Mahindra Lifespace Developers Ltd. — Interim / Quarterly Report 2020

Jul 26, 2019

Mahindra Lifespace Developers Ltd. GIN: L45200MH1999PLC118949

Mahindra Towers. 5th Floor. Or. G. M. Bhosale Marg, Worli, Mumbai 400 0 18, India

Tel: +912267478600 / 8601 Fax: +91 22 24975084

www.mahindralifespaces.com

26th July, 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: http://listinq.bseindia.com	Listing: https://www.connect2nse.com/LISTING/

Re:

Security	BSE	NSE	ISIN
Equity Shares	----532313-----	MAHLIFE	INE813A01018

Dear Sirs / Madam,

Sub.: Outcome of Board Meeting held on 25th July, 2019

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, 26th July, 2019, inter alia, have:

• 1. Approved the Unaudited standalone and consolidated financial results for the 1st quarter ended on 30th June, 2019;
• 1. Approved issue and allotment of 2,400 new fully paid-up Equity Shares of Rs.10/- each to the Eligible Employees pursuant to the exercise of Options granted under Employee Stock Options Scheme 2012 (ESOS - 2012), at an exercise price of Rs.10/- per share. Pursuant to this allotment, the issued equity capital of the Company has increased from Rs. 51,40,34,510 to Rs. 51,40,58,51 O and subscribed & paid up equity capital of the Company has increased from Rs. 51,35,23,880 to Rs.51 ,35,47,880;

Accordingly, we are enclosing the following:

• a) A copy of the Unaudited standalone and consolidated financial results for the 1st quarter ended on 301h June, 2019;
• b) Limited Review Report on standalone and consolidated financial results of the Company for the 1st quarter ended on 30th June, 2019, issued by Statutory Auditors, M/s. Deloitte Haskins & Sells LLP.
• c) A copy of the press release for Q1 FY 20 which will be circulated to Press. The press release is self - explanatory.

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

The meeting of the Board of Directors commenced at 11 :30 a.m. and concluded at 2:55 p.m.

Kindly take note of the above.

Thanking you,

Yours faithfully, For Mahindra Lifespace Developers Limited ,,..

~~Kulkami

Suhas Chief Legal Officer & Company Secretary (FCS - 2427)

Encl.: a/a

	Mahindra Lifespace Developers LimitedCIN - L45200MH1999PLC118949
	Fax No.: 022-24975084 Tel.: 022-67478600 Website: www.mahindralifespaces.com
	Registered Office :- Mahindra Towers, 5th Floor, Worli, Mumbai - 400018
	Statement of Standalone Unaudited Financial Results For The Quarter Ended as on 30th June, 2019
					(Rs. in lakhs)
	Particulars		Quarter ended		Year Ended
		30.06.2019Unaudited	31.03.2019Audited(Refer Note 2)	30.06.2018Unaudited	31.03.2019Audited
1	Revenue from Operations	8,357	16,007	13,299	48,603
2	Other Income	1,552	1,000	1,243	6,881
3	Total Income (1+2)	9,909	17,007	14,542	55,484
Expenses:4
	a) Cost of Sales
	- Cost of Projects	5.566	12,456	8,805	33,284
	- Operating Expenses	36	190	59	376
	b) Employee Benefits Expense	1,932	1,552	1,774	6,634
	c) Finance Costs	36	11	258	548
	d) Depreciation and Amortization Expense	185	79	74	306
	e) Other Expenses	1,125	1,652	1,350	5,878
	Total Expenses	8,880	15,940	12,320	47,026
	5 Profit Before Tax (3-4)	1,029	1.067	2,222	8,458
6	Tax Expense:
	a) Current Tax	$\blacksquare$	(394)	566
	b) Deferred Tax	61	874	134	2,599
	7 Profit after Tax (5-6)	968	587	1,522	5.859
8	Other Comprehensive Income
	Items that will not be reclassified to profit or loss
	Remeasurements of the defined benefit liabilities (net of taxes)	$\rightarrow$	(83)		(77)
9	Total Comprehensive Income (7+8)	968	504	1.522	5,782
	10 Paid-up Equity Share Capital (Face Value of Rs.10 each)	5.135	5,135	5,133	5,135
	11 Reserves (excluding revaluation reserves) as at Balance Sheet date				1,69,996
	12 Earnings per equity share (Face value of Rs. 10/- each) (Rs.)*
a) Basic		1.89	1.14	2.96	11.41
b) Diluted		1.88	1.14	2.96	11.39
	Basic and Diluted EPS for all periods, except year ended 31.03.2019, are not annualised.

$\frac{1}{\sqrt{11}}$

Q

M

				(Rs.in lakhs)
		Quarter ended		Year Ended
Particulars	30.06.2019Unaudited	31.03.2019Audited(Refer Note 2)	30.06.2018Unaudited	31.03.2019Audited
Segment Revenue (Revenue from Operations)
a) Projects, Project Management and Development	7,999	15.645	12,911	47.166
b) Operating of Commercial Complexes	358	362	388	1,437
Total	8,357	16,007	13,299	48,603
	u,	$\omega$
Segment Results
a) Projects, Project Management and Development	2,537	2,850	3,485	12,298
b) Operating of Commercial Complexes	272	305	300	1,159
Total Segment Results	2,809	3,155	3,785	13,457
Less : Other unallocable expenditure / (income) (net) excluding interest below	1,744	2,077	1,305	4.451
Less : Unallocable Interest	36	11	258	548
Total Profit before Tax	1,029	1,067	2,222	8,458
Segment Assets
a) Projects, Project Management and Development	1,86,519	1,80,560	1,94,805	1,80,560
b) Operating of Commercial Complexes	2,772	2,727	2,450	2,727
Total Segment Assets	1,89,291	1,83,287	1,97,255	1,83,287
c) Unallocated Corporate Assets	58.049	59.314	53.407	59,314
Total Assets	2,47,340	2,42,601	2,50,662	2,42,601
Segment Liabilities
a) Projects, Project Management and Development	65,462	62.027	68,355	62,027
b) Operating of Commercial Complexes	573	557	580	557
Total Segment Liabilities	66,035	62,584	68,935	62,584
c) Unallocated Corporate Liabilities	5,186	4.886	7,388	4,886
Total Liabilities	71,221	67,470	76,323	67,470

$\frac{1}{\sqrt{11}}$

	Notes:
	1 The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetingsheld on 26th July, 2019. The unaudited interim standalone financial results for the quarter ended 30th June, 2019 have been subjected to limitedreview by the statutory auditors, Deloitte Haskins and Sells LLP who have expressed an unmodified opinion.
	2 The figures for the quarter ended 31st March 2019 are the balancing figures between the audited figures in respect of the full financial year and thepublished year to date figures upto the third quarter.
	3 The standalone financial results of the Company have been prepared in accordance with the Indian Accounting Standards (Ind AS) as prescribedunder Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally acceptedin India
4	Ministry of Corporate Affairs has notified Ind AS 116 "Leases" which is effective from 01st April, 2019. Pursuant to this, the Company has appliedthis standard to all lease contracts existing on 01st April, 2019 using the retrospective approach with the cumulative effect at the date of initialapplication. On that date, the Company 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 leaseHability. Therefore, there is no effect of adopting Ind AS 116 on retained earnings as at 01st April, 2019, with no restatement of comparativeinformation. Comparatives for the quarter ended 30th June, 2018, quarter ended 31st March, 2019 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 of Use' 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 asdepreciation and finance costs. Accordingly the profit for the current quarter is lower by Rs. 10 lakhs (net). To this extent, the performance of thecurrent quarter is not comparable with previous quarters/year's results. The financial results of current quarter results in an increase of Rs.114 lakhsand Rs.18 lakhs in depreciation for the right of use assets and finance costs on lease liability respectively and decrease in operating lease rent costof Rs.122 lakhs.
	5 During the current quarter ended 30th June 2019, the paid up equity capital has gone up by Rs 0.33 lakhs due to allotment of 3,300 shares pursuant
	to exercise of stock options by eligible employees under ESOS 2012.
	6 Since the nature of activities being carried out by the Company is such that profits I losses from certain transactions do not necessarily accrueevenly over the year, results of a quarter may not be representative of profits / 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 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 BoardSangeeta Prasad
	Place: MumbaiDated: 26th July, 2019	Managing Director

$\oint$

$\frac{RM}{A}$

	CIN - L45200MH1999PLC118949
Fax No.: 022-24975084 Tel.: 022-67478600 Website: www.mahindralifespaces.com
				(Rs.in Lacs)
				Year Ended
	30.06.2019Unaudited	Audited(Refer Note 2)	30.06.2018Unaudited	31.03.2019Audited
Revenue from Operations	10,622	23,427	15,395	59,283
Other Income	1,408	1,261	2,180	6,104
				65,387
Expenses:
a) Cost of Sales
	6,520	18,004	10.033	40,427
				532
				7,3981,249
				377
e) Other Expenses	1,586	2,492	1,761	8,342
Total Expenses	10,715	22,878	14,300	58,325
Profit before Share of Profit of Joint Ventures and Associates (3-4)	1,315	1,810	3,275	7,062
Share of Profit of Joint Ventures and associate	203	1,755	478	7,264
7 Profit Before Tax (5+6)	1,518	3,565	3,753	14,326
8 Tax Expense
a) Current Tax	163	(334)	687	281
	44	699	376	2,178
Profit after tax (7-8)	1,311	3,200	2,690	11,867
10 Other Comprehensive Income
				(77)
11 Total Comprehensive Income (9+10)	1,311	3,117	2,690	11,790
Attributable to:
				11,894
				(104)
12 Of The Total Comprehensive Income above,
Non controlling interest	19	73	20	11,971(104)
				(77)
14 Paid-up Equity Share Capital (Face Value of Rs.10 each)	5,135	5,135	5,133	5,135
15 Reserves (excluding revaluation reserves) as at Balance Sheet date	$\overline{\phantom{a}}$	$\blacksquare$	$\sim$	187,819
16 Earning Per Share (Face value of Rs. 10/- each) (Rs.)*
a) Basic	2.51	6.09	5.20	23.32
				23.27
	ParticularsTotal Income (1+2)- Cost of Projects- Operating Expensesb) Employee Benefits Expensec) Finance Costsd) Depreciation and Amortization Expenseb) Deferred TaxItems that will not be reclassified to profit or lossRemeasurements of the defined benefit liabilities (net of taxes)Owners of the parentNon controlling interestProfit for the period attributable to:Owners of the parent13 Of The Total Comprehensive Income above,Other Comprehensive Income attributable to:Owners of the parentNon controlling interestb) Diluted	12,030362,148227198÷.1,292191,292٠$\sim$2.50* Basic and Diluted EPS for all periods, except year ended 31.03.2019 are not annualised	Registered Office :- Mahindra Towers, 5th Floor, Worli, Mumbai - 400018Quarter Ended31.03.201924,6883471,77016996(83)3,044733,127(83)6.08	Statement of Consolidated Audited Financial Results For The Quarter Ended 30th June, 201917,575591,91844782$\sim$2,670202,670$\overline{\phantom{a}}$$\overline{\phantom{a}}$5.19

$\frac{1}{\sqrt{11}}$

18

Reporting of Segment wise Revenue, Results & Segment Assets/ Liabilities	---		-
		-+-Quarter Ended	'	Year Ended31.03.2019~Audited
Particulars	30.06.2019Unaudited	31 .03.2019Audited(Refer Note 2)	30.06.2018Unaudited
--------! Segment Revenue (Revenue from Operations)			------	-------
---a) Projects. Project Management and Development	10,264	23,065	15,007	--57,846
- -- ----b) Operating of Commercial Complexes_	---358	362	388	--1,437
-----------TOTAL	-------10,622	23,427 _	15 395	---5_9,283 _
---':I------Segment Results-	--- --		---	--___ 19_,886_-
a) Projects Project Management and Development--	3,217	5,512	4 ,320300
b) Operating of Commercial Complexes-	272	271		1,159
Total Segment Results	3 489	5,783	4,61.Q_ -	21,045-
---Less : Other unallocable expendit~J (income) {net) excluding interest below	1,744	2,049	420	5,470
,_Less : Unallocable Interest-	227	169	447	] .~
----------Total Profit before Tax---	~	3 565	3,z.§_	--==----14,326
---3 Segment Assets			---	-------
--_§). Projects, Project Management and gevelopment	---243,976	235,001	261 ,993	--235,001
-----b) Operating of Commercial Complexes--	_ll!1 -	2,727	2,450-	--2,727
-----Total Segment Assets	246,748	237 72_8	---264,443_	23 7,728
·----c) Unallocated Corporate Assets	56,572	61,631	50,539 --	61 ,631
------------Total Assets	303,320	299,359	314,982--·--	~3--59-
---4 Segment Liabilities-	-----		----	-------
---a) Projects, Proiect Manag<:ment and Development	100,406-	98,268	107,569	_ 98,268-558
b) Operating of Commercial Complexes- --·-	573	558	580	---
----Total Segment Liabilities	----1QQ,9~ '------	98,826 -	108,149 ----	98,826
c) Unallocated Corporate Liabilities	3,711	3,228	7,387	3,228
Total Liabilities	104,690	102,054I	115,536II	102,054

Notes:	I	I
1 ;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 26th .July,:2019. The unaudrted interim consolidated financial results for the quarter ended 3oth June, 2019 have been subjected to limrted review by the statutory auditor.;,Oefoitte Haskins and Sells LLP who have expressed an unmodified ooinion.		I
2 The figures for the quarter ended 31st March 2019 are the balancing figures between the audited figures in respect of the full financial year and the published year todate figures upto the third quarter.			I
3•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 (Jaipur) Ltd, a 74% subsidiary (iv) Mahindra Wor1d 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 Developers Ltd, a 96.30% subsidiary (viii) Mahindra BJoomdale Developersltd. (Ear1ier known as Mahindra Bebanco Developers Ltd.) , a 100% subsidiary, (ix) Industrial Township (Maharashtra) ltd., a 100% subsidiary, {x} Anthurium, Developer.; Limited, a 100% subsidiary, (xi) •Mahindrd Industrial Park Private Limited (Earlier Known as Industrial Cluster Private Limited). a 100% subsidiary (xii} *,Mahindra Industrial Park Chennai Limited, a 53.4% subsidiary, (xiii) Mahindra Water Utilities Ltd, a 98.99% subsidiary (xiv) •Mahindra Homes Private Limited ai 74.98% subsidiary, (xv) • Mahindra Happinest Developers Ltd (Earlier known as Mahindra Happinest Developers Private Limed), a 51% subsidiary, (xvi) DeepmangalI Developers Private Limited, a 100% subsidiary, (xvii)' M.ahindra .Knowledge Park Mohah Limited, a 99.99%. subsidiary (xv11i) Moonshine Constmction _Private Limited,a 100% subsidiary; (xix) • Mahindra lnframan Water Utilities Pnvate Limited, a 50% Jomt venture of subsid.ary (xx) Rathna Bhcx,m1 Enlerpnses Pnvate ltd, 100%i subsidiarv lxxi* Mahindra Construction Comoany Limited consolidated usina line bv line consolidation method under Ind AS.
I	I		I
• Consolidated as per eauitv accounting under Ind ASI .	II
i_ 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 financei costs. Accordingly the profit for the current quarter is lower by Rs. 1 o lakhs (net). To this extent, the performance of the current quarter i~ not compardble with previous
i quarterslyea(s results. The financial results of current quarter results in an increase of Rs. 114 lakhs and Rs. 18 lakhs in depreciation for the right of use assets and! finance costs on lease liability respectiv ely and decrease in operating lease rent cost of Rs. 122 lakhs.i5 'I During the current quaner ended 30th June 2019, the paid up equity capital has gone up by Rs 0.33 lakhs due to allotment of 3,300 shares pursuant to exercise ofstock options by eligible employees under ESOS 2012.	I	I	I
6 '!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 of profits / losses for the year.		I	I
7 As per Ind AS 108 'Operating Segment', the Company has reported Segment Information for below s~ ments :a. Projects, Project Management and Development, b. Operating of Commercial ComplexesI Foe the DlJrvose of this, the Manaaina Director is the Chief o~,.,ee., ra.,t,,, in"'--' oD,,e,,,ce;is,,,ioe,n'-'M= ak,,,e,r.,_. - -8 11lle Standalone Financial results for the quarter ended 30th June, 2019 are summarized below and detailed financial report is also available on the Stock Exchange!Websrte, www.nseindia.com, www.bseindia.com and Company's website www.mahindrafifespaces.com.	--- -,-I	-----~-I	I-I	-----,-------
Particular.;	30.06.2019Unaudited	Quarler Ended31.032019Aud~ed	30.06.2018Unaudited	Year Ended31.03.2019Audited
Total Income (Including Other Income)Profit before taxProfit after tax	9.9091,029968I	/Refer Note 2<br>17,0071,067587I	14,5422,2221,5 22	55,4848.4585 ,859

Chartered Accountants lndiabulls Finance Centre Tower 3, 27"-32"' Floor Senapati Bapat Marg Elphinstone Road (West) Mumbai - 400 013 Maharashtra, India

Tel: +91 22 6185 4000 Fax: +91 22 6185 4001

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 accom panying Statement of Standalone Unaudited Financial Results of MAHINDRA LIFESPACE DEVELOPERS LIMITED ("the Company"), for the quarter ended June 30, 2019 ("the Stat ement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Reg ulations, 2015, as amended.
• 1. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Direct ors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Perfor med by the I ndependent 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 of 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 al l significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
• 4 . Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with t he recognition and measurement principles la id down in the aforesaid I ndian 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 misstatem ent.

For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm's Registration No. 117366W/W- 100018)

~;:Vora

(Partner) (Membership No. 100459)

i 9 I 00 Li 5 9AA'..,A,A-. & YV 7 70 0

Place: MUMBAI Date: July 26, 2019

Regd. Office: lndiabulls Finance Centre, Tower 3. 27~ - 32"" Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai - 400 013, Maharashtra, India.

U . .VIN

Chartered Accountants lndiabulls Finance Centre Tower 3, 27" -32'' Floor Senapati Bapat Marg Elphinstone Road (West) Mumbai - 400 013 Maharashtra, India

Tel: +91 22 6185 4000 Fax: +91 22 6185 4001

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

TO THE BOARD OF DIRECTORS OF MAHINDRA LIFESPACE DEVELOPERS LIMITED

• 1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of MAHINDRA LIFESPACE DEVELOPERS LIMITED ("the Parent") and its subsidiari es (the Parent and its subsidiaries together referred to as "the Group"), and its share of the net profit after tax and total comprehensive income of its associates and joint ventures for the quarter ended June 30, 2019 ("the Statement") being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI ( Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
• 1. This Statement, which is the responsibility of the Parent 's Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("I nd AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accept ed 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 t he Ent ity", issued by the Institute of Chartered Accountants of India ("ICAI"). A review of interim financial informat ion consists of making inq uiries, primarily of Parent'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. The Statement includes the results of the following entities :

------------------Name of the Entity.~-----
Mahindra Lifespace Develo ers Limited
Anthurium Develo ers Limited
__Industrial TownshiMaharashtra) Limit_c_d	_ -+---
Knowled e Township Limited
Mahindra Infrastructure Develo ers Limited	Subsidiar
Mahindra Inte rated Township Limite_d _	_ _ ___ 2ubsidiar~------1-
Mahindra Residential Develo ers Limited	Subsidiar
Mahindra World CitMaharashtra Limited	Subsidiar
ahindra Bloomdale Developers Limited (Earlierknown as Mahindra Bebanco Devel o,e_rs· L_i mitce:.	Subsidiary Companyd,._ _

Re2d. Office: \ndiabulls Finance Centre, Tower 3, 21" - 32"' Floor, Senapati Ba pat Marg, Elphinstone Road (West), Mumbai · 400 013, Maharashtra, India.

Mahindra Happinest Developers Limited	Joint Venture
Mahindra Industrial Park Private Limited (Earlier	Joint Venture
known as Industrial Cluster Private Limited)
Mahindra World City (Jaipur) Limited	Joint Venture
Mahindra Homes Private Limited	Joint Venture
Mahindra Inframan Water Utilities Limited	Joint Venture
Mahindra World City Develooers Limited	Joint Venture
Mahindra Industrial Park Chennai Limited	Joint Venture
Mahindra Construction Company Limited	Associate
Mahindra Knowledqe Park Mohali Limited	Associate

• 1. Based on our review conducted 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 recognit ion 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 revenues of Rs. 1,976 lakhs for the quarter ended June 30, 2019, total net profit after tax of Rs. 43 lakhs for the quarter ended June 30, 2019 and total comprehensive income of Rs. 43 lakhs for the quarter ended June 30, 2019 as considered in the Statement. The consolidated unaudited financial results also includes the Group's share of loss after tax of Rs. 85 lakhs for the quarter ended June 30, 2019 and total comprehensive loss of Rs. 85 lakhs for the quarter ended June 30, 2019, 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.

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

1. The consolidated unaudited financial results includes the interim financial information of eight subsidiaries which have not been reviewed by their auditors, whose interim financial informat ion reflect total revenue of Rs. 28 lakhs for the quarter ended June 30, 2019, total loss after tax of Rs. 0.05 lakhs for the quarter ended June 30, 2019 and total comprehensive loss of Rs. 0.05 lakhs for the quarter ended June 30, 2019, as considered in the Statement. The consolidated unaudited financial results also includes the Group's share of loss after tax of Rs. 116 lakhs for the quarter ended June 30, 2019 and total comprehensive loss of Rs. 116 lakhs for the quarter ended June 30, 2019, 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

UDIN ·J \ *C* I ooL,59AAAA &)( 2 -~ I cl

(Firm's Registration No. 117366W/ W- 100018)

Ketan Vora Partner (Membership No. 100459)

Place: Mumbai Date: July 26, 2019

Mahindra Lifespaces achieve-s co~sol.idated profit of Rs. 12.9 crores in Ql FY20

Mumbai, July 26, 2019: Mahindra Lifes1)ace Developers Limited (MLDL), the real estate and infrastructure development business of the Mahindra Group, announced its financial results for the quarter ended 30th June 2019 today.

In accordance with IND AS 115, Company recognizes its revenues on completion of contract method. During Ql FY20, there was no significant completion.

FINANCIAL PERFORMANCE FOR Ql FY20

• o The consolidated total income stood at Rs. 120.3 crores as against Rs. 175.8 crores in Q1 FY19.
• o The consolidated EBITDA* stood at Rs. 19.4 crores as against Rs. 42.8 crores in Ql FY19.
• o The consolidated PAT, post-minority interest, stood at Rs. 12.9 crores as against Rs. 26.7 crores in Ql FY19.

* EB/TOA includes other income and share of profit/loss ofjoint ventures and associates.

Commenting on the performance, Ms. Sangeeta Prasad, Managing Director & Chief Executive Officer, Mahindra Lifespace Developers Ltd., said, "Continued focus on collections, execution and approvals for launch will enable project launches and operational throughput in the subsequent quarters. We are evaluating opportunities for acquisition of land and projects. We are well placed to grow our business with our strong financial resources and access to capital"

BUSINESS PERFORMANCE FOR Ql FY20

• Achieved sales of Rs. 120 crores (0.22 msft) in residential business (including joint development partner's share of inventory).
• Leased 9.4 acres for Rs. 25.1 crores in Integrated Cities & Industrial Clusters business.
• Attained collections of Rs. 234.0 crores and handed-over 461 units for the residential business.
• Completed 0.16 msft of development area in Pune.
• Company has NIL net consolidated debt as of Jun'19.

Note:

• 1. Company uses carpet areas 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.
• 2. The operational highlights include the performance of the Company and its subsidiaries I joint ventures I associates engaged in the real estate business.

ABOUT MAHINDRA UFESPACE DEVELOPERS LTD.

Established in 1994, Mahindra Lifespace Developers ltd. is the real estate and infrastructure development business of the USO 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 acres of ongoing and forthcoming 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 ranked 17th among India's Great Mid-Size Workplaces 2019, by the Great Place To Work Institute.

Learn more about Mahindra Lifespaces at www.mahindralifespaces.com

For further enquiries please contact:

Investor Relations: Mr. Sumit Kasat General Manager - Finance and Investor Relations Mahindra Lifespace Developers Ltd. Phone: +91 22 6747 8645 Email: kasat.sumit@mahindra.com

For ~:::;;e Developer, Ltd

Sangeeta Prasad Managing Director and CEO

Mr. Pramuch Goel General Manager, Group Communications Mahindra Group Phone: +91 22 2490 5943 Email: goel.pramuch@mahindra.com