Mahindra Lifespace Developers Ltd. — Interim / Quarterly Report 2019

Jan 28, 2019

mahindra LIFESPACES

Mahindra Lifespace Developers Ltd. CIN. L4F,200rv1H1f'>98PLC118:J,m

Mahindra Towers, 5r.h Fk.;01·, Dr. G. M, Bhosale Marg, VVorli, Mumbai 400 018. lndlo

Tel: +91 22 67478000 / 8601 Fm:: +SJi 22 2497508Ll

w1t,1w,1111:1hlndr·a!ifer;puces.com

281h January, 2019

Bombay Stock Exchange Limited Corporate Services, Piroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001 Listing: http://1isting.bseind1a.com

National Stock Exchange of India Limited Exchange Plaza, Sandra Kurla Complex, Sandra (East) Mumbai - 400 051 Listing: https:www.connect2nse.com/LISTING/

Re:

Security	BSE	NSE	!SIN
Equtty Shares	532313	MAHLIFE	INE813A01018

Sub:- Intimation under Regulation 30(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI LODR").

Dear Sir/Madam,

Pursuant to Regulation 30(2) read with Regulation 46(2)(0) of the SEBI LODR, the presentation on the Company's profile and financial & operational results for the 3,ct quarter and nine months period ended on 31" December, 2018 which will be available on the website of the Company is enclosed herewith.

Request you to take the same on record.

Thanking You

For and on behalf of Mahindra Lifespace Developers Limited

�( Suhas Kulklfr� �

Sr. Vice President Legal and Company Secretary (FCS: 2427)

Encl: a I a

Artist's impression of 'HAPPINEST PALGHAR'

Investor Presentation – Q3 FY19 1

• Q3 FY19 Highlights
• Residential Business Update
• Integrated Cities & Industrial Clusters Update
• Financial Update

Q3 FY19 Highlights

The operating highlights from Slide 4 to Slide 25 are for the Company and its subsidiaries / joint ventures / associates engaged in the real estate business (mainly MLDL, MHPL, MBDL, MITL, MRDL, MHDL, MWCDL, MWCJL, MIPCL & MIPPL)

Disclaimer:

The Company has registered its ongoing projects in the applicable jurisdictions / States under the Real Estate (Regulation and Development) Act, 2016 ("RERA"). None of the images, material, projections, details, descriptions, area statements and other information that are mentioned herein should be deemed to be or constitute advertisements, solicitations, marketing, offer for sale, invitation to offer, invitation to acquire, including within the purview of the RERA.

The Company uses carpet areas as per RERA in its customer communication. However, the data in saleable area terms has been referred in this presentation, to enable continuity of information to investors and shall not be construed to be of any relevance to home buyers / customers.

Business Highlights – Q3 FY19

	AchievedQ3salesof0.35msftvaluedatRs.215Crs,leadingto9MFY19salesoof1.04msft,valuedatRs.616Crs.
Residential *	AttainedQ3collectionofRs.195Crs,leadingto9MFY19collectionofRs.662oCrs.
	CompletedPhaseIIIAofAntheia,Punehaving0.16msftofsaleablearea.o
	Executedanagreementtopurchase~8acreslandinBengaluru,havingaodevelopmentpotentialof~0.74msfttargetingthemid-premiumsegment.
IntegratedCities &Industrial	Origins,Chennaisigneditsfirstcustomer,YanmarGroup,aleadingmanufactureroofDieselengines,leasing22.8acres.
Clusters	MahindraWorldCity,Jaipurleased16.2acresto3customersforRs.34.0Crs.o
Awards &Recognitions	MLDLlistedamongthe'Top100BestCompaniesforWomen'inIndiabyWorkingoMother&AVTAR.

* All figures correspond to residential units and include commercial units that are part of residential developments.

Financial Highlights – Q3 FY19

All figures in Rs. Crs

For MLDL Consolidated(As per IND AS)	Q3 2019	9M 2019
Total Income	137	407
EBIDTA	25	121
PAT	21	88
Net Debt	3.6
Net Worth	1974

Residential Business Update

Sales – Quarterly Trend

Note: All figures above correspond to residential units, excluding commercial units that are part of residential developments.

Commercial units sales for Q2 & Q3 FY19 was Nil and for Q1 FY19 stood at 5 units of 0.001 msft saleable area, worth Rs. 0.95 Crs.

Commercial units sales for FY18 stood at 147 units of 0.05 msft saleable area, worth Rs. 43 Crs.

Project under Joint Development (JD).

Sales - City and Price Segment wise

24%

17%

17%

8%

23%

11%

Note: Total sales volume considered is 0.35 msft saleable area and total sales value considered is Rs. 215 Crs.

Operating Metrics

92 117 64 82 83 Q3 FY18 Q4 FY18 Q1 FY19 Q2 FY19 Q3 FY19 Construction Spend (Rs. Crs)

Project Portfolio

		Saleable Area 2(msft)
Location	Ongoing	Forthcoming	Land Inventory
MMR**	0.85	2.17	0.941
Pune	0.41	0.33	-
Nagpur	0.83	0.20	-
NCR*	0.77	0.37	-
Bengaluru	0.43	0.74	-
Chennai	0.85	1.19	9.50
Total	4.14	5.01	10.44

Total Completed Development – 15.39*** msft

* NCR includes Delhi, Gurgaon and Faridabad;

** MMR includes Mumbai, Boisar, Palghar, Thane, Kalyan and Alibaug;

*** Does not include select projects that were completed by GESCO.

Note1: Estimated saleable area of 0.59 msft at Thane has an impediment. The matter has been taken up with concerned authorities for removal of the impediment.

Note 2: Based on saleable area including JD partner's share wherever applicable.

Summary of Ongoing and Forthcoming Projects

All figures in msft

Region	Project Name	Company /SPV	TotalDevelopment	LaunchedDevelopment	CompletedDevelopment	OngoingDevelopment	Balance (Tobe launched)
			A	B	C	D	E = (A-C-D)
MMR	Serenes	MLDL	0.16	0.06	-	0.06	0.09
	Vivante	MLDL	0.16	0.16	-	0.16	-
	Roots	MLDL	0.14	0.14	-	0.14	-
	Andheri	MLDL	0.26	-	-	-	0.26
	Sakinaka #	MLDL	0.34	-	-	-	0.34
	Happinest Boisar	MLDL	0.49	0.49	0.42	0.07	-
	Happinest Palghar 1	MHDL	0.41	0.41	-	0.41	-
	Happinest Palghar 2	MHDL	0.64	-	-	-	0.64
	Happinest Kalyan	MHDL	0.84	-	-	-	0.84
Pune	Antheia	MLDL	1.63	1.63	1.22	0.41	-
	Pimpri Residential	MLDL	0.33	-	-	-	0.33
Nagpur	Bloomdale	MBDL	1.55	1.35	0.52	0.83	0.20
NCR	Luminare #	MHPL	1.14	0.77	-	0.77	0.37
Bengaluru	Windchimes	MHPL	0.87	0.87	0.44	0.43	-
	New Project	MLDL	0.74	-	-	-	0.74
Chennai	Aqualily	MRDL	1.58	1.51	1.23	0.28	0.07
	Lakewoods	MITL	0.90	0.28	-	0.28	0.62
	MWC Chennai Residential 21	MITL	0.41	-	-	-	0.41
	Happinest Avadi	MLDL	0.73	0.64	0.34	0.30	0.10
	TOTAL		13.32	8.32	4.18	4.14	5.01

Note: Above figures are based on saleable area including JD partner's share wherever applicable.

Project under Joint Development (JD).

Development mix of Ongoing Projects

Region	Project Name	Location	Segment	Development Mix	Area RangeSaleable (sqft)	IndicativePrices(Rs. Crs)
MMR	Serenes	Alibaug	Luxury	3, 4 BHK Villas	3000 -3400	3 -3.5
	Vivante	Mumbai	Mid-Premium	1, 2, 2.5 & 3 BHK	740 -2041	1.5 -4
	Roots	Mumbai	Mid-Premium	1 & 2 BHK	740 -1239	1 -1.5
	Happinest Boisar	Boisar	Affordable	1 RK,1 & 2 BHK	369 -762	0.13 -0.27
	Happinest Palghar 1	Palghar	Affordable	1 RK, 1 & 2 BHK	234 -812	0.08 -0.28
Pune	Antheia	Pune	Mid-Premium	1, 2, 2.5, 3 BHK	724 -1789	0.5 -1.5
Nagpur	Bloomdale	Nagpur	Mid-Premium	1, 2, 2.5, 3 BHK, RowHouses & Duplex Homes	739 -2440	0.3 -1
NCR	Luminare	Gurgaon	Luxury	3 & 4 BHK	2985 -6007	3.5 -4.5
Bengaluru	Windchimes	Bengaluru	Mid-Premium	3, 3.5 & 4 BHK	1776 -3012	1.5 -2.5
Chennai	Aqualily	Chennai	Mid-Premium	1, 3, 3.5 & 4 BHK	581 -2228	0.25 -1
	Lakewoods	Chennai	Mid-Premium	2 & 3 BHK	1079 -1478	0.45 -0.70
	Happinest Avadi	Chennai	Affordable	1 & 2 BHK	395 -677	0.1 -0.25

Note: Above information is indicative and provides generic information about the project.

Summary of Ongoing Projects (1/2)

Location	Project Name	LaunchedDevelopment*(msft)	Area Sold(msft)	% Completion**	PTD SalesValue(Rs. Cr)	RERACompletionDate***
MMR	The Serenes I	0.06	0.02	76%		13.8 Aug-18 to Dec-21
	Vivante	0.16	0.16	90%	268.2	Oct-19
	Roots	0.14	0.07	37%	93.0	Sep-22
	Happinest Boisar IV	0.07	0.01	78%	3.0	May-20
	Happinest Palghar 1 - I	0.14	0.12	40%	35.0	Dec-20
	Happinest Palghar 1 - II	0.15	0.14	32%	40.2	Sep-21
	Happinest Palghar 1 - III	0.08	0.05	32%	15.5	Sep-21
	Happinest Palghar 1 - IV	0.04	0.03	33%	8.5	Dec-21
Pune	Antheia IIIB	0.12	0.10	91%	62.2	Jun-20
	Antheia IIIC	0.14	0.03	92%	19.6	Mar-20
	Antheia IIID	0.16	0.06	76%	37.7	Mar-22
Nagpur	Bloomdale IIB	0.15	0.15	77%	55.4	Mar-19
	Bloomdale IIB – 2	0.09	0.08	93%	30.7	Jan-19
	Bloomdale IIC	0.07	0.07	89%	24.4	Mar-20
	Bloomdale IIIA	0.12	0.10	80%	41.9	Mar-19
	Bloomdale IIIB	0.11	0.07	44%	28.6	Sep-20
	Bloomdale IIIC-1	0.03	0.03	83%	11.0	Nov-19
	Bloomdale IIIC-2	0.04	0.02	43%	7.0	Mar-20
	Bloomdale IIID	0.07	0.04	48%	17.0	Jul-19 to Jan-21
	Bloomdale IVB	0.14	0.06	41%	21.7	Jun-21
	Bloomdale IVD	0.01	0.01	41%	5.2	May-20

Note:

* Based on saleable area including JD partner's share wherever applicable.

** Completion shown is with respect to total estimated project cost which includes land costs and construction related costs.

*** RERA completion dates for the projects are as per the specific phases registered with the authorities.

Summary of Ongoing Projects (2/2)

Location	Project Name	LaunchedDevelopment*(msft)	Area Sold(msft)	% Completion**	PTD SalesValue(Rs. Cr)	RERACompletionDate***
NCR	Luminare I #	0.37	0.26	93%	337.7	Mar-20
	Luminare II #	0.41	0.12	61%	167.4	Mar-21
Bengaluru	Windchimes II - Tower III	0.18	0.09	76%	73.2	Dec-19
	Windchimes II - Tower IV	0.25	0.09	78%	70.8	Dec-19
Chennai	Aqualily Apts C2	0.16	-	46%	-	NA
	Aqualily Apts 2E	0.12	0.06	89%	24.4	Mar-19
	Lakewoods I	0.28	0.07	6%	26.3	Mar-22
	Happinest Avadi II	0.10	0.08	94%	24.5	Mar-19
	Happinest Avadi III	0.04	0.04	89%	14.5	Mar-19
	Happinest Avadi IV	0.06	0.02	66%	6.0	Jul-20
	Happinest Avadi V	0.10	0.00	55%	1.1	Dec-20
Total		4.14	2.23	69%	1,585.4

Note:

* Based on saleable area including JD partner's share wherever applicable.

** Completion shown is with respect to total estimated project cost which includes land costs and construction related costs.

*** RERA completion dates for the projects are as per the specific phases registered with the authorities.

Project under Joint Development (JD).

Ongoing Projects Snapshot (1/2)

Bloomdale 2B-1 (Dec'18)

Vivante Tower B3 & B4 (Dec'18) Antheia IIIA (Dec'18)

Bloomdale 2B-2 (Dec'18) Aqualily 2E – 2 (Dec'18)

Lakewoods I (Dec'18)

Ongoing Projects Snapshot (2/2)

Luminare - Tower C (Dec'18)

Windchimes II (Dec'18)

Happinest Avadi – Ph III (Dec'18) Happinest Palghar – Ph I (Dec'18) Luminare - Tower A (Dec'18)

Forthcoming Projects

Segment	Location	Name of the Project	Est. Saleable Area*msft
Subsequent Phases of Existing Projects
	MMR	Serenes	0.09
	Nagpur	Bloomdale	0.20
Mid & Premium Residential		Aqualily	0.07
	Chennai	Lakewoods	0.62
	NCR	Luminare #	0.37
Affordable Housing	Chennai	Happinest Avadi	0.10
TOTAL - Subsequent Phases of Existing Projects			1.45
New Projects
		Sakinaka #	0.34
	MMR	Andheri	0.26
Mid & Premium Residential	Pune	Pimpri Residential	0.33
	Bengaluru	New Project	0.74
	Chennai	MWC Chennai Residential 21	0.41
		Happinest Palghar 2	0.64
Affordable Housing	MMR	Happinest Kalyan	0.84
TOTAL - New Projects			3.56
TOTAL - Forthcoming Projects			5.01

Project under Joint Development (JD).

* Based on saleable area including JD partner's share wherever applicable.

Balance Inventory in Completed Projects

Location	Project Name	Company	MLDL Holding	Balance unitsto sell *
MMR	Happinest Boisar	MLDL	100%	34
Pune	Antheia	MLDL	100%	15
Bengaluru	Windchimes	MHPL	50%	19
Hyderabad	Ashvita #	MLDL	100%	8
Chennai	Aqualily Apts A, B & C1	MRDL	96%	46
TOTAL				122

Project under Joint Development (JD).

* The numbers of units shown are only for MLDL share of inventory.

Cash Flow Potential

Particulars		Value( Rs. Cr)
Ongoing & Completed	Sales completed in ongoing projects	1585
Projects	Less : Amount collected from sales	762
Net amount to be collected on completed sales
	Estimated sales from finished goods & balance inventory in ongoing projects #	1326
	Less: Estimated construction cost to be spent on ongoing projects**	678
Cashflow from ongoing & completed projects		1472
Subsequent Phases of	Estimated sales potential #	860
Ongoing Projects	Less: Estimated construction cost**	434
	Cashflow from future phases of ongoing projects	426
Total Estimated Cashflows*		1897

* Does not include cash flow potential of "New Projects" and "Land Bank".

** Construction costs are based on management estimates.

# Estimated sales value is based on management estimates taking into consideration current price realisation for respective projects.

Integrated Cities & Industrial Clusters Update

Mahindra World City, Chennai – Business Update

Total Area Procured – 1524 acres | Leasable Area – 1145 acres

• Total number of customers: 77 (64 Operational)

Dorma Kaba facility in DTA

SMC Pneumatics facility in DTA

CapGemini facility in IT SEZ

Mahindra World City, Jaipur – Business Update

** Total Leasable Area of Residential & Social is indicative (assumed at yield of 65%) until finalisation and approval of Master Plan.

*** Includes 25 acres for Evolve.

• Total number of customers: 86 (52 Operational)
• Signed 1 new customers & 2 existing customer expansion during Q2 FY19
  • ✓ Indo Autotech Ltd. (Existing customer DTA): 3.37 Acres
  • ✓ Dia Logistics & Warehousing Pvt. Ltd. (Existing customer - DTA): 6 Acres
  • ✓ ASI Industries Ltd. (SEZ): 6.78 Acres

Bharat Skill Development University facility in DTA

Creating Economic Value

Industrial Parks – Origins, Ahmedabad & North Chennai

Ahmedabad Project Details: (Forthcoming) – SPV Name: MIPPL – Location: Jhansali Village, Limbdi on AMD - Rajkot Highway – Project Approvals: Received – Construction Progress: Site mobilization started, construction to commence in Q4 FY19.

North Chennai Project Details: (Ongoing)

• SPV Name: MIPCL
• Location: Ponneri, Thiruvallur, Tamil Nadu
• Project Approvals: Received
• Construction Progress: Under development
• Signed our first customer, one of the leading manufacturers of diesel engines, leasing 22.8 acres.

* Leasable area is based on management estimates.

Recurring Rental Income

Evolve, MWCJ
Total area	0.431msft
Area leased	0.405msft
Mahindra Towers, Delhi
Total area	0.056 msft
Area leased	0.052 msft

21 20 20 20 20 0 5 10 15 20 25 Q3 FY18 Q4 FY18 Q1 FY19 Q2 FY19 Q3 FY19 Park O&M and Water Charges, MWCJ Park O&M and Water Charges, MWCC Mahindra Towers, Delhi Canopy, MWCC*

Evolve, MWCJ Total

Mahindra Towers, Delhi Evolve, Mahindra World City Jaipur

* Canopy, MWCC sold as on 31st Mar'18.

Recurring Income (Rs. Crs)

Financial Update

Financial Snapshot – MLDL Consolidated

Statement of Profit and Loss				All figures in Rs. Crs rounded off
Particulars	Q3 2019	Q2 2019	Q3 2018	9M 2019	9M 2018
Income
Income from Operations	124.4	80.2	168.3	358.6	404.4
Other Income	13.0	13.7	17.3	48.4	59.1
	137.4	93.9	185.6	407.0	463.5
Expenditure
Operating Expenses	84.9	51.8	120.7	241.4	285.3
Employee Remuneration & Benefits	19.8	17.3	16.0	56.3	50.2
Finance Costs	2.0	4.4	7.1	10.8	21.5
Depreciation & Amortisation	1.0	1.0	1.1	2.8	3.3
Administration & Other Expenses	16.2	13.2	10.9	43.2	34.3
	123.9	87.6	155.8	354.5	394.5
Profit from Ordinary Activities before Tax
/Share in Net Profit/Loss of Associates	13.5	6.3	29.9	52.5	69.0
Share in Net Profit/(Loss) of Associates	8.5	41.9	6.5	55.1	11.4
Profit from Ordinary Activities before Tax	21.9	48.2	36.3	107.6	80.3
Less : Provision for Current Taxation	(2.5)	1.8	9.2	6.2	23.2
Less : Provision for Deferred Taxation	5.0	6.0	0.1	14.8	1.5
Net Profit for the period	19.4	40.3	27.1	86.7	55.6
Less: Minority Interest	(1.1)	(0.8)	1.2	(1.8)	2.4
Net Profit/ (Loss) after Taxes, Minority Interest	20.6	41.2	26.0	88.4	53.3
and Share of Profit / (Loss) of Associates

The Company has adopted IND AS 115, effective from 1st April 2018 and has opted for modified retrospective method. Hence, the revenue recognition of residential projects is upon completion as against on the basis of Percentage Of Completion Method (POCM) followed earlier. Therefore, FY19 financials are not comparable with previous reporting periods.

Financial Snapshot – MLDL Consolidated Balance Sheet All figures in Rs. Crs rounded off

EQUITY & LIABILITIES	Q3 2019	FY 2018	ASSETS	Q3 2019	FY 2018
			Property, Plant and Equipment	7.1	7.0
Equity Share capital	51.3	51.3	Capital work-in-progress	9.6	9.1
Other Equity	1,922.9	2,007.5	Investment Property	21.6	21.9
Networth	1,974.3	2,058.9	Goodwill	66.0	66.0
			Other Intangible assets	0.4	0.5
Non Controlling Interest	42.8	44.6	Financial Assets
			(i) Investments	707.0	709.2
Financial Liabilities			(ii) Trade receivables	5.1	11.0
(i) Borrowings	32.6	57.6	(iii) Loans	4.1	1.1
(ii) Trade payables	-	-	(iv) Others	2.2	-
(iii) Other financial liabilities	5.7	7.0	Deferred tax assets (Net)	45.6	-
Provisions	4.0	2.2	Non Current Tax Assets	63.4	58.9
Deferred tax liabilities (Net)	52.8	38.7	Non Current Assets	932.0	884.7
Other non-current liabilities	-	-
Non Current Liabilities	95.1	105.5	Inventories	1,475.8	912.4
			Financial Assets
Financial Liabilities			(i) Investments	0.0	217.1
(i) Borrowings	144.3	176.0	(ii) Trade receivables	112.7	145.2
(ii) Trade payables	193.5	194.3	(iii) Cash and cash equivalents	98.0	49.8
(iii) Other financial liabilities	81.0	322.4	(iv) Bank balances other than (iii) above	100.3	80.4
Other current liabitilies	534.1	34.8	(v) Loans	110.3	224.4
Provisions	12.8	11.6	(vi) Others	177.9	187.2
Current Tax Liabilities (Net)	37.8	50.2	Current Tax Assets (Net)	0.0	-
Current Liabilities	1,003.5	789.1	Other current assets	108.6	296.9
			Current Assets	2,183.6	2,113.3
Liabilities associated with assets held for sale	-	-
TOTAL	3,115.6	2,998.0	TOTAL	3,115.6	2,998.0

The Company has adopted IND AS 115, effective from 1st April 2018 and has opted for modified retrospective method. As a part of this adoption, the Company has done a transitional adjustment of Rs. 135.34 Crs (net of deferred tax) to the opening retained earnings of consolidated financials. The financials of the prior reporting periods have not been restated. Hence, FY19 numbers are not comparable with previous reporting periods.

Key Highlights

The Company has adopted IND AS 115, effective from 1st April 2018 and has opted for modified retrospective method. The financials of the prior reporting periods have not been restated. Hence, FY19 numbers are not comparable with previous reporting periods.

Key Highlights

* The Company has adopted IND AS 115, effective from 1st April 2018 and has opted for modified retrospective method. The financials of the prior reporting periods have not been restated. Hence, debt to equity ratio of FY19 is not comparable with previous reporting periods.

Residential and IC & IC Business Performance

Residential and IC&IC Business Performance

All figures in Rs Crs unless specified

		Residential *	IC & IC
Particulars	Q3 2019	9M 2019	Q3 2019	9M 2019
Area Sold (msft) / Land Leased (acres)	0.35	1.04	61.03	99.84
Sales / Lease Income	215	616	111	200
Total Income	111	537	129	257
EBIDTA	20	119	29	86
EBIDTA Margin (%)	18.0%	22.2%	22.5%	33.5%
PAT	6	49	14	39
PAT Margin (%)	5.4%	9.1%	10.9%	15.2%
Net worth		1328	646
Debt #		382	503
Debt Equity Ratio		0.3	0.8

Note: The numbers above are based on management workings and are verified & reviewed by an independent Chartered Accountant firm. The above details are provided for better understanding of the performance of Residential and Industrial segments of the Company. Due care has been taken in compilation of the same by Management.

* All the figures correspond to residential units and includes commercial units, if any.

Debt represents funding from Banks/ FI's / Third Parties. Any contribution made by promoters / strategic partners (including ICDs) is excluded in the debt number.

Summary of Key Financials by Legal Entities for Q3 FY19

Key Legal Entities in Residential Business All figures in Rs. Crs

	Economic	Total
Entity Name	Interest	Income	EBIDTA	PAT	Debt	Net Worth
MLDL	100.0%	134.4	21.6	15.4	90.8	1,746.5
MHPL^	50.0%	40.3	5.6	0.5	# 894	(26.6)
MBDL	70.0%	0.1	(1.0)	(0.8)	# 50.6	(11.5)
MITL	96.3%	-	(3.6)	(3.6)	67.7	81.6
MRDL	96.3%	0.2	(1.8)	(1.1)	-	79.9
MHDL^	25.0%	0.0	(4.5)	(4.5)	# 100.5	(9.8)

Key Legal Entities in IC & IC Business

Entity Name	EconomicInterest	TotalIncome	EBIDTA	PAT	Debt	Net Worth
MWCDL^	89.0%	36.2	8.2	0.4	313.8	144.9
MWCJL^	74.0%	45.4	29.1	16.8	# 279.3	300.3
MIPCL^	53.4%	47.8	3.4	2.2	106.2	173.0
MIPPL	100.0%	(0.2)	(0.5)	(0.7)	* 128.1	(0.9)

Note: All numbers are for respective SPV's on standalone basis and are aggregated without considering any inter-company eliminations.

^ : The entities are classified as JVs and are not consolidated in MLDL consolidation.

: In MHPL, debt numbers includes Rs.~640 Crs of contribution by promoters in the form of OCDs and CCDs; In MBDL, debt number includes Rs.~25 Crs of contribution by promoter in the form of ICD; In MHDL, debt numbers includes Rs.~40Crs of contribution by promotors in form of OCDs and OCRPS. In MWCJL, debt number includes Rs.~195 Crs of contribution by strategic partner (IFC).

* : In MIPPL, the entire debt represents contribution by promoter and strategic partner (IFC).

Summary of Key Financials by Legal Entities for 9M FY19

Key Legal Entities in Residential Business All figures in Rs. Crs

	Economic	Total
Entity Name	Interest	Income	EBIDTA	PAT	Debt	Net Worth
MLDL	100.0%	384.8	81.6	52.7	90.8	1,746.5
MHPL^	50.0%	301.6	50.8	24.9	# 894	(26.6)
MBDL	70.0%	42.3	3.9	2.5	# 50.6	(11.5)
MITL	96.3%	13.0	(0.4)	(2.2)	67.7	81.6
MRDL	96.3%	17.6	0.7	0.3	-	79.9
MHDL^	25.0%	0.1	(7.2)	(7.4)	# 100.5	(9.8)

Key Legal Entities in IC & IC Business

	Economic	Total
Entity Name	Interest	Income	EBIDTA	PAT	Debt	Net Worth
MWCDL^	89.0%	90.7	34.3	9.7	313.8	144.9
MWCJL^	74.0%	117.3	74.8	41.1	# 279.3	300.3
MIPCL^	53.4%	47.8	1.2	0.2	106.2	173.0
MIPPL	100.0%	0.4	(0.4)	(0.9)	* 128.1	(0.9)

Note: All numbers are for respective SPV's on standalone basis and are aggregated without considering any inter-company eliminations.

^ : The entities are classified as JVs and are not consolidated in MLDL consolidation.

: In MHPL, debt numbers includes Rs.~640 Crs of contribution by promoters in the form of OCDs and CCDs; In MBDL, debt number includes Rs.~25 Crs of contribution by promoter in the form of ICD; In MHDL, debt numbers includes Rs.~40Crs of contribution by promotors in form of OCDs and OCRPS. In MWCJL, debt number includes Rs.~195 Crs of contribution by strategic partner (IFC).

* : In MIPPL, the entire debt represents contribution by promoter and strategic partner (IFC).

Annexures

Structure Overview

Note: Overview includes asset owning SPVs only. Shareholding percentage are based on common equity capital in SPVs as on December 2018. Numbers are rounded to the nearest percentage.

MIPPL is a strategic partnership between MLDL and IFC.

Completed Projects

Location	Name of the Project	Area	Area	Location	Name of the Project	Area	Area
		(mn sqm)	(msft)			(mn sqm)	(msft)
Mumbai	Eminente	0.05	0.57	NCR	Aura	0.13	1.36
	Splendour	0.07	0.78		Chloris	0.04	0.39
	Mahindra Park	0.02	0.19		Central Park	0.11	1.17
	Mahindra Heights	0.01	0.06		Great Eastern Plaza	0.01	0.07
	Mahindra Gardens	0.03	0.36		Great Eastern Centre	0.00	0.05
	Great Eastern Links	0.03	0.35	Bengaluru	Windchimes I	0.04	0.44
	Great Eastern Gardens	0.05	0.49	Hyderabad	Ashvita	0.10	1.08
	Fairwinds	0.00	0.01	Chennai	Iris Court	0.08	0.86
	Happinest Boisar I, II & III	0.04	0.42		Sylvan County	0.05	0.50
Pune	Royale	0.06	0.63		Aqualily Villas	0.04	0.46
	The Woods	0.05	0.53		Aqualily Apartments A, B & C1	0.07	0.77
	Great Eastern Plaza	0.01	0.15		Nova	0.05	0.54
	Retreat	0.00	0.04		MWC Club	0.01	0.07
	Nest	0.01	0.09		Mahindra World School	0.01	0.11
	Le Mirage	0.01	0.12		Canopy	0.00	0.05
	Antheia I & II & IIIA	0.11	1.22		HDFC Bank	0.01	0.10
	L'Artista	0.01	0.09		Happinest Avadi Ph I	0.03	0.34
Nagpur	Bloomdale I & IIA	0.05	0.52	Jaipur	Evolve	0.04	0.40

	(mn sqm)	Area(msft)	Location	Name of the Project	Area(mn sqm)	Area(msft)
Eminente	0.05	0.57	NCR	Aura	0.13	1.36
Splendour	0.07	0.78		Chloris	0.04	0.39
Mahindra Park	0.02	0.19		Central Park	0.11	1.17
Mahindra Heights	0.01	0.06		Great Eastern Plaza	0.01	0.07
Mahindra Gardens	0.03	0.36		Great Eastern Centre	0.00	0.05
Great Eastern Links	0.03	0.35	Bengaluru	Windchimes I	0.04	0.44
Great Eastern Gardens	0.05	0.49	Hyderabad	Ashvita	0.10	1.08
Fairwinds	0.00	0.01	Chennai	Iris Court	0.08	0.86
Happinest Boisar I, II & III	0.04	0.42		Sylvan County	0.05	0.50
Royale	0.06	0.63		Aqualily Villas	0.04	0.46
The Woods	0.05	0.53		Aqualily Apartments A, B & C1	0.07	0.77
Great Eastern Plaza	0.01	0.15		Nova	0.05	0.54
Retreat	0.00	0.04		MWC Club	0.01	0.07
Nest	0.01	0.09		Mahindra World School	0.01	0.11
Le Mirage	0.01	0.12		Canopy	0.00	0.05
Antheia I & II & IIIA	0.11	1.22		HDFC Bank	0.01	0.10
L'Artista	0.01	0.09		Happinest Avadi Ph I	0.03	0.34
Bloomdale I & IIA	0.05	0.52	Jaipur	Evolve	0.04	0.40

Total Development* : 1.43 mn sqm (15.39 msft)

* Does not include select projects that were completed by GESCO. Includes commercial development at Chennai and Jaipur inside respective Mahindra World City's.

Glossary

Classification of projects is as under:

• a. Completed: projects where construction has been completed and occupancy certificates have been granted by the relevant authorities
• b. Ongoing: projects where (i) all title or development rights, or other interest in the land is held either directly or indirectly by the Company/subsidiaries of the Company/joint ventures of the Company/consolidated partnership firms of the Company; (ii) if required, all land for the project has been converted for the intended use; (iii) the requisite approvals for commencement of construction have been obtained
• c. Forthcoming: projects in respect of which (i) all title or development rights or other interest in the land is held either directly or indirectly by the Company/subsidiaries of the Company/joint ventures of the Company/consolidated partnership firms of the Company; (ii) if required, applications have been made for conversion of use for the land for the intended use; (iii) preliminary management development plans are in place; and (iv) architects have been identified
• d. Land Inventory: land in which any of the Company/subsidiaries of the Company/joint ventures of the Company/consolidated partnership firms of the Company hold interest, but on which there is no planned development as of the date hereof

Actis	ActisGP LLP
DTA	Domestic Tariff Area
HDFC
Capital	HDFC Capital Affordable Real Estate Fund-1
IC&IC	IntegratedCities and Industrial Cluster
IFC	International Finance Corporation
IND AS	Indian Accounting Standards
KTL	Knowledge Township Limited
MBDL	Mahindra Bloomdale Developers Limited
MHDL	Mahindra Happinest Developers Limited
MHPL	Mahindra Homes Private Limited
MIPCL	Mahindra Industrial Park Chennai Limited
MIPPL	Mahindra Industrial Park Private Limited
MITL	Mahindra Integrated Township Limited
MLDL	Mahindra Lifespace Developers Limited
MMR	Mumbai Metropolitan Region
MRDL	Mahindra Residential Developers Limited
MSFT	Million Square Feet
MWC	Mahindra World City
MWCDL	Mahindra World City Developers Limited
MWCJL	Mahindra World City (Jaipur) Limited
NCR	National Capital Region
	Rajasthan State Industrial Development &
RIICO	Investment Corporation Limited
SEZ	Special Economic Zone
	Tamil Nadu Industrial Development
TIDCO	Corporation Limited

Disclaimer

• This note has been prepared exclusively for the benefit and internal use of the recipient and does not carry any right of reproduction or disclosure. Neither this note nor any of its contents maybe used for any other purpose without the prior written consent of Mahindra Lifespace Developers Limited.
• In preparing this note, we have relied upon and assumed, without any independent verification, the accuracy and completeness of all information available from public sources or which was otherwise reviewed by us.
• This note contains certain assumptions, which Mahindra Lifespace Developers Limited considers reasonable at this time and our views as of this date and are accordingly subject to change. Computations adopted in this note are indicative and are based on current prevailing market prices and general market sentiment. No representation or warranty is given by Mahindra Lifespace Developers Limited as to the achievement or reasonableness or completeness of any idea and/or assumptions.
• This note does not purport to contain all the information that the recipient may require. Recipients should not construe any of the contents herein as advice relating to business, financial, legal, taxation, or investment matters and are advised to consult their own business, financial, legal, taxation and other advisors concerning the company.
• This note does not constitute an offer for sale, or an invitation to subscribe for, or purchase equity shares or other assets or securities of the company and the information contained herein shall not form the basis of any contract. It is also not meant to be or to constitute any offer for any transaction.

Thank You

Investor Relations Contact

Mr. Jayantt Manmadkar Chief Financial Officer Phone : +91-22-67478660

Email: manmadkar.jayantt@mahindra.com

Mr. Sumit Kasat

General Manager – Finance & Investor Relations Phone : +91-22-67478645

Email: kasat.sumit@mahindra.com

Mahindra Lifespace Developers Limited CIN L45200MH1999PLC118949 5th Floor, Mahindra Towers, Worli, Mumbai - 400 018. Tel: 022 6747 8600/ 6747 8601 | Fax: 022 2497 5084

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