Mahindra Lifespace Developers Ltd. — Interim / Quarterly Report 2020

Oct 30, 2020

mahlndra LIFESPACES 25

30th October 2020

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

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

Dear Sir/ Madam,

Pursuant to Regulation 30(2) of the SEBI LODR, enclosed is the presentation on the Company's financial & operational results for the 2nd quarter and half year ended on 30th September 2020.

This will also be uploaded on the website of the Company http://www.mahindralifespaces.com.

Kindly take the same on your record and display the same on your website.

Yours faithfully, For Mahindra Lifespace Developers Limited

Suhas Kulkarni General Counsel & Company Secretary (FCS - 2427)

Encl.: a/a

Mahindra Lifespace Developers Ltd. CIN • L45200MH1999PLC118949 Mahindra Towers, 5th Floor, Dr. G. M. Bhosale Marg, Worli, Mumbai 400 018, India Tel.: +91 22 67478600 / 8601

www.mahindralifespaces.com

Actual Image of Antheia, Pune

CORPORATE PRESENTATION – Q2 FY21 1

Disclaimer

This presentation and the accompanying slides (the "Presentation"), which have been prepared by "Mahindra Lifespace Developers Limited" (the "Company"), solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Certain matters discussed in this Presentation may contain statements regarding the Company's market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guaranteeing of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the logistics industry in India and world-wide, competition, the company's ability to successfully implement its strategy, the Company's future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company's market preferences and its exposure to market risks, as well as other risks. The Company's actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections.

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.

The operating numbers mentioned in the presentation 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)

MAHINDRA GROUP

A federation of companies, bound by one purpose – to Rise. Inspired by this spirit, our legacy and values, our goal to always positively impact our partners, stakeholders, communities and the world at large, remains unshakeable

• Pioneer in the Integrated Cities and Industrial Cluster business

• Pan India presence across Golden Quadrilateral and the Delhi Mumbai Industrial corridor

• Focus on accelerated leasing across all locations with focus on clients from US, Korea, Japan, Germany & others

• Target ticket size: 0.5 crores to 4 crores in the mid-premium segment and 0.2 crores to 0.5 crores in affordable segment

• Non-speculative land acquisition in developed markets within defined parameters and guardrails.

• Value maximization via differentiated customer experience and thoughtfully designed products

4

The Evolution….

Awards & Recognitions

2015	ET Best Realty Brands 2015Mint Strategy Award for Construction, Real Estate and Steel
2016	Porter Prize For Excellence In GovernanceMahindra Lifespaces ranked 2nd in Asia, in the'Diversified'/'Listed' category of real estate companies, in theGlobal Real Estate Sustainability Benchmarking (GRESB) report.
2017	Ranked 29th in the list of Great Places to Work in India, in the'Mid-sized Companies' categoryBest PPP model (Mahindra World City)	Great Places To Work, 2019	India's Top Builder, 2018
2018	Mahindra Lifespace Developers Limited ranked among the 'Top100 Best Companies for Women in India'Construction World Architect and Builders Award, One of India'sTop Builders	MINT Strategy Award, 2015	fDi Award GFZ, 2019
2019	Ranked 17th in the list of Great Places to Work in India, in the'Mid-sized Companies' categoryfDi Global Free Zones of the Year 2019 -bespoke award indeployment of technology
2020	Mahindra World City in Chennai and Jaipur recognized as mostpromising global free zones by fDi magazineOne of India's Top Builders at the 15th Construction WorldArchitect & Builder Awards 2020

Sustainability

Section 1: Operational Highlights

Integrated Cities & Industrial Clusters			Residential
	YTD	Q2		YTD	Q2
MWC, Jaipuracres	8.0	6.3	Rs CrsSalesmsft	1540.24	1150.16
MWC, Chennaiacres*	2.6	1.8	Collections(in Rs Crs)	206	134
Totalacres	10.6	8.1	Handovers(units)	88	60

Palghar 2: Zero Touch Digital Launch in Sep'20,

Launched 485 units (0.18msft)

All figures in residential segment correspond to MLDL & associates, including JD partner share where applicable.

* Includes 0.8 acres of land leased outside the boundary of MWC, Chennai

Section 1: Financial Highlights

All figures in Rs. Crs

For MLDL Consolidated(As per IND AS)	Q2 FY21	Q1 FY21	Q2 FY20	H1 FY21	H1 FY20
Total Income	37	22	330	60	450
EBIDTA**	-8	-19	20	-27	39
PAT(after Minority Interest)	-13	-20	16	-33	29

For MLDL Consolidated(As per IND AS)	H1 FY21	FY20	FY 19	FY 18
Total Income	60	646	654	644
EBIDTA**	-27	-46	160	180
PAT(after Minority Interest)	-33	-193	120	101
Net Debt to Equity (x)	0.10	0.06	-0.03	0.05
Cost of Debt %	7.4%	8.7%	9.1%	9.5%
Net Worth(excl. Minority Interest)	1668	1701	1930	2059

** EBITDA includes Other Income and share of profits from JV and associates

	01	HIGHLIGHTS
	02	INTEGRATED CITIES AND INDUSTRIAL CLUSTERS
	03	RESIDENTIAL BUSINESS
	04	FINANCIALS
	05	MANAGEMENT & DIRECTORS

Mahindra World City

Started in 2002, Mahindra World City is India's first integrated business city, planned as a single destination for both domestic and global companies. The World Cities comprise of co-located Special Economic Zones, Residential & Social Infrastructure Zone, and Domestic Tariff Areas.

PLUG 'N' PLAY INFRASTRUCTURE

With roads, electricity and water in place, construction can be quickly commenced. Businesses at Mahindra World City, can opt for varied plot sizes with key amenities built in

CLEAN LAND TITLE

All due diligence of land title documents already completed to ensure a shorter time to market.

PARTNERSHIP WITH GOVERNMENT

A joint venture between Mahindra Group & state governments ensures support at all stages of operations

MAHINDRA WORLD CITY, CHENNAI

• •1524 acres of Developable Area
• •Partnership with TIDCO
• •60 Kms from Chennai City

STATE LEVEL INFRASTRUCTURE SUPPORT

State support agreement for water & power availability

EXISTING ECOSYSTEM OF MARQUEE CUSTOMERS Existing ecosystem of marquee customers.

CO-LOCATED RESIDENTIAL SPACES WITH SOCIAL INFRASTRUCTURE

Residential & Social amenities ensure high standard of living for families staying within MWC.

MAHINDRA WORLD CITY, JAIPUR

•2913 acres of Developable Area

• •Partnership with RIICO
• •20 Kms from Jaipur City

MAHINDRA WORLD CITY CHENNAI

Infosys Campus, Chennai BMW, Chennai Mahindra Research Valley, Chennai

MAHINDRA WORLD CITY CHENNAI

MAHINDRA WORLD CITY JAIPUR

EVOLVE

Total Cumulative Investments by clients: Rs 5192 cr Company owned IT PARK,

Total 844 acres leased to 97 customers (66 Operational) 6.3 acres leased in Q2FY21 to Samridhi Petrochem, Superpowergen Engineering and Auro Designs

Metlife, Jaipur JCB, Jaipur

Perto Facility, Jaipur

5.8 4.5 1.5

FY19 FY20 YTD FY21

Income Expenses

19

MAHINDRA WORLD CITY JAIPUR

ORIGINS by Mahindra World City

ORIGINS is a robust industrial ecosystem, created to empower businesses to achieve transformative and accelerated growth, by offering thriving industrial clusters of international standards

ORIGINS, CHENNAI

• •289 acres of Developable Area
• •Location: Ponneri, Thiruvallur, Tamil Nadu
• •Project Approvals Received

ORIGINS, AHMEDABAD

• •340 acres of Developable Area
• •Location: Village Jansali, on NH – 47
• •Project Approvals Received

ORIGINS, CHENNAI

* Leasable area is based on management estimates.

ORIGINS, AHMEDABAD

* Leasable area is based on management estimates.

Mahindra Lifespaces is driven by its credo of 'Sell genuinely, Build responsibly, Deliver on time' to develop innovative, customer-focused solutions that are rooted in a legacy of trust and transparency

Note: All figures correspond to MLDL (including associates) share of residential units, including commercial units that are part of residential developments.

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

# Sales value doesn't include cancellations in Luminare project during FY20 of Rs 147 Crores

MID-PREMIUM (ongoing & forthcoming projects)

Region	Project Name	Company /	Project Size	LaunchedDevelopment	CompletedDevelopment	OngoingDevelopment	Balance (To belaunched)	Area Sold (ofOngoing)	% Completion
		SPV	A	B	C	D	E = (A-C-D)	F (out of D)
MMR	Roots	MLDL	0.14	0.14	-	0.14	-	0.09	62%
	Vicino	MLDL	0.26	0.07	-	0.07	0.19	0.04	64%
	Sakinaka#	MLDL	0.39	-	-	-	0.39	-	-
	Serenes	MLDL	0.16	0.06	-	0.06	0.10	0.01	83%
Pune	Antheia	MLDL	1.64	1.64	1.48	0.16	-	0.14	93%
	Centralis	MLDL	0.34	0.34	-	0.34	-	0.34	31%
Nagpur	Bloomdale	MBDL	1.55	1.55	1.01	0.54	-	0.31	59%
NCR	Luminare#	MHPL	1.14	0.78	0.37	0.41	0.36	0.14	86%
Bengaluru	New Project (Kanakpura)	MLDL	0.74	-	-	-	0.74	-	-
Chennai	Aqualily	MRDL	1.58	1.50	1.34	0.16	0.08	-	47%
	Lakewoods	MITL	0.90	0.28	-	0.28	0.62	0.18	43%
	Mid-Premium		8.84	6.36	4.20	2.16	2.48	1.25

Luminare, NCR (Actual Image) Lakewoods, Chennai (Artistic Image) Bloomdale, Nagpur (Actual Image)

AFFORDABLE (ongoing and forthcoming)

Region	Project Name	Company / SPV	Project Size	LaunchedDevelopment	CompletedDevelopment	OngoingDevelopment	Balance (Tobe launched)	Area Sold (ofOngoing)	%Completion
			A	B	C	D	E = (A-C-D)	F (out of D)
	Happinest Palghar 1	MHDL	0.41	0.41	-	0.41	-	0.34	72%
MMR	HappinestPalghar 2	MHDL	0.36	0.18	-	0.18	0.18	-	29%
	HappinestKalyan	MHDL	0.83	0.83	-	0.83	-	0.63	36%
Pune	New Project (Tathawade)	MLDL	0.70	-	-	-	0.70	-	-
	MWC Chennai Residential 21	MITL	0.41	-	-	-	0.41	-	-
Chennai	HappinestAvadi	MLDL	0.73	0.720.480.240.01	0.18	77%
	Happinest		3.44	2.14	0.48	1.66	1.30	1.15

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

Happinest Palghar I: Actual Image

Happinest Palghar I: Actual Image Happinest Avadi: Actual Image

Happinest Kalyan: Artistic Impression Happinest Kalyan: Site under construction Happinest Avadi: Site under construction

	SUMMARY OF FORTHCOMING PROJECTS
Location		Name of the Project	Est. Saleable Area msft
	Subsequent Phases of Existing Projects
	Mid Premium	Vicino	0.19
MMR	Mid Premium	Serenes	0.10
	Affordable	Happinest Palghar 2	0.18
NCR	Mid Premium	Luminare #	0.36
	Mid Premium	Aqualily	0.08
Chennai	Mid Premium	Lakewoods	0.62
	Affordable	Happinest Avadi	0.01
TOTAL -	Subsequent Phases of Existing Projects		1.54
New Projects
MMR	Mid Premium	Sakinaka #	0.39
Pune	Affordable	New Project (Tathawade)	0.70
Bengaluru	Mid Premium	New Project (Kanakpura)	0.74
Chennai	Affordable	MWC Chennai Residential 21	0.41
TOTAL -	New Projects		2.24
TOTAL -	Forthcoming Projects		3.78
	Land Inventory (Not included Above)		10.44

Est. saleable area includes JD partner's share wherever applicable. # Project under Joint Development (JD).

READY TO MOVE INVENTORY
Location	Project Name	Company	MLDL Holding	Balance units to sell *
	Happinest Boisar	MLDL	100%	144
MMR	Vivante	MLDL	100%	1
	Antheia	MLDL	100%	2
Pune	L'Artista	MLDL	100%	1
Nagpur	Bloomdale	MBDL	100%	3
NCR	Luminare #	MHPL	50%	25
Bengaluru	Windchimes	MHPL	50%	29
Chennai	Aqualily Apts	MRDL	97%	6
TOTAL				211

Project under Joint Development (JD).

* The numbers of units shown includes JD partner's share of inventory.

Value (Rs.SUSTAINABLE FUTURE CASHFLOWS
	Sales completed in ongoing projects	1380
	Less : Amount collected from sales	495
Ongoing & Completed Projects	Net amount to be collected on completed sales (A)	885
	Estimated sales from finished goods & balance inventory in ongoing projects #	1035
	Less: Estimated construction cost to be spent on ongoing projects**	702
	Net amount to be collected on future sales (B)	333
Cashflow from ongoing & completed projects (A+B) = (C)		1218
	Estimated sales potential #	1152
Subsequent Phases of Ongoing Projects	Less: Estimated construction cost**
Cashflow from future phases of ongoing projects (D)
Total Estimated Cashflows* (C + D) = (E)

** Construction costs are based on management estimates.

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

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

Section 4: Financials

Particulars (Rs Cr)	Q2 FY21	Q1 FY21	Q2 FY20	H1 FY21	H1 FY20	FY20
Income from Operations	30.8	14.3	324.5	45.1	430.7	610.9
Other Income	6.6	7.8	5.4	14.4	19.5	35.0
Total Revenues	37.4	22.1	329.8	59.5	450.1	645.9
Operating Expenses	19.2	5.8	261.9	25.1	327.5	483.0
Employee Remuneration & Benefits	16.3	19.9	24.1	36.1	45.6	82.2
Finance Costs	2.3	3.7	2.4	5.9	4.7	7.6
Depreciation & Amortisation	1.8	1.8	1.9	3.6	3.9	7.7
Administration & Other Expenses	13.3	8.6	24.2	21.9	40.1	102.5
Total Expenditure	52.8	39.8	314.5	92.6	421.7	683.1
Exceptional Items	-	-				(134.6)
Profit from Ordinary Activities before Tax & Share in Net Profit/Loss of Associates	(15.4)	(17.7)	15.3	(33.1)	28.5	(171.8)
Share in Net Profit/(Loss) of Associates	3.7	(7.0)	0.4	(3.4)	2.4	(24.5)
Profit from Ordinary Activities before Tax	(11.7)	(24.7)	15.7	(36.4)	30.9	(196.2)
Less : Provision for Current Taxation	1.2	1.2	1.2	2.4	2.8	4.9
Less : Provision for Deferred Taxation	0.5	(5.4)	(0.5)	(4.9)	(0.1)	(6.6)
Net Profit for the period	(13.5)	(20.5)	15.0	(34.0)	28.2	(194.6)
Less: Minority Interest	(0.2)	(0.5)	(0.7)	(0.7)	(0.5)	(1.1)
Net Profit/ (Loss) after Taxes and Minority Interest	(13.3)	(20.0)	15.8	(33.3)	28.7	(193.4)

Section 4: Financials

		Residential *	IC & IC
SEGMENT RESULTS (Rs Cr)	Q2 FY21	H1 FY21	Q2 FY21	H1 FY21
Area Sold (msft) / Land Leased (acres)	0.16	0.24	8.1	10.6
Sales / Lease Income	115	154	21	29
Total Operating Income	50.9	69.1	37.6	61.6
EBIDTA	-19.3	-42.0	24.1	34.0
EBIDTA Margin (%)	-38%	-61%	64%	55%
PAT	-16.1	-32.6	3.1	-0.4
PAT Margin (%)	-32%	-47%	8%	-0.6%
Net worth	1308		606
Debt #	463		424
Debt Equity Ratio	0.4		0.7

* 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. Note: 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.

Section 5: Management

Section 5: Directors

Mr Arun Nanda(Chairman)	Chairman of Mahindra Holidays & ResortsChairman Emeritus of the Indo-French Chamber of Commerce and IndustryFormer Chairman of CII Western RegionHas been associated with the Group for over 40 years	Holds degree in Law fromthe University of Calcutta,FCA, FCS
Mr ArvindSubramanian(MD & CEO)	Has been serving as Chief Executive Officer of Mahindra Happinestsince September 2018 andas Chief Operating Officer of Mahindra Lifespaces since February 2020Has been a frequent speaker at industry events and conferences, has authored several op-eds,articles and reports on 'Digital India', the 'Next Billion Consumers' and 'Future of Real Estate'	B.Tech, from IIT, Madrasand MBA from IIM,Ahmedabad
Dr Anish Shah(Non Executive,Non IndependentDirector)	Deputy Managing Director and Group CFO, Mahindra & Mahindra LtdFormer President and Chief Executive Officer of GE Capital India	Ph.D-Carnegie Mellon'sTepper Business School,Masters degree fromCarnegie Mellon and MBA-IIM-Ahmedabad
MrAmeetHarijani(IndependentDirector)	Director of CapriconRealty, BatliboiLtd. and Ras Resorts.Member of Bombay Incorporated Law Society; Law Society of England & Wales; LawSociety of Singapore; Bar Council of Maharashtra; Bombay Bar Association.	Holds master's degree inLaw from the MumbaiUniversity
Mrs AnitaChowdhury(IndependentDirector)	Director of Gaia, an Urban Tech firm providing insights-as-a-service for Smart Sites andSmart Cities.Holds 7 US patents for semi-conductor manufacturing. She is the author of two books.	B.Tech. -IIT Kanpur, MS -UC Berkeley,MBA -Carnegie Mellon -Tepper Business School
Mr BharatShah(IndependentDirector)	Chairman of HDFC Securities Limited, 3M India Limited and Exide Industries LimitedExecutive Director and founding member of HDFC Bank Limited; currently advisor toHDFC Bank Limited since 2013	B.Scfrom MumbaiUniversity & H.N.D. inAplliedChemistry

Thank You

Investor Relations Contact

Mr. Vimal Agarwal Chief Financial Officer Phone : +91-22-67478660 Email: agarwal.vimal@mahindra.com Mr. Sumit Kasat

Sr. General Manager – Investor Relations Phone : +91-22-67478645 Email: kasat.sumit@mahindra.com

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

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

DTA	Domestic Tariff Area
IC & IC	Integrated Cities & Industrial Clusters
IGBC	Indian Green Building Council
IND AS	Indian Accounting Standards
M&M	Mahindra & Mahindra 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
RIICO	Rajasthan State Industrial Development & Investment Corporation Ltd.
SEZ	Special Economic Zone
TIDCO	Tamil Nadu Industrial Development Corporation Ltd.