Mahindra Lifespace Developers Ltd. — Interim / Quarterly Report 2021

Jan 23, 2021

mahlndra L FESPAC s

23 January. 20'21

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

Security	BSE	NSE	ISIN
Equity Shares	532313	MAHLIFE	INE813A01018

Dear Sirs I · adflm,

Si.ilb.: OutC0:f'il'ri8 of BoaRi - eeting lliie'td !0:n 23.111 J.iU'il!IBO{ 2021

Pursuant 'f:o U,e prol.iislorns, of Securte,s aoo Exo1la111ge Boord of 1111 - la (Us 111g Obligations and OJsclO-Siure lReq ·remeni) Regu1a tions, 2-0115 rse:B'I lODR"J, we wish to inform you ltlal. Ole Bo.a rd of Direet-ol':S at itS meeting Midi loday, 2Jrd January 2021, i:nleli atia. !haw:

• 1. Approved, Ui'laYdited standa1o.n _ and ooMo.1Idated Fin�u,oial 91:atemen _ CJr 'I.he 3rd Quarter a d 1nin,e, monihs period 1en:ded on 31' Dece'Jlflber :2020:
• 1. Ap,proved f-ssu:e aiiCI allOOi!ient Of:2,450 11ew fu ly paid-up Equily Sh.ares t>f R:S.1 O/-eadli1 to Ui.e, I131gibl'.e EmptOy :es [P\Jrs1.1at1l ·10, 1 e e�t,ciSie of Oplions. graruei:1 unl\iler Em,ployi e St,0,01< Options. Scneme, .2012· (ESOS, - 2o-12), ,at an exerc.se price ,of Rs. 10/- p · :sl\afe. Pu!'$Uanl to, this allowne , 11!\ . FS ued e,qµ rt share capital 1af m.e· Company hias increa�d from Rs. 51,,43, 18,511,0 to Rs. 51,4.3,43,,01 O and :subscribed! .. pald up, equity ,IJ8pita of lltle Com.�ny has i.ncre-a�d -rro1111 �s. 51.UJ)7,880 to ,R:s,, 61 ,38,3.2,380.

The m.ieel ng of Ille Board of Dir,ectors ,r;:omnr1.e11ced t 11:30 am and coru:ludedl al 12:50 p.rn.

a) A copy ,of thei . naudiled standa'lon.e andl eo11so'.lldared financial statement of tlte Company for �he Quart- and nl11e moolhs period ,iffld'ed on 31 Derembe.r 2020;

G.M /86□ 1 mlllllU"llli�riXil)i:tOO:.CQ!n

mahlndra LIFESPACES 25

• b) Limited Review Report on standalone and consol idated financial statement of the Company for the 3rd Quarter and nine months period ended on 31 st December 2020, issued by Statutory Auditors, Mis. Deloitte Haskins & Sells LLP;
• c) A copy of the press release for Q3FY21 ;

The press release is self - explanatory. The press release will also be disclosed on the website of the Company http://www.mahindralifespaces.com.

The results will be available on the website of Stock Exchanges on the link http://www.nseindia.com/corporates and http://www.bseindia .com/corporates and on the website of the Company https://www.mahindralifespaces.com/.

Kindly take note of the above.

Thanking you,

Yours faithfully, For Mahindra Lifespace Developers Limited

Ankit Shah Assistant Company Secretary & Compliance Officer

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

Mahindra Lifespace Developers Limited
CIN - L45200MH1999PLC118949Fax 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 and Nine Months Ended 31st December, 2020
						Mar 16 column(Rs. in lakhs)
Particulars		Quarter ended		Nine Months Ended		Year Ended
	31.12.2020	30.09.2020	31.12.2019	31.12.2020	31.12.2019	31.03.2020
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
1 Revenue from Operations	3,551	882	3,381	4,813	38,887	43,988
2 Other Income	664	3,132	1,657	4,534	5,357	8,081
3 Total Income (1+2)	4,215	4,014	5,038	9,347	44,244	52,069
4 Expenses:
a) Cost of Sales
- Cost of Projects	3,582	591	2,907	4,310	30,374	35,065
- Operating Expenses	22	10	17	36	413	563
b) Employee Benefits Expense	1,692	1,362	1,786	4,782	5,835	7,162
c) Finance Costs	89	76	23	356	107	184
d) Depreciation and Amortization Expense	162	168	183	505	548	726
e) Other Expenses	1,1936,740	885	1,402	2,572	4,238	7,621
Total Expenses		3,092	6,318	12,561	41,515	51,321
5 Profit/(Loss) Before Exceptional Item and Tax (3-4)	(2,525)	922	(1,280)	(3,214)	2,729	748
6 Exceptional Item (Refer note 8)	-	-	-	-	-	(23,731)
7 Profit/(Loss) Before Tax (5+6)	(2,525)	922	(1,280)	(3,214)	2,729	(22,983)
8 Tax Expense/(Credit):
a) Current Tax	-	-	-	-	-	-
b) Deferred Tax	(677)	247	(57)	(833)	2	(382)
9 Profit/(Loss) after Tax (7-8)	(1,848)	675	(1,223)	(2,381)	2,727	(22,601)
10 Other Comprehensive IncomeItems that will not be reclassified to profit or loss
- Remeasurements of the defined benefit liabilities (net of taxes)	-	39	-	39	62	86
11 Total Comprehensive Income/(Loss) (9+10)	(1,848)	714	(1,223)	(2,342)	2,789	(22,515)
12 Paid-up Equity Share Capital (Face Value of Rs.10 each)	5,138	5,137	5,136	5,138	5,136	5,136
13 Reserves (excluding revaluation reserves) as at Balance Sheet date						1,44,493
14 Earnings per equity share (Face value of Rs. 10/- each) (Rs.)*
a) Basic	(3.60)	1.31	(2.38)	(4.64)	5.31	(44.01)
b) Diluted	(3.58)	1.31	(2.38)	(4.61)	5.30	(43.90)
* Basic and Diluted EPS for all periods, except year ended 31.03.2020, are not annualised.

Reporting of Segment wise Revenue, Results & Segment Assets / Liabilities
						(Rs.in lakhs)
		Quarter ended			Nine Months Ended	Year Ended
	31.12.2020	30.09.2020	31.12.2019	31.12.2020	31.12.2019	31.03.2020
Particulars	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
1 Segment Revenue (Revenue from Operations)
a) Projects, Project Management and Development	3,407	672	3,144	4,261	37,935	42,837
b) Operating of Commercial Complexes	144	210	237	552	952	1,151
Total	3,551	882	3,381	4,813	38,887	43,988
	-			-	-
2 Segment Results
a) Projects, Project Management and Development	(1,046)	(71)	(282)	(1,040)	6,139	5,614
b) Operating of Commercial Complexes	78	138	165	357	717	843
Total Segment Results	(968)	67	(117)	(683)	6,856	6,457
Less : Other unallocable expenditure / (income) (net) excluding interest below
(Includes exceptional item)	1,468	(931)	1,140	2,175	4,020	29,256
Less : Unallocable Interest	89	76	23	356	107	184
Total Profit before Tax	(2,525)	922	(1,280)	(3,214)	2,729	(22,983)
	-			-	-
3 Segment Assets
a) Projects, Project Management and Development	1,53,134	1,58,187	1,67,705	1,53,134	1,67,705	1,51,398
b) Operating of Commercial Complexes	2,470	2,877	3,527	2,470	3,527	3,553
Total Segment Assets	1,55,604	1,61,064	1,71,232	1,55,604	1,71,232	1,54,951
c) Unallocated Corporate Assets	37,562	46,291	50,061	37,562	50,061	45,040
Total Assets	1,93,166	2,07,355	2,21,293	1,93,166	2,21,293	1,99,991
	-			-		-
4 Segment Liabilities
a) Projects, Project Management and Development	39,181	52,409	40,950	39,181	40,950	41,214
b) Operating of Commercial Complexes	540	548	552	540	552	580
Total Segment Liabilities	39,721	52,957	41,502	39,721	41,502	41,794
c) Unallocated Corporate Liabilities	6,113	5,225	4,850	6,113	4,850	8,568
Total Liabilities	45,834	58,182	46,352	45,834	46,352	50,362
	-			-		-

	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 meetings held on 23rd January, 2021. Theunaudited interim standalone financial results for the quarter and nine months ended 31st December, 2020 have been subjected to limited review by the statutory auditors, who haveexpressed an unmodified opinion
2	The standalone financial results of the Company have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards(Ind AS) as prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India.
3	During the current quarter ended 31st December 2020, the paid up equity capital has gone up by Rs 0.82 lakhs due to allotment of 8,150 shares pursuant to exercise of stock optionsby eligible employees under ESOS 2012.
4	The Company is actively monitoring the impact of the global health pandemic on its financial condition, liquidity, operations, suppliers, industry, and workforce. The operations of theCompany were impacted due to the stoppage of work at its project sites and corporate office following the nationwide lockdown by the Government of India on March 23, 2020. Thevarious sites were impacted due to the lockdown for different periods of time, depending on their location and local regulations. The Company has resumed its operations in a phasedmanner as per the directives issued by the Government of India and local authorities. The Company has used the principles of prudence in applying judgments, estimates andassumptions based on current assessments. In assessing the recoverability of assets such as inventories, financial assets and other assets, based on current indicators of futureeconomic conditions, the Company expects to recover the carrying amounts of its assets. The extent to which COVID -19 impacts the operations will depend on future developmentswhich remain uncertain.
5	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 quartermay not be representative of profits / losses for the year.
6	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.
	7 Previous period / year figures have been regrouped wherever found necessary, to conform to current period / year classification.
		For and on behalf of the Board
		Arvind Subramanian
	Place: Mumbai	Managing Director
	Dated : 23 January, 2021	DIN: 02551935

Chartered Accountants One International Center Tower 3, 27th-32nd Floor Senapati Bapat Marg Elphinstone Road (West) Mumbai-400 013 Maharashtra, India

Tel: +91 22 6185 4000 Fax: +91 22 6185 4101

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 nine months ended December 31, 2020 ("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" ("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 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 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 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.

1. We draw attention to Note 4 of the Statement, which describes that the potential impact of COVID-19 pandemic on the financial results of the Company are dependent on future developments, which remain uncertain.

Our opinion is not modified in respect of this matter.

For DELOITTE HASKINS & SELLS LLP

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

Ketan Girish Vora Digitally signed by Ketan Girish Vora Date: 2021.01.23 11:51:08 +05'30'

Ketan Vora

(Partner) (Membership No. 100459) (UDIN:21100459AAAAAT8457)

Place: MUMBAI Date: January 23, 2021

	Mahindra Lifespace Developers Limited
	CIN - L45200MH1999PLC118949
		Fax No.: 022-24975084 Tel.: 022-67478600 Website: www.mahindralifespaces.com
		Registered Office :- Mahindra Towers, 5th Floor, Worli, Mumbai - 400018
	Statement of Consolidated Unaudited Financial Results For The Quarter and Nine Months Ended 31st December, 2020
							(Rs.in Lakhs)
	Particulars		Quarter Ended		Nine Months Ended		Year Ended
		31.12.2020Unaudited	30.09.2020Unaudited	31.12.2019Unaudited	31.12.2020Unaudited	31.12.2019Unaudited	31.03.2020Audited
	1 Revenue from Operations2 Other Income	6,516503	3,078664	7,883617	11,0261,944	50,9522,562	61,0943,498
	3 Total Income (1+2)	7,019	3,742	8,500	12,970	53,514	64,592
	4 Expenses:
	a) Cost of Sales- Cost of Projects
	- Operating Expenses	4,75425	1,90616	6,16442	7,23748	38,443513	47,604701
	b) Employee Benefits Expense	1,950	1,627	2,074	5,563	6,631	8,217
	c) Finance Costs	317	229	167	911	633	763
	d) Depreciation and Amortization Expense	171	177	194	531	583	771
	e) Other Expenses	1,633	1,325	1,898	3,819	5,905	10,253
	Total Expenses	8,850	5,280	10,539	18,109	52,708	68,309
	5 (Loss)/Profit before Exceptional Items and Tax (3-4)	(1,831)	(1,538)	(2,039)	(5,139)	806	(3,717)
	6 Exceptional items	-	-	-	-	-	(13,459)
7	(Loss)/Profit before profit/(loss) of associates, Joint venturesand tax (5+6)	(1,831)	(1,538)	(2,039)	(5,139)	806	(17,176)
	8 Share of Profit/(Loss) of Joint Ventures and associates	1,058	367	2,271	723	2,515	(2,448)
	9 (Loss)/Profit Before Tax (7+8)	(773)	(1,171)	232	(4,416)	3,321	(19,624)
	10 Tax Expense/(Credit):
	a) Current Tax	105	123	156	347	439	492
	b) Deferred Tax	90	54	(123)	(397)	(132)	(661)
	11 (Loss)/Profit after tax (9-10)	(968)	(1,348)	199	(4,366)	3,014	(19,455)
	12 Other Comprehensive Income
	Items that will not be reclassified to profit or loss
	- Remeasurements of the defined benefit liabilities (net of taxes)	-	39	-	39	62	73
	13 Total Comprehensive (Loss)/Income (11+12)Attributable to:	(968)	(1,309)	199	(4,327)	3,076	(19,382)
	Owners of the parent	(1,119)	(1,294)	181	(4,411)	3,111	(19,268)
	Non controlling interest	151	(15)	18	84	(35)	(114)
	14 Of The Total Comprehensive (Loss)/Income above,(Loss)/Profit for the period attributable to:
	Owners of the parent	(1,119)	(1,333)	181	(4,450)	3,049	(19,341)
	Non controlling interest	151	(15)	18	84	(35)	(114)
	15 Of The Total Comprehensive (Loss)/Income above,
	Other Comprehensive Income attributable to:Owners of the parent	-	39	-	39	62	73
	Non controlling interest	-	-	-	-	-	-
	16 Paid-up Equity Share Capital (Face Value of Rs.10 each)	5,138	5,137	5,136	5,138	5,136	5,136
	17 Reserves (excluding revaluation reserves) as at Balance Sheet date	-	-	-			1,64,991
	18 Earning Per Share (Face value of Rs. 10/- each) (Rs.)*
	a) Basicb) Diluted	(2.18)(2.15)	(2.60)(2.59)	0.350.35	(8.66)(8.62)	5.945.92	(37.66)(37.57)
	* Basic and Diluted EPS for all periods, except year ended 31.03.2020, are not annualised.

Reporting of Segment wise Revenue, Results & Segment Assets / Liabilities
						(Rs.in Lakhs)
		Quarter Ended			Nine Months Ended	Year Ended
Particulars	31.12.2020	30.09.2020	31.12.2019	31.12.2020	31.12.2019	31.03.2020
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
1 Segment Revenue (Revenue from Operations)
a) Projects, Project Management and Development	6,372	2,868	7,646	10,474	50,000	59,943
b) Operating of Commercial Complexes	144	210	237	552	952	1,151
Total	6,516	3,078	7,883	11,026	50,952	61,094
	-	-	-	-		-
2 Segment Results
a) Projects, Project Management and Development	935	509	3,637	834	10,517	4,847
b) Operating of Commercial Complexes	78	138	165	357	717	843
Total Segment Results	1,013	647	3,802	1,191	11,234	5,690
Less : Other unallocable expenditure / (income) (net) excluding interest
below (Includes exceptional item)	1,469	1,589	3,403	4,696	7,280	24,551
Less : Unallocable Interest	317	229	167	911	633	763
Total (Loss)/Profit before Tax	(773)	(1,171)	232	(4,416)	3,321	(19,624)
	-	-	-	-	-
3 Segment Assets
a) Projects, Project Management and Development	2,15,978	2,13,832	2,27,435	2,15,978	2,27,435	2,07,465
b) Operating of Commercial Complexes	2,470	2,877	3,527	2,470	3,527	3,553
Total Segment Assets	2,18,448	2,16,709	2,30,962	2,18,448	2,30,962	2,11,018
c) Unallocated Corporate Assets	27,812	42,504	42,937	27,812	42,937	43,151
Total Assets	2,46,260	2,59,213	2,73,899	2,46,260	2,73,899	2,54,169
		-		-
4 Segment Liabilities
a) Projects, Project Management and Development	73,682	85,878	73,079	73,682	73,079	73,966
b) Operating of Commercial Complexes	540	548	552	540	552	580
Total Segment Liabilities	74,222	86,426	73,631	74,222	73,631	74,546
c) Unallocated Corporate Liabilities	2,028	1,816	3,331	2,028	3,331	5,302
Total Liabilities	76,250	88,242	76,962	76,250	76,962	79,848
	-		-	-		-

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 meetings held on 23rd January, 2021. The unaudited
	interim consolidated financial results for the quarter and nine months ended 31st December, 2020 have been subjected to limited review by the statutory auditors, who have expressed an unmodifiedopinion.
23	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, a74% subsidiary (iv) Mahindra World City (Maharashtra) Ltd, a 100% subsidiary, (v) Mahindra Integrated Township Ltd, a 97.14% subsidiary, (vi) Knowledge Township Ltd., a 100% subsidiary, (vii)Mahindra Residential Developers Ltd, a 97.14% subsidiary (viii) Mahindra Bloomdale Developers Ltd. (Earlier known as Mahindra Bebanco Developers Ltd.) , a 100% subsidiary, (ix) IndustrialTownship (Maharashtra) Ltd., a 100% subsidiary, (x) Anthurium Developers Limited, a 100% subsidiary, (xi) Mahindra Industrial Park Private Limited (Earlier Known as Industrial Cluster PrivateLimited), 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 a71.61% subsidiary, (xv) * Mahindra Happinest Developers Ltd (Earlier known as Mahindra Happinest Developers Private Limited), a 51% subsidiary, (xvi) Deepmangal Developers Private Limited, a100% subsidiary, (xvii) Mahindra Knowledge Park Mohali Limited, a 99.99% subsidiary (xviii) Moonshine Construction Private Limited, a 100% subsidiary; (xix) * Mahindra Inframan Water UtilitiesPrivate Limited, a 50% joint venture of subsidiary (xx) Rathna Bhoomi Enterprises Private Ltd, 100% subsidiary (xxi) Mahindra Construction Company Limited consolidated using line by lineconsolidation method under Ind AS.* Consolidated as per equity accounting under Ind ASThe Company is actively monitoring the impact of the global health pandemic on its financial condition, liquidity, operations, suppliers, industry, and workforce. The operations of the Company wereimpacted due to the stoppage of work at its project sites and corporate office following the nationwide lockdown by the Government of India on March 23, 2020. The various sites were impacted dueto the lockdown for different periods of time, depending on their location and local regulations. The Company has resumed its operations in a phased manner as per the directives issued by theGovernment of India and local authorities. The Company has used the principles of prudence in applying judgments, estimates and assumptions based on current assessments. In assessing the
4	recoverability of assets such as goodwill, inventories, financial assets and other assets, based on current indicators of future economic conditions, the Company expects to recover the carryingamounts of its assets. the Company expects to recover the carrying amounts of its assets. The extent to which COVID -19 impacts the operations will depend on future developments which remainuncertain.During the current quarter ended 31st December 2020, the paid up equity capital has gone up by Rs 0.82 lakhs due to allotment of 8,150 shares pursuant to exercise of stock options by eligible
	employees under ESOS 2012.
5	Since the nature of activities being carried out by the group is such that profits / losses from certain transactions do not necessarily accrue evenly over the year, results of a quarter may not berepresentative of profits / losses for the year.
6	As per Ind AS 108 'Operating Segment', the group 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.
7	The Standalone Financial results for the quarter and nine months ended 31st December, 2020 are summarized below and detailed financial report is also available on the Stock Exchange website,www.nseindia.com, www.bseindia.com and Company's website www.mahindralifespaces.com.
			Quarter Ended			Nine Months Ended	Year Ended
	Particulars	31.12.2020Unaudited	30.09.2020Unaudited	31.12.2019Unaudited	31.12.2020Unaudited	31.12.2019Unaudited	31.03.2020Audited
	Total Income (Including Other Income)	4,215	4,014	5,038	9,347	44,244	52,069
	(Loss)/Profit before tax	(2,525)	922	(1,280)	(3,214)	2,729	(22,983)
	(Loss)/Profit after tax	(1,848)	675	(1,223)	(2,381)	2,727	(22,601)
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
		Arvind Subramanian
	Place: Mumbai	Managing Director
	Dated : 23rd January, 2021	DIN: 02551935

Chartered Accountants One International Center Tower 3, 27th-32nd Floor Senapati Bapat Marg Elphinstone Road (West) Mumbai-400 013 Maharashtra, India

Tel: +91 22 6185 4000 Fax: +91 22 6185 4101

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 subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), and its share of the net loss after tax and total comprehensive loss of its associates and joint ventures for the quarter and nine months ended December 31, 2020 ("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" ("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 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 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.

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

1. The Statement includes the results of the following entities:

Name of the Entity	Relationship
Mahindra Lifespace Developers Limited	Parent Company
Anthurium Developers Limited	Subsidiary Company
Industrial Township (Maharashtra) Limited	Subsidiary Company
Knowledge Township Limited	Subsidiary Company
Mahindra Infrastructure Developers Limited	Subsidiary Company
Mahindra Integrated Township Limited	Subsidiary Company
Mahindra Residential Developers Limited	Subsidiary Company
Mahindra World City (Maharashtra) Limited	Subsidiary Company
Mahindra Water Utilities Limited	Subsidiary Company
Ratnabhoomi Enterprises Private Limited	Subsidiary Company
Moonshine Construction Private Limited	Subsidiary Company
Deepmangal Developers Private Limited	Subsidiary Company
Mahindra Bloomdale Developers Limited	Subsidiary Company
Mahindra Happinest Developers Limited	Joint Venture
Mahindra Industrial Park Private Limited	Joint Venture
Mahindra World City (Jaipur) Limited	Joint Venture
Mahindra Homes Private Limited	Joint Venture
Mahindra Inframan Water Utilities Limited	Joint Venture
Mahindra World City Developers Limited	Joint Venture
Mahindra Industrial Park Chennai Limited	Joint Venture
Mahindra Construction Company Limited	Associate
Mahindra Knowledge Park Mohali 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 other auditors referred to in paragraph 7 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 draw attention to Note 3 of the Statement, which describes that the potential impact of COVID-19 pandemic on the financial results of the Group are dependent on future developments, which remain uncertain.

Our opinion is not modified in respect of this matter.

1. We did not review the interim financial information/ financial results of three subsidiaries included in the Statement, whose interim financial information/ financial results reflect total revenues of Rs. 2,449 lakhs and Rs. 4,603 lakhs for the quarter and nine months ended December 31, 2020 respectively, total net loss after tax of Rs. 24 lakhs and Rs. 234 lakhs for the quarter and nine months ended December 31, 2020 respectively, total comprehensive loss of Rs. 24 lakhs and Rs. 234 lakhs for the quarter and nine months ended December 31, 2020 respectively, as considered in the Statement. The Statement also includes the Group's share of profit after tax of Rs. 634 lakhs and Rs. 997 lakhs for the quarter and nine months ended December 31, 2020 respectively and total comprehensive income of Rs. 634 lakhs and Rs. 997 lakhs for the quarter and nine months ended December 31, 2020 respectively as considered in the Statement, in respect of two joint ventures, whose interim financial information/ financial results have not been reviewed by us. These interim financial information/ financial results 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.

1. The Statement includes the interim financial information/ financial results of eight subsidiaries which have not been reviewed by their auditors, whose interim financial information/ financial results reflect total revenue of Rs. Nil lakhs and Rs. Nil lakhs for the quarter and nine months ended December 31, 2020 respectively, total profit after tax of Rs. 11 lakhs and Rs. 2,630 lakhs for the quarter and nine months ended December 31, 2020 respectively, total comprehensive income of Rs. 11 lakhs and Rs. 2,630 lakhs for the quarter and nine months ended December 31, 2020 respectively, as considered in the Statement. The Statement also includes the Group's share of loss after tax of Rs. 12 lakhs and Rs. 250 lakhs for the quarter and nine months ended December 31, 2020 respectively and total comprehensive loss of Rs. 12 lakhs and Rs. 250 lakhs for the quarter and nine months ended December 31, 2020 respectively, as considered in the Statement, in respect of two associates and two joint ventures, based on their interim financial information/ financial results 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 Girish Vora Digitally signed by Ketan Girish Vora Date: 2021.01.23 11:48:54 +05'30'

Ketan Vora Partner (Membership No. 100459) (UDIN:21100459AAAAAU1011)

Place: Mumbai Date: January 23, 2021

Mahindra Lifespaces achieves residential sales of Rs. 195 crores during Q3FY21 up 70% over Q2FY21

Mumbai, January 23, 2021: Mahindra Lifespace Developers Limited (MLDL), the real estate and infrastructure development business of the Mahindra Group, announced its financial results for the quarter ended 31 st Dec 2020 today.

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

FINANCIAL PERFORMANCE FOR Q3 FY21 vs Q2 FY21

• The consolidated total income stood at Rs. 70 crore as against Rs. 37 crore in Q2 FY21
• The consolidated PAT, post minority interest, stood at Rs. (11) crore as against Rs. (13) crore in Q2 FY21

Commenting on the performance**, Mr. Arvind Subramanian, Managing Director & Chief Executive Officer, Mahindra Lifespace Developers Ltd., said,** "Residential housing demand has been strong across markets and we have recorded broad-based growth in our sales and collections. In fact, Q3 sales and collections have been higher than the entire H1 FY21. We are heartened by the response to our 'Zero Touch' launch at Happinest Palghar with over 240 units booked, incontrovertible evidence that consumers are keen to embrace digital in a traditionally brick-and-mortar category. In the residential segment, Q4 promises to be exciting for us with important project launches lined up and a few land acquisition deals expected to conclude. In our industrial parks business, we are seeing a meaningful uptick in enquiries and expect a build-up in leasing volumes over the coming quarters."

HIGHLIGHTS FOR Q3FY21

• Achieved sales of Rs. 195 crore in residential business, 70% higher than Q2 FY21 sales.
• Collected Rs. 297 crore in residential business, a growth of 122% over Q2 FY21.
• Leased 17.2 acres land for Rs. 33 crore in Integrated Cities and Industrial Clusters business.
• Consolidated cost of debt stood at 7.5%; standalone cost of debt stood at 4.9%.

Notes:

• 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 / joint ventures / associates.

ABOUT MAHINDRA LIFESPACE DEVELOPERS LTD.

Established in 1994, Mahindra Lifespace Developers Ltd. is the real estate and infrastructure development business of the USD 19.4 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 'Mahindra Happinest' brands; and through its integrated cities and industrial clusters under the 'Mahindra World City' and 'Origins by Mahindra World City' brands.

The Company's development footprint spans 25.7 million sq. ft. (2.4 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 Mr. Pramuch Goel Senior General Manager – Finance and Investor Relations General Manager, Group Communications Mahindra Lifespace Developers Ltd. Mahindra Group Phone: +91 22 6747 8645 Phone: +91 22 2490 5943 Email: kasat.sumit@mahindra.com Email: goel.pramuch@mahindra.com

For Mahindra Lifespace Developers Ltd

Arvind Subramanian Digitally signed by Arvind Subramanian DN: c=IN, o=Personal, title=0882, pseudonym=86d4bf9115172dc612f3fec54 c16418eb8d16dbd12d6550f5e39dfe35ccf8 30b, postalCode=400011, st=Maharashtra, serialNumber=aeb807e8d3d4341f6c05d8b 1e1f6f8650698f05f6e48b88fa39d57582dd5

Arvind Subramanian Managing Director and CEO cc99, cn=Arvind Subramanian Date: 2021.01.23 13:08:44 +05'30'