Mahindra Lifespace Developers Ltd. — Investor Presentation 2018

Oct 26, 2018

mahindra llFESPACES

Mahindra Lifespace Developers Ltd. CIN Lil '.5200Ml-l 1 �lD�1PLC1189t:l �1

Mahind1'D Towers, t:ith Fluor, Dr. c;_ M. Bhosale Marg, Wol'li, Mumbai L'lOO CJ18, India

Tel: +91 22 67�78500 / 8601 Fax: +91 22 24875084

26th October, 2018

wwv11.ff1<:1hindralifespaces.corn

Bombay Stock Exchange Limited

Corporate Services, Piroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001 Listing: http://listing. bseindia.corn

National Stock Exchange of India Limited

Exchange Plaza, Bandra Kurla Complex, Bandra (East) Mumbai - 400 051 Listing: https:www.connect2nse.com/LISTING/

Re: Security BSE NSE !SIN Equity Shares 532313 MAHLI FE 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 Presentations on the Company's profile and financial & operational results for the 2°' quarter and half year ended on 30'" September, 2018 which will be available on the website of the Company are enclosed herewith.

Request you t o take the same on record.

Thanking You

For and on behalf of Mahindra Lifespace Developers Limited

.&�� SuhasKu�

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

Encl: a/ a

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Investor Presentation – Q2 FY19

1

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Contents

▪ Q2 FY19 Highlights

▪ Residential Business Update

▪ Integrated Cities & Industrial Clusters Update

▪ Financial Update

2

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Q2 FY19 Highlights

The operating highlights from Slide 4 to Slide 24 are for the Company and its subsidiaries / joint ventures / associates engaged in the real estate business (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.

3

Key Highlights – Q2 FY19

o Launched a new project ‘LAKEWOODS’ (Phase I) in Mahindra World City, Chennai. The project has a total saleable area of 0.90 msft comprising of 747 units.

o Best ever Q2 sales of 0.40 msft saleable area (350 units), valued at Rs. 256 crores.

**Residential ***

o Attained collection of Rs. 249 crores – highest in the last 4 years. o L’Artista in Pune fully sold out.

o Completed Phase I of Windchimes, Bengaluru having 0.44 msft of saleable area.

o Executed definitive agreements for acquisition of a land parcel on – Kalyan Bhiwandi Road having a development potential of ~0.84 msft targeting the affordable housing segment.

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

4

Key Highlights – Q2 FY19

• Best ever Q2 lease value of Rs. 67.4 crores.

• Leased an area of ~12.3 acres (3 customers) at MWC, Chennai.

• Leased an area of ~13.0 acres (2 customers) at MWC, Jaipur.

Integrated Cities & Industrial Clusters

• Pursuant to the strategic partnership with International Finance Corporation (IFC), received funding of Rs. ~195 crore in Mahindra World City, Jaipur.

• Acquired additional land of 70.8 acres at Origins, Ahmedabad during Q2 FY19, enhancing the project’s total gross area to 340 acres from 268 acres.

Awards & Recognitions

• Ranked 22nd among India’s Mid-Size Workplaces by Great Places to Work.

• Recognized as one of India’s Top Builders 2018 at the Construction World Architect & Builder Awards.

5

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Residential Business Update

6

Sales – Quarterly Trend

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538 0.40
0.36
0.29
0.25
0.22
345 350
256
217
200
163
156
144
111
Q2 FY18 Q3 FY18 Q4 FY18 Q1 FY19 Q2 FY19
Sales Value (Rs. Crs) Units Sold Saleable Area (msft)
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Windchimes II

Boisar IV Palghar 1 (Ph I & II) Roots, Kandivali Lakewoods, MWC Chennai Bloomdale IVB Palghar Project 1 (Ph III) Bloomdale IVD Antheia IIIC & IIID Avadi IV

Note: All figures above correspond to residential units, excluding commercial units that are part of residential developments. Commercial units sales for Q2 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.

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Sales - City and Price Segment wise

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Q2 FY19 City-wise Sales (Volume)
16%
MMR
25%
Pune
Nagpur
NCR
24%
Hyderabad
19%
Chennai
4% Bangalore
3% 10%
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Q2 FY19 City-wise Sales (Value)
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MMR
21%
Pune
32%
Nagpur
NCR
13%
Hyderabad
Chennai
3%
4%
19% Bangalore
7%
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Q2 FY19 Price Segment-wise Sales (Volume)
INR in Lacs
15%
18%
upto 25
25 to 50
50 to 75
14%
75 to 100
28%
100 to 200
14% 200 and above
10%
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Q2 FY19 Price Segment-wise Sales (Value)

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INR in Lacs
9%
19%
8% upto 25
25 to 50
11% 50 to 75
75 to 100
100 to 200
9%
200 and above
43%
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8

Note: Total sales volume considered is 0.40 msft saleable area and total sales value considered is Rs. 256 Crs.

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Operating Metrics

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Construction Spend (Rs. Cr) Customer Collections (Rs. Cr)
117 249
218
92 199
82
64 133 142
57
Q2 FY18 Q3 FY18 Q4 FY18 Q1 FY19 Q2 FY19 Q2 FY18 Q3 FY18 Q4 FY18 Q1 FY19 Q2 FY19
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No. of Units Handed over to Clients

Area Completed (msft)

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513
399
364
318
229
Q2 FY18 Q3 FY18 Q4 FY18 Q1 FY19 Q2 FY19
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0.44
0.33
0.25
0.16
Q2 FY18 Q3 FY18 Q4 FY18 Q1 FY19 Q2 FY19
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Project Portfolio

Location	Saleable Area2 (msft)	Saleable Area2 (msft)	Saleable Area2 (msft)
	Ongoing	Forthcoming	Land Inventory
MMR**	0.81	2.22	0.941
Pune	0.57	0.33	-
Nagpur	0.83	0.20	-
NCR*	0.77	0.37	-
Bengaluru	0.43	-	-
Chennai	0.75	1.29	9.50
Total	4.15	4.41	10.44

Total Completed Development – 15.23 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.

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Summary of Ongoing and Forthcoming Projects

All figures in million square feet (msft)

Region	Project Name	Company / SPV	Total Development	Launched Development	Completed Development	Ongoing Development	Balance (to be launched)
			A	B	C	D	E =(A-C-D)
MMR	Serenes	MLDL	0.16	0.06	-	0.06	0.09
	Happinest Boisar	MLDL	0.49	0.49	0.42	0.07	-
	Vivante	MLDL	0.16	0.16	-	0.16	-
	Andheri	MLDL	0.26	-	-	-	0.26
	Sakinaka #	MLDL	0.34	-	-	-	0.34
	Roots	MLDL	0.14	0.14	-	0.14	-
	Happinest Palghar 1	MHDL	0.41	0.37	-	0.37	0.04
	Happinest Palghar 2	MHDL	0.64	-	-	-	0.64
	Happinest Kalyan	MHDL	0.84	-	-	-	0.84
Pune	Antheia	MLDL	1.63	1.63	1.06	0.57	-
	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	-
Chennai	Aqualily	MRDL	1.58	1.51	1.23	0.28	0.07
	Lakewoods	MITL	0.90	0.28	-	0.28	0.62
	Happinest Avadi	MLDL	0.73	0.54	0.34	0.20	0.20
	MWC Chennai Residential 21	MITL	0.41	-	-	-	0.41
	TOTAL		12.58	8.17	4.02	4.15	4.41

Note: Above figures are based on saleable area including JD partner’s share wherever applicable. # Project under Joint Development (JD)

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Development mix of Ongoing Projects

Region	Project Name	Location	Segment	Development mix	Area Range Saleable (sqft)	Indicative prices (Rs. Crs)
MMR	Serenes	Alibaug	Luxury	3, 4 BHK Villas	3000 - 3400	3 - 3.5
	Happinest Boisar	Boisar	Affordable	1 RK,1 & 2 BHK	369 - 762	0.13 - 0.27
	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 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, Row Houses & Duplex Home	739 - 2440	0.30 - 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.

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Summary of Ongoing Projects

	msft = million square feet	msft = million square feet	msft = million square feet	msft = million square feet	msft = million square feet	msft = million square feet
Location	Project Name	Launched Development (msft)*	Area Sold (msft)	% completion**	PTD Sales Value (Rs. Cr)	RERA Completion Date***
MMR	The Serenes I	0.06	0.02	76%	13.8	Aug-18 to Dec-21
	Happinest Boisar IV	0.07	0.01	74%	3.4	May-20
	Happinest Palghar 1 - I	0.14	0.11	35%	32.4	Dec-20
	Happinest Palghar 1 - II	0.15	0.12	31%	36.8	Sep-21
	Happinest Palghar 1 - III	0.08	0.03	31%	9.0	Sep-21
	Roots	0.14	0.06	37%	69.5	Sep-22
	Vivante	0.16	0.16	87%	265.0	Oct-19
Pune	Antheia IIIA	0.16	0.13	100%	88.7	Dec-18
	Antheia IIIB	0.12	0.10	86%	58.7	Jun-20
	Antheia IIIC	0.14	0.02	86%	11.7	Mar-20
	Antheia IIID	0.16	0.02	67%	10.4	Mar-22
Nagpur	Bloomdale IIB	0.15	0.15	72%	54.7	Mar-19
	Bloomdale IIB – 2	0.09	0.08	83%	30.7	Jan-19
	Bloomdale IIC	0.07	0.07	82%	24.4	Mar-20
	Bloomdale IIIA	0.12	0.09	71%	39.6	Mar-19
	Bloomdale IIIB	0.11	0.06	40%	25.3	Sep-20
	Bloomdale IIIC-1	0.03	0.03	77%	11.0	Nov-18
	Bloomdale IIIC-2	0.04	0.02	39%	7.0	Mar-20
	Bloomdale IIID	0.07	0.04	43%	16.0	Jul-19 to Jan-21
	Bloomdale IVB	0.14	0.04	38%	16.1	Jun-21
	Bloomdale IVD	0.01	0.01	39%	3.1	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.

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Summary of Ongoing Projects

	msft = million square feet	msft = million square feet	msft = million square feet	msft = million square feet	msft = million square feet	msft = million square feet
Location	Project Name	Launched Development (msft)*	Area Sold (msft)	% completion**	PTD Sales Value (Rs. Cr)	RERA Completion Date***
NCR	Luminare I #	0.37	0.24	91%	319.4	Mar-20
	Luminare II #	0.41	0.12	62%	159.2	Mar-21
Bengaluru	Windchimes II - Tower III	0.18	0.08	72%	65.8	Dec-19
	Windchimes II - Tower IV	0.25	0.09	76%	66.8	Dec-19
Chennai	AqualilyApts C2	0.16	-	46%	-	NA
	AqualilyApts 2E	0.12	0.06	85%	22.6	Mar-19
	Lakewoods I	0.28	0.05	4%	18.9	Mar-22
	Happinest Avadi IIA-1	0.10	0.07	80%	21.5	Mar-19
	Happinest Avadi III	0.04	0.04	75%	14.5	Mar-19
	Happinest Avadi IV	0.06	0.01	52%	4.8	Jul-20
Total		4.15	2.09	67%	1,521.0

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).

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Ongoing Projects Snapshot

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Bloomdale 2B-2 (Sept’18)

Bloomdale 2C (Sept’18)

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Vivante Tower B3 & B4 (Sept’18)

Antheia IIIA (Sept’18)

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Aqualily 2E – 2 (Sept’18)

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The Serenes (Sept’18)

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Ongoing Projects Snapshot

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Luminare - Tower C (Sept’18)

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Happinest Avadi – Ph III (Sept‘18)

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Windchimes II (Sept’18)

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Happinest Palghar – Ph I (Sept‘18)

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Luminare - Tower A (Sept’18)

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Forthcoming Projects

Category	Location	Name of the Project	Est. Saleable Area*
			msft
Subsequent Phases of Existing Projects
Mid & Premium Residential	MMR	Serenes	0.09
	Nagpur	Bloomdale	0.20
	Chennai	Aqualily	0.07
		Lakewoods	0.62
	NCR	Luminare #	0.37
Affordable Housing	MMR	Happinest Palghar 1	0.04
	Chennai	Happinest Avadi	0.20
TOTAL - Subsequent Phases of Existing Projects			1.59
New Projects
Mid & Premium Residential	MMR	Sakinaka #	0.34
		Andheri	0.26
	Pune	Pimpri Residential	0.33
	Chennai	MWC Chennai Residential 21	0.41
Affordable Housing	MMR	Happinest Palghar 2	0.64
		Happinest Kalyan	0.84
TOTAL - New Projects			2.82
TOTAL - Forthcoming Projects			4.41

Project under Joint Development (JD)

• Based on saleable area including JD partner’s share wherever applicable.

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Balance Inventory in Completed Projects

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Balance units
Location Project Name Company MLDL Holding
to sell
MMR Happinest Boisar MLDL 100% 34
Pune Antheia MLDL 100% 26
NCR Aura MLDL 100% 1
Bengaluru Windchimes MHPL 50% 37
Hyderabad Ashvita # MLDL 100% 13
Chennai Aqualily Apts A, B & C1 MRDL 96% 46
TOTAL 157
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• Project under Joint Development (JD).

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

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Cash Flow Potential

Particulars		Value ( Rs. Cr)
Ongoing & Completed Projects	Sales completed in ongoing projects	1521
	Less : Amount collected from sales	717
	Net amount to be collected on completed sales	804
	Estimated sales from finishedgoods & balance inventoryin ongoing projects #	1496
	Less: Estimated construction cost to be spent on ongoing projects**	700
Cashflow from ongoing & completedprojects		1600
Subsequent Phases of Ongoing Projects	Estimated salespotential #	906
	Less: Estimated construction cost**	461
Cashflow from futurephases of ongoing projects		445
Total Estimated Cashflows*		2045

* 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.

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Integrated Cities & Industrial Clusters Update

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Mahindra World City, Chennai – Business Update

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Total Area Procured – 1524 acres | Leasable Area – 1145 acres
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425 425 422 408
298
271
SEZ DTA Resi & Social
Total Leasable Area (in acres) Leased Area (in acres)
3.7 3.7
3.3 3.2
3.1
FY15 FY16# FY17 FY18 H1 FY19
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Average Price Per Acre (Rs. Cr)

in FY16, previous period prices are indicated due to no lease transactions.

• Total number of customers: 77 (62 Operational)

• Signed 1 new customer & 1 existing customer expansion during Q2 FY19

• ✓ DMI Draexlmaier Manufacturing India Pvt. Ltd. (DTA): 8.82 Acres

• ✓ NCR Corporation (Existing customer - DTA): 3.5 Acres

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SMC Pneumatics facility in DTA

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Srinivasa Fashions facility in Apparel SEZ

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Mahindra World City, Jaipur – Business Update

Total Area Procured – 2913 acres | Leasable Area – 2011 acres

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1026
695
398
347
290
48
SEZ DTA Resi & Social *
Total Leasable Area (in acres) Leased Area (in acres)
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** 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.

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2.0 1.9 1.9
1.8
1.7
FY15 FY16 FY17 FY18 H1 FY19
Average Price Per Acre (Rs Cr)
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• Total number of customers: 85 (51 Operational)

• Signed 1 new customers & 2 existing customer expansion during Q2 FY19

• ✓ Indo Autotech Limited (DTA): 5.61 Acres

• ✓ SSS and Associates (Existing customer - DTA): 4.5 Acres

• ✓ Maxop Engineering (Existing customer - SEZ): 2.93 Acres

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Perto facility in DTA

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Bharat Skill Development University facility in DTA

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Ahmedabad & North Chennai Industrial parks – Origins,

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Projects Gross / Leasable Area
340
Acquired 264
additional land of 221
187
70.8 acres at
Origins,
Ahmedabad
during Q2 FY19
Ahmedabad North Chennai
Gross Area Leasable Area
Area in acres
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Ahmedabad Project Details: (Forthcoming)

North Chennai Project Details: (Ongoing)

• SPV Name: MIPPL

• SPV Name: MIPCL

• Location: Jhansali Village, Limbdi on AHMD - Rajkot Highway

• Location: Ponneri, Thiruvallur, Tamil Nadu

• Project Approvals: Received

• Project Approvals: In Process (applications made)

• Construction Progress: Site Development

• Construction Progress: Shall commence once approvals are received

• commenced from Sep’17

• Leasable area is based on management estimates.

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Recurring Rental Income

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

Quarterly Recurring Income (Rs. Crs)

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25.00
20 20 20 21 20
20.00
15.00
10.00
5.00
0.00
Q2 FY18 Q3 FY18 Q4 FY19 Q1 FY19 Q2 FY19
Evolve, MWCJ Canopy, MWCC
Mahindra Towers, NCR Park O&M and water charges, MWCC
Park O&M and water charges, MWCJ
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Mahindra Towers, Delhi

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Evolve, Mahindra World City Jaipur

• Canopy, MWCC sold as on 31[st] Mar’18.

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Financial Update

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Financial Snapshot – MLDL CONSOLIDATED IND AS Statement of Profit and Loss

All figures in Rs. Cr rounded off

Particulars	Q2 2019	Q1 2019	Q2 2018	H1 2019	H1 2018	FY 2018
Income Income from Operations Other Income	80.2 13.7	154.0 21.8	100.0 29.1	234.2 35.5	236.1 41.8	566.2 77.9
	93.9	175.8	129.1	269.6	277.9	644.1
Expenditure Operating Expenses Employee Remuneration & Benefits Finance Costs Depreciation & Amortisation Administration & Other Expenses	51.8 17.3 4.4 1.0 13.2	104.7 19.2 4.5 0.8 13.9	72.8 17.1 6.5 1.1 12.2	156.5 36.5 8.8 1.8 27.0	164.6 34.1 14.3 2.2 23.5	393.6 66.0 41.3 4.3 49.1
	87.6	143.0	109.7	230.6	238.8	554.3
Profit from Ordinary Activities before Tax /Share in Net Profit/Loss of Associates	6.3	32.8	19.5	39.1	39.1	89.8
Share in Net Profit/(Loss) of Associates	41.9	4.8	3.3	46.6	4.9	44.7
Profit from Ordinary Activities before Tax	48.2	37.5	22.7	85.7	44.0	134.5
Less : Provision for Current Taxation Less : Provision for Deferred Taxation	1.8 6.0	6.9 3.8	7.5 1.3	8.7 9.8	14.1 1.5	30.2 1.0
Net Profit for the period	40.3	26.9	14.0	67.2	28.5	103.4
Less: Minority Interest	(0.8)	0.2	0.5	(0.6)	1.2	2.4
Net Profit/ (Loss) after Taxes, Minority Interest and Share of Profit / (Loss) of Associates	41.2	26.7	13.5	67.9	27.3	101.0

The Company has adopted IND AS 115 since Q1 FY19, effective from 1[st] 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 the consolidated financials. The financials of the prior reporting periods have not been restated. Hence, FY19 numbers are not comparable with previous reporting periods. Detailed disclosure is part of financial results.

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Financial Snapshot – MLDL CONSOLIDATED IND AS Statement of Profit and Loss based on POCM for revenue recognition

All figures in Rs. Cr rounded off

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Particulars Q2 2019 Q1 2019 Q2 2018 H1 2019 H1 2018 FY 2018
Income
Income from Operations 99.5 89.4 100.0 188.9 236.1 566.2
Other Income 13.7 21.8 29.1 35.5 41.8 77.9
113.2 111.2 129.1 224.4 277.9 644.1
Expenditure
Operating Expenses 74.8 61.2 72.8 137.4 164.6 393.6
Employee Remuneration & Benefits 17.3 19.2 17.1 36.5 34.1 66.0
Finance Costs 4.3 4.5 6.5 8.8 14.3 41.3
Depreciation & Amortisation 1.0 0.8 1.1 1.8 2.2 4.3
Administration & Other Expenses 13.6 13.9 12.2 25.9 23.5 49.1
110.9 99.5 109.7 210.4 238.8 554.3
Profit from Ordinary Activities before Tax
2.3 11.7 19.5 14.0 39.1 89.8
/Share in Net Profit/Loss of Associates
Share in Net Profit/(Loss) of Associates 28.4 3.3 3.3 31.7 4.9 44.7
Profit from Ordinary Activities before Tax 30.7 14.9 22.7 45.6 44.0 134.5
Less : Provision for Current Taxation (3.6) 4.7 7.5 (2.7) 14.1 30.2
Less : Provision for Deferred Taxation 6.0 - 1.3 9.7 1.5 1.0
Net Profit for the period 28.3 10.2 14.0 38.6 28.5 103.4
Less: Minority Interest (0.8) 0.1 0.5 (0.7) 1.2 2.4
Net Profit/ (Loss) after Taxes, Minority
Interest and Share of Profit / (Loss) of 29.1 10.2 13.5 39.3 27.3 101.0
Associates
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Note: The financials in the above table are prepared based on the erstwhile applicable Percentage of Completion Method (POCM) of accounting for revenue recognition. The above details are provided with the limited objective of enabling the comparison of statement of Profit and Loss for FY19 with previous reporting periods.

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Financial Snapshot – MLDL CONSOLIDATED IND AS

Balance Sheet

All figures in Rs. Cr rounded off

Balance Sheet				All figure	s in Rs. Cr	rounded off
EQUITY & LIABILITIES	Q2 2019	FY 2018		ASSETS	Q2 2019	FY 2018
Equity Share capital Other Equity	51.3 1,912.7	51.3 2,007.5		Property, Plant and Equipment Capital work-in-progress Investment Property Goodwill Other Intangible assets Financial Assets (i) Investments (ii) Trade receivables (iii) Loans (iv) Others Deferred tax assets (Net) NonCurrentTax Assets	7.1 9.5 21.6 66.0 0.4 708.5 4.7 4.7 0.6 - 57.9	7.0 9.1 21.9 66.0 0.5 709.2 11.0 1.1 - - 58.9
Networth Non Controlling Interest Financial Liabilities (i) Borrowings (ii) Trade payables (iii) Other financial liabilities Provisions Deferred tax liabilities (Net) Other non-current liabilities	1,964.1	2,058.9
	43.9	44.6
	57.6 - 7.7 3.4 2.2 -	57.6 - 7.0 2.2 38.7 -
				Non Current Assets Inventories Financial Assets (i) Investments (ii) Trade receivables (iii) Cash and cash equivalents (iv) Bank balances other than (iii) above (v) Loans (vi) Others Current Tax Assets (Net) Other current assets	881.0	884.7
					1,494.0 67.3 113.5 50.3 89.7 117.4 168.1 - 102.3	912.4 217.1 145.2 49.8 80.4 224.4 187.2 - 296.9
Non Current Liabilities Financial Liabilities (i) Borrowings (ii) Trade payables (iii) Other financial liabilities Other current liabitilies Provisions CurrentTax Liabilities (Net)	70.9	105.5
	168.5 197.5 53.6 536.9 10.2 37.8	176.0 194.3 322.4 34.8 11.6 50.2
Current Liabilities Liabilities associatedwithassetsheldforsale	1,004.6	789.1
	-	-		Current Assets	2,202.5	2,113.3
TOTAL	3,083.5	2,998.0		TOTAL	3,083.5	2,998.0

The Company has adopted IND AS 115 since Q1 FY19, effective from 1[st] 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 the consolidated financials. The financials of the prior reporting periods have not been restated. Hence, FY19 numbers are not comparable with previous reporting periods. Detailed disclosure is part of financial results.

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Key Highlights

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Operating Income (Rs. Cr)
168
162
154
100
80
Q2 FY18 Q3 FY18 Q4 FY18 Q1 FY19 Q2 FY19
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Total Income (Rs. Cr)
186
181
176
129
94
Q2 FY18 Q3 FY18 Q4 FY18 Q1 FY19 Q2 FY19
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129
100
94 80
Q2 FY18 Q3 FY18 Q4 FY18 Q1 FY19 Q2 FY19 Q2 FY18 Q3 FY18 Q4 FY18 Q1 FY19 Q2 FY19
EBITDA (Rs. Cr) and EBIDTA Margin PAT (Rs. Cr) and PAT Margin
57% 44%
75
48
41
42% 53
45 43
26 27
30 26%
24% 24%
13
23%
15%
14%
10%
Q2 FY18 Q3 FY18 Q4 FY18 Q1 FY19 Q2 FY19 Q2 FY18 Q3 FY18 Q4 FY18 Q1 FY19 Q2 FY19
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The Company has adopted IND AS 115 during Q1 FY19, effective from 1[st] 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.

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Key Highlights

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Gross Debt Equity Ratio Net Debt Equity Ratio
0.14
0.13
0.22 0.22
0.21
0.15
0.12 0.05
0.04
0.01
Q2 FY18 Q3 FY18 Q4 FY18 Q1 FY19 Q2 FY19 Q2 FY18 Q3 FY18 Q4 FY18 Q1 FY19 Q2 FY19
Interest Rate
9.49%
9.38% 9.41%
8.84%
8.56%
Q2 FY18 Q3 FY18 Q4 FY18 Q1 FY19 Q2 FY19
Interest rate has been calculated on loans taken from third parties.
Interest rate for Q1 FY19 was low due to repayment of high cost debt.
Interest rate for Q2 FY19 increased due to movement in bank’s MCLR.
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• The Company has adopted IND AS 115 during Q1 FY19, effective from 1[st] 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.

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Residential and IC & IC Business Performance

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Residential and IC&IC Business Performance

All figures in Rs Crore unless specified

Particulars	**Residential ***	**Residential ***	IC & IC	IC & IC
	Q2 FY19	H1 FY19	Q2 FY19	H1 FY19
Area Sold(msft)/ Land Leased(acres) Sales / Lease Income Total Income EBIDTA	0.40 0.69 25.35 38.80 256 401 67 89 212 426 88 128 67 99 34 57
EBIDTA Margin(%)	31.6%	23.2%	38.6%	44.5%
PAT	24	43	17	25
PAT Margin(%)	11.3%	10.1%	19.3%	19.5%
Net worth	1337		627
Debt #	410		549
Debt EquityRatio	0.3		0.9

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.

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Summary of Key Financials by legal entities for Q2 FY19

Key Legal Entities in Residential Business

All figures in Rs. Crs

Entity Name	Economic Interest	Total Income	EBIDTA	PAT	Debt	Net Worth
MLDL MHPL^ MBDL MITL MRDL	100.0% 50.0% 70.0% 96.3% 96.3%	104.9 260.7 0.6 6.7 5.0	34.4 48.0 (0.4) 2.9 0.1	22.1 31.9 (0.5) 2.5 (0.1)	123.9 # 902.2 # 50.8 58.6 -	1,730.9 (27.1) (10.7) 85.3 81.0
MHDL^	25.0%	0.3	(1.4)	(1.5)	# 99.1	(5.3)

Key Legal Entities in IC & IC Business

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Economic Total
Entity Name Interest Income EBIDTA PAT Debt Net Worth
MWCDL^ 89.0% 47.1 24.2 12.1 328.4 144.5
MWCJL^ 74.0% 40.4 25.1 12.5 # 298.9 283.5
^ -
MIPCL 53.4% (1.1) (1.0) 123 170.9
MIPPL 100.0% 0.3 (0.4) (0.4) * 129.5 (0.2)
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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 ~ 640 Cr of contribution by promoters in the form of OCDs and CCDs; In MBDL, debt number includes ~25 Cr of contribution by promoter in the form of ICD; In MHDL, debt numbers includes ~40Cr of contribution by promotors in form of OCDs and OCRPS. In MWCJL, debt number includes ~195 Cr of contribution by strategic partner (IFC).

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

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Summary of Key Financials by legal entities for H1 FY19

Key Legal Entities in Residential Business

All figures in Rs. Crs

Entity Name	Economic Interest	Total Income	EBIDTA	PAT	Debt	Net Worth
MLDL MHPL^ MBDL MITL MRDL	100.0% 50.0% 70.0% 96.3% 96.3%	250.4 261.3 42.2 13.0 17.4	59.9 45.2 4.9 3.2 2.5	37.3 24.4 3.2 1.4 1.4	123.9 # 902.2 # 50.8 58.6 -	1,730.9 (27.1) (10.7) 85.3 81.0
MHDL^	0.0%	0.3	(2.8)	(2.9)	# 99.1	(5.3)

Key Legal Entities in IC & IC Business

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Economic Total
Entity Name Interest Income EBIDTA PAT Debt Net Worth
MWCDL^ 89.0% 54.6 26.1 9.3 328.4 144.5
MWCJL^ 74.0% 72.8 46.5 24.3 # 298.9 283.5
^ -
MIPCL 53.4% (2.2) (1.9) 123 170.9
MIPPL 100.0% 0.6 (0.2) (0.2) * 129.5 (0.2)
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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 ~ 640 Cr of contribution by promoters in the form of OCDs and CCDs; In MBDL, debt number includes ~25 Cr of contribution by promoter in the form of ICD; In MHDL, debt numbers includes ~40Cr of contribution by promotors in form of OCDs and OCRPS. In MWCJL, debt number includes ~195 Cr of contribution by strategic partner (IFC).

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

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Annexures

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Structure Overview

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

MIPPL is a strategic partnership between MLDL and IFC. Actis acquired the portfolio of SCM in Q2 FY19.

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Completed Projects

Location	Name of the Project	Area (mn sqm)	Area (msft)
Mumbai	Eminente	0.05	0.57
	Splendour	0.07	0.78
	Mahindra Park	0.02	0.19
	Mahindra Heights	0.01	0.06
	Mahindra Gardens	0.03	0.36
	Great Eastern Links	0.03	0.35
	Great Eastern Gardens	0.05	0.49
	Fairwinds	0.00	0.01
	Happinest Boisar	0.04	0.42
Pune	Royale	0.06	0.63
	The Woods	0.05	0.53
	Great Eastern Plaza	0.01	0.15
	Retreat	0.00	0.04
	Nest	0.01	0.09
	Le Mirage	0.01	0.12
	Antheia I & II(A,B & D)	0.10	1.06
	La-artista	0.01	0.09
Nagpur	Bloomdale IA,IB & IC	0.05	0.52

Location	Name of the Project	Area (mn sqm)	Area (msft)
NCR	Aura	0.13	1.36
	Chloris	0.04	0.39
	Central Park	0.11	1.17
	Great Eastern Plaza	0.01	0.07
	Great Eastern Centre	0.00	0.05
Bengaluru	Windchimes I	0.04	0.44
Hyderabad	Ashvita I,II,III,IV & V	0.10	1.08
Chennai	Iris Court	0.08	0.86
	Sylvan County	0.05	0.50
	AqualilyVillas	0.04	0.46
	AqualilyApartments A,B & C1	0.07	0.77
	Nova I & II	0.05	0.54
	MWC Club	0.01	0.07
	Mahindra World School	0.01	0.11
	Canopy	0.00	0.05
	HDFC Bank	0.01	0.10
	Happinest Avadi Ph I	0.03	0.34
Jaipur	Evolve	0.04	0.40

Total Development* : 1.42 mn sqm (15.23 msft)

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

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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	Actis GP LLP
DTA	Domestic Tariff Area
HDFC Capital	HDFC Capital Affordable Real Estate Fund-1
IC&IC	Integrated Cities and Industrial Cluster
IFC	International Finance Corporation
IND AS	Indian AccountingStandards
KTL	Knowledge TownshipLimited
MBDL	Mahindra Bebanco 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 TownshipLimited
MLDL	Mahindra Lifespace Developers Limited
MMR	Mumbai Metropolitan Region
MRDL	Mahindra Residential Developers Limited
MWC	Mahindra World City
MWCDL	Mahindra World CityDevelopers Limited
MWCJL	Mahindra World City (Jaipur)Limited
NCR	National Capital Region
RIICO	Rajasthan State Industrial Development & Investment Corporation Limited
SCM	SCM Real Estate (Singapore), the investment arm of Standard Chartered Bank
SEZ	Special Economic Zone
TIDCO	Tamil Nadu Industrial Development Corporation Limited

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Investor Relations Contact

Jayantt Manmadkar Chief Financial Officer Mahindra Lifespace Developers Limited 5th Floor, Mahindra Towers Worli, Mumbai - 400 018 Phone : +91-22-67478660 Email: manmadkar.jayantt@mahindra.com

Investor Relations Contact

Sumit Kasat General Manager – Finance & Investor Relations Mahindra Lifespace Developers Limited 5th Floor, Mahindra Towers Worli, Mumbai - 400 018 Phone : +91-22-67478645 Email: kasat.sumit@mahindra.com

www.mahindralifespaces.com | www.mahindraworldcity.com | www.happinest.co.in

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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 used for other without the written consent of maybe any purpose prior

• 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

• to in this note are indicative and are based on

• subject change. Computations adopted current market and market sentiment. No or prevailing prices general representation is Mahindra Limited as to the achievement or

• warranty given by Lifespace Developers 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.

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Thank You

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 Website: www.mahindralifespaces.com

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