE DEVELOPERS LIMITED

1. We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of MAHINDRA LIFESPACE DEVELOPERS LIMITED ("the Company"), for the quarter and six months ended September 30, 2019 ("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.
1. 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" ("md 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.
1. 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 (ICAI). A review of interim financial information consists of making inquiries, primarily cf the Company's personnel 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 specified under section 143(10) of the Companies Act, 2013 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.
1. 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, 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.

Place: MUMBAI Date: October 21, 2019

For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm's Registration No. 1 17366W/W- 100018)

Ketan Vora (Partner) (Membership No. 100459) (UDIN: ci Cc %AñML cc,,. ç )

	30.09.2019Unaudited	30.06.2019Unaudited	30.09.2018	30.09.2019	30.09.2018	31.03.2019
			Unaudited	Unaudited	Unaudited	Audited
Revenue from Operations	32.447	10.622	8.020	43.069	23 415	59.283
Other IncomeTotal Income (1+2)	53732,984	1.40812,030	1,3679,387	1.94545.014	3,54726.962	6.10465,387

a) Cost of Sales
- Cost of Projects	25.759	6.520	4.629	32.279	14.662	40.427
	2.409	2.148	1,729	4.557	3.647	7.398
c) Finance Costs	239	227	435	466	882	1.249
						8.342
Total Expenses	31,454	16,715	8,757	42,169	23,057	58,325
5 Profit before Share of Profit of Joint Ventures and Associates (3-4)	1,630	1,315	630	2,345	3,905
6 Share of Profit of Joint Ventures and associate		203	4,185	244	4.663
7 Profit Before Tax (5+6)	1,571	1,518	4,815	3,089	8,568	14,326

a) Current Taxb) Deferred Tax	120(53)	16344	180601	283(9)	867977
9 Profit after tax (7-8)	1,504	1,311	4,034	2,815	6,724	11,867

llems that will not be reclassified to profit or loss	62			62	6
	1,566	1,311	4,040	2,877	6,730	11,790
Attributable to:						11.894
Non controlling interest	(73)	19	(82)	(54)	(62)

Profit for the period attributable to:
						11.971


Owners of the parent	62		6	62	6

14 Paid-up Equity Share Captal (Face Value of Rs.10 each)	5.136	5.135	5.135	5.136	5.135
15 Reserves (excluding revaluation reserves) as at Balance Sheet date				1.87.472	1,91,270	1.87.819
17 Capital Redemption Reserve				13.139	13.139	13,139

a) Basic	3.08	2.51	8.02	5.59	13.22

	Expenses:- Operating Expensesb) Employee Benefits Expensed) Depreciation and Amerization Expensee) Other Expenses [19] District Product of the Expenses [19] District Product of the Expenses of the Expenses of the Expenses of the Expenses of the Expenses of the Expenses of the Expenses of the Expenses of the Expenses8 Tax Expense10 Other Comprehensive IncomeRemeasurements of the defined benefit liabilities (net of taxes)11 Total Comprehensive Income (9+10)Owners of the parent12 Of The Total Comprehensive Income aboveOwners of the parentNon controlling interest13 Of The Total Comprehensive Income above.Other Comprehensive income attributable to:Non controlling interest16 Debenture Redemption Reserve18 Earning Per Share (Face value of Rs. 10- each) (Rs)*b) Diuted	4351912.4211.6391.577(73)3.06	361981.5861.2921.292192.50	53961,813-64.1224.116(82)8.00	4713894.0572.9312.869(54)5.742557Basic and Diluted EPS for all periods, except year ended 31.03.2019 are not annualised	1121803.5746.7926 786(62)6.63613.19

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Reporting of Segment wise Revenue, Results & Segment Assets / Liabilities		Quarter Ended		Half Year Ended		(Rs.in Lakhs)
Particulars	30.09.2019Unaudited	30.06.2019Unaudited	30.09.2018Unaudited	30.09.2019Unaudited	30.09.2018Unaudited	31.03.2019Audited
1Segment Revenue (Revenue from Operations)			والمناد			.
a) Projects, Project Management and Developmentb) Operating of Commercial Complexes	32,090357	10.264358	7,704316	42.354715	22.711704	57.8461.437
TOTAL	32,447	10,622	8,020	43,069	23,415	59,283
$\overline{\mathbf{z}}$Segment Resultsa) Projects. Project Management and Davelopment	3,663	3.217	3.625	6,680	7,945	19,886
b) Operating of Commercial ComplexesTotal Segment Results	2803,943	2723,489	2583,883	5527,432	5588,503	1.15921,045
Less : Other unallocable expenditure / (income) (net) excluding interest belowLess : Unallocable Interest	2.133239	1.744227	(1, 367)435	3,877466	(947882	5.4701.249
Total Profit before Tax	1,571	1,618	4,815	3,089	8,568	14,326
3Segment Assetsa) Projects. Project Management and Development	2,20,754	2.43.976	2.56.602	2,20.754	2 56.602	2.35.001
b) Operating of Commercial Complexes [11] [11] [11] [11] [11] [11] [11] [11Total Segment Assets	3.1642,23,918	2.7722,46,748	2.4882,59,090	3,1642,23,918	2.4682,59.090	2,7272,37,728
c) Unallocated Corporate AssetsTotal Assets	54.4582,78,376	56.5723,03,320	49.2623,08,352	54.4582,78,376	49.2623,08,352	51.6312,99,359
Segment Liabilities4
a) Projects, Project Management and Developmentb) Operating of Commercial Complexes	77.939568	1.00,406573	1.03.451570	77.939568	1.03.451570	98.268558
Total Segment Liabilitiesc) Unallocated Corporate Liabilities	78.5072.964	1,00,9793.711	1,04,0213.532	78.5072.964	1,04.0213.532	98,8263,228
Total Liabilities	81,471	1,04,090	1,07,553	81,471	1.07.553	1,02,054
Statement of Assets and Liabilities as on 30th September, 2019			(Rs. in Lakhs)
		As at30.09.2019	As at31,03,2019
A ASSETS		Unaudited	Audited
1Non-current assetsProperty, Plant and Equipment		654	762
Right of Use AssetsCapital work-in-progress		7441,116	981
investment PropertyGoodwill		2.1226,604	2.1416.604
Other Intangible assetsFinancial Assets		25	32
- Investments- Trade Receivables		67,635153	68,772154
$-Lca3$- Other Financial Assets		35911	34910
Other Non Current AssetsTotal Non Current Assets		4.984	4.766
2		84,407	84,581
Current assetsinventonesFinancial Assets		1.11.988	1,34,508
· Investments		$\mathbf{A}$13,682	313,727
- Trade Receivables- Cash and Cash Equivalents		11.681	13.457
- Bank Balances other than Cash and Cash Equivalents above- Loans		9,8735.902	15,9192.021
- Other Financial AssetsOther current assets		17.97122.869	17,90417.239
Total Current Assets		1,93,9592,78,376	2,14,7782,99,359
Total Assets(1+2)
B EQUITY AND LIABILITIES1 Equity
Equity Share capitalOther Equity		5.1361.87.472	5.1351,87,819
Networth		1,92,608	1,92,954
Non Controlling Interest		4.2971.96,905	4.3511,97,305
Liabilities2 Non-current liabilities
Financial Liabilities- Borrowings		4,534	3.260
- Lease Liabilities- Other Financial Liabilities		303311	446
ProvisionsDeferred tax liabilities (Net)		2971.360	4001,335
Total Non Current Liabilities		6,805	5,441
3 Current liabilitiesFinancial Liabilities
- Borrowings- Lease Liabilities		18,469459	17,065÷,
- Trade PayablesTotal Outstanding Dues of Micro Enterprises and Small Enterprises			136
Total Outstanding Dues of Creditors other than MicroEnterprises and Small Enterprises		12.268	18.669
- Other Financial LiabilitiesOther current liabilities		8,04032,296	7,90050,334
ProvisionsCurrent Tax Liabilities (Net)		1,6481.486	1.0031,503
Total Current Liabilities		74,666	96,613
Total Equity and Liabilities (1+2+3)		2,78,376	2,99,359

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$\label{eq:2} \frac{1}{2} \int_{\mathbb{R}^3} \frac{1}{\sqrt{2}} , \frac{1}{\sqrt{2}} , \frac{1}{\sqrt{2}} , \frac{1}{\sqrt{2}} , \frac{1}{\sqrt{2}} , \frac{1}{\sqrt{2}} , \frac{1}{\sqrt{2}} , \frac{1}{\sqrt{2}} , \frac{1}{\sqrt{2}} , \frac{1}{\sqrt{2}} , \frac{1}{\sqrt{2}} , \frac{1}{\sqrt{2}} , \frac{1}{\sqrt{2}} , \frac{1}{\sqrt{2}} , \frac{1}{\sqrt{2}} , \frac{1}{\sqrt{2}} , \frac$

Statement of Cash Flows for the Half Year Ended 30th September, 2019		(Rs.in Lakhs
	Half Year Ended
Particulars	30.09.2019	30.09.2018
	Unaudited	Unaudited
A. Cash flows from operating activities
Profit Before Tax	3.089	8.568
Adjustments for:
Share of profit of joint ventures and associates	(244)	(4.663)
Depreciation and Americation Expense	389in a complete and a complete	180
Expense Recognised in respect of equity-settled-share-based-payments	51	$\ldots$ 78(2.399)
Interest IncomeNet gain arising on financial assets measured at fair value through profit or loss	(818)f4611	(27)
Finance Costs	466	882
Loss / (Gain) on disposal of Property, Plant & Equipment		(8)
Profit on change in ownership interest of joint ventures		(798)
Profit on sale of current investments		(83)
Dividend Income		(118)1.612
Operating Profit Before Working Capital Changes. Changes in:	2,473
Increase in Trade and Other Receivables / Advances	(5.662)	(587)
Decrease in Inventories	23.384	6.918
(Decrease) / Increase in Trade Payables and Other Liabilities	(23.546)	739
Cash (used in)/Generated from Operations	(3, 351)	8.682
income taxes paidNet Cash (used in) / generated from operating activities	(529)(3.880)	(2.001)6,681

B. Cash flows from investing activities
Payment to acquire Property, Piant and Equipment	(160)	(206)
Proceeds from disposal of Property. Plant and Equipment	- 9	84
Bank deposits (net) [1] [1] [1] [1] [1] [1] [1] [1] [1] [1]	5.537508	1,056833
Changes in earmarked balances and margin accounts with banksinterest received	786	1.781
Dividend received	1.843	1,783
Inter-corporate Deposit Given	(3.839)
Inter-corporate Deposit Realised		5,800
Payment to acquire Financial Assets		(37, 245)
Proceeds from Financial AssetsPurchase of investments in Subsidiaries and Joint Ventures		52.303(400)
Payment to acquire non-current investments		(500)
Cash & Cash equivalents acquired pursuant to acquisition of Subsidiary		597
Net Cash generated from investing activities	4.684	25.886

C. Cash flows from financing activitiesChanges in short term borrowings	1,404	(3.257)
Proceeds from borrowings	3.772	762
Repayment of borrowings	(2.499)	(23, 260)
Interest paid	(1.672)	(3.041)
Dividend Paid (including lax thereon)	(3, 242)	(3.723)
Proceeds from issue of Equity shares of the Company		з.
Payment of lease liabilitiesNet Cash used in financing activities	(244)(2.580)	(32.518)

Net (decrease) / increase in cash and cash equivalents	(1.776)	49
Cash and Cash Equivalents at the beginning of the year	13.457	4,979
Cash and Cash Equivalents at the end of the period	11.681	5.028

The above Cash Flow Stalement has been prepared under the "indirect method" as set out in 'Indian Accounting Standard (Ind AS) 7 - Statement
of Cash Flories.

$\label{eq:1} \frac{1}{\left| \mathcal{L} \right|{\mathcal{L}^{1}}}\leq \frac{1}{\left| \mathcal{L} \right|{\mathcal{L}^{1}}}\leq \frac{1}{\left| \mathcal{L} \right|{\mathcal{L}^{1}}}\leq \frac{1}{\left| \mathcal{L} \right|{\mathcal{L}^{1}}}\leq \frac{1}{\left| \mathcal{L} \right|{\mathcal{L}^{1}}}\leq \frac{1}{\left| \mathcal{L} \right|{\mathcal{L}^{1}}}\leq \frac{1}{\left| \mathcal{L} \right|_{$

The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on 21st October. 2019. The unaudited interim consolidatedfinancial results for the quarter and half year ended 30th September, 2019 have been subjected to limited review by the statutory auditors. Deloitte Haskins and Sells LLP who have expressed an unmodifiedopinion.2 These results include the result of (i) Mahindra Infrastructure Developers Ltd. a 100% subsidiary (ii) * Mahindra World City Developers Ltd. a 89% subsidiary, (iii) * Mahindra World City Lei a 74% subsidiary(iv) Mahindra World City (Maharashtra) Ltd, a 100% subsidiary. (v) Mahindra Integrated Township Ltd, a 96.30% subsidiary. (vi) Knowledge Township Ltd., a 100% subsidiary. (vii) Mahindra Residential DevelopersLtd. a 96.30% subsidiary (viii) Mahindra Bloomdale Developers Ltd. (Earlier known as Mahindra Bebanco Developers Ltd.) . a 100% subsidiary. (ix) Industrial Township (Maharashtra) Ltd. a 100% subsidiary. (x)Anthunum Developers Limited, a 100% subsidiary, (xi) "Mahindra Industrial Park Private Limited (Earlier Known as Industrial Cluster Private Limited), a 100% subsidiary (xii) * Mahindra Industrial Park ChennaiLimited, a 53.4% subsidiary. (xiii) Mahindra Water Utilities Ltd. a 98.99% subsidiary (xiv) Mahindra Homes Private Limited a 71.61% subsidiary. (xiv) * Mahindra Happinest Developers Ltd (Earlier known asMatsindra Happinest Developers Private Limited), a 51% subsidiary. (wi) Deepmangal Developers Private Limited, a 100% subsidiary. (wii) Mahindra Knowledge Park Mohali Limited, a 99.99% subsidiary (wiii)Moonshine Construction Private Limited. a 100% subsidiary: (xix) * Mahindra inframan Water Utilities Private Limited. a 50% joint venture of subsidiary (xx) Rathna Bhoomi Enterprises Private Ltd. 100% subsidiary(toi)* Matiindra Construction Company Limited consolidated using line by line consolidation method under Ind AS.Consolidated as per equity accounting under Ind AS3 Ministry of Corporate Affairs has notified ind AS 116 "Leases" which is effective from 01st April. 2019. Pursuant to this, the Group has applied this standard to all lease contracts existing on 01st April. 2019 using theretrospective approach with the cumulative effect at the date of initial application. On that date, the Group recognised a lease liability measured at the present value of the remaining lease payments using thelessee's incremental borrowing rate as at 01st April, 2019 and corresponding Right of Use (ROU) asset measured at an amount equivalent to lease liability. Therefore, there is no effect of adopting ind AS 115 onretained earnings as at 01st April, 2019, with no restatement of comparative information. Comparatives for the quarter and half year ended 30th September, 2018 and for the year ended 31st March, 2019 willcontinue to be reported under the accounting policies included as part of our Annual Report for year ended 31st March. 2019. Thus, on transition, the adoption of the new standard resulted in recognition of Right ofUse' asset of Rs 973 lakhs, and a lease liability of Rs. 973 lakhs.In view of this, the operating lease rent which was hitherto accounted under 'Other expenses' in previous periods has now been accounted as depreciation and finance costs. Accordingly the profit for the currentquarter and half year ended 30th September, 2019 is lower by Rs. 8 lakts (net) and Rs.18 lakhs (net) respectively. To this extent, the performance of the current quarter and half year ended 30th September, 2019is not comparable with previous quarter/year's results. The financial results of current quarter and half year ended 30th September. 2019 results in an increase of Rs.115 lakhs and Rs. 229 lakhs respectively indepreciation for the right of use assets and increase of Rs. 16 lakhs and Rs. 33 lakhs respectively in finance costs on fease liablity and decrease in operating lease rent cost of Rs.122 lakhs and Rs. 244 lakhsrespectively.During the quarter ended September 30, 2019, the Company has opted to convert its investment in 3.20.17.000 Series B Optionally Convertible Debentures (OCD's) in Mahindra Homes Private Limited ("MHPL)and has received 64.034 fully paid up Series C Equity Shares (non-voting rights) of the face value of Rs 10 each. As a result of this conversion, the investment in equity shares are now recognised at cost.and the second complete state of the second contract of the second complete state of the second contract of the5 During the current quarter ended 30th September 2019, the paid up equity capital has gone up by Rs 0.69 lakes due to allotment of 6.850 shares pursuant to exercise of stock options by eligible employees underESOS 2012.Since the nature of activities being carried out by the Company is such that profits / losses from certain transactions do not necessarily accrue evenly over the year, results of a quarter may not be representative ofprofits / losses for the year.7 As per Ind AS 108 'Operating Segment', the Company has reported Segment Information for below segments :a Projects. Project Management and Developmentb Operating of Commercial ComplexesFor the parpose of this, the Managing Director is the Chief Operating Decision Maker.The Standalone Financial results for the quarter ended 30th September, 2019 are summarized below and detailed financial report is also available on the Stock Exchange website, www.nseindia.comwww.bseindia.com and Company's website www.mahindralifespaces.com.(Rs.in Lakhs)Quarter EndedHalf Year EndedYear EndedParticulars30.06.201930.09.201930.09.201930.09.201830.09.201831.03.2019EinzuditedElexandredAuditedInsuranttinaudded.Einaudded.10.49439,20625.036Total Income (Including Other Income)29.2979,9092.9803.1304.0095.352Profit before tax1.029Profit after tax2.9329682.2093.9503.7319 Previous period / year figures have been regrouped wherever found necessary, to conform to current period / year classificationon Behalf of the BoardSandeeta PrasadManaging DirectorPlace: MumbaiDIN: 02791944Daled 21st October 2019	Notes:











				55.48484585.859

$\sim$ $^{-1}$

— Chartered Accountants Deloitte Indiabulls Finance Centre Haskins & Sells LLP

Tower 3, 27"-32" Floor Mumbal -400013 Maharashtra, India

Tel: +91 2261854000 Fax: +9122 6185 4001

INDEPENDIENT AUDITOR'S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED FINANCIAL RESULTS

TO TIlE !OARD OF DIRECTORS OF 14.4H:NDRA LIFESPACE DEVELOPERS LIMITED

1. We have reviewed the accompanying Statement of Consolidated Unaudited :Ir,anc& Results of MAIIINDRA LIFESPACE DEVELOPERS LIMITED ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), and its share of the net profit after tax and total compre herisive income 01 its associates and joint ventures for the quarter and six months ended September 30, 2019 ("the Statement") being submitted by he Parent pursuant tc the requirement of Regulation 33 of the SEBI (Listing Ohhqnticns and Discinsure Requirements) Regulations, 2015, as amended.
1. Th:s Ztateinent, wtHch is the responsibility of the Parent's Management and aprrcved by the Parent's Board of Directors, has been prepared in accordance wit the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("md AS 34"), prescribed tinder Section 133 of the Companies Act, 2013 read with relevant rues iwcd therrunder and other accounting principles generally accepted in tnda. Our rezoonsihility is to express a conclusion on the Statement based on our review.
1. 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 (ICAI). A review of interim financial i,formaucn consists of making inquiries, primarily of Parent's personnel responsibl? for financial and accounting matters, and applying analytical and other rvvcw procedures. A review is substantially less in scope than an audit conriurJed n accordance with Standards on Auditing specified under Section 143(lOi 01 the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that rnght be identified in an audit. Accordingly, we do not express an audit op n on.

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

Re0d. Offce: !rd.abjs France centre, Tower 3, 2T -32 Floor, Senapa: Bare: ''ar. Elphrstore Road (West), Mumbai '400 09, '.la"drasb:e. nda. (LLP Ident 1.ca:cr No. M6'873])

Deloitte Haskins & Sells LLP

The Statement includes the results of the following entities:

theEntityNameof	Relationship
DrsMahindraLifespaceLimited-	ParentCompany
AnthuriumDevelopersLimited	jdiarfpmpany—-
(Maharashtra)IndustrialTownshipLimited	SubsidiaryCompany
jpjedg]pphipLimited	SubsidiaryCompany
InfrastructureDevelopersMahindraLimited	diayçompany
IntegratedMahindraTownshipLimited	SubsidiaryCompany
ResidentialDevelopersMahindraLimited	SubsidiaryCompany
Worl4jjashtra)MahindraLimited	ComppySubsidiary
WaterMahindraUtilitiesLimited—______
EnterprisesRatnabhoomiPrivateLimited	SubsidiaryCompany
ConstructionPrivateMoonshineLimited	SubsidiaryCompany
DeepmangalDevelopersPrivateLimited	jarCpjpppy_
Developers(EarlierMahindraBloomdaleLimited	SubsidiaryCompany
asDevelopersknownMahindraBebanco
Limited)
HappinestDevelopersMahindraLimited——_____	VentureJoint
IndustrialPrivateMahindraPark(EarlierLimited	VentureJoint
IndustrialClusterPrivateknownasLimitedj
Mahinjjprl4çyflaiour)_Limited	JointVenture
MahindraHomesPrivateLimited	JointVenture
InframanWaterMahindraUtilitiesLimited	JointVenture- -
jyDevelopgMahindraWorldLimited	JointVenture—
IndustrialChennaiMahindraParkLimited	JointVenture
ConstructionCompanyMahindraLimited	Associate-
MaifindraKnowledgeParkMohali Limited	Associate

1. 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 6 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.
1. We did not review the interim financial information of three subsidiaries included in the consolidated unaudited financial results, whose interim financial information reflect total assets of Rs. 52,619 lakhs as at September 30, 2019, total revenues of Rs, 5,096 lakhs and Rs. 7,072 lakhs for the quarter and six months ended September 30, 2019 respectively, total net profit after tax of Rs. 335 lakhs and Rs. 378 lakhs for the quarter and six months ended September 30, 2019 respectively and total comprehensive income of Rs. 335 lakhs and Rs. 378 lakhs for the quarter and six months ended September 30, 2019 respectively and net cash flows of Rs. 148 lakhs for the six months ended September 30, 2019, as considered in the Statement. The consolidated unaudited financial results also includes the Group's share of profit after tax of Rs. 393 lakhs and Rs. 307 lakhs for the

quarter and six months ended September 30, 2019 respectively and total comprehensive income of Rs. 393 lakhs and Rs. 307 lakhs for the quarter and six months ended September 30, 2019 respectively, as considered in the Statement, in respect of two joint ventures, whose interim financial information have not been reviewed by us. These interim financial information have been reviewed by other auditors whose reports have 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 these subsidiaries and joint ventures, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.

Our conclusion on the Statement is not modified in respect of these matters.

The consolidated unaudited financial results includes the interim financial nformation of eight subsidiaries which have not been reviewed by their auditors, whose interim financial information reflect total assets of Rs, 10,621 lakhs as at September 30, 2019, total revenue of Rs. 1,019 Iakhs and Rs. 1,047 lakhs for the quarter and six months ended September 30, 2019 respectively, total profit after tax of Rs. 993 lakhs and Rs. 993 lakhs for the quarter and six months ended September 30, 2019 respectively and total comprehensive income of Rs. 993 lakhs and Rs. 993 lakhs for the quarter and six months ended September 30, 2019 respectively and net cash flows of Rs. 21 lakhs for the six months ended September 30, 2019, as considered in the Statement. The consolidated unaudited financial results also includes the Group's share of loss after tax of Rs. 45 lakhs and Rs. 160 Iakhs for the quarter and six months ended September 30, 2019 respectively and total comprehensive income of Rs. 45 lakhs and Rs. 160 lakhs for the quarter and six months ended September 30, 2019 respectively, as considered in the Statement, in respect of two associates and two joint ventures, based on their interim financial information which have not been reviewed by their auditors. According to the information and explanations given to us by the Management, these interim financial information 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 DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018)

Ketan Vora Partner (Membership No. 100459) (UDIN:I9)0Cti23A/lñAQTc; '3 ) Place: Mumbai

Date: October 21, 2019

Press release

Mahindra Lifespaces posts consolidated profit of Rs. 15.8 crores in Q2 FY20

Mumbai, October 21.2019: Mahindra Ufespace Developers Limited (MLDL), the real estate and infrastructure development business of the Mahindra Group, announced its financial results for the quarter ended 30°' September 2019 today.

In accordance with ND AS 115, Company recognizes its revenues on completion of contract method.

FINANCIAL PERFORMANCE FOR 02 FY20

o The consolidated total income stood at Rs. 329.8 crores as against Rs. 120.3 crores in 01 FY20
o The consolidated EBITDA* stood at Rs. 20 crores as against Rs. 19.4 crores in 01 FY20
o The consolidated PAT, post minority interest, stood at Rs. 15.8 crores as against Rs. 12.9 crores in 01 FY20
* EBITDA includes other income and share of profit/foss ofjoint ventures and associates.

Commenting on the performance, Ms. Sangeeta Prasad, Managing Director & Chief Executive Officer, Mahindra Lifespace Developers Ltd., said, "Focus on operational throughput has resulted in continued strong collection and completions during the quarter. We are evaluating land deals mindfully and building a pipeline forfuture growth, taking into consideration the current business environment. It's the time for trusted developers like us to reinforce our position with customers. The festive season this October has started with the launch of Vicino in Andheri, Mumbai and we are happy to see the initial response. Further, the company is gearing up for launches across geographies and an uptick in institutional sales in H2, in addition to its focus on collections and completions"

BUSINESS PERFORMANCE FOR 02 FY20

Centralis, Pune (0.34 msft) fully sold out.
Achieved sales of Rs. 106 crores (0.19 msft) in residential business (excluding cancellations at Luminare).
Completed 0.28 msft of development at Vivante, Mumbai and Bloomdale, Nagpur.
Attained collections of Rs. 258 crores in residential business, taking overall collections to 492 crores during Hi FY20.
258 units handed over in residential business, helping deliver 719 homes to customers in Hi FY20.
Leased 7.3 acres for Rs, 18.3 crores in Integrated Cities and Industrial Clusters business.
Company has net debt equity ratio of 0.02 as of Sept'19.

Note:

1. company uses carpet areos in its customer communication. However, the data in saleable area terms has been presented here to enable continuity of information to investors and shall not be construed to be of any relevance to home buyers/customers.
1. The operational highlights include the performance of the Company and its subsidiaries /faint ventures/associates.

ABOUT MAKINDRA LIFESPACE DEVELOPERS LTD.

Established in 1994, Mahindra Lifespace Developers Ltd. is the real estate and infrastructure development business of the USD 20.7 billion Mahindra Group, and a pioneer of sustainable urbanisation in India. The Company is committed to transforming India's urban landscape through its residential developments under the 'Mahindra Lifespaces' and 'Happinest' brands; and through its integrated cities and industrial clusters under the 'Mahindra World City' and 'Origins by Mahindra World City' brands.

Mahindra Lifespaces is driven by its credo of 'Sell genuinely, Build responsibly, Deliver on time' to develop innovative, customerfocused solutions that are rooted in a legacy of trust and transparency. The Company's development footprint spans 25.3 million sq. ft. (2,3 million sq. m.) of completed, ongoing and forthcoming residential projects across seven Indian cities; and over 5000

Mahindra Lifespace Developers Limited, CIN L45200MH1999PLC118949 5th Floor, Mahindra Towers, Worli, Mumbai —400 018 Tel: 022 6747 8600/ 6747 86011 Fax: 022 2497 5084 Website: www.mahindralifespaces.com

acres of ongoing and fohcoming projects under development/management at its integrated developments / industrial clusters across four locations.

A pioneer of the green homes movement, Mahindra Lifespaces is one of the first real estate companies in India to have committed to the global Science Based Targets initiative (SBTi). The Company's developments are characterised by thoughtful design and a welcoming environment that enhance overall quality of life for both individuals and industries.

Mahindra Lifespaces has been tanked l7' among India's Great Mid-Size Workplaces 2019. by the Great Place To Work Institute.

Learn more about Mahindra Lifespaces at

Investor Relations: Mr. Sumit Kasat Mr. Pramuch Goel General Manager—Finance and Investor Relations General Manager, Group Communications Mahindra Lifespace Developers Ltd. Mahindra Group Phone: +912267478645 Phone: +91 2224905943 Email: k ..'- m i?.ro.?hi. cc!:? cc' cc'S.

Email:

F Mahindra Lifespace Developers Ltd

S ngeeta Prasad Managing Director and CEO

AI assistant

Mahindra Lifespace Developers Ltd. Interim / Quarterly Report 2020

62304_rns_2019-10-21_f29667ac-88ac-464e-ac00-3e579b8f992a.pdf