Prestige Group Annual Report

ANNUAL REPORT
2022-23
TRANSFORMING LANDS INTO
LANDMARKS
PRESTIGE ESTATES PROJECTS LIMITED
JW Marriott Bengaluru Prestige Golfshire Resort

& Spa, Nandi Hills (Shot at Location)
Across the Pages Mulberry Shades Bengaluru - Tribute Portfolio, Nandi Hills (Shot at Location)
World of Prestige Value Creation Approach Business Review ESG Report Statutory Reports Financial Statements
06 Highlights of FY 23 32 Key Performance Indicators 40 Residential 54 Environment 96 Management Discussion and 199 Standalone
12 About Prestige 34 Business Model 42 Commercial 62 Social Analysis 302 Consolidated
18 Chairman’s Statement 36 Stakeholder Engagement 44 Retail 72 Governance 108 Board’s Report
20 Our Business 46 Hospitality 75 Board of Directors 128 Corporate Governance Report
24 Message from the CEO 48 Property Management 81 Leadership Team 156 Business Responsibility and
90 Awards and Accolades Sustainability Report

Growth is a continuous journey of change and progress. It’s a culmination of Beyond everything else, we are
different things in a seamless way to create something even better than each transforming lands into landmarks
Rated CRISIL DA1+
part on its own. as we strategically grow and build Highest Developer Grading in the
Country
sustainably.
The legacy of Prestige is etched across four transformative decades within
the industry. Each passing year, every monumental stride, interlaces into the This embodies the true spirit of
scaling for success — A philosophy
tapestry of our identity. These accumulated years stand as a testament to our
ingrained within us. With unswerving
Rated ICRA A+
unyielding passion, profound expertise, and the landmarks we have created. Stable
conviction, we proudly declare our
As we cast our gaze forward, the vista of possibilities unfurls before us in
readiness to embrace this pursuit.
an infinite expanse — opportunities that will propel us onward. Yet, above all,
we envision ourselves ascending the summit of accomplishment, as we move
ahead towards triumph, fortifying our foundation with sustainability at its core.
166 Mn sft
Area Delivered
Prestige Strong Growing Expansion Model

Values Residential Annuity to Newer Prestige City 174 Mn sft
Cashflows Business Markets Format Area Under Construction and
Planning
13 Cities | 8 States
Presence
Prestige Augusta Golf Village, Horamavu, Bengaluru (Shot at Location)

Forum South Bangalore
Kanakapura Road
(Shot at Location)
Corporate Overview Statutory Reports Financial Statements
Highlights of FY 23 FINANCIAL HIGHLIGHTS
Reporting All-round `87,720 Mn `25,433 Mn 28.99%
PERFORMANCE
Revenue EBITDA EBITDA Margin
33% Y-o-Y 46% Y-o-Y
`10,668 Mn 12.16% `102,585 Mn

PAT * PAT Margin Networth
`23.49 0.54
Earnings Per Share Debt/Equity
*PAT degrowth is due to exceptional
as on March 31, 2023
items in previous year
OPERATIONAL HIGHLIGHTS
`129,309 Mn `98,055 Mn `8,812 psf

Highest-ever Sales Highest-ever Collections Average Realisation
25% Y-o-Y 31% Y-o-Y 17% Y-o-Y
`27,132 Mn 15.09 Mn sft 9,644

Mumbai Sales Contribution Area Sold Units Sold 26 Units/Day
Y-o-Y growth in FY 23 over FY 22
Launches: 26.38 Mn sft 57% Y-o-Y
Residential: 16.46 Mn sft Capex*: 9.92 Mn sft
Completions: 15.68 Mn sft 10% Y-o-Y
Residential: 10.62 Mn sft Capex*: 5.06 Mn sft
Prestige Ocean Towers, Marine Lines, Mumbai
An Artist’s Impression *Commercial, Retail and Hospitality
6 Prestige Estates Projects Limited Annual Report 2022-23 7

SCALE OF OPERATIONS
Residential Commercial Retail Hospitality
140 Projects 120 Projects 12 Projects 9 Projects TOTAL

COMPLETED
281 Projects
114 Mn sft 40 Mn sft 9 Mn sft 4 Mn sft ~167 Mn sft

UNDER CONSTRUCTION
37 Projects 12 Projects 2 Projects 6 Projects TOTAL

57 Projects
27 Projects 9 Projects 5 Projects 3 Projects

UNDER PLANNING
TOTAL
44 Projects
Prestige Srihari Khoday Centre for Performing Arts, Kanakapura Road, Bengaluru (Shot at Location)
Prestige Woodland Park, Banaswadi Main Road, Bengaluru (Shot at Location)

Prestige Ocean Pearl
Beach Road, Kozhikode
An Artist’s Impression
About Prestige
Strong Foundation and

LEGACY
Prestige Group has emerged as one of the largest and most acclaimed real
estate developers in India. We are renowned for our iconic designs and world-
class real estate projects across Residential, Commercial, Retail and Hospitality
Segments.
Our journey began in 1986 in southern India, and since then, we have expanded into the top 13 markets across the country. With
a track record of excellence, we have successfully delivered 281 projects, covering an astounding 166 Mn sft, in diverse domains
such as residential, commercial, retail, and hospitality. We also offer comprehensive property management services with an
impressive portfolio of 182 properties, totalling to 117 Mn sft under management.
At Prestige Estates, we strive to exceed expectations and set new industry standards with every project we undertake. Our
dedication to innovation, sustainability, and craftsmanship remains unwavering as we continue to shape the real estate
landscape in India.
Our Vision Our Mission

To continuously exceed the expectations of our To improve customer experiences through future-
clients, customers and employees and imprint its proofing constant innovation and understanding, with
indelible mark across all asset classes Prestige a focus on quality and transparency of processes so
Group ventures into. that when it comes to Prestige, customers come to
expect nothing but the best from us. Every time.
Our Core Values 37

Years of Excellence
Honesty and Fairness

Customer Centricity
Passion to Excel
People Focus
281
Projects Completed
Corporate Citizenship
Innovation
Inclusivity
13
Cities Presence
Conrad Bengaluru, Ulsoor (Shot at Location)

BUILDING ON OUR STRENGTHS
Legacy of Trust Execution Capabilities

At Prestige, we have earned the reputation as one of We embrace the latest technology, employ aesthetically
the most trusted real estate developers in India, thanks superior designs, and adhere to green principles to
to our commitment to delivering on our promises. Our consistently meet the ever-changing standards of
consistent track record in meeting our commitments quality. By leveraging innovation and sustainability, we
has allowed us to set new benchmarks in the industry. strive to create exceptional real estate projects that
stand the test of time and exceed the expectations of
our valued customers.
Fiscal Discipline Partnerships

Our robust fund management strategy efficiently We value our longstanding relationships with investors
manages our liquidity, ensuring consistent returns to and the banking community, which enable us to access
our shareholders while fueling our growth ambitions. a steady flow of capital for our projects. Additionally,
With a strategic risk management policy, we prioritise our strong value proposition has resulted in an
building strong cash reserves through our operations. increasing share of repeat customers and enhanced
This approach empowers us to capitalise on upcoming retailer loyalty, contributing to our continued success.
opportunities in the market, reinforcing our position as
a forward-thinking and resilient real estate developer.
Diversified Portfolio Reliability

Our portfolio is spread across different asset classes of We continue to hold the highest developer Grading,
residential, commercial, retail, hospitality, and property CRISIL DA1+, which signifies developer’s ability to
management, making it well-diversified. This serves as execute real estate projects as per specified quality
our growth enabler, risk mitigant, and forms the core of levels within the stipulated time schedule, and to
our business model with varied revenue streams. transfer clean title.
The Prestige, Mahalaxmi, Mumbai

Prestige Minsk Square
Queens Road, Bengaluru
(Shot at Location)
Chairman’s Statement
Stronger Foundations, Taller

AMBITIONS Dear Shareholders,
I hope this message finds you in good health and

high spirits. It is with great pleasure and pride
efficiently. We are mindful of the
volatility in raw material prices and are
confident in our ability to deliver healthy
margins while controlling out debt. We
see growth potential in the home buying
that I address you today to share the outstanding segment, as real estate investments
achievements of Prestige Group during FY 23. I am become a reliable option amidst
immensely grateful to all our colleagues, customers, concerns about interest rate hikes.
and stakeholders for their support, especially during Our ESG Agenda
the challenging times that have tested us as a Recognising the value of building
company and as a community. for the future, we embrace our ESG
agenda to deliver on the Environmental,
Your trust and belief in Prestige have flow into the Indian market, boosting Social, and Governance aspects of our
positioned us as a leader in India’s real economic growth in the near term. business. By making environmentally
estate industry, and we are now ready responsible choices, enabling
to embark on a path of strong growth. A Stellar Year for the Record rewarding careers for our people, and
FY 23 brought several good supporting our communities’ growth,
As we reflect on our remarkable 37-
developments for us. Key transactions we solidify Prestige’s position as one of
year journey, delivering 281 projects
have strengthened our liquidity, the fastest-growing real estate groups
across 13 cities, totalling over 166 Mn
supported by record-high sales in the country.
sft, I am delighted to announce that
our 5-year pipeline is almost equal to and collections at the group level. In closing, I extend my sincere
this impressive size. This phenomenal Our strategic expansion into new appreciation to our team members,
commitment reflects the deep trust geographies, particularly Mumbai, has who are the driving force behind our
and confidence our key stakeholders proven successful, with significant success. Their dedication, passion, and
have placed in our brand and the sales generated from this region. innovative spirit continue to inspire us
transformative vision we pursue. every day. I also express my gratitude to
Today, our focus at Prestige goes Scaling for Success our industry partners, shareholders, and
beyond mere success; we are equally In the year ahead, we have planned investors, whose unwavering support
driven by the principles that define several new launches to capitalise has been instrumental in our journey of
how we achieve our goals. on emerging opportunities. We see growth and success.
Mumbai as a significant growth As we navigate the future with
Tiding Ahead of Pandemic opportunity, with two new projects set confidence and determination, I invite
Our customer-centric approach and for launch: Prestige Ocean Towers at you all to join us in this exciting phase
the Prestige trust and legacy, driven by Marine Lines, and Prestige Nautilus of Prestige’s journey. Together, we will
foresight and mature decision-making, at Worli. We are equally excited continue to create exceptional value for
have been the key to our consistent about upcoming major launches in all our stakeholders, while upholding
value creation. As the real estate sector other parts of the country as well. our commitment to excellence and
experienced a surge in demand since Additionally, strategic acquisitions, like sustainability.
FY 22, we were prepared to capitalise raising our stake in two commercial
projects in Mumbai to 100%, will drive Best wishes,
on the opportunities. The rebound in
business and leisure travel, as well as significant gains for our annuity rental Irfan Razack
robust home buying and increased portfolio. Chairman and Managing Director
footfall at malls and occupancy in our
hotels, has been promising. Pride and Prudence
Despite international market volatility, While pursuing growth, we remain

we believe that quality investments will prudent in managing costs and
committed to completing our projects

Our Business
Committed to Growth, Driven to

DELIVER Our business model is well-diversified, with a strong presence across diverse
segments such as Residential, Commercial, Retail, Hospitality, and Property
Management. This diverse expertise empowers us to offer our customers a
wide range of choices while also contributing to the growth of our revenue
streams across multiple verticals.
TOTAL PROJECT PORTFOLIO
Particulars Completed Under Construction Under Planning
Number of projects 281 57 44
Area (Mn sft) 166 Mn sft 77 Mn sft 97 Mn sft
680 Acres Prestige Estates’ Scale of Operations encompasses Completed, Under Construction and
Projects under Planning across core verticals. Our completed projects serve as a testament
Total Landbank to our expertise in building landmark structures, while our current portfolio shows our
(~44 Mn sft development
commitment to future growth.
potential)
Mulberry Shades Bengaluru - Tribute Portfolio, Nandi Hills (Shot at Location)
Forum South Bangalore, Kanakapura Road (Shot at Location)

Retail
OUR BUSINESS SEGMENTS
Our retail spaces consist of malls that attract thousands of footfalls daily. The malls
developed and operated by Prestige Estates have become iconic landmarks in major Indian
cities, housing numerous international and domestic brands. They have transformed into
Residential sought-after destinations for urbanites, especially millennials and Gen-Z, who seek to enjoy
quality time and a vibrant experience.
Our residential projects encompass a diverse range of options, including

townships, apartments, mansions, luxury villas, row houses, plotted
developments golf courses, and affordable housing, catering to a wide
12 9 Mn sft
spectrum of customer segments. In every project, we ensure to imbue
Projects completed Area developed
the hallmark of Prestige through quality and aesthetics.
140
.
Projects completed
114 Mn sft Hospitality

Area developed
As a leading developer and operator of hospitality venues, we consistently establish new
standards for the sector in architecture, quality, aesthetics, design, and strategic planning.
Positioned at prominent and prime locations in various cities, our properties become notable
landmarks over time. Our expertise is trusted by renowned global leaders in hospitality,
including JW Marriott, Sheraton Grand, and Conrad by Hilton.
9 4 Mn sft
Commercial Projects completed Area developed
We specialise in developing modern and smart office spaces in prime

locations across top cities of India. While we have a strong presence in
the southern markets, we are now expanding our footprint to top locations
in Mumbai, NCR, and Pune. Our diverse clientele comprises organisations
operating across various sectors including several reputed multinationals.
120 Property Management

Projects completed
We established our property management portfolio to deliver world-class support and

maintenance services for all Prestige properties, maintaining the impeccable standards
40 Mn sft synonymous with our brand. This plays a crucial role in helping Prestige property owners
get the best value for rentals and re-sales, ensuring the properties are well-maintained and
Area developed enhancing the overall value proposition for our customers.
182 117 Mn sft

Properties under maintenance Area under maintenance

Message from the CEO
Going Miles to Add

SMILES
Dear Shareholders, addressing their evolving needs and We are not just in the business
preferences. Looking ahead, we are of selling properties; we are
It is with immense pride and excitement excited to reveal that we have a robust
that I address you in this annual pipeline of more than 75 Mn sft of
in the business of elevating
report, reflecting on the tremendous residential launches planned for the next lifestyle. We don’t just sell
achievements of Prestige Group during couple of years. This extensive pipeline houses; we deliver dreams
FY 23. This year has been nothing short of underscores our commitment to
remarkable, filled with several highest-
and aspirations. We believe
expanding our presence and delivering
ever milestones, highest-ever sales, value to a wider audience.
that success in this industry is
and collections, as well as numerous not just about making a quick
successful project launches. We Mumbai Sales and Growth sale or closing a deal. As they
have ventured into new geographies, Prospects
expanded our portfolio, and have a
say, ‘Closing Deals, Opening
I am delighted to share that our Mumbai Doors.’ It’s about building
robust pipeline of exciting projects
sales have contributed approximately
ahead. With a commitment to
₹27,132 Mn to the total sales during this
long-term relationships
excellence and a clear vision, Prestige that are founded on trust,
fiscal year, already accounting for an
is now all set to scale for success and
embark on an even more promising
impressive 21% of our total sales. This integrity, and mutual respect.
significant contribution is a testament
journey of growth and prosperity. It’s about creating a reputation as a
to our strategic focus on entering and
company that delivers results and
Allow me to elaborate on some of our establishing ourselves in this new
goes above and beyond to satisfy our
performance highlights for the year: geography. We are thrilled about the
clients. We always keep this in mind
growth opportunities that lie ahead in
in everything we do. It’s not only the
Highest-ever Sales Mumbai and are confident in our ability
immediate deal we’re aiming to close,
to create lasting value in this dynamic
We are delighted to announce that we but also broader doors of opportunity,
market.
achieved a record-breaking highest relationships, and goodwill that we’re
sale of ₹129,309 Mn during the year. Key Launches Ahead opening. We strive to deliver excellence
This remarkable accomplishment in every transaction.
represents a significant increase of As we look ahead with great anticipation,
We are innovators and trailblazers,
25% compared to the previous year’s we are gearing up for some major
always seeking new ways to serve
(high base) sales of ₹103,822 Mn. The launches in key cities across India. In
our clients, rise above challenges, and
dedication and hard work of our teams Bengaluru, we have Prestige Park Grove
exceed the expectations of our patrons.
have resulted in this exceptional growth, (TDA 9.23 Mn sft) and Prestige Serenity
and I extend my heartfelt appreciation Shores (TDA 1.5 Mn sft) in the pipeline. A Big Thank you
to every member of the Prestige family Hyderabad will witness the grand
unveiling of The Prestige City (TDA As we celebrate the success of FY 23,
for their commitment to our vision. I want to extend my heartfelt gratitude
12.65 Mn sft), while Chennai will see
Highest-ever Collections Prestige Pallava Gardens (TDA 4.56 Mn to each of you for your support and
sft) coming to life. Additionally, Mumbai trust in Prestige. It is your belief in our
Our strong sales were further backed vision and commitment that drives us
will witness the launch of Prestige
by the highest-ever yearly collections to pursue excellence every day. We look
Ocean Towers and Prestige Nautilus.
of ₹98,055 Mn, which represents a forward to building on this momentum,
These strategic projects represent
significant increase of 31% compared exploring new horizons, and creating a
significant opportunities for us to further
to the previous year’s collections. This brighter future for all our stakeholders.
strengthen our presence in the market
signifies the trust and confidence that
and contribute significantly to our Thank you for being an essential part of
our valued customers place in Prestige,
sales. With a clear focus on delivering our journey towards greatness.
and it is a testament to the quality,
exceptional value and innovation, we are
execution and reliability of our projects. Best regards,
poised to seize these opportunities and
Project Launches scale new heights of success. Venkat K. Narayana,
Chief Executive Officer
This year, we proudly launched 26 Mn Built for the Long-term
sft of projects, including 16 Mn sft of In the world of real estate, it’s all about
residential projects and 10 Mn sft of creating opportunities for our clients
capex projects. These launches reflect and building relationships that last a
our focus on providing diverse and lifetime.
innovative offerings to our customers,

Landmark
INAUGURATIONS
Prestige Jindal City, Bengaluru
IF WE’RE NOT ON TIME.... WE’RE AHEAD OF TIME!
Prestige Marigold, Bengaluru

Prestige Minsk Square, Bengaluru

Falcon Facades, Bengaluru Prestige Park Drive, Bengaluru

Forum Rex Walk, Bengaluru

Launches in
MUMBAI
Prestige Srihari Khoday Centre for Performing Arts, Bengaluru
Prestige Jasdan Classic
Prestige Tech Park IV, Bengaluru
Prestige Mumbai - Launch Event
Prestige Willow Tree, Bengaluru
Prestige Woodland Park, Bengaluru The Prestige City Mulund

Sheraton Grand Bengaluru Whitefield
Hotel & Convention Centre
Bengaluru
(Shot at Location)
Key Performance Indicators
Relentless Effort, Enduring

PERFORMANCE
Profit and Loss Indicators
Revenues (` Mn) EBITDA (` Mn)
FY 23 87,720 FY 23 25,433
FY 22 66,002 FY 22 17,442
FY 21 74,854 FY 21 22,018
FY 20 82,433 FY 20 24,745
FY 19 52,841 FY 19 15,660
EBITDA margin (%) PBT (` Mn)
FY 23 28.99 FY 23 14,143
FY 22 26.43 FY 22 15,093
FY 21 29.41 FY 21 Prestige High Fields, Financial District, Hyderabad (Shot at Location)

33,975
FY 20 30.02 FY 20 8,269
FY 19 29.64 FY 19 6,404
Balance Sheet Indicators
Earnings per share (` ) PAT (` Mn) Gross Block (` Mn) Net Worth (` Mn)
FY 23 23.49 FY 23 10,668 FY 23 91,151 FY 23 102,585
FY 22 28.69 FY 22 FY 22 FY 22
12,148 75,750 95,469
FY 21 69.40 FY 21 28,782 FY 21 FY 21
50,388 84,212
FY 20 10.63 FY 20 5,486 FY 20 FY 20
101,294 55,886
FY 19 11.08 FY 19 4,419 FY 19 FY 19
73,386 43,386

Business Model
Unwavering Consistency,
Unparalleled
EXCELLENCE
At Prestige Estates, Inputs Operating model Our business activities Value created
our business model Financial capital
SHAREHOLDERS
is underpinned by
`
Robust financials RESIDENTIAL Sustainable topline
~124 Mn sft
Maintaining a strong balance Market study and
our commitment to sheet feasibility
Continued profitability and returns
Credit rating of ICRA A+
ensuring we fulfill the Flexible finances
Area under Construction and
needs and expectations Manufactured capital
Planning
CUSTOMERS
of our key stakeholders. Ensuring quality, delivery, Site acquisition Quality and brand assurance
We continually fine- and management of and diligence COMMERCIAL 281 projects spanning 166 Mn sft already delivered
properties developed and
tune our business maintained by us ~37 Mn sft Reliable property management
CRISIL DA1+ Grading for project excellence
model in accordance Area under Construction and
Approval and design Planning
with evolving industry Intellectual capital management
PARTNERS
trends. Prestige Estates is Member of leading bodies such as CII, CREDAI,

well-recognised for its among others
RETAIL
distinguished track record of Works together with associations to help frame policies
consistency and growth
Advertisement and ~8 Mn sft that benefit the overall industry
Engagement with local suppliers and vendors
Human capital branding Area under Construction and
Planning
Highly engaged workforce EMPLOYEES
Broad skillset Workplace transparency and inclusivity
Focus on diversity and
Regular training sessions and career development
inclusion Execution and HOSPITALITY
Talent identification and retention
~5 Mn sft
Culture that fosters monitoring
Employee engagement
collaboration and creativity
Skill development school
Area under Construction and
Planning
Social and relationship capital Selling or Leasing and GOVERNMENT
Long-established property management Contribution to exchequer
relationships within the PROPERTY MANAGEMENT Assistance in community building
ecosystem Partnering in ‘Housing for All’ scheme
AND SERVICES
Natural capital Effective capital recycling 182 SOCIETY AND ENVIRONMENT

We are working to Continued investment in CSR
Properties under Management
enhance our performance Environment-friendly processes used in
in environmental construction
sustainability

Stakeholder Engagement
Continuous Engagement, Stakeholder

Group
Stakeholder Priorities Engagement Mode Frequency
Enhanced Rich and diverse exposure to E-mails, one-on-one and group Regular
TRUST
enhance skill and knowledge meetings Periodical
Inspiring leadership Town hall meetings Annual
Professional culture built on Employee engagement initiatives Need-based
fundamentals of honesty, Cultural events
Employees integrity and ethics Training and development
Learning & growth workshops
opportunities Health initiatives
Stimulating work environment Performance appraisals
Career and growth Grievance redressal mechanisms
Consistent stakeholder communication and engagement are an integral part opportunities HR connect
of our strategy. Over the decades, we have fostered strong relations with our Project reviews
Offsites
stakeholders, built on mutual trust and respect. Through continuous engagement Rewards & recognition
via multiple channels, we actively listen to their concerns and aspirations, with a Employee surveys
dedicated focus on addressing them.

Empower underserved CSR initiatives Regular
This approach enables us to cultivate mutually beneficial relationships, identify opportunities for growth, and effectively manage children, youth, and women Focus on health, education, Programme-
emerging risks. It outlines the activities we engage in and the outcomes we aim to achieve, all geared towards creating value through education and skill- livelihood and poverty alleviation based
for all stakeholders. We have defined key stakeholder groups and specified the nature of our Company’s engagement with each building Skill development and training
group. Communities Improve the quality of life workshop
through better healthcare Employee volunteering
facilities
Safe work practices to protect
community near construction
sites
Stakeholder
Stakeholder Priorities Engagement Mode Frequency
Group Compliance with applicable Meetings, presentation, reports Periodic
laws and regulations and networking in different forums Need-based
Strengthen brand loyalty & Sponsored events Regular
Timely reporting through RERA organised by regulatory authorities
advocacy Mailers & newsletters Periodical
compliance-based forms Mandatory regulatory filings
Building long-term mutually Brochures Annual
Active participation in Periodical submission of business
beneficial collaborative Brand campaigns Need-based Government/
regulatory working groups performance
relationships Sales pitches Regulator Bodies
Annual Report
Customers Strong brand and differentiated Customer visits
Written communications
offerings Website
Superior experience Webinars
Quality homes and workplaces Media and social media
Ethical business conduct & fair Phone, email or in person Regular
Competitive Pricing Customer satisfaction
business practices engagement Need-based
surveys
Sustainability led growth Suppliers’ meetings, regular Periodical
Community events
opportunities meetings, seminars, and Continuous
Timely payment workshops
Consistent returns on Investor and analyst Regular Vendors/ Recurring orders to grow Capacity building and
Investment conferences Quarter Suppliers/ business sustainability for suppliers
Transparent Disclosures Periodic meetings Annual Dealers Ensuring quality and meeting One on one meetings
Ethical business conduct Annual report Need-based project schedules Training an awareness drives on
and comprehensive risk Press releases or Expanding reach & impact sustainability topics
Investors management media updates of sustainability initiatives
Earnings calls by integrating sustainability
principles across the supply
chain

Prestige Jindal City
Tumkur Road, Bengaluru
(Shot at Location)
Business Review
Our Residential Projects have consistently set new standards for the concept
RESIDENTIAL
of home and lifestyles, leaving a lasting impact on generations to come. With
meticulous attention to detail, smart designs, and aesthetically curated spaces,
we empower our customers to create homes they truly cherish. Our dedication
to fulfilling our commitments has earned us a reputation of trust and reliability
among our valued clients.
Our residential product line caters to a wide array of preferences, offering a diverse range of options to suit every lifestyle. From townships and
apartments to luxury villas, row houses, plotted developments, golf course projects, and mid-income housing, we cater to the diverse needs of
our esteemed clientele
Overview of India’s Residential Real Smart and Sustainable Lifestyles

Estate Sector
140
Today’s consumer is swiftly adopting
In FY 23, the Indian residential real estate technology to ensure safety and well-
market witnessed remarkable growth, being of their property and their families.
Projects completed
setting new records in both sales volume Smart homes and sustainable living
across 114 Mn sft
and value. This surge was primarily driven have emerged as a buzzword for the
by increased sales in the luxury housing new generation of home buyers. This is
37
segment (units priced above ₹ 1.5 Cr). leading real estate developers to create
green buildings, equip residences with
The uptick in luxury housing can be
home automation systems, and invest in Projects under construction
attributed to several factors, including
proptech. in 9 cities across 48 Mn sft
improved homeownership sentiment,
enhanced earning potential, and a growing Townships and Mixed-Use Properties
preference for future-proofed homes in Customers today prefer self-contained
terms of size, lifestyle, and resale value
growth. The sector is witnessing major
neighbourhoods with options for flexible
living arrangements and access to
27
demographic shifts as new generations dedicated spaces for work, recreation,
Projects under planning in 5
of Indian homebuyers emerge on the cities across 76 Mn sft
shopping, health and fitness. Therefore,
scene with purchasing power backed by developers are concentrating on
a decade of consistent economic growth. developing infrastructure that provides
The Expanding Middle Class amenities for an aspirational quality of life. `78,474 Mn
The Indian middle class has continued Looking ahead, India’s housing market is Free cash flow from
to grow over the past 20 years but expected to sustain its momentum. The completed and under
particularly so during the past decade, demand is expected to remain stable construction projects
with the advent of technology and access and healthy, despite potential headwinds
to urban infrastructure. As a result, there like a likely global recession and ongoing
has been a marked shift and migration of
younger populations from the hinterlands
inflation. The market is well-positioned to
handle any pressure due to factors such
`1,98,160 Mn
Free cash flow from projects
towards cities. Vertical living spaces, high- as supply consolidation and improved under planning
rise buildings, and gated communities that affordability compared to historical
are well-equipped with modern facilities standards.
with access to options for social life are (Source: Industry Reports)
witnessing high growth.
Our Strategy at Prestige Estates
Our residential segment strategy embodies a customer-centric, innovative, and growth-focused approach. By staying ahead of market
trends, embracing technology, and understanding the changing preferences of our customers, we are well-positioned to lead the industry
Prestige Leela Residences, Old Airport Road, Bengaluru (Shot at Location)
and deliver superior value to all stakeholders. Through collaboration, transparency, and a relentless pursuit of excellence, we are confident
that our residential segment will continue to be a driving force of our success in the years to come.

Business Review
COMMERCIAL Our portfolio of Commercial spaces is extensive, and we anticipate it to surpass

a total area of over 75 Mn sft, including under-development projects. Our rental
portfolio has shown consistent growth, reflecting the strong momentum in this
segment. Our office spaces boast distinctive designs that are interlaced with
tech-driven asset services, ensuring that our offerings remain contemporary for
the long term. We remain committed to expanding and enhancing our commercial
offerings, ensuring sustainable growth.
Overview of India’s Commercial Real Estate Sector
Despite the challenges faced by the global commercial real

estate market in recent years, India has managed to buck
120
Projects completed
the trend and exhibit remarkable and consistent growth
across 40 Mn sft
in this sector. This positive performance is complemented
by India’s ascendance as the world’s fifth-largest economy,
and experts predict it to rise further to claim the third spot
by the year 2029. The country’s strong domestic demand,
12
affordable quality real estate, global tech and R&D hub Projects under construction
in 5 cities across 23 Mn sft
credentials, and thriving start-up culture are driving the
growth of its commercial real estate sector.
9
India has demonstrated its commitment to achieving
net-zero emissions by making various ESG disclosures.
As a result, the commercial real estate (CRE) sector in Projects under planning in
India is expected to align itself with international green 4 cities across 14 Mn sft
building standards, catering to the evolving requirements
of corporations in the future.
The Government’s focus on infrastructure, ease of

investments, and reforms like RERA have boosted `2,100 Mn
demand for commercial space. Initiatives like Smart Cities Exit rentals per annum
Mission, National Highways Development Programme,
and Pradhan Mantri Kaushal Vikas Yojana (PMKVY) have
improved connectivity and created a skilled workforce.
(Source: Industry Reports)

`23,717 Mn
Projected annuity income by
FY 28
Our commercial office strategy embraces a forward-looking approach that focusses on

sustainability, innovation, and client-centricity. As India’s commercial real estate sector
continues to thrive, we are well-positioned to capitalise on the growth opportunities and
play a significant role in shaping the future of office spaces in the country. Through strategic
investments, technological advancements, and a commitment to sustainability, we are
confident in our ability to achieve long-term success and deliver value to all stakeholders
Prestige Alphatech, Kharadi, Pune in the commercial real estate sector.

Business Review
RETAIL
During FY 23, malls experienced a robust resurgence in footfalls, leaving
behind the COVID-19 era. This resurgence has led to increased lease rentals
and occupancy rates as businesses seek to complement their online presence
with physical expansion. The transformation of retail spaces into engaging
destinations through experiential retail and personalised services has been a
significant factor in this revival. Consumers are attracted to unique experiences
like interactive displays, immersive showrooms, and curated pop-up shops,
revitalising the appeal of retail spaces.
Moreover, malls have regained their position as venues for socialising and
12
events, filling the void left by the COVID-19 pandemic’s lack of physical
social interaction. At Prestige Estates, we are eager to partake in this
ongoing growth journey of retail real estate, recognising the potential for Projects completed
sustained development in this sector. across 9 Mn sft
Overview of India’s Retail Real Estate Sector
Retail real estate has maintained a steady growth trend in India, not 2
counting the two years of the COVID-19 pandemic. During FY 23, there Projects under construction
was a sharp rebound in activity, footfalls, as well as development. The in 2 cities across 2 Mn sft
sector is under a global spotlight. Driving its growth is the fact that India
is world’s second fastest growing retail market after China, with a wave of
consumerist demand being released in the post-pandemic environment.
Built on the back of consumer-driven growth, this sector is seeing newer
5
ways to attract investment – such as REITs. Projects under planning in
4 cities across 5 Mn sft
The country’s retail industry is projected to reach US$ 1.1 Tn by 2027 and
US$ 2 Tn by 2032, presenting a lucrative opportunity for investors. In India,
malls serve not only as retail outlets but also as safe and clean public
spaces in densely populated and lacking public places in cities. `1,865 Mn
Global investors are increasingly recognising the abundant opportunities Exit rentals per annum
to invest in developing retail real estate in India. The market presents
a compelling business case due to its vast potential, the favourable
`5,659 Mn
prospects for developing shopping centres, and the attractive high rate of
returns on such investments. As a result, it is evident that India will witness
a substantial surge in capital inflows over the next two decades. Annuity income by FY 27
(Source: Industry Reports)
Our retail segment strategy is geared towards creating vibrant, customer-centric, and sustainable destinations
that meet the demands of modern consumers. By focussing on experiential retail, strategic expansion, and
embracing global investment trends, we are confident in our ability to drive growth, attract global investors,
and continue to lead the way in India’s retail real estate sector. Through innovation, collaboration, and a
The Collection @ UB City, Vittal Mallya Road, Bengaluru (Shot at Location)
commitment to excellence, we will create retail malls that serve as not only shopping destinations but also
thriving community spaces for generations to come.

Business review
HOSPITALITY
Our Hospitality Segment has experienced remarkable growth, leading to
the development of landmark hotels and serviced apartments in India. As a
premium player in the hospitality arena, we specialise in creating and owning
hotels, resorts, convention centres, and serviced apartments. Our strategic
partnerships with renowned global brands further solidify our position as a key
player in the industry.
During FY 23, India’s hospitality industry achieved a full recovery. Travel and
tourism, along with events and conventions, are experiencing a resurgence,
and niche segments are emerging to cater to diverse travellers. In this
segment, we offer premium offerings through our prestigious hotels, 9
resorts, and serviced apartments. Our growth in this sector is fuelled by Projects completed
our strong brand recognition and value-led partnerships, enabling us to across 1,368 keys
deliver exceptional experiences to our valued customers. As the hospitality
industry continues to flourish, we remain committed to providing top-notch
6
services and expanding our presence, establishing ourselves as a trusted
and preferred choice in the dynamic Indian hospitality market.
Projects under construction
Overview of India’s hospitality sector in 3 cities across 1,217 keys
During FY 23, India’s hospitality sector demonstrated remarkable strength
and resilience following the reopening after the COVID-19 pandemic. The
recovery has been rapid and has surpassed pre-pandemic performance
levels. Domestic travel has been a major driver of growth in the segment, 3
closely followed by the Meeting, Incentives, Conferences, and Exhibitions Projects under planning in
(MICE) segment. Business travel has resumed, and leisure travel has 3 cities across 553 keys
reached an all-time high.
Key trends noticed in the industry include the rise of the leisure and
business-leisure category, as well as a growing focus on sustainability.
These trends have garnered the interest of global hotel chains, leading to
increased interest in building scale and expanding their presence in the
Indian hospitality market. The positive performance and evolving trends in
the sector present promising opportunities for growth and development in
the coming years.
As a prominent player in India’s hospitality sector, our Company is poised to capitalise on

the sector’s remarkable recovery and growing trends. Our hospitality segment strategy
for large hotels is designed to leverage the rapid rebound, increasing domestic travel,
and the resurgence of the MICE and leisure segments. Through strategic partnerships,
sustainability initiatives, and a focus on guest safety and technology, we are confident in
our ability to capture the opportunities presented by India’s hospitality sector’s resurgence.
By delivering memorable experiences and personalised services, we will establish our
large hotels as beacons of hospitality excellence in the Indian market.
JW Marriott Bengaluru Prestige Golfshire Resort & Spa, Nandi Hills (Shot at Location)

Business Review
PROPERTY
MANAGEMENT We are capitalising on substantial opportunities arising from
ongoing sector developments and high-growth markets. Within
the property management services, we offer a wide range of
comprehensive offerings, including facility, housekeeping, security,
owner/tenant experience and other property management-related
services.
Our strategy is centred around maintaining

all Prestige properties with excellence and 182
commitment. Maintaining and enhancing the Properties maintained
value of Prestige properties, ensuring they remain (117 Mn sft)
lucrative investments for our clients. We achieve
this through proactive and diligent property
maintenance, attentive tenant relations, and
efficient financial management.
98
Projects in the pipeline
By adhering to our core values and delivering (155 Mn sft)
exceptional services, we are confident in our ability
to position ourselves as a leading and trusted
property management partner, enhancing the
value and success of our clients’ real estate assets.
`5,950 Mn
Gross revenue in FY 23
`10,000 Mn
Future potential
Prestige Cyber Green, Kakkanad, Kochi (Shot at Location)

UB City
Vittal Mallya Road, Bengaluru
(Shot at Location)
ESG Report
At our core, we are committed

to sustainably shaping a better
future for our planet.
Our purpose is to create
and maintain sustainable
environment that meets the
evolving needs of our time.
Amid the climate crisis,
our strong connections
with stakeholders are more
important than ever.
We lead a transformative
journey, reshaping India’s urban
landscapes and setting new
industry standards through
exceptional buildings. Our
ultimate goal is to establish an
environmentally sustainable
ecosystem that benefits our
communities, leaving a lasting
impact.
Our ability to create long-
Crafting a Responsible Way

term value is closely related
to the way we manage our
Environmental, Social and
FORWARD
Governance (ESG) priorities.
The Prestige City, Sarjapur, Bangalore

Environment
Greener planet, Sustainable In real estate development, we recognise the paramount importance of the
environment in our progress. As a responsible corporate citizen, we firmly believe
FUTURE
that environmental sustainability is vital for the well-being of all stakeholders.
Integral to our business strategy, we prioritise developing initiatives. Furthermore, at Prestige Estates, we firmly
properties that are both durable and environmentally believe that aligning environmental consciousness with
sustainable. We take comprehensive measures to minimise regulatory compliance is crucial to making a responsible and
our environmental impact, incorporating sustainable design accountable impact. To achieve this goal, we have mapped
principles into our buildings. Throughout the project life our energy consumption, water management, waste
cycle, we strive to use high-quality, sustainably sourced management, and material sourcing practices to meet
materials, promote energy efficiency, and create green the standards set by the ISO 14001:2015 Environmental
spaces to enhance well-being. Management System.
Our Integrated Property Management Policy places great

emphasis on preserving the environment through various
KEY DRIVERS OF OUR ENVIRONMENT INITIATIVES
Renovate, Restore and Towards a Better Tomorrow

Maintain
i. Geotagging flora to ensure the
i. Enhancing the aesthetics safety of plants and enable future
of open grounds and research
surrounding areas ii. Encouraging healthier living by
ii. Constructing and renovating offering clean and sanitised
community restroom facilities spaces
iii. Preserving the entire iii. Creating and enhancing landscape
landscape area areas
Update and Upgrade Enhance and Beautify

i. Placing signs to raise i. Cleaning and enhancing the
awareness landscape area
ii. Establishing an effective solid ii. Installing chain-linked fencing to
waste management system safeguard the landscape
iii. Supplying a water purifier unit iii. Taking initiatives to lead cleanup
to ensure access to clean campaigns
drinking water
JW Marriott Bengaluru Prestige Golfshire Resort & Spa, Nandi Hills (Shot at Location)

Water Management
Water is a vital natural resource and essential for the real estate
sector’s construction activities. At Prestige Estates, we recognise
its importance and have taken proactive measures to preserve 8.36 Mn litres
and recycle water. We have installed rainwater harvesting Reduction in Freshwater
mechanisms and Sewage Treatment Plants at various locations Consumption in FY 23
to naturally preserve water and reuse it for flushing, landscaping,
basement cleaning, and cooling towers.
To further enhance water conservation and user satisfaction, 1,991Mn litres

we employ dual flushing systems in plumbing components and Water Recycled in FY 23
flow reducers that reduce the flow rate by 40% without affecting
pressure.
Note: Data is for all PPMS properties in Bengaluru, Cochin,
Hyderabad and Chennai (Commercial and Residential)
Energy and Emissions Management
At Prestige Estates, energy management is our
52,362 Mwh
central focus as building occupancy contributes
to about 90% of total energy consumption over
a building’s lifespan. Our ongoing efforts involve Energy Savings - Wheeling in FY 23
integrating energy consciousness and the latest
technologies into our operations and projects to
create remarkable and sustainable designs. We
achieve this by using effective designs, appropriate
53 Mwh
materials, and energy efficient equipment, Solar Rooftop Capacity in FY 23
significantly reducing overall energy consumption
140 tCO2e
and CO2 emissions, thus taking steps against
climate crisis.
Carbon Emissions
Reduced in FY 23

Green Buildings
As part of our ESG agenda, we focus on developing green Our priority is to ensure consumer satisfaction through the
buildings, aligning with the UN SDGs. Green buildings integration of green design principles.
play a crucial role in reducing environmental impacts by
optimising water and energy usage, utilising resources
efficiently, and enhancing occupant well-being. Moreover,
they offer financial benefits.
90%
To achieve this, we emphasise sustainable materials Of Office pipeline - LEED
and conduct life cycle impact assessments to minimise Gold, LEED Platinum and
carbon emissions. Our assets strive for ‘Green Building’ WELL Certified
certifications, adhering to IGBC, LEED, and ECBC standards.
Integrated Property
Management Services
Our property management services take a vigilant approach To keep the management informed, we provide regular
to crucial environmental factors, such as efficient water progress reports through project-specific monthly reviews.
recycling and waste management, even after asset If necessary, we propose and implement diligent corrective
handover. We are fully committed to compliance, ensuring actions based on thorough evaluations.
strict adherence to all relevant environmental regulations.
Waste Management
Safely managing construction and demolition waste is

crucial for environmental conservation. At Prestige Estates,
we take a consistent and compliant approach to ensure a
safe, healthy, and sustainable future.
3,479 Tons
Waste Generated in FY 23
To address this, we dispose off hazardous waste, such
as waste oil from diesel generators, paint, and varnish
leftovers, by sending them to authorised third-party vendors
for proper processing. For organic non-hazardous waste,
we prioritise composting to reduce methane emissions and
782 Tons
Waste Recycled in FY 23
utilise it as fertiliser for our property landscapes instead of
sending it to landfills.
Additionally, we maximise recycling of inorganic non-

hazardous waste through authorised entities. Note: Data is for all PPMS properties in
Bengaluru , Cochin, Hyderabad and Chennai Prestige 101 BKC, Mumbai
(Commercial and Residential) An Artist’s Impression

Our Experience New Offices in
CENTRES DUBAI AND MUMBAI
Prestige Jasdan Classic, Mumbai
Prestige Dubai Office
Prestige Lakeshore Drive, Bengaluru
The Prestige City Mulund, Mumbai Prestige Mumbai Office

Social
Our workforce is crucial to our growth. At Prestige, we focus on cultivating a

Engaging workplaces, rewarding dynamic, diverse, and reliable team by nurturing and harnessing their potential.
We are committed to creating a workplace ecosystem that fosters continuous
CAREERS
learning and innovation, allowing us to deliver exceptional business value and
drive thought leadership.
We are committed to empowering our personnel and creating an inspiring

environment that drives initiative and generates sustainable value for stakeholders.
Our focus areas include diversity, equality & inclusion, health and safety training,
performance management, and employee engagement. We allocate resources
to support their growth and enable them to reach their full potential.
FY 21 FY 22 FY 23
Employee Strength - Permanent (Nos.) 1,140 1,124 1,292
New Hires - Permanent (Nos.) 86 197 301
Attrition Rate (%) 13 13 12
Being Diverse and Inclusive

We deeply respect our people and offer support, embracing Regular diversity and inclusion training is provided to our
human differences, including gender, sexual orientation, employees, creating awareness and challenging biases.
age, ethnicity, religious beliefs, geographic location, class, We establish employee resource groups and affinity
culture, physical abilities, and more. Our diverse workforce networks to support underrepresented groups and foster
brings unique identities and experiences that foster diverse a sense of belonging. Our goal is to create an inclusive
thinking, providing balance and perspective. culture that values and celebrates diversity, encourages
We believe diversity drives innovation, and an inclusive diverse perspectives, and ensures equitable treatment and
workplace offers equal opportunities for all. We ensure fair opportunities for all.
treatment for each employee and support caregivers in
1,356
balancing their professional and family priorities.
We firmly implement comprehensive policies that explicitly
prohibit discrimination and promote equal opportunity. Our Women Employees at group
unbiased recruitment practices, including blind resume level in FY 23 (Nos.)
screening and diverse interview panels, ensure a fair and
inclusive hiring process.

Learning and Development Human Rights monitoring system ensures no deviation from these
standards. During the reporting period, we are pleased
We adhere to the highest human rights standards in all our to report no instances of child labour, forced labour, or
operations, strictly complying with laws and regulations involuntary labour within our operations.
We are currently organising a series of capability building workshops to enhance and refine that protect individual well-being. Our robust human rights
Capability Building
Workshops
the skills of our employees. policy, implemented across our entire value chain, reflects
our commitment to a secure and equitable environment.
Zero
Complaints Regarding
We strictly adhere to local, state, and federal laws prohibiting
Workplace Harassment in
child labour and forced labour. Our dedicated compliance FY 23
Our sales team received training on the ‘10 Commandments’, a workshop designed to
enhance their selling skills. This one-day training covered various concepts, including
Sales Training understanding customer needs, making a sale, cross-selling, advising clients, and closing
sales.
Business Etiquette The pre-sales team underwent a two-day workshop, focussing on various concepts that
Training upskilled individuals, including email etiquette and business writing skills.
Individuals identified as high-potentials within the organisation participate in assessment

centres, involving multiple tests to evaluate their skills. Participants are assessed based on
Skills Development various parameters, followed by debriefing sessions on the assessment reports and book
reviews.
With the vision of fostering a learning culture and emphasising upskilling across all
employee levels, we introduced LinkedIn Learning as our new learning partner. This last
Online Learning
quarter, our focus was on seamlessly transitioning our employees to the platform. We have Health and Safety that supports our workforce’s physical, emotional, and
been sharing mailers and manuals with our target audience to facilitate the transition. To spiritual well-being. We have implemented strict policies
Tools add an element of fun, we also introduced the Learner Challenge for Individual Contributors We prioritise our employees’ health, safety, and well- for contractors and sub-contractors across our projects,
& Managers. We firmly believe that learning brings exponential benefits, helping to build being, recognising that a safe work environment is crucial focussing on critical safety practices to significantly reduce
continuous learning habits. for their optimal performance and the achievement of site fatalities and injuries.
our organisational objectives. Our deep commitment to
We are proud to have received the Great Place to Work certification for three consecutive employee well-being drives us to promote awareness and
years. The Great Place to Work Institute conducts a comprehensive survey engaging all provide education on relevant matters actively.
Great Place To employees on various facets such as credibility, camaraderie, respect, fairness, and pride. Our topmost priority is to create a secure environment
Work® Our people practices are evaluated with a focus on originality, variety, inclusivity, human
touch, and integration. Based on this framework, we are evaluated and subsequently
Zero
certified. This prestigious certification speaks volumes about our existing practices
Fatal Incidences
Giving back to society is a core ethos embraced by the Prestige management team. The
‘Joy of Giving’ initiative has been an ongoing endeavour at Prestige for many years. This
Giving Back To year, we celebrated it by launching a campaign among our employees. A donation drive was
Society held wherein we collected items such as clothes, stationery, books, and toiletries, which
were then donated to the Rakum School of the Blind.
100%
Offices Assessed for Health
and Safety Practices

Talent Retention and Employee Our employee value proposition includes competitive
running, walking, taking the stairs, and sprinting. Individuals Yoga as Part of the Wellness Charter
Performance compensation, comprehensive benefits, and ample
track their daily step count and share it with us on the SAP
opportunities for professional development. To promote well-being and help employees integrate their
JAM social collaboration tool. body, mind, and thoughts, we designed a flow for practicing
Talent retention is crucial to our success at Prestige Estates. Through effective talent-sourcing strategies, such as
We aim to attract and retain high-potential individuals who attending industry events and partnering with reputable No Excuse November Asanas. This session aims to bring participants into a state
can support our evolving business needs. Our Employee educational institutions, we connect with exceptional of calm, decode elements that drive well-being, and provide
The first week of November witnessed a self-serve style
Value Proposition (EVP) is central to achieving this goal. It candidates. Our streamlined selection process incorporates practices for stress reduction at work.
challenge, wherein our employees were instructed to take
outlines the value we provide to our employees and sets thorough assessments, interviews, and reference checks. on one challenge prescribed with instruction mailers shared Healthy Workplace Certification by Arogya World
clear expectations in return. We prioritise providing a positive candidate experience with them. We proudly secured the ‘Silver Level Certification’ in Healthy
To attract and retain top talent, we focus on building throughout the recruitment journey. By focusing on talent
Zumba Workplaces conducted by Arogya World. The evaluation
a robust employer brand that highlights our values, retention, we create an environment where individuals can
covered all dimensions of wellness, including physical,
culture, and growth opportunities. We employ diverse thrive, contribute, and drive the ongoing success of Prestige As a part of the wellness charter, this initiative plays a
mental/emotional health, eating practices, occupational
recruitment channels, such as online platforms, social Estates. significant role. To promote well-being and an active
well-being, intellectual and social aspects, and cultural
media, professional networks, and employee referrals. lifestyle, we organise sessions like these to ensure that our
aspects. The assessment outcomes are integrated into our
employees benefit the most. The session is fun-filled and
wellness strategy, with interventions curated to address
serves as an excellent cardio workout as well.
identified gaps. Individuals have been identified to coach
Virtual Townhall other employees on lifestyle interventions to prevent and
The virtual town hall serves as a platform to connect and manage diabetes.
share. Our CMD addresses the entire organisation through
Prestige Family Day
this platform, discussing the roadmap and addressing key
Family Day brings employees and their families together
employee queries.
under one roof. The theme for last year was “Great Gatsby”,
Christmas Celebrations with employees and their families dressed in cocktail gowns
At Prestige, we are inclusive of all religions and celebrate and tuxedos to enhance the evening’s atmosphere. The
all festivals equally. Christmas was celebrated with a well- event featured a variety of activities, including rewards &
received fun activity called the Mannequin challenge. recognition, cultural programmes, and a DJ evening. The
cultural events included meticulously practised dances
Value Oath Ceremony
prepared specifically for the evening. Our CMD also
Every year, we take an oath to uphold the core values of addressed everyone during the event, which concluded
Prestige. The Value Oath Ceremony is a symbolic event that with a dinner for all. Such events bring immense cheer and
reinforces these core values. Value videos are shared with enthusiasm among our employees.
employees, along with an address by the CMD and JMD.
Spot Awards
Women’s Day Celebration
To cultivate a culture of high performance and positive
We organised a series of events to celebrate the spirit of behaviours leading to favourable business outcomes, we at
womanhood and their contributions at work. These included Prestige have institutionalised the Spot Awards. We believe
sessions on sound healing, financial literacy, and a nutrition that a rewarding culture fosters positivity and nurtures new
Employee Engagement talk with Upasana. On the day of the event, a ramp walk and ideas for continuous improvement. With diverse business
talent show were conducted, followed by cake cutting and segments across multiple geographies within the country, our
POSH@Prestige a high-tea. core values serve as the unifying force that binds us together.
From the perspective of compliance and creating
awareness among our employees, virtual sessions with The Employee Experience: Culture, Engagement & Beyond!
subject matter experts are conducted. In-person sessions Individuals form the fundamental building blocks of an organisation, serving as its most valuable asset. Our commitment
are also conducted for blue-collar employees to build extends beyond mere engagement as we strive to provide a comprehensive employee experience that lies at the heart of our
awareness. These sessions empower our employees with employee-friendly culture. We meticulously craft experiences that culminate in significant moments. We have formed clubs to
the knowledge of whom to approach and how to navigate promote a community of like-minded people.
challenging situations.
Step Bucks Challenge Runner’s Club Biker’s Club
There was always a lot of buzz when this initiative was The Runner’s Club embodies a philosophy of The Biker’s Club is a platform that unites kindred
rolled out. Through this initiative, employees are encouraged inclusivity, where fitness is embraced as a lifestyle. spirits, encouraging connections beyond the formal
to achieve 10,000 steps every day through activities such as Our goal is to foster a culture deeply rooted in fitness confines of the workplace. With a substantial number
and well-being, which is why we organise regular of biking enthusiasts within our organisation, this
runs every few weeks, dedicating weekends to this club has flourished into a remarkable success story.
pursuit.

Winning
TOGETHER
Biker’s club launch ride
International Women’s Day
Value Oath Ceremony
Marathon
Prestige Family Day
Marathon Activities at Prestige Prestige Family Day Year-End Prayer Meeting

At Prestige Estates, our dedication to Corporate Social Responsibility (CSR)

Social
drives us to undertake projects that create positive social impact. We believe in
fostering inclusive environment that benefit all stakeholders, providing enriching
Cohesive communities,
spaces while actively supporting the local economy, schools, and talent. From
the beginning, we have closely collaborated with the community to ensure our
developments bring benefits to everyone.
Empowered Joy of Giving
SOCIETY
Maintaining Prestige Pinewood’s
The ‘Joy of Giving’ event is a remarkable occasion that spans Surrounding Parks
an entire week. It’s a dedicated effort to collect toys, books,
We take charge of upkeeping the parks surrounding the
and stationery for helping children in need. Throughout this
Prestige Pinewood Project in Koramangala, Bengaluru.
week, we encourage our employees to contribute gently
Overseeing a total area of 2.8 acres that spans four parks,
used items in great condition, sharing with those who are
our maintenance responsibilities are extensive. These
less fortunate.
include tending to trees, plants, and grass through regular
Reflecting on the past year, we recall our initiative called practices like watering, pruning, staking, manuring, and
‘Let’s Go Shopping.’ During this event, children from an NGO de-weeding. Moreover, we handle general housekeeping
visited stalls set up by Prestige. These stalls allowed them tasks, maintain signage boards within and around the park,
to pick items they liked, creating joyful and empowering oversee litter bins and seating areas, and ensure the upkeep
experiences. of the lake fence.
In the fiscal year, our charitable donations were directed Maintaining St. Marks Road
to the Rakum School of Blind. Through this initiative, we’ve
We also oversee the upkeep of St. Marks Road, Bengaluru
been able to provide invaluable benefits to around 150
tending to an area of 13,800 sft that includes planter boxes
children.
on both sides of the road. Our maintenance responsibilities
are diverse, involving plant care, general tidiness, signboard
upkeep, litter-bin management, and fountain maintenance.
Additionally, we extend financial support for maintaining the
planter boxes.
Other Initiatives
Mindful of the harmful impacts of climate change and
environmental decline, and driven by our dedication
to restore our planet’s ecosystem, our team has taken
the lead in a tree planting campaign across Prestige-
managed properties. This endeavor has resulted in the
successful planting of over 5,000 trees.
In a bid to combat plastic pollution, we organized

a cleanup drive at Nandi Hills, a heavily frequented
location. This initiative was undertaken by a team of
Maintaining the Ulsoor Lake
over 50 members, culminating in a resounding success.
We play a proactive part in maintaining Ulsoor Lake, Bengaluru
Through voluntary efforts such as maintaining multiple
which includes overseeing a vast area of 37.5 acres that
government parks, including Bengaluru’s Ulsoor Lake
surrounds the lake. Our duties involve looking after trees,
Park, we’ve made a positive impact on both society
plants, and general cleanliness tasks. Remarkably, Prestige
and the environment. These endeavors highlight our
Group is entrusted with the upkeep of litter bins, the landscape,
commitment to environmental conservation and
and the park. Additionally, our Property Management Services
community well-being.
team at Prestige takes care of cleaning the gym and the fence
encircling the lake.

Governance To scale our success and create long-term value for our stakeholders, our Board
and Management are dedicated to maintaining the highest levels of accountability,
transparency, social responsiveness, operational efficiency, and ethical conduct.
Greater Values, Deeper Our Company places great emphasis on good corporate governance and ensures
compliance with all relevant laws and regulations. We are resolute in upholding
IMPACT
the highest standards of business ethics and conduct. We adhere to our policy
of timely disclosures regarding our financials and performance.
Accountability
Governance
Strategy at
Prestige
Shareholder
Transparency
Engagement
Governance Policies
Whistle Blower Policy (Vigil Mechanism) Policies Under 9 Principles of Business Responsibility
Risk Management Policy and Sustainability Report
Related Party Transactions Policy Code of Conduct for Prohibition of Insider Trading
Corporate Social Responsibility Policy Directors Familiarisation Policy
Material Subsidiary Policy Policy on Board Diversity
Terms of Appointment of Independent Directors Policy for Preservation of Documents
Code of Conduct for Independent Directors and Senior Policy on Disclosure of Material Information/Events
Management Personnel Policy on Prevention, Prohibition & Redressal of Sexual
Nomination and Remuneration Policy Harassment at the Workplace
Dividend Distribution Policy
The above policies are available on the website of the Company.

BOARD OF DIRECTORS
IRFAN RAZACK
Chairman and Managing Director
About our Board
All-Asia Executive Team Rankings Images Retail Award
Our Board of Directors at Prestige Estates assumes The Board Committees hold a crucial position within for Excellence in Retail & Customer Service
collective responsibility for directing, governing and the Company’s governance structure and are formed to
controlling the organisation. It provides effective corporate India’s Best CEO, Real Estate at Tenth Edition of Business
address specific areas or activities that are of concern to
Today’s Annual Conference, MindRush
governance, promoting an ethical corporate culture and the Company and require closer examination. These Board
overseeing that the organisation is a responsible corporate Honored with the prestigious Entrepreneur Of The
citizen. Furthermore, our Board acts as a link between the Year award in the Energy, Real Estate & Infrastructure
stakeholders and the organisation by ensuring transparent
and effective communication.
04 category at the recently concluded EY Entrepreneur Of
The Year Awards™ 2022.
Executive Directors
Pursuant to the provisions of the Companies Act and SEBI He also received the coveted ‘The World’s Greatest Leaders
2015-16 – India’ from Asia One and ‘Best CEO – Real
Listing Regulations, the Board of Directors have adopted a
05
Estate and Construction’ from Business Today in 2017.
formal mechanism for evaluating its performance as well
With more than 50 years of rich, hands-on experience in He was lauded with the Real Leader Award for his social
as that of its committees and individual Directors, including
the real estate industry, Mr. Irfan Razack steers Prestige endeavours at the Indian Realty Awards 2013 and was also
the Chairperson of the Board. The evaluation is conducted Independent Directors
onwards with a keen business acumen and foresight, declared Leader of the Year. Known as a business leader
using a structured questionnaire that covered various placing the highest priority on ethical business principles with a large heart, he is involved in several philanthropic
aspects of the functioning of the Board and its Committees. and practices. A visionary, a real estate icon and the causes and also actively supports the Company’s numerous
Encompassing 4 executive directors and 5 independent
directors, our 9-member Board provides valuable guidance
02 inspiration behind the Company’s success, he has the ability
to create opportunities and the determination to ensure
CSR initiatives. As former President of Rotary Midtown,
Bengaluru, he is still actively involved in the club’s activities
Women Directors (1 Executive & that his vision come to fruition. He is also the Company’s and is a Paul Harris Fellow. In 2015, he was inducted as
to navigate our business operations effectively. The varied 1 Independent) principal architect, exhibiting the creativity and insight a member of the esteemed Arch C. Klumph Society – a
expertise and extensive knowledge of our Board members required to conceive aesthetically appealing and yet, wholly special fellowship offered to only a privileged few from the
consistently strengthen our governance framework. To saleable real estate products. Considered one of the leading Rotary Foundation. In addition, he has served as Honorary
effectively supervise vital business operations, we have authorities on real estate in India today, he has won and Secretary of the Al-Ameen Educational Society for 21 years.
implemented a range of committees. Our leadership team Committees hold a crucial position within the Company’s continues to win several awards and accolades. Some of His active involvement in the society, led him to institute the
is responsible for supervising the environmental, social, governance structure and are formed to address specific them are mentioned below: widely acclaimed ‘Prestige Citizen Extraordinaire Award’
and governance (ESG) aspects, which undergo regular areas or activities that are of concern to the Company in association with Rotary Midtown, to honour citizens
Fellowship of the Royal Institution of Chartered
evaluations by the Board. and require closer examination. These Committees are of Bengaluru who have contributed selflessly. Previous
Surveyors (FRICS) in 2013 – this is the pre-eminent
officially approved by the Board and are responsible for recipients of this award include Mr. N. R. Narayana Murthy,
Under the purview of decision-making and oversight roles, chartered qualification for professionals in land, property
carrying out well-defined roles that are typically performed Dr. Devi Shetty, Dr. Kiran Mazumdar-Shaw, Mr. Nandan
our Board holds responsibilities including but not limited to: and construction and considered the mark of property
by Board members as a part of good governance practices. Nilekani, Sri Sri Ravi Shankar and Dr. B Ramana Rao,
professionalism worldwide
Monitoring legislative, regulatory, and governance The Board oversees the Committees’ performance of among others. His dream of contributing more towards the
Adjudged ‘Real Estate Professional of the Year’ at the education segment led to the ‘Educate India Foundation’,
compliance their duties and is accountable for their actions. The Real Estate Excellence Awards 2008 another Prestige initiative through which he co-founded
Ensuring effective remuneration policies and practices Chairman of each Committee provides the Board with a
Best Developer Award in 2009-10 by the Karnataka State the Inventure Academy (established 2005), a leading K-12
summary of the discussions conducted during Committee Town Planning Department
Developing a framework for delegating authority to International School in Bengaluru.
Meetings. Currently, the Board has established the following
Executive Directors and lines of management Bestowed with the Commercial Master Builder Award Among the most prominent and respected businessmen in
Committees, both statutory and non-statutory.
Adopting our strategy and budget based on management 2010 by Construction Source India the country today, his role extends beyond the Prestige Group
proposals Audit Committee ‘Entrepreneur Extraordinaire Award’ by Builders to the larger arena of business and industry. He has served as
Association of India and Confederation of Real Estate President of the Bengaluru Commercial Association (BCA)
Navigating the economic landscape to help achieve set Nomination and Remuneration Committee and as President of KOAPA (now CREDAI) for five years. He
Developers Associations of India (CREDAI) – 2010
targets, execute plans, and monitor performance Stakeholders’ Relationship Committee has also served as the Chairman of CREDAI (National) for a
Construction World Architect & Builder Award 2010,
Making decisions on financing transactions and oversee Management Sub-Committee period of two years, completed his term in March, 2017. He
being ranked among India’s Top 10 Builders
equity management has been a special invitee to the southern regional council of
Corporate Social Responsibility Committee Recognised and awarded for his ‘outstanding Confederation of Indian Industries (CII) and is also a sought-
Ensuring implementation of policies and ethical conduct contribution’ to real estate by EPC World Award in 2011,
Risk Management Committee after panelist for discussions on business and real estate on
in all operations by CREDAI in 2013 and by NDTV in 2015
Internal Restructuring Committee leading television channels. He holds a Bachelor’s degree in
Overseeing transformation, diversity, empowerment, Sir M. Visvesvaraya Memorial Award 2015 for his Commerce from St. Joseph’s College, Bengaluru and was
ESG Committee outstanding contribution towards the growth of
and a culture of inclusivity awarded the Lifetime Achievement Award by the St. Joseph’s
Karnataka through building projects Old Boys Association. He has also received recognition from
Ensuring effective, risk-based internal audit and monitor
the effectiveness of internal controls Voted as one of the Best CEOs in Asia (Best in India) the United Nations University International’s Leadership
in the reputed Institutional Investor (II) magazine’s 2014 Academy (UNU/ILA) in Jordan.

NOAMAN RAZACK
REZWAN RAZACK
Whole-Time Director
Joint Managing Director
As the Co-Founder of Prestige Estates This hobby, fuelled by Mr. Rezwan’s relentless
Mr. Noaman Razack’s name is synonymous As he says, “The Prestige retail vertical model
Projects Limited, Mr. Rezwan brings in over passion and zest for knowledge, has created
with the Prestige retail endeavour. As transformed Bengaluru’s lifestyle, elevating
four decades of experience in the business the most accomplished collection of Indian
Director, Prestige Group and the youngest retail to a truly international level in what
of property development. Mr. Rezwan is the Paper Money from its inception to the present.
son of the founder, the Late Mr. Razack has become a world capital. Perhaps the
Managing Director of the Prestige Group, His collection has been built over a period
Sattar, he leads the activities of the Group’s sum total of our efforts through the years
India’s leading property developer, where of 50 years, which saw in-depth research
Retail vertical. This comprises the world- has been to transform in some way how
he has played a pivotal role in taking the and study of this subject. This culminated
class mall network that Prestige creates, Bengaluru lives well. Our father taught us to
Company to its present level. in him co-authoring an encyclopedic book,
establishes and directs, a process he retail not just a product or a service but an
The Revised Standard Reference Guide to
The second son of Mr. Razack Sattar, Mr. oversees in its entirety. It includes the ideal: how Bengaluru’s citizens could express
Indian Paper Money, which was released in
Rezwan entered his family’s retail business three Prestige Forums in Bengaluru, one their style”. The progression from retail to
2012. This guide has become the single most
in 1975 and diversified into property each in Chennai, Hyderabad, Mysuru and real estate began when Prestige Estates
reliable point of reference on Indian Paper
development in 1985. Clearly, he has Mangalore. Prestige also has to its credit started in the early eighties and the current
Money and can verily be said to be the Bible
inherited his father’s zest for excellence and Bengaluru’s landmark luxury mall UB City. synergy of the two was inevitable for its logic:
for Indian Paper Money.
is a high flier from the word go. Mr. Rezwan’s Prestige has always enhanced the Bengaluru
He is, as well, Director of Prestige Fashions
pleasant demeanour and affable nature has In 2017, Mr. Rezwan authored a second book, an lifestyle the way it has since the fifties
Private Limited, the umbrella organisation
been an asset for the Group’s team building One Rupee - One Hundred Years 1917-2017, when it began with founder Late Mr. Razack
for all garment-related retail activity in the
efforts. He handles all construction and to mark the 100th anniversary of the issue Sattar.
Group. He thus brings to the Group his
engineering activities of the Prestige Group, of the One Rupee note in India. Mr. Rezwan
unique experience in fashion retail and Work apart, he is a man of wide-ranging
where he has built a highly motivated team. is the Chairman of International Bank
footwear, the Group’s richly textured legacy, interests. A proficient sportsman, golf
His excellent people skills have created an Note Society – India Banknote Collectors’
as embodied in Prestige The Man Store and and hockey are his games of choice. In
environment where team members can Chapter. IBNS awarded Mr. Rezwan for his
other franchise outlets. his understated way, he’s much involved
execute assignments with confidence and significant contribution to The Advancement
with various charitable efforts too. The
effectiveness. of Numismatic Knowledge for his article That is where his career began, soon after
recognition these bring and the widespread
titled, ‘Banknotes of Portuguese India’. IBNS he graduated, drawn as he was to the idea
Mr. Rezwan is not a person to be limited by acknowledgments he’s garnered in the
also conferred on Mr. Rezwan the Literary of quality retail as, perhaps, best expressed
business goals alone. A philanthropist by industry are, for him, inspiration as much as
Achievement Award and the ‘Fred Philipson in Prestige’s bespoke. The bespoke values
nature, he dedicated himself to coordinating they are accolades.
Award’ Honorable Mention for his article in of focus and impeccable attention to
the ‘Terry Fox Run’ – a fundraising event in
the Journal. detail combined with his empathy with
aid of Cancer Research in Bengaluru. For
Bengaluru and its people, so evident then,
this effort, the Governor General of Canada, Mr. Rezwan shares his knowledge with
has characterised Prestige retail’s various
Mr. David Johnston, during his State visit students and encourages budding collectors
avatars.
in 2014, awarded a Medallion and Scroll to to promote numismatics as a hobby. He
him. Mr. Rezwan staunchly supports the writes regularly on Indian Paper Money
PRAY (Pain Relief and You) Foundation, for numismatic publications in India and
which provides medical assistance to the overseas. His long cherished dream to
underprivileged. establish the ‘Rezwan Razack’s Museum on
Indian Paper Money’ in Bengaluru dedicated
Among a host of other hats that Mr. Rezwan
to Indian Paper Money became a reality in
dons, he is an avid golfer, a music aficionado,
February 2020.
a wildlife photographer, a keen ornithologist,
an F1 motor sports buff and a freewheeling In the true sense, Mr. Rezwan is the restorer
cook. His interests have stemmed from his and preserver of a national heritage,
wide travels across the globe. which could otherwise have been easily
The most remarkable facet of Mr. Rezwan’s lost. His name is synonymous with Indian
personality is his passion for collecting numismatics and will always resonate at
Indian Banknotes and Paper Money. a mere mention of Indian Paper Money
His collection of Indian Paper Money is anywhere and forever.
unrivalled and the most comprehensive in
the world today.

UZMA IRFAN DR. PANGAL RANGANATH NAYAK

Director Independent Director
Uzma Irfan is a visionary entrepreneur and work has redefined the concept of luxury
In a career spanning more than 32 years, Dr. Physicians (Edinburgh) conferred on him
a trailblazer in the fields of real estate and homestay to culinary experience and elevated
Pangal Ranganath Nayak has served and the prestigious Fellowship of the College
corporate communications. As the founder the standards for the entire industry. Sublime
trained as an Interventional Cardiologist in - FRCP in May 2020. He was awarded the
of Sublime, a ground-breaking company, and brand, established four distinct and creative
various geographies worldwide. At present, Hargobind Overseas Training Fellowship
the Director of Corporate Communications at divisions – Sublime Galleria, Sublime House
he is the Director Medical Services at Vikram in 1991 for training in interventional
Prestige Group, she has made a significant of Tea, Sublime Media House, and Sublime
Hospital, Bengaluru. He received his DM in cardiology in Australia and France. He has
impact on the industry. With a profound ArtEd (formerly known as Sublime’s Teaching
Cardiology from Christian Medical College, extensive business experience in the fields
dedication to excellence and innovation, for Artistic Innovation):
Vellore, MD from Command Hospital, of healthcare, pharmaceutical sciences and
Uzma has paved her position as a respected Sublime Galleria launched in 2010 Bengaluru University and a Bachelor’s clinical research. He has been a member of
leader in her field. is India’s first Sky Gallery in UB City, degree in medicine and surgery from St. the Board since November 24, 2009.
She was born and raised in a diverse and Bangalore, dedicated towards the John’s Medical College, Bengaluru.
culturally rich environment. She excelled support and promotion of fine arts and
in school and showed a strong interest in performing arts In recognition of his outstanding contribution
psychology as she grew older. Uzma followed to the medical field, The Royal College of
Sublime House of Tea launched in
her education tenaciously and graduated 2013, engages in a perennial voyage to
from the United Kingdom with a degree in discover newer and better experiences
management studies, honing her abilities and NOOR AHMED JAFFER
of life through distinctive tea variants and
laying the groundwork for her future success creative infusions which have found its Independent Director
with the Prestige brand. After completing her ways to cups and hearts beyond
education, Uzma embarked her career with Mr. Noor Ahmed Jaffer holds a Bachelor’s Director on the Board of Accupak Private
Masterminded the Sublime House
the desire to make a difference. She ventured degree in commerce from St. Joseph’s Limited, a company having a packaging
of Media into existence with two
into the corporate communications industry, College, Bengaluru. He began his career unit in Bengaluru. His business experience
publications: Falcon News and The
working with esteemed organizations with Deepak Cables and later joined is extensive and he specialises in strategic
Luxury Collection
and learning the intricacies of effective Philips India Limited, Mumbai. Later, he decision-making. He has been a member of
communication strategies. This experience Sublime ArtEd is an initiative to enhance
co-founded Paper Packaging Private the Company’s Board since November 24,
has further prepared her for the challenges the teaching capabilities of art teachers
Limited in Bengaluru and established a 2009.
ahead. and usher in a new era of art education
Kraft Paper Mill in Shimoga. He is also a
Uzma Irfan launched Sublime in 2009,
marking a turning point in her career, with Uzma Irfan’s career trajectory from an
BIJI GEORGE KOSHY
the goal of providing “Awe-Inspiring” services enthusiastic communicator to a powerful
Independent Director
and goods under the aegis of an avant-garde businesswoman and director of corporate
brand house. Her inspiring leadership helped communications exemplifies her unwavering
Sublime swiftly become known for its ground- will and dedication to excellence. Her greatest Mr. Biji George Koshy serves on several Advani-Oerlikon Ltd. He joined the parent
breaking approach that balance beauty, skill is her capacity to develop novel concepts Boards and heads various associations and Oerlikon Buehrle AG and Contraves AG in
usability, and sustainability. that enhance the strategic objectives of the holds managerial or advisory posts with Zurich for fifteen years reporting to their
company. Uzma, a real visionary, has shaped medical institutions, NGOs, minority groups Boards in Switzerland. He is on the board of
Uzma Irfan’s devotion to excellence,
the Prestige brand’s personality by skilfully and has been an advisor to the police force the Medical Health Rehabilitation institution
enthusiasm for innovation, and emphasis on
fusing her extensive business expertise for nearly twenty years. He has been on MPA in Bangalore.
teamwork define her leadership style. She
with rapidly changing innovative trends. The the Board of Film Censors for three terms.
values establishing a collaborative workplace
‘FICCI-FLO Award’ for ‘Indomitable Spirit’ He has also advised the Union Minister of
where creativity can flourish, encouraging her He was a founder trustee of the legendary
in inspiring the modern woman (2013), Communications.
staff to think creatively and set challenging Rainbow Forum. He has also served
objectives. She is able to steer her businesses ‘Female Real Estate Professional of the Year’ He has done extensive community service as Special Executive Magistrate in
through difficulties while keeping a strong by Bangalore Real Estate Awards (2014), after his Master’s degree in English from Mumbai (Two terms). He was Vice Chair
focus on sustainable and socially responsible ‘Female Real Estate Professional of the Year’ Mumbai University. He was a research Transparency International in Karnataka
practices thanks to her imaginative view and at BERG Awards, Singapore (2015), and scholar under Dr. George L. Bird of the and VP of the Financial Vigilance Forum.
meticulous attention to detail. ‘Woman Achiever of the Year’ at Global Real University of Syracuse, N.Y. He has edited He has been on the Company’s Board since
Estate Brand Awards (2016) are just a few of several leading periodicals in Mumbai. November 10, 2009.
Uzma Irfan’s contributions to the real estate
the prestigious honors she has received. He has served as a senior executive with
and corporate communications sectors have
been truly transformative. Her pioneering

LEADERSHIP TEAM
VENKAT K. NARAYANA
Group CEO
JAGDEESH K. REDDY
Mr. Venkat K Narayana is a distinguished leader for Prestige. Shri Piyush Goyal ji honoured
with an exceptional blend of expertise and vision. Mr. Venkat with the “CEO of the Year” award
As the Chief Executive Officer of Prestige Group, by ICMAI, emphasizing his exceptional
Mr. Jagdeesh K. Reddy holds a Bachelor’s specialised skills in private equity mergers he brings to the fore a unique fusion of strategic contributions to the industry. Notably, his
degree in Engineering (Mangalore and acquisitions. He has been a member of insight, operational excellence, and a relentless avant-garde achievements ranked him among
commitment to innovation. His leadership the Best CFOs in Asia (Property Sector) in the
University) and a Master’s degree in the Company’s Board since November 10,
has been pivotal in establishing Prestige as Institutional Investor Magazine’s prestigious All-
management from Katz Graduate School 2009.
a pioneer in the real estate landscape, setting Asia Executive Team Rankings for consecutive
of Business (University of Pittsburgh).
new standards for excellence, sustainability, years, cementing his legacy as a visionary CFO.
He has wide expertise in finance with fiscal discipline, and relationship-focus.
Beyond his corporate triumphs, Mr. Venkat’s
An accomplished Chartered Accountant, Cost & leadership is marked by his profound sense
Management Accountant, Company Secretary, of responsibility towards society. A leader
and Law graduate, Mr. Venkat’s multifaceted with a conscience, he rose to the occasion
background has complemented his business to champion the “FeedMyCity” movement
NEELAM CHHIBER
acuity, leading him to consistently steer amidst one of the worst humanitarian crises
Prestige towards growth and success. Under during the pandemic. His initiative provided 5.8
his visionary leadership, Prestige has fostered million meals to the needy and facilitated the
Ms. Neelam Chhiber is the Co-founder of social gains such as a stronger voice in numerous private equity partnerships, mergers, distribution of thousands of life-saving oxygen
Industree. For the past three decades, she their families and communities, access to acquisitions, joint ventures, and restructurings concentrators. Mr. Venkat’s commitment
has been working on re-generative economic social security, better health care, improved that have helped unlock value and reinforce to social welfare goes beyond crises. He is
transformation of India’s most vulnerable nutritional and educational outcomes for Prestige’s position as a market leader. He has a fervent advocate for education, working
women by unleashing their abilities to their children and resilience to crises. also been the key driver of the successful tirelessly to provide scholarships to deserving
build and scale self-owned collective listing of Prestige shares on the Indian Stock students facing financial hardships. His belief in
She was awarded Women Transforming
enterprises, able to leverage economies Exchanges and was instrumental in taking leading by example is palpable as he dedicates
India (WTI) Awards, 2021 by NITI Aayog, the mantle of Prestige’s business expansion himself to making a tangible impact on society.
of scale. A holistic eco system built on
She Is: 75 Women in STEAM, 2021 by Red beyond home in the South, to Northern and
digital and financial services, enables them With Mr. Venkat K Narayana at the helm,
Dot Foundation and Inaugural Economic Western parts of India. He is truly a testament
to use design, technical, marketing and Prestige continues to embark on an inspiring
Times Social Entrepreneur of the Year in to proficiency in financial management and
management solutions to bridge the urban- journey of growth, innovation, and excellence.
2020. Ms. Neelam is a Board Member of strategic collaboration.
rural divide. Ms. Neelam and her team have His astute acumen, combined with an
AIACA (All India Artisans and Craftworkers Mr. Venkat’s achievements extend beyond unwavering dedication to the company’s core
already impacted 500,000 lives and ensured
Welfare Association), Committee on the boardroom, earning him several coveted values, positions him as a beacon of leadership.
cumulative market access of over USD 58
Financial Literacy For Women, NITI Aayog, accolades and recognition. His leadership As the CEO, he encapsulates the spirit of
Mn, with a clear focus on equity, gender and
Government of India, Member of the was acknowledged with the ET NOW “CEO of Prestige’s commitment to delivering not just
climate. Their work ensures that women in
Governing Council of National Institute of the Year” award, a testament to his exemplary properties, but lifestyles that redefine living
communities have access to work close to
Design (NID), Ahmedabad. vision that has charted a course of prosperity standards.
their homes, becoming part of mainstream
value chains with customers such as IKEA, Ms. Neelam believes that her biggest
NAWABZADA OMER BIN JUNG
H&M Home, FabIndia and the Future Group, challenge and reward has been facilitating
and equipping producers to manage Executive Director - Hospitality
in climate positive value chains. This gives
them greater control over their economic themselves in changing scenarios.
Mr. Nawabzada Omer Bin Jung is currently He has also been instrumental in
security and also significantly improves spearheading the foray of the Prestige Group conceptualising and tying up with Banyan
into hospitality. Having established Prestige Tree Hotels and Resorts, Singapore, for the
Leisure Resorts Private Limited for this purpose, world-class Angsana Oasis Spa & Resort, the
his focus is on setting up international spas, Angsana Oasis City Spas at Prestige Ozone
city hotels, resorts and food courts in India. and at UB City, Hilton International for the
A gold medallist Bachelor of Arts graduate, Hilton Bengaluru, Oakwood Asia Pacific for the
he has a Post Graduate Master’s degree in Oakwood Premier Serviced Residences at UB
business administration with a specialisation City and the Oakwood Residences – Forum
in marketing. Besides, he also holds a Post Value Mall, Whitefield and Marriott International
Graduate Diploma in business studies from for the JW Marriott Golf Resort and Convention
the London School of Economics, UK and Centre, at Prestige Golfshire, Nandi Hills.
has been awarded a Certification in Strategic
Management by Cornell University School of
Hotel Administration, USA.

ANJUM JUNG FAIZ REZWAN

Executive Director - Interior Designs Executive Director - Contracts and Projects
Behind Morph Design Company’s (MDC) Under Ms. Anjum’s leadership, Morph Design
two decades of growth lies Anjum Jung. Ms. Company has emerged as an industry leader, Mr. Faiz Rezwan is among the top new development in South India, Prestige
Anjum has nurtured Morph Design Company in part, due to her decision to entirely vertically business scions of the Prestige Group, Golfshire is a property that is spread across
into one of the country’s most respected décor integrate the firm. Taking the decision due India’s leading property developer. He is 275 acres and comes complete with ultra-
studios with globally recognised clientele and to the lack of originality and quality in the now the Executive Director – Contracts luxurious mansions, a club house – Falcon
numerous national and international awards market, Morph Design Company is one of & Purchase, Prestige Estates Projects Greens, a luxury spa – Quan, a private lake
to its credit. the only companies in India with this level Limited. and an 18-hole Bob Hunt championship
of process control. These high standards golf course. Responsible for developing
Educated at Cornell, Ms. Anjum has Mr. Rezwan Razack’s son, Mr. Faiz’s
and unyielding pursuit for excellence has led this landmark project, Mr. Faiz personally
employed a bottom-up organisational design education was at Vidya Niketan and the
to the creation of an extensive portfolio of handpicked reputed international firms from
approach with Morph Design Company. She’s Canadian School of India in Bengaluru. He
world-class residential, hospitality, retail and across the world to make Golfshire a reality.
been responsible for business development, later studied business management at The
commercial spaces. In addition, the world-class 5-star luxury
strategic planning, diversification, and King’s College, London. Early exposure to
project management along with all other key Ms. Anjum’s new manufacturing unit, spread resort hotel with a convention centre – The
the successful role models in the family
executive functions. Her work is inspired by over a vast expanse of approximately 2,40,000 JW Marriott International – has begun its
business motivated and inspired Mr. Faiz’s
a diverse set of influences, both traditional sft, has vertically integrated the various commercial operations in 2022. Mr. Faiz
business ideas and leadership qualities
and contemporary, and she references the operations of seasoning, chemical treatment oversees the management and operations
from a young age. Mr. Faiz was appointed as
Deco and Nouveau period styles as being and joinery along with profile wrapping in of this landmark property. Among the many
the Executive Director of the Prestige Group
particularly impactful. Firmly believing in our state-of-the art modern factory. Housing hats he dons, Mr. Faiz is on the Board and
in 2009, after undergoing rigorous training
the importance of constant evolution for over 45 machines where we carry out these Management of several other companies/
within the Company for seven years.
prolonged success, Ms. Anjum doesn’t functions with laser sharp precision. subsidiaries of the Group. He also serves as
During his training period, living up to the Chairman of Sai Chakra Hotels Private
hesitate to incorporate innovative materials In addition to being a food lover and chef, Ms. his family reputation, Mr. Faiz made a Limited, a subsidiary of Prestige Hospitality
into her projects, work with young artists and Anjum reads voraciously, travels extensively, mark in whatever he did, showing a flair Ventures, which has been credited with
experiment with all aspects of execution. and is an art and antiques collector. for multiple facets of the business – be introducing some of the most reputed
it in the adept handling of queries in the international brands in the world to South
ZACKRIA HASHIM Marketing Department, or the promotion India, including the Starwood and Marriott
Executive Director - Land Acquisition and launch of landmark developments of International for hotels. Mr. Faiz is the
the Prestige Group. Interested in every facet Managing Trustee at the ‘Rezwan Razack’s
Mr. Zackria Hashim joined the Company in
of the Company, Mr. Faiz also underwent a Museum of Indian Paper Money’ and also a
June 2005 and was appointed as Executive
brief training session at Atelier Architects member of the YPO.
Director – Land Acquisition, from October
to experience the execution of fit-outs
2009. He has over 47 years of real estate His other significant contributions include
and keenly contributed in the design,
industry experience and is currently introducing major brands to the ‘Forum’
construction and execution of over 15
involved in land surveying and acquisitions malls across the country. He was also
projects for some prominent corporate
of the Company. actively involved in the formation of
clients of the Prestige Group.
Inventure Academy - a Pre-K Grade 12
MOHMED ZAID SADIQ In his current role as an Executive Director international school and the first educational
Executive Director - Liaison and Hospitality of the Flagship Public Company – Prestige institution by the Prestige Group.
Estates Projects Ltd. – Mr. Faiz oversees
Mr. Mohmed Zaid Sadiq joined Prestige building a suitable image and reputation for An animal lover and an avid golfer, Mr. Faiz
integral aspects of the Company, be it the
Group in January 2007 and was appointed as the Company. also enjoys travel and adventure sports.
procurement of all construction related
Executive Director – Liaison & Hospitality in He is an equestrian enthusiast and a keen
In addition, he is currently heading the supplies, all CAPEX, materials, negotiating
October 2009. He holds a BA (Hons) degree show jumper. He is a strong advocate for
hospitality vertical of the Prestige Group. these deals at the best prices, working
in hospitality management and Master’s various social causes and was a part of
Under his able leadership, the Company is in very closely with the engineering and
in Business Management Administration
the process of aggressive expansion in the the introducing committee for the Terry Fox
(Thames Valley University, UK), apart from a construction departments to assist in
hospitality space with tie-ups with reputed Run for raising funds for cancer research.
hospitality management diploma (American speeding up the construction process, or
international brands like Sheraton Grand His other interests include cultural activities,
Hotel and Lodging Association) from the adding quality standards to buildings by
Bengaluru Whitefield Hotel and Convention art and nature.
London Hotel School. With over 15 years retaining design and reducing costs.
Centre in Prestige Shantiniketan, The JW
of experience in the hospitality sector, he is Mr. Faiz is a fitness enthusiast and
Marriott in Prestige Golfshire and Conrad The jewel in Mr. Faiz’s crown is Prestige
actively involved in the public relations affairs maintains a healthy disciplined lifestyle with
Bengaluru. Golfshire – a unique first-of-its-kind
of the Company including liaisoning and
his regular sessions at the gym and yoga
hospitality. He also plays a key role in building On a lighter note, he is an avid philatelist and concept that he introduced to South India
routine.
strong relations with external and internal numismatist. He also enjoys the theatre, in 2008. Considered the first golf residential
customers and oversees the critical task of apart from being a voracious reader.

ZAYD NOAMAN SWAROOP ANISH

Executive Director - CMD’s Office Executive Director - Business Development
Mr. Zayd Noaman is the latest entrant relevant stakeholders to address industry An alumnus of International Management some allied segments of the business
among the 2nd generation of Razacks’ at concerns. Institute – Delhi, Mr. Swaroop Anish is a real having a geographical exposure across
the Prestige Group. He was initiated into estate development professional with over South India. He currently heads the
He was at the forefront of the Group’s covid-
the Group as a mentee to the Chairman 31 years of industry experience operating Company’s marketing portfolio of its
relief efforts, helping facilitate donations
and Managing Director, Mr. Irfan Razack. across markets in South India of which 20+ Residential Business as Executive Director.
to enhance facilities at underprovided
Appointed as an Executive Director of the years have been with Prestige.
hospitals in the Bengaluru region and
Company in August 2015, he is attached
assisting the Company’s workforce to get His industry exposure primarily involves
with the CMD’s office. Whilst assisting
urgent medical care during the pandemic. residential and commercial segments and
the Chairman, he is also responsible
for sales and marketing. He is currently Zayd was honoured and applauded with the
focussing on land acquisition, land Excellence Award at the Realty+ 40 Under
ownership and investor relations within the 40 Conclave & Awards 2021, India’s leading
V. GOPAL
Company. In addition to his full-time role, media for the Real Estate Industry.
Executive Director - Projects and Planning
he is spearheading an important urban Prior to joining the Prestige Group, he spent
transformation project aimed at improving over two years in Singapore at CapitaLand. Mr. V. Gopal, BE (Civil) from RVCE, has been
public spaces and uplifting community While completing his undergraduate degree, with Prestige Group since March ’1992. His
life. He is also driving the Group’s efforts he began his career with internships at J.P. professional career spans over a period of
to generate employment opportunities and Morgan Chase. He holds a Bachelor of 38 years with 31+ years being at Prestige.
improve the quality of skilled labour in the Science degree in from Bentley University He currently heads the projects & planning
industry through its joint venture ‘Rustomjee in Waltham, Massachusetts; Master of team of about 700+ qualified professionals
Prestige Vocational Education and Training Business Administration from Columbia as Executive Director - Projects & Planning.
Centre.’ He serves as part of the Governing Business School, Columbia University, New
Body of CREDAI - Bengaluru, where he York; and Master of Business Administration
contributes to policy discussions impacting from London Business School.
the real estate industry, and engages with
NAYEEM NOOR SURESH SINGARAVELU

Executive Director - Government Relations Executive Director - Retail, Hospitality
and Business Expansion
Mr. Suresh Singaravelu is a management of Shopping Centres – India Advisory
Mr. Nayeem Noor joined the Company and Employer Representative of regional
professional with over 51 years of Committee.
in February 1992, and has over 48 years committee of Employee Provident Fund
experience in diverse fields. After having
of experience. He currently heads Public Organisation, Karnataka. Prior to his current assignment, he was
spent close to 14 years in the finance
Relations and Liaison affairs of the with Chalet Hotels Ltd., a part of K. Raheja
function of a multinational company dealing
Company and is an interface between the Corp Group, Mumbai, as its Managing
with chemicals, batteries, carbon, marine
Company, government departments and Director and Chief Executive. He was also
and agricultural products, he later joined
statutory authorities. He is also member the President and National Head - Retail
the then evolving property development
Infrastructure with Reliance.
industry at a Director level. He has been
involved with several leading property His assignment with the Prestige Group
T. ARVIND PAI developers having operations in Mumbai, encompasses the Retail and Hospitality
Executive Director - Legal Hyderabad, Chennai, Bengaluru, Mysuru, verticals, that has multiple malls under the
Thiruvananthapuram and Kochi, among brand ‘FORUM’ and multiple hotel properties
Mr. T. Arvind Pai joined the Company in and development activities and manages
others. He is one of the founding members that have been developed and subsequently
June 1999, and prior to that he has worked general contracting, legal processes and
of The Foundation for Fair Practices in managed by international operators.
in Taj Group of Hotels for about 4 years documentation and litigations at the Head
Property Development and also a founding
and previous to that he was with ICDS Office. He has been working as the Head of
member of The International Council
Limited ,an NBFC. Overall, he has over 33 the Legal Department for 24 years now.
years of work experience in legal field. He
holds a Bachelor’s Degree in commerce
and law. He handles the Company’s
legal affairs, supports land acquisition

LT. COL. MILAN KHURANA (RETD.) AMIT MOR

Executive Director - HR, IT and Admin Chief Financial Officer
Lt. Col. Milan Khurana (Retd.) holds a degree of personal maturity and professional
of Bachelor of Arts from the Jawaharlal well-roundedness in addition to the basic Mr. Amit Mor has been with Prestige since an associate member of the Institute of
Nehru University and has successfully functional knowledge inherent in the HR March 2014, and has over 18 years of Chartered Accountants of India. Prior to
completed a Strategic HR Leadership function; strong interpersonal, team leading experience in the fields of audit, accounting, joining Prestige, he was with S.R Batliboi &
Programme organised by Totus HR School. and communication skills. Relationship finance and risk management. He holds Associates LLP, wherein he specialised in
He is also an alumnus of XLRI Jamshedpur. Management has been his forte and has a Bachelor’s degree in commerce and is real estate sector.
He has an overall of professional been successful in maintaining strong
experience of over 34 years. He served in relations with government authorities and
the Indian Army for over 20 years on various departments. He supports unprecedented
assignments that include planning, HRD/ growth of the Company by aligning people
personnel, training & development, security initiatives with business objectives. As a
& safety and general administration. He has professional, he has been certified by ISB TARIQ AHMED
been associated with our Company for the to understand business practices and drive CEO - West India & ED -
past 15 years. He is responsible for all the linkage between HR and business strategy. Corporate Development
HR, IT and administration activities that He was conferred with ‘100 HR Super
encompass talent acquisition, management, Achievers’ (India) award by the World HRD Mr. Tariq has over 21 years of experience midmarket India-focussed growth private
engagement and development for the Congress on February 16, 2018. spanning investment banking, private equity equity fund. He has also worked as the
Prestige Group. He possesses a high degree investing and corporate M&A. Global Head of M&A at Cipla Limited, an
Indian generic pharma company.
Before moving to the Prestige Group, Tariq
was the CFO, India, at Trafigura, one of the Tariq has a BBA in finance/accounting from
JAGDEEP SINGH MARWAHA
world’s largest commodity trading firms, the University of Michigan’s Ross Business
CEO - Prestige Office Ventures Managing Director at Paragon Partners, a School.
Mr. Marwaha is responsible for leading the and emerging verticals. He has over 29
growth and development of Prestige Group’s years of cumulative work experience.
Office business. He is actively involved In 2017, he joined WeWork as the CEO for
in the acquisition, design & development, MUHAMMED ALI
their India operations. He spearheaded
planning execution, business development, the brand’s aggressive India rollout CEO - Retail
leasing and sales of the Group’s portfolio. Mr. Ali has been with the Prestige Group in leasing and opening all the 10 shopping
strategy and established WeWork’s India
since the inception of its Mall Business and centres developed by Prestige Group. He
Previously, Mr. Marwaha held a senior footprint. An industry veteran in real estate
has over 20 years of experience in shopping has leased more than 4.5 million sft of GLA
leadership position at JLL India, as the since two decades, he is known to be an
centre development and management. As with 1500+ stores and has another 7 malls
Executive Managing Director. In this role, aggressive ‘out of the box’ deal maker with
Chief Executive Officer, leading the Retail in the pipeline, which will have 2000+ stores
he was responsible for growth of various proven experience in structuring complex
Division, he was pivotal in launching the very and 6.5 Mn sft of GLA in tier-1 cities. During
business like capital markets, hotels, retail, acquisition and joint venture transactions
first organised and functional mall of the his tenure he has also worked closely with
data centres and advising top MNC’s on their and has been operating and running various
country in 2004 – The Forum Koramangala CapitaLand Singapore who had formed
growth across all key markets of India as large P&L’s for JLL.
– a mall that redefined shopping - with a a JV with Prestige Group to develop and
well as contributed significantly to some of state-of-the-art 9 screen multiplex, best of operate 5 malls. He has also been an
JLL India’s larger India leadership initiatives fashion brands and anchors, a 12 kitchen active member of Retailers Association of
and 700-seater food court and so on. India and Shopping Centre Association of
His experience and expertise predominantly India has played a key role in shaping the
MANOJ KRISHNA J.V span over Shopping Centre development, landscape of the retail industry in various
Leasing, Mall Operations and Mall forms.
Company Secretary and
Compliance Officer management. Ali has also been instrumental
Mr. Manoj Krishna J.V. is a qualified acquisitions and fund raising exercises for
Company Secretary and Chartered the Group. Mr. Manoj Krishna has played
Accountant. He has been associated key role in capital market transactions of
with the Prestige Group for over 14 years. the Company.
He has been playing various roles in the
finance department like tax strategies,
planning, compliances, determining
statutory implications of various mergers,

Shareholder and Investor
EVENTS
Annual General Meeting, FY 22 Analyst Meet, Mumbai

Awards and
ACCOLADES
During FY 23, we are honoured to have received recognitions from industry peers and expert bodies for various aspects of
our business, including our performance, governance, and leadership.
The list of recognitions across categories is as follows:
Forum Falcon City Won the ‘Most Forum Thomsun Mall Won the The Collection @ UB City Won
Admired Shopping Centre Launch Of ‘Upcoming Mall Of The Year’ the ‘Best Thematic Decoration’
Projects The Year’ Award by Global Awards Award by Global Awards for Award by Global Awards for
for Retail Excellence Retail Excellence Retail Excellence
JW Marriott Prestige Golfshire Won ‘Outstanding Concrete Structure Prestige Golfshire

the ‘Best Hotel of the Year’ Award of Karnataka (Building Category) Recognised as Asia’s best
at Hotel Investment Conference - 2022’ Awarded to Prestige Jindal Golf Resort by World Golf
South Asia (HICSA) City by ICI Birla Super Awards Awards
India’s Top Builder 2022 Sheraton Grand Whitefield Hotel &

ICI Birla Super Award for Award in the National Convention Centre Recognised as
Outstanding Concrete Structure Category by Construction the Best Luxury Business Hotel by
World Luxury Awards 2022
Leadership Technology
of Karnataka Building category World Architect and Builder
(Residential) – PSOTS (CWAB) Awards
Winner of e4m Pride of
India’ by Best of Bharat
Awards for Prestige Group
Mr Irfan Razack awarded India’s Ms. Uzma Irfan Recognised

Best CEO Energy, Real Estate & for ‘Outstanding Achievement SAP Ace Awards 2022 for
Infrastructure category at the & Contribution In Hospitality Business Excellence Achieved
‘India’s Best Resort Spa’ awarded to
recently concluded EY Entrepreneur Industry’ at IIHM Women Through Implementation Of
Hi Rise Project of the year JW Marriott Golfshire Resort & Spa
Of The Year Awards™ 2022. Achievers in Hospitality Sap Solutions
for Prestige High Fields by by Global Spa Awards 2022
Awards 2023 by IHC London
Construction Week
Ms. Uzma Irfan

Awarded the Asia’s
Global Awards for Retail
Transformational
Excellence for Best Thematic
Leader 2023 by WCRC
Decoration - Diwali Decor and
Leaders
Christmas Décor at UB City Best CEO Award by
(Bengaluru) Business Today for Mr. Irfan
‘Best Property for Large Scale
Razack under ‘India’s Best
Weddings’ Awarded to JW Marriott
Prestige Golfshire Adjudged the CEO Real Estate’ Category
Prestige Golfshire Resort & Spa in
‘Most Picturesque Golf Course’ by
the Apex Awards Exotic Wedding
GIA Industry Awards 2022
Planners Conference 2022

Groundbreaking
CEREMONIES
Prestige Elm Park, Bengaluru
BRINGING LAND TO LIFE...
Prestige Orchards, Hyderabad

Prestige 13° North, Bengaluru
Prestige Daffodils, Mumbai Prestige Sanctuary, Bengaluru
Prestige Dew Drops, Bengaluru Prestige Tech Forest, Bengaluru Prestige Waterfront, Bengaluru

JW Marriott Bengaluru
Prestige Golfshire Resort & Spa
Nandi Hills, Bengaluru
(Shot at Location)
Management Discussion and Economic Review in India have observed that smaller deals have come to
ANALYSIS
dominate leasing volumes in recent quarters. The ongoing
During FY23, the Indian economy demonstrated its evolution of the office market has sparked a sharp rise
resilience in the face of global challenges, achieving an in demand for managed offices, driven by both medium
impressive growth rate of 7.2%. This growth was primarily and large occupiers. This trend is anticipated to persist
propelled by multiple factors, including a positive business over the upcoming years as occupiers seek flexibility,
climate, robust industrial production, increased consumer cost optimisation, and a heightened focus on their core
spending, improved GST collections, and the vision of a self- operations.
reliant India (‘Aatmanirbhar Bharat’). The robust foundation Furthermore, the pandemic has acted as a catalyst,
Company Overview that has allowed the Indian economy to navigate through redirecting occupier preferences toward higher quality
the challenges, was achieved through the attraction of assets. Presently, Environmental, Social, and Governance
The Company (Prestige Estates Projects Limited along Legacy Presence investments from both domestic and international sources, (ESG) principles and well-being considerations have
with its subsidiaries, joint ventures and associates) stands across both the public and private sectors. By September become pivotal evaluation criteria, rendering building
as one of India’s prominent and highly regarded real estate
developers. Commencing its journey in 1986 in the Southern 37 13 2022, India ascended from the tenth-largest global
economy to secure the fifth position, marking a significant
grades and green certifications as integral to negotiations
as commercial terms.
region of India, the Company has successfully completed Years of Legacy City Presence advancement over the past decade. This progress can be The comprehensive reforms undertaken by regulatory
over 281 remarkable real estate ventures, encompassing attributed to pivotal reforms, encompassing liberalisation, bodies have yielded encouraging outcomes, marked by
a total area of 166 Mn sq. ft. Its reach has now expanded, streamlined bureaucracy, reduced corruption, increased significant initiatives in recent months. The Securities and
and it is actively involved in crafting projects across 13 Credibility investments in infrastructure, and enhanced access to Exchange Board of India (SEBI), through a consultation paper,
significant locations throughout the nation. financing for small and medium-sized enterprises, among
DA1+ ICRA A+
has explored the idea of regulating fractional ownership of
Renowned for its pioneering approach to luxury, futuristic numerous other contributing factors. real estate assets, a step that could potentially introduce
architectural designs, exceptional craftsmanship, and (Source: https://pib.gov.in/PressReleseDetailm. a framework similar to Real Estate Investment Trusts
CRISIL Grading Stable Rating
impeccable project delivery timelines, the Company is aspx?PRID=1928682) (REITs), enabling individual investors to seek ownership of
held in high esteem within the industry. The foundation prime assets. Additionally, the National Stock Exchange
of its philosophy is centred around prioritising customer Outlook (NSE) has taken a laudable step by incorporating REITs and
satisfaction, which has consistently propelled it towards Infrastructure Investment Trusts (InvITs) into leading indices
Built upon the strong foundation established over
achieving greater accomplishments with each passing year. like NIFTY 500, NIFTY Midcap 150, and NIFTY Smallcap 25.
recent years, the Indian economy stands on the verge of
unprecedented growth. The proactive measures of the RBI This move encourages participation from small investors,
have guided the economy through inflationary challenges, further enriching India’s real estate growth narrative.
shaping an optimistic path forward. Additionally, the Amidst the robust rise of sub-segments like warehousing,
favourable demographics of the nation has garnered the industrial, and data centres within India, along with the
attention of leading firms worldwide with India increasingly accelerated institutionalisation of these assets, the real
being viewed as a manufacturing hub across industries. estate sector is anticipated to perform robustly across
According to forecasts by Deloitte, the Indian economy is multiple asset classes.
projected to achieve a growth rate ranging between 6.0% (Source: https://www.cushmanwakefield.com/en/india/insights/
and 6.3% during FY24, followed by a growth rate of 6.6% anshul-mid-year-newsletter_2023)
and 7.2% over the subsequent two years.
(Source: https://www2.deloitte.com/us/en/insights/economy/
asia-pacific/india-economic-outlook.html)
Review of the Indian Real Estate

Sector
Recent developments have triggered a rapid transformation
in the Indian real estate sector, which had been weighed
down by a decade-long downturn. In contrast to the global
economic environment, the Indian real estate sector finds
itself on the brink of transformative growth.
There has been a noticeable increase in local demand,
particularly evident in the surge of smaller deals (under
50,000 square feet), which is effectively balancing supply
and demand in the office segment. Prominent developers

Residential Commercial This segment has achieved a Compound Annual Growth

Budget FY24 is anticipated to provide Rate (CAGR) exceeding 20% and is poised for further robust
The increase in new residential supply can be attributed Amidst global economic uncertainty, the office market growth in the future, according to IBEF.
further support to the real estate to the growing interest in homeownership, with housing displayed resilience during the year, driven by fresh leasing
sector demand continuing to rise steadily. Consequently, prominent demand in key cities like Bengaluru, Delhi NCR, Hyderabad,
In existing shopping malls, there has been a notable
In the Union Budget FY24, the Government of India shift in brands and categories to align with evolving
developers, both established and listed, have intensified and Pune. The return of employees to offices and positive
introduced several measures that are expected to customer preferences and to accommodate emerging
their efforts to meet the rising demand for new residential net hiring that happened across many companies over
have a positive impact on the country’s real estate global businesses. Mall operators are now adjusting the
properties. the last couple of years sustained the leasing momentum.
sector. concessions provided to occupiers during the pandemic,
Despite a healthy leasing volume, nationwide vacancies have
During the first quarter of CY2023, the top 7 cities witnessed and lease renewals are being aligned with current trends.
• The allocation of ₹ 79,000 Cr for the Pradhan increased, primarily due to the addition of new supply in key
a notable surge in new launches, totalling around 109,000 There has been an increase of approximately 15% in mall
Mantri Awas Yojana (PMAY), amounting to markets, as well as portfolio consolidation and relocation
units. This is a significant increase from the 89,100 units in rentals, surpassing pre-pandemic levels. Consequently,
an increase of 66%, was welcomed by the by certain occupiers. This trend is particularly noticeable in
Q1 CY2022 and 92,900 units in Q4 CY2022, marking a 23% this has further contributed towards the reshuffling among
real estate sector. This will contribute to the specific ‘tech cities’. However, office absorption levels are
annual rise and an 18% increase from the previous quarter. occupiers.
government’s goal to provide housing for the expected to improve in the coming times as leasing activity
Major cities contributing to this uptick in new launches (Source: Anarock)
urban poor. continues to gain momentum and a greater proportion of
in Q1 CY2023 included Mumbai Metropolitan Region
employees return to offices.
• The 33% increase in capital spending that (MMR), Hyderabad, Pune, NCR, and Bengaluru, collectively Hospitality
accounting for 89% of the added supply. Among them, MMR IT-BPM drove leasing volumes during the first two quarters
was announced is poised to strengthen the The hospitality industry has exhibited robust recovery,
saw the highest volume of new launches in the current of CY2023 followed by engineering & manufacturing, in
country’s infrastructure apparatus and urban rebounding from recent setbacks and witnessing a reversal
quarter, making up 34% of the total new supply across the continuation of the trend usually witnessed during the
town planning. This budget would improve real of fortunes in FY23. The domestic hospitality sector’s
top 7 cities. In contrast, Kolkata had the lowest share of new second half of CY2022. These two segments cumulatively
estate prospects in tier 2 cities by allocating ₹ 10 demand outlook has turned positive, aligning with pre-
launches, making up only 5% of the total among the top 7 accounted of around half of pan India gross leasing
Lakh Cr in capital investment and intending to pandemic levels during the fiscal year. Festivals, the wedding
cities in India. volumes. Engineering and manufacturing recorded a 131
establish an urban infrastructure development season, and the anticipated increase in foreign inbound
% q-o-q during Q2CY2023 while IT-BPM posted a growth of
fund with an annual allocation of ₹ 10,000 Cr. The Top 7 cities include Mumbai, Delhi-NCR, Pune, travel and MICE (Meetings, Incentives, Conferences, and
30% q-o-q. BFSI and flexible workspaces maintained their
• The allocation of ₹ 16,000 Cr towards the Bengaluru, Chennai, Kolkata and Hyderabad. positions as key contributors to leasing activities, recording Exhibitions) activities have contributed to the rising demand
construction of “sustainable cities of tomorrow” growth of 22% and 42% q-o-q, respectively during the in the hospitality sector. The escalation of international
could alter several cities in India by increasing Q2CY2023. airfares and prolonged waiting times for travel approvals/
their quality of life and delivering integrated visas, coupled with inflation, have constrained outbound
(Source: https://www.cushmanwakefield.com/en/india/ travel from India, subsequently boosting domestic demand
infrastructure, mobility, and urban sustainability.
insights/india-office-market-report) throughout FY23.
(Source: https://timesofindia.indiatimes.com/blogs/
voices/budget-2023-24-whats-in-store-for-real- Outlook The hospitality sector has made significant strides in terms
estate-sector/) of occupancy and average rates, providing a cushion for its
Indian developers have been adding speculative supply
Revenue per Available Room (RevPAR), which marginally
given that demand was observed to be steadily recovering.
Prestige Courtyards, Sholinganallur, exceeded pre-pandemic levels in FY23. The narrowing gap
Chennai (Shot at Location) This increase in supply has also been driven by the relative
between supply and demand, resulting from lower supplies in
outperformance of the Indian office market compared to
the past two years, has led to an enhancement in occupancy
City New Launches Sold Units Available Inventory Avg Price (₹/sq. ft.) some other markets, particularly in the US and Europe. The
levels during the year. In FY24, it is anticipated that average
NCR 12,450 17,100 1,19,000 5,200 supply pipeline for 2023 remains robust, and while market
hotel occupancy across India will range between 67% to
MMR 37,300 34,700 2,00,500 12,200 sentiment remains cautious, a more positive outlook is
69%, with an Average Room Rate (ARR) ranging from₹ 6,200
Bengaluru 13,600 15,700 54,500 5,750 emerging due to decreasing recession probabilities in
to ₹ 6,400.
Western economies.
Pune 19,400 19,900 1,03,800 6,150
(Source: https://hospitality.economictimes.indiatimes.
Hyderabad 14,600 14,300 83,700 4,800 (Source: https://www.cushmanwakefield.com/en/india/
com/news/speaking-heads/hospitality-industry-witnesses-
Chennai 6,400 5,900 28,700 5,400 insights/india-office-market-report)
strong-rebound-in-fy23-set-on-growth-path/100319570)
Kolkata 5,850 6,200 36,500 4,800
Retail
*Q1CY2023
(Source: Anarock) The growth of India’s residential real estate market has been
primarily driven by the escalation of disposable incomes,
Outlook near future, might also dampen growth within the housing the rapid expansion of the middle class, the presence of low
market. interest rates, fiscal incentives on both housing loan interest
The Indian residential sector reached a new peak in the
and principal payments, heightened customer expectations,
first quarter of CY2023, as housing sales and new launches Furthermore, even though there are predictions of possible
the ongoing process of urbanisation, and the increasing
surpassed the 1 Lakh milestone. Looking ahead, there’s future layoffs, housing demand is expected to maintain its
prevalence of nuclear families.
an anticipation that the recent layoffs by both large and momentum over the long term, as these repercussions are
small corporates could potentially impact demand in the primarily short-term in nature. Despite successive rate hikes While the retail sector in India remains largely unorganised,
Angsana Oasis Spa and Resort, Doddabalapur
upcoming two quarters. Concerns over ongoing inflation, by the RBI, interest rates remain attractive, still lower than the organised retail share is witnessing rapid expansion, Main Road, Bengaluru (Shot at Location)
coupled with the potential for a rate hike by the RBI in the those witnessed during the global financial crisis of 2008. currently accounting for over 18% compared to 9% in FY19.

Real Estate Sector Outlook Business Review

The Indian real estate industry is currently in a phase of The Company continued to perform resiliently during FY23,
Segment-wise Performance Overview
significant transformation, driven by the entry of new emerging stronger through the prevailing macroeconomic
participants, technological advancements, and regulatory challenges. The commencement of a fresh growth phase Residential
changes. This diverse sector encompasses a wide range for the Company was characterised by the introduction of
of participants, from small-scale developers to large projects in previously unexplored regions and innovative With a legacy of over 3 decades, Prestige has successfully meeting our promises. Our residential offerings encompass
corporations, contributing to its status as one of the world’s designs that prioritise environmental considerations. completed 140 projects, spanning across 114 Mn. sq. a diverse range, including townships, apartments, luxury
rapidly growing real estate markets. The major performance drivers of the Company can be ft., providing homes to several delighted residents. Our villas, mansions, row houses, plotted developments, golf
attributed to the following: reputation for reliability among customers has been communities, and our recent venture into the affordable
As economic activities regain momentum and employees
forged through our impeccably designed and aesthetically housing segment.
return to workplaces, there’s a concurrent rise in demand for Sustained emphasis on new launches and expansion of
appealing residences, as well as our commitment to
office spaces. The supportive measures introduced by the land bank to facilitate future growth
Central Government in the budget are expected to provide Ongoing expansion of our geographical presence
an additional boost to the sector’s growth. Looking forward,
Upholding consistent delivery timelines
NITI Aayog envisions the Indian real estate sector reaching Key Financial Highlights Key Operational Highlights
a market size of US$1 Tn by 2030 and contributing around Ensuring customer satisfaction across all operations
13% to India’s GDP by 2025. Diligent capital management and unlocking of value
(Source: https://timesofindia.indiatimes.com/blogs/voices/ `61,494 Mn 140 37

the-systematic-evolution-of-the-real-estate-sector-in-india/) Revenue Completed projects across Ongoing projects
114 Mn sq. ft. across 48 Mn sq. ft.
`1,29,309 Mn 74 % 27
Record Sales Upcoming projects
Share of Total Revenue
across 76 Mn sq. ft.
25% Y-o-Y
`98,055 Mn
Highest-ever Collections Ongoing Projects Upcoming Projects
31% Y-o-Y City No. of Projects Total Developable No. of Projects Total Developable
Area (Mn sq. ft.) Area (Mn sq. ft.)
Bengaluru 20 29.39 16 39.65
Chennai 1 0.91 2 6.31
26.38 Mn sq. ft. Goa 1 0.30 - -
Continuous Launches Hyderabad 4 8.94 4 14.46
Kochi 3 0.89 - -
57% Y-o-Y
Mangaluru 1 0.35 - -
Mumbai 5 5.78 4 12.25
Ooty 1 0.11 -
-
15.68 Mn sq. ft. Noida

Calicut 1
-
1.50
- 1
-
3.10
-
Steady Completions
Total 37 48.18 27 75.76
10% Y-o-Y
Prestige Daffodils, Pali Hill, Mumbai


Commercial
Key Financial Highlights
Prestige Estates is a well-established developer of commercial properties strategically situated in prime business districts
across various cities. Among its clientele are several Fortune 500 companies. The Company has successfully completed 120
projects, covering a total area of 40 mm sq. ft. with an annual exit rental of ₹ 2,100 Mn.
`1,865 Mn `5,659 Mn 12
Exit Rentals Projected Annuity Income Completed projects
(FY 27) across 9 Mn sq. ft.
`6,338 Mn 8% 2 5
Revenue Share of Total Revenue
Ongoing projects across Upcoming projects across
2 Mn sq. ft. 5 Mn sq. ft.
`2,100 Mn `23,717 Mn Grade A City

Ongoing Projects
No. of Projects Total Developable

Upcoming Projects
No. of Projects Total Developable

Exit Rentals Projected Annuity Income Buildings
Area (Mn sq. ft.) Area (Mn sq. ft.)
(FY28)
Bengaluru 1 1.13 2 1.82
Hyderabad - - 1 1.00
120 12 9 Chennai
Kochi 1
-
1.02
- 1
1
1.96
0.69
Completed projects across Ongoing projects across Upcoming projects across
40 Mn sq. ft. 23 Mn sq. ft. 14 Mn sq. ft. Total 2 2.15 5 5.46
Ongoing Projects Upcoming Projects Hospitality

Group Brand Collaboration
City No. of Projects Total Developable No. of Projects Total Developable Collaborating with its partners, Prestige, a prominent player
Area (Mn sq. ft.) Area (Mn sq. ft.) in the industry, has successfully constructed distinguished Hilton Conrad
Bengaluru 8 13.65 4 5.88 hotels, resorts, spas, and serviced apartments. These
Pune 1 1.17 - - properties are strategically situated across India, catering to Marriott Sheraton Grand, JW Marriott
Mumbai 1 4.01 2 5.29 the preferences of both business and leisure travellers.
Hyderabad 1 3.45 - - The Company partners with the world’s leading hospitality
Banyan Tree Angsana
players including, but not limited to, the following:
Delhi 1 0.80 - -
Kolar - - 1 2.12
Kochi - - 2 0.88 Key Financial Highlights
Total 12 23.08 9 14.17
`6,605 Mn 8%
Retail
Under the brand Forum, the Company’s retail portfolio encompasses 12 completed projects, spanning across 9 Mn sq. ft. This
business segment generates annual exit rentals amounting to ₹ 1,865 Mn.

9 6 3
Completed Projects Ongoing Projects Upcoming Projects
`720 Mn 1%
1,217 553
Keys Under Development Keys Upcoming

Ongoing Projects Upcoming Projects Financial Review (in ₹ million)
City No. of Projects Keys No. of Projects Keys

Bengaluru 3 406 - - Particulars Year ended 31 Year ended 31 Change y-o-y
March 2023 March 2022
Hyderabad - - - -
Income
Chennai - - 1 150
Revenue from Operations 83,150 63,895 30%
Kochi 1 32 - -
Other Income 4,570 2,107 117%
New Delhi 2 779 - -
Total Income 87,720 66,002 33%
Mumbai - - 1 200
Total Expenses 76,824 58,823 31%
Sakleshpur - - 1 203
Profit before exceptional items and tax, share of profit / (loss) 10,896 7,179 52%
Total 6 1,217 3 553
from associates and jointly controlled entities and tax expenses
Exceptional items 3,079 8,079 (62)%
Property Management and Services Share of profit / (loss) from associates/ jointly controlled entities 168 (165) (202)%
Prestige offers a comprehensive property management service, where a team of exceptionally skilled professionals delivers (Net of tax)
unparalleled support and maintenance solutions for all Prestige properties. This commitment ensures the Company’s Profit before tax 14,143 15,093 (6)%
unwavering standards are maintained. Tax expense 3,475 2,945 18%
Net Profit for the year 10,668 12,148 (12)%
Other Comprehensive Income (net of tax) (9) 33 (127)%
Security Civil Maintenance Total comprehensive income for the year attributable to: 10,659 12,181 (12)%
Owners of the Company 9,409 11,533
Non-controlling interests 1,250 648
Property Maintenance Basic and diluted EPS (in `) 23.49 28.69
Electric Maintenance
and Upkeep
Property
Management
Profit and loss analysis Balance sheet analysis
Cleanliness Services Amenities Maintenance
Revenue from operations Borrowing
Prestige consolidated revenue increased by 30% to Gross Borrowings has increased by 25% to ` 81,208 million
` 83,150 million in FY 23 against ` 63,895 million in FY 22 as at March 31, 2023 against ` 65,130 million as at March
Garden Maintenance Facility Management owing to increase in units handover along with improvement 31, 2022. The increase in borrowings can be attributable
in hospitality operations. to Company’s strategy to venture in new geographies and
Cost analysis acquisition of land parcels to ensure future growth of the
Company.
During the year the expense increased by 31% to ` 76,824
Prestige also takes on construction contracts and is involved in the production of related items such as doors, windows, panels, million in FY 23 against ` 58,823 million primarily due to Inventory
concrete blocks. Additionally, the Company has recently expanded its operations to include the manufacturing of facades. corresponding increase in revenue of operations. During the year, Inventory increased by 24% to ` 143,671
Exceptional item million as at March 31, 2023 against ` 115,667 million as
at March 31, 2022. The increase is attributable to increase
Prestige has diluted its stake in some of the subsidiaries
Key Financial Highlights and joint ventures in earlier years. During FY 23, the deferred
in construction activities coupled with new land purchase
during the year.
consideration on the transaction was realised and was
`7,993 Mn 9% recognised as an exceptional item.
Internal Controls
The Company has a robust internal control policies and of these controls are evaluated on a regular basis and
procedures in place, commensurate with the size, scale ensures compliance with applicable laws and safeguard the
and complexity of its operations. To ensure effective Company assets.
internal controls across business process and systems, it
182 98 `10,000 Mn+
The Company’s Audit Committee is entrusted to review the
has established a vigorous framework that is designed to Internal Control Systems and the appointment of Internal
provide reliable and quality assurance related to its business Auditors. M/s. Grant Thornton India LLP is acting as the
Properties Maintained Projects in the Pipeline Future Potential
and operational performance. The adequacy and efficacy Internal Auditor for the Group.

Risk Management
Risk Management forms an essential part of Prestige’s is meticulously formulated following a thorough scenario Interest Rate Risk
operations ensuring the business continually thrives, analysis. This plan undergoes regular assessments
regardless of the prevailing challenges. The Enterprise Risk and obtains the Committee’s approval, serving as a
Key Risks and Definition Mitigation Strategy
Management Committee, operating under the oversight complementary element to the Internal Control Mechanism
of the Board of Directors, is tasked with the responsibility and the Audit function. High mortgage interest rates might We have strategically positioned ourselves within
of supporting the Board in overseeing and appraising the discourage potential buyers from making categories that are less susceptible to the effects of
The Company diligently supervises, evaluates, and reports
Company’s Risk Management Plan and protocols. The investments in real estate properties. interest rate increases. Furthermore, we’re concentrating
on the primary risks and uncertainties that hold the potential
comprehensive risk management plan of the Company on innovative marketing tactics to attract potential
to influence its capacity to realise its strategic aims.
buyers. Our efforts also include diminishing reliance on
residential assets and implementing efficient project
cash flow management practices.
Global Economic Slowdown Risk

Slowdown in the global and Indian economy Despite persistent challenges, the global economy Retail Sector Risk
has the potential to negatively affect the is expected to sustain a moderate growth trajectory
growth trajectory within our sector. while the Indian economy is poised to emerge as one Key Risks and Definition Mitigation Strategy
of the fastest-growing economies. Significance of traditional brick-and-mortar We are employing a variety of strategies to enhance
According to the IMF, India is forecasted to register a retail stores could diminish due to the rise of footfall at our retail assets:
real GDP growth rate of 6.1% in FY24. e-commerce, as more individuals opt to stay Our mall designs prioritise community
at home for their shopping needs. engagement rather than just being points of sale.
We are forming partnerships with online retailers.
We are implementing a hybrid marketing
`
approach that targets both online and offline
Inflation Risk
consumer segments.

Elevated inflation rates could result in To mitigate the impact, we have implemented the
increased construction costs and introduce following initiatives:
uncertainty in the availability of raw materials. Securing advance contracts for rate protection Technology Human Resources
Enhancing our raw material requirement forecasting The Company’s strategy to uphold operational efficiency The Group comprises 8,393 permanent members as well
Establishing the capability to transfer cost increases centres around a robust emphasis on technology. This as a consistent collaboration with contractors and sub-
to customers commitment to technological advancement has proven contractors who are responsible for recruiting personnel
advantageous in alleviating operational hurdles. Notably, for the Company’s construction and other operational
the recent modernisation of internal accounting and ERP endeavours. Despite the macroeconomic challenges
systems with state-of-the-art solutions has facilitated real- experienced, the Company’s employees have been a pillar of
time updates and streamlined collaboration among teams. support enabling Prestige to navigate through the turbulent
Geo-political Instability Risk A mobile application has been introduced for customers, environment and emerge stronger. Emphasising the
enabling access to account statements and customer preservation of safety protocols took precedence to ensure
services, resulting in a substantial number of downloads. the well-being of the staff.
Additionally, our in-house Falcon Brick App plays a pivotal Prestige greatly values the dedication and perseverance
Extended geopolitical tensions, such as the We are shifting our attention towards localised
role in overseeing project execution and contractor demonstrated by its team members, which it considers to
ongoing conflict between Ukraine and Russia, vendors, reducing our reliance on suppliers from the
progress, while also maintaining Management Information be the Company’s most valuable resources. The Company
could potentially generate unfavourable EU. Additionally, we’ve secured advance contract
Systems (MIS). firmly believes that an organisation’s prowess, engagement,
repercussions for our business. This could rates and are consistently seeking out new markets
We have successfully transitioned the entire process from and determination for success are defined by its employees.
entail elevated material costs, fluctuations in for imports.
customer onboarding to property handover into a digital It regularly conducts programmes for learning and
currency exchange rates, and uncertainties in
format. This includes offering virtual site visits for tenants, development with the aim of enhancing the capabilities of
supply chains.
significantly enhancing customer engagement levels. its people.

BOARD’S REPORT
To the Members,
The Directors present the Board’s Report on business operations and affairs of Prestige Estates Projects Limited (the “Company”
or “PEPL”) along with the audited Standalone and Consolidated financial statements for the Financial Year ended March 31,
2023.
PERFORMANCE OF YOUR COMPANY
1. FINANCIAL HIGHLIGHTS:
(` in Million)
Particulars Standalone Results Consolidated Results
FY 2022-23 FY 2021-22 FY 2022-23 FY 2021-22
Income
Revenue from Operations 43,297 45,592 83,150 63,895
Other Income 1,070 3,116 4,570 2,107
Total Income 44,367 48,708 87,720 66,002
Expenses
(Increase)/ decrease in inventory 819 16,952 (22,312) 5,652
Contractor cost 8,921 7,714 25,924 15,048
Purchase of material 1,816 1,583 6,553 3,848
Purchase of completed units 23 (97) 23 (97)
Land cost 14,131 3,591 30,594 7,986
Rental expenses (net of waivers) 24 (9) 43 5
Facility management expenses 496 398 1,994 1,083
Rates and taxes 1,970 1,964 4,425 5,379
Employee benefits expense 2,818 2,287 6,034 4,510
Finance costs 3,313 2,952 8,066 5,553
Depreciation and amortisation expense 3,317 2,846 6,471 4,710
Other expenses 2,773 2,928 9,009 5,146
Total Expenses 40,421 43,109 76,824 58,823
Profit before exceptional items and tax 3,946 5,599 10,896 7,179
Exceptional items 204 5,399 3,079 8,079
Share of profit / (loss) from associates/ jointly controlled entities - - 168 (165)
(Net of tax)
Profit before tax 4,150 10,998 14,143 15,093
Tax expense 741 1,525 3,475 2,945
Net Profit for the year 3,409 9,473 10,668 12,148
Other Comprehensive Income (net of tax) (8) 12 (9) 33
Total Comprehensive Income 3,401 9,485 10,659 12,181
Total comprehensive income for the year attributable to:
Owners of the Company - - 9,409 11,533
Non-controlling interests - - 1,250 648
There have been no material changes or commitments affecting the financial position of the Company which have
occurred between March 31, 2023 and the date of this report.
2. BUSINESS:
Business Overview ` 4,500,000,000/- divided into 450,000,000 Equity

Prestige Estates Projects Limited, is a Public Limited Shares of `10/- each and the Issued, Subscribed
Company with its Equity Shares listed on the BSE and Paid-Up Share Capital of the Company is
Limited and National Stock Exchange of India Limited. ` 4,008,616,540/- divided into 400,861,654 Equity
The Authorised Share Capital of the Company is Shares of `10/- each.
108 Prestige Estates Projects Limited

BOARD’S REPORT (Contd.)
The Company operates in the real estate industry in the Company.

general in the following verticals.
 Residential 5. CHANGE IN THE NATURE OF BUSINESS, IF ANY:
 Commercial There was no material change in the nature of Business
 Retail carried out by the Company during the period under
 Hospitality review.
 Services
6. SHARE CAPITAL :
FINANCIAL HIGHLIGHTS (FY 2022-23, CONSOLIDATED)
As informed above, the authorised share capital
During the FY 2022-23, the Company has reported of the Company is ` 4,500,000,000/- divided into
Income from operations of ` 87,720 Mn, EBIDTA of
450,000,000 Equity Shares of ` 10/- each and the
` 25,433 Mn and PAT of ` 10,668 Mn, EBIDTA margin
Issued, Subscribed and Paid-up Share Capital of the
stood at 28.99% and PAT margin stood at 12.16%.
Company is ` 4,008,616,540/- divided into 400,861,654
During the corresponding FY 2021-22, the Company
had reported Income from operations of ` 66,002 Equity Shares of ` 10/- each as on March 31, 2023.
Mn, EBIDTA of ` 17,442 Mn and PAT of ` 12,148 Mn.
EBIDTA margin stood at 26.43% and PAT margin stood 7. CHANGES IN DIRECTORS AND KEY MANAGERIAL
at 18.41%. PERSONNEL:
FY 2022-23 OPERATIONAL HIGHLIGHTS During the year under review, there was no change in
During the FY 2022-23, the Company has sold 15.09 Directors and Key Managerial Personnel.
Mn sq ft. of residential and commercial space which The composition of the Board is elaborated in the
translates to sales of ` 129,309 Mn. During the Corporate Governance Report.
corresponding FY 2021-22, the Company has sold
15.07 Mn sq ft of residential and commercial space 8. CHANGES IN SUBSIDIARIES AND ASSOCIATES:
which translates to sales of ` 103,822 Mn.
As described elsewhere in the report, the Company
COLLECTIONS operates in the following verticals and the changes are
Total collections for the year ended March 31, mentioned herewith:
2023 aggregated to ` 98,055 Mn (Prestige share
 Residential Vertical - The Company continues to
of collections for the year aggregated to ` 87,252
be the apex entity for the Residential Vertical and
Mn). Total collections for the year ended March 31,
shall continue to hold residential assets and all
2022 aggregated to ` 74,664 Mn. (Prestige share of
collections for the year aggregated to ` 57,692 Mn). future residential developments would continue
to be undertaken by the Company.
LAUNCHES
 Commercial Vertical – Prestige Exora Business
During the period under review, Company has
Parks Limited, wholly owned subsidiary of the
maintained high demand from the customers for its
projects. During the year Company has launched 26.38 Company continues to be the apex entity for the
Mn. Sq. ft. Commercial Vertical.
COMPLETIONS  Retail Vertical - Prestige Retail Ventures Limited,
15 projects with Built up Area of 15.68 Mn. sq. ft. across wholly owned subsidiary of the Company
segments & geographies were completed during the continues to be the apex entity for the Retail
year. Vertical.
 Hospitality Vertical - Prestige Hospitality Ventures
3. TRANSFER TO GENERAL RESERVES:
Limited, wholly owned subsidiary of the Company
During the year the Company has not transferred any
continues to be the apex entity for the Hospitality
amount to General Reserve.
Vertical.
4. DIVIDEND  Services Vertical- The Company through this
The Board of Directors of the Company have verticals provides Fit out services, Interior Designs
recommended a dividend of ` 1.5 (15%) per Equity and Execution, Facilities & Property Management
Share of ` 10/- each which is subject to approval of and Project & Construction Management for all
shareholders in the ensuing Annual General Meeting of its projects.
Annual Report 2022-23 109

Acquisitions during the fiscal: Pursuant to provisions of Section 136 of the Act, the
Prestige Sterling Infraprojects Private Limited Financial Statements of the Company, Consolidated
Financial Statements along with relevant documents
The Company has acquired 10% equity stake in Prestige
and separate Audited Accounts in respect of
Sterling Infraprojects Private Limited on July 29, 2022.
Subsidiaries are available on the website of the
With these acquisition, the Company now holds 90% Company.
equity shares in Prestige Sterling Infraprojects Private
Limited. 11. BOARD OF DIRECTORS AND ITS COMMITTEES:
Prestige OMR Ventures LLP Composition of the Board of Directors
The Company through its wholly owned subsidiary As on March 31, 2023, the Board of Directors of the
Prestige Retail Ventures Limited (“PRVL”), has acquired Company comprises of Nine (9) Directors of which Four
30% stake in Prestige OMR Ventures LLP. With the (4) are Executive Promoter Directors and remaining
acquisition LLP has now become a wholly owned Five (5) are Non -Executive Independent Directors.
subsidiary of the Company. None of the Directors of the Company are disqualified
Further, the Company has transferred its 69% stake in under Section 164(2) of the Companies Act, 2013.
the LLP to PRVL, the apex entity for retail vertical of the
Board Meetings
Group, this brings PRVL holding in the LLP to 99% and
The Board met four (4) times during the year under
balance 1% continues to be held by the Company. The
review and the intervening gap between the meetings
LLP continues to be wholly owned subsidiary, even
was within the period prescribed under the Companies
after stake transfer to PRVL.
Act, 2013 and SEBI (Listing Obligations and Disclosure
Prestige OMR Ventures LLP is developing a retail mall Requirements) Regulations, 2015. The dates of the
with developable area of approximately 1.96 Mn sft. in meetings are as below:
Chennai.
Sl. No. Date of the Meeting
1. May 26, 2022
9. SIGNIFICANT OR MATERIAL ORDERS PASSED BY
2. August 09, 2022
REGULATORS/ COURTS:
3. November 09, 2022
There were no material orders passed during the year 4. February 14, 2023
under review.
Independent Directors Meeting
10. CONSOLIDATED FINANCIAL STATEMENTS: As per the requirements of Schedule IV of the
The Company as on March 31, 2023 has Twenty Nine Companies Act, 2013 and Regulation 25(3) of SEBI
(29) Subsidiaries and Five (5) Associate Companies (LODR) Regulations, a separate meeting of the
Independent Directors of the Company was held on
within the meaning of Section 2(87) and Section 2(6)
March 16, 2023 without the presence of the Chairman
of the Companies Act, 2013 (hereinafter referred to as
& Managing Director or Executive Directors or other
the ‘Act’ in this Report). There has been no material
Non-Independent Directors or the Chief Executive
change in the nature of business of the Subsidiaries/
Officer or Chief Financial Officer or any other
Associates.
Management Personnel.
The Consolidated Financial Statements of the
Committees of the Board
Company, its Subsidiaries and Associate Companies
are prepared in accordance with the provisions The composition of various Committees of the Board
of Section 129 of the Companies Act, 2013, read and their meetings including the terms of reference are
detailed in the Corporate Governance Report forming
with Companies (Accounts) Rules, 2014 and the
part of the Annual Report.
provisions of SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015. The Consolidated Re-appointment of a Director retiring by rotation
Financial Statements presented by the Company In terms of Section 152 of the Companies Act, 2013,
include the financial results of its Subsidiaries / Mr. Rezwan Razack, Director, (DIN: 00209060) is liable
Associates. Pursuant to Section 129(3) of the Act, a to retire by rotation at the ensuing Annual General
separate statement containing the salient features of Meeting; and being eligible, offers himself for re-
the financial performance of Subsidiaries / Associates appointment. The Board of Directors, based on the
of the Company in the prescribed Form AOC-1 is recommendation of Nomination & Remuneration
provided in Annexure I to the Report. Committee have recommended the re-appointment of

Mr. Rezwan Razack, Director, who is liable to retire by c. Evaluation of quality, content and timeliness of
rotation. flow of information between the Management
The Notice convening the Annual General Meeting and the Board that is necessary for the Board to
includes the proposal for the re-appointment of the effectively and reasonably perform its duties.
Director as aforesaid. Brief resume of the Director
Directors Responsibility Statement
proposed to be re-appointed, nature of his expertise in
specific functional areas and names of the Companies As required by Section 134(5) of the Companies Act,
in which he holds directorship/ membership/ 2013, your Board of Directors hereby confirm that:
chairmanship of the Board or Committees, as a. in the preparation of the Annual Financial
stipulated under SEBI (Listing Obligations and Statements for the year ended March 31, 2023,
Disclosure Requirements) Regulations, 2015 have the applicable Accounting Standards have been
been provided as an annexure to the Notice convening followed along with proper explanation relating to
the Twenty Sixth Annual General Meeting. material departures;
Continuation of Mr. Irfan Razack as Chairman and b. the Directors have selected such Accounting
Managing Director Policies and applied them consistently and made
In terms of section 196 of Companies Act, 2013, judgments and estimates that are reasonable
Members approval is sought by way of Special and prudent so as to give a true and fair view of
Resolution in the annual general meeting for the state of affairs of the Company at the end of
continuation of Mr. Irfan Razack as Chairman and the Financial Year 2022-23 and of the profit of the
Managing Director for remaining period of his office Company for that period;
upto September 24, 2024 on attaining 70 years of age.
c. the Directors have taken proper and sufficient
Declaration by Independent Directors care for the maintenance of adequate accounting
The Independent Directors of the Company have records in accordance with the provisions of the
provided the declaration of Independence as required Companies Act, 2013, for safeguarding the assets
under Section 149(7) of the Companies Act, 2013, of the Company and for preventing and detecting
confirming that they meet the criteria of Independence fraud and other irregularities;
under Section 149(6) of the Companies Act, 2013 read
d. the Annual Financial Statements have been
with the Regulation 25(8) of SEBI (Listing Obligations
prepared on a Going Concern basis;
and Disclosure Requirements) Regulations, 2015.
e. the Directors have devised proper systems to
Annual Performance evaluation of the Board
ensure compliance with the provisions of all
Pursuant to the provisions of the Companies Act, applicable laws and that such systems were
2013 and SEBI (Listing Obligations and Disclosure adequate and operating effectively; and
Requirements) Regulations, 2015, the Nomination
f. the Directors have laid down Internal Financial
and Remuneration Committee and the Board have laid
down the manner in which formal annual evaluation Controls to be followed by the Company and that
of the Board, its Committees, and Individual Directors such Internal Financial Controls are adequate and
has to be made. were operating effectively.
The performance evaluation of the Independent Corporate Governance Report

Directors was carried out by the entire Board.
A detailed Report on Corporate Governance and a
The performance evaluation of the Chairman and
Certificate from the Practicing Company Secretary
Non-independent Directors was carried out by the
regarding compliance of conditions of Corporate
Independent Directors in the following manner:
Governance forms part of this Annual Report.
a. Evaluation of performance of Non-independent
Directors and the Board of Directors of the Management Discussion and Analysis Report
Company as a whole; In terms of Regulation 34 of SEBI (Listing Obligations
b. Evaluation of performance of the Chairman of the and Disclosure Requirements) Regulations, 2015, the
Company, taking into account, views of Executive Management Discussion and Analysis Report forms
and Non-Executive Directors; part of this Annual Report.

Business Responsibility and Sustainability Report information as required under Section 134(q) of the
The SEBI (Listing Obligations and Disclosure Companies Act, 2013 read with rule 5(1)(ii) and (ix)
Requirements) Regulations, 2015 mandates the of the Companies (Appointment and Remuneration
inclusion of Business Responsibility and Sustainability of Managerial Personnel) Rules, 2014, remuneration
Report (“BRSR”) as the part of Annual Report for top details of Chief Executive Officer, Chief Financial Officer
one thousand listed companies based on the market and Company Secretary has not been disclosed in
capitalisation as on March 31, every year. The Report the Board’s Report. Your Directors stated that with
has been mandated by SEBI for providing initiatives a view to ensure healthy & cordial human relations
taken by the Companies from Environmental, Social at all levels and considering the confidential nature
and Government perspective. In Compliance with the of the information, the remuneration details of Chief
regulation, the Company has provided the BRSR for Executive Officer, Chief Financial Officer and Company
the year 2022-23 as part of this Annual Report. The Secretary have not been disclosed in the interest of the
Company. However on a request from any shareholder
policies are available at the website of the Company
or any regulatory authority, the same shall be shared
www.prestigeconstructions.com
separately.
12. AUDIT RELATED MATTERS: Cost Auditor & Report thereon
Audit Committee The Cost Audit Records are maintained in accordance
with the provisions of Section 148 of the Companies
The terms of reference of the Audit Committee are
Act, 2013 read with the Companies (Cost Records
in consonance with the requirements mentioned
and Audit) Amendment Rules, 2014. There are no
in Section 177 of the Companies Act, 2013 and
qualifications or adverse remarks in the Cost Audit
Regulation 18 of SEBI (Listing Obligations & Disclosure
Report which require any explanation from the Board
Requirements) Regulations, 2015. The Composition of
of Directors.
the Audit Committee is mentioned in the Corporate
Governance Report which forms part of this Annual Based on the recommendations of the Audit
Report. Committee, the Board of Directors have re-appointed
M/s. P. Dwibedy & Co, Cost Accountants, Bengaluru
Statutory Auditors & Report thereon (FRN-100961) as the Cost Auditors of the Company
M/s. S. R. Batliboi & Associates LLP, Chartered for the Financial Year 2023-24.
Accountants, Bengaluru (FRN 101049W/E300004) As per Rule 14 of Companies (Audit and Auditors)
were re-appointed as Statutory Auditors of the Rules, 2014, the Remuneration payable to the Cost
Company at the 25th Annual General Meeting of the Auditors for the FY 2023-24 is subject to ratification
Company held on September 27, 2022 to hold office by the Shareholders of the Company and the same
till the conclusion of 30th Annual General Meeting to is being put to shareholders at the ensuing Annual
be held in the year 2027. The auditor’s report for the General Meeting. The Notice convening the Annual
year ending March 31, 2023 forms part of this Annual General Meeting contains the proposal for ratification
Report. of the remuneration payable to the Cost Auditors.
Statutory Auditors Qualification / Comment on the Internal Financial Controls
Company’s Standalone Financial Statements
The Board of Directors of your Company have laid
There are no qualifications or adverse remarks in the down Internal Financial Controls to be followed by the
Statutory Audit Report on the Standalone Financial Company and such Internal Controls are adequate
Statements. and operating effectively. Your Company has adopted
Secretarial Auditor & Report thereon policies and procedures for ensuring orderly and
efficient conduct of its Business, including adherence
Pursuant to Section 204 of the Companies Act, 2013
to the Company’s policies, the safeguarding of
and the Companies (Appointment and Remuneration
its assets, the prevention and detection of frauds
of Managerial Personnel), Rules, 2014, Secretarial and errors, the accuracy and completeness of the
Audit for the Financial Year 2022-23 has been carried accounting records and the timely preparation of
out by Mr. Nagendra D. Rao, Practicing Company
reliable financial disclosures.
Secretary, Bengaluru (Membership No. FCS: 5553,
COP: 7731) M/s. Grant Thorton India LLP are the internal auditors
of the Company for the financial year 2022-23.
The Report of the Secretarial Audit in Form MR-3
for the Financial Year ended March 31, 2023 follows In view of growth of business activities, on
as Annexure II to the Report. In the said report, recommendation of Audit Committee, the Board of
the Secretarial Auditor has also commented that Directors of the Company have appointed M/s. Grant

Thorton India LLP and M/s. Deloitte Touche Tohmatsu Nomination and Remuneration Policy
India LLP as the Internal Auditor for Financial year The Nomination and Remuneration Committee has
2023-24. formulated a policy for determining qualifications,
During the year under review, these controls were positive attributes and independence of Directors and
evaluated and no significant weakness was identified a policy relating to the remuneration for the Directors,
either in the design or operation of the controls. Key Managerial Personnel and Senior Management
Personnel of the Company. The Remuneration paid
Fraud Reporting
is as per the Nomination and Remuneration Policy
There have been no instances of fraud reported by formulated by the Nomination and Remuneration
Auditors under Section 143(12) of the Companies Committee and approved by the Board of Directors
Act, 2013 and Rules framed thereunder either to the of the Company. The Nomination& Remuneration
Company or to the Central Government. policy is available at the website of the Company
13. DISCLOSURE ON CONFIRMATION WITH
Risk Management Policy
SECRETARIAL STANDARDS:
The Board has constituted a Risk Management
The Directors confirm that the mandatory Secretarial
Committee which is entrusted with the task of
Standards on Board and General Meetings issued
monitoring and reviewing the Risk Management
by the Institute of Company Secretaries of India
Plan and procedures of the Company. This acts as a
in accordance with the applicable provisions of
supplement to the Internal Control Mechanism and
Companies Act, 2013 and rules made thereunder, have
Audit function of the Company. The Risk Management
been duly complied with.
Policy is available at the website of the Company www.
prestigeconstructions.com
14. POLICY MATTERS:
Corporate Social Responsibility Policy
Directors Appointment and Remuneration Policy
The Corporate Social Responsibility Policy has been
The Directors of the Company are appointed by
formulated by the Corporate Social Responsibility
the Members at the Annual General Meetings in
Committee and approved by the Board of Directors
accordance with the provisions of the Companies Act,
and is available at the website of the Company at
2013 and the Rules made thereunder.
The Company has adopted the provisions of the
The activities pertaining to Corporate Social
Companies Act, 2013 and provisions of SEBI
Responsibility is detailed in Annexure III to the Report.
(Listing Obligations and Disclosure Requirements)
Regulations, 2015, relating to the Appointment and Whistle Blower Policy (Vigil Mechanism)
Tenure of Independent Directors. The Company has established a Vigil Mechanism to
The Company has also adopted Remuneration policy promote ethical behavior in all its business activities
for Directors, Key Managerial Personnel and Senior and has in place, a mechanism for employees to report
Management Personnel and the same is available at any genuine grievances, illegal or unethical behavior,
suspected fraud or violation of laws and regulations
the Company website www.prestigeconstructions.
and can report the same to the Chief Vigilance Officer
com
and the Audit Committee Chairman of the Board of the
Board Diversity Policy Company. The whistle blower policy is available at the
The Company recognises and embraces the website of the Company www.prestigeconstructions.
importance of a diverse Board in its success. A truly com
diverse Board will leverage differences in thought, Prevention of Sexual Harassment Policy
perspective, knowledge, skill, regional and industry
As a part of the policy for Prevention of Sexual
experience, age, race and gender etc., which will help
Harassment in the organisation, Your Company has
the Company to retain its competitive advantage.
in place, an effective system to prevent and redress
The Policy on Board Diversity has been adopted by
complaints of sexual harassment of women at work
the Company and available at the website www.
place in accordance with The Sexual Harassment of
prestigeconstructions.com
Women at Workplace (Prevention, Prohibition and

Redressal) Act, 2013 and relevant rules thereunder. designated persons and taking appropriate action
During the year under review, there have been no in case of any violation/non-compliance of the
instances of any complaints. The policy can be Company’s Insider Trading Code.
accessed at our website www.prestigeconstructions.
com 15. OTHER MATTERS:
Policies related to Business Responsibility and A. Non-Convertible Debentures

Sustainability Reporting During the year 2018-19, the Company issued
During the year, the Board of the Company has 3,500 rated, unlisted, secured, redeemable, Non-
adopted the requisite policies as detailed below as Convertible Debentures (“NCD”) of ` 1,000,000/-
per the requirement of Business Responsibility and each at par (total amount aggregating to ` 3,500
Sustainability Reporting. This year, a detailed report on Mn.). Interest on these debentures is being paid
the same has been given and forms part of the Annual on a quarterly basis.
Report. During the year 2021-2022, the Company
• Ethics, Transparency and Accountability Policy issued 2,600 senior, secured, redeemable rated,
• Products, Lifecycles Sustainability Policy listed Non-Convertible Debentures (“NCD”) of
• Employees Wellbeing Policy ` 1,000,000 each at par (total amount aggregating
to ` 2,600 Mn.). Interest on these debentures is
• Stakeholder Engagement Policy
being paid on quarterly basis. The Company also
• Human Rights Policy issued 2,400 senior, secured, redeemable, rated,
• Environment Policy listed Non-Convertible Debentures (“NCD”) of
• Policy Advocacy ` 1,000,000 each at par (total amount
• Inclusive Growth Policy aggregating to ` 2,400 Mn.). Interest on these
debentures is being paid on quarterly basis.
• Customer Value Policy
B. Deposits
Dividend Distribution Policy
During the year under review, the Company has
Board has adopted a Dividend Distribution Policy, which
not accepted any Deposits in terms of Chapter
is available on the website of the Company https://
V of the Companies Act 2013, read with the
www.prestigeconstructions.com/admin/uploads/
Companies (Acceptance of Deposit) Rules,
investors/pepl-policies/dividend-distribution.pdf
2014.
Prevention of insider trading Policy
C. Awards and Recognitions
As per the provisions of the SEBI (Prohibition of
Your Company has been bestowed with various
Insider Trading) Regulations, 2015, the Company has
awards during the period under review, the details
adopted a Code of Conduct to regulate, monitor and
of which are provided in the separate section in
report trading by designated persons in securities
of the Company. The policy and procedures are the Annual Report titled ‘Awards & Recognition’.
periodically reviewed and revised from time to time
16. HUMAN RESOURCES:
and communicated to the designated persons and is
available on the website of the Company. Employee Relations remained cordial throughout the
year at all levels. Your Company would like to place
The Insider Trading Code has been implemented to
its appreciation for all the hard work, dedication and
prevent the misuse of unpublished price-sensitive
efforts put in by all the employees.
information and set a framework, rules, and procedures
that all concerned parties should follow, both in letter As on March 31, 2023, the Company had employee
and spirit, while trading in listed securities of the strength of 1,292 Further, total employees of the
Company. Company including its subsidiaries, associate
A digital platform is being maintained by the Company, and jointly controlled entities stood at 8,393.
which contains the names and other prescribed Information as required pursuant to Section 197 (12)
particulars of the persons covered under the Insider of the Companies Act, 2013 read with Rule 5 (1) of
Trading Code. This online tracking mechanism helps the Companies (Appointment and Remuneration of
for monitoring trade in the Company’s securities by Managerial Personnel) Rules, 2014 is elaborated in
Annexure IV of this report.

17. EXTRACT OF ANNUAL RETURN: • We also prioritise the conversion of Direct

As per the requirements of Section 92(3) of the Current (DC) to Alternating Current (AC) for
Act and the rules made thereunder, the extract faucet and flush valves, thereby improving
of the annual return as on March 31, 2023 is energy efficiency.
available on the Company’s website at https://www. • In new projects, we aim to install smart
prestigeconstructions.com/investors-downloads- water meters to monitor water consumption
financial-performance/ effectively.
• Adoption of efficient lighting technology
18. PARTICULARS OF LOANS, GUARANTEES OR
including use of timers and/or sensors for
INVESTMENTS UNDER SECTION 186:
operating the light fixtures in certain areas.
In terms of Section 134 of the Companies Act, 2013, • Usage of high - efficiency glazing that cuts
the particulars of loans, guarantees and investments down the heat ingress and noise while
made by the Company under Section 186 of the maintaining optimum day lighting levels.
Companies Act, 2013 are detailed in Notes to Accounts
• Introduction of auto-correction power factor
of the Financial Statements.
capacitor panels for common area loads.
19. PARTICULARS OF CONTRACTS OR ARRANGEMENTS • Use of energy efficient lifts with group
WITH RELATED PARTIES: control in residential projects.
All contracts / arrangements / transactions entered • Use of Solar Lighting and VFDs
into, by the Company during the Financial Year, • Use of CFL’s LEDs in lighting of common
with Related Parties were in the ordinary course of areas,
business on an arm’s length price basis. During the • Use of daylight sensors and lighting
year, the Company has not entered into any contract / management systems.
arrangement / transaction with Related Parties which • Use of timer control for all air conditioning
could be considered material. The details of contracts units as per peak and non-peak periods to
and arrangements with related parties for the financial save Energy during non-peak hours.
year ended March 31, 2023, are provided in the Notes
• Water saving Aerator Taps in Guest rooms,
to the Standalone Financial Statements, which forms
Public areas to save water.
part of this Annual Report.
• STP Water Recycling: All sewage water is
The policies of Related Party Transactions & Material
recycled, and pumped out to serve as water
related party transactions, can be referred to at https:// for gardening, Cooling tower and Guest
www.prestigeconstructions.com/admin/uploads/ room toilet flushing purposes.
investors/pepl-policies/related-party-transactions.pdf
Capital Investment on Energy Conservation
20. CONSERVATION OF ENERGY, TECHNOLOGY Equipment:
ABSORPTION AND FOREIGN EXCHANGE EARNINGS The Company makes investment for reduction in
AND OUTGO: consumption of energy. Capital investment on energy
The details of conservation of energy, technology conservation equipment cannot be quantified.
absorption, foreign exchange earnings and outgo are b) Technology absorption
as follows:
The Company continues to strive for new
a) Conservation of energy technological innovations that can enhance the
The Company continues to make energy savings product quality, increase process speed and
reduce adverse impact on the environment. Some
efforts wherever possible and as part of Green
of the measures that are continued to be used are
Initiative, IGBC-LEED requirements and the
as follows:
Energy Conservation Code, the following Energy
Conservation measures are continued to be • Use of low flow toilet fixtures with sensors,
undertaken: concealed valves etc.,
• Use of STP treated water for flushing,
landscaping and air conditioning.

• Harvesting rain water in the form of deep 22. GREEN INITIATIVES:

well recharging, collection, treatment and Prestige with a strong focus on sustainable
use of terrace storm water etc., development has placed an EV-charging in the
• Increased use of water-cooled chillers. premises of the Company to promote the usage of
• Use of centralised LPT reticulation system electric vehicles and reduce the emissions of pollutants
with piped gas supply to individual flats. caused due to gasoline vehicles.
The Company sorts all its waste based on its
Expenditure on R&D
characteristics, categorizing it into hazardous, non-
The Research and Development activity of the hazardous, biodegradable, and non-biodegradable
Company forms part of project implementation and types. The hazardous waste, mainly consisting of
cannot be quantified. waste oil from diesel generator sets, as well as paint
c) Foreign exchange earnings and Outgo and varnish remnants, is responsibly disposed of
i) Earnings and Expenditure on foreign through authorized third-party vendors, following the
currency on accrual basis regulations of the State Pollution Control Board.
(` in Million) For biodegradable waste, we adopt an eco-friendly
Particulars March March approach by converting it into organic manure, which
31, 2023 31, 2022 we then use for landscaping at our operational sites.
Earnings in Foreign Nil Nil This practice not only prevents the biodegradable
exchange waste from ending up in landfills but also significantly
Expenditure in Foreign reduces the release of fugitive methane emissions.
exchange The Company has implemented the usage of
Professional & 61.97 14.35 solar power through wheeling energy for electricity
Consultancy charges consumption. The Company is also issuing electronic
incurred on projects copies of the Annual Report 2023 and Notice of the
Travelling expenses 178.41 38.27 Twenty-Sixth Annual General Meeting (“AGM”) to all
Selling & business 1.78 7.14 the members whose email address is registered with
promotion expenses the Company/Depository participant(s). For members
Other expenses 12.47 23.06 who have not registered their email address, physical
Total Expenditure 254.63 82.82 copies of the Annual Report 2023 and the Notice of
the Twenty-Sixth AGM are being sent in the permitted
ii) Value of Imports on CIF basis: mode.
(` in Million) The Company is providing e-voting facility to
Particulars March March all members to enable them to cast their votes
31, 2023 31, 2022 electronically on all resolutions set forth in the Notice
Components for - - of the Twenty-Sixth AGM. This is pursuant to Section
projects 108 of the Companies Act, 2013 read with applicable
Capital goods 28.32 0.43 Rules and in accordance with SEBI (Listing Obligations
& Disclosure Requirements) Regulations, 2015. The
21. CORPORATE GOVERNANCE
instructions for e-voting are provided in the Notice to
In accordance with Regulation 34(3) read with Schedule the AGM.
V of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, a separate report on 23. THE DETAILS OF APPLICATION MADE OR
Corporate Governance forms part of this report. PROCEEDINGS PENDING, IF ANY, UNDER THE
A certificate from Mr. Nagendra D Rao, Practicing INSOLVENCY AND BANKRUPTCY CODE:
Company Secretary affirming compliance with the The Company has neither filed an application during
various conditions of Corporate Governance in terms the year under review nor any proceedings are pending
of the Listing Regulations given in a separate section under the Insolvency and Bankruptcy Code, 2016 as at
of the Annual Report. March 31, 2023.

24. THE DETAILS OF DIFFERENCE BETWEEN AMOUNT 25. ACKNOWLEDGMENTS:

OF THE VALUATION DONE AT THE TIME OF ONE TIME The Board of Directors take this opportunity to
SETTLEMENT AND THE VALUATION DONE WHILE sincerely thank the Company’s valued Customers,
TAKING LOAN FROM THE BANKS OR FINANCIAL Clients, Suppliers, Vendors, Investors, Bankers and
Shareholders for their trust and continued support
INSTITUTIONS ALONG WITH THE REASONS
towards the Company. The Board expresses its
THEREOF:
deepest sense of appreciation to all the employees at
No such event has occurred during the year under all levels whose professional committed initiative has
review. laid the foundation for the organisation growth and
success.
For and on behalf of Board of Directors of

Prestige Estates Projects Limited
Sd/-
Irfan Razack
Chairman and Managing Director
DIN: 00209022
Sd/-
Rezwan Razack
Place: Bengaluru Joint Managing Director
Date: May 30, 2023 DIN: 00209060

ANNEXURE I
FORM AOC - 1 PART

(Pursuant to first proviso to Sub section (3) of Section 129 of the Companies Act 2013,
read with Rule 5 of the Companies (Accounts) Rules 2014
Statement containing salient features of the financial statements of Subsidiaries/Joint Ventures Companies
A: SUBSIDIARIES Amount (` in Million)
Sl. Name of the Entity Share Reserves Total Total Investments Turnover Profit / Profit Proposed % of
No Capital & Assets Liabilities (Loss) after dividend share-
Surplus before tax holding
tax
1 Avyakth Cold 0 (82) 688 770 - 79 0 (0) - 100.00%
Storages Private
Limited
2 Dollars Hotel & 9 2 3,522 3,511 - - (0) (0) - 65.92%
Resorts Private
Limited
3 ICBI (India) Private 0 594 642 47 2 108 71 53 - 82.57%
Limited
4 K2K Infrastructure 15 361 2,668 2,291 - 3,498 130 92 - 75.00%
(India) Private
Limited
5 Northland Holding 30 78 9,612 9,505 - 2,299 (384) (226) - 100.00%
Company Private
Limited
6 Prestige Bidadi 94 84 1,694 1,516 - - (0) (0) - 99.94%
Holdings Private
Limited
7 Prestige Builders 0 (63) 7,188 7,250 2,389 - (0) (0) - 100.00%
and Developers
Private Limited
8 Prestige 108 1,090 3,508 2,311 9 346 213 117 - 100.00%
Construction
Ventures Private
Limited
9 Prestige Exora 1 17,431 24,229 6,797 14,016 1,242 1,614 1,270 - 100.00%
Business Parks
Limited
10 Prestige Falcon 1 119 26,322 26,202 1,765 - 80 78 - 100.00%
Realty Ventures
Private Limited
11 Prestige Garden 1 381 16,995 16,613 - 17 (32) (21) - 73.00%
Estates Private
Limited
12 Prestige Garden 10 400 488 78 - - 153 138 - 100.00%
Resorts Private
Limited
13 Prestige Hospitality 60 (1,176) 12,823 13,940 1,352 3,193 836 718 - 100.00%
Ventures Limited
14 Prestige Leisure 49 441 753 263 0 610 228 176 - 57.45%
Resorts Private
Limited

ANNEXURE I (Contd.)
Amount (` in Million)
Sl. Name of the Entity Share Reserves Total Total Investments Turnover Profit / Profit Proposed % of
No Capital & Assets Liabilities (Loss) after dividend share-
Surplus before tax holding
tax
15 Prestige Mall 50 (82) 159 190 - 187 (61) (44) - 100.00%
Management
Private Limited
16 Prestige Retail 60 9,375 10,450 1,015 4,784 91 4,277 3,565 - 100.00%
Ventures Limited
17 Prestige Sterling 2,750 296 4,125 1,078 - - 25 8 - 90.00%
Infra Projects
Private Limited
18 Sai Chakra Hotels 2 (706) 8,326 9,030 - 4,423 1,342 899 - 100.00%
Private Limited
19 Village-De-Nandi 10 15,331 17,851 2,511 1 - (226) (223) - 100.00%
Private Limited
20 Shipco 61 126 296 108 - - 1 0 - 70.00%
Infrastructure
Private Limited
21 Kochi Cyber 0 (0) 2,718 2,718 - - (0) (0) - 100.00%
Greens Private
Limited
22 Prestige Mulund 0 (432) 23,917 24,348 - - (358) (276) - 100.00%
Realty Private
Limited
23 Prestige Acres 0 (85) 14,517 14,601 1,719 - (93) (70) - 51.00%
Private Limited
24 Prestige 1 1 233 231 - 1 1 1 - 92.36%
Warehousing
& Cold Storage
Services Private
Limited
25 Prestige Falcon 0 (122) 4,033 4,155 - 39 (166) (122) - 100.00%
Malls Private
Limited
26 Prestige Falcon 0 (0) 3,858 3,858 - - (0) (0) - 51.00%
Mumbai Realty
Private Limited
27 Prestige Estates - - - - - - - - - 100.00%
Projects Corp.
28 Apex Realty 4 (5) 3 4 - - 97 73 - 60.00%
Management
Private Limited
29 Prestige Projects 57 203 53,026 52,766 - 468 (72) (50) - 60.00%
Private Limited

ANNEXURE I (Contd.)
PART B: JOINT VENTURES

Sl. Name of the Last Share of JV held by Description Reason why Networth Profit / (Loss) for the year
No Joint Venture audited the Company on year of how the joint attributable
balance end there is venture to Share-
sheet date Amount of Extent of significant is not holding as Considered in Not
investment holding % influence consolidated per latest Consolidation Considered in
audited Consolidation
Balance
Sheet
1 Thomsun 31-Mar-23 913 50.00% Joint Not 733 1 -
Realtors control applicable
Private
Limited
2 Bamboo 31-Mar-22 433 50.00% Joint Not 412 (2) -
Hotel and control applicable
Global Centre
(Delhi) Private
Limited *
3 Prestige 31-Mar-23 1,147 50.00% Joint Not 365 (8) -
(BKC) control applicable
Realtors
Private
Limited
4 Prestige Beta 31-Mar-23 1 40.00% Joint Not 1,428 (1) -
Projects control applicable
Private
Limited
5 Pandora 31-Mar-23 0 50.00% Joint Not 1 392 -
Projects control applicable
Private
Limited
* Consolidated based on unaudited financial statements
For and on behalf of the board
Irfan Razack Rezwan Razack

Chairman & Managing Director Joint Managing Director
Venkat K Narayana Amit Mor Manoj Krishna JV

Chief Executive Officer Chief Financial Officer Company Secretary

ANNEXURE II
To,
The Members,
Prestige Estates Projects Limited,
Prestige Falcon Tower, No.19,
Brunton Road,
Bengaluru – 560025.
My report of even date is to be read along with this letter.
MANAGEMENT'S RESPONSIBILITY
It is the responsibility of the management of the Company to maintain secretarial records, devise proper systems to ensure
compliance with the provisions of all applicable laws and regulations and to ensure that the systems are adequate and operate
effectively.
AUDITOR'S RESPONSIBILITY
1. My responsibility is to express an opinion on these secretarial records, standards and procedures followed by the Company
with respect to secretarial compliances.
2. I believe that audit evidence and information obtained from the Company's management is adequate and appropriate for
me to provide a basis for my opinion.
3. Wherever required, I have obtained the management's representation about the compliance of laws, rules and regulations
and happening of events etc.
DISCLAIMER
The Secretarial Audit Report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness
with which the management has conducted the affairs of the Company.
Nagendra D. Rao
Practising Company Secretary
Membership No. FCS – 5553
Certificate of Practice – 7731
Peer Reviewed Unit
Place : Bengaluru Peer Review Certificate No.: 672/2020
Date : May 30, 2023. UDIN: F005553E000415083

ANNEXURE II (Contd.)
FORM NO. MR-3

SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED MARCH 31, 2023
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To,
(a) The Securities and Exchange Board of India
The Members,
(Substantial Acquisition of Shares and Takeovers)
Regulations, 2011;
Prestige Falcon Tower, No.19,
(b) The Securities and Exchange Board of India
Brunton Road, Bengaluru – 560025
(Prohibition of Insider Trading) Regulations, 2015;
I have conducted the secretarial audit of the compliance
(c) The Securities and Exchange Board of India
of the applicable statutory provisions and the adherence
(Issue of Capital and Disclosure Requirements)
to good corporate practices by Prestige Estates Projects
Regulations, 2018
Limited (hereinafter called the Company). Secretarial
(d) Securities and Exchange Board of India (Share
Audit was conducted in the manner that provided me a
Based Employee Benefits) Regulations, 2021 [Not
reasonable basis for evaluating the corporate conducts/
Applicable to the Company during the financial
statutory compliances and expressing my opinion thereon.
year under review];
Based on my verification of the Prestige Estates Projects
(e) The Securities and Exchange Board of India (Issue
Limited books, papers, minute books, forms and returns
and Listing of Debt Securities) Regulations, 2021;
filed and other records maintained by the Company and
(f) The Securities and Exchange Board of India
also the information provided by the Company, its officers,
(Registrars to an Issue and Share Transfer Agents)
agents and authorised representatives during the conduct
Regulations, 1993 regarding the Companies Act
of the secretarial audit, I hereby report that in my opinion,
and dealing with clients [Not Applicable as the
the Company has, during the audit period covering the
Company is not registered as Registrar to Issue
financial year ended on March 31, 2023 complied with
and Share Transfer Agent during the financial
the statutory provisions listed hereunder and also that the
year under review];
Company has proper Board-processes and compliance-
(g) The Securities and Exchange Board of India
mechanism in place to the extent, in the manner and subject
(Delisting of Equity Shares) Regulations, 2021
to the reporting made hereinafter:
[Not Applicable as the Company has not delisted
I have examined the books, papers, minute books, forms / propose to delist its equity shares from any
and returns filed and other records maintained by Prestige stock exchange during the financial year under
Estates Projects Limited (“the Company”) for the financial review]; and
year ended on March 31, 2023 according to the provisions (h) The Securities and Exchange Board of India
of: (Buyback of Securities) Regulations, 2018 [Not
(i) The Companies Act, 2013 (the Act) and the rules made Applicable as the Company has not bought back
thereunder; / propose to buyback any of its securities during
(ii) The Securities Contracts (Regulation) act, 1956 the financial year under review];
(‘SCRA’) and the rules made there under; (i) The Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements)
(iii) The Depositories Act, 1996 and the Regulations and
Regulations, 2015
Bye-laws framed thereunder;
(vi) We have relied on the representation made by the
(iv) Foreign Exchange Management Act, 1999 and the
Company and its officers for systems and mechanism
rules and regulations made thereunder to the extent of
formed by the Company for compliances under other
Foreign Direct Investment, Overseas Direct Investment
applicable Acts, Laws and Regulations to the Company.
and External Commercial Borrowings [provisions of
The Laws as are applicable specifically to the Company
Overseas Direct Investment and External Commercial
are as under:
Borrowings are not applicable];
a) Real Estate (Regulation & Development) Act, 2016;
(v) The following Regulations and Guidelines prescribed
under the Securities and Exchange Board of India Act, b) Transfer of Property Act, 1882;
1992 (‘SEBI Act’):- c) Indian Easements Act, 1882;

ANNEXURE II (Contd.)
d) Registration Act, 1908; processes in the Company commensurate with the size
e) The Building and Other Construction Workers and operations of the Company to monitor and ensure
(Regulation of Employment and Conditions of Service) compliance with applicable laws, rules, regulations and
Act, 1996; guidelines except to the extent as mentioned hereunder:
f) Indian Stamp Act, 1899; and 1. Information as required under section 134 (q)
read with rule 5(1) (ii) and (ix) of the companies
g) Karnataka Stamp Act, 1957.
(Appointment and remuneration of Managerial
I have also examined compliance with the applicable
personnel) Rules 2014, the remuneration details
clauses of the following:
of Chief Financial Officer, Company Secretary and
(i) Secretarial Standards issued by The Institute of Chief Executive Officer has not been disclosed in the
Company Secretaries of India. Board’s Report.
(ii) The Listing Agreements entered into by the Company I further report that during the audit period, the Company
with BSE Limited and National Stock Exchange of India has passed following Special resolution which has a major
Limited. bearing on the Company’s Affairs in pursuance of the above
(iii) The SEBI (Listing Obligations and Disclosure referred Laws, Rules, Regulations, Guidelines, Standards,
Requirements) Regulations, 2015. etc.
During the period under review, the Company has complied 1. Issue of Non-convertible debentures on a Private
with the provisions of the Act, Rules, Regulations, Guidelines, Placement basis.
Standards, etc. mentioned above. 2. Authorise the Board of Directors to borrow upto
I further report that 100,000,000,000/- (Rupees One Hundred Billion only).
The Board of Directors of the Company is duly constituted 3. Approve creation of Charge/Mortgage/Security on
with proper balance of Executive Directors, Non-Executive the assets of the Company upto ` 100,000,000,000/-
Directors and Independent Directors. There were no (Rupees One Hundred Billion) only.
changes in the composition of the Board of Directors during I further report that, as per the information and explanation
the period under review. provided by the Company, the Company is in compliance
Adequate notice is given to all directors to schedule the with the requirement of Structured Digital Database under
Board Meetings, agenda and detailed notes on agenda were SEBI (Prohibition of Insider Trading) Regulations, 2015.
sent at least seven days in advance, and a system exists for
seeking and obtaining further information and clarifications
Nagendra D. Rao
on the agenda items before the meeting and for meaningful
participation at the meeting.
As per the Minutes of the Board of Directors duly recorded Certificate of Practice – 7731
and signed by the Chairman, the decisions were unanimous Peer Reviewed Unit
and no dissenting views were required to be recorded. Place: Bengaluru Peer Review Certificate No.: 672/2020
I further report that there are adequate systems and Date: May 30, 2023. UDIN: F005553E000415083

ANNEXURE III
ANNUAL REPORT ON CSR ACTIVITIES:

1. Brief outline on CSR policy & Activities: and measures for reducing inequalities faced by
The Board of Directors, upon recommendation of socially and economically backward groups.
the Corporate Social Responsibility Committee, have  To ensure economic sustainability, ecological
identified the following areas listed in Schedule VII balance, protection of flora and fauna, animal
of the Companies Act, 2013 for carrying out its CSR welfare, conservation of natural resources and
activities: maintaining the quality of soil, air and water.
 To pursue shareholder value enhancement and  To protect national heritage, art and culture
societal value creation in a mutually emphasising including restoration of buildings and sites of
and synergistic manner through ethical, historical importance and works of art; setting up
transparent, responsible and human conduct, and public libraries; promotion and development of
by staying in compliance with applicable laws. traditional art and handicrafts.
 To build cleaner and greener cities and to promote  To promote measures for the benefit of
sustainability and strive for more efficient and armed forces veterans, war widows and their
effective use of energy and materials. dependents.
 To eradicate hunger, poverty and malnutrition,  Contribution to the prime minister’s national
promoting health care including preventive relief fund or any other fund set up by the central
health care and sanitation including contribution govt. for socio economic development and relief
to the Swach Bharat Kosh set-up by the Central and welfare of the schedule caste, tribes, other
Government for the promotion of sanitation and backward classes, minorities and women.
making available safe drinking water.
 To promote nationally recognised sports and
 To promote education, including special education rural sports.
among children, women and the differently abled
and to promote livelihood enhancement projects.
 To develop Slum Area
 To promote gender equality, empowering women,

 To promote such other activities towards
setting up homes and hostels for women and betterment of the society.
orphans; setting up old age homes, day care  To manage disaster, including relief, rehabilitation
centres and such other facilities for senior citizens and reconstruction activities
2. Composition of CSR Committee:
Sl. Name of Director Designation / Number of Number of meetings

No. Nature of Directorship meetings of CSR of CSR Committee
Committee held attended during
during the year the year
1. Mr. Irfan Razack Chairman Chairman and Managing Director 1 1
2. Mr. Rezwan Razack Member Joint Managing Director 1 1
3. Mr. Noor Ahmed Jaffer Member Independent Director 1 1
3. Provide the web-link where Composition of CSR committee,CSR policy and CSR projects approved by the board are
disclosed on the website of the Company:
a) CSR Committee: https://www.prestigeconstructions.com/investors-board-composition/
b) CSR policy and CSR projects: https://www.prestigeconstructions.com/admin/uploads/investors/pepl-policies/
corporate-social-responsibility.pdf
4. Provide the details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the Companies
(Corporate Social Responsibility Policy) Rules, 2014: Not applicable

ANNEXURE III (Contd.)
5. a) Average net profit of the Company as per section 135(5): ` 4069 Mn

b) Two percent of average net profit of the Company as per section 135(5): ` 81 Mn
c) Surplus arising out of the CSR projects or programmes or activities of the previous financial year: ` 0
d) Amount required to be set off for the financial year: ` 38 Mn (Excess expenditure set off of previous year)
e) Total CSR obligation for the financial year [(b)+(c)-(d)]: ` 43 Mn
6. a) Amount spent on CSR Projects (both ongoing projects and other than ongoing projects): ` 90 Mn**
b) Amount spent in Administrative Overheads: ` 0
c) Amount spent in Impact Assessment, if applicable: Not applicable
d) Total amount spent for the Financial Year [(a)+(b)+(c)]: ` 90 Mn**
e) CSR amount spent or unspent for the financial year:
Total Amount Spent Amount Unspent (in `)

for the Financial Total amount transferred to Amount transferred to any fund specified
Year (in `) Unspent CSR Account as per under Schedule VII as per second proviso to Section
section 135(6) 135(5)
Amount Date of transfer Name of the Fund Amount Date of Transfer
52 - NA NA - NA
f) Excess amount for set-off, if any: ` 9 Mn

** Includes excess CSR amount of ` 38 Mn brought forward from previous financial year.
Sl. Particular Amount (in `)

No.
i. Two percent of average net profit of the Company as per ` 81 Mn
sub-section (5) of section 135
ii. Total amount spent for the Financial Year ` 90 Mn

Includes excess CSR amount of ` 38 Mn
brought forward from previous financial year.
iii. Excess amount spent for the Financial Year [(ii)-(i)] ` 9 Mn
iv. Surplus arising out of the CSR projects or programmes or `0
activities of the previous Financial Years, if any
v. Amount available for set off in succeeding Financial Years [(iii)-(iv)] ` 9 Mn
7. Details of Unspent Corporate Social Responsibility amount for the preceding three financial years:
Sl. Preceding Amount Balance Amount Amount transferred to Amount Deficiency,
No. Financial transferred to amount in spent any fund specified under remaining to if any
Year Unspent CSR Unspent in the Schedule VII as per section be spent in
Account under CSR Account Financial 135(6) succeeding
section 135 under sub- Year (in `) Name Amount Date of financial
(6) [in `] section (6) of of the (in `) transfer years. (in `)
Section 135 Fund
(in `)
1. NA NA NA NA NA NA NA NA NA
TOTAL

ANNEXURE III (Contd.)
8. Whether any capital assets have been created or acquired through Corporate Social Responsibility amount spent in the
Financial Year:
¨ Yes þ No
If Yes, enter the number of Capital assets created/ acquired: Not applicable
Furnish the details relating to such asset(s) so created or acquired through Corporate Social Responsibility amount spent
in the Financial Year:
S. Short particulars of the Pincode Date of Amount Details of entity/ Authority/beneficiary of the
No. property or asset(s) of the creation of CSR registered owner
[including complete address property or amount CSR Registration Name Registered
and location of the property] asset(s) spent Number, if applicable address
NA NA NA NA NA NA NA
(All the fields should be captured as appearing in the revenue record, flat no, house no, Municipal Office/Municipal
Corporation/ Gram panchayat are to be specified and also the area of the immovable property as well as boundaries)
9. Specify the reason(s), if the Company has failed to spend two per cent of the average net profit as per subsection (5) of
section 135: Not applicable
Irfan Razack Rezwan Razack

Chairman of CSR Committee Joint Managing Director

ANNEXURE IV
1. PARTICULARS OF EMPLOYEES
a) Information as per Section 134 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014
Names of Director/ Designation Remuneration Remuneration % Increase in Ratio of the
KMP FY 2021-22 FY 2022-23 Remuneration remuneration
FY 2021-23 Vs of each Director
FY 2022-23 to the Median
Remuneration
of Employees
for the financial
year 2022-23
Irfan Razack Chairman & Managing Director 74,000,000 86,000,000 16.25% 112.5:1
Rezwan Razack Joint Managing Director 74,000,000 86,000,000 16.25% 112.5:1
Noaman Razack Wholetime Director 5,400,000 12,000,000 122.2% 15.7:1
Uzma Irfan Director 6,000,000 12,000,000 100.0% 15.7:1
Total 159,400,000 196,000,000
Ceiling as per the 10% of the Net Profit of the Company calculated as per section 198 of the Companies Act, 2013 for
Act to Managing the year 2022-23 i.e. `399.90 Mn.
Director, Whole- 10% of the Net Profit of the Company calculated as per section 198 of the Companies Act, 2013 for
time Director and/ the year 2021-22 i.e. `566.60 Mn.
or Manager
The Median remuneration of employees in the financial year 2021-22 is ` 745,500/- and Financial year 2022-23 is
`764,785/-
Percentage increase (decrease) in the median of employees in the financial year 2022-23 is 2.6%
Number of permanent employees on the rolls of the Company as on March 31, 2023 is 1292
Remuneration to other directors for the financial year 2022-23:

Sl. Particulars of Remuneration Mr. Jagdeesh Dr. Pangal Mr. Biji Mr. Noor Ms. Neelam Total
No. K. Reddy, Ranganath Nayak, George Koshy, Ahmed Jaffer, Chhiber Amount
Independent Independent Independent Independent
Director Director Director Director
1. Independent Directors 500,000 375,000 500,000 475,000 400,000 2,250,000
Fee for attending board and
committee meetings
- Commission
- Others, please specify
Total (1) 500,000 375,000 500,000 475,000 400,000 2,250,000
2. Other Non-Executive Directors NA NA NA NA NA NA
Fee for attending board
committee meetings
-Commission
-Others, please specify -
Remuneration
Total (2) NA NA NA NA NA NA
Total (B) = (1+2) 500,000 375,000 500,000 475,000 400,000 2,250,000
Total Managerial Remuneration
Over all Ceiling as per the Act Overall Managerial Remuneration:11% of the Net Profits of the Company calculated
as per Section 198 of the Companies Act, 2013, i.e. `439.89 Mn
Non- Executive Directors: 1% of the Net Profits of the Company calculated as per
section 198 of the Companies Act, 2013 i.e. `39.99 Mn

CORPORATE GOVERNANCE REPORT
The Cornerstone of Prestige’s governance philosophy is anchored with quintessential principles of transparency, accountability
and upholding stakeholder relationships
OUR PHILOSOPHY:
The confidence of Prestige is ever growing with the belief that the prime pillars of good corporate governance is to create
enhanced value systems amongst our stakeholders, regulators, employees, society through the adoption of ethically driven
business practices. Transparency, Integrity and Accountability along with strong leadership, which empowers the Company to
create a significant niche in the Industry.
Through the endorsed ethically driven business practices and stakeholder value enhancement, Prestige is devoted to bolstering
its wealth generating capacity while also achieving stakeholder’s satisfaction, thereby boosting the goodwill of the Company.
EFFECTIVE CORPORATE GOVERNANCE
ROBUST,
ULTIMATE CUSTOMER EFFECTIVE RISK INDEPENDENT ADHERING TO
DECISION
STAKEHOLDER VALUE ASSESSMENT & MAKING OF POLICIES &
SATISFACTION ENHANCEMENT MITIGATION THE BOARD OF PROCEDURES
DIRECTORS &
COMMITTEES.
02 04 06 08
01 03 05 07 09
PROMOTING & ADOPTION INDEPENDENCE IN ABIDING TO THE

OF HIGHEST
MAINTAINING STANDARDS OF THE MANAGEMENT LAW TO ACHIEVE
INTEGRITY, COMPLIANCE OF FINANCIAL COMPLIANCE
TRANSPARENCY & WITH LEGAL &
REGULATORY AFFAIRS OF THE IN LETTER AND
ACCOUNTABILITY FRAMEWORKS COMPANY SPIRIT.
At Prestige, we believe that, managing our company’s aware to the investors on a quarterly basis through
business aboveboard and fairly is imperative which leads investor presentations and investor conference calls
to retaining the trust of the stakeholders which in turn is and providing clarifications. In addition, during the
essential to maintain the trust of our stakeholders. year the Company held a Analyst Meet in Mumbai for
Our corporate governance focuses on the interests of the Investors. Hence, Prestige ensures adherence to
employees and other stakeholders and their roles in transparency in disclosure & functioning.
contributing to the long-term success and performance  At Prestige, there is a constant endeavor to review,
of the Company. Our governance framework emphasises improve internal control and mitigation of risks.
fairness and transparency based on sound legal, regulatory Prestige aims at building processes and systems to
and institutional frameworks and ensures a fair and equitable ensure constant observance of Corporate Governance
treatment of shareholders. Promoting the participation of in its true letter and spirit.
stakeholders in effective corporate governance, ensuring
 In line with the Company’s ever enduring efforts to
timely and accurate disclosures in all material matters
ensure highest levels of transparency and investor
including the financial affairs, performance, ownership, and
confidence, the Company sets out guidance values
governance of the Company through an active, engaged and
at the beginning of the fiscal. The Company carries
accountable Board endorses our commitment to leadership
out an evaluation of the actual performance against
by example and excellence.
the guidance set at the beginning of the fiscal on a
PRESTIGE CONTINUES TO FOLLOW GOVERNANCE quarterly basis.
POLICIES AND BENCHMARK WITH BELOW PRACTICES: We consider it our inherent responsibility to protect
 The Company’s performance & progress in terms the rights of our shareholders and disclose timely,
of operational and financial including the status of adequate and accurate information regarding our
prime projects, launches, completions and other financials and performance, as well as the leadership
prospective revenue generating details, are made and governance of the Company.

CORPORATE GOVERNANCE REPORT (Contd.)
Code of Conduct and Ethics A. BOARD COMPOSITION:

Prestige has adopted well-written code of conduct which In order to preserve the independence in the governance
clarifies organisation’s mission, values and principles, and management activities, Prestige Board has the
linking them with standards of professional conduct. This right balance of executive and independent directors.
code articulates the values the organisation wishes to foster As on date the Company comprises of 55% of
in leaders and employees and, in doing so, defines desired Independent Directors, and the rest remain to be
behaviour. As a result, the written codes of conduct and Executive Directors. This composition aids in achieving
ethics have become benchmarks against which individual effective integrity and independence in Board decision
making.
and organisational performance is measured.
Prestige’s Board includes 9 Directors as on March
GOVERNANCE POLICIES: 31, 2023 of which 5 are independent non-executive
directors. The Board members are all Indian citizens &
To preserve the Company’s good corporate governance
residents of India.
practices and to assure full disclosure, transparency,
accountability and stakeholder relationship, Prestige has Following is the composition of our Board:
adopted following policies: Board Composition
 Whistle Blower Policy (Vigil Mechanism)
 Risk Management Policy
 Related Party Transactions Policy
Executive Directors Independent directors
 Corporate Social Responsibility Policy 45% 55%
 Material Subsidiary Policy
 Terms of Appointment of Independent Directors
 Code of Conduct for Independent Directors and Senior
Management Personnel
 Nomination and Remuneration Policy
 Dividend Distribution Policy Executive Mr. Irfan Razack
 Policies under 9 principles of Business Responsibility Directors (Chairman & Managing Director)*
and Sustainability Report Mr. Rezwan Razack

(Joint Managing Director)*
 Code of conduct for prohibition of insider trading
Mr. Noaman Razack
 Directors Familiarisation Policy (Whole-time Director) *
 Policy on Board Diversity Ms. Uzma Irfan (Director)*
 Policy for Preservation of Documents Non- Mr. Jagdeesh K. Reddy
 Policy on Disclosure of Material Information/Events Executive Dr. Pangal Ranganath Nayak
Independent Mr. Biji George Koshy
 Policy on Prevention, Prohibition & Redressal of Sexual
Directors
Harassment at the Workplace Mr. Noor Ahmed Jaffer
Ms. Neelam Chhiber
The above policies are also available at the website of the
Company at www.prestigeconstructions.com *Mr. Irfan Razack, Mr. Rezwan Razack and Mr. Noaman
Razack are brothers, and Ms. Uzma Irfan is the
Board of Directors: daughter of Mr. Irfan Razack and hence are relatives
At Prestige, a strong, independent and diverse Board ensures in terms of Section 2(77) of the Companies Act, 2013
effective corporate governance across the organisation. The read with Companies (Specifications of Definitions)
meetings of Board of Directors, Committees of Board and Rules, 2014.
their implementation of independently derived decisions
The composition of the Board is in conformity with
throughout the year, ensures the delivery of the best in class Section 149 and Section 152 of the Companies Act,
governance practices, abiding the company policies while 2013 and Regulation 17 of the SEBI Listing Regulations.
maintaining the robust growing operations of the Company.

As on date of this report, none of our Directors Orientation program upon induction of new directors:
serve as Director or as IDs in more than seven listed An induction kit is handed over to the new inductee,
companies and none of the Executive Directors serve which includes the Company’s Corporate Profile, its
as Independent Directors on any listed company. Mission, Vision and Values Statement, Organisational
Role of the Board of Directors Structure, the Company’s history and milestones,
latest Annual Report, Code of Conduct applicable
Our Board of directors ensure the Company’s
to Directors / employees of the Company, Code of
prosperity by collectively directing the Company’s
Conduct for Prevention of Insider Trading, various
affairs, whilst meeting the appropriate interests of
policies adopted by the Company etc. In case the
its shareholders and stakeholders. In addition to
inductee is also inducted in any other Committee(s),
business and financial issues, Board of Directors
he is also provided with the respective Committee’s
deal with challenges and issues relating to corporate
Terms of Reference, roles and responsibilities and the
governance, corporate social responsibility and
Whistle Blower Policy.
corporate ethics.
A detailed communication incorporating the role, duties
The roles of the Board of Directors inter alia includes
and responsibilities, remuneration and performance
the following:
evaluation process, disclosure requirements, is
• Establish vision, mission and values
issued for the information of the Independent
• Set strategy and structure Directors. The same can be referred to at our website
• Delegate authority to management www.prestigeconstructions.com
• Exercise accountability to shareholders and be Alongside the Board Meetings, Independent Directors
responsible to relevant stakeholders also interact with Business / Unit Heads and Corporate
functional heads. Relevant business strategy
Independent Directors
presentations along with a brief introduction of the
The Companies Act, 2013 and SEBI (Listing Obligations
promoters of the Company and the subsidiaries are
and Disclosure Requirements) Regulations, 2015,
made as and when any Director is appointed to the
hereinafter referred to ‘Listing Regulations’ define
Board.
an ‘Independent Director’ as a person who is not a
promoter or employee or one of the key managerial Board Evaluation
personnel (KMP) of the Company or its subsidiaries One of the key functions of the Board is to monitor and
and ‘Independent Director’ should not have material review the Board evaluation framework. As required
pecuniary relationship or transactions with the under the provisions of Companies Act 2013 read
Company or its subsidiaries, apart from receiving with applicable rules, the Company has adopted the
remuneration as Independent Director. method of evaluation and performance assessment
The above parameters are followed by the Company of each director. The performance evaluation of the
Every Independent Director, at the first meeting of Independent Directors was carried out by the entire
the Board in which he/she participates as a Director, Board. The performance evaluation of the Chairman
and thereafter, at the first meeting of the Board in and Non-independent Directors was carried out by the
every financial year, gives a declaration that he meets Independent Directors.
the criteria of independence as provided under the Independent Directors Meeting
Companies Act, 2013 and Listing Regulations. In this
Section 149(8) of the Act has prescribed the Code
regard, the Board has obtained declarations from all
for Independent Directors in Schedule IV for every
the Independent Directors regarding their eligibility to
company that has Independent Directors. Clause
meet the criteria of independence in accordance with
VII of this schedule requires every company to call
sub-section 7 of section 149 of the Companies Act,
for a separate meeting of the Independent directors.
2013 & sub-regulation 8 of regulation 25 of the SEBI
Independent directors shall meet separately without
(Listing Obligation & Disclosure) Requirements, 2015
the attendance of non-independent directors and
Web-Link for the details of the Familiarisation members of management.
Programmes imparted to Independent Directors: During the year under review, all the Independent
https://www.prestigeconstructions.com/investors- Directors of the Company met on March 16, 2023
independent-directors-familiarisation-programme/ without the presence of non-independent directors

and members of management. In this meeting, evaluation of the Non-independent Directors and Board of Directors as a
whole were conducted by Independent Directors.
Prevention of Sexual Harassment of women at workplace

The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 is a legislative act
in India that seeks to protect women from sexual harassment in the workplace. The Company strongly believes that all
women must feel secure and valued at the workplace, and seeks to protect from the violations of their fundamental rights
of gender equality, the right to life, and the right to work with dignity, as established by the Indian Constitution.
To fulfil this criteria we have measures and policies to prevent sexual harassment at work place.
During the financial year, there were no complaints received from any employee.
Attendance/ Directorships of Board of Directors

Attendance of Directors at Board Meetings, last Annual General Meeting (AGM) and number of other Directorships and
Chairmanships / Memberships of Committees of each Director in various Companies during the year under review is as
follows:
Sl. Name of Director Director Category @ Number of other Number of Board Whether
No. Identifica- Directorships Memberships Meetings present
tion held in other in Audit/ during the at the
Number Public Limited Stakeholder period April Previous
[DIN] Companies as on Committee(s) 01, 2022 to AGM
March 31, 2023 including this March 31, held on
listed entity 2023 September
Companies as on 27, 2022
March 31, 2023
Chairman Director Chairman Member Held Attended
1. Mr. Irfan Razack 00209022 Chairman - 8 - 4 4 4 Yes
& MD
2. Mr. Rezwan Razack 00209060 Joint - 8 - 1 4 4 Yes
Managing
Director
3. Mr. Noaman Razack 00189329 Whole-time - 7 - - 4 4 Yes
Director
4. Ms. Uzma Irfan 01216604 EPD - 8 - 2 4 4 Yes
5. Mr. Jagdeesh K Reddy 00220785 NEID - 3 3 4 4 4 Yes
6. Dr. Pangal Ranganath 01507096 NEID - 4 0 4 4 3 Yes
Nayak
7. Mr. Biji George Koshy 01651513 NEID - 5 4 8 4 4 Yes
8. Mr. Noor Ahmed Jaffer 00027646 NEID - 5 4 6 4 4 Yes
9. Ms. Neelam Chhiber 00838007 NEID - 4 0 4 4 4 No
**NEID – Non-executive Independent Director
*EPD – Executive Promoter Director
Directorship in other listed entity – Ms Neelam Chhiber is Core Skills /Expertise /Competencies available with the
appointed as NEID in Future Consumer Limited Board:
Following are the dates on which board meetings were held: The Board comprises of qualified members who possess
required skills, expertise and competencies that allow
Sl. No Date
them to make effective contributions to the Board and its
1 May 26, 2022
Committees.
2 August 09, 2022
The following skills/expertise/competencies have been
3 November 09, 2022
identified for the effective functioning of the Company and
4 February 14, 2023 are currently available with the Board:

 Leadership/Operational experience  Understanding of Consumer Insights in varied

 Business Strategy conditions
 Industry Experience, Research & Development and  Stakeholder Value Creation

Innovation  Technical / Professional skills and specialised
 Financial Analysis knowledge in relation to Company’s Business
 Risk Management  Contract Negotiation.
 Corporate Governance  Property & Project Management
Sl. No Name Designation Skills /Expertise /Competencies of the Board of Directors:

1. Mr. Irfan Razack Chairman &  Leadership/Operational experience
Managing  Business Strategy.
Director  Industry Experience, Research & Development and Innovation
 Financial Analysis
 Risk Management
 Corporate Governance
 Stakeholder Value Creation
 Technical / Professional skills and specialised knowledge in relation to
Company’s Business
2. Mr. Rezwan Razack Joint  Leadership/Operational experience
Managing  Business Strategy.
Director  Industry Experience, Research & Development and Innovation
 Risk Management
3. Mr. Noaman Razack Wholetime  Leadership/Operational experience
Director  Business Strategy.
 Industry Experience, Research & Development and Innovation
 Risk Management
4. Ms. Uzma Irfan Executive  Leadership/Operational experience
Director  Business Strategy.
 Risk Management

Sl. No Name Designation Skills /Expertise /Competencies of the Board of Directors:

5. Mr. Pangal Independent  Leadership/Operational experience
Ranganath Nayak Director  Business Strategy.
 Risk Management
6. Mr. Biji George Independent  Leadership/Operational experience
Koshy Director  Strategic Planning
 Financial/Regulatory/Legal & Risk Management
 Understanding of Consumer Insights in varied conditions
7. Mr. Jagdeesh K Independent  Leadership/Operational experience
Reddy Director  Industry Experience, Research & Development and Innovation
 Financial/Regulatory/Legal & Risk Management
8. Mr. Noor Ahmed Independent  Leadership/Operational experience
Jaffer Director  Industry Experience, Research & Development and Innovation
 Risk Management
9. Ms. Neelam Chhiber Independent  Leadership/Operational experience
Director  Strategic Planning
B. COMMITTEES OF THE BOARD Board for review. The Board has currently established
The Board Committees play a crucial role in the the following statutory and non-statutory Committees.
governance structure of the Company and have been
i. Audit Committee:
constituted to deal with specific areas / activities
which concern the Company and need a closer review. During the Financial Year 2022-23, Mr. Noor Ahmed
The Board Committees are set up under the formal Jaffer was appointed as a member of the Audit
approval of the Board to carry out clearly defined roles Committee on May 26, 2022.
which are considered to be performed by members of As on March 31, 2023, the Company’s Audit Committee
the Board, as a part of good governance practice. The comprises of five members, headed by Mr. Jagdeesh K.
Board supervises the execution of its responsibilities Reddy and has Mr. Irfan Razack, Dr. Pangal Ranganath
by the Committees and is responsible for their action. Nayak, Mr. Biji George Koshy and Mr. Noor Ahmed
The Chairman of the respective Committee informs Jaffer as its members.
the Board about the summary of the discussions Audit Committee is in line with Regulation 18 of Listing
held in the Committee Meetings. The minutes of the Regulations read with Section 177 of the Companies
meetings of all Committees are placed before the Act, 2013.

The Audit Committee of the Company is entrusted with significant finding and reviewing the progress of
the responsibility to supervise the Company’s internal corrective actions on such issues;
controls and financial reporting process and, inter alia,
• evaluating internal financial controls and risk
performs the following functions:
management systems;
• superintending Company’s financial reporting
• reviewing the functioning of the Whistle Blowing
process and dissemination of financial related
mechanism;
information and to ensure that financial
statements are sufficient and credible; • giving guidance and directions under the SEBI
• examining and reviewing annual financial (Prohibition of Insider Trading) Regulations, 2015
statements with management before submitting The Committee is governed by the terms of reference
to the Board for approval; which are in line with the regulatory requirements
• analysing and reviewing management discussion mandated by the Act and Listing Regulations. The Audit
and financial position and results; Committee ensures that it has reviewed each area that
• analysing and approving related party transactions it is required to review under its terms of reference and
in accordance with the policy of the Company; under applicable legislation or by way of good practice.
This periodic review ensures that all areas within the
• recommending the appointment, remuneration
scope of the Committee are reviewed.
and terms of appointment of Statutory Auditors
of the Company and approval for payment of any In addition to quarterly meetings for consideration
other services; of financial results, special meetings of the Audit
• reviewing and monitoring the auditor’s Committee are convened based on necessity. In
independence and performance, and these meetings, the Audit Committee reviews various
effectiveness of audit process; businesses / functions, business risk assessment,
controls and internal audit and control assurance
• discussing with Statutory Auditors, before the
commencement of audit, on the nature and scope reports of all the major divisions of the Company.
of audit as well as having post-audit discussion to The Audit Committee also reviews the functioning of
ascertain area of concern, if any; the Code of Business Principles and Whistle Blower
Policy of the Company and cases reported thereunder.
• reviewing with management, Statutory Auditors
The recommendations of Audit Committee are duly
and Internal Auditor, the adequacy of internal
approved and accepted by the Board.
control systems;
Audit Committee met four times during the year under
• reviewing the financial statements, in particular,
review as follows:
the investments made by the unlisted subsidiaries;
• recommending appointment, remuneration and Sl. No Date
terms of appointment of Internal Auditor of the 1 May 26, 2022
Company; 2 August 09, 2022
3 November 09, 2022
• reviewing the adequacy of internal audit function
and discussing with Internal Auditor any 4 February 14, 2023
Attendance of members of the Audit committee:

Sl. No Name of the member 26.05.2022 09.08.2022 09.11.2022 14.02.2023
1 Mr. Jagdeesh K. Reddy    
2 Mr. Irfan Razack    
3 Dr. Pangal Ranganath Nayak Absent   
4 Mr. Biji George Koshy    
5 Mr. Noor Ahmed Jaffer NA   
During the year under review, there are no instances of fraud committed against the Company by its Officers or employees
which have been reported to the Audit Committee.

ii. Nomination and Remuneration Committee • Formulate criteria and carry out evaluation of
The Nomination and Remuneration Committee each Director’s performance and performance of
comprises of four members namely, Dr. Pangal the Board as a whole.
Ranganath Nayak as its Chairman and Mr. Jagdeesh Nomination and Remuneration Committee met once
K. Reddy, Mr. Biji George Koshy and Mr. Noor Ahmed on 26.05.2022 during the year.
Jaffer as its members.
Performance Evaluation Criteria for Independent
The composition of the Committee is in line with Directors:
Section 178 of the Companies Act, 2013 and Listing
The performance evaluation criteria for independent
Regulations.
directors is determined by the Nomination and
The role of Nomination and Remuneration Committee Remuneration Committee. Some list of factors on
is as follows: which evaluation was carried out includes integrity,
• Recommending/ determining the grounds qualification, expertise and experience, contribution in
for appointment of Executive directors, Non- meetings of the Board.
Executive directors and Independent directors;
Policy:
• Recommending/ determining the grounds
In terms of the provisions of Section 178 of
for qualifications, positive attributes and
the Companies Act, 2013, the Nomination and
independence of directors;
Remuneration Committee (NRC) is responsible for
• Review and determine all elements of formulating the criteria for determining qualification,
remuneration package of all the Executive positive attributes and independence of a Director.
Directors, i.e. salary, benefits, bonuses, stock The NRC is also responsible for recommending to
options, pension etc; the Board a policy relating to the remuneration of
• Review and determine fixed component and the Directors, Key Managerial Personnel and senior
performance linked incentives for Directors, along management. In line with this requirement, the Board
with the performance criteria; has adopted the Nomination and Remuneration Policy.
The Policy is available at the website of the Company
Details of remuneration paid to the Directors during the financial year ended March 31, 2023 are furnished hereunder:
Name Category @ Salary & Perquisites Sitting Total (`) No. of
Commission (`) (`) Fees (`) shares held
Mr. Irfan Razack Chairman & MD 86,000,000 - - 86,000,000 9,375,000
Mr. Rezwan Razack Joint Managing Director 86,000,000 - - 86,000,000 9,375,000
Mr. Noaman Razack WTD 12,000,000 - - 12,000,000 9,375,000
Ms. Uzma Irfan EPD 12,000,000 - - 12,000,000 782,250
Mr. Jagdeesh K Reddy NEID - - 500,000 500,000 0
Dr. Pangal Ranganath Nayak NEID - - 375,000 375,000 0
Mr. Biji George Koshy NEID - - 500,000 500,000 0
Mr. Noor Ahmed Jaffer NEID - - 475,000 475,000 0
Ms. Neelam Chhiber NEID - - 400,000 400,000 0
@
MD-Managing Director, WTD- Whole Time Director
EPD – Executive Promoter Director, NEID – Non-Executive Independent Director

Attendance of members of the Committee: During the year under review Twenty Seven meetings
Sl. Name of the members May 26, 2022 were held and the details are as follows:
No Sl. No. Date of meeting
1 Mr. Jagdeesh K. Reddy  1 April 01, 2022
2 April 20, 2022
2 Mr. Noor Ahmed Jaffer 
3 May 06, 2022
3 Dr. Pangal Ranganath Nayak Absent 4 June 01, 2022
4 Mr. Biji George Koshy  5 June 10, 2022
6 June 17, 2022
iii. Stakeholders Relationship Committee
7 July 05, 2022
Stakeholders Relationship Committee comprises
8 July 21, 2022
of three members headed by Mr. Biji George Koshy
9 July 29, 2022
and Mr. Irfan Razack and Mr. Rezwan Razack as its
10 August 22, 2022
members.
11 September 14, 2022
Mr. Manoj Krishna J V is the Company Secretary and
Compliance Officer of the Company.
The role of Stakeholders Relationship Committee is as
14 October 21, 2022
follows:
15 November 10, 2022
• consider and resolve the grievances of
16 December 03, 2022
shareholders of the Company with respect to
transfer of shares, non-receipt of annual report,
non-receipt of declared dividend, etc;
19 January 12, 2023
• ensure expeditious share transfer process
20 January 25, 2023
• evaluate performance and service standards of
21 February 06, 2023
the Registrar and Share Transfer Agent of the
Company;
• provide guidance and make recommendations to
24 March 07, 2023
improve investor service levels for the investors.
25 March 13, 2023
Stakeholders Relationship Committee met once on
26 March 21, 2023
November 09, 2022 during the year.
27 March 31, 2023
Attendance of members of the Committee:
Attendance of members of the Committee:
Sl. Name of the members November 09, 2022
No Sl. Name of the Members No. of Meetings
1 Mr. Biji George Koshy  No. meetings attended
held
2 Mr. Irfan Razack 
1 Mr. Irfan Razack 27 27
3 Mr. Rezwan Razack 
2 Mr. Rezwan Razack 27 27
The details of the complaints received during the 3 Mr. Noaman Razack 27 27
Financial Year 2022-2023 and the status of the same
are as below: The terms of reference of the Management
Subcommittee are as under:
Opening as on Received Resolved Closing as
April 1, 2022 during the during the on March The general terms of reference of the Management
year year 31, 2023 Subcommittee are as under:
a) To borrow funds otherwise than on debentures
0 3 3 0
from any Banks, financial institutions, group
iv. Management Sub-Committee: companies or associate entities, affiliates by
Management Sub-Committee comprises of three any which way and in any manner upto ` 100 Bn
members headed by Mr. Irfan Razack and Mr. Rezwan (outstanding at any point of time) and create or
Razack and Mr. Noaman Razack as its members. modify mortgage, hypothecation, assignment,

lien, or charge on the movable or immovable During the year under review the Corporate Social
properties, project receivables or any other assets Responsibility committee met on February 14, 2023
of the Company. and all the members attended the meeting.
b) To invest/ disinvest funds of the Company, vi. Risk Management Committee
to make investments and acquire by way of Risk Management Committee comprises of all the
subscription, purchase or otherwise, shares or members of the Board (except Ms. Neelam Chhiber)
securities of any other body corporate, subject to and Mr. Venkat K Narayana, Chief Executive Officer of
approval of shareholders of the Company. the Company.
c) To grant loans, Inter corporate Deposits, or provide The Functional heads of the Company are invitees to
guarantee/ security to its subsidiary or associate the meetings of the Committee.
companies or any other body corporate/ entities
Risk Management Committee met Four times during
upto the limits as prescribed by the Companies
the year under review as follows:
Act, 2013, from time to time.
Sl. No Date
d) To comply with routine statutory and regulatory
procedures. 1 April 06, 2022
2 August 09, 2022
e) To open/operate/ modify/ close various bank
accounts for day to day business operations of 3 November 09, 2022
the Company. 4 February 14, 2023
f) To delegate/ provide authority to various officials Attendance of members of the Risk Management
of the Company for business operations of the Committee:
Company. All the members were present on the meetings held on
g) To do such other acts, deeds and things as may above dates.
be required for carrying out day to day business The role of Risk Management Committee is as follows:
operations.
• The functional heads shall identify and analyse all
The Board of Directors from time to time delegates the material risks, both external and internal as
specific powers to the Management Subcommittee. far as their department is concerned and report
v. Corporate Social Responsibility (CSR) Committee the Risks along with their assessment of Risks
which are beyond the Risk Tolerance level to the
Corporate Social Responsibility Committee comprises
RMC.
of three members headed by Mr. Irfan Razack and
• RMC would consolidate the views expressed
Mr. Noor Ahmed Jaffer and Mr. Rezwan Razack as its
by the functional heads and also provide for
members.
mitigation of such risks and it shall report to the
Corporate Social Responsibility Committee is in line Audit Committee of the Company in the form of
with Section 135 of the Companies Act, 2013. an action plan.
The role of the Corporate Social Responsibility • The Audit Committee is bestowed with the duty
Committee is as follows: of considering the information as placed by the
• formulating and recommending to the Board the RMC and delineate it to the Board along with its
CSR Policy and activities to be undertaken by the comments and reviews thereon.
Company; • The Board’s role is to ensure framing,
• recommending the amount of expenditure to be implementing and monitoring risk management
incurred on CSR activities of the Company; plan, having in place systems for risk management
• reviewing the performance of Company in the as part of internal controls with duty being cast
area of CSR; upon Independent Directors to bring unbiased
• providing external and independent oversight and angle to the Board’s deliberations on making risk
guidance on the environmental and social impact management systems more robust.
of how the Company conducts its business; • All other employees are also equally responsible
• monitoring CSR Policy of the Company from time to alert any possible Risks and to raise Risks they
to time; have identified with their managers or directly
• monitoring the implementation of the CSR with the functional heads.
projects or programs or activities undertaken by Risk Management Policy is available at the website of
the Company. the Company at www.prestigeconstructions.com

vii. Internal Restructuring Committee: d) to make modification as the IRC may deem
The Board at its meeting held on August 13, 2020, necessary in relation to the procedure and
constituted Internal Restructuring Committee (“IRC”) modalities for effecting the Proposed Sale;
for divestment of interest in commercial offices, Retail e) to approve such internal restructuring steps as
& divestment of interest in commercial offices, Retail & may be necessary to implement the Proposed
Hotel Properties and Mall management and identified Sale including by way of inter-group transfer
maintenance businesses, of the Company fully or of assets, liabilities, receivables, payables,
partially (“Proposed Sale”). The Committee consists of partnership interests, shareholding or other
4 members. The details of the members are as follows: beneficial interest in group companies/
1. Mr. Irfan Razack - Chairman subsidiaries;
2. Mr. Rezwan Razack - Member f) to do such other acts, matters, deeds, things and
to take all such steps and give directions as may
3. Mr. Noaman Razack - Member
be necessary, expedient, incidental, ancillary, or
4. Mr. Venkat K Narayana - Member desirable as IRC in their absolute discretion may
The Internal Restructuring Committee met once in the deem fit for giving effect to the Proposed Sale
year on March 30, 2023. and the binding definitive agreement or any other
The general terms of reference of the Internal ancillary documents and sign and deliver such
Restructuring Committee are as under: documents as may be necessary, desirable or
a) Negotiation and finalisation of the structure, expedient;
terms and conditions of the Proposed sale; g) to make all such necessary applications with
b) Negotiation, finalisation and execution of the the appropriate authorities and making the
binding definitive agreements in connection with necessary regulatory filings in relation to
the Proposed Sale or any documents, deeds, Proposed Sale;
declarations, affidavits writings etc. ancillary to h) authorising or delegating all or any of the powers
the binding definitive agreements and to make herein above conferred to any of the powers
modification, changes and alteration to the herein above conferred to any or more persons, if
binding definitive agreements including those required.
suggested by the governmental authorities; i) to affix Common Seal of the Company, if required,
c) settlement of any question/issues or difficulty on any agreements or documents in presence of
that may arise with regard to the implementation any director or authorised signatory, who should
of the structure of the Proposed Sale and the sign the same in token thereof.
binding definitive agreements;
C. GENERAL BODY MEETINGS:

a. Annual General Meeting (AGM)
The venue, date and time of the Annual General Meetings held during the preceding three years and the Special Resolutions
passed thereat are as under:
Year Venue Date & Time Special Resolutions passed
2021-2022 Prestige Falcon Towers, 19, September 27, 2022 1. Issue of Non-Convertible Debentures on
(Twenty-Fifth AGM) Brunton Road, at 11.30 AM a Private Placement Basis.
Bangalore - 560025 2. Authorise the Board of Directors to
borrow upto 100,000,000,000/- (Rupees
One Hundred Billion only).
3. Approve creation of Charge/Mortgage/
Security on the assets of the Company
upto 100,000,000,000/- (Rupees One
Hundred Billion) only.

Year Venue Date & Time Special Resolutions passed

2020-2021 through Video Conferencing September 27, 2021 1. Issue of Non-Convertible Debentures on
(Twenty-Fourth AGM) / Other Audio-Visual Means at 12.00 Noon a Private Placement Basis
2019-2020 through Video Conferencing September 29, 2020 1. Issue of Non-Convertible Debentures on
(Twenty-third AGM) / Other Audio-Visual Means at 03.30 P.M a Private Placement Basis
b. Extraordinary General Meetings The Company believes in the conduct of the affairs
During the year under review, there were no Extra- of its constituents in a fair and transparent manner
Ordinary General Meetings were held. by adopting prime standards of professionalism,
honesty, integrity and ethical principles. The purpose
c. Postal ballot:
of this mechanism is to eliminate and aid in preventing
During the year and previous year no resolutions were
malpractices, to undertake investigation, to fortify
passed through postal ballot.
the identified potential risks and establish effective
resolution of complaints, to implement necessary
D. DISCLOSURES
actions to safeguard the interests of the Company and
a. Disclosures on materially significant related party
to maintain the anonymity of any person coming forth
transactions that may have potential conflict with the
with any complaints, while at the same time actively
interests of the Company at large:
discouraging frivolous and insubstantial complaints.
The transactions with related parties are as mentioned Company shall oversee the vigil mechanism through
in the financial statements. Audit committee.
During the FY under review, none of the transactions This mechanism has been communicated to all
with the related parties were material in nature and concerned and posted on the Company’s website
were not in conflict with the interest of the Company or www.prestigeconstructions.com
its subsidiaries.
d. Details of compliance with mandatory requirements
The policies of Related Party Transactions & Material and adoption of non-mandatory requirements:
related party transactions, can be referred to at
The Listing Regulations, mandates the Company to
https://www.prestigeconstructions.com/admin/
obtain a certificate from either the Statutory Auditors
uploads/investors/pepl-policies/related-par ty-
or Practicing Company Secretaries regarding the
transactions.pdf
compliance to conditions of corporate governance. The
b. Details of non-compliance by the Company, penalties
certificate has been obtained from Practising Company
and strictures imposed on the Company by the Stock
Secretary and is attached as an Annexure to this Report.
Exchanges or SEBI or any statutory authority, on any
matter related to capital markets during the last three e. Accounting treatment in preparation of Financial
years: Statements:
The National Stock Exchange of India Limited had The guidelines / accounting standards laid down by
imposed a fine of ` 23,600 for delayed intimation the Institute of Chartered Accountants of India (ICAI)
of record date with respect to Non-Convertible and prescribed under section 133 of the Companies
Debentures as per Regulation 60(2) of the Listing Act, 2013, have been followed in preparation of the
Regulations. The Company has made payment for the financial statements of the Company.
Fine imposed. f. Compliance of Prohibition of Insider Trading
Further, there has been no other instance of non- Regulations:
compliance by the Company on any other matter The Company has comprehensive guidelines on
related to capital markets during the last three years. prohibiting insider trading, and has also adopted the
Hence, no other penalties or strictures have been code of internal procedures and conduct for listed
imposed by the Stock Exchanges or SEBI or any companies notified by SEBI.
statutory authority. In accordance with the Securities and Exchange Board
c. Vigil Mechanism and Whistle Blower Policy: of India (Prohibition of Insider Trading) Regulations,
We at Prestige are committed to conducting business 2015, (‘SEBI Insider Trading Regulations’), as amended
in accordance with applicable laws, rules and from time to time, the Board of Directors of the
regulations and to abide by full highest standards of Company, has adopted Code of Conduct as prescribed
business ethics and ensure and accurate disclosures. under the SEBI Insider Trading Regulations.

g. Confirmation of Compliance: Investors Complaints are being addressed suitably in a

As required under the Listing Regulations 2015 – time bound manner with effective resolutions through
SEBI Complaints Redressal System (SCORES) for
• It is confirmed that the Company has complied
those received in the SCORES platform.
with the requirements under Regulations 17 to
27 and clauses (b) to (i) of sub-regulation (2) of F. GENERAL SHAREHOLDER INFORMATION
Regulation 46 of the Listing Regulations 2015.
a. Date, time and venue of the 26th AGM:
• Pursuant to the requirement of Regulation
Date: September 21, 2023 at 12 Noon
46 of the Listing Regulations, the Company
maintains a functional website of the Company Venue: Prestige Falcon Tower, No.19, Brunton Road,
and website address of the Company is Bangalore – 560025
www.prestigeconstructions.com. The Website of Financial Year – 2022-23
the Company provides basic information about b. Dividend Payment Date: The dividend if approved
the Company e.g, details of its business, financial shall be paid/credited on October 20, 2023
information’s, various policies of adopted by
d. Listing details:
company, shareholding pattern & other details
relevant to the shareholders and the Company is i. Your Company is listed on BSE and NSE.
regularly updating the information provided on its The details are as follows:
website.
Name of the Address Stock
• The Practicing Company Secretary’s’ Certificate Stock Exchange Code
that the Company has complied with the The National Exchange Plaza, Plot No. PRESTIGE
conditions of Corporate Governance is annexed Stock Exchange C/1, G Block, Bandra-
to the ‘Report of the Board of Directors & of India Limited Kurla Complex Bandra
Management Discussion and Analysis’. (E), Mumbai - 400 051.
BSE Limited Phiroze Jeejeebhoy 533274
E. MEANS OF COMMUNICATION Towers, Dalal Street,
Mumbai - 400 001.
We have practice of sending Annual Reports, general
meeting notices and all the other communications
G. PRIVATELY PLACED DEBT INSTRUMENTS
to each shareholders at their registered e-mail id or
address through post or courier. As on date of signing of this report, the Company’s
privately placed listed debentures aggregated to
In addition, to the above, the quarterly results
` 5 Bn.
are also being published in Business Standard &
Samyuktha Karnataka daily newspaper and the
H. STOCK MARKET DATA RELATING TO SHARES LISTED
same is displayed on the Company’s website at
www.prestigeconstructions.com Month NSE BSE
The Company’s official news, releases and Investor/ High Low High Low
Analyst/ Corporate Presentations are duly intimated Apr-22 526.45 465.50 526.60 469.70
to the Stock Exchanges at National Stock Exchange May-22 483.00 398.05 482.45 397.25
Limited (“NSE”) & BSE Limited (“BSE”) and are Jun-22 454.10 379.00 454.00 379.00
subsequently displayed on the Company’s website as Jul-22 478.00 381.10 477.60 375.00
and when such event occurs in accordance with the Aug-22 475.35 413.05 475.45 413.75
Listing Agreement/Securities Exchange Board of India Sep-22 498.45 417.60 498.00 417.80
(Listing Obligations and Disclosure Requirements) Oct-22 475.80 425.15 475.50 425.20
Regulation, 2015. Quarterly compliances like Nov-22 485.00 434.05 485.00 434.50
Corporate Governance report, shareholding pattern, Dec-22 511.40 431.90 511.30 433.00
Reconciliation of share capital audit report & Investors
Jan-23 474.95 410.00 474.50 409.75
Grievance Report are being filed with NSE & BSE at their
Feb-23 439.40 391.00 439.20 391.30
respective listing centres and the same is updated on
Mar-23 430.90 392.00 430.50 392.15
the website for ease of reference of stakeholders.

Prestige share price – NSE

600
500
400
300
200
100
0
Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23
NSE High NSE Low
Prestige share price – BSE

600
500
400
300
200
100
0
Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23
BSE High BSE Low
Prestige share price versus Sensex

140
120
100
80
60
40
20
0
Jul-22
Jul-22
Apr-22
Apr-22
Apr-22
Aug-22
Aug-22
Oct-22
Oct-22
Sep-22
Sep-22
Sep-22
Feb-23
Feb-23
May-22
May-22
Dec-22
Dec-22
Jan-23
Jan-23
Nov-22
Nov-22
Jun-22
Jun-22
Mar-23
Mar-23
Mar-23
Prestige Sensex
Note: Base 100

142
100
120
140
0
20
40
60
80
100
120
140
100
120
140
0
0
20
40
60
80
60
80
20
40
Apr-22 Apr-22 Apr-22
Note: Base 100
Note: Base 100
Note: Base 100

May-22 May-22 May-22
May-22 May-22 May-22
Jun-22 Jun-22 Jun-22

Prestige Share Price Versus Nifty
Jun-22 Jun-22 Jun-22
Prestige share price versus BSE Realty
Prestige share price versus NSE Realty

Jul-22 Jul-22 Jul-22
Jul-22 Jul-22 Jul-22
Aug-22 Aug-22 Aug-22

Prestige
Prestige
Aug-22 Aug-22 Aug-22
Prestige
Sep-22 Sep-22 Sep-22
Oct-22 Oct-22 Oct-22
Oct-22 Oct-22 Oct-22
Nov-22 Nov-22 Nov-22

Nifty
Nov-22 Nov-22 Nov-22
BSE Realty
NSE Realty
Dec-22 Dec-22 Dec-22
Dec-22 Dec-22 Dec-22
Jan-23 Jan-23 Jan-23
Jan-23 Jan-23 Jan-23
Feb-23 Feb-23 Feb-23
Feb-23 Feb-23 Feb-23
Mar-23 Mar-23 Mar-23

Commodity price risk or foreign exchange risk and hedging activities:

The Company does not deal with commodity price risk or foreign exchange risk and hedging activities and hence the
disclosure pursuant to SEBI Circular dated November 15, 2018 is not applicable.
I. OTHER INFORMATION
a. Registrar and Share Transfer Agent (RTA)
Link Intime India Private Limited
C – 101, 247 Park, L B S Marg,
Vikhroli west, Mumbai – 400083
Telephone Number: 022-49186270
Fax Number: 022-49186060
Email: [email protected]
b. Share Transfer System:
The Company obtains annual certificates from a Practicing Company Secretary on compliance regarding share transfer
formalities under Regulation 40(9) of Listing Regulations. The Registrar and Transfer Agent and the Company submit
separate confirmations to the Stock Exchanges under Regulation 7(3) of Listing Regulations, confirming activities in
relation to both physical and electronic share transfer facility.
c. Distribution of equity shareholding as on March 31, 2023

Particulars No. of shareholders Total shares % Equity
Alternate Investment Funds 7 3,540,867 0.007
Clearing members 33 20,326 0.0051
Foreign Portfolio Investors (Corporate) 197 84,950,119 21.1919
Hindu Undivided Family 801 269,628 0.0673
Insurance Companies 11 3,953,525 0.9863
Mutual Funds 48 34,597,037 8.6300
Non Resident (Non Repatriable) 440 146,724 0.0366
Non Resident Indians 741 218,290 0.0545
Other Bodies Corporate (including LLP & NBFC registered with RBI) 388 2,539,162 0.6334
Promoters 9 37,500,000 9.3548
Public 64,640 8,113,266 2.0172
Trust-Promoter 1 225,000,000 56.1291
Trusts 4 11,185 0.0028
IEPF 1 1,525 0.0004
Total 67,321 400,861,654 100.00
d. Distribution by size
Sl. No Range of equity shares held AS ON MARCH 31, 2023
No. of shareholders % No. of shares %
1 1-500 64,419 95.6893 3,383,009 0.8439
2 501-1000 1,354 2.0113 1,050,075 0.2620
3 1001-2000 667 0.9908 1,006,229 0.2510
4 2001-3000 232 0.3446 584,918 0.1459
5 3001-4000 122 0.1812 439,051 0.1095
6 4001-5000 81 0.1203 378,820 0.0945
7 5001-10000 148 0.2198 1,109,317 0.2767
8 10001 and above 298 0.4427 392,910,235 98.0164
Total 67,321 100.00 400,861,654 100.00

e. Dematerialisation of shares and liquidity: g. Details of Debenture Trustee:

As on March 31, 2023 the Company’s equity share Catalyst Trusteeship Limited
capital representing 400,861,650 shares (almost GDA House, First Floor, Plot No.85, S.No.94 & 95
100%) were held in dematerialised form with both Bhusari Colony (Right), Kothrud
Pune – 411038.
the Depositories i.e., National Securities Depository
Telephone: (91) (22) 40807004
Limited (NSDL) and Central Depository Services (India)
Website: https://catalysttrustee.com/
Limited (CDSL). 4 equity shares held in physical mode
h. List of all the credit ratings obtained by the Company:
on the specific request of shareholders.
The list of credit ratings for the financial year 2022-23
ISIN: INE811K01011 (Fully paid shares) is depicted below:
Description No. of shares % equity Instrument Rating Agency Rating
CDSL 7,824,247 1.95 `5 Bn NCD ICRA Limited ICRA A+
NSDL 393,037,403 98.05 `3.5 Bn NCD ICRA Limited ICRA A+

Bank facilities ICRA Limited ICRA A+
Physical 4 00
i. Address for correspondence
Total 400,861,654 100.00
Registered Office
f. Outstanding GDRs/ADRs/warrants or any convertible Prestige Estates Projects Limited
instruments, conversion date and likely impact on Prestige Falcon Tower, No. 19, Brunton Road,
Bangalore - 560025
equity
Telephone No. +91 80 25591080
During the fiscal the Company has not issued any
Fax No. +91 80 25591945
GDRs/ADRs/Warrants or any convertible instruments. Website: www.prestigeconstructions.com
Address of Branch Offices:

Chennai Kochi Hyderabad Goa Mangaluru Mumbai NCR
Prestige Polygon, Prestige TMS Level 1, Unit G8, Geras Prestige Valley Unit 1002, 10th 3rd Suite, Ground
471, Anna Salai Square, #801, Merchant Imperium II, Crest, Museum Floor, JetAirways Floor, Atelier
Nandanam, 8th Floor, NH Towers, Banjara Patto Plaza, Road, Bejai, Godrej BKC Office Suit, World
Chennai-600035, - 66 Bypass, Hills, Road No. Panjim - 403001 Mangaluru Plot C-68, G Mark-2 Aerocity,
Tamilnadu Ph: Padivattom, 4, Hyderabad- Goa Landline: Karnataka - Block, Bandra Mahipalpur –
+91-4442924000 Edapally, Kochi 500034 91-083- 575004, Tel Kurla Complex, 110037, New
- 682024 Ph: Telangana 22970333 No: 91-0824- Bandra(East), Delhi Tel: +91
0484-4025555, Landline: 91- 2498498 Mumbai - 9820881855
4030000 04023351440/41 MH 400051,
Maharashtra
Tele No:
6366771791
j. Details of Company Secretary and Compliance Officer

Mr. Manoj Krishna J V
Prestige Falcon Tower, No. 19, Brunton Road,
Bangalore - 560025
Telephone No. +91 80 25591080 Fax No. +91 80 25591945
E-mail: [email protected]

k. Reconciliation of Share Capital Audit The policy for determining material subsidiaries
As stipulated by SEBI, a qualified Practicing Company is disclosed in the following link https://www.
Secretary carries out the Reconciliation of Share prestigeconstructions.com/admin/uploads/investors/
Capital Audit to reconcile the total admitted capital pepl-policies/material-subsidiaries.pdf
with National Securities Depository Limited (NSDL)
o. Disclosures with respect to demat suspense account/
and Central Depository Services (India) Limited (CDSL)
unclaimed suspense account:
and the total issued and paid- up capital. This audit
is carried out every quarter and the report there on is As per Regulation 34(3) of SEBI (LODR) Regulations,
submitted to the Stock Exchanges, NSDL and CDSL. 2015, the Company reports the following details
The audit, inter alia, confirms that the total listed in respect of Equity shares lying in the “Unclaimed
and paid-up capital of the Company is in agreement Suspense Account”
with the aggregate of the total number of shares in
dematerialised form held with NSDL and CDSL and Particulars No. of No. of
total number of shares in physical form. Share Equity
holders Shares
In addition, Secretarial Audit was carried out for ensuring
Aggregate number of shareholders NIL NIL
transparent, ethical and responsible governance
and the outstanding shares in the
processes, and also to ensure the proper functioning
suspense account lying at the
of compliance mechanisms in the Company. M/s.
beginning of the year
Nagendra D. Rao, Company Secretary in Practice,
No. of Shareholders who NIL NIL
conducted Secretarial Audit of the Company and a
approached listed entity for
Secretarial Audit Report for the financial year ended
transfer of shares from suspense
March 31, 2023 is provided in the Annual Report.
account during the year
l. Corporate Identity Number (CIN):
No. of shareholders to whom NIL NIL
Corporate Identity Number (CIN) of the Company, shares were transferred from
allotted by the Ministry of Corporate Affairs, suspense account during the year
Government of India is L07010KA1997PLC022322. Aggregate number of shareholders NIL NIL
and the outstanding shares in the
m. Custodial fees:
suspense account lying at the end
The Company has paid custodial fees for FY 2023- of the year
2024 to NSDL and CSDL
Since there was no shares lying in suspense account,
n. Subsidiary Companies:
the voting rights are not frozen
There were no material subsidiaries of the Company
p. Disclosure by listed entity and its subsidiaries of
during the year.
‘Loans and advances in the nature of loans to firms/
The Company monitors the performance of its companies in which directors are interested by name
subsidiary companies, inter alia, by the following and amount:
means:
There are no loans and advances in the nature of loans
The financial statements, in particular the investments to firms/companies in which directors are interested.
made by subsidiary companies, are reviewed by the
Audit Committee of the Company periodically; q. Remuneration to Statutory Auditors
The minutes of the Board / Audit Committee Meetings During financial year 2022-2023, the fees paid to the
of the subsidiary companies are noted at the Board Statutory Auditors of the Company on a consolidated
/ Audit Committee Meetings respectively of the basis and all entities in the network firm /network entity
Company; of which the statutory auditor is a part is follows:

(in Million) ii. Shareholders’ Rights

Particulars Year ended Year ended The half-yearly declaration of financial
March 31, 2023 March 31, 2022 performance together with the summary of
For audit 16 16 significant events in the last six months are
For other services 1 - not individually provided to the shareholders.
However, information on financial and
Total 17 16
business performance is provided in the
Note: (i) The Group avails input credit for GST, hence no
‘Investors section’ of the Company’s website,
GST expense is accrued.
www.prestigeconstructions.com on a quarterly
r. Details of utilisation of funds raised through basis.
preferential allotment and Qualified Institutions
iii. Modified opinion(s) in the Audit Report
Placement as specified under Regulation 32 (7A)
The standalone and consolidated audited
During the year, no funds were raised through
financial statements of the Company for financial
Preferential allotment and Qualified Institutional
year 2022-23 do not contain any qualifications
Placement.
and the Statutory Auditors Report does not
s. Unclaimed Equity shares contain any adverse remarks. The Audit Reports
There are no unclaimed equity shares as per regulation are unmodified reports.
39 (4) of Listing regulations. iv. Reporting by the Internal Auditor
t. Compliance of Non-Mandatory Requirements: The Internal Auditor reports to the Audit
Part E of Schedule II of the Listing Regulations contains Committee of the Board of Directors of the
certain non-mandatory requirements that a company Company. The Audit Committee is empowered to
may implement at its discretion. However, disclosures hold separate meetings and discussions with the
on compliance of mandatory requirements and Internal Auditor.
adoption (and compliance) / non-adoption of the non- u. Disclosure of Compliance with Corporate Governance:
mandatory requirements is made in the Corporate
The disclosure of compliances with respect to
Governance Report of the Annual Report. The status
Corporate Governance requirements as specified
of compliance of the non-mandatory requirements
in Regulation 17 to 27 and clauses (b) to (i) of
are as follows:
sub-regulation (2) of Regulation 46 is made in the
i. The Board Corporate Governance Report. The Company has also
The details required to be provided with respect complied with the requirements mentioned in paras
to the Non-Executive Chairman are not applicable (2) to (10) of corporate governance report under SEBI
as the Chairman of the Board is an Executive (Listing Obligations and Disclosure Requirements),
Chairman. 2015.
Irfan Razack
Date: May 30, 2023 Chairman and Managing Director
Place: Bengaluru DIN: 00209022

DECLARATION ON COMPLIANCE WITH CODE OF CONDUCT
To The Members of
We, to the best of our knowledge and belief, declare that all the members of the Board of Directors and Senior Management
personnel have affirmed compliance with the Code of Conduct of the Company for the year ended March 31, 2023.
Irfan Razack Venkat K Narayana

Date: May 30, 2023 Chairman and Managing Director Chief Executive Officer
Place: Bengaluru DIN: 00209022

SECRETARIAL COMPLIANCE REPORT OF PRESTIGE ESTATES PROJECTS LIMITED HAVING CORPORATE IDENTIFICATION
NUMBER L07010KA1997PLC022322 (‘THE LISTED ENTITY’) FOR THE FINANCIAL YEAR ENDED MARCH 31, 2023.
I have conducted the review of the compliance of the applicable statutory provisions and the adherence to good corporate
practices by Prestige Estates Projects Limited (hereinafter referred as ‘the listed entity’), having its Registered Office at Prestige
Falcon Tower, No.19, Brunton Road, Bengaluru – 560 025. Secretarial Review was conducted in a manner that provided me a
reasonable basis for evaluating the corporate conducts/statutory compliances and to provide my observations thereon.
I have examined:
(a) all the documents and records made available to us and explanation provided by Prestige Estates Projects Limited (“the
listed entity”),
(b) the filings/ submissions made by the listed entity to the stock exchanges,
(c) website of the listed entity,
(d) any other document/ filing, as may be relevant, which has been relied upon to make this certification, for the year ended
March 31, 2023 (“Review Period”) in respect of compliance with the provisions of:
(a) the Securities and Exchange Board of India Act, 1992 (“SEBI Act”) and the Regulations, circulars, guidelines issued
thereunder; and
(b) the Securities Contracts (Regulation) Act, 1956 (“SCRA”), rules made thereunder and the Regulations, circulars,
guidelines issued thereunder by the Securities and Exchange Board of India (“SEBI”);
The specific Regulations, whose provisions and the circulars/ guidelines issued thereunder, have been examined, include:-
(a) Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015;
(b) Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018;
(c) Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
(d) Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018 [Not Applicable as the Company has
not bought back / propose to buyback any of its securities during the financial year under review];
(e) Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 [Not
Applicable to the Listed Entity during the financial year under review];
(f) Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021;
(g) Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015; and circulars and guidelines
issued thereunder and based on the above examination, I hereby report that, during the Review Period:
I. (a) (**) The listed entity has complied with the provisions of the above Regulations and circulars/ guidelines issued
thereunder, except in respect of matters specified below:
Sr. Compliance Regulation/ Deviations Action Type of Action Details Fine Observations/ Management Remarks
No Requirement Circular No. Taken (Advisory/ of Amount Remarks of Response
(Regulations/ by the Clarification/ Violation the Practicing
circulars/ listed Fine/Show Company
guidelines entity, Cause Notice/ Secretary
including if any Warning, etc.)
specific
clause)
As per Annexure - I
(b) The listed entity has taken the following actions to comply with the observations made in previous reports:
Sr. Compliance Regulation/ Deviations Action Type of Action Details Fine Observations/ Management Remarks
No Requirement Circular No. Taken (Advisory/ of Amount Remarks of Response
(Regulations/ by Clarification/ Violation the Practicing
circulars/ Fine/Show Company
guidelines Cause Notice/ Secretary
including Warning, etc.)
specific
clause)
There were no observations made in the previous report (for the financial year ended March 31, 2022), hence, the
same is Not Applicable for the period under review.

II. Compliances related to resignation of statutory auditors from listed entities and their material subsidiaries as per SEBI
Circular CIR/CFD/CMD1/114/2019 dated October 18, 2019:
Sr. Particulars Compliance Status Observations /Remarks by PCS*

No. (Yes/No/ NA)
1. Compliances with the following conditions while appointing/re-appointing an auditor

i. If the auditor has resigned within 45 days from the NA The Auditors of the Company have
end of a quarter of a financial year, the auditor before not resigned during the year under
such resignation, has issued the limited review/ audit review.
report for such quarter; or
ii. If the auditor has resigned after 45 days from the NA The Auditors of the Company have
end of a quarter of a financial year, the auditor before not resigned during the year under
such resignation, has issued the limited review/ audit review.
report for such quarter as well as the next quarter; or
iii. If the auditor has signed the limited review/ audit NA The Auditors of the Company have
report for the first three quarters of a financial year, not resigned during the year under
the auditor before such resignation, has issued the review.
limited review/ audit report for the last quarter of
such financial year as well as the audit report for such
financial year.
2. Other conditions relating to resignation of statutory auditor
i. Reporting of concerns by Auditor with respect to NA The Auditors of the Company have
the listed entity/its material subsidiary to the Audit not resigned during the year under
Committee: review.
a. In case of any concern with the management NA The Auditors of the Company
of the listed entity/material subsidiary such as have not resigned during
non-availability of information / non-cooperation the year under review.
by the management which has hampered the
audit process, the auditor has approached the
Chairman of the Audit Committee of the listed
entity and the Audit Committee shall receive
such concern directly and immediately without
specifically waiting for the quarterly Audit
Committee meetings.
b. In case the auditor proposes to resign, all concerns NA The Auditors of the Company
with respect to the proposed resignation, along have not resigned during
with relevant documents has been brought to the the year under review.
notice of the Audit Committee. In cases where
the proposed resignation is due to non-receipt of
information / explanation from the Company, the
auditor has informed the Audit Committee the
details of information / explanation sought and
not provided by the management, as applicable.
c. The Audit Committee / Board of Directors, as the NA The Auditors of the Company have
case may be, deliberated on the matter on receipt not resigned during the year under
of such information from the auditor relating to review.
the proposal to resign as mentioned above and
communicate its views to the management and
the auditor.


No. (Yes/No/ NA)
ii. Disclaimer in case of non-receipt of information:

The auditor has provided an appropriate disclaimer NA The Auditors of the Company have
in its audit report, which is in accordance with the not resigned during the year under
Standards of Auditing as specified by ICAI / NFRA, in review.
case where the listed entity/ its material subsidiary has
not provided information as required by the auditor.
3. The listed entity / its material subsidiary has obtained NA The Auditors of the Company have
information from the Auditor upon resignation, in the not resigned during the year under
format as specified in Annexure-A in SEBI Circular CIR/ review.
CFD/CMD1/114/2019 dated October 18, 2019
III. I hereby report that, during the Review Period the compliance status of the listed entity is appended as below:

No. (Yes/No/ NA)
1 Secretarial Standards:
The compliances of the listed entity are in accordance Yes -
with the applicable Secretarial Standards (SS) issued
by the Institute of Company Secretaries India (ICSI).
2 Adoption and timely updation of the Policies:
• All applicable policies under SEBI Regulations Yes -
are adopted with the approval of board of
directors of the listed entities.
• All the policies are in conformity with SEBI Yes -
Regulations and have been reviewed & updated
on time, as per the regulations/ circulars/
guidelines issued by SEBI
3 Maintenance and disclosures on Website:
• The Listed entity is maintaining a functional Yes -
website
• Timely dissemination of the documents/ Yes -
information under a separate section on the
website
• Web-links provided in annual corporate Yes Web-link has been provided but specific
governance reports under Regulation 27(2) are link which redirect to the relevant
accurate and specific which re- directs to the documents(s)/ section of the website
relevant document(s)/ section of the website needs to be provided.
4 Disqualification of Director:
None of the Director(s) of the Company is/are Yes -
disqualified under Section 164 of Companies Act,
2013 as confirmed by the listed entity.
5 Details related to Subsidiaries of listed entities
have been examined w.r.t.:
(a) Identification of material subsidiary companies NA The Company does not have any material
subsidiaries.
(b) Disclosure requirement of material as well as Yes -
other subsidiaries


No. (Yes/No/ NA)
6 Preservation of Documents:
The listed entity is preserving and maintaining Yes -
records as prescribed under SEBI Regulations and
disposal of records as per Policy of Preservation of
Documents and Archival policy prescribed under
SEBI LODR Regulations, 2015.
7. Performance Evaluation:
The listed entity has conducted performance Yes -
evaluation of the Board, Independent Directors
and the Committees at the start of every financial
year/during the financial year as prescribed in SEBI
Regulations.
8 Related Party Transactions:
(a) The listed entity has obtained prior approval Yes -
of Audit Committee for all related party
transactions; or
(b) The listed entity has provided detailed NA The listed entity has obtained prior
reasons along with confirmation whether the approval of Audit Committee for all
transactions were subsequently approved/ related party transactions
ratified/rejected by the Audit Committee, in
case no prior approval has been obtained.
9 Disclosure of events or information:
The listed entity has provided all the required Yes -
disclosure(s) under Regulation 30 along with
Schedule III of SEBI LODR Regulations, 2015 within
the time limits prescribed thereunder
10 Prohibition of Insider Trading:
The listed entity is in compliance with Regulation Yes -
3(5) & 3(6) SEBI (Prohibition of Insider Trading)
Regulations, 2015.
11 Actions taken by SEBI or Stock Exchange(s), if any:
No action(s) has been taken against the listed Yes No Actions taken by SEBI/Stock
entity/ its promoters/ directors/ subsidiaries either exchanges during the review period
by SEBI or by Stock Exchanges (including under except as mentioned in Annexure I
the Standard Operating Procedures issued by SEBI
through various circulars) under SEBI Regulations
and circulars/ guidelines issued thereunder except
as provided under separate paragraph herein (**).
12 Additional Non-compliances, if any:
No additional non-compliance observed for any Yes As per the information and explanation
SEBI regulation/circular/guidance note etc. provided by the Company, there were no
additional non-compliance observed for
any SEBI regulation/circular/guidance
note etc.

Assumptions & Limitation of scope and Review:

1. Compliance of the applicable laws and ensuring the authenticity of documents and information furnished, are the
responsibilities of the management of the listed entity.
2. Our responsibility is to report based upon our examination of relevant documents and information. This is neither an audit
nor an expression of opinion.
3. We have not verified the correctness and appropriateness of financial Records and Books of Accounts of the listed entity.
4. This Report is solely for the intended purpose of compliance in terms of Regulation 24A (2) of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 and is neither an assurance as to the future viability of the listed entity
nor of the efficacy or effectiveness with which the management has conducted the affairs of the listed entity.
Nagendra D. Rao
Peer Reviewed Unit
Place: Bengaluru Peer Review Certificate No.: 672/2020
Date: May 30, 2023 UDIN: F005553E000415138

Annexure - I
(a) (**) The listed entity has complied with the provisions of the above Regulations and circulars/ guidelines issued thereunder,
except in respect of matters specified below:
Sr. Compliance Regulation/ Deviations Action Type of Details of Fine Observations/ Management Remarks
No Requirement Circular No. Taken by Action Violation Amount Remarks of Response
(Regulations/ the listed (Advisory/ the Practicing
circulars/ entity, if Clarifi- Company
guidelines any cation/ Secretary
including Fine/Show
specific Cause
clause) Notice/
Warning,
etc.)
1 The listed Regulation National The Fine 12 days 23,600 The Listed The Listed The Listed
entity shall 60(2) of the Stock listed delay in Entity paid Entity paid Entity paid
give notice in SEBI (LODR) Exchange entity submission the amount the fine the fine
advance of at Regulations, of India has paid of on October amount of ` amount of
least seven 2015 Limited vide the Fine intimation 10, 2022 23,600/- on ` 23,600/-
working days its letter of of Record October 10, on October
(excluding dated 27th `23,600 date 2022 10, 2022.
the date of September,
intimation and 2022 have
the record imposed the
date) to the Fine for non
recognised compliance
stock with
exchange(s) Regulation
of the record 60(2) of the
date or of as SEBI (LODR)
many days Regulations,
as the stock 2015
exchange(s)
may agree
to or require
specifying
the purpose
of the record
date.
Note: NSE has sought clarifications with respect to the –
1. Corporate Governance Report filed with the Exchanges for the quarter ended 31st March, 2022 and 30th September
2022. The same has been responded by the Company.
2. Shareholding Pattern filed by the Company with the Exchanges for the quarter ended 31st December, 2022. The same
has been responded by the Company.
3. There has been one instance of delay in filing of Revised Intimation of Record date with respect to due date of
payment of interest on Non-Convertible Debentures (NCDs) under Regulation 60 (2) of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015.

CORPORATE GOVERNANCE COMPLIANCE CERTIFICATE
To the Members of
Prestige Falcon Tower
No.19, Brunton Road
Bangalore 560 025
I have examined the compliance of the conditions of Corporate Governance by Prestige Estates Projects Limited (‘the
Company’) for the year ended on March 31, 2023, as stipulated under Regulations 17 to 27, clauses (a) to (e), (g) to (m), (oa),
(q) to (w) and (y) to (z) of sub- regulation (2) of Regulation 46 and para C, D and E of Schedule V of the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”).
The compliance of the conditions of Corporate Governance is the responsibility of the management of the Company. My
examination was limited to the review of procedures and implementation thereof, as adopted by the Company for ensuring
compliance with conditions of Corporate Governance. It is neither an audit nor an expression of opinion on the financial
statements of the Company.
In my opinion and to the best of my information and according to the explanations given to me, and the representations made
by the Directors and the Management, I certify that the Company has complied with the conditions of Corporate Governance
as stipulated in the SEBI Listing Regulations for the year ended on March 31, 2023.
I further state that such compliance is neither an assurance as to the future viability of the Company nor of the efficiency or
effectiveness with which the management has conducted the affairs of the Company.
Nagendra D. Rao
Peer Reviewed Unit
Date: May 30, 2023 UDIN: F005553E000415182

CERTIFICATE PURSUANT TO REGULATION 34(3) AND SCHEDULE V PARA C CLAUSE (10)(I) OF THE
SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015
To,
The Members,
Prestige falcon tower
No.19, Brunton road
Bengaluru -560 025.
I have examined the relevant registers, records, forms and returns filed, notices and disclosures received from the Directors,
minutes books, other books and papers of Prestige Estates Projects Limited having CIN L07010KA1997PLC022322 and
having registered office at PRESTIGE FALCON TOWER, NO.19, BRUNTON ROAD, BENGALURU - 560 025 (hereinafter referred
to as ‘the Company’), produced before me by the Company for the purpose of issuing this Certificate, in accordance with
Regulation 34(3) read with Schedule V Para-C Sub clause 10(i) of the Securities Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (hereinafter referred to as ‘the LODR’), as amended from time to time.
In my opinion and to the best of my information and according to the verifications (including DIN status at the portal www.mca.
gov.in) as considered necessary and explanations furnished to me by the Company, its officers, I hereby certify that none of
the Directors who were on the Board of the Company as on March 31, 2023 have been debarred or disqualified from being
appointed or continuing as Directors of the Companies by the Securities and Exchange Board of India, Ministry of Corporate
Affairs, or any other Statutory Authority.
Ensuring the eligibility of every Director on the Board is the responsibility of the management of the Company. Our responsibility
is to express an opinion on these based on our verification.
I have conducted necessary verification as much as is appropriate to obtain reasonable assurance about the eligibility or
disqualification of the Directors on the Board of the Company.
This certificate is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with which
the management has conducted the affairs of the Company.
Nagendra D. Rao
Peer Reviewed Unit
Date: May 30, 2023 UDIN: F005553E000415149

BUSINESS RESPONSIBILITY & SUSTAINABILITY REPORT
SECTION A: GENERAL DISCLOSURES
I. Details of the listed entity
1. Corporate Identity Number (CIN) of the Listed Entity L07010KA1997PLC022322

2. Name of the Listed Entity Prestige Estates Projects Limited
3. Year of incorporation 04-06-1997
4. Registered office address Prestige Falcon Tower, No.19, Brunton Road, Bangalore – 560025
5. Corporate address Prestige Falcon Tower, No.19, Brunton Road, Bangalore - 560025
6. E-mail [email protected]
7. Telephone 080-25591080
8. Website www.prestigeconstructions.com
9. Financial year for which reporting is being done FY 2022-23
10. Name of the Stock Exchange(s) where shares are 1. National Stock Exchange of India Limited
listed 2. BSE Limited
11. Paid-up Capital Rs. 4,008,616,540/-
12. Name and contact details (telephone, email address) Manoj Krishna J V
of the person who may be contacted in case of any 080-25591080, [email protected]
queries on the BRSR report
13. Reporting boundary - Are the disclosures under Consolidated basis
this report made on a standalone basis (i.e. only for
the entity) or on a consolidated basis (i.e. for the
entity and all the entities which form a part of its
consolidated financial statements, taken together).
II. Products/services
14. Details of business activities (accounting for 90% of the turnover)

S. No. Description of Main Activity Description of Business Activity % of Turnover of the entity
1 Development and construction of Development and sale of residential and 74%
properties (Real estate) commercial projects.
2 Leasing of commercial properties Leasing of commercial projects to tenants 8%
(Lease rentals)
3 Hospitality Development of hospitality projects including 8%
golfcourse, clubhouses etc which are
operated by leading international operators.
15. Products/Services sold by the entity (accounting for 90% of the entity’s Turnover):
S. No. Product/Service NIC Code % of Turnover contributed
1 Real estate 45201 74%
2 Lease rentals 70106 8%
3 Hospitality 55101 8%

BRSR (CONTD.)
III. Operations
16. Number of locations where plants and/or operations/offices of the entity are situated:
Location Number of plants Number of offices Total
National 0 214* 214
International 0 1 1
*This includes 206 operational sites.
17. Markets served by the entity:
a. Number of locations
Locations Number
National (No. of States) 7
International (No. of Countries) 1
b. What is the contribution of exports as a 0%

percentage of the total turnover of the entity?
c. A brief on types of customers Our customer base comprises Individuals, Multinational
Corporations (MNCs), and Small Businesses. This diverse range of
customers includes personal consumers and global corporations.
IV. Employees
18. Details as at the end of Financial Year :

a. Employees and workers (including differently abled):
S. Particulars Total Male Female
No. (A) No. (B) % (B / A) No. (C) % (C / A)
EMPLOYEES
1. Permanent (D) 8,393 7,037 83.84% 1,356 16.16%
2. Other than Permanent (E) 3,752 1,545 41.18% 2,207 58.82%
3. Total employees (D + E) 12,145 8,582 70.66% 3,563 29.34%
WORKERS
4. Permanent (F) 0 0 0.00% 0 0.00%
5. Other than Permanent (G) 190 190 100.00% 0 0.00%
6. Total workers (F + G) 190 190 100.00% 0 0.00%
b. Differently abled Employees and workers:

S. Particulars Total Male Female
No. (A) No. (B) % (B / A) No. (C) % (C / A)
DIFFERENTLY ABLED EMPLOYEES
1. Permanent (D) 18 15 83.00% 3 17.00%
2. Other than Permanent (E) 7 7 100.00% 0 0.00%
3. Total differently abled employees (D + E) 25 22 88.00% 3 12.00%
DIFFERENTLY ABLED WORKERS
4. Permanent (F) 0 0 0.00% 0 0.00%
5. Other than permanent (G) 0 0 0.00% 0 0.00%
6. Total differently abled workers (F + G) 0 0 0.00% 0 0.00%

BRSR (CONTD.)
19. Participation/Inclusion/Representation of women

Total No. and percentage of Females
(A) No. (B) % (B / A)
Board of Directors 9 2 22.22%
Key Management Personnel 3 0 0.00%
20. Turnover rate for permanent employees and workers (Disclose trends for the past 3 years)
FY 23 FY 22 FY 21
(Turnover rate in current FY) (Turnover rate in previous FY) (Turnover rate in the year
prior to the previous FY)
Male Female Total Male Female Total Male Female Total
Permanent Employees 33.00% 31.79% 32.80% 32.48% 24.39% 31.12% 41.75% 34.27% 40.43%
Permanent Workers NA NA NA NA NA NA NA NA NA
V. Holding, Subsidiary and Associate Companies (including joint ventures)
21. (a) Names of holding / subsidiary / associate companies / joint ventures

S. Name of the holding /subsidiary/ associate companies / Indicate % of Does the entity
No. joint ventures (A) whether shares indicated at
holding/ held by column A,
Subsidiary/ listed participate in
Associate/ entity the Business
Joint Venture Responsibility
initiatives of the
listed entity?
(Yes/No)
1 Avyakth Cold Storages Private Limited Subsidiary 100.00% Yes
2 Dollars Hotel & Resorts Private Limited Subsidiary 65.92% Yes
3 ICBI (India) Private Limited Subsidiary 82.57% Yes
4 K2K Infrastructure (India) Private Limited Subsidiary 75.00% Yes
5 Northland Holding Company Private Limited Subsidiary 100.00% Yes
6 Prestige Bidadi Holdings Private Limited Subsidiary 99.94% Yes
7 Prestige Builders and Developers Private Limited Subsidiary 100.00% Yes
8 Prestige Construction Ventures Private Limited Subsidiary 100.00% Yes
9 Prestige Exora Business Parks Limited Subsidiary 100.00% Yes
10 Prestige Falcon Realty Ventures Private Limited Subsidiary 100.00% Yes
11 Prestige Garden Resorts Private Limited Subsidiary 100.00% Yes
12 Prestige Hospitality Ventures Limited Subsidiary 100.00% Yes
13 Prestige Leisure Resorts Private Limited Subsidiary 57.45% Yes
14 Prestige Retail Ventures Limited Subsidiary 100.00% Yes
15 Sai Chakra Hotels Private Limited Subsidiary 100.00% Yes
16 Shipco Infrastructure Private Limited Subsidiary 70.00% Yes
17 Prestige Sterling Infra Projects Private Limited Subsidiary 90.00% Yes
18 Prestige Mall Management Private Limited Subsidiary 100.00% Yes
19 Prestige Garden Estates Private Limited Subsidiary 73.00% Yes
20 Village-De-Nandi Private Limited Subsidiary 100.00% Yes
21 Kochi Cyber Greens Private Limited Subsidiary 100.00% Yes

BRSR (CONTD.)
initiatives of the
listed entity?
(Yes/No)
22 Prestige Projects Private Limited Subsidiary 60.00% Yes
23 Prestige Mulund Realty Private Limited Subsidiary 100.00% Yes
(formerly Known as Ariisto Developers Private Limited)
24 Prestige Acres Private Limited Subsidiary 51.00% Yes
25 Prestige Warehousing & Cold Storage Services Private Limited Subsidiary 92.36% Yes
26 Apex Realty Management Private Limited (w.e.f 24 June 2022) Subsidiary 60.00% Yes
27 Prestige Falcon Malls Private Limited Subsidiary 100.00% Yes
28 Prestige Falcon Mumbai Realty Private Limited Subsidiary 51.00% Yes
29 Prestige Estates Projects Corp. (w.e.f February 1, 2023) Subsidiary 100.00% Yes
30 Ace Realty Ventures Subsidiary 51.00% Yes
31 Albert Properties Subsidiary 88.00% Yes
32 Eden Investments & Estates Subsidiary 77.50% Yes
33 Prestige AAA Investments Subsidiary 51.00% Yes
34 Prestige AltaVista Holdings Subsidiary 99.00% Yes
35 Prestige Habitat Ventures Subsidiary 99.00% Yes
36 Prestige Kammanahalli Investments Subsidiary 75.00% Yes
37 Prestige Nottinghill Investments Subsidiary 51.00% Yes
38 Prestige Office Ventures Subsidiary 99.99% Yes
39 Prestige Pallavaram Ventures Subsidiary 99.95% Yes
40 Prestige Property Management & Services Subsidiary 97.00% Yes
41 Prestige Southcity Holdings Subsidiary 51.00% Yes
42 Prestige Sunrise Investments Subsidiary 99.99% Yes
43 Silver Oak Projects Subsidiary 99.99% Yes
44 The QS Company Subsidiary 98.00% Yes
45 Prestige Century Landmark Subsidiary 55.00% Yes
46 Prestige Century Megacity Subsidiary 45.00% Yes
47 Southeast Realty Ventures (w.e.f. 20 March 2023) Subsidiary 99.99% Yes
48 Prestige Falcon Business Parks Subsidiary 99.00% Yes
49 Villaland Developers LLP Subsidiary 99.00% Yes
50 West Palm Developments LLP Subsidiary 61.00% Yes
51 Prestige Valley View Estates LLP Subsidiary 51.05% Yes
52 Prestige Whitefield Investment and Developers LLP Subsidiary 99.99% Yes
53 Prestige OMR Ventures LLP Subsidiary 100.00% Yes
54 Apex Realty Ventures LLP (w.e.f. 24 June 2022) Subsidiary 59.94% Yes
55 Morph Subsidiary 40.00% Yes
56 Prestige Ozone Properties Subsidiary 47.00% Yes
57 Prestige Whitefield Developers Subsidiary 47.00% Yes
58 PSN Property Management and Services Subsidiary 50.00% Yes
59 Prestige Devenahalli Developers LLP Subsidiary 45.00% Yes

BRSR (CONTD.)
initiatives of the
listed entity?
(Yes/No)
60 Prestige Beta Projects Private Limited Joint Venture 40.00% Yes
61 Thomsun Realtors Private Limited Joint Venture 50.00% Yes
62 Bamboo Hotel and Global Centre (Delhi) Private Limited Joint Venture 50.00% Yes
63 Pandora Projects Private Limited Joint Venture 50.00% Yes
64 Prestige (BKC) Realtors Private Limited* Joint Venture 59.20% Yes
65 Prestige Realty Ventures Joint Venture 49.90% Yes
66 Prestige MRG Eco Ventures (w.e.f. 29 March 2023) Joint Venture 50.00% Yes
67 Lokhandwala DB Realty LLP Joint Venture 50.00% Yes
68 Turf Estate Joint Venture LLP Joint Venture 50.00% Yes
Note: The environmental data has been reported for significant sites, while a limited number of sites have been
excluded due to their nature as plotted properties or their role primarily involving labour rather than direct engagement
in water, power, and emission management as stipulated by contractual agreements.
VI. CSR Details
22. (i) Whether CSR is applicable as per section 135 of Companies Act, 2013: (Yes/No) Yes
(ii) Turnover (`) 87,720,000,000/-
(iii) Net worth (`) 99,753,000,000/-
T U R N OV E R
87,720 Mn
N E T W O RT H
99,753 Mn

BRSR (CONTD.)
VII. Transparency and Disclosures Compliances
23. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on Responsible
Business Conduct:
Stakeholder group from Grievance FY 23 FY 22

whom complaint is Redressal Current Financial Year Previous Financial Year
received Mechanism
Number of Number of Remarks Number of Number of Remarks
in Place
complaints complaints complaints complaints
(Yes/No)
filed pending filed pending
(If Yes, then
during the resolution during the resolution
provide
year at close of year at close of
web-link for
the year the year
grievance
redress
policy)
Communities Yes* 0 0 NA 0 0 NA
Investors Yes** 0 0 NA 0 0 NA
(other than shareholders)
Shareholders Yes** 1 0 Non- 0 0 NA
receipt of
dividend
and the
same was
paid.
Employees and workers Yes 0 0 NA 0 0 NA
Customers Yes*** 454 1 Reported 1 261 0 NA
complaint
on March
28, and
closed on
April 03,
2023.
Value Chain Partners Yes* 0 0 NA 0 0 NA
Other (please specify) NA 0 0 NA 0 0 NA
* https://www.prestigeconstructions.com/admin/uploads/investors/pepl-policies/business-responsibility.pdf
** https://www.prestigeconstructions.com/investors-contact/?utm_source=Adwords&utm_medium=Search&utm_camp
aign=BrandSearch&campid=1690417375&gad=1&gclid=CjwKCAjwg-GjBhBnEiwAMUvNWzRvXB23uFSUmRFLeooJdG
B5Xx3H1NlJG-agCHygSMNoHepi-d-wMRoCJikQAvD_BwE?utm_source=Adw
*** https://www.prestigeconstructions.com/contact-us-corporate-office/

BRSR (CONTD.)
24. Overview of the entity’s material responsible business conduct issues

Please indicate material responsible business conduct and sustainability issues pertaining to environmental and social
matters that present a risk or an opportunity to your business, rationale for identifying the same, approach to adapt or
mitigate the risk along-with its financial implications, as per the following format
S. Material Indicate Rationale for identifying the risk In case of risk, approach to Financial
No. issue whether / opportunity adapt or mitigate implications
identified risk or of the risk or
opportunity opportunity
(R/O) (Indicate
positive or
negative
implications)
1 GHG Risk Construction is an energy- In order to minimise emissions Negative

Emissions intensive activity and generates caused by transportation, our
significant direct and indirect entity actively encourages the
greenhouse gas (GHG) adoption of local sourcing for
emissions, including carbon raw materials. We also prioritise
dioxide and methane from fuel the conversion of Direct Current
use. Uncontrolled pollutants and (DC) to Alternating Current (AC)
emissions during operation and for faucet and flush valves,
associated activities impose legal thereby improving energy
and Environmental risks for the efficiency. Furthermore, we have
Company. implemented the use of Portland
Pozzolana Cement (PPC) in all
non-structural activities, aiming
to reduce the carbon footprint
associated with construction
projects. These measures
collectively contribute to our
commitment to sustainability
and environmental stewardship.
2 Energy Opportunity Developing and managing real Positive

Management estate requires a significant
reliance on natural resources,
including timber, water, and
electricity. Managing the energy
consumption becomes essential.
3 Sustainable Opportunity Companies are evaluated Positive

construction according to the resource
and consumption and carbon intensity
Procurement of their real estate assets,
their potential vulnerability to
environmental construction rules,
and their efforts to enhance the
environmental performance of
their real estate assets.

BRSR (CONTD.)
(R/O) (Indicate
positive or
negative
implications)
4 Climate Risk Climate change is impacting Our entity is dedicated to Negative
change almost all geographies and combating climate change
industries. It can pose physical through various measures.
risks such as floods, wildfires These include adopting
and the structural integrity sustainable practices in design,
of infrastructure. It can also technology, and safety systems,
pose transitional risks such as as well as implementing
compulsory use of renewable renewable energy sources like
energy, change in regulations, etc. solar panels. Our goal is to
make a significant contribution
in mitigating the impacts of
climate change.
5 Water Risk Water is a critical resource At our projects, we implement Negative
Management required during construction, sewage treatment plants
operation and maintenance. (STPs) to recycle water for
Water use for various business landscaping, toilet flushes, and
activities impacts the quality and dust suppression activities. In
quantity of local water resources. new projects, we aim to install
Improper discharge of water smart water meters to monitor
can result in contamination of water consumption effectively.
water bodies. This may lead to a We also utilise low-flow taps
negative impact on operating cost and aerators to minimise water
may impose a legal risk to the flow rates and conserve water
Company. resources. These initiatives
reflect our commitment to
enhance our sustainable water
management practices.

BRSR (CONTD.)
(R/O) (Indicate
positive or
negative
implications)
6 Waste Risk The Circular Economy model of We ensure proper disposal Negative
Management production and consumption of waste materials through
promotes the reusing, refurbishing authorised vendors and
and recycling of existing materials implement buyback programs
and products. The transition to for batteries. Waste is
a circular economy will affect segregated and managed at a
a change in building design centralised facility. We prioritise
and material usage. A shift the processing and recycling
in regulations and demand, of waste to derive benefits
combined with new technology, from it, as we believe in the
has the potential to reduce costs. concept of "Waste is wealth."
During construction, we handle
waste materials responsibly
and strive to reuse them
whenever possible, promoting a
sustainable approach.
7 Employee Risk A higher employee retention rate We are a certified "Great Place Negative
Well- reflects good company policies to Work" entity. We focus
Being and and practices that lead to higher on reskilling and upskilling
Development employee satisfaction. However, our employees in emerging
a high attrition rate indicates technologies through digital
low employee satisfaction. High learning initiatives. Identifying
attrition also increases the cost and retaining critical talent is
of replacing and training the prioritised to keep up with growth
employees, increases the risk of and competition. Team building
business getting impacted in case activities foster a cohesive work
of critical roles and may reflect environment. Health awareness
negatively on investors. programs, including health and
wellness clubs, sports clubs,
and access to a gym, promote
employee well-being. We reward
and recognise employees
accordingly. We maintain a safe
and inclusive workplace through
initiatives like Prevention
of Sexual Harassment at
Workplaces (POSH) policies
and an employee grievance
redressal committee.
8 Diversity and Opportunity A company's high diversity and Positive
Inclusion inclusion rate reflects employees'
sense of belonging and fairness
within the Company.

BRSR (CONTD.)
(R/O) (Indicate
positive or
negative
implications)
9 Customer Opportunity Customer satisfaction is a key Positive
Satisfaction indicator of success. It gauges
how effectively businesses are
delivering products and services
that meet or exceed customers'
expectations, providing insight
into the overall performance of an
organisation.
10 Human Risk Real Estate Management We have established a grievance Negative
rights and Construction is labour-intensive redressal mechanism to
Labour and has been the focus of promptly address complaints.
Management human rights organisations Our policies adhere to the
for their labour management POSH guidelines, ensuring a
practices. The complexity of their safe environment for women.
workforce (size, labour intensity, We uphold the principles of
and operational locations), non-discrimination and equal
management-labour interactions, opportunity for all, irrespective
the effectiveness of worker of gender, religion, or caste,
rights and the effectiveness of emphasising our commitment
engagement with their workers is to human rights.
crucial for the Company.
Industrial
processes
Water recycle Water recycle

and re-use and re-use
Salts/metal Salts/metal
recovery recovery
Water Industrial waste

treatment water treatment
Waste water
treatment
Safe water Safe water

discharge discharge
Water
resources

BRSR (CONTD.)
(R/O) (Indicate
positive or
negative
implications)
11 Community Risk Construction activities Our Company actively engages Negative

Engagement contributes to social and with the community through
economic development. However, Corporate Social Responsibility
they can also create a risk for (CSR) initiatives. We invest
local communities and the in projects and activities
environment. Activities such that address the social,
as clearing, grading, and the environmental, and economic
use of hazardous chemicals needs of the communities.
can negatively impact the local By collaborating with the
community. In some situations, community, we strive to make
environmental concerns and a positive and lasting impact,
resistance from the local improving the well-being of
community can lead to project those around us.
delays and, in the worst-case
scenario, project cancellations.
This can have a negative impact
on the Company's profitability
and the opportunities it has for
growth.
12 Ethical Risk The key area relevant to business We strive to set the standard for Negative
Business ethics is the management of ethical business conduct with
Conduct issues such as fraud, executive our investors, customers, value
misconduct, corrupt practices, chain partners, and employees.
money laundering, or anti-trust We prioritise transparency
violations. Ethics violations can by providing information on
lead to police investigations, ongoing, completed, and
hefty fines, settlement costs, and upcoming projects. To foster a
damage to reputation. culture of fraud prevention, we
have implemented an Anti-Fraud
& Vigilance Policy that involves
all stakeholders ensuring
integrity and accountability.

BRSR (CONTD.)
(R/O) (Indicate
positive or
negative
implications)
13 Corporate Risk Businesses are assessed based We maintain a commitment Negative
Governance on their performance across all to corporate governance by
key governance issues, which conducting both internal and
include ownership & control, statutory audits to assess
Board pay, accounting, business compliance and ensure
ethics, and tax transparency. This adherence to standard
topic examines the effect that a operating procedures (SOPs).
company's corporate governance We provide training, manuals,
and business ethics practices and other resources to enhance
have on its shareholders and compliance awareness.
other investors. Additionally, an independent
internal audit team evaluates
the effectiveness of our risk
management process, ensuring
a comprehensive approach to
risk assessment and mitigation.
14 Data Privacy Risk Companies are assessed based To enhance security and Negative
and Security on the amount of personal data protect against new threats,
they collect, their exposure to we have migrated our business
evolving or increasing privacy application from SAP ECC to
regulations, their vulnerability to SAP Cloud AWS - S4 HANA
potential data breaches, and their SAP Rise. Access controls
data protection systems. are implemented to restrict
information to authorised
personnel. We have also
transitioned to Office 365,
storing all files in OneDrive for
improved identity, email, and
network protection. In terms
of cybersecurity, we have
upgraded our endpoint security
with advanced software,
reducing risks and mitigating
potential threats to both
endpoint systems and servers.

BRSR (CONTD.)
SECTION B: MANAGEMENT AND PROCESS DISCLOSURES

This section is aimed at helping businesses demonstrate the structures, policies and processes put in place towards
adopting the NGRBC Principles and Core Elements.
Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
Policy and management processes
1. a. Whether your Yes Yes Yes Yes Yes Yes Yes Yes Yes
entity’s policy/
policies cover each
principle and its
core elements of the
NGRBCs. (Yes/No)
b. Has the policy been Yes Yes Yes Yes Yes Yes Yes Yes Yes
approved by the
Board? (Yes/No)
c. Web Link of the https://www.prestigeconstructions.com/admin/uploads/investors/pepl-policies/business-
Policies, if available responsibility.pdf?utm_source=Adwords&utm_medium=Search&utm_campaign=BrandSear
ch&campid=1690417375&gad=1&gclid=CjwKCAjwg-GjBhBnEiwAMUvNWzRvXB23uFSUmR
FLeooJdGB5Xx3H1NlJG-a
2. Whether the entity has Yes Yes Yes Yes Yes Yes Yes Yes Yes
translated the policy into
procedures. (Yes / No)
3. Do the enlisted policies No No No No No No No No No
extend to your value
chain partners? (Yes/No)
4. Name of the national 1. ISO 9001:2015
and international codes/ 2. ISO 14001:2015
certifications/labels/
3. ISO 45001-2018
standards (e.g. Forest
Stewardship Council, 4. Wellness by IWCI (International Wellness Certification Institute)
Fairtrade, Rainforest 5. LEED by IGBC & USGBC
Alliance, Trustea) 6. ESG by GRESB
standards (e.g. SA 7. Certified Great Place to Work
8000, OHSAS, ISO, BIS)
8. DA1 + CRISIL GRADING.
adopted by your entity
and mapped to each
principle.
5. Specific commitments, The entity is currently in the early phase of BRSR (Business Responsibility and Sustainability
goals and targets set by Reporting) reporting, and as a result, specific ESG goals and targets will be determined
the entity with defined and finalised in the upcoming year. This period allows for comprehensive assessment and
timelines, if any. alignment with stakeholders to establish measurable objectives and strengthen the entity's
commitment to responsible business practices.
6. Performance of the NA NA NA NA NA NA NA NA NA
entity against the
specific commitments,
goals and targets
along-with reasons
in case the same are
not met.
Governance, leadership and oversight

BRSR (CONTD.)
7. Statement by Dear stakeholders ,

director responsible As the director responsible for our business responsibility report, it is with great pride and
for the business enthusiasm that I share our unwavering commitment to Environmental, Social, and Governance
responsibility report, (ESG) challenges. At Prestige, sustainability is at the heart of everything we do, and we strive
highlighting ESG related to set new industry standards in responsible practices.
challenges, targets and
One of our primary focuses is on green building practices, which is evident throughout our
achievements (listed
projects’ life cycle. Right from the design stage, we conduct thorough evaluations to identify
entity has flexibility
areas for improvement, ensuring that each project aligns with our sustainability goals. We
regarding the placement
have integrated efficient water recycling and waste management practices into our property
of this disclosure)
management services after asset handover. This not only minimises our environmental impact
but also helps create a healthier and more sustainable living environment for our customers.
We are also deeply committed to water conservation, and our efforts include the implementation
of Sewage Treatment Plants across various locations. By incorporating water flow reducers,
we not only save water but also enhance user satisfaction, as responsible water usage is a
collective responsibility.
Responsible waste disposal and smart design elements are integral components of our
approach to energy efficiency. These measures enable us to optimise energy usage, and we
are proud to be in compliance with the stringent criteria set forth by IGBC, LEED, and ECBC.
Our accomplishments are a testament to our enduring dedication to creating a greener and
more sustainable future for generations to come.
Beyond our environmental commitments, our ESG efforts extend to addressing challenges
in human rights, diversity, and inclusivity. We believe that fostering a diverse and inclusive
workforce is essential for long-term success. To this end, we have set ambitious targets and
implemented transparent communication channels that allow us to understand and address
the needs of our employees effectively. These efforts have led to significant achievements in
promoting a harmonious workplace where each individual feels valued and respected.
At Prestige, we hold ourselves to the highest ethical standards, and our commitment to ethical
corporate conduct and good governance is unwavering. We recognise that the behaviour of
our employees significantly impacts our relationships with stakeholders, and therefore, we
prioritise comprehensive policies that guide and support our people in their day-to-day roles.
As we reflect on our accomplishments, we are inspired to do even more in our journey towards
sustainability. We are dedicated to continuous improvement and innovation, always striving to
find new ways to reduce our environmental footprint and positively impact the communities
we serve.
Thank you for your continued support and trust in our company. Together, we can create a
brighter and more sustainable future.
Sincerely,
Director
8. Details of the highest Below are the ESG committee members.

authority responsible Mr Irfan Razack - Chairman & Managing Director
for implementation and
Mr Amit Mor - Chief Financial Officer
oversight of the Business
Responsibility policy Mr Milan Khurana - Executive Director (HR, Admin, IT)
(ies). Mr Faiz Rezwan - Executive Director (Contracts & Projects)

BRSR (CONTD.)
9. Does the entity have a Yes. The ESG committee. List of ESG committee members given above.
specified Committee
of the Board/ Director
responsible for
decision making on
sustainability related
issues? (Yes / No). If yes,
provide details.
10. Details of Review of NGRBCs by the Company:

Subject for Review Indicate whether review was undertaken Frequency (Annually/ Half yearly/
by Director / Committee of the Board/ Any Quarterly/ Any other – please specify)
other Committee
P1 P2 P3 P4 P5 P6 P7 P8 P9 P1 P2 P3 P4 P5 P6 P7 P8 P9
Performance against ESG committee of the Board Any other-Periodically or on need basis
above policies and follow
up action
Compliance with Board Quarterly
statutory requirements
of relevance to the
principles, and,
rectification of any non-
compliances
11. Has the entity carried out P1 P2 P3 P4 P5 P6 P7 P8 P9

independent assessment/
evaluation of the working of
Yes Yes Yes No Yes Yes No No No
its policies by an external
agency? (Yes/No). If yes,
provide name of the agency.
12. If answer to question (1) above is “No” i.e. not all Principles are covered by a policy, reasons to be stated:
Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
The entity does not consider the Principles material to its

business (Yes/No)
The entity is not at a stage where it is in a position

to formulate and implement the policies on specified
principles (Yes/No)
Nil
The entity does not have the financial or/human and
technical resources available for the task (Yes/No)
It is planned to be done in the next financial year (Yes/No)
Any other reason (please specify)

BRSR (CONTD.)
SECTION C: PRINCIPLE WISE PERFORMANCE DISCLOSURE
PRINCIPLE 1 Businesses should conduct and govern themselves with integrity, and in a manner that is Ethical, Transparent
and Accountable.
Essential Indicators
1. Percentage coverage by training and awareness programmes on any of the Principles during the financial year:
Segment Total Topics/ principles covered under the training and its impact Percentage
number of of persons
training and in respective
awareness category covered
programmes by the awareness
held programmes
Board of Directors 1 Business Responsibility and Sustainability Reporting principles 100%
Key Managerial 23 1. India's Real Economy : Reforms & path ahead 100%
Personnel 2. Happiness Project - Learning to work as a team through
Dance
3. Fireside Chat - Best practices in hospitality industry
4. India - The land of missed opportunities
5. Management Book Summary session on SPEED OF
TRUST
6. Management Book Summary session on YOU ALREADY
KNOW HOW TO BE GREAT
7. Development Centre - Assessments for High Potentials
Identification of Key Talents
8. Outbound Training
9. Cyber Security Awareness
10. First Aid Training
Employees other 706 1. India’s Real Economy : Reforms & path ahead 2.84%
than BoD and 2. Happiness Project - Learning to work as a team through
Dance
KMPs
3. Fireside Chat - Best practices in hospitality industry
4. India - The land of missed opportunities
5. Management Book Summary session on -Speed of Trust
6. Management Book Summary session on YOU ALREADY
KNOW HOW TO BE GREAT
7. Development Centre - Assessments for High Potentials
Identification of Key talents
8. Outbound Training
9. Sales Training
10. To find insights within an organisation’s data - Power BI
11. To create custom user-generated functions and speed up
manual tasks by creating automated processes.
12. Email Writing Techniques

BRSR (CONTD.)
held programmes
13. F2F and Virtual Induction
14. E learning - Cross Knowledge
15. SAP
16. Emergency
17. Training at JW Kitchen
18. Online training with regards to machinery upkeep
19. Diageo bar academy training for our service staff
20. Sula vineyeard team training for our service staff
21. How to safeguard asset items particularly Shuttering/
Scaffolding material
22. First Aid Training
24. Post Contract Cost Control In Construction Projects
25. Advance Construction Techniques
26. Code On Wages
27. Builder Hoist Erection & Maintenance.
28. Purpose and Procedure of Backfilling in Foundation
29. Worker PF Process
30. How to prevent misuses of material
31. Hazards Identification & Prevention
32. Resource And Material planning
33. Mode Of Measurement
34. Rope Suspended Platform
35. Material management
36. Water Proofing
37. Internal & External Painting
38. Preservation Of Material
39. Delay Analysis
40. Material Supply Process
41. Concrete Pump Maintenance
42. Tracking Of Expire Date of Material
43. Proper Accountability of Stock Items
44. External Painting
45. Finishing Work
46. Walk Behind Roller Maintenance and Spares

BRSR (CONTD.)
held programmes
Workers 20 1. Rescuing from Lift 42.73%
2. Lift, LT panel, Transformer and chiller operation, Hazard
identification & work practice
3. Security Orientation
4. Housekeeping aspects
5. Water & Solid Waste handling
6. Training for Plumbers
7. Horticulture & Landscaping
8. Retailer Fire & Safety Training
9. POSH (Prevention of Sexual Harassment)
10. Electrical Safety
11. Fire Safety & Rescue
12. First Aid & CPR
14. Water Proofing
Any Other Value 44 On going - New launch project training and briefing on 100%
Chain Partners 1. Marketing,
2. RERA Guidelines.
To train the Channel Partners around
1. Prestige Products,
2. Inventor,
3. Offer & Pricing.
Note- Trainings are conducted department wise or cluster wise.
2. Details of fines / penalties /punishment/ award/ compounding fees/ settlement amount paid in proceedings (by the
entity or by directors / KMPs) with regulators/ law eforcement agencies/ judicial institutions, in the financial year, in
the following format formate
Note: the entity shall make disclosures on the basis of materiality as specified in Regulation 30 of SEBI (Listing
Obligations and Disclosure Obligations) Regulations, 2015 and as disclosed on e entity’s website):
Monetary
NGRBC Name of the regulatory/ Amount (In `) Brief of the Has an appeal
Principle enforcement agencies/ Case been preferred?
judicial institutions (Yes/No)
Penalty/ Fine NA NA 0 NA NA
Settlement NA NA 0 NA NA
Compounding fee NA NA 0 NA NA
Non-Monetary
NGRBC Name of the regulatory/ Brief of the Case Has an appeal been
Principle enforcement agencies/ preferred? (Yes/No)
judicial institutions
Imprisonment NA Nil NA NA
Punishment NA Nil NA NA

BRSR (CONTD.)
3. Of the instances disclosed in Question 2 above, details of the Appeal/Revision preferred in cases where monetary or
non-monetary action has been appealed.
Case Details Name of the regulatory/ enforcement agencies/ judicial institutions
NA NA
4. Does the entity have an anti-corruption or Yes

anti-bribery policy? If yes, provide details in ANTI-BRIBERY POLICY: Anyone acting on Prestige Group’s behalf is
brief and if available, provide a web-link to expressly prohibited from making, promising, offering or authorising a
the policy. payment of anything of value, either directly or indirectly to any Government
official (including employees of Government owned companies) to
influence any act or decision by such a Government official, or as an
inducement to do or omit to do something in the conduct of business,
which is dishonest, illegal or a breach of trust.
GIFTS & ENTERTAINMENT POLICY:
1. Entertainment of any specific person / individual can be undertaken
prior to certain approvals and the cost incurred on the same
should be nominal in nature. Entertainment that includes travel and
accommodation cannot be accepted nor offered.
2. Prestige Group acknowledges that exchange of nominal gifts and
sharing of entertainment is customary in many parts of the world
during national, cultural and religious occasions.
3. The giving or receipt of gifts by employees is not prohibited if the
below requirements are met.
4. No quid pro quo – There must always be a legitimate business
purpose to support gifts related expenses. Customary gifts, meals,
entertainment, travel or lodging must never be given or received in
return for a Favour/favourable treatment or to refrain from doing
something disadvantaging Prestige Group.
5. It complies with all applicable Anti – bribery and Anti – corruption
laws.
6. It is given under the brand name Prestige Group and not any
individual.
7. It does not include cash or a cash equivalent (such as gift certificates
or vouchers)
8. The value of the gift exchanged should not exceed ` 1500/.
9. It is given openly and not secretly.
10. Gifts should not be offered to or accepted from Government officials,
politicians or political parties without seeking the opinion of the top
management.
5. Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by any law enforcement
agency for the charges of bribery/ corruption:
FY 23 FY 22
(Current Financial Year) (Previous Financial Year)
Directors 0 0
KMPs 0 0
Employees 0 0
Workers 0 0

BRSR (CONTD.)
6. Details of complaints with regard to conflict of interest:

FY 23 FY 22
Number Remarks Number Remarks
Number of complaints received in relation to issues 0 NA 0 NA
of Conflict of Interest of the Directors
Number of complaints received in relation to issues 0 NA 0 NA
of Conflict of Interest of the KMPs
7. Provide details of any corrective action taken or underway on issues related Nil
to fines / penalties / action taken by regulators/ law enforcement agencies/
judicial institutions, on cases of corruption and conflicts of interest.
PRINCIPLE 2 Businesses should provide Goods and Services in a manner that is Sustainable and Safe
1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the environmental
and social impacts of product and processes to total R&D and capex investments made by the entity, respectively.
Current Financial Year Previous Financial Year Details of improvements in
FY 23 FY 22 environmental and social impacts
R&D 0 0 NA
Capex 0.10% 0.19% The adoption of solar panels and EV chargers results in
positive environmental and social effects. They reduce
carbon emissions, air pollution, and reliance on fossil fuels
while creating jobs, promoting energy independence, and
providing sustainable transportation options.
2. a. Does the entity have procedures in place for sustainable Yes

sourcing? (Yes/No)
b. If yes, what percentage of inputs were sourced sustainably? 55%
3. Describe the processes in place to safely reclaim your products a) Using High GSM Plastics and Recycling.
for reusing, recycling and disposing at the end of life, for b) Dispose through authorised vendor/agency.
(a) Plastics (including packaging)
c) Disposed through CREDAI NGO/authorised
(b) E-waste
agency.
(c) Hazardous waste and
(d) other waste. d) Dispose through authorised vendor/agency.
4. Whether Extended Producer Responsibility (EPR) is applicable No

to the entity’s activities (Yes / No). If yes, whether the waste
collection plan is in line with the Extended Producer Responsibility
(EPR) plan submitted to Pollution Control Boards? If not, provide
steps taken to address the same.

BRSR (CONTD.)
PRINCIPLE 3 Businesses should respect and promote the well-being of all employees, including those in their value chains
1. a. Details of measures for the well-being of employees:
Category % of employees covered by
Total Health Accident Maternity Paternity Day Care
(A) insurance insurance benefits Benefits facilities
Number % Number % Number % Number % Number %
(B) (B / A) (C) (C / A) (D) (D / A) (E) (E / A) (F) (F / A)
Permanent employees
Male 7,037 7,037 100% 7,037 100% 0 0% 0 0% 0 0%
Female 1356 1356 100% 1356 100% 1356 100% 0 0% 0 0%
Total 8,393 8,393 100% 8,393 100% 1356 16% 0 0% 0 0%
Other than Permanent employees
Male 1545 0 0% 0 0% 0 0% 0 0% 0 0%
Female 2207 0 0% 0 0% 0 0% 0 0% 0 0%
Total 3752 0 0% 0 0% 0 0% 0 0% 0 0%
b. Details of measures for the well-being of workers:

Category % of workers covered by
Total Health Accident Maternity Paternity Day Care
(A) insurance insurance benefits Benefits facilities
Number % Number % Number % Number % Number %
(B) (B / A) (C) (C / A) (D) (D / A) (E) (E / A) (F) (F / A)
Permanent workers
Male 0 0 0% 0 0% 0 0% 0 0% 0 0%
Female 0 0 0% 0 0% 0 0% 0 0% 0 0%
Total 0 0 0% 0 0% 0 0% 0 0% 0 0%
Other than Permanent workers
Male 190 0 0% 0 0% 0 0% 0 0% 0 0%
Female 0 0 0% 0 0% 0 0% 0 0% 0 0%
Total 190 0 0% 0 0% 0 0% 0 0% 0 0%
2. Details of retirement benefits, for Current Financial Year and Previous Financial Year.
Benefits FY 23 FY 22
Current Financial Year Previous Financial Year
No. of No. of Deducted and No. of No. of Deducted and
employees workers deposited employees workers deposited
covered as covered as with the covered as covered as with the
a % of total a % of total authority a % of total a% authority
employees workers (Y/N/N.A.) employees of total (Y/N/N.A.)
workers
PF 100% NA Yes 100% NA Yes
Gratuity 100% NA Yes 100% NA Yes
ESI 69% NA Yes 71% NA Yes
Others – Please Specify NA NA NA NA NA NA

BRSR (CONTD.)
3. Accessibility of workplaces
Are the premises / offices of the entity accessible No
to differently abled employees and workers, as per However, most of the office and hotel premises are accessible to
the requirements of the Rights of Persons with differently abled employees and workers, as per the requirements
Disabilities Act, 2016? If not, whether any steps are of the Rights of Persons with Disabilities Act, 2016.
being taken by the entity in this regard.
4. Does the entity have an equal opportunity policy Yes

as per the Rights of Persons with Disabilities Act, https://www.prestigeconstructions.com/admin/uploads/
2016? If so, provide a web-link to the policy. investors/pepl-policies/business-responsibility.pdf?utm_
source=Adwords&utm_medium=Search&utm_campaign=Brand
Search&campid=1690417375&gad=1&gclid=CjwKCAjwg-GjBhB
nEiwAMUvNWzRvXB23uFSUmRFLeooJdGB5Xx3H1NlJG-
5. Return to work and Retention rates of permanent employees and workers that took parental leave.
Gender Permanent employees Permanent workers
Return to work rate Retention rate Return to work rate Retention rate
Male 0% 0% 0% 0%
Female 94% 43% 0% 0%
Total 94% 43% 0% 0%
6. Is there a mechanism available to receive and redress grievances for the following categories of employees and worker?
If yes, give details of the mechanism in brief.
Yes/No (If Yes, then give details of the mechanism in brief)
Permanent Workers Grievance Redressal Procedure:
Other than Permanent Workers Any complaint lodged verbally by an employee will be treated as a grievance.
Permanent Employees However, grievance will be regarded as formed when the dissatisfaction is given in
writing. Such disputes which are of a reasonable magnitude arising out of ill feeling
Other than Permanent Employees
by an employee or group of employees may be regarded as grievance. The feeling
of injustice may be related to wages, mode of its payment, leave, transfer, positions,
promotion, and treatment by superiors, interpretation of code of conduct or even
the food supplied in the canteen.
The idea of framing the Grievance Redressal Mechanism in the Organisation is to
solve the problem and the complaints of the employees (Permanent/Temporary).
Through this mechanism every staff member has the right to express his/her
grievance and there is a procedure to be followed. The redressal mechanism has
been formulated taking the following into consideration:
· Employees are treated fairly at all times.
· Complaints raised by employees are dealt with courtesy and on time.
· All complaints are dealt fairly and efficiently.
Complaint Procedure
Employees who have a job-related issue, question, or complaint, he / she should
follow the following steps:
Step - 1
When an employee faces any grievance, he/she has to report it to his/her immediate
superior. Such immediate superior officer is expected to give reply or find the
solution to the grievance within the time stipulated according to the gravity of the
grievance made.

BRSR (CONTD.)
Yes/No (If Yes, then give details of the mechanism in brief)

If the matter is not settled or if the settlement made by him/her is not acceptable
to the concerned employee, then the employee can directly contact the DC
(Disciplinary Committee) either through verbal communication or by submitting a
written application in person or via mail.
The committee investigates on this matter and based on the findings it prepares a
report to present before the chairperson of the committee who takes decision with
the help of the submitted report.
If there is any ambiguity in the case a detailed investigation and proceeding for
expert opinion would be considered.
Step - 2 (If he/she is not satisfied with the decision of DC)

In the second stage, the employee concerned will be permitted to present his/ her
grievance with the help of co-workers to the ED -HR, IT & Admin who in turn listens
to the grievance and tries to give a solution and constitutes a committee according
to the merit of the case or issue put before him.
7. Membership of employees and worker in association(s) or Unions recognised by the listed entity:
Category FY 23 FY 22
Total No. of employees/ % Total No. of employees/ %
employees workers in (B / A) employees workers in (D / C)
/ workers in respective category, / workers respective category,
respective who are part of in who are part of
category (A) association(s) respective association(s) or
or Union (B) category (C) Union(D)
Total Permanent Employees 8,393 0 0% 7,191 0 0%
- Male 7,037 0 0% 6,013 0 0%
- Female 1,356 0 0% 1,178 0 0%
Total Permanent Workers 0 0 0% 0 0 0%
- Male 0 0 0% 0 0 0%
- Female 0 0 0% 0 0 0%
8. Details of training given to employees and workers:

Total (A) On Health and On Skill Total (D) On Health and On Skill
safety measures upgradation safety measures upgradation
No. (B) % (B / A) No. (C) % (C / A) No. (E) % (E / D) No. (F) % (F / D)
Employees
Male 8,582 3,428 39.94% 4,175 48.65% 7,558 300 3.97% 647 8.56%
Female 3,563 977 27.42% 1,495 41.96% 3,385 110 3.25% 231 6.82%
Total 12,145 4,405 36.27% 5,670 46.69% 10,943 410 3.75% 878 8.02%
Workers
Male 190 190 100.00% 0 0.00% 120 120 100.00% 0 0%
Female 0 0 0% 0 0% 0 0 0% 0 0%
Total 190 190 100.00% 0 0.00% 120 120 100.00% 0 0%

BRSR (CONTD.)
9. Details of performance and career development reviews of employees and worker:

Current Financial Year Current Financial Year
Total (A) No. (B) % (B / A) Total (C) No. (D) % (D / C)
Employees
Male 8,582 3,051 35.55% 7,558 2,467 32.64%
Female 3,563 580 16.28% 3,385 451 13.32%
Total 12,145 3,631 29.90% 10,943 2,918 26.67%
Workers
Male 190 0 0% 120 0 0%
Female 0 0 0% 0 0 0%
Total 190 0 0% 120 0 0%
10. Health and safety management system:
a. Whether an occupational health and Yes
safety management system has been Occupational health and safety management is a top priority for our
implemented by the entity? (Yes/ No). company. We have implemented various measures, including the
If yes, the coverage such system? presence of AEDs, fire alarms, CCTV systems, and regular fire mock
drills. We adhere to an Integrated Management System (IMS) based
on ISO standards and comply with the Building and Other Construction
Workers (Regulation of Employment and Conditions of Service) Act,
1996 to ensure the well-being and safety of our workforce.
b. What are the processes used to identify Our company follows a systematic approach to identify work-related
work-related hazards and assess risks hazards and evaluate risks on both routine and non-routine tasks.
on a routine and non-routine basis by the Safety measures such as the use of safety helmets, the provision of
entity? rope assistance for height-related work, and adherence to electrical
safety protocols are implemented. We strictly adhere to management-
approved occupational health and safety documents like Hazard
Identification and Risk Assessment (HIRA), Standard Operating
Procedures (SOP), and Hazard and Operability (HAZOP) analysis on a
daily basis to ensure a safe working environment.
c. Whether you have processes for workers Yes
to report the work related hazards and to
remove themselves from such risks. (Y/N)
d. Do the employees/ worker of the entity Yes
have access to non-occupational medical
and healthcare services? (Yes/ No)
11. Details of safety related incidents, in the following format:

Safety Incident/Number Category FY 23 FY 22
Lost Time Injury Frequency Rate Employees 0 0
(LTIFR) (per one Mn-person hours worked) Workers 0 0
Total recordable work-related injuries Employees 10 0
Workers 3 4
No. of fatalities Employees 0 0
Workers 0 0
High consequence work-related injury Employees 0 0
or ill-health (excluding fatalities) Workers 0 0

BRSR (CONTD.)
12. Describe the measures taken by the entity to To prioritise employee well-being, our company provides a dedicated
ensure a safe and healthy workplace. medical facility on the Ground floor of corporate office (Prestige
Falcon Tower), offering immediate assistance. Additionally, at Prestige
Golfshire, Bengaluru, we have collaborated with a renowned hospital to
establish a clinic in the parking area, complete with an ambulance for
emergency situations.
13. Number of Complaints on the following made by employees and workers:

FY 23 FY 22
Filed during Pending Remarks Filed during Pending Remarks
the year resolution the resolution
at the end year at the end
of year of year
Working Conditions 0 0 NA 0 0 NA
Health & Safety 0 0 NA 0 0 NA
14. Assessments for the year:
Health and % of your plants and offices that
safety practices 100% were assessed (by entity or statutory

authorities or third parties)
Working % of your plants and offices that
Conditions 100% were assessed (by entity or statutory

authorities or third parties)
15. Provide details of any corrective action taken or No major incident occurred during the reporting period and all
underway to address safety-related incidents necessary safety measures are in place.
(if any) and on significant risks / concerns
arising from assessments of health & safety
practices and working conditions.
Leadership Indicators
1. Does the entity extend any life insurance or any compensatory package in the event of death of
Yes,
(A) Employees (Y/N) Employees and their family members are covered under the company’s
group medical insurance.
Yes
(B) Workers (Y/N) Workers and their family members are also covered under ESI

BRSR (CONTD.)
PRINCIPLE 4: Businesses should respect the interests of and be responsive to all its stakeholders
1. Describe the processes for The importance of stakeholder identification to the accomplishment of our initiatives is
identifying key stakeholder something we place a lot of focus on. Our methodical approach begins with a precise
groups of the entity. analysis of operations to identify key stakeholders, Internal stakeholders encompass
employees, board members, channel partners, vendors, as well as external stakeholders
such as government agencies, community members, and media. We also consider how
our initiatives will affect the communities in which we operate, and we value them as
significant participants in our communication efforts. Understanding our stakeholders'
needs allows us to anticipate their demands, reduce potential risks, and build lasting
bonds that are essential to our success.
2. List stakeholder groups identified as key for your entity and the frequency of engagement with each stakeholder group.
Stakeholder Whether Channels of communication Frequency of Purpose and scope of

Group identified (Email, SMS, Newspaper, engagement engagement including key
as Vulnerable Pamphlets, Advertisement, (Annually/ topics and concerns raised
& Marginalised Community Meetings, Half yearly/ Quarterly/ during such engagement
Group Notice Board, Website), others – please
(Yes/No) Other specify)
Customers No Email, Customer care Other-Regular Advertisement,

contact number, Meetings, Queries, Presales
Letters, Customer portal. (KYC, Documentation),
Collections, Handover event.
Investors / No Newspaper, Website, Email, Other-Regular Shareholder meeting to

Shareholders Letters, meeting. review Performance and
growth, dividend.
Employees No Email, Notice Board, Phone, Other-Regular Policies, SOPs, KRA,

Intranet portal (Success Leadership talk, meetings,
factor), meeting. training, events.
Vendors / No Email, Phone, letters, Other-Regular KYC, Pricing, Delivery &

Suppliers meeting. payments.
Govt and No Email, letters, Govt Websites. Other-Regular Compliance with central/
regulatory bodies state/ local bodies - RERA,
PCBs, Taxation etc.
Community - 75% No
(Non-vulnerable) Newspaper, Community CSR, employment, local
Other-Regular
Community - 25% Yes meeting, Awareness camps. infrastructure, feedback.
(Vulnerable)
Channel Partners No Email, Phone, meeting. Other-Regular Meetings, Feedback

(Agents)
Media No Meeting, Press conference Other-Regular Publication of financial

results, advertisement.

BRSR (CONTD.)
PRINCIPLE 5 Businesses should respect and Promote Human Rights

1. Employees and workers who have been provided training on human rights issues and policy(ies) of the entity, in the
following format:
Total (A) No. % (B / A) Total (C) No. % (D / C)
employees employees
workers workers
covered (B) covered (D)
Employees
Permanent 8,393 1,887 22% 7,191 210 3%
Other than permanent 3,752 0 0% 3,752 0 0%
Total Employees 12,145 1,887 22% 10,943 210 3%
Workers
Permanent 0 0 0% 0 0 0%
Other than permanent 190 190 100% 120 0 0%
Total Workers 190 190 100% 120 0 0%
2. Details of minimum wages paid to employees and workers, in the following format:
Total (A) Equal to Minimum More than Total (D) Equal to Minimum More than
Wage Minimum Wage Wage Minimum Wage
No.(B) % (B /A) No. (C) % (C /A) No.(E) % (E/D) No.(F) % (F/D)
Employees
Permanent
Male 7,037 353 5% 6,684 95% 6,084 143 2% 5,870 96%
Female 1,356 81 6% 1,275 94% 1,191 42 4% 1,136 95%
Other than permanent
Male 1,545 1,104 71% 441 29% 1,545 0 0% 1,545 100%
Female 2,207 2,187 99% 20 1% 2,207 0 0% 2,207 100%
Workers
Permanent
Male 0 0 0% 0 0% 0 0 0% 0 0%
Female 0 0 0% 0 0% 0 0 0% 0 0%
Other than permanent
Male 190 190 100% 0 0% 120 120 100% 0 0%
Female 0 0 0% 0 0% 0 0 0% 0 0%

BRSR (Contd.)
3. Details of remuneration/salary/wages, in the following format:
Male Female
Number Median remuneration/ Number Median remuneration/
salary/ wages of salary/ wages of
respective category respective category
Board of Directors (BoD) 7 500,000/- 2 6,200,000 /-
Key Managerial Personnel 3 -* 0 0
Employees other than BoD and KMP 8115 281,868/- 1492 286,578/-
Workers 0 NA 0 NA
* With a view to ensure healthy & cordial human relations at all levels and considering the confidential nature of the
information, the remuneration details of Key Managerial Personnel have not been disclosed in the interest of the company
4. Do you have a focal point (Individual/ Committee) Yes, we have ED -HR, IT & Admin Head as SPOC for Human
responsible for addressing human rights impacts or rights Committee, we also have committee at each location
issues caused or contributed to by the business? (Yes/No) which takes care of all human rights impacts or issues.
5. Describe the internal mechanisms in place to redress To address grievances related to human rights issues,
grievances related to human rights issues. our company has established an Internal Complaints
Committee (ICC) specifically designed to handle matters
concerning the prevention of sexual harassment (POSH).
This mechanism ensures that employees have a platform
to voice their concerns and seek redressal in a safe and
confidential manner.
6. Number of Complaints on the following made by employees and workers:
FY 23 FY 22
Filed during Pending Remarks Filed during Pending Remarks
the year resolution the year resolution
at the end at the end
of year of year
Sexual Harassment 0 0 NA 0 0 NA
Discrimination at workplace 0 0 NA 0 0 NA
Child Labour 0 0 NA 0 0 NA
Forced Labour/Involuntary Labour 0 0 NA 0 0 NA
Wages 0 0 NA 0 0 NA
Other human rights related issues 0 0 NA 0 0 NA
7. Mechanisms to prevent adverse consequences to the Yes, we ensure there is no discrimination / harassment
complainant in discrimination and harassment cases. happening to complainant.
8. Do human rights requirements form part of your business No

agreements and contracts?(Yes/No)

BRSR (CONTD.)
9. Assessments for the year :
Forced/involuntary labour 100% 100% Discrimination at workplace
%of your
plants and offices
Child labour that were assessed
100% 100%
(by entity or statutory
authorities or
third parties)
Sexual harassment 100% 100% Wages
10. Provide details of any corrective actions taken or Nil

underway to address significant risks / concerns arising
from the assessments at Question 9 above.
1. Details of a business process being NA

modified / introduced as a result of
addressing human rights grievances/
complaints.
2. Details of the scope and coverage No

of any Human rights due diligence
conducted .
3. Is the premise/office of the entity Yes,

accessible to differently abled visitors, Our Workplace has been mandated to take steps to safeguard the rights of
as per the requirements of the Rights persons with disabilities.
of Persons with Disabilities Act, 2016?
It's been built with an aim to provide maximum accessibility and usability to its
visitors.
The objective is to increase accessibility in all our premises / buildings.
a) Provision of features of accessibility such as wide staircases, ramps,
wide entry gates, reserved parking and disabled friendly toilets, accessible
elevators, etc.
b) Wide doors and foldable ramps for ease of boarding by wheelchair users.
c) Emergency response devices - alarm buttons and fire extinguishers
located at reachable heights.
d) Reserved space for wheelchair users with secure locks and belts and
reserved seating for elderly, pregnant women and persons with disabilities.
e) Information made available using graphical and braille signage in
elevators.
f) Disability friendly toilets with anti-skid floor, emergency button, latches,
easy to operate handles and lever type taps with long neck and sensors.
4. Provide details of any corrective Nil

actions taken or underway to address
significant risks / concerns arising
from the assessments at Question 4
above.

BRSR (CONTD.)
PRINCIPLE 6: Businesses should respect and make efforts to protect and restore the environment
1. Details of total energy consumption (in Joules or multiples) and energy intensity, in the following format:
Parameter FY 23 FY 22
Total electricity consumption (A) 705,102.07 Giga Joules 444,279.40 Giga Joules
Total fuel consumption (B) 91,773.31 Giga Joules 66,880.53 Giga Joules
Energy consumption through other sources (C) - -
Total energy consumption (A+B+C) 796,875.38 Giga Joules 511,159.93 Giga Joules
Energy intensity per rupee of turnover 9.08 7.74
(Total energy consumption/turnover in `) (Giga Joules / ` in Million) (Giga Joules / ` in Million)
Energy intensity (optional) – the relevant metric may be
selected by the entity
Note: Indicate if any independent assessment/ evaluation/assurance has been carried No
out by an external agency? (Y/N) If yes, name of the external agency.
2. Does the entity have any sites / facilities Yes (Only for Hotel)
identified as designated consumers (DCs) 1. we are using wheeling energy of solar power which is around 80%
under the Performance, Achieve and Trade of total electricity consumption.
(PAT) Scheme of the Government of India?
2. Hilton is committed to reducing our water use intensity by 50% by
(Y/N) If yes, disclose whether targets set
2030, and implementing 20 community water projects to increase
under the PAT scheme have been achieved. In
access and resilience.
case targets have not been achieved, provide
the remedial action taken, if any. 3. Reuse of water 100% to landscape and Flushing purpose.
4. Travel with Purpose is Hilton’s Environmental, Social and
Governance (ESG) strategy to drive responsible travel and tourism
globally. Through Travel with Purpose, we seek to create positive
environmental and social impact across our operations, supply
chain, and communities.
5. Hilton is committed to reducing our waste intensity in managed
operations by 50% by 2030.
6. Hilton is committed to reducing our Scope 1 and 2 carbon intensity
by 75% by 2030, in line with our science-based targets, and our
Scope 3 carbon intensity from franchised hotels by 56% by 2030.
3. Provide details of the following disclosures related to water, in the following format:
Water withdrawal by source (in kilolitres)
(i) Surface water
(ii) Groundwater 787,565 593,824
(iii) Third party water 2,082,037 1,694,788
(iv) Seawater / desalinated water
(v) Others 2,662,732 1,981,991
Total volume of water withdrawal (in kilolitres) (i + ii + iii + iv + v) 5,532,335 4,270,603
Total volume of water consumption (in kilolitres) 5,532,335 4,270,603
Water intensity per rupee of turnover 63.06 64.70
(Water consumed / turnover) (KL/ ` in Mn) (KL/ ` in Mn)
Water intensity (optional) – the relevant metric may be
selected by the entity

BRSR (CONTD.)
4. Has the entity implemented a mechanism for Zero Liquid Yes

Discharge? If yes, provide details of its coverage and STP treated water recycled and used for garden, flushing
implementation. and HVAC cooling towers and floor cleaning purpose.
We are using Rainwater harvesting in our projects.
5. Please provide details of air emissions (other than GHG emissions) by the entity, in the following format:
Parameter Please specify FY 23 FY 22

unit (Current Financial Year) (Previous Financial Year)
Nox (mg/Nm3) 1,232.37 496.31
Sox (mg/Nm3) 245.43 106.611
Particulate matter (PM) (mg/Nm3) 1,071.89 592.04
Persistent organic pollutants (POP)
Volatile organic compounds (VOC)
Hazardous air pollutants (HAP)
Others– please specify
Note: Indicate if any independent Yes

assessment/ evaluation/assurance has 1. SLN Testing Laboratory
been carried out by an external agency? 2. Bangalore Analytical Research Centre (P) Limited
(Y/N) If yes, name of the external agency. 3. Eco Services India Private Limited
6. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity, in the following format:
Parameter Unit FY 23 FY 22
Total Scope 1 emissions (Break-up of the Metric tonnes of 7,789.99 7,491.43

GHG into CO2, CH4, N2O, HFCs, PFCs, SF6, CO2 equivalent
NF3, if available)
Total Scope 2 emissions (Break-up of the Metric tonnes of 108,322.34 70,275.53

GHG into CO2, CH4, N2O, HFCs, PFCs,SF6, CO2 equivalent
NF3, if available)
Total Scope 1 and Scope 2 emissions per 1.32 1.18

rupee of turnover ((Total Scope1 and Scope (CO2/ ` in Mn) (CO2/ ` in Mn)
2 emissions / turnover in `))
Total Scope 1 and Scope 2 emission

intensity (optional)– the relevant metric
may be selected by the entity

7. Does the entity have any project related to reducing Yes

Green House Gas emission? If Yes, then provide details. Solar lighting for common area lighting and renewable
energy is purchased from outside.

BRSR (CONTD.)
8. Provide details related to waste management by the entity, in the following format:
Total Waste generated (in metric tonnes)
Plastic waste (A) 199.62 140.03
E-waste (B) 51.81 83.56
Bio-medical waste (C) NA NA
Construction and demolition waste (D) 2,214.60 1,470.36
Battery waste (E) 14.06 13.16
Radioactive waste (F) NA NA
Other Hazardous waste. – (Lube oil, Oil filters, waste cotton 20.89 21.74
etc.) Please specify, if any. (G)
Other Non-hazardous waste generated (H). Please specify, if
any. (Break-up by composition i.e. by materials relevant to the
sector)
Wet Waste (Kitchen, Garden) 2,576.21 1,467.93
Dry Waste (Paper, Carton box, Clothes etc.) 1,304.08 736.78
Scrap metal 616.09 201.12
Wood scrap 349.78 74.45
Vehicle scrap 0.00 3.47
Glass (broken glass, bottles etc) 23.91 33.46
Total (A+B + C + D + E + F + G + H) 7,371.04 4,246.07
For each category of waste generated, total waste recovered through recycling, re-using or other recovery operations
(in metric tonnes)
Category of waste
(i) Recycled 1,342.29 723.91
(ii) Re-used 885.35 644.71
(iii) Other recovery operations 1,313.65 428.70
Total 3,541.29 1,797.32
For each category of waste generated, total waste disposed by nature of disposal method (in metric tonnes)
Category of waste
(i) Incineration 0.00 0.00
(ii) Landfilling 894.60 336.36
(iii) Other disposal operations 2,935.15 2,112.40
Total 3,829.75 2,448.76
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out No
by an external agency? (Y/N) If yes, name of the external agency.

BRSR (CONTD.)
9. Briefly describe the waste management 1) We sort all waste based on its characteristics, categorising
practices adopted in your establishments. it into hazardous, non-hazardous, biodegradable, and non-
Describe the strategy adopted by your company biodegradable types. The hazardous waste, mainly consisting of
to reduce usage of hazardous and toxic waste oil from diesel generator sets, as well as paint and varnish
chemicals in your products and processes and remnants, is responsibly disposed of through authorised third-
the practices adopted to manage such wastes . party vendors, following the regulations of the State Pollution
Control Board.
2) For biodegradable waste, we adopt an eco-friendly approach
by converting it into organic manure, which we then use for
landscaping at our operational sites. This practice not only
prevents the biodegradable waste from ending up in landfills
but also significantly reduces the release of fugitive methane
emissions.
3) The wet waste (kitchen waste) is segregated and kept in separate
Green Bin/Bucket. The wet waste is disposed in green bins with
lid without lining which will be collected everyday morning.
4) The dry waste like packing materials, paper, wrappers etc
are disposed in Blue Bin / bucket which will be collected on
Wednesday and Saturday (second half).
5) Medical and sanitary waste is wrapped in newspaper and
disposed in red bins with lid which will be collected everyday
morning. (Sanitary waste to be sealed properly before disposing
in red bins).
6) Segregation of mixed garbage is becoming a tough task for the
house keeping staff to segregate in large quantities, but it is easy
at the originators (home) level.
7) Organic Waste Compositer (OWC) is used to recycle wet waste.
8) Hotels: We are installing a new drinking water bottling plant to
reduce use of plastic.
10. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife sanctuaries,
biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.) where environmental
approvals / clearances are required, please specify details in the following format :
S. No. Location of operations/ Type of operations Whether the conditions of environmental approval /
offices clearance are being complied with? (Y/N) If no, the
reasons thereof and corrective action taken, if any.
NA

BRSR (CONTD.)
11. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws, in the
current financial year:
Name and brief details of project EIA Date Whether Results Relevant Web link
Notification conducted commu-
No. by nicated
inde- in public
pendent domain
external (Yes /
agency No)
(Yes / No)
Prestige 13 Degree North: M/s. Prestige SEIAA 108 December Yes Yes https://environment-
Garden Resorts Private Limited, Bengaluru CON 2021 29, 2021 clearance.nic.in/pro-
have Proposed a Commercial (Retail/FEC/ posal_status_state.as-
Food Court, Restaurant, Banquet/Meeting px?pid=ClosedEC&stat-
hall, Cinema), Hotel & Office Development at ename=Karnataka
Sy Nos. 186 & 189(Part), Doddajala Village, Sy.
No.79 (New No.112), Shettigere village, Jala
Hobli, Bengaluru North Taluk, Bengaluru on
a plot area of 31,689.56 Sqmt (7 Acres 33.22
Guntas). The total built up area is 1,42,494.12
Sqmt. The proposed project is sprawled
across 3B+LG+UG+1UF to 4UF+Ser.F+5UF to
10UF with a maximum height of 49.95m.
Prestige Green Gables: M/s. Prestige Estates SEIAA 46 February Yes Yes https://environment-
Projects Limited has proposed for Mixed CON 2020 23, 2021 clearance.nic.in/pro-
Use Development at Sy. Nos. 83/2, 86/4, posal_status_state.as-
88/2, 88/3B, 88/4, 89/2, 89/3, 89/4 & 96/1, px?pid=ClosedEC&stat-
Panathur Village, Varthur Hobli, Bengaluru ename=Karnataka
East Taluk, Bengaluru on a Documented
site area of 59,817.4 Sqmt (14 Acres 31.25
Guntas) and Physical site area of 59,166.0526
Sqmt (14 Acres 24.81 Guntas). The built-up
area for residential block is 66,530.57 Sqmt
and built-up area for commercial block is
1,25,247.58 Sqmt. Total Built-up area is
1,91,778.15 Sqmt .The project comprises
of 406 Nos. of residential units, club house
and 3 commercial buildings. The residential
units are sprawled across as B+G+12UF with
a maximum height of 40.10m, club house
is sprawled as B+G+1UF with a maximum
height of 9.15m and commercial buildings are
sprawled across as 2B+G+9UF/G+1UF with
maximum height of 39.45m.

BRSR (CONTD.)
No. by nicated
inde- in public
pendent domain
external (Yes /
agency No)
(Yes / No)
Prestige Water Ford: M/s. Prestige Estates SEIAA 12 December Yes Yes https://environment-
Projects Limited has proposed for Residential CON 2019 11, 2019 clearance.nic.in/pro-
Development at Survey Nos. 123, 127 (P) & posal_status_state.as-
128, Pattandur Agrahara Village, K R Puram px?pid=ClosedEC&stat-
Hobli, Bengaluru East Taluk, Bengaluru on ename=Karnataka
a plot area of 68,571.4 Sqmt (16 Acres 37.6
Guntas). The Total Built-up area is 1,70,752.88
Sqmt.The project comprises of 689 Nos. of
residential units and a club house which is
sprawled across in 5 Blocks. Block 1 consists
of Wing A, Wing B with configuration of
B+G+23UF with a height of 74.95 m, Block 2
consists of Wing A, Wing B with configuration
of B+G+23UF with a height of 73.95 m, Block
3 & 4 having a configuration of B+G+24UF
with a height of 77.0 m and Block 5 having
a configuration B+G+24UF with a height of
79.45 m
Prestige City: M/s. Prestige Projects Private SEIAA 165 September Yes Yes https://environment-
Limited has proposed for Residential and CON 2018 17, 2019 clearance.nic.in/pro-
Commercial/Retail Development (Mixed posal_status_state.as-
Use Development) by name “Prestige City” px?pid=ClosedEC&stat-
at Sy. Nos. 6/5, 12, 13/1, 13/2, 13/3, 13/4, ename=Karnataka
18, 19, 20, 21, 22, 23, 24/1, 24/2, 25/1, 25/2,
26/1A, 26/1B, 26/1C, 26/2, 27, 28, 29/1,
29/2, 29/3, 30, 31, 32/1, 32/2, 32/3, 32/4,
33, 34/1, 34/2, 35/1, 35/2, 35/3, 35/5, 37/1,
37/2 of Yamare Village, Sy. Nos. 19/2, 19/3,
19/4, 20/1, 20/2, 21/1, 21/2, 21/3, 21/4, 21/5,
22/1, 22/2A, 22/2B, 22/3, 23/2, 23/3, 23/4,
23/5, 24/1, 24/2, 24/3, 25, 26, 29/2, 29/3A,
30/1, 30/2, 31/1, 31/2, 32/1, 32/2, 32/3, 33,
35, 36, 37, 38/2, 38/3, 38/4, 54, 55, 56, 57,
58, 59, 62, 63/1, 63/2, 63/3, 63/4, 63/5, 63/6,
63/7, 63/8 of Valagere Kallahalli Village,
Sarjapura Hobli, Anekal Taluk, Bengaluru on a

BRSR (CONTD.)
No. by nicated
inde- in public
pendent domain
external (Yes /
agency No)
(Yes / No)
plot area of 3,70,638.38 Sqmt (91 Acres
23.52 Guntas). The -Total Built-up area is
10, 78,418.74 Sqmt. The project comprises
of 5,756 Nos. of Apartments, 148 Nos. of
Villas, 6 Club Houses and a Commercial/
Retail (Amenity) Building. The apartments
are sprawled across as 2B+G+24UF/27UF
with a maximum height of 85.85m, the Villas
are sprawled across as G+1UF with a height
of 7.40m, the Club Houses are sprawled
across as G+2UF/3UF and Commercial/Retail
(Amenity) Building is sprawled across as
2B+G+4UF with a maximum height of 29.95m.
Prestige Willow tree: M/s. Prestige SEIAA 52 May 18, Yes Yes https://environment-
Estates Projects Limited have proposed CON 2018 2018 clearance.nic.in/pro-
for Residential Development project by posal_status_state.as-
name “Prestige Willow Tree” at Khatha No. px?pid=ClosedEC&stat-
241/51/1/52/53/54, Narasipura Village, ename=Karnataka
Yelahanka Hobli, Bengaluru North Taluk,
Bengaluru on a plot area of 27,956.774
Sqmt (6A 36.32G). The total built up area
is 86,238.11 Sqmt. The Proposed project
consists of 451 Nos. of residential units and
a club house which is sprawled across in 3
buildings with 5 towers. Building 1 consists
of Tower 1 & Tower 2 with configuration of
2B+G+11UF with a height of 37.05m, Building
2 consists of Tower 3 with configuration
of 2B+G+10UF with a height of 34.0m and
Building 3 consists of Tower 4 and Tower 5
with configuration of B+G+11UF with a height
of 37.05m and Club House with configuration
of B+G+1UF with a height of 14.95m.
12. Is the entity compliant with the applicable environmental law/ regulations/ guidelines in India; such as the Water
(Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment protection act and
rules thereunder (Y/N). If not, provide details of all such non-compliances, in the following format: Yes
S. Specify the law/ regulation/ Provide details of Any fines / penalties /action taken by Corrective action
No. guidelines which was not the non-compliance regulatory agencies such as pollution taken, if any
complied with control boards or by courts
NA

BRSR (CONTD.)
1. Provide break-up of the total energy consumed (in Joules or multiples) from renewable and non-renewable sources, in
the following format:
From renewable sources
Total electricity consumption (A) 223,669.46 131,943.70
Total fuel consumption (B) 0 0
Energy consumption through other sources (C) 0 0
Total energy consumed from renewable sources (A+B+C) 223,669.46 131,943.70
From non-renewable sources
Total electricity consumption (D) 481,432.62 312,335.70
Total fuel consumption (E) 91,773.31 66,880.53
Energy consumption through other sources (F) 0 0
Total energy consumed from non-renewable sources (D+E+F) 573,205.93 379,216.23
Note: Indicate if any independent assessment/ evaluation/
assurance has been carried out by an external agency? (Y/N) If No
yes, name of the external agency.
PRINCIPLE 7 Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that is
responsible and transparent
1. a. Number of affiliations with trade and industry chambers/ associations. 11
b. List the top 10 trade and industry chambers/ associations (determined based on the total members of such
body) the entity is a member of/ affiliated to.
S. Name of the trade and industry chambers/ associations Reach of trade and industry chambers/
No. associations (State/National)
1 BCIC - Bangalore Chamber of Industry and Commerce Chamber – State
2 CREDAI - The Confederation of Real Estate Developers' Association – National
Associations of India
3 CRISIL - Real Estate Developer Grading National
4 FIABCI - International Real Estate Federation, India Federation – International
5 NAREDCO - National Real Estate Development Council National
6 CII - Confederation of Indian Industry National
7 MCHI - Maharashtra Chamber of Housing Chamber – State
8 The Federation of Hotel and Restaurant Associations of India Federation – National
9 Karnataka Employers Association Association – State
10 Shopping Center Association of India Association – National
2. Provide details of corrective action taken or underway on any issues related to anti- competitive conduct by the
entity, based on adverse orders from regulatory authorities.
Name of authority Brief of the case Corrective action taken
Nil

BRSR (CONTD.)
PRINCIPLE 8 Businesses should promote inclusive growth and Equitable Development
1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in the
current financial year.
Name and brief SIA Date of Whether conducted Results Relevant Web link
details of project Notification No. notification by independent communicated in
external agency public domain
(Yes /No) (Yes / No)
Nil
2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being undertaken by your
entity, in the following format:
S. Name of Project for State District No. of Project % of PAFs Amounts paid to
No. which R&R is ongoing Affected covered PAFs in the FY
Families by R&R (In `)
(PAFs)
1 Prestige Jasdan Classic* Maharashtra Mumbai 66 units 100% 0

2 Prestige Daffodils* Maharashtra Mumbai 16 units 100% 0
3 The Prestige City Maharashtra Mumbai 775 units 100% 2,500,000
4 BKC 101* Maharashtra Mumbai 712 units 100% 0
5 Prestige Nautilus* Maharashtra Mumbai 453 units 100% 0
6 The Prestige* Maharashtra Mumbai 99 units 100% 0
* These Projects have been initiated by the Company and the work is currently on-going
3. Describe the mechanisms to receive and redress As per Inclusive Growth & Equitable Development policy: Any
grievances of the community. grievances/ complaints with respect to violation of the policy shall
be reported to the Vigilance Officer as per the Vigil Mechanism
Policy (Whistle Blower Policy) adopted by the Company. E-mail ID:
[email protected]
4. Percentage of input material (inputs to total inputs by value) sourced from suppliers:
FY 23
Current Financial Year
14% 83%
Directly sourced Sourced directly from

from MSMEs/ small within the district and
producers neighbouring districts
15% 81%
FY 22
Previous Financial Year

BRSR (CONTD.)
1. Details of beneficiaries of CSR Projects:

S. CSR Project No. of persons benefitted % of beneficiaries from vulnerable
No. from CSR Projects and marginalised groups
1 Ulsoor Lake Development & Maintenance 1000 30%
2 St. Marks Road - both side garden and water 100 10%
body maintenance
3 Prestige Pinewood surrounding park - 4 400 30%
numbers
Note: CSR Projects are public places, so number of beneficiaries are based on assumption made by company based on
per day visitors count.
PRINCIPLE 9 Businesses should engage with and provide value to their consumers in a responsible manner
1. Describe the mechanisms Construction related
in place to receive and 1) Emails
respond to consumer
2) Phone Calls
complaints and feedback.
3) Service Tickets in customer Portal: Customer can raise 3 types of tickets (Query,
Request, Complaint)
4) Customer Survey Feedback
All tickets shall be resolved within 7 working days. If not resolved auto escalation mail
triggers to next level of CRM.
Property Management related
1. Complaint management software deployed by various SAAS based service providers
have been deployed at the property to record complaints raised by the residents. This is
monitored at site level by the Helpdesk and escalation are monitored by their superiors.
2. An annual customer feedback survey is carried out by sharing a link with predefined
questionnaire requesting all residents to participate in this survey.
Escalation matrix available and it varies property to property.
2. Turnover of products and/ services as a percentage of turnover from all products/service that carry information about:
As a percentage to total turnover
Environmental and social parameters relevant to the product NA
Safe and responsible usage NA
Recycling and/or safe disposal NA

BRSR (CONTD.)
3. Number of consumer complaints in respect of the following:

FY 23 Remarks FY 22 Remarks
Received Pending Received Pending
during the resolution at during the resolution at
year end of year year end of year
Data privacy 0 0 NA 0 0 NA
Advertising 0 0 NA 0 0 NA
Cyber-security 0 0 NA 0 0 NA
Delivery of essential services 0 0 NA 0 0 NA
Restrictive Trade Practices 0 0 NA 0 0 NA
Unfair Trade Practices 0 0 NA 0 0 NA
Other 454 1 Reported 1 261 0 NA
complaint on March
28, and closed on
April 03, 2023.
4. Details of instances of product recalls on account of safety issues :

Number Reasons for recall
Voluntary recalls NA NA
Forced recalls NA NA
5. Does the entity have a framework/ policy on cyber security and Yes
risks related to data privacy? https://www.prestigeconstructions.com/privacy/
(Yes/No) If available, provide a web-link of the policy .
6. Provide details of any corrective actions taken or underway on issues relating to No

advertising, and delivery of essential services; cyber security and data privacy of
customers; re-occurrence of instances of product recalls; penalty / action taken by
regulatory authorities on safety of products / services .
1. Channels / platforms where information on products and Prestige Group displays information of products and
services of the entity can be accessed (provide web link, if services in multiple channels as mentioned below:
available). 1. Prestige Group website: https://www.
prestigeconstructions.com/
2. Prestige Customer portal: https://www.
prestigeconstructions.com/falcon-connect/
3. RERA website:
a. https://rera.karnataka.gov.in/
home?language=en
b. https://rera.kerala.gov.in/
c. https://rera.tn.gov.in/
d. https://maharera.maharashtra.gov.in/
e. http://rera.telangana.gov.in/
f. https://rera.goa.gov.in/reraApp/
4. Prestige Group quarterly magazine: Falcon news

BRSR (CONTD.)
2. Steps taken to inform and educate consumers about safe and To educate clients & occupants, Prestige Group has
responsible usage of products and/or services. formulated guidelines and rules for Interior work and
for Living.
Below are few important guidelines:
a. All visitors / service providers are required to
adhere to the QHSE protocols implemented at the
properties such as work permits along with safety
belts, helmets etc.
b. All completed properties are equipped with fire
prevention systems such smoke detectors,
sprinklers, fire extinguishers, fire hose reels etc.
Conduct fire mock drill annually and demonstrate
all the fire emergency procedures along with
emergency safety protocols. Feedbacks will be
obtained for improvement.
c. Occupants are provided with emergency services
contact details like ambulance, police, fire, utility
services etc.
d. Signages depicting the safe use of amenities such
as elevators, swimming pool, club house including
driveways are in place for maximum effectiveness.
e. Do’s and Don’ts for safety of occupants etc.
3. Mechanisms in place to inform consumers of any risk of The Property Management Team of Prestige Group
disruption/discontinuation of essential services. has a structed communication in place to inform
occupants/tenants regarding any disruption/
discontinuation of essential services. Prior intimation
will be given in case of Planned Preventive Maintenance
(such as Water tank cleaning, Lift maintenance etc.) to
occupants through the below channels.
i. Alert message through the Apps.
https://dashboard.mygate.com/login (or)
https://adda.io/
ii. Notice boards
iii. Printed notices at doorstep.

BRSR (CONTD.)
4. Does the entity display product information on the product Product Information
over and above what is mandated as per local laws? (Yes/No/ Yes,
Not Applicable) If yes, provide details in brief. Did your entity
Based on the nature of the business, it is identified into
carry out any survey with regard to consumer satisfaction
Five products and one service as below:
relating to the major products / services of the entity,
significant locations of operation of the entity or the entity as a. Residential units developed for sale.
a whole? (Yes/No) b. Commercial office space developed for lease.
c. Retail Malls developed for lease.
d. Hospitality assets.
e. Property Management Services
Accordingly, information on the ‘product’ is displayed

in the marketing collaterals, advertisement campaigns,
brochures, application form, Customer/Client
Agreements, Company Website, Social Media Channels,
Certifications if any relating to the product and all other
relevant documents as per the requirements of local
laws and RERA are published and made available
publicly.
Customer Satisfaction
Yes, Prestige Group conducts Customer satisfaction
survey on a regular basis across all its asset classes.
This is driven by the management which strives for
continuous improvement.
Customer Satisfaction Surveys are a norm in the
organization for, Quarterly Surveys are sent out to
our customer base and the feedback is analysed and
shared with the management team as well as for
the executives to improve their service levels across
Residential, Commercial, Property Management
Verticals.
Hospitality & Retail Malls division use live feedback and
rating tools for its guests across all the properties.
In case of Property Management services, they conduct
annual customer feedback survey which covers
Security services, Cleanliness of common areas, Water
supply, Backup power, Landscape maintenance and
Staff behaviour & Courteousness.
5. Provide the following information relating to data breaches:

a. Number of instances of data breaches along-with impact Nil
b. Percentage of data breaches involving personally Nil
identifiable information of customers

Financial Statements

INDEPENDENT AUDITOR’S REPORT
To the Members of accordance with these requirements and the Code of

Prestige Estates Projects Limited Ethics. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our audit
Report on the Audit of the Standalone Financial Statements opinion on the standalone financial statements.
OPINION EMPHASIS OF MATTER

We have audited the accompanying standalone financial We draw attention to Note 55(a) to the standalone financial
statements of Prestige Estates Projects Limited (“the statements, where in it is stated, that the Company has
Company”), which comprise the Balance sheet as at March gross receivables of ` 923 million from a land owner, against
31, 2023, the Statement of Profit and Loss, including the whom winding up petitions has been ordered by the Hon’
statement of Other Comprehensive Income, the Statement ble High Court of Judicature. Pending resolution of litigation
of Cash Flow and the Statement of Changes in Equity for against the land owner, these receivables are classified as
the year then ended, and notes to the standalone financial recoverable by the Company based on rights under a Joint
statements, including a summary of significant accounting Development Agreement. Our opinion is not modified in
policies and other explanatory information. respect of above matter.
In our opinion and to the best of our information and
KEY AUDIT MATTERS
according to the explanations given to us, the aforesaid
standalone financial statements give the information Key audit matters are those matters that, in our professional
required by the Companies Act, 2013, as amended (“the judgment, were of most significance in our audit of the
Act”) in the manner so required and give a true and fair standalone financial statements for the financial year ended
view in conformity with the accounting principles generally March 31, 2023. These matters were addressed in the
accepted in India, of the state of affairs of the Company as context of our audit of the standalone financial statements
at March 31, 2023, its profit including other comprehensive as a whole, and in forming our opinion thereon, and we do
income its cash flows and the changes in equity for the year not provide a separate opinion on these matters. For each
ended on that date. matter below, our description of how our audit addressed
the matter is provided in that context.
BASIS FOR OPINION We have determined the matters described below to be
We conducted our audit of the standalone financial the key audit matters to be communicated in our report.
statements in accordance with the Standards on Auditing We have fulfilled the responsibilities described in the
(SAs), as specified under section 143(10) of the Act. Auditor’s responsibilities for the audit of the standalone
Our responsibilities under those Standards are further financial statements section of our report, including in
described in the ‘Auditor’s Responsibilities for the Audit of relation to these matters. Accordingly, our audit included
the Standalone Financial Statements’ section of our report. the performance of procedures designed to respond to
We are independent of the Company in accordance with our assessment of the risks of material misstatement of
the ‘Code of Ethics’ issued by the Institute of Chartered the standalone financial statements. The results of our
Accountants of India together with the ethical requirements audit procedures, including the procedures performed
that are relevant to our audit of the financial statements to address the matters below, provide the basis for our
under the provisions of the Act and the Rules thereunder, audit opinion on the accompanying standalone financial
and we have fulfilled our other ethical responsibilities in statements.
Key audit matters How our audit addressed the key audit matter
Revenue recognition from Contract with Customers (as described in note 2.6, 32 and 53 of the standalone financial
statements)
In accordance with the requirements of Ind AS 115, Our audit procedures included, among others, the following:
Company’s revenue from sale of real estate inventory
• We read the accounting policy for revenue recognition of the
property (other than projects executed through joint
Company and assessed compliance of the policy in terms of
development arrangements described below), is
principles enunciated under Ind AS 115.
recognised at a point in time, which is upon the Company
satisfying its performance obligation and the customer • We, on a sample basis inspected the underlying customer
obtaining control of the promised asset. contracts and assessed the management evaluation of

INDEPENDENT AUDITOR’S REPORT (Contd.)
For revenue contract forming part of joint development determining revenue recognition from sale of real estate
arrangements (‘JDA’) that are not jointly controlled inventory property at a point in time in accordance with the
operations, the revenue from the development requirements under Ind AS 115.
and transfer of constructed area/ revenue sharing • We understood and tested management process and controls
arrangement and the corresponding land/ development around transfer of control in case of sale of real estate inventory
rights received under JDA is measured at the fair value of property and further controls related to determination of
the estimated construction service rendered to the land fair value of estimated construction service rendered to the
owner. Such revenue is recognised over a period of time landowner in relation to projects executed through JDA.
in accordance with the requirements of Ind AS 115.
• We, on a sample basis inspected the sale deed and handover
For contracts involving sale of real estate inventory documents, evidencing the transfer of control of the property
property, the Company receives the consideration in to the customer based on which revenue is recognised at a
accordance with the terms of the contract in proportion point in time.
of the percentage of completion of such real estate
• We on a sample basis inspected the underlying customer
project and represents payments made by customers
contracts to determine, whether the contracts with customers
to secure performance obligation of the Company under
involved any financing element.
the contract enforceable by customers. The assessment
of such consideration received from customers involves • We assessed the disclosures made in accordance with the
significant judgment in determining if the contracts with requirements of Ind AS 115.
customers involves any financing element. For projects executed during the year through JDA, on a sample
Ind AS 115 requires significant judgment in determining basis:
when ‘control’ of the property underlying the performance • We obtained and examined the computation of the fair value
obligation is transferred to the customer. Further, for of the construction service under JDA.
projects executed through JDA, significant estimate • We obtained the joint development agreements entered into
is undertaken by management for determining the fair by the Company and compared the ratio of constructed area/
value of the estimated construction service. revenue sharing arrangement between the Company and the
As the revenue recognition involves significant estimates landowner as mentioned in the agreement to the computation
and judgement, we regard this as a key audit matter. statement prepared by the management.
• We compared the fair value of the estimated construction
service, to the project cost estimates and mark up considered
by the management.
• We assessed the disclosures made in accordance with the
requirements of Ind AS 115.
Assessing the recoverability of carrying value of Investment property and investment properties under construction (as
described in note 2.14, 2.15, 2.17, 5 and 6 of the standalone financial statements)
As at March 31, 2023, the carrying value of the Investment Our audit procedures included, among others, the following:
property is ` 15,758 million (including properties under • We assessed the Company’s valuation methodology and
construction - ` 174 million). The carrying value of the assumptions based on current economic and market
investment property is calculated using land costs, conditions, applied in determining the recoverable amount.
construction costs, interest costs and other related
• We obtained and read the valuation report used by the
costs. The Company reviews on a periodical basis
Company’s management for determining the fair value
whether there are any indicators of impairment of such
(‘recoverable amount’) of the investment property.
investment properties,
• We considered the independence, competence and objectivity
i.e., ensuring that its investment properties are carried at
of the external specialist involved by the management in
no more than their recoverable amount.
determination of valuation.
We considered the assessment of carrying value of
• We assessed the Company’s valuation methodology applied
Investment property as a key audit matter due to
and compared key property related data used as input with
significance of the balance and significant estimates
historical actual data.
and judgement involved in impairment assessment.

• We assessed the key assumptions used in Company’s

valuation methodology including but not limited to discount
rates, cashflows, etc.
• We compared the recoverable amount of the investment
property to the carrying value in books.
• We assessed the disclosures made in the financial statements
in this regard.
Assessing the recoverability of carrying value of Inventory (including advances paid towards land procurement) and
Refundable deposits paid under JDA (as described in note 2.7, 2.18, 2.20, 10, 13, 19 and 20 of the standalone financial
statements)
As at March 31, 2023, the carrying value of inventory Our audit procedures included, among others, the following:
comprising of Work in progress and Stock of units in • We evaluated the design and operation of internal controls
completed projects is ` 53,429 million. The inventory related to testing recoverable amounts with carrying amount
is valued at the lower of the cost and net realisable of inventory and advances, including evaluating management
value (“NRV”). The determination of the NRV involves processes for estimating future costs to complete projects.
estimates based on prevailing market conditions and
• We assessed the Company’s methodology based on current
taking into account the estimated future selling price,
economic and market conditions, applied in assessing the
cost to complete projects and selling costs.
carrying value.
As at March 31, 2023, the carrying value of land
• We obtained and tested the computation involved in
advance is ` 425 million and refundable deposits is
assessment of carrying value including the NRV/ net
` 2,188 million. Advances paid by the Company to the
recoverable value.
landowner/ intermediary towards outright purchase of
• We made inquiries with management to understand
land is recognised as land advance under other assets
key assumptions used in determination of the NRV/ net
during the course of transferring the legal title to the
recoverable value.
Company, whereupon it is transferred to land stock under
inventories. For land acquired under joint development For inventory balance:
agreement, the Company has paid Refundable deposits • We compared the total projected budgeted cost to the total
for acquiring the development rights. budgeted sale value from the project.
The aforesaid deposits and advances are carried at the • We compared the NRV to recent sales in the project or to the
lower of the amount paid/ payable and net recoverable estimated selling price, applied in assessing the NRV.
value, which is based on the management’s assessment • We compared the NRV to the carrying value in books.
including the expected date of commencement and
For land advance/ refundable deposits:
completion of the project and the estimate of sale prices
and construction costs of the project. • We obtained and assessed the management assumptions
based on current economic and market conditions, relating to
We identified the assessment of the carrying value
launch of the project, development plan and future sales.
of inventory and land advances/ deposits as a key
audit matter due to the significance of the balance to • We obtained status update from the management and verified
the standalone financial statements as a whole and the underlying documents for related developments in respect
the involvement of estimates and judgement in the of the land acquisition and expected realization of deposit
assessment. amount.
• We carried out external confirmation procedures on sample
basis to obtain evidence supporting the carrying value of land
advance and refundable deposits on sample basis.

Assessing impairment of Investments and loans and advances made by the Company in subsidiaries, joint ventures and
associates (as described in note 2.20, 8, 9, 14 and 18 of the standalone financial statements)
As at March 31, 2023, the carrying values of Company’s Our procedures in assessing the management’s judgement for the
investment in subsidiaries, joint ventures and associates impairment assessment included, among others, the following:
amounted to ` 16,238 million. Further, the Company has • We examined the management assessment in determining
granted loans and advances to its subsidiaries, joint whether any impairment indicators exist.
ventures and associates amounting to `46,002 million
As regards investments made:
as at March 31, 2023.
• We assessed the Company’s valuation methodology and
Management reviews regularly whether there are any
assumptions based on current economic and market
indicators of impairment of the investments and loans
conditions, applied in determining the recoverable amount.
and advances by reference to the requirements under
Ind AS. • We obtained and read valuation report of underlying property
of the investee entity, if any, basis which the management had
For cases where impairment indicators exist,
determined the recoverable amount.
management estimated the recoverable amounts of
the investments, being higher of fair value less costs • We considered the independence, competence and objectivity
of disposal and value in use. Significant judgements of the external specialist involved by the management, if any,
are required to determine the key assumptions used in in determination of valuation.
determination of fair value/ value in use. • We compared the recoverable amount of the investment to the
We focused our effort on those cases with impairment carrying value in books as at March 31, 2023.
indicators. As the impairment assessment involves • We assessed the disclosures made in the standalone financial
significant assumptions and judgement, we regard this statements regarding such investments.
as a key audit matter. As regards loans and advances granted:
• We obtained and considered management evaluation based
on current economic and market conditions, applied in
determining the recoverability of loans and advances granted
to its subsidiaries, joint ventures and associates.
• We assessed the financial condition of entities to whom loans
and advances were granted by obtaining the most recent
audited financial statements of such entities.
• We performed inquiries with management on the project
status and future business plan of entities to whom loans and
advances were granted to evaluate their recoverability.
• We assessed the disclosures made in the standalone financial
statements regarding such loans and advances.
OTHER INFORMATION information and, in doing so, consider whether such other
The Company’s Board of Directors is responsible for information is materially inconsistent with the standalone
the other information. The other information comprises financial statements or our knowledge obtained in the audit
the information included in the Annual report, but does or otherwise appears to be materially misstated.
not include the standalone financial statements and our
RESPONSIBILITIES OF MANAGEMENT AND THOSE
auditor’s report thereon. The Annual report is expected to be CHARGED WITH GOVERNANCE FOR THE STANDALONE
made available to us after the date of this auditor’s report. FINANCIAL STATEMENTS
Our opinion on the standalone financial statements does The Company’s Board of Directors is responsible for the
not cover the other information and we do not express any matters stated in section 134(5) of the Act with respect to
form of assurance conclusion thereon. the preparation of these standalone financial statements
In connection with our audit of the standalone financial that give a true and fair view of the financial position,
statements, our responsibility is to read the other financial performance including other comprehensive

income, cash flows and changes in equity of the Company for our opinion. The risk of not detecting a material
in accordance with the accounting principles generally misstatement resulting from fraud is higher than for
accepted in India, including the Indian Accounting Standards one resulting from error, as fraud may involve collusion,
(Ind AS) specified under section 133 of the Act read with forgery, intentional omissions, misrepresentations, or
the Companies (Indian Accounting Standards) Rules, 2015, the override of internal control.
as amended. This responsibility also includes maintenance • Obtain an understanding of internal control relevant to
of adequate accounting records in accordance with the the audit in order to design audit procedures that are
provisions of the Act for safeguarding of the assets of appropriate in the circumstances. Under section 143(3)
the Company and for preventing and detecting frauds and (i) of the Act, we are also responsible for expressing
other irregularities; selection and application of appropriate our opinion on whether the Company has adequate
accounting policies; making judgments and estimates that internal financial controls with reference to financial
are reasonable and prudent; and the design, implementation statements in place and the operating effectiveness of
and maintenance of adequate internal financial controls, such controls.
that were operating effectively for ensuring the accuracy • Evaluate the appropriateness of accounting policies
and completeness of the accounting records, relevant to used and the reasonableness of accounting estimates
the preparation and presentation of the standalone financial and related disclosures made by management.
statements that give a true and fair view and are free from
• Conclude on the appropriateness of management’s use
material misstatement, whether due to fraud or error.
of the going concern basis of accounting and, based
In preparing the standalone financial statements, on the audit evidence obtained, whether a material
management is responsible for assessing the Company’s uncertainty exists related to events or conditions
ability to continue as a going concern, disclosing, as that may cast significant doubt on the Company’s
applicable, matters related to going concern and using the ability to continue as a going concern. If we conclude
going concern basis of accounting unless management that a material uncertainty exists, we are required to
either intends to liquidate the Company or to cease draw attention in our auditor’s report to the related
operations, or has no realistic alternative but to do so. disclosures in the financial statements or, if such
Those charged with governance are also responsible for disclosures are inadequate, to modify our opinion. Our
overseeing the Company’s financial reporting process. conclusions are based on the audit evidence obtained
up to the date of our auditor’s report. However, future
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE events or conditions may cause the Company to cease
STANDALONE FINANCIAL STATEMENTS to continue as a going concern.
Our objectives are to obtain reasonable assurance about • Evaluate the overall presentation, structure and content
whether the standalone financial statements as a whole of the standalone financial statements, including the
are free from material misstatement, whether due to fraud disclosures, and whether the standalone financial
or error, and to issue an auditor’s report that includes our statements represent the underlying transactions and
opinion. Reasonable assurance is a high level of assurance, events in a manner that achieves fair presentation.
but is not a guarantee that an audit conducted in accordance We communicate with those charged with governance
with SAs will always detect a material misstatement when it regarding, among other matters, the planned scope and
exists. Misstatements can arise from fraud or error and are timing of the audit and significant audit findings, including
considered material if, individually or in the aggregate, they any significant deficiencies in internal control that we
could reasonably be expected to influence the economic identify during our audit.
decisions of users taken on the basis of these standalone We also provide those charged with governance with a
financial statements. statement that we have complied with relevant ethical
As part of an audit in accordance with SAs, we exercise requirements regarding independence, and to communicate
professional judgment and maintain professional skepticism with them all relationships and other matters that may
throughout the audit. We also: reasonably be thought to bear on our independence, and
• Identify and assess the risks of material misstatement where applicable, related safeguards.
of the standalone financial statements, whether due From the matters communicated with those charged with
to fraud or error, design and perform audit procedures governance, we determine those matters that were of
responsive to those risks, and obtain audit evidence most significance in the audit of the standalone financial
that is sufficient and appropriate to provide a basis statements for the financial year ended March 31, 2023

and are therefore the key audit matters. We describe these with by this Report are in agreement with the
matters in our auditor’s report unless law or regulation books of account;
precludes public disclosure about the matter or when, in (d) In our opinion, the aforesaid standalone financial
extremely rare circumstances, we determine that a matter statements comply with the Accounting
should not be communicated in our report because the Standards specified under Section 133 of the
adverse consequences of doing so would reasonably be Act, read with Companies (Indian Accounting
expected to outweigh the public interest benefits of such Standards) Rules, 2015, as amended;
communication. (e) On the basis of the written representations
received from the directors as on March 31, 2023
OTHER MATTER
taken on record by the Board of Directors, none of
We did not audit the financial statements and other the directors is disqualified as on March 31, 2023
financial information as regards Company’s net share in from being appointed as a director in terms of
profits of partnership firm/ limited liability partnership Section 164 (2) of the Act;
investments (post tax) amounting to ` 903 million as (f) With respect to the adequacy of the internal
at March 31, 2023. These Ind AS financial statements financial controls with reference to standalone
and other financial information of the said partnership financial statements and the operating
firm/ limited liability partnership investments have been effectiveness of such controls, refer to our
audited by other auditors, whose financial statements, separate Report in “Annexure 2” to this report;
other financial information and auditor’s reports have been
(g) In our opinion, the managerial remuneration for
furnished to us by the management. Our opinion on the
the year ended March 31, 2023 has been paid
standalone financial statements, in so far as it relates to
/ provided by the Company to its directors in
the amounts and disclosures included in respect of these
accordance with the provisions of section 197
partnership firm/ limited liability partnership investments
read with Schedule V to the Act;
and our report in terms of sub-sections (3) of Section 143
(h) With respect to the other matters to be included in
of the Act, in so far as it relates to the aforesaid Companies
the Auditor’s Report in accordance with Rule 11 of
share of profits of partnership firm/ limited liability
the Companies (Audit and Auditors) Rules, 2014,
partnership investments, is based solely on the reports of
as amended in our opinion and to the best of our
such other auditors. Our opinion is not modified in respect
information and according to the explanations
of this matter.
given to us:
REPORT ON OTHER LEGAL AND REGULATORY i. The Company has disclosed the impact of
REQUIREMENTS pending litigations on its financial position in its
standalone financial statements – Refer Note
1. As required by the Companies (Auditor’s Report) Order,
41 and Note 55 to the standalone financial
2020 (“the Order”), issued by the Central Government
statements;
of India in terms of sub-section (11) of section 143 of
the Act, we give in the “Annexure 1” a statement on the ii. The Company has made provision, as required
matters specified in paragraphs 3 and 4 of the Order. under the applicable law or accounting standards,
for material foreseeable losses, if any, on long-
2. As required by Section 143(3) of the Act, we report that:
term contracts including derivative contracts
(a) We have sought and obtained all the information – Refer Note 31 to the standalone financial
and explanations which to the best of our statements;
knowledge and belief were necessary for the
iii. There has been no delay in transferring amounts,
purposes of our audit;
required to be transferred, to the Investor
(b) In our opinion, proper books of account as Education and Protection Fund by the Company
required by law have been kept by the Company iv. a) The management has represented that,
so far as it appears from our examination of to the best of its knowledge and belief,
those books; other than as disclosed in the Note 54 to
(c) The Balance Sheet, the Statement of Profit the standalone financial statements, no
and Loss including the Statement of Other funds have been advanced or loaned or
Comprehensive Income, the Statement of Cash invested (either from borrowed funds or
Flow and Statement of Changes in Equity dealt share premium or any other sources or

kind of funds) by the Company to or in any c) Based on such audit procedures performed
other person(s) or entity(ies), including that have been considered reasonable and
foreign entities (“Intermediaries”), with the appropriate in the circumstances, nothing
understanding, whether recorded in writing has come to our notice that has caused us
or otherwise, that the Intermediary shall, to believe that the representations under
whether, directly or indirectly lend or invest sub-clause (a) and (b) contain any material
in other persons or entities identified in misstatement.
any manner whatsoever by or on behalf of v. The final dividend paid by the Company during
the Company (“Ultimate Beneficiaries”) or the year in respect of the same declared for the
provide any guarantee, security or the like on previous year is in accordance with section 123
behalf of the Ultimate Beneficiaries; of the Act to the extent it applies to payment of
b) The management has represented that, dividend.
to the best of its knowledge and belief, no As stated in Note 22.5 to the standalone financial
funds have been received by the Company statements, the Board of Directors of the Company
from any person(s) or entity(ies), including has proposed final dividend for the year which is
foreign entities (“Funding Parties”), with subject to the approval of the members at the
the understanding, whether recorded in ensuing Annual General Meeting. The dividend
writing or otherwise, that the Company shall, declared is in accordance with section 123 of
whether, directly or indirectly, lend or invest the Act to the extent it applies to declaration of
in other persons or entities identified in any dividend.
manner whatsoever by or on behalf of the vi. As proviso to Rule 3(1) of the Companies
Funding Party (“Ultimate Beneficiaries”) or (Accounts) Rules, 2014 is applicable for the
provide any guarantee, security or the like Company only w.e.f. April 1, 2023, reporting under
on behalf of the Ultimate Beneficiaries; and this clause is not applicable.
For S.R. Batliboi & Associates LLP

Chartered Accountants
ICAI Firm Registration Number: 101049W/E300004
per Adarsh Ranka

Partner
Membership Number: 209567
UDIN: 23209567BGXVZN7272
Place of Signature: Bengaluru, India

Date: May 30, 2023

ANNEXURE 1 REFERRED TO IN PARAGRAPH UNDER THE HEADING “REPORT ON OTHER LEGAL AND
REGULATORY REQUIREMENTS” OF OUR REPORT OF EVEN DATE
Re: Prestige Estates Projects Limited (“the Company”) (e) As disclosed in Note 54 to the standalone financial
In terms of the information and explanations sought by us statements, there are no proceedings initiated or
and given by the company and the books of account and are pending against the Company for holding any
records examined by us in the normal course of audit and to benami property under the Prohibition of Benami
the best of our knowledge and belief, we state that: Property Transactions Act, 1988 and rules made
(i) (a) (A) The Company has maintained proper thereunder.
records showing full particulars, including (ii) (a) Having regard to the nature of inventory comprising
quantitative details and situation of Property, of stock of units in completed projects and work
Plant and Equipment and Investment in progress of projects under development, the
Property, except for particulars of management has conducted physical verification
quantitative details in certain cases, which of inventory by way of verification of title deeds,
the Company is in the process of updating. site visits and certification of extent of work
(B) The Company has maintained proper completion by competent persons, at reasonable
records showing full particulars of intangible intervals during the year. In our opinion the
assets. coverage and the procedure of such verification
(b) All Property, Plant and Equipment and Investment by the management is appropriate. Discrepancies
Property have not been physically verified by the of 10% or more in aggregate for each class of
management during the year but there is a regular inventory were not noticed on such physical
program of verification which, in our opinion, verification.
is reasonable having regard to the size of the
(b) As disclosed in Note 27 to the standalone
Company and the nature of its assets. No material
financial statements, the Company has been
discrepancies were noticed on such verification.
sanctioned working capital limits in excess
(c) The title deeds (registered sale deed/ transfer of ` five crores in aggregate from banks and/
deed/ registered joint development agreements) or financial institutions during the year on
of immovable properties (other than properties the basis of security of current assets of the
where the Company is the lessee and the lease
Company. Based on representation given by the
agreements are duly executed in favour of
management, there are no requirements of filing
the lessee) disclosed in note 4, 5 and 6 to the
quarterly returns or statements with banks or
standalone financial statements included in
financial institutions as per the terms of relevant
Property, Plant and Equipment, Capital work-in-
agreements of such sanctioned working capital
progress (including Investment property under
limits during the year therefore the Company
construction) and Investment Property are held in
the name of the Company. Immovable properties has not filed any quarterly returns/ statements
of land and buildings whose title deeds have with such banks and financial institutions during
been pledged as security for term loans and the year. Hence, we are unable to comment on
guarantees, are held in the name of the Company the agreement with the books of account of the
based on confirmations received by us from Company.
lenders. (iii) (a) During the year the Company has provided loans,
(d) The Company has not revalued its Property, Plant advances in the nature of loans, stood guarantee
and Equipment (including Right of use assets) or and provided security to companies, firms,
intangible assets during the year ended March 31, Limited Liability Partnerships or any other parties
2023. as follows:
(` In millions)
Particulars Guarantees Security Loans Advances in
nature of loans
Aggregate amount granted/ provided/ assigned during the year
- Subsidiaries 21,374 - 20,932 43
- Jointly controlled entities 281 - 1,065 2
- Associates - - - -
- Others 78 - 880 -

ANNEXURE 1 (Contd.)
(` In millions)
Particulars Guarantees Security Loans Advances in
nature of loans
Balance outstanding as at balance sheet date in respect of above cases
- Subsidiaries 44,828 - 44,715 135
- Jointly controlled entities 3,274 - 1,287 13
- Associates - - - -
- Others 2,655 - 1,527 -
Also refer Note 9, 18, 41 and 52 to the standalone financial statements.
(b) During the year the investments made, (` In millions)

guarantees provided, security given and the
Particulars All Promoters Related
terms and conditions of the grant of all loans and
Parties Parties
advances in the nature of loans and guarantees to
Aggregate amount of
companies, firms, Limited Liability Partnerships
loans/ advances in
or any other parties (including interest free loans
nature of loans during
considering economic interest in such entities)
the year
are not prejudicial to the Company's interest. Also
- Repayable on 22,222 - 22,042
refer Note 49 and 52 to the standalone financial
demand
statements.
- Without specifying - - -
(c) The Company has granted loans and/ or
any terms
advances in the nature of loans during the year to
Percentage of loans/ 96.95% - 96.16%
companies, firms, Limited Liability Partnerships
advances in nature
or any other parties. In cases where the schedule
of loans to the total
of repayment of principal and payment of interest
loans
has been stipulated and the repayment or receipts
are regular. In all other cases loans and/ or (iv) Loans, investments, guarantees and security in
advances in the nature of loans including interest respect of which provisions of sections 185 and 186
are re-payable on demand and the repayment of of the Companies Act, 2013 are applicable have been
principal amount and payment of interest is as complied with by the Company to the extent applicable.
demanded. (v) The Company has neither accepted any deposits
(d) There are no amounts of loans and/ or advances from the public nor accepted any amounts which are
in the nature of loans granted to companies, firms, deemed to be deposits within the meaning of sections
limited liability partnerships or any other parties 73 to 76 of the Companies Act and the rules made
which are overdue for more than ninety days. thereunder, to the extent applicable. Accordingly, the
(e) There were no loan and/ or advance in the nature requirement to report on clause 3(v) of the Order is not
of loan granted to companies, firms, Limited applicable to the Company.
Liability Partnerships or any other parties which (vi) We have broadly reviewed the books of account
had fallen due during the year. maintained by the Company pursuant to the rules
(f) As disclosed in Note 9 and 18 to the standalone made by the Central Government for the maintenance
financial statements, the Company has granted of cost records under section 148(1) of the Companies
loans or advances in the nature of loans, either Act, 2013, related to the construction of buildings/
repayable on demand or without specifying any structures and other related activities, and are of the
terms or period of repayment to companies, opinion that prima facie, the specified accounts and
firms, Limited Liability Partnerships or any other records have been made and maintained. We have not,
parties. Of these following are the details of the however, made a detailed examination of the same.
aggregate amount of loans or advances in the (vii) (a) The Company is regular in depositing with
nature of loans granted to promoters or related appropriate authorities undisputed statutory dues
parties as defined in clause (76) of section 2 of including goods and services tax, provident fund,
the Companies Act, 2013: employees’ state insurance, income tax, sales-

ANNEXURE 1 (Contd.)
tax, service tax, duty of customs, duty of excise, value added tax, cess and other statutory dues applicable to it
though there has been a slight delay in a few cases. According to the information and explanations given to us and
based on audit procedures performed by us, no undisputed amounts payable in respect of these statutory dues were
outstanding, at the year end, for a period of more than six months from the date they became payable.
(b) The dues of goods and services tax, provident fund, employees’ state insurance, income-tax, sales-tax, service tax,
duty of custom, duty of excise, value added tax, cess, and other statutory dues have not been deposited on account
of any dispute, are as follows:
Name of the statue Nature of dues Amount # Period to which Forum where the dispute is
(` In the amount relates pending
millions)
Customs Act, 1962 Customs duty 7 2014-15 Commissioner (Appeals) –
Customs Duty
Finance Act, 1994 Service tax 30 Various High Court of Karnataka
Finance Act, 1994 Service tax including 260 July 2010 to Customs, Excise and Service Tax
penalties July 2012 Appellate Tribunal
Kerala Value Added Value added tax and 219 Various High Court of Kerala
Tax Act interest
Income Tax Act, 1961 Income tax, interest 7 Various Commissioner of Income tax
and penalty (Appeals)
# Net of ` 228 million paid under protest.
(viii) The Company has not surrendered or disclosed any (e) On an overall examination of the standalone
transaction, previously unrecorded in the books of financial statements of the Company, the
account, in the tax assessments under the Income Tax Company has not taken any funds from any entity
Act, 1961 as income during the year. Accordingly, the or person on account of or to meet the obligations
requirement to report on clause 3(viii) of the Order is of its subsidiaries, associates or joint ventures.
not applicable to the Company. (f) The Company has not raised loans during the year
on the pledge of securities held in its subsidiaries,
(ix) (a) Based on information and explanations given
joint ventures or associate companies. Hence, the
by the management and confirmations given
requirement to report on clause (ix)(f) of the Order
by lenders, the Company has not defaulted in
is not applicable to the Company.
repayment of loans or other borrowings or in the
(x) (a) The Company has not raised any money during
payment of interest thereon to any lender. Loans
the year by way of initial public offer / further
amounting to ` 14,169 million are repayable on public offer (including debt instruments) hence,
demand and terms and conditions for payment the requirement to report on clause 3(x)(a) of the
of interest thereon have not been stipulated. Order is not applicable to the Company.
Such loans and interest thereon have not been (b) The Company has not made any preferential
demanded for repayment during the relevant allotment or private placement of shares/ fully
financial year. or partially or optionally convertible debentures
(b) Based on information and explanations given during the year under audit and hence, the
by the management and confirmations given requirement to report on clause 3(x)(b) of the
Order is not applicable to the Company.
by lenders, the Company has not been declared
wilful defaulter by any bank or financial institution (xi) (a) No material fraud by the Company or no material
or government or any government authority. fraud on the Company has been noticed or
reported during the year.
(c) Term loans were applied for the purpose for
(b) During the year, no report under sub-section (12)
which the loans were obtained.
of section 143 of the Companies Act, 2013 has
(d) On an overall examination of the standalone been filed by cost auditor/ secretarial auditor or
financial statements of the Company, no funds by us in Form ADT – 4 as prescribed under Rule
raised on short-term basis have been used for 13 of Companies (Audit and Auditors) Rules, 2014
long-term purposes by the Company. with the Central Government.

ANNEXURE 1 (Contd.)
(c) As represented to us by the management, there (xviii) There has been no resignation of the statutory auditors
are no whistle blower complaints received by the during the year and accordingly requirement to report
Company during the year. on Clause 3(xviii) of the Order is not applicable to the
(xii) The Company is not a nidhi Company as per the Company.
provisions of the Companies Act, 2013. Therefore, (xix) On the basis of the financial ratios disclosed in Note
the requirement to report on clause 3(xii)(a), 3(xii) 56 to the standalone financial statements, ageing
(b) and 3(xii)(c) of the Order is not applicable to the and expected dates of realization of financial assets
Company. and payment of financial liabilities, other information
accompanying the standalone financial statements,
(xiii) Transactions with the related parties are in compliance
our knowledge of the Board of Directors and
with sections 177 and 188 of Companies Act, 2013
management plans and based on our examination of
where applicable and the details have been disclosed
the evidence supporting the assumptions, nothing has
in the notes to the standalone financial statements,
come to our attention, which causes us to believe that
as required by the applicable accounting standards
any material uncertainty exists as on the date of the
except for transactions as mentioned in Note 52 to the
audit report that Company is not capable of meeting its
standalone financial statements.
liabilities existing at the date of balance sheet as and
(xiv) (a) The Company has an internal audit system when they fall due within a period of one year from the
commensurate with the size and nature of its balance sheet date. We, however, state that this is not
business. an assurance as to the future viability of the Company.
(b) The internal audit reports of the Company issued We further state that our reporting is based on the
till the date of the audit report, for the period under facts up to the date of the audit report and we neither
audit have been considered by us. give any guarantee nor any assurance that all liabilities
falling due within a period of one year from the balance
(xv) The Company has not entered into any non-cash
sheet date, will get discharged by the Company as and
transactions with its directors or persons connected
when they fall due.
with its directors and hence requirement to report
(xx) (a) In respect of other than ongoing projects, there
on clause 3(xv) of the Order is not applicable to the
are no unspent amounts that are required to be
Company.
transferred to a fund specified in Schedule VII of
(xvi) (a) The provisions of section 45-IA of the Reserve the Companies Act (the Act), in compliance with
Bank of India Act, 1934 (2 of 1934) are not second proviso to sub section 5 of section 135 of
applicable to the Company. Accordingly, the the Act. This matter has been disclosed in Note
requirement to report on clause (xvi)(a) of the 37 (b) to the standalone financial statements.
Order is not applicable to the Company.
(b) There are no unspent amounts in respect
(b) The Company is not engaged in any Non- of ongoing projects, that are required to be
Banking Financial or Housing Finance activities. transferred to a special account in compliance
Accordingly, the requirement to report on clause of provision of sub section (6) of section 135 of
(xvi)(b) of the Order is not applicable to the Companies Act. This matter has been disclosed
Company. in Note 37 (b) to the standalone financial
(c) The Company is not a Core Investment Company statements.
as defined in the regulations made by Reserve
Bank of India. Accordingly, the requirement to For S.R. Batliboi & Associates LLP
report on clause 3(xvi)(c) of the Order is not Chartered Accountants
applicable to the Company. ICAI Firm Registration Number: 101049W/E300004
(d) There is no Core Investment Company as a part
of the Group, hence, the requirement to report on per Adarsh Ranka
clause 3(xvi)(d) of the Order is not applicable to Partner
the Company. Membership Number: 209567
(xvii) The Company has not incurred cash losses in the
current year and in the immediately preceding financial Place of Signature: Bengaluru, India
year. Date: May 30, 2023

ANNEXURE 2 TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THE STANDALONE
FINANCIAL STATEMENTS OF PRESTIGE ESTATES PROJECTS LIMITED
REPORT ON THE INTERNAL FINANCIAL CONTROLS standalone financial statements, assessing the risk that a
UNDER CLAUSE (I) OF SUB-SECTION 3 OF SECTION 143 material weakness exists, and testing and evaluating the
OF THE COMPANIES ACT, 2013 (“THE ACT”) design and operating effectiveness of internal control based
We have audited the internal financial controls with reference on the assessed risk. The procedures selected depend on
to standalone financial statements of Prestige Estates the auditor’s judgement, including the assessment of the
Projects Limited (“the Company”) as of March 31, 2023 risks of material misstatement of the financial statements,
in conjunction with our audit of the standalone financial whether due to fraud or error.
statements of the Company for the year ended on that date. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit
MANAGEMENT’S RESPONSIBILITY FOR INTERNAL opinion on the Company’s internal financial controls with
FINANCIAL CONTROLS reference to these standalone financial statements.
The Company’s Management is responsible for establishing
MEANING OF INTERNAL FINANCIAL CONTROLS WITH
and maintaining internal financial controls based on the
REFERENCE TO THESE STANDALONE FINANCIAL
internal control over financial reporting criteria established
STATEMENTS
by the Company considering the essential components of
internal control stated in the Guidance Note on Audit of A company’s internal financial controls with reference to
Internal Financial Controls Over Financial Reporting issued standalone financial statements is a process designed
by the Institute of Chartered Accountants of India (“ICAI”). to provide reasonable assurance regarding the reliability
These responsibilities include the design, implementation of financial reporting and the preparation of financial
and maintenance of adequate internal financial controls statements for external purposes in accordance with
that were operating effectively for ensuring the orderly and generally accepted accounting principles. A company’s
efficient conduct of its business, including adherence to internal financial controls with reference to standalone
financial statements includes those policies and
the Company’s policies, the safeguarding of its assets, the
procedures that (1) pertain to the maintenance of records
prevention and detection of frauds and errors, the accuracy
that, in reasonable detail, accurately and fairly reflect the
and completeness of the accounting records, and the timely
transactions and dispositions of the assets of the company;
preparation of reliable financial information, as required
(2) provide reasonable assurance that transactions are
under the Companies Act, 2013.
recorded as necessary to permit preparation of financial
AUDITOR’S RESPONSIBILITY statements in accordance with generally accepted
accounting principles, and that receipts and expenditures
Our responsibility is to express an opinion on the Company’s
of the company are being made only in accordance
internal financial controls with reference to these standalone
with authorisations of management and directors of the
financial statements based on our audit. We conducted
company; and (3) provide reasonable assurance regarding
our audit in accordance with the Guidance Note on Audit
prevention or timely detection of unauthorised acquisition,
of Internal Financial Controls Over Financial Reporting
use, or disposition of the company’s assets that could have
(the “Guidance Note”) and the Standards on Auditing, as a material effect on the financial statements.
specified under section 143(10) of the Act, to the extent
applicable to an audit of internal financial controls, both INHERENT LIMITATIONS OF INTERNAL FINANCIAL
issued by ICAI. Those Standards and the Guidance Note CONTROLS WITH REFERENCE TO STANDALONE
require that we comply with ethical requirements and plan FINANCIAL STATEMENTS
and perform the audit to obtain reasonable assurance about
Because of the inherent limitations of internal financial
whether adequate internal financial controls with reference
controls with reference to standalone financial statements,
to these standalone financial statements was established including the possibility of collusion or improper
and maintained and if such controls operated effectively in management override of controls, material misstatements
all material respects. due to error or fraud may occur and not be detected.
Our audit involves performing procedures to obtain audit Also, projections of any evaluation of the internal financial
evidence about the adequacy of the internal financial controls with reference to standalone financial statements
controls with reference to these standalone financial to future periods are subject to the risk that the internal
statements and their operating effectiveness. Our audit financial control with reference to standalone financial
of internal financial controls with reference to standalone statements may become inadequate because of changes
financial statements included obtaining an understanding in conditions, or that the degree of compliance with the
of internal financial controls with reference to these policies or procedures may deteriorate.

ANNEXURE 2 (Contd.)
OPINION were operating effectively as at March 31, 2023, based

In our opinion, the Company has, in all material respects, on the internal control over financial reporting criteria
adequate internal financial controls with reference to established by the Company considering the essential
standalone financial statements and such internal financial components of internal control stated in the Guidance
controls with reference to standalone financial statements Note issued by the ICAI.

per Adarsh Ranka

Partner

Date: May 30, 2023

STANDALONE BALANCE SHEET
AS AT MARCH 31, 2023
(` in Million)
Particulars Note As at As at
No. March 31, 2023 March 31, 2022
A. ASSETS
(1) Non-current assets
(a) Property, plant and equipment 4 4,930 4,795
(b) Capital work-in-progress (including Investment property under 5 1,736 4,412
construction)
(c) Investment property 6 15,584 9,623
(d) Other intangible assets 7 18 26
(e) Financial assets
(i) Investments 8 16,238 15,652
(ii) Loans 9 35,444 23,826
(iii) Other financial assets 10 3,003 6,054
(f) Deferred tax assets (net) 11 879 1,267
(g) Income tax assets (net) 2,627 2,165
(h) Other non-current assets 12 492 444
Sub-total 80,951 68,264
(2) Current assets
(a) Inventories 13 53,429 54,299
(b) Financial assets
(i) Investments 14 14 5
(ii) Trade receivables 15 3,981 6,240
(iii) Cash and cash equivalents 16 2,672 4,726
(iv) Other bank balances 17 1,361 778
(v) Loans 18 30,501 29,794
(vi) Other financial assets 19 3,660 3,390
(c) Other current assets 20 2,747 5,311
Sub-total 98,365 104,543
Total 179,316 172,807
B. EQUITY AND LIABILITIES
(1) Equity
(a) Equity share capital 21 4,009 4,009
(b) Other equity 22 62,484 59,684
Sub-total 66,493 63,693
(2) Non-current liabilities
(a) Financial liabilities
(i) Borrowings 23 9,338 11,536
(ii) Lease liabilities 42 5,489 2,751
(iii) Other financial liabilities 24 574 432
(b) Other non-current liabilities 25 70 108
(c) Provisions 26 226 182
Sub-total 15,697 15,009
(3) Current liabilities
(a) Financial liabilities
(i) Borrowings 27 24,108 14,218
(iii) Trade payables 28
- Dues to micro and small enterprises 229 386
- Dues to creditors other than micro and small enterprises 4,800 4,672
(iv) Other financial liabilities 29 27,149 25,507
(b) Other current liabilities 30 36,608 43,271
(c) Provisions 31 1,132 3,378
Sub-total 97,126 94,105
Total 179,316 172,807
See accompanying notes to the Financial Statements
As per our report of even date For and on behalf of the Board of Directors of
For S.R. Batliboi & Associates LLP Prestige Estates Projects Limited
ICAI Firm registration number: 101049W / E300004
per Adarsh Ranka Irfan Razack Rezwan Razack
Partner Chairman & Managing Director Joint Managing Director
Membership No.: 209567 DIN: 00209022 DIN: 00209060
Place: Bengaluru Place: Bengaluru
Date: May 30, 2023 Date: May 30, 2023

STANDALONE STATEMENT OF PROFIT AND LOSS

FOR THE YEAR ENDED MARCH 31, 2023
(` in Million)
Particulars Note Year ended Year ended
No. March 31, 2023 March 31, 2022
Revenue from operations 32 43,297 45,592
Other income 33 1,070 3,116
Total Income - (I) 44,367 48,708
Expenses
(Increase)/ decrease in inventory 34 819 16,952
Contractor cost 8,921 7,714
Purchase of project material 1,816 1,583
Purchase of completed units 23 (97)
Land cost 14,131 3,591
Rental expense 42 24 (9)
Facility management expenses 496 398
Rates and taxes 1,970 1,964
Employee benefits expense 35 2,818 2,287
Finance costs 36 3,313 2,952
Depreciation and amortisation expense 4,6,7 3,317 2,846
Other expenses 37 2,773 2,928
Total Expenses - (II) 40,421 43,109
Profit before exceptional items and tax (III= I-II) 3,946 5,599
Exceptional items (IV) 51 204 5,399
Profit before tax (V= III+IV) 4,150 10,998
Tax expense : 38
Current tax charge/ (credit) 350 931
Deferred tax charge/ (credit) 391 594
Total Tax expense (VI) 741 1,525
Profit for the year (VII= V-VI) 3,409 9,473
Other Comprehensive Income/ (loss)
Items that will not be recycled to profit or loss in subsequent periods
Remeasurements of the defined benefit liabilities (11) 16
Tax impact (charge)/ credit 3 (4)
Total Other comprehensive income/ (loss) (VIII) (8) 12
Total Comprehensive Income (VII+VIII) 3,401 9,485
Earning per share (equity shares, par value of ` 10 each)
Basic and diluted EPS (in `) 39 8.50 23.63
Date: May 30, 2023 Date: May 30, 2023

STANDALONE STATEMENT OF CHANGES IN EQUITY
(` in Million)
Particulars Equity Other equity Total
Share Capital Securities Debenture General Retained Total Equity
Capital Reserve Premium Redemption Reserve Earnings
Reserve
As at April 01, 2021 4,009 27 28,563 550 2,822 18,838 50,800 54,809
Profit for the year - - - - - 9,473 9,473 9,473
Other Comprehensive Income for the - - - - - 12 12 12
year, net of income tax
Dividend paid on Equity Shares - - - - - (601) (601) (601)
Transferred to General Reserve on - - - (250) 250 - - -
Redemption
Transfer to Debenture Redemption - - - 264 - (264) - -
Reserve
As at March 31, 2022 4,009 27 28,563 564 3,072 27,458 59,684 63,693
Profit for the year - - - - - 3,409 3,409 3,409
Other Comprehensive Income for the - - - - - (8) (8) (8)
year, net of income tax
Dividend paid on Equity Shares - - - - - (601) (601) (601)
Transfer to Debenture Redemption - - - 454 - (454) - -
Reserve
As at March 31, 2023 4,009 27 28,563 1,018 3,072 29,804 62,484 66,493

Date: May 30, 2023 Date: May 30, 2023

STANDALONE STATEMENT OF CASH FLOWS

(` in Million)
Particulars Year ended Year ended
March 31, 2023 March 31, 2022
Cash flow from operating activities
Profit before tax 4,150 10,998
Add: Adjustments for:
Depreciation and amortisation 3,317 2,846
Expected Credit loss allowance on receivables 7 -
Sub-total 3,324 2,846
Less: Incomes / credits considered separately
Interest income 960 2,745
Dividend income - 67
Fair Value gain on financial instruments 9 -
Profit on redemption / sale of investment - 134
Exceptional items - Profit / (Loss) on sale of investments, investment
204 5,399
properties and Capital work in progress (CWIP)
Share of profit from partnership firms/ LLPs 1,781 591
Sub-total 2,954 8,936
Add: Expenses / debits considered separately
Finance costs 3,313 2,952
Loss on redemption of investment 5 -
Loss on sale of fixed assets 9 -
Sub-total 3,327 2,952
Operating profit before changes in working capital 7,847 7,860
Adjustments for:
(Increase) / decrease in trade receivables 2,252 3,203
(Increase) / decrease in inventories 752 12,046
(Increase) / decrease in loans and financial assets 1,586 13,695
(Increase) / decrease in other assets 2,564 (3,050)
Increase / (decrease) in trade payables (29) (1,294)
Increase / (decrease) in other financial liabilities 1,813 (1,073)
Increase / (decrease) in other liabilities (6,701) (16,671)
Increase / (decrease) in provisions (2,213) 396
Sub-total 24 7,252
Cash generated from / (used in) operations 7,871 15,112
Direct taxes (paid)/refund (812) (195)
Net cash generated from / (used in) operating activities - A 7,059 14,917
Cash flow from investing activities
Capital expenditure on investment property, property plant and equipment and
(3,693) 2,865
intangible assets (including capital work-in-progress)
Sale proceeds of property, plant and equipment/ investment property - 1,028
Decrease / (Increase) in long-term inter corporate deposits - net (12,257) (10,332)
Decrease / (Increase) in other inter corporate deposits - net 259 (16,981)
(Increase) / decrease in partnership current account 1,638 (5,064)
Current and non-current investments made - (1,732)
Deferred consideration received (Refer Note 51) 204 -
Proceeds from sale / redemption of current and non-current investments 5 634
(Investments in) / redemption of bank deposits (having original maturity of more
(608) (172)
than three months) - net
Interest received 923 2,722
Dividend received - 67
Net cash from / (used in) investing activities - B (13,529) (26,965)

STANDALONE STATEMENT OF CASH FLOWS
(` in Million)
March 31, 2023 March 31, 2022
Cash flow from financing activities
Secured loans availed 5,692 9,212
Secured loans repaid (4,659) (10,029)
Inter corporate deposits taken 8,441 7,651
Inter corporate deposits repaid (1,782) (2,123)
Dividend payout including tax (601) (601)
Finance costs paid (2,675) (2,676)
Net cash from / (used in) financing activities - C 4,416 1,434
Net increase / (decrease) in cash and cash equivalents during the year (A+B+C) (2,054) (10,614)
Cash and cash equivalents opening balance 4,726 15,340
Cash and cash equivalents closing balance 2,672 4,726
Reconciliation of Cash and cash equivalents with Balance Sheet
Cash and Cash equivalents as per Balance Sheet (Refer Note 16) 2,672 4,726
Cash and cash equivalents at the end of the year as per cash flow statement
2,672 4,726
above
Cash and cash equivalents at the end of the year as above comprises:
Cash on hand 0 0
Balances with banks
- in current accounts 1,892 4,566
- in fixed deposits 780 160
2,672 4,726
Changes in liabilities arising from financing activities
Borrowings (including current maturities):
At the beginning of the year including accrued interest 26,597 23,335
Add: Cash inflows 14,133 16,863
Less: Cash outflows (6,441) (12,152)
Less: Loans, Inter corporate deposits and interest accrued transferred / assigned - (1,725)
Add: Interest accrued during the year 3,313 2,952
Less: Interest paid (2,675) (2,676)
Outstanding at the end of the year including accrued interest 34,927 26,597

Date: May 30, 2023 Date: May 30, 2023

NOTES
FORMING PART OF STANDALONE FINANCIAL STATEMENTS
1 CORPORATE INFORMATION financial statements of the Company. The Company

has not early adopted any standard, interpretation
M/s. Prestige Estates Projects Limited (“the Company”)
or amendment that has been issued but is not yet
was incorporated on June 04, 1997 as a company under
effective.
the Companies Act, 1956 (“the 1956 Act’’). The Company is
engaged in the business of real estate development. 2.4 Use of Estimates
The Company is a public limited company incorporated and The preparation of the financial statements in
domiciled in India and has its registered office at Bengaluru, conformity with Ind AS requires the Management to
Karnataka, India. Its shares are listed on Bombay Stock make judgements, estimates and assumptions that
Exchange (BSE) and National Stock Exchange (NSE). affect the reported amounts of assets and liabilities
The financial statements have been authorised for issuance (including contingent liabilities), income and expenses
by the Company’s Board of Directors on May 30, 2023. and accompanying disclosures. The Management
believes that the estimates used in preparation of
2 SIGNIFICANT ACCOUNTING POLICIES the financial statements are prudent and reasonable.
Future results could differ due to these estimates and
2.1 Statement of compliance
the differences between the actual results and the
These financial statements are separate financial estimates are recognised in the periods in which the
statements prepared in accordance with Indian results are known / materialise.
Accounting Standards (“Ind AS”), the provisions of the
Significant accounting judgements, estimates and
Companies Act, 2013 (“the Act”) (as amended from
assumptions used by management are as below:
time to time) and guidelines issued by the Securities
and Exchange Board of India (SEBI). The Ind AS are - Fair value measurements (Refer note 2.5),
prescribed under section 133 of the Act read with Rule - Determination of performance obligations and
3 of the Companies (Indian Accounting Standards) timing of revenue recognition on revenue from
Rules, 2015 (as amended from time to time) and real estate development (Refer note 2.6),
presentation requirements of Division II of Schedule - Accounting for revenue and land cost for projects
III to the Companies Act, 2013 (Ind AS compliant executed through joint development arrangement
Schedule III). (Refer note 2.6),
2.2 Basis of preparation and presentation - Computation of percentage completion for
The financial statements have been prepared on the projects in progress, project cost, revenue and
historical cost and accrual basis except for certain saleable area estimates (Refer note 2.6),
financial instruments that are measured at fair values - Useful lives of investment property; property,
at the end of each reporting period, as explained in the plant and equipment and intangible assets (Refer
accounting policies below. note 2.13, 2.15 and 2.16),
Historical cost is generally based on the fair value of - Impairment of tangible and intangible assets
the consideration given in exchange for goods and other than goodwill (Refer note 2.17),
services. - Net realisable value of inventory (Refer note 2.18),
All amounts disclosed in the financial statements and and
notes have been rounded off to the nearest million - Accounting, classification and presentation of
Indian Rupees as per the requirement of Schedule III, assets and liabilities (‘disposal group’) held for
unless otherwise stated (0 represents amounts less sale, including timing of recognition of sale and
than Rupees 0.5 million due to rounding off). deferred consideration (Refer notes 2.26 and 51).
2.3 Changes in accounting policies and disclosures 2.5 Fair value measurement
The accounting policies adopted and methods of Fair value is the price that would be received to sell
computation followed are consistent with those of the an asset or paid to transfer a liability in an orderly
previous financial year. transaction between market participants at the
There were certain amendments to standards and measurement date, regardless of whether that price
interpretations which are applicable for the first time is directly observable or estimated using another
for the year ended March 31, 2023, but either the valuation technique. In estimating the fair value of an
same are not relevant or do not have an impact on the asset or a liability, the Company takes into account

NOTES FORMING PART OF STANDALONE FINANCIAL STATEMENTS (Contd.)
the characteristics of the asset or liability if market i. Recognition of revenue from sale of real
participants would take those characteristics into estate inventory property
account when pricing the asset or liability at the Revenue from real estate development of
measurement date. Fair value for measurement and/ residential or commercial unit is recognised
or disclosure purposes in these financial statements at the point in time, when the control of the
is determined on such a basis, except for leasing asset is transferred to the customer, which
transactions that are within the scope of Ind AS 116, generally coincides with either of the two
and measurements that have some similarities to fair conditions as stated below -
value but are not fair value, such as net realisable value
- on transfer of legal title of the residential
in Ind AS 2 or value in use in Ind AS 36.
or commercial unit to the customer; or
In addition, for financial reporting purposes, fair value
- on transfer of physical possession of
measurements are categorised into Level 1, 2, or 3
the residential or commercial unit to
based on the degree to which the inputs to the fair value
the customer.
measurements are observable and the significance of
Sale of residential and commercial units
the inputs to the fair value measurement in its entirety,
consists of sale of undivided share of land
which are described as follows:
and constructed area to the customer,
- Level 1 inputs are quoted prices (unadjusted) in which have been identified by the Company
active markets for identical assets or liabilities as a single performance obligation, as they
that the entity can access at the measurement are highly interrelated with each other.
date;
The performance obligation in relation to
- Level 2 inputs are inputs, other than quoted prices real estate development is satisfied upon
included within Level 1, that are observable for completion of project work and transfer of
the asset or liability, either directly or indirectly; control of the asset to the customer.
and
For contracts involving sale of real
- Level 3 inputs are unobservable inputs for the estate unit, the Company receives the
asset or liability. consideration in accordance with the
2.6 Revenue Recognition terms of the contract in proportion of the
percentage of completion of such real
a. Revenue from contracts with customers
estate project and represents payments
Revenue from contracts with customers is made by customers to secure performance
recognised when control of the goods or services obligation of the Company under the
are transferred to the customer at an amount that contract enforceable by customers. Such
reflects the consideration to which the Company consideration is received and utilised for
expects to be entitled in exchange for those goods specific real estate projects in accordance
or services. Revenue is measured based on the with the requirements of the Real Estate
transaction price, which is the consideration, (Regulation and Development) Act, 2016.
adjusted for discounts and other credits, if any, as Consequently, the Company has concluded
specified in the contract with the customer. The that such contracts with customers do not
Company presents revenue from contracts with involve any financing element since the
customers net of indirect taxes in its statement same arises for reasons explained above,
of profit and loss. which is other than for provision of finance
The Company considers whether there are to/from the customer.
other promises in the contract that are separate In respect of Joint development (‘JD’)
performance obligations to which a portion of arrangements wherein the land owner/
the transaction price needs to be allocated. In possessor provides land and in lieu of
determining the transaction price, the Company land owner providing land, the Company
considers the effects of variable consideration, the transfers certain percentage of constructed
existence of significant financing components, area/ revenue proceeds, the revenue from
non-cash consideration, and consideration development and transfer of constructed
payable to the customer (if any). area to land owner is recognised over time

using percentage-of-completion method iii. Recognition of revenue from room rentals,

(‘POC method’) of accounting. Project costs food, beverages, maintenance income and
include fair value of such land received and other allied services
the same is accounted on launch of the Revenues from the room rentals during a
project. guest’s stay at the hotel is recognised based
When the fair value of the land received on occupation and revenue from sale of food
cannot be measured reliably, the revenue and beverages and other allied services, as
and cost, is measured at the fair value of the the services are rendered.
estimated construction service rendered to In respect of the maintenance income, these
the landowner, adjusted by the amount of services represent a series of daily services
any cash or cash equivalents transferred. that are individually satisfied over time
because the tenants simultaneously receive
In case of JD arrangements, where
and consume the benefits provided by the
performance obligation is satisfied over
Company. The Company applies the time
time, the Company recognises revenue only
elapsed method to measure progress.
when it can reasonably measure its progress
in satisfying the performance obligation. Membership fee is recognised on a straight
Until such time, the Company recognises line basis over the period of membership.
revenue to the extent of cost incurred, iv. Recognition of revenue from other
provided the Company expects to recover operating activities
the costs incurred towards satisfying the Revenue from project management fees is
performance obligation. recognised over period of time as per terms
of the contract.
ii. Recognition of revenue from contractual
projects Revenue from assignment is recognised at
the point in time as per terms of the contract.
Revenue from contractual project is
Revenue from marketing is recognised at
recognised over time, using an input method
the point in time basis efforts expended.
with reference to the stage of completion
of the contract activity at the end of the v. Contract Balances
reporting period, measured based on the Contract asset is the right to consideration in
proportion of contract costs incurred for exchange for goods or services transferred
work performed to date relative to the to the customer. If the Company performs by
estimated total contract costs. transferring goods or services to a customer
before the customer pays consideration or
The Company recognises revenue only when
before payment is due, a contract asset is
it can reasonably measure its progress in
recognised for the earned consideration that
satisfying the performance obligation. Until
is conditional.
such time, the Company recognises revenue
to the extent of cost incurred, provided the Trade receivable represents the Company’s
right to an amount of consideration that
Company expects to recover the costs
is unconditional (i.e., only the passage of
incurred towards satisfying the performance
time is required before payment of the
obligation.
consideration is due).
The stage of completion on a project is
Contract liability is the obligation to transfer
measured on the basis of proportion of the
goods or services to a customer for which
contract work based upon the contracts/
the Company has received consideration
agreements entered into by the Company
(or an amount of consideration is due) from
with its customers.
the customer. Contracts in which the goods
When it is probable that total contract or services transferred are lower than the
costs will exceed total contract revenue, the amount billed to the customer, the difference
expected loss is recognised as an expense is recognised as “Unearned revenue” and
immediately when such probability is presented in the Balance Sheet under “Other
determined. current liabilities”.

vi. Contract cost assets a. The Company as lessor

The Company pays sales commission for Leases in which the Company does not transfer
contracts that they obtain to sell certain units substantially all the risks and rewards incidental to
of property and capitalises the incremental ownership of an asset are classified as operating
costs of obtaining a contract. These costs leases. Rental income arising is accounted for
are amortised on a systematic basis that is on a straight-line basis over the lease terms.
consistent with the transfer of the property Contingent rents are recognised as revenue in the
to the customer. Capitalised costs to obtain period in which they are earned.
such contracts are presented separately as
b. The Company as lessee
a current asset in the Balance Sheet.
b Revenue from property rental, facility and hire The Company applies a single recognition and
charges measurement approach for all leases, except for
short-term leases and leases of low-value assets.
The Company’s policy for recognition of revenue
The Company recognises right-of-use assets
from operating leases is described in note 2.8
and lease liabilities at the lease commencement
below.
date. The right-of-use assets is initially measured
c Share in profit/ loss of Limited liability
at cost which includes the initial amount of lease
partnership (LLP) and partnership firms
liabilities recognised, initial direct costs incurred,
Share of profit / loss from partnership firm
and lease payments made at or before the
and LLP is recognised based on the financial
commencement date less any lease incentives
information provided and confirmed by the
received. Right-of-use assets are depreciated on
respective firms which is recorded under Partners
a straight-line basis over the lease term.
Current Account.
The lease liabilities is initially measured at the
d Interest income
present value of lease payments to be made over
Interest income, including income arising from
the lease term, discounted using the Company’s
other financial instruments, is recognised using
incremental borrowing rate. It is re-measured
the effective interest rate method. Interest on
when there is a change in future lease payments
delayed payment by customers are accounted
arising from a change in an index or rate, if there
when reasonable certainty of collection is
established. is a change in the Company’s estimate of the
amount expected to be payable under a residual
e Dividend income
value guarantee, or if the Company changes
Revenue is recognised when the shareholders’ its assessment of whether it will exercise a
or unit holders’ right to receive payment is
purchase, extension or termination option.
established, which is generally when shareholders
When the lease liability is re-measured in this
approve the dividend.
way, a corresponding adjustment is made to the
2.7 Advance paid towards land procurement carrying amount of the right-of-use asset, or is
Advances paid by the Company to the seller/ recorded in Statement of Profit and Loss.
intermediary towards outright purchase of land is
The Company applies the short-term lease
recognised as land advance under other current assets
recognition exemption to its short-term leases of
during the course of obtaining clear and marketable
assets (i.e., those leases that have a lease term of
title, free from all encumbrances and transfer of legal
12 months or less from the commencement date
title to the Company, whereupon it is transferred to
and do not contain a purchase option). Lease
land stock under inventories. Management is of the
view that these advances are given under normal payments on short-term leases are recognised
trade practices and are neither in the nature of loans as expense on a straight-line basis over the lease
nor advance in the nature of loans. term.
2.8 Leases 2.9 Borrowing Costs

The Company assesses at contract inception whether Borrowing costs consist of interest and other costs
a contract is, or contains, a lease. A contract is or that an entity incurs in connection with the borrowing
contains, a lease, if the contract conveys the right to of funds. Borrowing cost also includes exchange
control the use of an identified asset for a period of differences to the extent regarded as an adjustment
time in exchange for consideration. to the borrowing costs. Borrowing costs, allocated

to and utilised for qualifying assets, pertaining to the (b) in case of non-accumulating compensated
period from commencement of activities relating to absences, when the absences occur.
construction / development of the qualifying asset
b. Long-term employee benefit obligations
upto the date of capitalisation of such asset, is added
to the cost of the assets. Capitalisation of borrowing Compensated absences which are not expected
costs is suspended and charged to the Statement of to occur within twelve months after the end of the
Profit and Loss during extended periods when active period in which the employee renders the related
development activity on the qualifying assets is service are recognised as a liability at the present
interrupted. value of expected future payments to be made in
respect of services provided by employees upto
A qualifying asset is an asset that necessarily takes
the end of the reporting period using the projected
12 months or more to get ready for its intended use or
unit credit method. The benefit are discounted
sale and includes the real estate properties developed
by the Company. using the market yields at the end of the reporting
period that have terms approximating to the
2.10 Foreign Currency Transactions
terms of the related obligation. Remeasurements
Foreign currency transactions are recorded in the as a result of experience adjustments and
reporting currency, by applying to the foreign currency changes in actuarial assumptions are recognised
amount the exchange rate between the reporting in Statement of Profit and Loss.
currency and the foreign currency at the date of
The obligations are presented as current liabilities
the transaction. Foreign currency monetary items
in the Balance Sheet if the entity does not have
are reported using the exchange rate prevailing at
an unconditional right to defer the settlement
the reporting date. Non-monetary items, which are
for at least twelve months after the reporting
measured in terms of historical cost denominated in a
period, regardless of when the actual settlement
foreign currency, are reported using the exchange rate
at the date of the transaction. Exchange differences is expected to occur.
arising on the settlement of monetary items or on c. Post-employment obligations
reporting monetary items of Company at rates different
The Company operates the following post-
from those at which they were initially recorded during
employment schemes:
the year, or reported in previous financial statements,
are recognised as income or as expense in the year in i. Defined Contribution Plan:
which they arise. The Company’s contribution to provident
2.11 Employee Benefits fund is considered as defined contribution
Employee benefits include provident fund, employee plan and is charged as an expense based
state insurance scheme, gratuity and compensated on the amount of contribution required
absences. to be made. The Company has no further
payment obligations once the contributions
a. Short-term obligations
have been paid.
The undiscounted amount of short-term employee
benefits expected to be paid in exchange for the ii. Defined Benefit Plan:
services rendered by employees are recognised The liability or assets recognised in the
during the year when the employees render the Balance Sheet in respect of defined benefit
service. These benefits include performance gratuity plan is the present value of the
incentive and compensated absences which are defined benefit obligation at the end of the
expected to occur within twelve months after the reporting period less the fair value of the
end of the period in which the employee renders plan assets. The defined benefit obligation is
the related service. calculated by actuaries using the projected
The cost of short-term compensated absences is unit credit method.
accounted as under: The present value of the defined benefit
(a) in case of accumulated compensated obligation is determined by discounting the
absences, when employees render the estimated future cash outflows by reference
services that increase their entitlement of to market yields at the end of the reporting
future compensated absences; and period on government bonds that have

terms approximating to the terms of the liabilities are not recognised if they arise from the
related obligation. initial recognition of goodwill.
The net interest cost is calculated applying Deferred tax is also not accounted for if it arises
the discount rate to the net balance of the from initial recognition of an asset or liability in
defined benefit obligation and the fair value a transaction other than a business combination
of plan assets. This cost is included in the that at the time of the transaction affects neither
employee benefit expenses in the Statement accounting profit nor taxable profit / loss.
of Profit and Loss. Deferred tax is determined using tax rates (and
Remeasurement gains and losses arising laws) that have been enacted or substantively
from experience adjustments and changes enacted by the end of the reporting period and
in actuarial assumptions are recognised are expected to apply when the related deferred
in the period in which they occur, directly tax asset is realised or the deferred tax liability is
in other comprehensive income. They settled.
are included in retained earnings in the Deferred tax assets are recognised for all
Statement of Changes in Equity and in the deductible temporary differences and unused
Balance Sheet. tax losses only if it is probable that future
Changes in the present value of the defined taxable amounts will be available to utilise those
benefit obligation resulting from plan temporary differences and losses.
amendments or curtailments are recognised Current tax and deferred tax is recognised in
immediately in Statement of Profit and Loss Statement of Profit and Loss, except to the
as past service cost. extent that it relates to items recognised in other
d. Other Defined Contribution Plan comprehensive income or directly in equity.
The Company’s contribution to employee state In this case, the tax is also recognised in other
insurance scheme is charged as an expense comprehensive income or directly in equity,
based on the amount of contribution required to respectively.
be made. The Company has no further payment The carrying amount of deferred tax assets is
obligations once the contributions have been reviewed at each reporting date and reduced
paid. to the extent that it is no longer probable that
sufficient future taxable profits will be available
2.12 Income Taxes
to allow all or part of the deferred tax asset to
Income tax expense represents the sum of the tax
be utilised. Unrecognised deferred tax assets
currently payable and deferred tax.
are re-assessed at each reporting date and are
a. Current tax recognised to the extent that it has become
Current tax assets and liabilities are measured probable that future taxable profits will allow the
at the amount expected to be recovered from deferred tax asset to be recovered.
or paid to the taxation authorities. The tax rates 2.13 Property, plant and equipment
and tax laws used to compute the amount are
Property, plant and equipment are stated at cost,
those that are enacted or substantively enacted,
net of accumulated depreciation and accumulated
at the reporting date. Current tax relating to items
impairment losses, if any. The cost comprises purchase
recognised outside Statement of Profit and Loss
price, borrowing costs if capitalisation criteria are met
is recognised outside Statement of Profit and
and directly attributable cost of bringing the asset to
Loss (either in other comprehensive income (OCI)
its working condition for the intended use. Each part of
or in equity). Current tax items are recognised in
an item of property, plant and equipment with a cost
correlation to the underlying transaction either in
that is significant in relation to the total cost of the item
OCI or directly in equity.
is depreciated separately.
b. Deferred tax Subsequent costs are included in the asset’s
Deferred tax is recognised on temporary carrying amount or recognised as a separate asset,
differences arising between the tax bases of as appropriate, only when it is probable that future
assets and liabilities and their carrying amounts economic benefits associated with the item will flow to
in the financial statements. However, deferred tax the Company and the cost of the item can be measured

reliably. Cost of the asset includes expenditure that is furniture and fixtures, depreciation has been provided
directly attributable to the acquisition and installation, over lower of useful lives or leasable period.
including interest on borrowing for the project / 2.14 Capital work-in-progress
property, plant and equipment up to the date the asset
Projects under which tangible assets are not yet ready
is put to use. Any cost incurred relating to settlement
for their intended use are carried at cost comprising
of claims regarding titles to the properties is accounted
direct cost, related incidental expenses and attributable
for and capitalised as incurred.
borrowing costs.
Advances paid towards the acquisition of property,
Depreciation is not provided on capital work-in-
plant and equipment outstanding at each balance
progress until construction and installation are
sheet date is classified as capital advances under
complete and the asset is ready for its intended use.
other non-current assets.
2.15 Investment Property
Depreciation method, estimated useful lives and
residual values Investment properties are properties held to earn
rentals and/or for capital appreciation (including
Depreciable amount for assets is the cost of an
property under construction for such purposes).
asset, or other amount substituted for cost, less its
Investment properties are measured initially at cost,
estimated residual value. Depreciation on property,
including transaction costs. Subsequent to initial
plant and equipment is provided using written-down
recognition, investment properties are measured in
value method over the useful lives of assets estimated
accordance with Ind AS 16’s requirements for cost
by the Management. The Management estimates the
model. The cost of Investment property includes the
useful lives for the property, plant and equipment as
cost of replacing parts and borrowing costs for long-
follows:
term construction projects if the recognition criteria
Particulars Useful lives are met. When significant parts of the investment
estimated by the property are required to be replaced at intervals, the
management Company depreciates them separately based on their
Building # * 58 Years specific useful lives. All other repair and maintenance
Plant and machinery * 20 Years costs are recognised in Statement of Profit and Loss
Office Equipment* 20 Years as incurred.
Furniture and fixtures * 15 Years Investment properties are depreciated using written-
Vehicles* 10 Years down value method over the useful lives. Investment
Computers and Accessories* 6 Years properties - Building generally have a useful life of 58-
60 years and plant and machinery have a useful life of
# includes certain assets that has been assessed with
20 years. The useful life has been determined based
useful lives of 15 years.
on internal assessment and independent technical
* For these class of assets, based on internal
evaluation carried out by external valuer, taking into
assessment and independent technical evaluation
account the nature of the asset, the estimated usage
carried out by external valuers, taking into account the
of the asset, the operating conditions of the asset, past
nature of the asset, the estimated usage of the asset,
history of replacement.
the operating conditions of the asset, past history of
replacement, the Management believes that the useful The fair value of investment property is disclosed in the
lives as given above best represent the period over notes. Fair values are determined based on evaluation
which the Management expects to use these assets. performed by accredited external independent valuers.
Hence the useful lives for these assets is different from An investment property is derecognised upon disposal
the useful lives as prescribed under Part C of Schedule or when the investment property is permanently
II to the Companies Act, 2013. withdrawn from use and no future economic benefits
are expected from the disposal. Any gain or loss arising
Gains and losses on disposals are determined by on derecognition of the property (calculated as the
comparing proceeds with the carrying amount. These difference between the net disposal proceeds and the
are included in Statement of Profit and Loss. carrying amount of the asset) is included in Statement
In respect of leasehold building, leasehold improvement of Profit and Loss in the period in which the property is
- plant and machinery and leasehold improvement - derecognised.

2.16 Intangible Assets When an impairment loss subsequently reverses, the

Intangible assets acquired separately are measured on carrying amount of the asset (or a cash-generating
initial recognition at cost. Following initial recognition, unit) is increased to the revised estimate of its
intangible assets are carried at cost less accumulated recoverable amount, but so that the increased carrying
amortisation and accumulated impairment losses, amount does not exceed the carrying amount that
if any. Intangible assets, comprising of software are would have been determined had no impairment loss
amortised on the basis of written down value method been recognised for the asset (or cash-generating
over a period of 6 years, which is estimated to be the unit) in prior years. A reversal of an impairment loss
useful life of the asset. Gains or losses arising from is recognised immediately in Statement of Profit and
de-recognition of an intangible asset are measured as Loss.
the difference between the net disposal proceeds and
2.18 Inventories
the carrying amount of the asset and are recognised
in the Statement of Profit and Loss when asset is Related to contractual and real estate activity
derecognised.
Direct expenditure relating to construction activity is
2.17 Impairment of tangible and intangible assets other
inventorised. Other expenditure (including borrowing
than goodwill
costs) during construction period is inventorised to
At the end of each reporting period, the Company reviews the extent the expenditure is directly attributable cost
the carrying amounts of its tangible and intangible of bringing the asset to its working condition for its
assets to determine whether there is any indication intended use. Other expenditure (including borrowing
that those assets have suffered an impairment loss. If costs) incurred during the construction period which
any such indication exists, the recoverable amount of is not directly attributable for bringing the asset to
the asset is estimated in order to determine the extent its working condition for its intended use is charged
of the impairment loss (if any). When it is not possible to the Statement of Profit and Loss. Direct and
to estimate the recoverable amount of an individual
other expenditure is determined based on specific
asset, the Company estimates the recoverable amount
identification to the construction and real estate
of the cash generating unit to which the asset belongs.
activity. Cost incurred/ items purchased specifically for
When a reasonable and consistent basis of allocation
projects are taken as consumed as and when incurred/
can be identified, corporate assets are also allocated
received.
to individual cash-generating units, or otherwise they
are allocated to the smallest group of cash-generating Work-in-progress - Real estate projects (including
units for which a reasonable and consistent allocation land inventory): Represents cost incurred in respect of
basis can be identified. unsold area of the real estate development projects or
Intangible assets with indefinite useful lives and cost incurred on projects where the revenue is yet to
intangible assets not yet available for use are tested be recognised. Real estate work-in-progress is valued
for impairment at least annually, and whenever there is at lower of cost and net realisable value.
an indication that the asset may be impaired. Finished goods - Flats & Plots: Valued at lower of cost
Recoverable amount is the higher of fair value less and net realisable value.
costs of disposal and value in use. In assessing value
Land inventory - Valued at lower of cost and net
in use, the estimated future cash flows are discounted
realisable value.
to their present value using a pre-tax discount rate that
reflects current market assessments of the time value Inventory also comprises of stock of food and
of money and the risks specific to the asset for which beverages and operating supplies and is carried
the estimates of future cash flows have not been at the lower of cost and net realisable value. Net
adjusted. realisable value is the estimated selling price in the
If the recoverable amount of an asset (or cash- ordinary course of business, less estimated costs of
generating unit) is estimated to be less than its carrying completion and estimated costs necessary to make
amount, the carrying amount of the asset (or cash- the sale. However, inventory held for use in production
generating unit) is reduced to its recoverable amount. of finished goods is not written down below cost if the
An impairment loss is recognised immediately in finished products in which they will be incorporated are
Statement of Profit and Loss. expected to be sold at or above cost.

2.19 Provisions and contingencies business model whose objective is to hold

A provision is recognised when the Company has the asset in order to collect contractual
a present obligation as a result of past events and cash flows and the contractual terms of the
it is probable that an outflow of resources will be financial asset give rise on specified dates
required to settle the obligation in respect of which a to cash flows that are solely payments
reliable estimate can be made. Provisions (excluding of principal and interest on the principal
retirement benefits) are not discounted to their present amount outstanding.
value and are determined based on the best estimate Financial assets at fair value through other
required to settle the obligation at the Balance Sheet comprehensive income
date. These are reviewed at each Balance Sheet date
A financial asset is subsequently measured
and adjusted to reflect the current best estimates.
at fair value through other comprehensive
A contingent liability is a possible obligation that arises
income if it is held within a business
from past events whose existence will be confirmed
model whose objective is achieved by both
by the occurrence or non-occurrence of one or more
collecting contractual cash flows and selling
uncertain future events beyond the control of the
financial assets and the contractual terms
Company or a present obligation that is not recognised
of the financial asset give rise on specified
because it is not probable that an outflow of resources
dates to cash flows that are solely payments
will be required to settle the obligation. A contingent
of principal and interest on the principal
liability also arises in extremely rare cases where
amount outstanding. Further, in cases where
there is a liability that cannot be recognised because
the Company has made an irrevocable
it cannot be measured reliably. The Company does
election based on its business model, for its
not recognise a contingent liability but discloses its
investments which are classified as equity
existence in the financial statements.
instruments, the subsequent changes in fair
2.20 Financial Instruments value are recognised in other comprehensive
A Initial recognition income.
The Company recognises financial assets and Financial assets at fair value through profit
financial liabilities when it becomes a party to and loss (FVPL)
the contractual provisions of the instrument. All A financial asset which is not classified in any
financial assets and liabilities are recognised at of the above categories are subsequently
fair value on initial recognition. Transaction costs fair valued through Statement of Profit and
that are directly attributable to the acquisition or Loss.
issue of financial assets and financial liabilities,
Financial liabilities
that are not at fair value through Statement of
Profit and Loss, are added to the fair value on Financial liabilities are subsequently carried
initial recognition. Regular way purchase and at amortised cost using the effective interest
sale of financial assets are accounted for at trade method, except for contingent consideration
date. recognised in a business combination which
Management is of the view that Financial assets is subsequently measured at fair value
such as Refundable deposits, Current account through Statement of Profit and Loss. For
in partnership firms and other advances arises trade and other payables maturing within
under normal trade practices and are neither in one year from the Balance Sheet date, the
the nature of loans nor advance in the nature of carrying amounts approximate the fair
loans. value due to the short maturity of these
instruments.
B Subsequent measurement
Investments in Subsidiaries, joint ventures
a. Non-derivative financial instruments
and associates
Financial assets carried at amortised cost Investments in subsidiaries, joint ventures
A financial asset is subsequently measured and associates are carried at cost in the
at amortised cost if it is held within a financial statements.

b. Share Capital are contractually repayable within 12 months

from the Balance Sheet date and as non-current,
Ordinary shares are classified as equity.
in other cases.
Incremental costs directly attributable to
the issuance of new ordinary shares are Current versus non-current classification
recognised as a deduction from equity, net The Company presents assets and liabilities in
of any tax effects. the Balance Sheet based on current/ non-current
C Derecognition of financial instruments classification. An asset is treated as current when it is:
The Company derecognises a financial asset - Expected to be realised or intended to be sold or
when the contractual rights to the cash flows consumed in normal operating cycle;
from the financial asset expire or it transfers - Held primarily for the purpose of trading;
the financial asset and the transfer qualifies for
- Expected to be realised within twelve months
derecognition under Ind AS 109. A financial liability
after the reporting period, or
(or a part of a financial liability) is derecognised
- Cash or cash equivalents unless restricted from
from the Company’s Balance Sheet when the
being exchanged or used to settle a liability for at
obligation specified in the contract is discharged
least twelve months after the reporting period.
or cancelled or expires.
All other assets are classified as non-current.
D Impairment of financial assets
A liability is current when:
The Company recognises loss allowances using
- It is expected to be settled in normal operating
the expected credit loss (ECL) model for the
cycle;
financial assets which are not fair valued through
Statement of Profit and Loss. Loss allowance for - It is held primarily for the purpose of trading;
trade receivables with no significant financing - It is due to be settled within twelve months after
component is measured at an amount equal the reporting period, or
to lifetime ECL. For all other financial assets, - There is no unconditional right to defer the
expected credit losses are measured at an
settlement of the liability for at least twelve
amount equal to the 12-month ECL, unless
months after the reporting period.
there has been a significant increase in credit
2.22 Cash and cash equivalents
risk from initial recognition in which case those
are measured at lifetime ECL. The amount Cash and cash equivalents in the Balance Sheet
of expected credit losses (or reversal) that is comprise cash at banks and on hand and short-term
required to adjust the loss allowance at the deposits with an original maturity of three months
reporting date to the amount that is required to be or less, which are subject to an insignificant risk of
recognised is recognised as an impairment gain changes in value.
or loss in Statement of Profit and Loss. Cash and cash equivalents includes balances in
Escrow Account which shall be used only for specified
2.21 Operating cycle and basis of classification of assets
and liabilities purpose as defined under Real Estate (Regulation and
Development) Act, 2016.
a. The real estate development projects undertaken
by the Company is generally run over a period For the purpose of the statement of cash flows, cash
ranging upto 5 years. Operating assets and and cash equivalents consist of cash and short-term
liabilities relating to such projects are classified deposits, as defined above, net of outstanding bank
as current based on an operating cycle of 5 years. overdrafts as they are considered an integral part of
Borrowings in connection with such projects the Company’s cash management.
are classified as current since they form part of 2.23 Earnings per share
working capital of the respective projects. Refer Basic earnings per share are calculated by dividing
Note 49 (III) for the maturity profile for such the net profit or loss for the period attributable to
financial liabilities. equity shareholders by the weighted average number
b. Assets and liabilities, other than those discussed of equity shares outstanding during the period.
in paragraph (a) above, are classified as current The weighted average number of equity shares
to the extent they are expected to be realised / outstanding during the period is adjusted for events

such as bonus issue that have changed the number - The appropriate level of management is
of equity shares outstanding, without a corresponding committed to a plan to sell the asset (or disposal
change in resources. group),
For the purpose of calculating diluted earnings per - An active programme to locate a buyer and
share, the net profit or loss for the period attributable to complete the plan has been initiated (if applicable),
equity shareholders and the weighted average number - The asset (or disposal group) is being actively
of shares outstanding during the period are adjusted marketed for sale at a price that is reasonable in
for the effects of all dilutive potential equity shares. relation to its current fair value,
2.24 Dividends - The sale is expected to qualify for recognition as
Final dividends on shares are recorded as a liability on a completed sale within one year from the date of
the date of approval by the shareholders and interim classification, and
dividends are recorded as a liability on the date of - Actions required to complete the plan indicate
declaration by the Company’s Board of Directors. that it is unlikely that significant changes to
2.25 Statement of Cash flows the plan will be made or that the plan will be
Statement of Cash flows is prepared under Ind AS 7 withdrawn.
‘Statement of Cash flows’ specified under Section 133 Property, plant and equipment, investment property
of the Act. Cash flows are reported using the indirect and intangible assets are not depreciated or amortised,
method, whereby profit / (loss) before tax is adjusted once classified as held for sale.
for the effects of transactions of non-cash nature. Assets and liabilities classified as held for sale are
2.26 Non-current assets held for sale and discontinued presented separately from other items in the Balance
operations Sheet.
The Company classifies non-current assets and A disposal group qualifies as discontinued operation
disposal groups as held for sale if their carrying if it is a component of an entity that either has been
amounts will be recovered principally through a sale disposed off, or is classified as held for sale, and:
rather than through continuing use. Non-current - Represents a separate major line of business or
assets and disposal groups classified as held for sale geographical area of operations;
are measured at the lower of their carrying amount
- Is part of a single co-ordinated plan to dispose of
and fair value less costs to sell. Costs to sell are the
a separate major line of business or geographical
incremental costs directly attributable to the disposal
area of operations; or
of an asset (disposal group), excluding finance costs
and current tax expense. - Is a subsidiary acquired exclusively with a view to
resale.
The criteria for held for sale classification is regarded
as met only when the sale is highly probable, and the Discontinued operations are excluded from the results
asset or disposal group is available for immediate of continuing operations and are presented as a single
sale in its present condition. Actions required to amount as profit or loss after tax from discontinued
complete the sale/ distribution should indicate that operations in the Statement of Profit and Loss.
it is unlikely that significant changes to the sale will
3 RECENT ACCOUNTING PRONOUNCEMENTS
be made or that the decision to sell will be withdrawn.
Management must be committed to the sale and The Ministry of Corporate Affairs has notified
the sale expected within one year from the date of Companies (Indian Accounting Standard) Amendment
classification. Rules 2023 dated March 31, 2023 to amend the
following Ind AS which are effective from April 01,
2023.
as met only when the assets or disposal group is
available for immediate sale in its present condition, Ind AS 1, Presentation of Financial Statements
subject only to terms that are usual and customary An entity shall disclose material accounting policy
for sales of such assets (or disposal groups), its sale information. Accounting policy information is material
is highly probable; and it will genuinely be sold, not if, when considered together with other information
abandoned. The Company treats sale of the asset or included in an entity’s financial statements, it can
disposal group to be highly probable when: reasonably be expected to influence decisions that the

primary users of general purpose financial statements By its nature, a change in an accounting estimate does
make on the basis of those financial statements. The not relate to prior periods and is not the correction of
Company has evaluated the amendment and there is an error. The Company has evaluated the amendment
no impact on its financial statements. and there is no impact on its financial statements.
Ind AS 8, Accounting policies, Change in Accounting Deferred tax related to leases and decommissioning,
Estimates and Errors restoration and similar liabilities
Definition of ‘change in account estimate’ has been Ind AS 12, Income Taxes, exempt an entity from
replaced by revised definition of ‘accounting estimate’. recognising a deferred tax asset or liability in particular
As per revised definition, accounting estimates are circumstances. Despite this exemption, an entity shall
monetary amounts in the financial statements that recognise a deferred tax asset—to the extent that it is
are subject to measurement uncertainty. An entity probable that taxable profit will be available against
develops an accounting estimate to achieve the which the deductible temporary difference can be
objective set out by the accounting policy. Developing utilised—and a deferred tax liability for all deductible
accounting estimates involves the use of judgements and taxable temporary differences associated with
or assumptions based on the latest available, reliable (i) right-of-use assets and lease liabilities; and
information. (ii) decommissioning, restoration and similar
An entity may need to change an accounting estimate liabilities and the corresponding amounts
if changes occur in the circumstances on which the recognised as part of the cost of the related asset;
accounting estimate was based or as a result of new The Company has evaluated the amendment and there
information, new developments or more experience. is no impact on its financial statements.

4 PROPERTY, PLANT AND EQUIPMENT

(` in Million)
Land - Buildings Lease- Plant and Office Leasehold Furniture Leasehold Vehicles Computers Total
freehold hold machinery Equip- improve- and improve- and
building ment ments - fixtures ments Accesso-
plant and - furniture ries
machinery and
fixtures
Gross Carrying Amount
Balance as at 1 April 1,028 1,913 22 516 309 205 1,314 793 277 131 6,508
2021
Additions 12 228 - - 1 2 80 - 54 14 391
Deletions/ transfer - - - - - - - - 4 - 4
Balance as at March 1,040 2,141 22 516 310 207 1,394 793 327 145 6,895
31, 2022
Additions 63 1 - 22 19 19 404 18 54 25 625
Deletions/ transfer - - - - - 5 - 58 - - 63
31, 2023
Accumulated
depreciation
Balance as at 1 April - 152 5 126 69 114 392 520 179 96 1,653
2021
Depreciation charge - 91 1 54 33 15 163 52 28 14 451
during the year
Deletions/ transfer - - - - - - - - 4 - 4
Balance as at March - 243 6 180 102 129 555 572 203 110 2,100
31, 2022
Depreciation charge - 126 0 48 30 14 163 42 38 20 481
during the year
Deletions/ transfer - - - - - 4 - 50 - - 54
Balance as at March - 369 6 228 132 139 718 564 241 130 2,527
31, 2023
Net carrying amount
Balance as at 1 April 1,028 1,761 17 390 240 91 922 273 98 35 4,855
2021
Balance as at March 1,040 1,898 16 336 208 78 839 221 124 35 4,795
31, 2022
31, 2023
a. Assets pledged as security and restriction on titles

Property, plant and equipment with carrying amount of ` 3,473 million (March 31, 2022: ` 3,710 million) have been pledged
to secure borrowings of the Company (See Notes 23 and 27).
b. The title deeds of all the immovable properties (other than properties where the Company is the lessee) are held in the
name of the Company.

Owned Assets given under lease*:

(` in Million)
Particulars Buildings Plant and Furniture and Total
machinery fixtures
Balance as at 1 April 2021 22 280 976 1,278
Additions - - 68 68
Deletions - - - -
Balance as at March 31, 2022 22 280 1,044 1,346
Additions - 18 51 69
Deletions - - - -
Accumulated depreciation
Balance as at 1 April 2021 5 162 665 832
Depreciation charge during the year 0 17 57 74
Deletions - - - -
Balance as at March 31, 2022 5 179 722 906
Deletions - - - -
Net carrying amount
Balance as at 1 April 2021 17 118 311 446
* excluding short term lease arrangements.
5 CAPITAL WORK-IN-PROGRESS (INCLUDING INVESTMENT PROPERTY UNDER CONSTRUCTION)

(` in Million)
No. March 31, 2023 March 31, 2022
Opening balance 4,412 7,184
Addition 719 1,357
Capitalisation (3,265) -
Transfer to inventory (130) (2,453)
Slump sale 51 (c) - (1,676)
Closing balance 1,736 4,412
i. Composition of Capital work-in-progress
Investment property under construction 174 3,515
Property, plant and equipment under construction 1,562 897
Total 1,736 4,412
ii. Ageing schedule
Amounts in Capital work-in-progress for the period of
Less than 1 year 739 624
More than 1 year and less than 2 years 15 460
More than 2 years and less than 3 years 17 1,455
More than 3 years 965 1,873
Total 1,736 4,412
iii. Project development plans are reviewed and assessed on an annual basis and are executed as per the plan.

iv. There are no projects where activities has been suspended under capital work-in-progress as at March 31, 2023.
v. The Management is of the view that the fair value of investment properties under construction cannot be reliably measured
and hence fair value disclosures pertaining to investment properties under construction have not been provided.
vi. Capital work-in progress with carrying amount of ` 1,562 Million (March 31, 2022: ` 4,174 Million) have been pledged to
secure borrowings of the Company (See Notes 23 & 27). The Capital work-in progress have been pledged as security for
bank loans under a mortgage.
6 INVESTMENT PROPERTY
(` in Million)
Particulars Land Buildings Plant and Right of use Total
machinery
Balance as at 1 April 2021 1,379 4,522 227 10,554 16,682
Additions 23 1 - 651 675
Deletions/ transfer - - - 194 194
Balance as at March 31, 2022 1,402 4,523 227 11,011 17,163
Additions 789 1,822 507 5,667 8,785
Deletions/ transfer - - - - -
Balance as at 1 April 2021 - 909 56 4,315 5,280
Depreciation charge during the year - 187 24 2,170 2,381
Deletions/ transfer - - - 121 121
Balance as at March 31, 2022 - 1,096 80 6,364 7,540
Deletions/ transfer - - - - -
Net carrying amount
Balance as at 1 April 2021 1,379 3,613 171 6,239 11,402
Notes:
i. The Company’s investment properties consists of commercial properties in India. The Management has determined that
the investment properties consist of two classes of assets − office and retail − based on the nature, characteristics and
risks of each property.
ii. As at March 31, 2023 and March 31, 2022, the fair values of the properties (excluding Right of use assets) are
` 11,188 Million and ` 7,394 Million respectively. These valuations are based on valuations performed by Jones Lang
LaSalle Property Consultants India Private Limited and CBRE South Asia Private Limited, an accredited independent and
registered valuer defined under Rule 2 of Companies (Registered Valuers and Valuation) Rules, 2017. A valuation model
in accordance with that recommended by the International Valuation Standards Committee has been applied. The fair
valuation has been carried out by the Management for material investment properties.
iii. Investment property with carrying amount of ` 6,271 Million (March 31, 2022: ` 3,078 Million) have been pledged to secure
borrowings of the Company (See Note 23 & 27). The investment property have been pledged as security for bank loans
under a mortgage.
iv. The fair value of the Company’s investment properties have been arrived at using discounted cash flow method. Under
discounted cash flow method, cash flow projections based on reliable estimates of cash flow are discounted. The main
inputs used are rental growth rate, expected vacancy rates, terminal yields and discount rates which are based on
comparable transactions and industry data.

Details of the Company’s investment properties and information about the fair value hierarchy as at March 31, 2023 and
March 31, 2022, are as follows:
(` in Million)
Particulars As at As at
March 31, 2023 March 31, 2022
Assets for which fair values are disclosed
Investment property
Level 1 - -
Level 2 - -
Level 3 11,188 7,394
v. Amounts recognised in statement of profit and loss related to investment properties (excluding depreciation and
finance cost)
(` in Million)
March 31, 2023 March 31, 2022
Rental income from investment property 4,067 3,285
Direct operating expenses arising from investment property that generated 28 32
rental income during the year
Direct operating expenses arising from investment property that did not - -
generate rental income during the year
vi. The title deeds of all the immovable properties (other than properties where the Company is the lessee) are held in the
name of the company.
7 OTHER INTANGIBLE ASSETS

(` in Million)
Particulars Software Total
Balance as at 1 April 2021 190 190
Additions 6 6
Deletions - -
Balance as at March 31, 2022 196 196
Additions 4 4
Deletions - -
Accumulated amortisation
Amortisation during the year 14 14
Deletions - -
Amortisation during the year 12 12
Deletions - -
Net carrying amount
Note : The Company has not revalued its property, plant and equipment, investment property and intangible assets.

8 INVESTMENTS (NON-CURRENT)
(` in Million)
No. March 31, 2023 March 31, 2022
Investment in equity instruments 8a 7,975 6,798
Investment in preference shares 8b 210 210
Investment in debentures 8c 6,793 6,793
Investment in partnership firms/ limited liability partnership firms 8d 1,260 1,841
Investment in venture capital fund 8e - 10
Investment - Others 8f 0 0
16,238 15,652
8a Investment in equity instruments

(` in Million)
March 31, 2023 March 31, 2022
Subsidiaries (Fully paid-up unless otherwise stated)
Unquoted, Carried at cost
Village-De-Nandi Private Limited 71 71
- 1,000,000 (March 31, 2022 - 1,000,000) equity shares of `10 each
Prestige Builders and Developers Private Limited 1 1
- 29,999 (March 31, 2022 - 29,999) equity shares of `10 each
Prestige Sterling Infra Projects Private Limited 4,535 3,360
I C B I (India) Private Limited 69 69
- 289 (March 31, 2022 - 289) equity shares of `1,000 each
Prestige Leisure Resorts Private Limited 176 176
Prestige Bidadi Holdings Private Limited 376 376
K2K Infrastructure (India) Private Limited 11 11
(1,122,660) (March 31, 2022 - 1,122,660) equity shares of `10 each
Prestige Hospitality Ventures Limited 60 60
Prestige Retail Ventures Limited 60 60
Avyakth Cold Storages Private Limited 30 30
Prestige Exora Business Parks Limited 1,413 1,413
- 18,015 (March 31, 2022 - 18,015) Class A Equity shares of `10 each
- 10,785 (March 31, 2022 - 10,785) Class B Equity shares of `10 each
- 1,115 (March 31, 2022 - 1,115) Class C Equity shares of `10 each
Prestige Mall Management Private Limited 57 57
Prestige Falcon Realty Ventures Private Limited 1 1
Prestige Garden Estates Private Limited 181 181

(` in Million)
March 31, 2023 March 31, 2022
Prestige Projects Private Limited 11 11
Kochi Cyber Greens Private Limited 0 0
Prestige Mulund Realty Private Limited 0 0
Prestige Acres Private Limited 0 0
Apex Realty Management Private Limited 2 -
- 240,000 (March 31, 2022 - Nil) equity shares of `10 each
Prestige Warehousing And Cold Storage Services Private Limited 1 -
Prestige Falcon Mumbai Realty Private Limited 0 -
Sub-total 7,055 5,877
Joint Ventures - Jointly Controlled Entities (Fully paid-up unless
otherwise stated)
Thomsun Realtors Private Limited 913 913
Pandora Projects Private Limited 0 0
Apex Realty Management Private Limited - 2
- Nil (March 31, 2022 - 240,000) equity shares of `10 each
Prestige Beta Projects Private Limited 1 1
Sub-total 914 916
Other investments (Fully paid-up unless otherwise stated)
Unquoted, Carried at fair value through profit and loss
Clover Energy Private Limited 6 5
Sub-total 6 5
Total 7,975 6,798
8b Investment in preference shares

(` in Million)
March 31, 2023 March 31, 2022
- 2,539,980 (March 31, 2022 - 2,539,980) 0.001% Optionally, fully convertible,
non-cumulative redeemable preference shares of `10 each
Prestige Exora Business Parks Limited 0 0
- 21,860 (March 31, 2022 - 21,860) 0.01% Optionally, convertible,
redeemable preference shares of `10 each
Total 210 210

8c Investment in debentures
(` in Million)
March 31, 2023 March 31, 2022
(In the nature of equity)
- 20,931,091 (March 31, 2022 - 20,931,091)
0% Compulsorily Convertible Debentures of `10 each
- 519,203 (March 31, 2022 - 519,203)
0% Compulsorily Convertible Debentures of `1,000 each
- 50,500,000 (March 31, 2022 - 50,500,000)
0% Optionally Convertible Debentures of `10 each
Prestige Builders and Developers Private Limited 2,146 2,146
- 214,605,000 (March 31, 2022 - 214,605,000)
0% Optionally Convertible Debentures of `10 each
Sub-total 3,379 3,379
(In the nature of debt)
Prestige Acres Private Limited 1,847 1,847
- 184,732,500 (March 31, 2022 - 184,732,500)
12% Non Convertible Debentures of `10 each
Prestige Projects Private Limited 1,488 1,488
- 126,139,767 (March 31, 2022 - 126,139,767)
Series A Non Convertible Debentures of `10 each
- 22,673,568 (March 31, 2022 - 22,673,568)
Series B Non Convertible Debentures of `10 each
Sub-total 3,335 3,335
Joint Ventures - Jointly Controlled Entities
(Fully paid-up unless otherwise stated)
(In the nature of equity)
- 1,773,341 (March 31, 2022 - 1,773,341)
Compulsorily convertible debentures of `100 each
Sub-total 79 79
Total 6,793 6,793

8d Investment in partnership firms/ limited liability partnership firms *

(` in Million)
March 31, 2023 March 31, 2022
Subsidiaries
Partnership Firms
Prestige Office Ventures 90 90
Prestige Nottinghill Investments 1 1
Silver Oak Projects 9 9
Prestige Hi-Tech Projects - 1
Prestige Ozone Properties 0 0
Prestige Whitefield Developers 0 0
Eden Investments & Estates 2 2
Prestige Property Management & Services 10 10
Prestige Falcon Business Parks 1 1
Prestige Southcity Holdings 1 1
PSN Property Management and Services 5 5
Prestige Habitat Ventures 10 10
Prestige Kammanahalli Investments 56 56
Prestige Pallavaram Ventures 465 465
Prestige Sunrise Investments 1 1
The QS Company 1 1
Prestige AAA Investments 1 1
Prestige Century Landmark 0 0
Prestige Century Megacity 0 0
Morph 0 0
Prestige Alta Vista Holdings 0 0
Sub-total 653 654
Limited Liability Partnership Firms
Villaland Developers LLP 23 23
Apex Realty Ventures LLP 24 -
Prestige Devenahalli Developers LLP 1 1
Prestige Valley View Estates LLP 71 71
Prestige OMR Ventures LLP 0 1
West Palm Developments LLP 113 113
Prestige Whitefield Investment & Developers LLP 34 614
Sub-total 266 823
Joint Ventures - Jointly Controlled Entities
Partnership Firms
Prestige Realty Ventures 341 341
Sub-total 341 341
Limited Liability Partnership Firms
Apex Realty Ventures LLP - 23
Sub-total - 23
Total 1,260 1,841
* Refer Note 47 for details of capital account contribution and profit sharing ratio.

8e Investment in venture capital fund

(` in Million)
March 31, 2023 March 31, 2022
Unquoted, Carried at fair value through profit and loss
- Nil (March 31, 2022 – 250) units in Urban Infrastructure Opportunities Fund - 10
Total - 10
8f Investment - Others
(` in Million)
March 31, 2023 March 31, 2022
Unquoted, Carried at amortised cost
Investment in NSC - 0
Total - 0
Aggregate book value of quoted investments - -
Aggregate market value of quoted investments - -
Aggregate carrying value of unquoted investments 16,238 15,652
Aggregate amount of impairment in value of investments 5 5
Investments pledged as security for borrowings 0 0
8g Category-wise Non-Current Investment

(` in Million)
March 31, 2023 March 31, 2022
Financial assets carried at Cost 16,232 15,637
Financial assets measured at Fair Value through Profit and Loss 6 15
Total Non-Current Investments 16,238 15,652
9 LOANS (NON-CURRENT)
(` in Million)
No. March 31, 2023 March 31, 2022
To related parties - unsecured, considered good 52
Inter corporate deposits 28,462 16,905
Current account in partnership firms 5,396 6,036
Other advances 86 85
33,944 23,026
To others - unsecured, considered good
Inter corporate deposits 1,500 800
1,500 800
35,444 23,826
i Investment in equity instruments

(` in Million)
No. March 31, 2023 March 31, 2022
Directors 52 - -
Firms in which directors are partners 52 3,702 3,731
Companies in which directors of the Company are directors or members 52 28,047 16,857

ii Loans* due from :

(` in Million)
Particulars As at March 31, 2023 As at March 31, 2022
Amount (In million) % of total Amount (In million) % of total
Promoters - 0.00% - 0.00%
Directors - 0.00% - 0.00%
Key managerial personnel - 0.00% - 0.00%
Related parties 28,548 100.00% 16,990 100.00%
28,548 100.00% 16,990 100.00%
* Loans represents loans and advances in the nature of loans, repayable on demand.
10 OTHER FINANCIAL ASSETS (NON-CURRENT)

(` in Million)
No. March 31, 2023 March 31, 2022
Interest accrued but not due on deposits 1,216 1,291
1,216 1,291
Advance paid for purchase of shares - 1,176
Security deposits 9 9
Lease deposits 367 782
Refundable deposits * 1,279 2,714
Balances with banks to the extent held as margin money or security 45 20
against the borrowings, guarantees, other commitments
Interest accrued but not due on deposits 87 62
1,787 4,763
3,003 6,054
Due from :
Directors 52 - -
Firms in which directors are partners 52 - -
Companies in which directors of the Company are directors or members 52 1,216 1,191
* Refundable Deposits (Current / Non-current) includes amount recoverable from landowners as per the terms of Joint
Development agreement. The management of the Company is in the process of recovering/ adjusting the said amount from the
land owners. The management is confident that the said amounts would be recovered/adjusted in due course of time.

11 DEFERRED TAX ASSETS / (LIABILITIES) (NET)

(` in Million)
March 31, 2023 March 31, 2022
Deferred tax relates to the following
Deferred tax assets
Provision for employee benefit expenses 74 60
Provision for impairment of investments - 1
Provision created for doubtful advances/Expected Credit Loss (ECL) 327 324
Impact on accounting for real estates projects income (Revenue net of cost) 346 587
Impact of deferred consideration (Refer Note 51) - 101
Impact on accounting for Right of use assets 344 336
1,091 1,409
Deferred tax liabilities
Impact of carrying financial liabilities at amortised cost 110 94
Impact of fair valuation of financial assets (net) 5 3
Impact of difference in carrying amount of Property, plant and equipment, 96 45
Investment property and Intangible assets as per tax accounts and books.
Others 1 -
212 142
Net deferred tax assets 879 1,267
Reconciliation of deferred tax
Less/ (Add) : Tax charge / (credit) recognised in statement of profit and loss 391 594
Less/ (Add) : Tax charge / (credit) recognised in other comprehensive income (3) 4
Closing balance 879 1,267
12 OTHER NON-CURRENT ASSETS

(` in Million)
March 31, 2023 March 31, 2022
To Others - unsecured, considered good
Capital advances 80 32
Balance with statutory authorities 412 412
492 444
13 INVENTORIES (AT LOWER OF COST AND NET REALISABLE VALUE)

(` in Million)
March 31, 2023 March 31, 2022
Work in progress - projects 47,931 39,161
Stock of units in completed projects 5,498 15,138
53,429 54,299
Carrying amount of inventories pledged as security for borrowings 15,617 10,140

14 INVESTMENTS (CURRENT)
(` in Million)
No. March 31, 2023 March 31, 2022
Carried at fair value through profit and loss
Equity Instruments - Non-trade investments (Quoted, fully paid-up) 14a 9 0
Mutual Funds -Non-trade investments (Unquoted, fully paid-up) 14b 5 5
14 5
14a Equity Instruments

(` in Million)
March 31, 2023 March 31, 2022
Tata Consultancy Services Limited 9 0
9 0
14b Mutual Funds

(` in Million)
March 31, 2023 March 31, 2022
Birla Sunlife Floating Rate Long Term Institutional Plan -Daily Dividend 5 5
5 5
Aggregate book value of quoted investments 0 0
Aggregate market value of quoted investments 9 0
Aggregate carrying value of unquoted investments 5 5
Aggregate amount of impairment in value of investments - -
14c Category-wise Current Investment

(` in Million)
March 31, 2023 March 31, 2022
Financial assets carried at Cost - -
14 5
15 TRADE RECEIVABLES (UNSECURED)

(` in Million)
March 31, 2023 March 31, 2022
Carried at amortised cost
Receivables considered good 3,981 6,240
Receivables which have significant increase in credit risk 1,158 1,151
5,139 7,391
Provision for doubtful receivables (expected credit loss allowance)
Receivables considered good - -
Receivables which have significant increase in credit risk (1,158) (1,151)
(1,158) (1,151)
3,981 6,240

(` in Million)
No. March 31, 2023 March 31, 2022
i. Due from :
Directors 52 0 16
Firms in which directors are partners 52 187 182
Companies in which directors of the Company are directors or 52 1 6
members
ii. Receivables pledged as security for borrowings 1,167 1,435
iii. Trade receivables ageing schedule
Undisputed - Considered good
Not due 1,689 1,233
Less than 6 months 1,309 2,185
More than 6 months and less than 1 year 371 753
More than 1 year and less than 2 years 152 1,054
More than 2 years and less than 3 years 350 305
More than 3 years 110 710
3,981 6,240
Undisputed - Which have significant increase in credit risk
Not due - -
Less than 6 months - -
More than 6 months and less than 1 Year - -
More than 1 year and less than 2 years - -
More than 2 years and less than 3 years - -
More than 3 years 1,158 1,151
1,158 1,151
Undisputed - Credit impaired - -
- -
5,139 7,391
There are no disputed and unbilled trade receivables.
(` in Million)
March 31, 2023 March 31, 2022
iv. Movement in provision for doubtful receivables (expected credit
loss allowance) is given below:
Balance at the beginning of the year 1,151 1,131
Additions/ (reversal) during the year - net 7 20
Balance at the end of the year 1,158 1,151
v. Trade receivables from related party refer note 52.

16 CASH AND CASH EQUIVALENTS

(` in Million)
March 31, 2023 March 31, 2022
Cash on hand 0 0
Balances with banks
- in fixed deposits 780 160
2,672 4,726
17 OTHER BANK BALANCES

(` in Million)
March 31, 2023 March 31, 2022
Fixed deposits with maturity more than 3 months 1,103 501
Balances in earmarked accounts
- Balances held as margin money 258 277
1,361 778
Margin money deposits are subject to first charge as security for borrowings 258 277
18 LOANS (CURRENT)
(` in Million)
No. March 31, 2023 March 31, 2022
Current account in partnership firms 12,434 11,548
30,030 29,489
Inter corporate deposits - 212
Advance paid to staff 4 4
471 305
30,501 29,794
No. March 31, 2023 March 31, 2022
i. Due from:
Directors 52 - -
Firms in which directors are partners 52 9,120 7,434
Companies in which directors of the Company are directors or 52 16,220 16,120
members


(` in Million)
Promoters - 0% - 0%
Directors - 0% - 0%
Key managerial personnel - 0% - 0%
Related parties 17,596 100% 17,941 100%
17,596 100% 17,941 100%
19 OTHER FINANCIAL ASSETS (CURRENT)

(` in Million)
No. March 31, 2023 March 31, 2022
Refundable deposits 49 322
Other receivables 660 440
1,523 1,329
Refundable deposits 860 1,243
Lease and other deposits 1,207 722
2,137 2,061
3,660 3,390
Due from:
Directors 52 11 11
Companies in which directors of the Company are directors or members 52 847 135

20 OTHER CURRENT ASSETS

(` in Million)
No. March 31, 2023 March 31, 2022
Advance paid to suppliers 345 362
345 362
Advance paid for purchase of land * 425 3,439
Advance paid to suppliers 1,198 870
Prepaid expenses 572 561
2,402 4,949
2,747 5,311
Due from:
Directors 52 - -
* Advances paid for purchase of land (including advances paid for land aggregation) though unsecured, are considered good
as the advances have been given based on arrangements/ memorandum of understanding executed by the Company and the
Company/ seller/ intermediary is in the course of obtaining clear and marketable title, free from all encumbrances.
21 EQUITY SHARE CAPITAL

(` in Million)
March 31, 2023 March 31, 2022
Authorised capital
450,000,000 (March 31, 2022 - 450,000,000) equity shares of ` 10 each 4,500 4,500
Issued, subscribed and fully paid up capital
400,861,654 (March 31, 2022 - 400,861,654) equity shares of ` 10 each, fully 4,009 4,009
paid-up
4,009 4,009
a Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting year
No. of shares Amount (In million) No. of shares Amount (In million)
At the beginning of the year 400,861,654 4,009 400,861,654 4,009
Issued during the year - - - -
Outstanding at the end of the year 400,861,654 4,009 400,861,654 4,009
b The Company has only one class of equity shares with voting rights having par value of ` 10 each. The rights, preferences
and restrictions attached to such equity shares is in accordance with the terms of issue of equity shares under the
Companies Act, 2013, the Articles of Association of the Company and relevant provisions of the listing agreement.
c List of persons holding more than 5 % equity shares in the Company

Name of the share holder As at March 31, 2023 As at March 31, 2022
No. of shares % of holding No. of shares % of holding
Razack Family Trust 225,000,000 56.13% 225,000,000 56.13%

d Details of Shares held by Promoters

Name of the share holder / Promoters No. of Change No. of shares % of total % change
shares at the during the at the end of shares during the
beginning of year the year year
the year
As at March 31, 2023
Razack Family Trust 225,000,000 - 225,000,000 56.13% -
Irfan Razack 9,375,000 - 9,375,000 2.34% -
Rezwan Razack 9,375,000 - 9,375,000 2.34% -
Noaman Razack 9,375,000 - 9,375,000 2.34% -
Badrunissa Irfan 2,343,750 - 2,343,750 0.58% -
Almas Rezwan 2,343,750 - 2,343,750 0.58% -
Sameera Noaman 2,343,750 - 2,343,750 0.58% -
Uzma Irfan 782,250 - 782,250 0.20% -
Faiz Rezwan 780,750 - 780,750 0.19% -
Zayd Noaman 780,750 - 780,750 0.19% -
Total 262,500,000 - 262,500,000 65.48% -
Irfan Razack 9,375,000 - 9,375,000 2.34% -
Rezwan Razack 9,375,000 - 9,375,000 2.34% -
Noaman Razack 9,375,000 - 9,375,000 2.34% -
Almas Rezwan 2,343,750 - 2,343,750 0.58% -
Sameera Noaman 2,343,750 - 2,343,750 0.58% -
Uzma Irfan 782,250 - 782,250 0.20% -
Faiz Rezwan 780,750 - 780,750 0.19% -
Zayd Noaman 780,750 - 780,750 0.19% -
Total 262,500,000 - 262,500,000 65.48% -
22 OTHER EQUITY
(` in Million)
No. March 31, 2023 March 31, 2022
Securities premium 22.1 28,563 28,563
Capital reserve 22.2 27 27
Debenture redemption reserve 22.3 1,018 564
General reserve 22.4 3,072 3,072
Retained earnings 22.5 29,804 27,458
62,484 59,684
22.1 Securities premium

(` in Million)
March 31, 2023 March 31, 2022
Add: Additions during the year - -
28,563 28,563
Securities premium is used to record the premium on issue of shares. The reserve is utilised in accordance with the
provisions of the Act.

22.2 Capital reserve

(` in Million)
March 31, 2023 March 31, 2022
Opening balance 27 27
27 27
The excess of fair value of net assets acquired over consideration paid in a common control transaction is recognised as
capital reserve.
22.3 Debenture redemption reserve (DRR)
(` in Million)
No. March 31, 2023 March 31, 2022
Opening balance 23g 564 550
Add: Additions during the year 23g 454 264
Less: Transferred to general reserve on redemption of debentures - (250)
1,018 564
The Company has issued redeemable non-convertible debentures. Accordingly, the Company has created debenture
redemption reserve on a pro rata basis which is equal to 25% of the value of debentures issued, out of profits available for
payment of dividend.
22.4 General reserve

(` in Million)
March 31, 2023 March 31, 2022
Add: Additions during the year - 250
3,072 3,072
The general reserve is used from time to time to transfer profits from retained earnings for appropriation purposes.
22.5 Retained earnings

(` in Million)
No. March 31, 2023 March 31, 2022
Add: Net profit for the year 3,409 9,473
Add: Other comprehensive income arising from remeasurements of
the defined benefit obligation (net of tax)
(8) 12
I 30,859 28,323
Less: Allocations / Appropriations
Transfer to Debenture redemption reserve 23g 454 264
Dividend distributed to equity shareholders 601 601
II 1,055 865
(I - II) 29,804 27,458
The cumulative gain or loss arising from the operations which is retained by the Company is recognised and accumulated
under the heading of retained earnings. At the end of the year, the profit for the year including other comprehensive income
is transferred from the Statement of Profit and Loss to the retained earnings.

Dividend made and proposed

(` in Million)
March 31, 2023 March 31, 2022
Dividends on equity shares declared and paid:
Final dividend for the year ended on March 31, 2022: `1.5 per share (March 601 601
31, 2021: `1.5 per share)
601 601
Proposed dividends on Equity shares:
Proposed for the year ended on March 31, 2023: ` 1.5 per share 601 601
(March 31, 2022: `1.5 per share)
601 601
Proposed dividends on equity shares, if any, are subject to approval at the annual general meeting and are not recognised
as a liability as at March 31, 2023 and March 31, 2022.
23 BORROWINGS (NON-CURRENT)
(` in Million)
Particulars Note No. As at As at
March 31, 2023 March 31, 2022
Term loans (Secured) 23a to 23f
- From banks 1,467 -
- From financial institutions 2,877 4,053
Secured, Redeemable non convertible debentures 23g 4,994 7,483
9,338 11,536
23a Aggregate amount of loans guaranteed by directors 3,340 5,519
23b The Company has borrowings (current/ non current) from banks and financial institutions in the form of Lease Rental
Discounting loans, Project loans and General purpose loans which are primarily in the nature of Term Loans based on
terms of the sanction letter. The management is of the view that the projects loans and general purpose loans are in the
nature of term loans and not working capital loans.
23c Lease Rental Discounting Loans (Included under Term loans)
Security Details :
Mortgage of certain immovable properties of the Company.
Charge over the book debts, operating cash flows, revenues.
Assignment of rent receivables from various properties.
Lien against fixed deposits.
Repayment and other terms :
Repayable within 120 - 201 instalments ending in May 2036.
Personal guarantee of certain directors of the Company.
These loans are subject to interest rates ranging from 9.80% to 12.10% per annum.
23d Project loans and general loans (Included under Term loans)
Security Details :
Mortgage of certain immovable properties financed under the loan.
Charge over the project material and other assets related to the projects.
Repayable in 4 annual instalments ending in July 2026 and 84 monthly instalments ending in September 2026.

23e Refer Note No.27 for current maturities of long-term debt.

23f The Company has borrowings and working capital limits from banks or financial institutions on the basis of security of
current assets. In respect of working capital limits, there are no requirements of filing quarterly returns or statements with
banks or financial institutions as per the terms of relevant agreements. Further in respect of borrowings, the Company is
required to file quarterly returns or statements with banks or financial institutions as per the terms of the borrowings and
the Company has filed quarterly returns or statements which are in agreement with the books of accounts.
23g Secured, Redeemable non convertible debentures
During the year ended March 31, 2019, the Company issued 3,500 rated, unlisted, secured redeemable, non-convertible
debentures (A+ Rating) of ` 1,000,000 each, having tenor upto August 2023, aggregating `3,500 Million on a private
placement basis. These debenture are secured by exclusive charge by way of mortgage over certain projects of the
Company (hereinafter referred to as “mortgaged property”), exclusive charge over receivables from sale of mortgaged
property and exclusive charge over debt service reserve account and escrow accounts of mortgaged property. The
debentures are repayable in two tranches, Tranche 1 - `1,000 Million in August 2021 and Tranche 2 – `2,500 Million in
August 2023 carry a coupon rate of 10.50%. During the year ended March 31, 2022, the Company has redeemed the
Tranche 1 debentures.
During the year ended March 31, 2022, the Company issued 2,400 Series A senior, secured, redeemable, rated, listed, non-
convertible debentures (NCDs) (A+ Rating) of ` 1,000,000 each at par, having tenor upto November 29, 2024 and 2,600
Series B senior, secured, redeemable, rated, listed, non-convertible debentures (A+ Rating) of ` 1,000,000 each at par,
having tenor upto November 29, 2026 aggregating `5,000 Million. These NCDs are secured by way of exclusive charge on
the immovable project situated in Bengaluru owned by the Company and immovable properties situated in Goa and Bidadi
owned by a Subsidiary Company and a Firm. The debentures carry a coupon rate of 8.90%. In case of Series B NCDs, the
Company/ debenture holders has a call / put option to redeem by November 29, 2024.
The Company has created debenture redemption reserve as per Section 71 of the Companies Act, 2013, on a pro rata basis
amounting to `1,018 Million (March 31, 2022 - `564 Million).
24 OTHER FINANCIAL LIABILITIES (NON-CURRENT)

(` in Million)
March 31, 2023 March 31, 2022
574 432
25 OTHER NON-CURRENT LIABILITIES

(` in Million)
March 31, 2023 March 31, 2022
Advance rent / maintenance charges received 70 108
70 108
26 PROVISIONS (NON-CURRENT)
(` in Million)
No. March 31, 2023 March 31, 2022
Provision for employee benefits
- Gratuity 44 226 182
226 182

27 BORROWINGS (CURRENT)
(` in Million)
March 31, 2023 March 31, 2022
Term loans (Secured) 27a to 27e
- From banks 4,700 2,234
Unsecured (Carried at amortised cost)
-Inter corporate deposits from related parties 27f & 52 13,509 6,850
-Loan from others 660 660
Current Maturities of long-term debt (Secured) 23 3,317 1,494
Bank Overdraft 235 378
24,108 14,218
27a Aggregate amount of loans guaranteed by directors 702 970
27b Security Details :
Mortgage of certain immovable properties of the Company including related inventories, project receivables and undivided
share of land belonging to the Company.
Mortgage of certain immovable properties belonging to and Corporate Guarantee from three subsidiary companies and a
firm in which the Company is a partner.
Charge over receivables of various projects.
27c Repayment and other terms : Projects Loans

Repayable in Quarterly instalments ending in September 2026 and monthly instalments ending in March 2029.
These secured loans are subject to interest rates ranging from 8.95 % to 9.95 % per annum.
27d Repayment and other terms : Other Loans

Repayable in monthly instalments ending in April 2024 to October 2024.
27e In respect of working capital limits basis security of current assets of the Company there are no requirements of filing
quarterly returns or statements with banks or financial institutions as per the terms of relevant agreements. Further in
respect of borrowings, the Company is required to file quarterly returns or statements with banks or financial institutions
as per the terms of the borrowings and the Company has filed quarterly returns or statements which are in agreement with
the books of accounts.
27f Inter corporate deposits and loans from others are subject to interest rates ranging from 0.00% to 12.00% per annum and
are repayable on demand.

28 TRADE PAYABLES
(` in Million)
March 31, 2023 March 31, 2022
- Dues to micro and small enterprises 28a 229 386
- Dues to creditors other than micro and small enterprises 4,800 4,672
5,029 5,058
28a Disclosure as required under Micro, Small and Medium Enterprises Development Act, 2006 :
(` in Million)
March 31, 2023 March 31, 2022
i. Principal amount remaining unpaid to any supplier as at the end of the 229 386
accounting year
ii. Interest due thereon remaining unpaid to any supplier as at the end of - 3
the accounting year
iii. The amount of interest paid / written back along with the amounts of - 36
the payment made to the supplier beyond the appointed day
iv. The amount of interest due and payable for the year - 3
v. The amount of interest accrued and remaining unpaid at the end of the 23 23
accounting year
vi. The amount of further interest due and payable even in the succeeding 23 23
year, until such date when the interest dues as above are actually paid
Note : The information as required to be disclosed under The Micro, Small and Medium Enterprises Development Act, 2006
is determined to the extent such parties have been identified on the basis of the information available with the Company.
This has been relied upon by the Auditors.
28b Trade payable ageing schedule

(` in Million)
March 31, 2023 March 31, 2022
Dues to micro and small enterprises
Not due 218 231
More than 2 years and less than 3 years - 20
More than 3 years - -
229 386
Dues to creditors other than micro and small enterprises
Not due 2,896 2,617
4,800 4,672
5,029 5,058
There are no disputed dues payable.

28c Of the above trade payables ageing, retention creditors ageing is :

(` in Million)
March 31, 2023 March 31, 2022
Not due 49 48
1,400 1,528
28d Trade payable to related party refer note 52.
29 OTHER FINANCIAL LIABILITIES (CURRENT)

(` in Million)
No. March 31, 2023 March 31, 2022
Interest accrued but not due on borrowings 1,481 843
Creditors for capital expenditure 146 336
Deposits towards lease and maintenance 3,125 2,698
Advance from partnership firms 52 2,018 1,915
Advance received on behalf of land owners 1,480 1,025
Other liabilities 18,899 18,690
27,149 25,507
30 OTHER CURRENT LIABILITIES

(` in Million)
March 31, 2023 March 31, 2022
Advance from customers 608 797
Advance rent / maintenance received 359 400
Unearned revenue 26,680 34,841
Consideration under Joint development agreement towards purchase of land 8,503 6,979
Withholding taxes and duties 458 254
36,608 43,271
31 PROVISIONS (CURRENT)
(` in Million)
No. March 31, 2023 March 31, 2022
Compensated absences 44 67 57
Other Provisions for :
Projects 31a 1,065 3,321
1,132 3,378

31a Details of Project Provisions

(` in Million)
March 31, 2023 March 31, 2022
Estimated project costs to be incurred for the completed projects
(Probable outflow estimated within 12 months)
Provision outstanding at the beginning of the year 3,321 2,957
Add: Provision made during the year 1,444 1,656
Less: Provision utilised / reversed during the year 3,700 1,292
Provision outstanding at the end of the year 1,065 3,321
32 REVENUE FROM OPERATIONS

(` in Million)
No. March 31, 2023 March 31, 2022
Revenue from contracts with customers
Sale of real estate developments
Residential and commercial projects 34,890 39,938
Sale of services
Facilities, room rentals, food, beverages, maintenance income and 32a 675 621
other allied services
Contractual Projects 318 -
Other operating revenues
Project management fees 902 525
Assignment fees/ cancellation fees 93 92
Marketing fees 301 244
Revenue from property rental and hire charges 32b 4,337 3,581
Share of profit from partnership firms and LLPs (net) - Subsidiaries 1,781 591
and joint ventures
43,297 45,592
32a Facilities, room rentals, food, beverages, maintenance income and other allied services
(` in Million)
March 31, 2023 March 31, 2022
Room Revenues 24 6
Food and Beverages 65 39
Facility maintenance charges 550 564
Signage's, exhibition and other receipts 3 2
Others 33 10
675 621

32b Revenue from property rental and hire charges

(` in Million)
No. March 31, 2023 March 31, 2022
Rental income 42 896 683
Hire charges income 42 180 211
Sub-lease rental income 42 3,171 2,602
Commission income 90 79
Others - 6
4,337 3,581
33 OTHER INCOME
(` in Million)
No. March 31, 2023 March 31, 2022
Interest income
- On Bank deposits 95 165
- On loans & advances including inter corporate deposits 379 1,059
- Others 486 1,521
Profit on redemption/sale of investments - 134
Net gain on financial assets designated at FVPL 9 -
Dividend Income
- Subsidiaries/ Joint ventures 52 - 67
Provision no Longer required written back (net) - 100
Miscellaneous income 101 70
1,070 3,116
34 (INCREASE)/ DECREASE IN INVENTORY

(` in Million)
March 31, 2023 March 31, 2022
Opening inventory 54,299 68,798
Add : Stock transferred from capital work in progress 130 2,453
Less : Stock capitalised/ transferred to capital work in progress (181) -
Less : Closing inventory (53,429) (54,299)
819 16,952
35 EMPLOYEE BENEFITS EXPENSE

(` in Million)
No. March 31, 2023 March 31, 2022
Salaries, wages and bonus 2,557 2,085
Contribution to provident and other funds 44 104 88
Gratuity expense 44 43 36
Staff welfare expenses 114 78
2,818 2,287

36 FINANCE COSTS
(` in Million)
March 31, 2023 March 31, 2022
Interest on borrowings 2,304 2,253
Interest on delayed payment of statutory dues 5 21
Other borrowing costs 94 102
Interest - others 991 821
Total 3,394 3,197
Less: Borrowing cost capitalised to capital work-in-progress 81 245
Costs considered as finance cost in statement of profit and loss * 3,313 2,952
* Gross of finance cost inventorised to work-in-progress 1,558 629
37 OTHER EXPENSES
(` in Million)
No. March 31, 2023 March 31, 2022
Selling Expenses
Advertisement and sponsorship fee 400 457
Travelling expenses 200 122
Commission 1,020 1,357
Business promotion 243 111
Plant and machinery and computers 36 23
Vehicles 17 17
Others 42 30
Power and fuel 75 51
Insurance 25 36
Property tax 89 100
Legal and professional charges 459 452
Auditor's remuneration 37a 13 14
Director's sitting fees 2 2
Donations 1 -
Corporate social responsibility expenses 37b 52 67
Loss on sale of property, plant and equipment 9 -
Membership and subscription 13 2
Postage and courier 23 25
Communication expenses 11 8
Printing and stationery 31 27
Expected credit loss allowance on receivables 7 20
Loss on investment 5 -
Miscellaneous expenses 0 7
2,773 2,928

37a Auditors’ Remuneration

(` in Million)
March 31, 2023 March 31, 2022
Payment to Auditors (net of applicable GST) :
For audit 7 9
For limited review 6 5
For certification services 0 -
13 14
The Company avails input credit for GST and hence no GST expense is accrued.
37b Notes relating to Corporate Social Responsibility expenses

(` in Million)
March 31, 2023 March 31, 2022
(a) Gross amount required to be spent 81 64
(b) Amount approved by the Board to be spent 81 67
(c) Amount spent during the year
a. Through banking channel / In Cash
(i) Construction/acquisition of any asset - -
(ii) On purposes other than (i) above 52 67
b. Yet to be paid
(ii) On purposes other than (i) above - -
c. Total
(ii) On purposes other than (i) above 52 67
(d) Details related to spent obligations:
i) Contribution to Public Trust - 0
ii) Contribution to Charitable Trust (Refer Note 52) - 57
iii) Others 52 10
Total 52 67
(e) Details of ongoing project and other than ongoing project
i. In case of ongoing projects
Opening balance - -
Amount required to be spent during the year - -
Amount spent during the year - -
Closing Balance - -
ii. Other than ongoing projects
Opening Balance 38 35
Add: Amount deposited in Specified Fund of Sch. VII within 6 months - -
Less: Amount required to be spent during the year 81 64
Add: Amount spent during the year 52 67
Closing balance 9 38
(f) Excess amount spent
Opening Balance 38 35
Less: Amount required to be spent during the year 81 64
Add: Amount spent during the year 52 67
Closing balance 9 38

38 TAX EXPENSES
(` in Million)
March 31, 2023 March 31, 2022
a Income tax recognised in statement of profit and loss
Current tax
In respect of the current year 342 904
In respect of prior years 8 27
350 931
Deferred tax
391 594
741 1,525
b Income tax recognised in other comprehensive income
Deferred tax
Remeasurement of defined benefit obligation 3 (4)
Total income tax recognised in other comprehensive income 3 (4)
c Reconciliation of tax expense and accounting profit
Applicable tax rate 25.17% 25.17%
Income tax expense calculated at applicable tax rate A 1,044 2,768
Adjustment on account of :
Tax effect of exempt operating income (448) (1,249)
Excess/ (Less) tax provision for prior years reversed / recognised in 8 27
current year
Tax effect of permanent non-deductible expenses 91 66
Tax effect of deductible expenses 1 (62)
Others 45 (25)
B (303) (1,243)
Income tax expense recognised in statement of profit and loss (A+B) 741 1,525

39 EARNING PER SHARE (EPS)

March 31, 2023 March 31, 2022
Profit for the year attributable to equity shareholders of the Company and used in 3,409 9,473
calculation of EPS (` in Million)
Weighted average number of equity shares
Basic (in Numbers) 400,861,654 400,861,654
Diluted (in Numbers) 400,861,654 400,861,654
Nominal value of shares (in Rupees) 10 10
Earning per share (in Rupees)
Basic 8.50 23.63
Diluted 8.50 23.63
40 COMMITMENTS
(` in Million)
March 31, 2023 March 31, 2022
1. Capital commitments (Net of advances) 111 260
2. Bank guarantees 616 645
3. The Company enters into construction contracts with its vendors. The final amounts payable under such contracts will
be based on actual measurements and negotiated rates, which are determinable as and when the work under the said
contracts are completed.
4. The Company has entered into agreements with land owners under which the Company is required to make payments
based on the terms/ milestones stipulated under the respective agreements.
5. The Company has entered into joint development agreements with owners of land for its construction and development.
Under the agreements the Company is required to pay certain payments/ deposits to the owners of the land and share in
built up area/ revenue from such developments in exchange of undivided share in land as stipulated under the agreements.
Further the Company has given guarantees in favour of certain Joint Development partners without any commission
charged on such guarantees considering the economic interest with such partners. Accordingly, management is of the
view that these guarantees are not prejudicial to the interests of the Company.
6. The Company has made commitment to subscribe to further capital in certain of its subsidiaries and jointly controlled
entities based on operations of such entities.
7. The Company has Investment in certain subsidiaries which are yet to commence its project activities. The management
of the subsidiaries is in process of evaluating/ obtaining relevant approvals for commencement of project and expects
recovery of its investments in due course of time.

41 CONTINGENT LIABILITIES (TO THE EXTENT NOT PROVIDED FOR)

(` in Million)
March 31, 2023 March 31, 2022
1 Claims against Company not acknowledged as debts
a. Disputed Value Added Tax 248 413
b. Disputed Service Tax 425 404
c. Disputed Income Tax 185 99
d. Others 130 130
The above amounts does not include penalties, if any, that may be levied by
the authorities when the disputes are settled.
2 Corporate guarantees given on behalf of other entities (Refer notes 40 & 52) 50,757 49,115
The Company does not expect any reimbursement in respect of the above contingent liability and it is not practicable
to estimate the timings of the cash outflows, if any, in respect of matters above pending resolution of the arbitration/
appellate proceedings and it is not probable that an outflow of resources will be required to settle the above obligations/
claims.
3 The Company is subject to legal proceedings and claims, which have arisen in the ordinary course of business, including
certain litigation for lands acquired by it for construction purposes, either through joint development agreements or through
outright purchases. These cases are pending with various courts and are scheduled for hearings. The management
believes that these cases will not adversely effect its financial statements.
42 LEASES
A Movement of carrying amounts of lease liabilities and right-of-use assets.
Set out below are the carrying amounts of lease liabilities and the movements during the year:
(` in Million)
March 31, 2023 March 31, 2022
At the beginning of the year 5,424 6,837
Add: Additions during the year 5,667 651
Add: Accretion of interest 840 765
Less: Payments (3,342) (2,756)
Less: Deletions - (73)
At the end of the year 8,589 5,424
Movement of Right of use asset is detailed in Note 6 - -
B Company as a lessee
The Company has taken commercial spaces under operating lease basis which include (a) leases that are renewable on a
yearly basis, (b) cancellable at the Company’s option and (c) other long-term leases.
(` in Million)
March 31, 2023 March 31, 2022
Rental expense / (reversal) for operating leases included in the Statement of 24 (9)
Profit and Loss
Depreciation expense of right of use assets 2,503 2,170
Interest expense on lease liabilities 840 765
Expense / (reversal) relating to short-term leases (included in rental expense) 24 (9)

Non-cancellable operating lease commitments:

(` in Million)
March 31, 2023 March 31, 2022
Within 1 Year 3,100 2,673
Between 1 and 2 years 3,076 2,552
Between 2 and 3 years 1,289 318
Between 4 and 5 years 1,052 -
C Company as a lessor
The Company has given Investment properties, plant and machineries and furniture and fixtures owned by the Company
under operating lease, which include (a) leases that are renewable on a yearly basis, (b) cancellable at the Company’s
option and (c) other long-term leases. The lessee does not have an option to purchase the property at the expiry of the
lease term. Further the Company has taken certain properties under lease and has also given such properties on lease
under similar terms under which the Company has taken it on lease.
(` in Million)
March 31, 2023 March 31, 2022
Rental and hire charges income from operating leases included in the Statement 4,247 3,496
of profit and loss

(` in Million)
March 31, 2023 March 31, 2022
Rental receipts
Within 1 Year 391 172
Between 1 and 2 years 270 111
Hire Charges
Within 1 Year 97 82
Between 3 and 4 years - -
Sublease Receipts
Within 1 Year 1,761 572

43 SEGMENT INFORMATION
The Chief Operating Decision Maker reviews the operations of the Company as a real estate development activity and letting out
of developed properties, which is considered to be the only reportable segment by the Management. The Company’s operations
are in India only.
44 EMPLOYEE BENEFIT PLANS

(i) Defined Contribution Plans : The Company contributes to provident fund and employee state insurance scheme which are
defined contribution plans.
The Company has recognised the following amounts in the Statement of Profit and Loss under defined contribution plan
whereby the Company is required to contribute a specified percentage of the payroll costs to fund the benefits:
(` in Million)
March 31, 2023 March 31, 2022
Employers' contribution to provident fund 104 88
Employees' state insurance scheme 1 0
105 88
(ii) Defined Benefit Plan : The Company provides gratuity for employees who are in continuous services for a period of 5
years. The amount of gratuity is payable on retirement / termination, computed based on employees last drawn basic
salary per month. The Company makes contribution to Life Insurance Corporation (LIC) Gratuity trust to discharge the
gratuity liability.
Risk exposure
The defined benefit plan typically expose the Company to actuarial risks such as: investment risk, interest rate risk, longevity
risk and salary risk.
Investment Risk The present value of the defined benefit plan liability is calculated using a discount rate which is
determined by reference to market yields at the end of the reporting period on government bonds. If the
return on plan asset is below the discount rate, it will create a plan deficit.
The fund’s investments are managed by Life Insurance Corporation of India (LIC), the fund manager. The
details of composition of plan assets managed by the fund manager is not available with the Company.
Interest Rate Risk A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by
an increase in the return on the plan's investments.
Life expectancy The present value of the defined benefit plan liability is calculated by reference to the best estimate of the
mortality of plan participants both during and after their employment. An increase in the life expectancy
of the plan participants will increase the plan's liability.
Salary Risk The present value of the defined benefit plan liability is calculated by reference to the future salaries
of plan participants. As such, an increase in the salary of the plan participants will increase the plan's
liability.
a. Components of defined benefit cost :

(` in Million)
March 31, 2023 March 31, 2022
Current Service cost 28 22
Interest expenses / (income) net 14 12
Administrative expenses 1 2
Components of defined benefit cost recognised in Statement of Profit and 43 36
Loss

(` in Million)
March 31, 2023 March 31, 2022
Remeasurement (gains)/ losses in OCI:
Return on plan assets (greater)/ less than discount rate 1 0
Actuarial (Gain) / loss for changes in financial assumptions 2 (6)
Actuarial (Gain) / loss due to experience adjustments 8 (10)
Components of defined benefit cost recognised in Other Comprehensive 11 (16)
Income
Total components of defined benefit cost for the year 54 20
The current service cost and the net interest expense for the year are included in the ‘Employee benefits expense’ line item in
the Statement of Profit and Loss. The remeasurement of the net defined benefit liability is included in other comprehensive
income.
b. The amount included in the balance sheet arising from the entity’s obligation in respect of its defined benefit plans is
as follows:
(` in Million)
March 31, 2023 March 31, 2022
Present value of funded defined benefit obligation 273 227
Less: Fair value of plan assets 47 45
Net liability arising from defined benefit obligation 226 182
c. Movements in the present value of the defined benefit obligation are as follows:
(` in Million)
March 31, 2023 March 31, 2022
Opening defined benefit obligation 227 216
Current service cost 28 22
Interest cost 18 16
Actuarial (Gain) /loss (through OCI) 11 (16)
Benefits paid (11) (11)
Closing defined benefit obligation 273 227
d. Movements in fair value of plan assets are as follows:

(` in Million)
March 31, 2023 March 31, 2022
Opening Fair Value of Plan Assets 45 44
Expected return on plan asset 4 4
Contributions by Employer 11 10
Administration expenses (1) (2)
Actuarial Gain / (loss) (through OCI) (1) (0)
Closing Fair Value of Plan Assets 47 45
e. Net asset/(liability) recognised in balance sheet

(` in Million)
March 31, 2023 March 31, 2022
Fair value of plan assets 47 45
Less: Present Value of Defined Benefit Obligation 273 227
Net asset/(liability) recognised in balance sheet (226) (182)

f. Actuarial Assumptions
(` in Million)
March 31, 2023 March 31, 2022
Discount Rate 7.20% 7.30%
Rate of increase in compensation 7.00% 7.00%
Attrition rate Refer table below
Retirement age 58 years 58 years
Attrition rate
(` in Million)
Age As at As at
March 31, 2023 March 31, 2022
Upto 30 10.00% 10.00%
31-40 5.00% 5.00%
41-50 3.00% 3.00%
Above 50 2.00% 2.00%
g. Sensitivity analysis
Significant actuarial assumptions for the determination of the defined obligation are discount rate, expected salary increase
and employee attrition. The sensitivity analysis below have been determined based on reasonably possible changes of the
respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant.
Impact on defined benefit obligation:

(` in Million)
March 31, 2023 March 31, 2022
Discount rate Increase by 100 basis points (19) (16)
Decrease by 100 basis points 22 18
Salary escalation rate Increase by 100 basis points 20 17
Decrease by 100 basis points (18) (15)
Employee attrition rate Increase by 1000 basis points 0 0
The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation
as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may
be correlated.
Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has been
calculated using the projected unit credit method at the end of the reporting period, which is the same as that applied in
calculating the defined benefit obligation liability recognised in the balance sheet.
There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.
h. Estimated amount of Gratuity contribution over the next one year is ` 10 Million, one to three years is ` 30 Million and
greater than three years is ` 186 Million.
(iii) Other Employee Benefits - Compensated absences

The leave obligations cover the Company’s liability for earned leave and is not funded.
Leave encashment benefit expensed in the Statement of Profit and Loss for the year is ` 16 Million (March 31, 2022:
` 13 Million).
Leave encashment benefit outstanding is ` 67 Million (March 31, 2022 : ` 57 Million).

45 There are no foreign currency exposures as at March 31, 2023 (March 31, 2022 - Nil) that have not been hedged by a
derivative instrument or otherwise.
46 Refer Annexure I for disclosures under Regulation 34(3) and 53(f) of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015.
47 Details of capital account contribution and profit sharing ratio in partnership firms and limited liability partnership
firms:
Name of the Firms/LLPs/Partners March 31, 2023 March 31, 2022

Capital ` In million Profit Sharing Ratio Capital ` In million Profit Sharing Ratio
Prestige Office Ventures
Prestige Estates Projects Limited 90 99.99% 90 99.99%
Irfan Razack 0 0.00% 0 0.00%
Rezwan Razack 0 0.00% 0 0.00%
Noaman Razack 0 0.00% 0 0.00%
Prestige Nottinghill Investments
Avinash Amarlal 0 12.50% 0 12.50%
Ekta A. Kukreja 0 11.50% 0 11.50%
Kiran Amarlal 0 12.50% 0 12.50%
Seth Assardas Amarlal 0 12.50% 0 12.50%
Silveroak Projects
Zayd Noaman 0 0.01% 0 0.01%
Prestige Hi-Tech Projects
Prestige Estates Projects Limited - - 1 92.35%
Irfan Razack - - 0 2.50%
Rezwan Razack - - 0 2.50%
Noaman Razack - - 0 2.50%
Badrunissa Irfan - - 0 0.05%
Almas Rezwan - - 0 0.05%
Sameera Noaman - - 0 0.05%
Prestige Ozone Properties
Irfan Razack 0 1.00% 0 1.00%
Atheeq Sulaiman 0 25.00% 0 25.00%
Mohammed Nauman Naji 0 10.00% 0 10.00%
Mohammed Salman Naji 0 10.00% 0 10.00%
Saba Naser 0 5.00% 0 5.00%
Prestige Whitefield Developers
Irfan Razack 0 1.00% 0 1.00%
Atheeq Sulaiman 0 25.00% 0 25.00%


Saba Naser 0 5.00% 0 5.00%
Eden Investments & Estates
Irfan Razack 0 2.00% 0 2.00%
Zackria Hashim 0 4.00% 0 4.00%
Agnelo Braganca 0 6.25% 0 6.25%
Melanie Braganca 0 6.25% 0 6.25%
Prestige Property Management &
Services
Irfan Razack 0 1.00% 0 1.00%
Prestige Falcon Business Parks
Prestige Office Ventures 0 1.00% 0 1.00%
Irfan Razack 0 0.34% 0 0.34%
Prestige Southcity Holdings
Southcity Properties (India) Private 1 49.00% 1 49.00%
Limited
PSN Property Management &
Services
Chaitanya Properties Private Limited 5 50.00% 5 50.00%
Prestige Habitat Ventures
Irfan Razack 0 0.34% 0 0.34%
Prestige Kammanahalli
Investments
Silverline Business and Techparks 0 25.00% - -
LLP
Silverline Real Estate and - - 0 8.33%
Investment
Farook Mahmood - - 0 8.34%
Zahed Mahmood - - 0 8.33%
Prestige Pallavaram Ventures
Zayd Noaman 0 0.05% 0 0.05%


Prestige Sunrise Investments
Zackria Hashim 0 0.01% 0 0.01%
The QS Company
Irfan Razack 0 1.00% 0 1.00%
Prestige AAA Investments
Assardas Amarlal 0 12.50% 0 12.50%
Avinash Amarlal 0 12.50% 0 12.50%
Kiran Amarlal 0 12.50% 0 12.50%
Ekta A. Kukreja 0 11.50% 0 11.50%
Prestige Alta Vista Holdings
Irfan Razack 0 1.00% 0 1.00%
Villaland Developers LLP
Prestige Valley View Estates LLP
Irfan Razack 2 10.10% 2 10.10%
Rezwan Razack 2 10.15% 2 10.15%
Noaman Razack 2 10.15% 2 10.15%
Sameera Noaman 1 5.15% 1 5.15%
Badrunissa Irfan 1 5.15% 1 5.15%
Almas Rezwan 1 5.15% 1 5.15%
Uzma Irfan 0 1.55% 0 1.55%
Faiz Rezwan 0 1.55% 0 1.55%
Prestige Whitefield Investment &
Developers LLP
Prestige Alta Vista Holdings 29 49.00% 587 49.00%
Irfan Razack 0 0.00% 0 0.00%
Almas Rezwan 0 0.00% 0 0.00%
West Palm Developments LLP
Irfan Razack 0 1.00% 0 1.00%
Arun Chamaria 0 2.99% 0 2.99%
Subramanyam Yadalam 0 0.72% 0 0.72%
Adinarayana Setty


Shivakumar Yadalam Adinarayana 0 0.72% 0 0.72%
Setty
Yadalam Adinarayan Setty 0 0.72% 0 0.72%
Balachandra
Giridhar G. Yadalam 0 1.17% 0 1.17%
Y. G. Ramkumar 0 1.17% 0 1.17%
Lakshman G. Yadalam 0 1.17% 0 1.17%
Y. G. Subbaiah Setty 0 1.17% 0 1.17%
Jawahar Gopal 0 1.07% 0 1.07%
Meera Jawahar 0 2.99% 0 2.99%
Manohar Gopal 0 1.07% 0 1.07%
Nehaa Manohar 1 7.26% 1 7.26%
Dhiren Gopal 0 1.07% 0 1.07%
Neeta Dhiren 1 7.26% 1 7.26%
Lav Jawahar 0 2.14% 0 2.14%
Kush Jawahar 0 2.14% 0 2.14%
Devimookambika Holding LLP 0 1.17% 0 1.17%
Prestige Realty Ventures
Irfan Razack 0 0.02% 0 0.02%
Almas Rezwan 0 0.01% 0 0.01%
Ameena Ahmed 0 0.01% 0 0.01%
Mehreen Ahmed 0 0.01% 0 0.01%
Zainab Ismail 0 0.01% 0 0.01%
Redhills Estates and Projects LLP 891 49.00% 891 49.00%
MEL Properties Private Limited 9 1.00% 9 1.00%
Prestige OMR Ventures LLP
Prestige Retail Ventures Limited 1 99.00% - -
Mysore Projects Private Limited - - 0 30.00%
Prestige Devenahalli Developers
LLP
Sumathkumar Reddy Bathina 0 55.00% 0 55.00%
Morph
Anjum Jung 0 50.00% 0 50.00%
Omer Bin Jung 0 2.50% 0 2.50%
Irfan Razack 0 2.50% 0 2.50%
Apex Realty Ventures LLP
Venkat K Narayana 4 40.00% 4 39.96%
Apex Realty Management Private - - 0 0.10%
Limited


Prestige Century Landmark
P. Ravindra Pai 0 15.00% 0 15.00%
P. Ashwin Pai 0 15.00% 0 15.00%
Century Assets Private Limited 0 15.00% 0 15.00%
Prestige Century Megacity
P Dayananda Pai 0 13.75% 0 13.75%
P Satish Pai 0 13.75% 0 13.75%
Century Assets Private Limited 0 13.75% 0 13.75%
P Ashwin Pai 0 13.75% 0 13.75%
Note: In certain partnership firms/ LLPs , the Company’s contribution in the form of Capital/ Current account is greater in
comparison of other investor’s share of contribution. The management of the Company is confident of recovery of the excess
contribution based on the profit projection and project plan in the said partnership firms/ LLPs.
48 FINANCIAL INSTRUMENTS
The fair value of the financial assets and liabilities approximate to its carrying amounts. The carrying value of financial
instruments by categories is as follows:
(` in Million)
Particulars Note No As at March 31, 2023 As at March 31, 2022
Fair Value Cost/ Fair Value Cost/
through profit Amortised through profit Amortised
and loss Cost and loss Cost
Financial assets
Investments 8, 14 20 16,232 20 15,637
Trade receivables 15 - 3,981 - 6,240
Cash and cash equivalents 16 - 2,672 - 4,726
Other bank balances 17 - 1,361 - 778
Loans and advances 9, 18 - 65,945 - 53,620
Other financial assets 10, 19 - 6,663 - 9,444
20 96,854 20 90,445
Borrowings 23, 27 - 33,446 - 25,754
Trade payables 28 - 5,029 - 5,058
Lease liabilities 42 - 8,589 - 5,424
Other financial liabilities 24, 29 - 27,723 - 25,939
- 74,787 - 62,175
Fair Value Hierarchy:
(` in Million)
March 31, 2023 March 31, 2022
Assets measured at fair value
Investments
Level 1 14 5
Level 2 - -
Level 3 6 15

49 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Company’s principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of
these financial liabilities is to finance the acquisition and Company’s real estate operations. The Company’s principal financial
assets include investments, trade and other receivables, cash and cash equivalents, land advances and refundable deposits
that derive directly from its operations.
The management is of the view that the terms and conditions of the investments made, guarantees provided, security given,
land advances, refundable deposits, current account with partnership firms, loans and advances are not prejudicial to the
interest of the Company considering its economic interest and furtherance of the business objectives.
The Company is exposed to market risk, credit risk and liquidity risk. The Company’s senior management oversees the
management of these risks. The senior management ensures that the Company’s financial risk activities are governed by
appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the
Company’s policies and risk objectives. It is the Company’s policy that no trading in derivatives for speculative purposes may
be undertaken. The Board of Directors reviews and agrees policies for managing each of these risks, which are summarised
below.
I Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises two types of risk: interest rate risk and other price risk, such as equity price risk and
commodity risk. The Company has no exposure to commodity prices as it does not deal in derivative instruments whose
underlying is a commodity. Financial instruments affected by market risk include loans and borrowings and refundable
deposits.
The sensitivity analysis in the following sections relate to the position as at March 31, 2023 and March 31, 2022. The
sensitivity analysis have been prepared on the basis that the amount of net debt and the ratio of fixed to floating interest
rates of the debt are constant.
The analysis exclude the impact of movements in market variables on: the carrying values of gratuity and other post
retirement obligations; provisions.
The following assumptions have been made in calculating the sensitivity analysis:
The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market risks. This is
based on the financial assets and financial liabilities held at March 31, 2023 and March 31, 2022.
Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. The Company’s exposure to the risk of changes in market interest rates relates primarily
to the Company’s long-term and short-term debt obligations with floating interest rates.
The Company manages its interest rate risk by having a balanced portfolio of fixed and variable rate borrowings. The
Company does not have any interest rate swaps.
Interest rate sensitivity

The following table demonstrates the sensitivity to a possible change in interest rates on that portion of borrowings
outstanding at the balance sheet date. With all other variables held constant, the Company’s profit before tax is affected
through the impact on floating rate borrowings, as follows:
Effect on profit before tax

(` in Million)
March 31, 2023 March 31, 2022
Decrease in interest rate by 50 basis points 130 91
Increase in interest rate by 50 basis points (130) (91)

II Credit risk
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract,
leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables)
and from its financing activities, including refundable joint development deposits, security deposits, loans to employees
and other financial instruments.
Trade and other receivables

Trade receivables of the Company comprises of receivables towards sale of properties, rental receivables and other
receivables.
Receivables towards sale of property - The Company is not substantially exposed to credit risk as property is delivered on
payment of dues. However the Company make provision for expected credit loss where any property developed by the
Company is delayed due to litigation as further collection from customers is expected to be realised only on final outcome
of such litigation.
Receivables towards rental receivables - The Company is not substantially exposed to credit risk as Company collects
security deposits from lessee.
Other Receivables - Credit risk is managed as per the Company’s established policy, procedures and control relating to
customer credit risk management. Outstanding customer receivables are regularly monitored. The impairment analysis is
performed at each reporting date on an individual basis for major customers. The maximum exposure to credit risk at the
reporting date is the carrying value of each class of financial assets.
Refundable joint development deposits

The Company is subject to credit risk in relation to refundable deposits given under joint development arrangements.
The management considers that the risk is low as it is in the possession of the land and the property share that is to be
delivered to the land owner under the joint development arrangements.
Financial Instrument and cash deposits

Credit risk from balances with banks and financial institutions is managed by the Company’s treasury department in
accordance with the Company’s policy. Investments of surplus funds are made only with approved counterparties and
within credit limits assigned to each counterparty. Counterparty credit limits are reviewed by the Company’s Board of
Directors on an annual basis, and may be updated throughout the year subject to approval of the Company’s Finance
Committee. The limits are set to minimise the concentration of risks and therefore mitigate financial loss through a
counterparty’s potential failure to make payments. The Company’s maximum exposure to credit risk for the components
of the Balance Sheet at March 31, 2023 and March 31, 2022 is the carrying amounts.
III Liquidity risk

The Company’s objective is to maintain a balance between continuity of funding and flexibility through the use of bank
deposits and loans. The table below summarises the maturity profile of the Company’s financial liabilities based on
contractual payments:
(` in Million)
On demand < 1 year 1 to 5 years > 5 years Total
Borrowings 14,404 4,547 11,999 2,496 33,446
Trade payables - 5,029 - - 5,029
Lease liabilities - 3,100 2,386 3,103 8,589
Other financial liabilities 2,018 25,131 574 - 27,723
16,422 37,807 14,959 5,599 74,787
Borrowings 7,888 3,116 13,137 1,613 25,754
Other financial liabilities 1,915 23,592 432 - 25,939
9,803 34,439 15,083 2,850 62,175

50 CAPITAL MANAGEMENT
For the purpose of the Company’s capital management, capital includes issued equity capital, securities premium and all other
equity reserves attributable to the equity holders of the Company. The primary objective of the Company’s capital management
is to maintain strong credit rating and healthy capital ratios in order to support its business and maximise the shareholder
value.
The Company, through its Board of Directors manages its capital structure and makes adjustments in light of changes in
economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company
may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Company monitors
capital using debt equity ratio, which is net debt divided by total capital. The Company’s policy is to keep the debt equity ratio
below 1.00. The Company includes within net debt, interest bearing loans and borrowings (excluding borrowings from group
companies) less cash and cash equivalents, current investments, other bank balances and margin money held with banks.
The disclosure below could be different from the debt and equity components which have been agreed with any of the lenders.
(` in Million)
No. March 31, 2023 March 31, 2022
Borrowings - Current 27 24,108 14,218
Borrowings - Non-current 23 9,338 11,536
Less: Borrowings from related parties 27 (13,509) (6,850)
Less: Cash and cash equivalents 16 (2,672) (4,726)
Less: Current investments 14 (14) (5)
Less: Other bank balances 17 (1,361) (778)
Less: Balances with banks to the extent held as margin money or 10 (45) (20)
security
Net debt 15,845 13,375
Equity 66,493 63,693
Debt equity ratio for the purpose of capital management 0.24 0.21
51 DETAILS OF EXCEPTIONAL ITEMS

a. During the year ended March 31, 2021, the Company had entered into definitive agreements and transferred certain
investment and completed commercial projects on a slump sale basis. Of the total agreed consideration, `1,503 million
was deferred on occurrence or non-occurrence of certain contingent events and was not recognised for the year ended
March 31, 2021.
During the year ended March 31, 2022, of the above deferred consideration, the Company had received ` 1,063 million and
recognised as an exceptional item. The balance amount of ` 440 million is still deferred as at March 31, 2022.
During the year ended March 31, 2023, of the above deferred consideration, the Company has received the final amount of
` 204 million and recognised as an exceptional item.
b. During the year ended March 31, 2022, the Company had divested its holdings in Prestige City Estates Private Limited
(‘PCEPL’) to a third-party investor. Post such divestment in Prestige City Estates Private Limited, based on legal advice
obtained, the Company did not have any continuing or future obligations for repayment of its share of gain not recorded
earlier as required under Ind AS . Accordingly, the amount received and realised amounting to ` 4,371 million had been
considered as an exceptional item.
c. During the year ended March 31, 2022, the Company had divested directly/ indirectly 50% of stake in Prestige Beta Projects
Private Limited and Dashanya Tech Parkz Private Limited. Further the Company had on a slump sale basis transferred a
particular business undertaking to Kochi Cyber Green Private Limited for a total consideration of ` 440 million resulting in
expectional loss of ` 35 million.

Details of assets / liabilities transferred on slump sale

Particulars ` In Million
Capital work-in-progress A 1,676
Trade payable B 1,107
Inter-corporate deposits C 94
Total (A-B-C) 475
52 LIST OF RELATED PARTIES

A. Subsidiaries
i) Companies
(` in Million)
Name of investee Principal place % of ownership interest
of business March 31, 2023 March 31, 2022
Avyakth Cold Storages Private Limited India 100.00% 100.00%
Dollars Hotel & Resorts Private Limited India * *
ICBI (India) Private Limited India 82.57% 82.57%
K2K Infrastructure (India) Private Limited India 75.00% 75.00%
Northland Holding Company Private Limited India * *
Prestige Bidadi Holdings Private Limited India 99.94% 99.94%
Prestige Builders and Developers Private Limited India 99.99% 99.99%
Prestige Construction Ventures Private Limited India * *
Prestige Exora Business Parks Limited India 100.00% 100.00%
Prestige Falcon Realty Ventures Private Limited India 100.00% 100.00%
Prestige Garden Resorts Private Limited India * *
Prestige Hospitality Ventures Limited India 99.99% 99.99%
Prestige Leisure Resorts Private Limited India 57.45% 57.45%
Prestige Retail Ventures Limited India 99.99% 99.99%
Sai Chakra Hotels Private Limited India * *
Shipco Infrastructure Private Limited India * *
Prestige Sterling Infra Projects Private Limited India 90.00% 80.00%
Prestige Mall Management Private Limited India 100.00% 100.00%
Prestige Garden Estates Private Limited India 73.00% 73.00%
Village-De-Nandi Private Limited India 100.00% 100.00%
Kochi Cyber Greens Private Limited India 100.00% 100.00%
Prestige Projects Private Limited India 19.82%* 19.82%*
Prestige Mulund Realty Private Limited India 100.00% 100.00%
Prestige Acres Private Limited India 51.00% 51.00%
Prestige Warehousing And Cold Storage Services Private Limited India 92.35% -
Apex Realty Management Private Limited (w.e.f. 24 June 2022) India 60.00% -
Prestige Falcon Malls Private Limited India * -
Prestige Falcon Mumbai Realty Private Limited India 51.00% -
Prestige Estates Projects Corp.** (w.e.f January 02, 2023) USA 100.00% -
* represents indirect subsidiary
** the subsidiary is yet to commence operations.

ii) Partnership firms

(` in Million)
Name of investee Principal place Profit sharing ratio
Ace Realty Ventures India * *
Albert Properties India * *
Eden Investments & Estates India 77.50% 77.50%
Morph India 40.00% 40.00%
Prestige AAA Investments India 51.00% 51.00%
Prestige Alta Vista Holdings India 99.00% 99.00%
Prestige Habitat Ventures India 99.00% 99.00%
Prestige Hi-Tech Projects India - 92.35%
Prestige Kammanahalli Investments India 75.00% 75.00%
Prestige Nottinghill Investments India 51.00% 51.00%
Prestige Office Ventures India 99.99% 99.99%
Prestige Ozone Properties India 47.00% 47.00%
Prestige Pallavaram Ventures India 99.95% 99.95%
Prestige Property Management & Services India 97.00% 97.00%
Prestige Southcity Holdings India 51.00% 51.00%
Prestige Sunrise Investments India 99.99% 99.99%
Prestige Whitefield Developers India 47.00% 47.00%
PSN Property Management & Services India 50.00% 50.00%
Silver Oak Projects India 99.99% 99.99%
The QS Company India 98.00% 98.00%
Prestige Century Landmark India 55.00% 55.00%
Prestige Century Megacity India 45.00% 45.00%
Southeast Realty Ventures India * -
Prestige Falcon Business Parks India 98.00% 98.00%
* represents indirect subsidiary.
iii) Limited Liability Partnership firms

(` in Million)
Prestige Devenahalli Developers LLP India 45.00% 45.00%
Prestige OMR Ventures LLP India 1.00%* 70.00%
Prestige Valley View Estates LLP India 51.05% 51.05%
Prestige Whitefield Investment & Developers LLP India 50.99% 50.99%
Villaland Developers LLP India 99.00% 99.00%
West Palm Developments LLP India 61.00% 61.00%
Apex Realty Ventures LLP (w.e.f. 24 June 2022) India 60.00% -
* represents indirect subsidiary.

B. Joint ventures - Jointly controlled entities

i) Companies
(` in Million)
Name of investee Principal place % of ownership interest
Apex Realty Management Private Limited (upto 23 June 2022) India - 60.00%
Bamboo Hotel and Global Centre (Delhi) Private Limited India * *
Prestige (BKC) Realtors Private Limited India * *
Prestige Beta Projects Private Limited India 40.00% 40.00%
Pandora Projects Private Limited India 50.00% 50.00%
Dashanya Tech Parkz Private Limited India * *
Thomsun Realtors Private Limited India 50.00% 50.00%
* represents indirect joint venture.
(` in Million)
Prestige Realty Ventures India 49.90% 49.90%
Prestige MRG Eco Ventures India * -

(` in Million)
Apex Realty Ventures LLP (upto 23 June 2022) India - 59.94%
Lokhandwala DB Realty LLP India * *
Turf Estate Joint Venture LLP India * *
C. Other parties
(i) Companies in which the directors/ relatives of directors are interested:
Dollar Constructions & Engineers Private Limited
Prestige Fashions Private Limited
Prestige Golf Resorts Private Limited
(ii) Partnership firms and Trusts in which some of the directors and relatives are interested:
Prestige Property Management & Services (Chennai) Centre Point Investments Irfan Razack Family Trust
Rezwan Razack’s Museum of Indian Paper Money Castlewood Investments Rezwan Razack Family Trust
Falcon Property Management & Services Prestige Constructions Noaman Razack Family Trust
Morph Design Company Meridian Investments India Learning Foundation
INR Property Holdings Nebulla Investments Razack Sattar Family Trust
Ace Property Holdings Eureka Investments Educate India Foundation
Pinnacle Investments Silverline Estates Prestige Foundation
Daffodil Investments Prestige Cuisine Razack Family Trust
INR Energy Ventures Prestige Foods Educate India Trust
Xtasy Investments Junto Creative The Good Food Company
FRZ Investments Window Care Fifth Avenue
Colonial Estates Spring Green Prestige Living
Ace Investments Go Gourmet INR Holdings
U Ve Holdings Sublime Indelust
23 Carat

(iii) Key management personnel:

Irfan Razack, Chairman & Managing Director Rezwan Razack, Joint Managing Director
Noaman Razack, Director Uzma Irfan, Director
Venkat K Narayana, Chief Executive Officer Amit Mor, Chief Financial Officer (w.e.f June 08,2021)
Manoj Krishna JV, Company Secretary VVBS Sarma, Chief Financial Officer (upto June 07, 2021)
(iv) Relative of key management personnel:

Badrunissa Irfan Aaron Qureishi Rezwan Rehan Khergamwala
Almas Rezwan Sana Rezwan Nadir Khergamwala
Sameera Noaman Danya Noaman Zariq Khergamwala
Faiz Rezwan Master Aydin Faiz Rezwan Vijayalakshmi K
Zayd Noaman Fajr Qureishi Narayanamma K
Mohamed Zaid Sadiq Alayna Zaid Nisha Kiran
Nawabzada Mohammed Omer Bin Jung Anjum Jung Akanksha Mor
(v) Independent Directors:

Dr. Pangal Ranganath Nayak Noor Ahmed Jaffer
Biji George Koshy Jagdeesh K. Reddy
Neelam Chhiber
Note: All transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 (if applicable)
and the details have been disclosed in the financial statements, as required by the applicable accounting standards except for
remuneration of Chief Executive Officer, Chief Financial Officer and Company Secretary.
Details of related party transactions during the year and balances outstanding at the year end are given in Annexure - II.
53 REVENUE FROM CONTRACTS WITH CUSTOMERS

(i) Disaggregated revenue information
Set out below is the disaggregation of the Company’s revenue from contracts with customers by timing of transfer of
goods or services.
(` in Million)
March 31, 2023 March 31, 2022
Timing of transfer of goods or services
Revenue from goods or services transferred to customers at a point in time 32,241 36,973
Revenue from goods or services transferred over time 4,938 4,447
37,179 41,420
(ii) Contract balances and performance obligations

(` in Million)
March 31, 2023 March 31, 2022
Trade receivables 3,728 5,999
Contract liabilities * 26,680 34,841
* Contract liabilities represent amounts collected from customers based on contractual milestones pursuant to agreements
executed with such customers for construction and sale of residential/ commercial units. The terms of agreements executed
with customers require the customers to make payment of consideration as fixed in the agreement on achievement of contractual
milestones though such milestones may not necessarily coincide with the point in time at which the Company transfers control
of such units to the customer. The Company is liable for any structural or other defects in the residential/ commercial units as
per the terms of the agreements executed with customers and the applicable laws and regulations.

Set out below is the amount of revenue recognised from:

(` in Million)
March 31, 2023 March 31, 2022
Revenue recognised in the reporting period that was included in the contract 24,561 31,527
liability balance at the beginning of the period
Revenue recognised in the reporting period from performance obligations - -
satisfied in previous periods
Aggregate amount of the transaction price allocated to the performance 57,270 50,121
obligations that are unsatisfied as of the end of the reporting period **
** The Company expects to satisfy the said performance obligations when (or as) the underlying real estate projects to which
such performance obligations relate are completed. Such real estate projects are in various stages of development as at March
31, 2023.
(iii) Reconciliation of amount of revenue recognised in the statement of profit and loss with the contracted price
(` in Million)
March 31, 2023 March 31, 2022
Revenue as per contracted price 32,433 37,534
Less: Discount/ rebates 192 561
Revenue from contract with customers 32,241 36,973
(iv) Assets recognised from the costs to obtain or fulfil a contract with a customer
(` in Million)
March 31, 2023 March 31, 2022
Inventories 14,469 18,604
Prepaid expenses (represents brokerage costs pertaining to sale of residential units) 506 288
54 Refer Annexure III for Other Statutory Information.
55
a. The Company had entered into a registered Joint Development Agreement (JDA) with a certain land owner (the “Land
Owner Company”) to develop a residential project (“the Project”). Under the said JDA, the Company acquired development
rights over a certain parcel of land of the Land Owner Company and in exchange was required to provide the Land Owner
Company identified developed units with a certain specified built-up area (the “Land Owner Company’s share”). The
Company had also incurred Transferrable Development Rights (TDR’s) of ` 881 Million which are recoverable from the Land
Owner Company along with an interest of 12% per annum, from the sale of units from the residential project belonging to
the Land Owner Company. Further the Company has pending claims receivable from the Land Owner Company without
prejudice to its legal position.
As at March 31, 2023, gross receivables due from the Land Owner Company towards TDR’s aggregate to ` 923 Million. The
Land Owner Company has been ordered to be wound up by the Hon’ble High Court of Judicature during the year ended 31
March 2017. The land owner Company has challenged the court order, the legal proceedings of which is pending with the
Judicature.
Considering the rights of the Company under the JDA, the status of development achieved so far in the Project; the plans
for completion of the Project; the Escrow arrangement with the Company, Land Owner Company and the Lender of the
Land Owner Company (to whom the Land Owner Company’s share of developed units have been mortgaged), which
provides for manner of recovery of TDR dues; the fact that the handing over formalities of the underlying units are yet to be
completed, the Company expects to recover the above gross dues towards TDR’s and has accordingly classified them as
good and recoverable in the financial statement.

b. As at March 31, 2022, the Company was carrying inventory (including development costs) in relation to an ongoing project
amounting to ` 2,145 million. The portion of land on which the project was executed was subject to litigation for which
the Company had received favourable order from the court of law. However, there were certain writ appeals, filed against
the favourable order received by the Company. The outcome of the project and sale of inventory was dependent on the
outcome of the writ appeals.
During the year ended March 31, 2023, the writ appeal has been dismissed in favour of the Company.
56 FINANCIAL RATIOS
(` in Million)
Ratios / Measures As at As at
March 31, 2023 March 31, 2022
a. Current ratio = Current assets over current liabilities
Current Assets (A) 98,365 104,543
Current Liabilities (B) 97,126 94,105
Current ratio (C) = (A) / (B) 1.01 1.11
% Change from previous year -9%
Reason for variance: Realisation of receivables.
b. Debt Equity ratio = Debt [includes current and non-current borrowings] over total shareholders' equity [includes
shareholders funds and retained earnings]
Total debts (A) 33,446 25,754
Total shareholder's equity (B) 66,493 63,693
Debt equity ratio (C) = (A) / (B) 0.50 0.40
% Change from previous year 24%
Reason for variance: Increase in borrowing along with improvement in shareholders equity.
c. Debt service coverage ratio = Earnings available for debt service / Debt Service
Profit before exceptional items and tax (A) 3,946 5,599
Finance cost charged to Statement of Profit and Loss (B) 3,313 2,952
Finance cost capitalised (C) 81 245
Earnings available for debt services (D) = (A) + (B) + (C) 7,340 8,796
Finance cost charged + capitalised (E) = (B) + (C) 3,394 3,197
Principal repayments (F) 4,659 10,029
Debt service (G) = (E) + (F) 8,053 13,226
Debt service coverage ratio (H) = (D) /(G) 0.91 0.67
Reason for variance: Repayment of borrowings were higher in previous year as compared to current year.
d. Return on equity [%] = Net Profits after taxes/ Average Shareholder’s Equity
Net Profit after tax* (A) 3,401 9,485
Total shareholder's equity 66,493 63,693
Average shareholder's equity (B) = [(opening + closing) /2] 65,093 59,251
Return on equity [%] (C) = (A)/(B ) *100 5.22% 16.01%
* represents total comprehensive income
Reason for variance: Higher exceptional items recognised in previous year resulted in higher return on equity.

(` in Million)
March 31, 2023 March 31, 2022
e. Inventory turnover ratio = Revenue from operations/Average inventory
Revenue from operations (A) 43,297 45,592
Inventory 53,429 54,299
Average inventory (B) = [(opening + closing) /2] 53,864 61,549
Inventory turnover ratio (C) = (A)/(B) 0.80 0.74
Reason for variance: Value of projects closeout along with handover of projects were higher in previous year as compared
to current year.
f. Trade receivables turnover ratio = Revenue from operations over average trade receivables
Trade Receivables 3,981 6,240
Average Trade Receivables (B) = [(opening + closing) /2] 5,111 7,842
Trade receivables turnover ratio (C) = (A)/(B) 8.47 5.81
Reason for variance: Increase in collections from customers in current year as compared to previous year.
g. Trade payables turnover ratio [days] = total expenses over average trade payables
Total expenses* (A) 33,791 37,311
Trade Payables 5,029 5,058
Average Trade Payables (B) = [(opening + closing) /2] 5,044 5,705
Trade payables turnover (C) = (A)/(B) 6.70 6.54
* Excludes finance cost, depreciation and amortization expenses.
Reason for variance: No major variance observed.
h. Net capital turnover ratio = Revenue from operations over average working capital
Working Capital (Current Assets - Current Liabilities) 1,239 10,438
Average working Capital (B) 5,839 7,161
Net capital turnover ratio (C) = (A)/(B) 7.42 6.37
i. Net profit [%] = Net profit over revenue from operations
Profit after tax* (A) 3,401 9,485
Revenue from operations (B) 43,297 45,592
Net profit [%] (C) = (A)/(B)*100 7.87% 20.78%
* represents total comprehensive income
Reason for variance: Increase in previous year profit was due to higher exceptional items.

(` in Million)
March 31, 2023 March 31, 2022
j. EBITDA [%] = EBITDA over revenue from operations
Depreciation and amortization expenses 3,317 2,846
Finance cost 3,313 2,952
Add: Non cash operating expenses and finance cost (B) 6,630 5,798
Earnings before interest, depreciation and tax (C) = (A) + (B) 10,576 11,397
Revenue from operations (D) 43,297 45,592
EBITDA [%] (E) = (C)/(D)*100 24.43% 25.00%
k. Return on capital employed [%]
Depreciation and amortization expenses 3,317 2,846
Finance cost 3,313 2,952
Add: Non cash operating expenses and finance cost (B) 6,630 5,798
Earnings before interest, depreciation and tax (C) = (A) + (B) 10,576 11,397
Total shareholder's equity (D) 66,493 63,693
Total borrowings (E) 33,446 25,754
Total lease liability (F) 8,589 5,424
Capital Employed (G) = (D) + (E) + (F) 108,528 94,871
Return on capital employed [%] (H) = (C) / (G) *100 9.74% 12.01%
Reason for variance: Decrease in return on capital employed is on account of increase in borrowings along with lease
liabilities.
l. Return on investment
Interest Income (A) 960 2,745
Investments (Non Current + Current) 16,252 15,657
Inter Corporate Deposits (Non Current + Current) 47,502 35,504
Fixed Deposits (Non Current + Current) 2,186 958
Overall Investment (B) 65,940 52,119
Return on investment [%]= (A)/(B)*100 1.46% 5.27%
Reason for variance: Deployment of funds to subsidiaries for various ongoing projects resulted in lower earning.
Signatures to Notes 1 to 56
Date: May 30, 2023 Date: May 30, 2023

ANNEXURE I TO NOTE 46 - DISCLOSURES UNDER REGULATION 34(3) AND 53(F) OF THE SECURITIES AND EXCHANGE
BOARD OF INDIA (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015
Loans and advances in the nature of loans given to subsidiaries, associates, firms / companies in which directors are
interested:
(` in Million)
Particulars Current / Relationship As at Maximum O/S
Non current March 31, 2023 during 2022-23
a) Inter Corporate Deposits
Prestige Falcon Realty Ventures Private Limited Non current Subsidiary 24,005 24,005
Prestige Bidadi Holdings Private Limited Non current Subsidiary 574 574
Prestige Falcon Mumbai Realty Private Limited Non current Subsidiary 3,383 3,398
Bamboo Hotel and Global Centre (Delhi) Private Limited Non current Joint Venture 500 500
Northland Holding Company Private Limited Current Subsidiary 3,847 4,491
Prestige Exora Business Parks Limited Current Subsidiary 4,411 4,923
Prestige Mulund Realty Private Limited Current Subsidiary 2,329 3,415
Prestige Hospitality Ventures Limited Current Subsidiary 2,436 2,436
Sai Chakra Hotels Private Limited Current Subsidiary 1,319 1,319
Dollars Hotel and Resorts Private Limited Current Subsidiary 958 958
Avyakth Cold Storages Private Limited Current Subsidiary 458 528
Kochi Cyber Greens Private Limited Current Subsidiary 995 995
Thomsun Realtors Private Limited Current Joint Venture 428 2,745
Dashanya Tech Parkz Private Limited Current Joint Venture 359 361
46,002 50,647
(b) Other interest free advances in the nature of loan
Sai Chakra Hotels Private Limited Non current Subsidiary 28 40
Prestige Hospitality Ventures Limited Non current Subsidiary 57 252
Bamboo Hotel and Global Centre (Delhi) Private Limited Current Joint Venture 3 10
Dashanya Tech Parkz Private Limited Current Joint Venture 8 9
Prestige Mall Management Private Limited Current Subsidiary 24 26
Prestige Exora Business Parks Limited Current Subsidiary 8 2
Ace Realty Ventures Current Subsidiary 1 2
Thomsun Realtors Private Limited Current Joint Venture 1 33
Prestige (BKC) Realtors Private Limited Current Joint Venture 1 1
Prestige Falcon Business Parks Current Subsidiary 5 5
Prestige Century Megacity Current Subsidiary 0 0
Apex Realty Management Private Limited Current Subsidiary 4 4
142 385

ANNEXURE-II TO NOTE 52 - DETAILS OF RELATED PARTY TRANSACTIONS AND BALANCES

(` in Million)
March 31, 2023 March 31, 2022
Transactions during the year
Dividend Income
Subsidiaries
ICBI (India) Private Limited - 67
Total - 67
Dividend Paid
Trusts in which the directors are interested
Razack Family Trust 338 338
Sub Total 338 338
Key Management Personnel & their relative
Irfan Razack 14 14
Rezwan Razack 14 14
Noaman Razack 14 14
Badrunissa Irfan 4 4
Almas Rezwan 4 4
Sameera Noaman 4 4
Uzma Irfan 1 1
Faiz Rezwan 1 1
Zayd Noaman 1 1
Sub Total 57 57
Total 395 395
Inter Corporate Deposits taken
Subsidiaries
Prestige Garden Estates Private Limited 406 4,060
Prestige Construction Ventures Private Limited 59 2,296
K2K Infrastructure (India) Private Limited - 515
Prestige Sterling Infra Projects Private Limited 200 -
Village-De-Nandi Private Limited 168 -
Prestige Projects Private Limited 1,415 -
Prestige Falcon Malls Private Limited 1,390 -
Prestige Builders and Developers Private Limited 4,798 -
Prestige Garden Resorts Private Limited 5 -
Prestige Mall Management Private Limited - 0
Total 8,441 6,871
Repayment of Inter-Corporate Deposits taken
Subsidiaries
Prestige Construction Ventures Private Limited 62 975
Prestige Sterling Infra Projects Private Limited 422 572
K2K Infrastructure (India) Private Limited - 500
Prestige Garden Resorts Private Limited - 37
Total 1,782 2,119

(` in Million)
March 31, 2023 March 31, 2022
Repayment of Lease Deposits taken
Associates, Joint Ventures and Companies, firms (including firms in which
Company is a partner) & trusts in which the directors are interested
Prestige Property Management & Services - 5
Prestige Fashions Private Limited - 0
Total - 5
Lease Deposits Given
Subsidiaries
Sub Total - 1
U ve Holdings 4 -
INR Holdings 130 -
Sub Total 134 -
Rezwan Razack 1 -
Badrunissa Irfan 1 -
Sub Total 2 -
Total 136 1
Refundable deposit given
INR Property Holdings 49 -
Total 49 -
Repayment of Refundable deposit given
INR Property Holdings 322 179
Total 322 179
Advance received for sale of securities
Subsidiaries
Prestige Retail Ventures Limited 714 -
Total 714 -
Inter Corporate Deposits given
Subsidiaries
Prestige Falcon Realty Ventures Private Limited 7,629 11,200
Prestige Mulund Realty Private Limited 1,111 4,452
Northland Holding Company Private Limited 1,141 3,748
Prestige Hospitality Ventures Limited* 1,954 1,426
Prestige Projects Private Limited 1,266 753
Prestige Retail Ventures Limited* 100 636
Sai Chakra Hotels Private Limited 404 603

(` in Million)
March 31, 2023 March 31, 2022
Prestige Falcon Mumbai Realty Private Limited 3,399 -
Dollars Hotel & Resorts Private Limited 356 153
Village-De-Nandi Private Limited 1,177 1
Sub Total 20,932 26,176
Dashanya Tech Parkz Private Limited 237 218
Thomsun Realtors Private Limited 228 2,518
Bamboo Hotel and Global Centre (Delhi) Private Limited 500 -
Turf Estate Joint Venture LLP 100 157
Sub Total 1,065 2,893
Total 21,997 29,069
* Transferred from other advances.
Inter-Corporate Deposits given recovered
Subsidiaries
Prestige Falcon Realty Ventures Private Limited 50 1,150
Northland Holding Company Private Limited 1,393 245
Prestige Hospitality Ventures Limited 944 -
Kochi Cyber Greens Private Limited 25 -
Village-De-Nandi Private Limited 1,177 12
Prestige Bidadi Holdings Private Limited 1 -
Sub Total 7,927 6,128
Prestige Office Ventures* - 775
Dashanya Tech Parkz Private Limited 41 1,043
Thomsun Realtors Private Limited 2,318 -
Sub Total 2,559 1,875
Total 10,486 8,003
*Transferred to Partners current account.
Investments made in
Subsidiaries
Prestige Acres Private Limited 975 2,357
Kochi Cyber Greens Private Limited - 0
Prestige Mulund Realty Private Limited - 0
Sub Total 975 2,357

(` in Million)
March 31, 2023 March 31, 2022
Prestige Falcon Business Parks - 1
Prestige Beta Projects Private Limited - 1
Prestige Century Landmark - 0
Prestige Century Megacity - 0
Sub Total 0 2
Total 975 2,359
Assignment of Inter-Corporate Deposits & Interest on Inter-Corporate Deposits
to subsidiaries
Subsidiaries
Dashanya Tech Parkz Private Limited* - 1,411
Total - 1,411
* Assigned to Prestige Exora Business Parks Limited
Assignment of Refundable Deposits
Subsidiaries
Prestige Acres Private Limited 89 -
Total 89 -
Sale/ redemption / assignment of investments
Subsidiaries
Sub Total 975 510
Ace Realty Ventures* - 1,719
Educate India Foundation** - 38
Educate India Trust** - 15
Silverline Estates** - 0
Prestige OMR Ventures LLP*** 1 -
Sub Total 1 1,772
Total 976 2,282
* Transferred to Prestige Acres Private Limited
** Transferred to Razack Family Trust
*** Transferred to Prestige Retail Ventures Limited
Sale of land/Units/TDR/Fitouts/Goods/ Slump Sale
Subsidiaries
Prestige Retail Ventures Limited - 3
K2K Infrastructure (India) Private Limited 0 -
Sub Total 3 446

(` in Million)
March 31, 2023 March 31, 2022
Prestige Nottinghill Investments 1 -
Prestige AAA Investments 0 -
Prestige Kammanahalli Investments - 1
Dashanya Tech Parkz Private Limited 0 -
Prestige Whitefield Investment & Developers LLP - 1
Sublime - 2
INR Holdings* 2,090 418
U ve Holdings 18 -
Prestige Office Ventures 1 -
Sub Total 2,113 422
Rezwan Razack 225 25
Fajr Qureishi* 42 264
Uzma Irfan 19 10
Mohamed Zaid Sadiq - 10
Nadir Khergamwala 8 -
Zariq Khergamwala 8 -
Manoj Krishna J V 6 -
Akanksha Mor 6 -
Narayanamma K 7 21
Vijayalakshmi k - 74
Venkat K Narayana - 1
Sub Total 321 405
Total 2,437 1,273
* Advance received towards billing on sale of units.
Purchase of Goods & Services
Subsidiaries
K2K Infrastructure (India) Private Limited 2,066 1,240
Northland Holding Company Private Limited 10 23
Prestige Retail Ventures Limited 0 1
Sub Total 2,092 1,267
Morph 250 201
Morph Design Company 52 69

(` in Million)
March 31, 2023 March 31, 2022
Prestige Fashions Private Limited 6 5
Falcon Property Management & Services 119 122
Prestige Property Management & Services (Chennai) 45 19
PSN Property Management & Services 10 11
Prestige Living 0 0
Spring Green 80 52
Sublime 192 284
Prestige Realty Ventures 0 -
Prestige AAA Investments 0 -
Prestige Southcity Holdings - 1
Window Care 8 17
Sub Total 1,046 1,174
Uzma Irfan 0 17
Rezwan Razack 0 -
Nihar. A. Sait - 9
Sub Total - 26
Total 3,138 2,467
Interest Expenses
Subsidiaries
Prestige Garden Resorts Private Limited 13 15
Sub Total 653 273
Vijaya Productions Private Limited - 56
Sub Total - 56
Total 653 329
Remuneration
Irfan Razack 86 74
Rezwan Razack 86 74
Faiz Rezwan 3 6
Noaman Razack 12 5
Uzma Irfan 12 6
Mohammed Zaid Sadiq 3 6
Anjum Jung 2 2

(` in Million)
March 31, 2023 March 31, 2022
Omer Bin Jung 2 2
Zayd Noaman 3 6
Total 209 181
Director's sitting fees
Dr. Pangal Ranganath Nayak 0 1
Biji George Koshy 1 1
Neelam Chhiber 0 0
Noor Ahmed Jaffer 1 0
Jagdeesh K. Reddy 1 1
Total 2 2
Lease obligation/ rental payments
Subsidiaries
ICBI (India) Private Limited 18 15
Prestige Mall Management Private Limited 5 -
Sub Total 38 30
` Holdings 36 28
Sublime 0 -
Falcon Property Management & Services 0 -
Prestige Office Ventures 0 0
Sub Total 45 36
Almas Rezwan 3 3
Alayna Zaid 2 2
Faiz Rezwan - 0
Irfan Razack 12 11
Noaman Razack 2 2
Venkat K Narayana 11 11
VVBS Sarma 0 2
Nisha Kiran 1 1
Rezwan Razack 12 11
Sameera Noaman 3 3
Sana Rezwan - 1
Uzma Irfan 1 1
Zayd Noaman 0 0
U ve Holdings 1 8
Danya Noaman 0 0
Sub Total 55 63
Total 138 129

(` in Million)
March 31, 2023 March 31, 2022
Share of Loss from Firms
Prestige Ozone Properties - 1
Prestige Whitefield Investment & Developers LLP 52 14
Prestige Pallavaram Ventures 0 0
Prestige Altavista Holdings 47 78
The QS Company - 1
Prestige Office Ventures - 246
Prestige Devenahalli Developers LLP 0 0
Ace Realty Ventures - 0
Prestige Century Landmark 1 0
Prestige Falcon Buiness Park - 0
Apex Realty Ventures LLP 25 49
Silver Oak Projects 7 -
Prestige Sunrise Investments 0 -
Prestige Falcon Business Park 0 -
Prestige City Properties 0 47
Morph 0 13
Total 319 449
Share of Profit from Firms
Prestige Nottinghill Investments - 154
Prestige Ozone Properties 18 -
Prestige Sunrise Investments - 4
Prestige Hi-Tech Projects 0 0
Silver Oak Projects - 42
The QS Company 0 -
Prestige Realty Ventures - 0

(` in Million)
March 31, 2023 March 31, 2022
Morph 2 -
Silverline Estates - -
Total 2,100 1,040
Donation Paid
Prestige Foundation - 53
Total - 53
Corporate Social Responsibility expenses (CSR)
Prestige Property Management & Services 7 -
Total 7 -
Rental Income
Subsidiaries
Sub Total 17 9
Sublime 8 8
Spring Green - 0
INR Holdings 26 19
The Good Food Company - 1
Sub Total 72 66
Sameera Noaman 1 1
Zayd Noaman 0 0
Sana Rezwan 0 0
Uzma Irfan 1 1
Faiz Rezwan 0 0
Almas Rezwan 2 1
Alayna Zaid 0 -
Venkat K Narayana 2 -
Danya Noaman 0 0
Sub Total 7 4
Total 96 79

(` in Million)
March 31, 2023 March 31, 2022
Interest Income
Subsidiaries
Northland Holding Company Private Limited - 24
Prestige Bidadi Holdings Private Limited - 19
Dashanya Tech Parkz Private Limited - 49
Prestige Falcon Realty Ventures Private Limited - 320
Village-De-Nandi Private Limited - 1
Sai Chakra Hotels Private Limited - 20
Dollars Hotel & Resorts Private Limited 67 40
Sub Total 444 1,461
Turf Estate Joint Venture LLP - 8
Prestige Beta Projects Private Limited 0 -
Prestige City Properties - 37
Prestige Altavista Holdings - 29
Sub Total 90 392
Total 534 1,853
Rendering of services
Subsidiaries
Prestige Sterling Infra Projects Private Limited - 0
Sub Total 307 133
INR Holdings 54 -
Morph Design Company - 0
Sublime 0 0

(` in Million)
March 31, 2023 March 31, 2022
Spring Green - 0
Thomsun Realtors Private Limited - 0
Ace Realty Ventures 139 1
Prestige Foundation 0 -
Sub Total 681 466
Total 987 600
Guarantees & Collaterals Provided
Subsidiaries
Kochi Cyber Greens Private Limited 1,134 1,142
Dollars Hotel and Resorts Private Limited 1,000 650
Prestige Garden Estates Private Limited - 4,491
Sub Total 14,564 19,769
Prestige Office Ventures 3,020 1,650
Prestige Nottinghill Investments 1,223 1,106
Apex Realty Ventures LLP 1,689 61
Ace Realty Ventures 878 -
Pandora Projects Private Limited - 2,750
Prestige Beta Projects Private Limited - 1,000
Bamboo Hotel and Global Centre (Delhi) Private Limited 2 603
Sub Total 7,091 9,560
Total 21,655 29,329
Release of Guarantees & Collaterals provided
Subsidiaries
Prestige Garden Estates Private Limited 1,868 -
Prestige Acres Private Limited 1,250 -
Kochi Cyber Greens Private Limited 1,142 -
Prestige Mulund Realty Private Limited 60 -
Prestige Exora Business Parks Limited - 17,388
Prestige Sterling Infra Projects Private Limited - 2,749
Dashanya Tech Parkz Private Limited - 1,555
Prestige Retail Ventures Limited - 1,084
Prestige Construction Ventures Private Limited - 1,046
Sub Total 12,638 24,091

(` in Million)
March 31, 2023 March 31, 2022
Pandora Projects Private Limited 5,250 -
Prestige Beta Projects Private Limited 1,000 -
Prestige City Properties - 9,631
Thomsun Realtors Private Limited - 2,099
Vijaya Productions Private Limited - 2,005
Prestige Habitat Ventures - 709
Sub Total 6,250 14,444
Total 18,888 38,535
Guarantees & Collaterals Received
Subsidiaries
Prestige Bidadi Holdings Private Limited - 892
Prestige Mulund Realty Private Limited - 3,775
Sub Total - 4,667
Eden Investments & Estates - 3,531
Sub Total - 3,531
Total - 8,198
Release of Guarantees & Collaterals received
Subsidiaries
Northland Holding Company Private Limited 1,691 512
Prestige Mulund Realty Private Limited - 3,775
Sub Total 2,081 4,287
Silver Oak Projects - 1,450
Sub Total - 1,450
Directors 2,447 3,852
Sub Total 2,447 3,852
Total 4,528 9,589
(A) Related party relationships are as identified by the Company on the basis of information available with them and relied
upon by the auditors.
(B) The above amounts exclude reimbursement of expenses.
(C) No amount is / has been written off or written back during the year in respect of debts due from or to related parties.
(D) The closing balances given above under the head Guarantees and Collaterals represent the closing balances of the facilities
availed by the recipient of the Guarantee at the year end. The undrawn amounts of the facilities in respect of which the
Company or other entities as the case may be are contingently liable are as follows:
Undrawn amount in respect of facilities guaranteed by the Company mentioned above - ` 5,677 Million (March 31, 2022 -
`18,675 Million)

ANNEXURE-II TO NOTE 52 - DETAILS OF RELATED PARTY TRANSACTIONS AND BALANCES

(` in Million)
March 31, 2023 March 31, 2022
Amounts outstanding as at Balance Sheet Date
Amounts Due to
Inter Corporate Deposit payable
Subsidiaries
Prestige Sterling Infra Projects Private Limited 976 1,198
Prestige Garden Estates Private Limited 4,466 4,060
Prestige Projects Private Limited 117 -
Prestige Builders and Developers Private Limited 4,798 -
Prestige Construction Ventures Private Limited 1,447 1,450
Total 13,509 6,850
Interest accrued but not due on Inter corporate deposits
Subsidiaries
Prestige Exora Business Parks Limited 0 -
Total 1,223 635
Trade and Other Payables
Subsidiaries
Prestige Projects Private Limited 0 -
Prestige Sterling Infra Projects Private Limited 3 -
Prestige Garden Estates Private Limited - 394
Village-De-Nandi Private Limited 17,021 17,047
Sub Total 18,265 17,671
Morph 43 41

(` in Million)
March 31, 2023 March 31, 2022
Prestige Property Maintenance & Services (Chennai) 42 -
INR Holdings - 3
Bamboo Hotel and Global Centre (Delhi) Private Limited - 8
Prestige Kammanahalli Investments - 0
Sublime 21 19
INR Property Holdings - 2
The QS Company 1 50
Prestige Century Megacity - 0
Spring Green 6 -
Window Care 2 6
Sub Total 334 423
Almas Rezwan 0 0
Irfan Razack 1 1
Noaman Razack 0 0
Mohamed Zaid Sadiq 0 -
Alayna Zaid 0 0
Rezwan Razack 1 1
Nisha Kiran 0 0
Sameera Noaman 0 0
Uzma Irfan - 16
Zayd Noaman 0 0
Danya Noaman 0 0
Sub Total 4 20
Total 18,604 18,114
Remuneration Payable
Irfan Razack 52 52
Rezwan Razack 52 52
Anjum Jung 0 0
Noaman Razack 1 1
Uzma Irfan 1 1
Mohmed Zaid Sadiq 0 1

(` in Million)
March 31, 2023 March 31, 2022
Faiz Rezwan 0 1
Omer Bin Jung 0 0
Zayd Noaman 0 1
Total 106 109
Lease Deposits Received
Subsidiaries
Sub Total 0 0
Sub Total 1 1
Total 1 1
Advance from partnership firms
Silver Oak Projects 5 24
Prestige Southcity Holdings 496 -
Prestige Whitefield Investment & Developers LLP 843 1,392
Total 2,018 1,915
Amounts Due From - -
Inter Corporate Deposit receivable
Subsidiaries
Sai Chakra Hotels Private Limited 1,319 915
Prestige Falcon Mumbai Realty Private Limited 3,383 -
Dollars Hotel and Resorts Private Limited 958 602
Prestige Falcon Realty Ventures Private Limited 24,005 16,426
Prestige Hospitality Ventures Limited 2,436 1,426
Sub Total 44,715 31,712
Sub Total 1,287 2,780
Total 46,002 34,492

(` in Million)
March 31, 2023 March 31, 2022
Interest accrued but not due on Inter Corporate Deposit given /debentures /
loans and advances given
Subsidiaries
Prestige Builders and Developers Private Limited - 50
Dollars Hotel and Resorts Private Limited 179 114
Sub Total 1,741 1,653
Sub Total 101 151
Total 1,842 1,804
Lease Deposits given
Subsidiaries
Sub Total 7 7
INR Holdings 148 18
U ve Holdings 4 -
Sub Total 153 19
Irfan Razack 5 5
Rezwan Razack 5 5
Faiz Rezwan 0 0
Almas Rezwan 2 2
Alayna Zaid 1 1
Nisha Kiran 1 1
Sana Rezwan 2 2
Uzma Irfan 1 1
Danya Noaman 0 0
Sameera Noaman 2 2
Zayd Noaman 0 0
Sub Total 28 28
Total 188 54

(` in Million)
March 31, 2023 March 31, 2022
Refundable deposits given
Total 49 322
Trade Receivables
Subsidiaries
K2K Infrastructure (India) Private Limited 0 -
Prestige Leisure Resorts Private Limited - 2
Prestige Hospitality Ventures Limited 1 -
Prestige Projects Private Limited - 8
Prestige Garden Estates Private Limited - 79
Sub Total 1 96
Morph Design Company - 0
INR Holdings 7 26
INR Energy Holdings 0 0
Spring Green - 0
Prestige Alta Vista Holdings 1 -
The Good Food Company 0 -
Irfan Razack Family Trust 0 -
U ve Holdings 6 -
Falcon Property Management & Services - 0
Sublime - 1
Razack Family Trust - 0
Morph - 0
Thomsun Realtors Private Limited - 0
Prestige Nottinghill Investments - 5
Sub Total 208 205

(` in Million)
March 31, 2023 March 31, 2022
Sameera Noaman 0 0
Uzma Irfan 0 1
Mohmed Zaid Sadiq 0 0
Danya Noaman 0 0
Almas Rezwan 0 0
Sana Rezwan 0 0
Zayd Noaman 0 0
Vijayalakshmi K 0 39
Narayanamma K 0 7
Fajr Qureishi 46 4
Manoj Krishna JV 6 -
Akanksha Mor 6 -
Rezwan Razack 0 15
Sub Total 74 66
Total 282 367
Other Receivables
Subsidiaries
Prestige Warehousing And Cold Storage Services Private Limited 214 -
660 440
Advance from customer
Subsidiaries
Sub Total - 0
U ve Holdings - 0
- 45
Loans & Advances recoverable
Subsidiaries
Prestige Mulund Realty Private Limited - 0
Apex Realty Management Private Limited 4 -
Prestige Builders and Developers Private Limited - 1
Avyakth Cold Storages Private Limited - 5
Prestige Projects Private Limited - 0
Sub Total 440 666

(` in Million)
March 31, 2023 March 31, 2022
Prestige Century Megacity 0 -
Prestige (BKC) Realtors Private Limited 1 -
The QS Company - 0
Prestige Falcon Buiness Park - 1
Prestige Living 1 1
Prestige OMR Ventures LLP - 0
Silverline Estates - 0
Eden Investments & Estates - 0
Silver Oak Projects - 0
Morph 23 44
Sublime 2 -
Prestige Golf Resorts Private Limited - 3
Ace Realty Ventures 1 2
FRZ Investments - 2
Spring Green - 59
Prestige Falcon Business Parks 5 -
Sub Total 46 135
Anjum Jung - 0
Sub Total 0 0
Total 485 801
Current account in partnership firms
Prestige Nottinghill Investments 849 1,071
Prestige Alta Vista Holdings 307 351
Prestige Ozone Properties 6 29
Prestige Pallavaram Ventures 1,768 1,689
The QS Company 1,703 1,534
Prestige Sunrise Investments 1 0
Prestige Hi-Tech Projects - 214
Morph 48 46
Prestige Devanahalli Developers LLP 290 289

(` in Million)
March 31, 2023 March 31, 2022
Prestige Century Landmark 1,133 952
Prestige Falcon Business Parks 1,382 1,338
Total 17,830 17,584
Guarantees & Collaterals Provided - -
Subsidiaries
Prestige Exora Business Parks Limited 1,250 500
Prestige Sterling Infra Projects Private Limited 1,051 1,051
Prestige Hospitality Ventures Limited 3,123 3,298
Dollars Hotel and Resorts Private Limited 2,100 1,100
Prestige Garden Estates Private Limited 4,243 6,111
Prestige Projects Private Limited - 6,000
Kochi Cyber Greens Private Limited 1,134 1,142
Sai Chakra Hotels Private Limited 3,209 3,352
Sub Total 33,480 31,554
Dashanya Tech Parkz Private Limited 2,669 2,390
Apex Realty Ventures LLP 2,000 311
Ace Realty Ventures 878 -
Prestige Nottinghill Investments 3,500 2,277
Morph 300 300
Sub Total 14,622 13,781
Total 48,102 45,335
Subsidiaries
Northland Holding Company Private Limited - 1,691
Village-De-Nandi Private Limited 583 778
Sub Total 2,058 4,139
Eden Investments & Estates 3,531 3,531
Sub Total 3,531 3,531
Sub Total 4,042 6,489
Total 9,631 14,159

ANNEXURE III - OTHER STATUTORY INFORMATION

(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the
Company for holding any Benami property.
(ii) The following table summarises the transactions with the companies struck off
Sl. Name of the Struck off Company Nature of Amount of Balance Relationship with
No transaction transaction Outstanding the Company
1 Palich Lighting (OPC) Private Limited Purchase of 0 - External Vendor
Goods and Service
1 Consolidated Properties Limited Sale of Units 10 1 External Customer
(iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory
period.
(iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
(v) Disclosure requirements where company has advanced or loaned or invested funds
(a) During the year, the Company has given Inter Corporate Deposits (‘ICD’) aggregating to ` 15,472 million, made
Investments aggregating to ` 1,177 million and contributed to Current accounts in partnership firms aggregating to
` 246 million to its subsidiaries, associates, jointly controlled entities and others, which have been further utilised
by the said subsidiaries, associates, jointly controlled entities and others for their business purposes and hence not
covered under (b) to (d) below
(b) Details of fund advanced or loaned or invested in Intermediary by the Company during the year ended March 31, 2023
Sl. Name of Intermediary Nature of Date of Amount PAN of the Relationship
No transaction transaction (` in million) Intermediary with the
(Advanced/ Company
Loaned/ Invested)
1 Prestige Falcon Realty Ventures Loaned Various dates 5,226 AAGCP8623F Subsidiary
Private Limited
2 Village-De-Nandi Private Limited Loaned 26-08-2022 1,170 AAACV5590M Subsidiary
3 Prestige Hospitality Ventures Loaned Various dates 1,010 AAJCP6547P Subsidiary
Limited
(c) Details of fund further advanced or loaned or invested by Intermediaries listed in (a) above to other Intermediaries or
Ultimate Beneficiaries during the year ended March 31, 2023
Sl. Name of Name of Other Nature of Date of Amount PAN of the Relationship
No Intermediary/ Intermediary/ transaction transaction (` in ultimate with the
Other Intermediary Ultimate Beneficiary (Advanced/ million) beneficiary Company
Loaned/
Invested)
1 Prestige Falcon Realty Prestige (BKC) Loaned Various 373 AAECM5938L Jointly Venture
Ventures Private Realtors Private dates Company
Limited Limited
2 Prestige Falcon Realty Pandora Projects Loaned 28-06-2022 235 AAHCP6765D Jointly Venture
Ventures Private Private Limited Company
Limited
3 Prestige Falcon Realty Turf Estate Joint Invested Various 4,618 AAPFT4529C Jointly Venture
Ventures Private Venture LLP dates Company
Limited
4 Turf Estate Joint Pandora Projects Repayment Various 4,618 AAHCP6765D Jointly Venture
Venture LLP Private Limited of Deposits dates Company

Loaned/
Invested)
5 Prestige Hospitality Bamboo Hotel and Loaned Various 1,010 AACCH1126R Joint Venture
Ventures Limited Global Centre (Delhi) dates Company
Private Limited
6 Village-De-Nandi Chiron Lifescience Loaned 31-08-2022 1,170 AAGCC8476R Others
Private Limited Private Limited
(d) The Company has not provided any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(e) The management of the Company declares that, the relevant provisions of the Foreign Exchange Management Act,
1999 (42 of 1999) and the Companies Act has been complied with for above transactions in (a), (b) and (c) above and
such transactions are not violative of the Prevention of Money-Laundering Act, 2002 (15 of 2003).
(vi) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with
the understanding (whether recorded in writing or otherwise) that the company shall
i. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the Funding Party (Ultimate Beneficiaries) or
ii. provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
(vii) The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered
or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 such as, search or survey
or any other relevant provisions of the Income Tax Act, 1961.
(viii) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with the
Companies (Restriction on number of Layers) Rules, 2017.

INDEPENDENT AUDITOR’S REPORT
To the Members of the ethical requirements that are relevant to our audit of the
Prestige Estates Projects Limited financial statements under the provisions of the Act and
the Rules thereunder, and we have fulfilled our other ethical
Report on the Audit of the Consolidated Financial Statements responsibilities in accordance with these requirements and
the Code of Ethics. We believe that the audit evidence we
OPINION have obtained is sufficient and appropriate to provide a
We have audited the accompanying consolidated financial basis for our audit opinion on the consolidated financial
statements of Prestige Estates Projects Limited (hereinafter statements.
referred to as “the Holding Company”), its subsidiaries (the
Holding Company and its subsidiaries together referred to EMPHASIS OF MATTER
as “the Group”) and its jointly controlled entities comprising We draw attention to Note 57 to the consolidated financial
of the consolidated Balance sheet as at March 31, 2023, statements, where in it is stated, that the Holding Company
the consolidated Statement of Profit and Loss, including has gross receivables of ` 923 million from a land owner,
other comprehensive income, the consolidated Statement against whom winding up petitions has been ordered by
of Cash Flow and the consolidated Statement of Changes in the Hon’ble High Court of Judicature. Pending resolution
Equity for the year then ended, and notes to the consolidated of litigation against the land owner, these receivables are
financial statements, including a summary of significant classified as recoverable by the Holding Company based on
accounting policies and other explanatory information rights under a Joint Development Agreement. Our opinion is
(hereinafter referred to as “the consolidated financial not modified in respect of above matter.
statements”).
KEY AUDIT MATTERS
In our opinion and to the best of our information and
according to the explanations given to us and based on Key audit matters are those matters that, in our
the consideration of reports of other auditors on separate professional judgment, were of most significance in our
financial statements and on the other financial information of audit of the consolidated financial statements for the
the subsidiaries and jointly controlled entities, the aforesaid financial year ended March 31, 2023. These matters were
consolidated financial statements give the information addressed in the context of our audit of the consolidated
required by the Companies Act, 2013, as amended (“the financial statements as a whole, and in forming our
Act”) in the manner so required and give a true and fair opinion thereon, and we do not provide a separate opinion
view in conformity with the accounting principles generally on these matters. For each matter below, our description
accepted in India, of the consolidated state of affairs of the of how our audit addressed the matter is provided in that
Group and its jointly controlled entities as at March 31, 2023, context.
their consolidated profit including other comprehensive We have determined the matters described below to be the
income, their consolidated cash flows and the consolidated key audit matters to be communicated in our report. We
statement of changes in equity for the year ended on that have fulfilled the responsibilities described in the Auditor’s
date. responsibilities for the audit of the consolidated financial
statements section of our report, including in relation to these
BASIS FOR OPINION matters. Accordingly, our audit included the performance of
We conducted our audit of the consolidated financial procedures designed to respond to our assessment of the
statements in accordance with the Standards on Auditing risks of material misstatement of the consolidated financial
(SAs), as specified under section 143(10) of the Act. Our statements. The results of audit procedures performed by
responsibilities under those Standards are further described us and by other auditors of components not audited by us,
in the ‘Auditor’s Responsibilities for the Audit of the as reported by them in their audit reports furnished to us
Consolidated Financial Statements’ section of our report. by the management, including those procedures performed
We are independent of the Group and its jointly controlled to address the matters below, provide the basis for our
entities in accordance with the ‘Code of Ethics’ issued by audit opinion on the accompanying consolidated financial
the Institute of Chartered Accountants of India together with statements.

Revenue recognition from Contract with Customers (as described in note 2.9, 35 and 54 of the consolidated financial
statements)
In accordance with the requirements of Ind AS 115, Group’s Our audit procedures included, among others, the following:
revenue from sale of real estate inventory property (other than • We read the accounting policy for revenue recognition
projects executed through joint development arrangements of the Group and assessed compliance of the policy in
described below), is recognised at a point in time, which is terms of principles enunciated under Ind AS 115.
upon the Group satisfying its performance obligation and the
customer obtaining control of the promised asset. • We, on a sample basis inspected the underlying customer
contracts and assessed the Holding Company’s
For revenue contract forming part of joint development management evaluation of determining revenue
arrangements (‘JDA’) that are not jointly controlled operations, recognition from sale of real estate inventory property
the revenue from the development and transfer of constructed at a point in time in accordance with the requirements
area/ revenue sharing arrangement and the corresponding under Ind AS 115.
land/ development rights received under JDA is measured at
the fair value of the estimated construction service rendered • We understood and tested Holding Company’s
to the land owner. Such revenue is recognised over a period of management process and controls around transfer of
time in accordance with the requirements of Ind AS 115. control in case of sale of real estate inventory property
and further controls related to determination of fair
For contracts involving sale of real estate inventory property, value of estimated construction service rendered to the
the Group receives the consideration in accordance with landowner in relation to projects executed through JDA.
the terms of the contract in proportion of the percentage
of completion of such real estate project and represents • We, on a sample basis inspected the sale deed and
payments made by customers to secure performance handover documents, evidencing the transfer of control
obligation of the Company under the contract enforceable by of the property to the customer based on which revenue
customers. The assessment of such consideration received is recognised at a point in time.
from customers involves significant judgment in determining if • We on a sample basis inspected the underlying customer
the contracts with customers involves any financing element. contracts to determine, whether the contracts with
Ind AS 115, requires significant judgment in determining when customers involved any financing element.
‘control’ of the property underlying the performance obligation • We assessed the disclosures made in accordance with
is transferred to the customer. Further, for projects executed the requirements of Ind AS 115.
through JDA, significant estimate is undertaken by Holding For projects executed during the year through JDA, on a
Company’s management for determining the fair value of the sample basis:
estimated construction service.
• We obtained and examined the computation of the fair
As the revenue recognition involves significant estimates and value of the construction service under JDA
judgement, we regard this as a key audit matter.
• We obtained the joint development agreements entered
into by the Group and compared the ratio of constructed
area/ revenue sharing arrangement between the Group
and the landowner as mentioned in the agreement to
the computation statement prepared by the Holding
Company’s management.
• We compared the fair value of the estimated construction
service, to the project cost estimates and mark up
considered by the Holding Company’s management.
• We assessed the disclosures made in accordance with
the requirements of Ind AS 115.

Assessing the carrying value of Goodwill, Investment property, Investment property under development (IPUD), Property,
plant and equipment (PPE) and Capital work-in-progress (CWIP) (as described in note 2.8, 2.16, 2.17, 2.18, 2.20, 5, 6, and
7 of the consolidated financial statements)
As at March 31, 2023, the carrying value of the Goodwill, Our audit procedures included, among others, the following:
Investment property, IPUD, PPE and CWIP is ` 534 million, • We evaluated management’s identification of CGU’s,
` 42,272 million, ` 22,425 million, ` 24,952 million and ` 1,562 the carrying value of each CGU and the methodology
million respectively. followed by Holding Company’s management for
Goodwill with indefinite useful life, acquired in a business the impairment assessment in compliance with the
combination is tested for impairment by the Group on a applicable accounting standards.
periodical basis. In performing such impairment assessment, • We assessed the Group’s valuation methodology and
Holding Company’s management compared the carrying assumptions based on current economic and market
value of each of the identifiable cash generating units (“CGUs”) conditions, applied in determining the recoverable
to which goodwill with indefinite useful life had been allocated amount.
with their respective ‘value in use’ computed, to determine if
• We obtained and read the management internal valuation
any impairment loss should be recognized.
or valuation report used by the Holding Company’s
The carrying value of the Investment property, IPUD, PPE and management for determining the fair value (‘recoverable
CWIP (collectively referred to as ‘Assets’) is calculated using amount’) of the goodwill, investment property, IPUD, PPE
land costs, construction costs, interest costs and other related and CWIP.
costs. The Group reviews on a periodical basis whether there
• We considered the independence, competence and
are any indicators of impairment of Assets, i.e., ensuring that
objectivity of the external specialist involved by the
Assets are carried at no more than their recoverable amount.
management in determination of valuation.
We considered the assessment of carrying value of Goodwill,
• We assessed the Group’s valuation methodology applied
Investment Property, IPUD, PPE and CWIP as a key audit matter
and compared key property related data used as input
due to significance of the balance and significant estimates
with historical actual data.
and judgement involved in impairment assessment.
• We assessed the key assumptions used in Group’s
valuation including but not limited to discount rates,
cashflows, etc.
• We compared the recoverable amount of the goodwill,
investment property, IPUD, PPE and CWIP to the carrying
value in books.
• We assessed the disclosures made in the consolidated
financial statements in this regard.
Assessing the recoverability of carrying value of Inventory (including advances paid towards land procurement) and
Refundable deposits paid under JDA (as described in note 2.10, 2.21, 12, 14, 20 and 21 of the consolidated financial
statements)
As at March 31, 2023, the carrying value of inventory comprising Our audit procedures included, among others, the following:
of Work in progress and Stock of units in completed projects • We evaluated the design and operation of internal
is ` 143,671 million. The inventory is valued at the lower of the controls related to testing recoverable amounts with
cost and net realisable value (“NRV”). The determination of the carrying amount of inventory and advances, including
NRV involves estimates based on prevailing market conditions evaluating Holding Company’s management processes
and taking into account the estimated future selling price, cost for estimating future costs to complete projects.
to complete projects and selling costs. • We assessed the Group’s methodology based on current
As at March 31, 2023, the carrying value of land advance is economic and market conditions, applied in assessing
` 8,848 million and refundable deposits is ` 13,525 million. the carrying value.
Further, advances paid by the Group to the landowner/ • We obtained and tested the computation involved in
intermediary towards outright purchase of land is recognised assessment of carrying value including the NRV/ net
as land advance under other assets during the course of recoverable value.

transferring the legal title to the Group, whereupon it is • We made inquiries with Holding Company’s management
transferred to land stock under inventories. For land acquired to understand key assumptions used in determination of
under joint development agreement, the Group has paid the NRV/ net recoverable value.
Refundable deposits for acquiring the development rights. For inventory balance:
The aforesaid deposits and advances are carried at the • We compared the total projected budgeted cost to the
lower of the amount paid/ payable and net recoverable value, total budgeted sale value from the project.
which is based on the Holding Company’s management’s
• We compared the NRV to recent sales in the project or to
assessment including the expected date of commencement
the estimated selling price, applied in assessing the NRV.
and completion of the project and the estimate of sale prices
and construction costs of the project. • We compared the NRV to the carrying value in books.
We identified the assessment of the carrying value of inventory For land advance/ refundable deposits:
and land advances/ deposits as a key audit matter due to the • We obtained and assessed the Holding Company’s
significance of the balance to the financial statements as a management assumptions based on current economic
whole and the involvement of estimates and judgement in the and market conditions, relating to launch of the project,
assessment. development plan and future sales.
• We obtained status update from the Holding Company’s
management and verified the underlying documents for
related developments in respect of the land acquisition
and expected realization of deposit amount.
• We carried out external confirmation procedures on a
sample basis to obtain evidence supporting the carrying
value of land advance and refundable deposits on sample
basis.
Impairment of net investments in joint venture and associate entities (as described in note 2.23 and 10 of the consolidated
financial statements)
As at March 31, 2023, the carrying values of the Group’s Our audit procedures included, among others, the following:
interests in joint venture and associate entities amounted • We read and evaluated the accounting policies with
to ` 5,589 million. Holding Company’s management reviews respect to investment.
on a periodical basis whether there are any indicators of
• We assessed the Group’s methodology applied in
impairment of such investments.
assessing the carrying value.
For investments where impairment indicators exist, Holding
• We assessed the Group’s valuation methodology and
Company’s management estimated the recoverable amounts
assumptions based on current economic and market
of the investments, being higher of fair value less costs of
conditions, applied in determining the recoverable
disposal and value in use. Significant judgements are required
amount.
to determine the key assumptions used in determination of
fair value/ value in use. • We compared the recoverable amount of the investment
to the carrying value in books.
As the impairment assessment involves significant
assumptions and judgement, we regard this as a key audit • We examined the disclosures made in the financial
matter. statements regarding such investments.
OTHER INFORMATION Our opinion on the consolidated financial statements does

The Holding Company’s Board of Directors is responsible not cover the other information and we do not express any
for the other information. The other information comprises form of assurance conclusion thereon.
the information included in the Annual report, but does In connection with our audit of the consolidated financial
not include the consolidated financial statements and our statements, our responsibility is to read the other
auditor’s report thereon. The Annual report is expected to be information and, in doing so, consider whether such other
made available to us after the date of this auditor’s report. information is materially inconsistent with the consolidated

financial statements or our knowledge obtained in the audit AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE
or otherwise appears to be materially misstated. CONSOLIDATED FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about
RESPONSIBILITIES OF MANAGEMENT AND THOSE
whether the consolidated financial statements as a whole
CHARGED WITH GOVERNANCE FOR THE CONSOLIDATED
are free from material misstatement, whether due to fraud
FINANCIAL STATEMENTS
or error, and to issue an auditor’s report that includes our
The Holding Company’s Board of Directors is responsible opinion. Reasonable assurance is a high level of assurance,
for the preparation and presentation of these consolidated but is not a guarantee that an audit conducted in accordance
financial statements in terms of the requirements of the Act with SAs will always detect a material misstatement when it
that give a true and fair view of the consolidated financial exists. Misstatements can arise from fraud or error and are
position, consolidated financial performance including
considered material if, individually or in the aggregate, they
other comprehensive income, consolidated cash flows and
could reasonably be expected to influence the economic
consolidated statement of changes in equity of the Group
decisions of users taken on the basis of these consolidated
including its jointly controlled entities in accordance with the
financial statements.
accounting principles generally accepted in India, including
the Indian Accounting Standards (Ind AS) specified under As part of an audit in accordance with SAs, we exercise
section 133 of the Act read with the Companies (Indian professional judgment and maintain professional skepticism
Accounting Standards) Rules, 2015, as amended. The throughout the audit. We also:
respective Board of Directors of the companies and • Identify and assess the risks of material misstatement
management of the partnership firms included in the of the consolidated financial statements, whether due
Group and of its jointly controlled entities are responsible to fraud or error, design and perform audit procedures
for maintenance of adequate accounting records in responsive to those risks, and obtain audit evidence
accordance with the provisions of the Act for safeguarding that is sufficient and appropriate to provide a basis
of the assets of the Group and its jointly controlled for our opinion. The risk of not detecting a material
entities and for preventing and detecting frauds and other misstatement resulting from fraud is higher than for
irregularities; selection and application of appropriate one resulting from error, as fraud may involve collusion,
accounting policies; making judgments and estimates that forgery, intentional omissions, misrepresentations, or
are reasonable and prudent; and the design, implementation the override of internal control.
and maintenance of adequate internal financial controls,
• Obtain an understanding of internal control relevant to
that were operating effectively for ensuring the accuracy
the audit in order to design audit procedures that are
and completeness of the accounting records, relevant
appropriate in the circumstances. Under section 143(3)
to the preparation and presentation of the consolidated
(i) of the Act, we are also responsible for expressing
financial statements that give a true and fair view and are
our opinion on whether the Holding Company has
free from material misstatement, whether due to fraud or
adequate internal financial controls with reference
error, which have been used for the purpose of preparation
to financial statements in place and the operating
of the consolidated financial statements by the Directors of
effectiveness of such controls.
the Holding Company, as aforesaid.
In preparing the consolidated financial statements, the • Evaluate the appropriateness of accounting policies
respective Board of Directors of the companies and used and the reasonableness of accounting estimates
management of the partnership firms included in the Group and related disclosures made by management.
and of its jointly controlled entities are responsible for • Conclude on the appropriateness of management’s use
assessing the ability of the Group and its jointly controlled of the going concern basis of accounting and, based
entities to continue as a going concern, disclosing, as on the audit evidence obtained, whether a material
applicable, matters related to going concern and using the uncertainty exists related to events or conditions that
going concern basis of accounting unless management may cast significant doubt on the ability of the Group
either intends to liquidate the Group or to cease operations, and its jointly controlled entities to continue as a going
or has no realistic alternative but to do so. concern. If we conclude that a material uncertainty
Those respective Board of Directors of the companies and exists, we are required to draw attention in our auditor’s
management of the partnership firms included in the Group report to the related disclosures in the consolidated
and of its jointly controlled entities are also responsible for financial statements or, if such disclosures are
overseeing the financial reporting process of the Group and inadequate, to modify our opinion. Our conclusions
its jointly controlled entities. are based on the audit evidence obtained up to the

date of our auditor’s report. However, future events OTHER MATTER

or conditions may cause the Group and its jointly (a) We did not audit the financial statements and other
controlled entities to cease to continue as a going financial information, in respect of 55 subsidiaries,
concern. whose financial statements include total assets
• Evaluate the overall presentation, structure and of ` 252,747 million as at March 31, 2023, and total
content of the consolidated financial statements, revenues of ` 32,807 million and net cash outflows/
including the disclosures, and whether the (inflows) of ` 1,485 million for the year ended on that
consolidated financial statements represent the date. These financial statement and other financial
underlying transactions and events in a manner that information have been audited by other auditors,
achieves fair presentation. which financial statements, other financial information
• Obtain sufficient appropriate audit evidence regarding and auditor’s reports have been furnished to us by the
the financial information of the entities or business management. The consolidated financial statements
activities within the Group and its jointly controlled also include the Group’s share of net profit/(loss) of
entities of which we are the independent auditors, ` 246 million for the year ended March 31, 2023, as
to express an opinion on the consolidated financial considered in the consolidated financial statements, in
statements. We are responsible for the direction, respect of 9 jointly controlled entities, whose financial
supervision and performance of the audit of the statements, other financial information have been
financial statements of such entities included in the audited by other auditors and whose reports have
consolidated financial statements of which we are the been furnished to us by the Management. Our opinion
on the consolidated financial statements, in so far as
independent auditors. For the other entities included
it relates to the amounts and disclosures included in
in the consolidated financial statements, which have
respect of these subsidiaries and jointly controlled
been audited by other auditors, such other auditors
entities, and our report in terms of sub-sections (3)
remain responsible for the direction, supervision and
of Section 143 of the Act, in so far as it relates to the
performance of the audits carried out by them. We
aforesaid subsidiaries and jointly controlled entities, is
remain solely responsible for our audit opinion.
based solely on the report(s) of such other auditors.
We communicate with those charged with governance of
(b) The accompanying consolidated financial statements
the Holding Company and such other entities included in
include unaudited financial statements and other
the consolidated financial statements of which we are the
unaudited financial information in respect of 1
independent auditors regarding, among other matters, the
subsidiary, whose financial statements and other
planned scope and timing of the audit and significant audit
financial information reflect total assets of ` Nil million
findings, including any significant deficiencies in internal
as at March 31, 2023, and total revenues of ` Nil million
control that we identify during our audit.
and net cash outflows/(inflows) of ` Nil million for the
We also provide those charged with governance with a year ended on that date. These unaudited financial
statement that we have complied with relevant ethical statements and other unaudited financial information
requirements regarding independence, and to communicate have been furnished to us by the management. The
with them all relationships and other matters that may consolidated financial statements also include the
reasonably be thought to bear on our independence, and Group’s share of net profit/(loss) of ` (2) million for
where applicable, related safeguards. the year ended March 31, 2023, as considered in the
From the matters communicated with those charged with consolidated financial statements, in respect of 1
governance, we determine those matters that were of jointly controlled entity, whose financial statements,
most significance in the audit of the consolidated financial other financial information have not been audited
statements for the financial year ended March 31, 2023 and whose unaudited financial statements, other
and are therefore the key audit matters. We describe these unaudited financial information have been furnished
matters in our auditor’s report unless law or regulation to us by the Management. Our opinion, in so far as it
precludes public disclosure about the matter or when, in relates amounts and disclosures included in respect of
extremely rare circumstances, we determine that a matter these subsidiary, and jointly controlled entity, and our
should not be communicated in our report because the report in terms of sub-sections (3) of Section 143 of
adverse consequences of doing so would reasonably be the Act in so far as it relates to the aforesaid subsidiary
expected to outweigh the public interest benefits of such and jointly controlled entity, is based solely on such
communication. unaudited financial statements and other unaudited

financial information. In our opinion and according to financial statements comply with the Accounting
the information and explanations given to us by the Standards specified under Section 133 of the
Management, these financial statements and other Act, read with Companies (Indian Accounting
financial information are not material to the Group. Standards) Rules, 2015, as amended;
Our opinion above on the consolidated financial statements, (e) On the basis of the written representations received
and our report on Other Legal and Regulatory Requirements from the directors of the Holding Company as on
below, is not modified in respect of the above matters with March 31, 2023 taken on record by the Board of
respect to our reliance on the work done and the reports of Directors of the Holding Company and the reports
the other auditors and the financial statements and other of the statutory auditors who are appointed
financial information certified by the Management. under Section 139 of the Act, of its subsidiary
companies and jointly controlled entities, none
REPORT ON OTHER LEGAL AND REGULATORY of the directors of the Group’s companies, its
REQUIREMENTS jointly controlled entities, incorporated in India,
1. As required by the Companies (Auditor’s Report) Order, is disqualified as on March 31, 2023 from being
2020 (“the Order”), issued by the Central Government appointed as a director in terms of Section 164
of India in terms of sub-section (11) of section 143 of (2) of the Act;
the Act, [based on our audit and on the consideration (f) With respect to the adequacy of the internal
of report of the other auditors on separate financial financial controls with reference to consolidated
statements and the other financial information of the financial statements of the Holding Company and
subsidiary companies and jointly controlled entities, its subsidiary companies and jointly controlled
incorporated in India, as noted in the ‘Other Matter’ entities incorporated in India, and the operating
paragraph we give in the “Annexure 1” a statement on effectiveness of such controls, refer to our
the matters specified in paragraph 3(xxi) of the Order. separate Report in “Annexure 2” to this report
2. As required by Section 143(3) of the Act, [based on (g) In our opinion and based on the consideration
our audit and on the consideration of report of the of reports of other statutory auditors of the
other auditors on separate financial statements and subsidiaries and jointly controlled entities
the other financial information of subsidiaries and incorporated in India, the managerial remuneration
jointly controlled entities , as noted in the ‘other matter’ for the year ended March 31, 2023 has been paid/
paragraph we report, to the extent applicable, that: provided by the Holding Company, its subsidiaries
(a) We/the other auditors whose report we have and jointly controlled entities incorporated in
relied upon have sought and obtained all the India to their directors in accordance with the
information and explanations which to the best provisions of section 197 read with Schedule V to
of our knowledge and belief were necessary the Act;
for the purposes of our audit of the aforesaid (h) With respect to the other matters to be included in
consolidated financial statements; the Auditor’s Report in accordance with Rule 11 of
(b) In our opinion, proper books of account as the Companies (Audit and Auditors) Rules, 2014,
required by law relating to preparation of as amended, in our opinion and to the best of our
the aforesaid consolidation of the financial information and according to the explanations
statements have been kept so far as it appears given to us and based on the consideration of the
from our examination of those books and reports report of the other auditors on separate financial
of the other auditors; statements as also the other financial information
(c) The Consolidated Balance Sheet, the Consolidated of the subsidiaries and jointly controlled entities,
Statement of Profit and Loss including the as noted in the ‘Other matter’ paragraph:
Statement of Other Comprehensive Income, i. The consolidated financial statements
the Consolidated Statement of Cash Flow and disclose the impact of pending litigations
Consolidated Statement of Changes in Equity on its consolidated financial position of the
dealt with by this Report are in agreement with Group and jointly controlled entities in its
the books of account maintained for the purpose consolidated financial statements – Refer
of preparation of the consolidated financial Note 44, 57 and 58 to the consolidated
statements; financial statements;
(d) In our opinion, the aforesaid consolidated ii. Provision has been made in the consolidated

financial statements, as required under the Holding Company and its subsidiaries
applicable law or accounting standards, for and jointly controlled entities which
material foreseeable losses, if any, on long- are companies incorporated in India
term contracts including derivative contracts whose financial statements have
– Refer (a) Note 34 to the consolidated been audited under the Act have
financial statements in respect of such represented to us and the other
items as it relates to the Group and its jointly auditors of such subsidiaries and
controlled entities and (b) the Group’s share jointly controlled entities respectively
of net profit/(loss) in respect of its jointly that, to the best of its knowledge and
controlled entities; belief, other than as disclosed in the
iii. There has been no delay in transferring note 61 to the consolidated financial
amounts, required to be transferred, to the statements, no funds have been
Investor Education and Protection Fund by received by the respective Holding
the Holding Company, its subsidiaries and Company or any of such subsidiaries
its jointly controlled entities, incorporated in and jointly controlled entities from
India during the year ended March 31, 2023. any person(s) or entity(ies), including
foreign entities (“Funding Parties”), with
iv. a) The respective managements of the
the understanding, whether recorded in
Holding Company and its subsidiaries
writing or otherwise, that the Holding
and jointly controlled entities which
Company or any of such subsidiaries
are companies incorporated in India
and jointly controlled entities shall,
whose financial statements have
whether, directly or indirectly, lend
been audited under the Act have
or invest in other persons or entities
represented to us and the other
identified in any manner whatsoever
auditors of such subsidiaries and
by or on behalf of the Funding Party
jointly controlled entities respectively
(“Ultimate Beneficiaries”) or provide any
that, to the best of its knowledge
guarantee, security or the like on behalf
and belief, other than as disclosed
of the Ultimate Beneficiaries; and
in the note 61 to the consolidated
financial statements, no funds have c) Based on the audit procedures that
been advanced or loaned or invested have been considered reasonable
(either from borrowed funds or share and appropriate in the circumstances
premium or any other sources or kind performed by us and that performed
of funds) by the Holding Company or by the auditors of the subsidiaries and
any of such subsidiaries and jointly jointly controlled entities which are
controlled entities to or in any other companies incorporated in India whose
person(s) or entity(ies), including financial statements have been audited
foreign entities (“Intermediaries”), under the Act, nothing has come to
with the understanding, whether our or other auditor’s notice that has
recorded in writing or otherwise, caused us or the other auditors to
that the Intermediary shall, whether, believe that the representations under
directly or indirectly lend or invest in sub-clause (a) and (b) contain any
other persons or entities identified material mis-statement.
in any manner whatsoever by or v. The final dividend paid by the Holding
on behalf of the respective Holding Company, its subsidiaries and jointly
Company or any of such subsidiaries controlled entities companies incorporated
and jointly controlled entities in India during the year in respect of the
(“Ultimate Beneficiaries”) or provide same declared for the previous year is in
any guarantee, security or the like on accordance with section 123 of the Act to
behalf of the Ultimate Beneficiaries; the extent it applies to payment of dividend.
b) The respective managements of the The interim dividend declared and paid

during the year by the Holding Company, its subject to the approval of the members of
subsidiaries and jointly controlled entities the respective companies at the respective
companies incorporated in India and until ensuing Annual General Meeting. The
the date of the respective audit reports of dividend declared is in accordance with
such Holding Company, subsidiaries and section 123 of the Act to the extent it applies
jointly controlled entities is in accordance to declaration of dividend.
with section 123 of the Act. vi. As proviso to Rule 3(1) of the Companies
As stated in note 23.6 to the consolidated (Accounts) Rules, 2014 is applicable only
financial statements, the respective Board w.e.f. April 1, 2023 for the Holding Company,
of Directors of the Holding Company, its its subsidiaries and jointly controlled entities
subsidiaries and jointly controlled entities companies incorporated in India, hence
companies, incorporated in India have reporting under this clause is not applicable.
proposed final dividend for the year which is

per Adarsh Ranka

Partner
UDIN: 23209567BGXVZO6077

Date: May 30, 2023

ANNEXURE 1 TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THE CONSOLIDATED

(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)
(xxi) Qualifications or adverse remarks by the respective auditors in the Companies (Auditors Report) Order (CARO) reports of
the companies included in the consolidated financial statements are:
Sl. Name CIN Holding company/ Clause number of

No. Subsidiary/ Jointly the CARO report
controlled entity which is qualified
or is adverse
1 Prestige Estates Projects Limited L07010KA1997PLC022322 Holding company (i), (vii) & (xiii)
2 Apex Realty Management Private Limited U45200KA2018PTC119740 Subsidiary company (xvii) & (xix)
3 Avyakth Cold Storages Private Limited U63020KA2010PTC055088 Subsidiary company (xix)
4 Dollar Hotels & Resorts Private Limited U55101KA2004PTC034873 Subsidiary company (vii), (xvii) & (xix)
5 ICBI (India) Private Limited U85110KA1945PTC000374 Subsidiary company (vii)
6 K2K Infrastructure (India) Private Limited U45200TG2007PTC054531 Subsidiary company (vii)
7 Kochi Cyber Greens Private Limited U45201KA2020PTC140783 Subsidiary company (xvii)
8 Northland Holding Company Private Limited U45202KA2009PTC049345 Subsidiary company (i), (xiv), (vii), (xvii)
& (xix)
9 Prestige Bidadi Holdings Private Limited U45201KA2007PTC041392 Subsidiary company (xvii)
10 Prestige Builders and Developers Private Limited U45201KA2007PTC043550 Subsidiary company (vii), (xvii) & (xix)
11 Prestige Construction Ventures Private Limited U70101KA2007PTC041666 Subsidiary company (vii)
12 Prestige Exora Business Parks Limited U72900KA2003PLC032050 Subsidiary company (vii) & (xix)
13 Prestige Falcon Mumbai Realty Private Limited U45309MH2022PTC393237 Subsidiary company (xvii)
14 Prestige Falcon Realty Ventures Private Limited U52300KA2012PTC066185 Subsidiary company (vii), (xvii) & (xix)
15 Prestige Garden Estates Private Limited U70102KA1996PTC020293 Subsidiary company (vii), (xvii) & (xix)
16 Prestige Garden Resorts Private Limited U85110KA1996PTC020094 Subsidiary company (vii) & (xiv)
17 Prestige Hospitality Ventures Limited U45500KA2017PLC109059 Subsidiary company (i), (vii) & (xiv)
18 Prestige Leisure Resorts Private Limited U85110KA1998PTC023921 Subsidiary company (vii)
19 Prestige Mall Management Private Limited U74140KA2008PTC047968 Subsidiary company (xvii) & (xviii)
20 Prestige Mulund Realty Private Limited U45309MH2016PTC287566 Subsidiary company (ix) & (xvii)
21 Prestige Projects Private Limited U45201KA2008PTC046784 Subsidiary company (ii), (iii), (vii), (ix),
(xvii), (xviii) & (xix)
22 Prestige Retail Ventures Limited U45200KA2017PLC104527 Subsidiary company (vii)
23 Prestige Sterling Infraprojects Private Limited U70102KA2007PTC042498 Subsidiary company (xiv) & (xviii)
24 Sai Chakra Hotels Private Limited U55100KA2011PTC061656 Subsidiary company (i), (vii) & (xix)
25 Village De Nandi Private Limited U55101KA1994PTC016245 Subsidiary company (xvii)
26 Dashanya Tech Parkz Private Limited U45201KA2012PTC063057 Jointly controlled (vii), (ix) & (xviii)
entity
27 DB (BKC) Realtors Private Limited U70100MH2006PTC159708 Jointly controlled (iii), (vii), (xvii) &
entity (xviii)
28 Pandora Projects Private Limited U70101MH2014PTC255267 Jointly controlled (xvii)
entity

per Adarsh Ranka

Partner

Date: May 30, 2023

ANNEXURE 2 TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THE CONSOLIDATED
REPORT ON THE INTERNAL FINANCIAL CONTROLS Our audit involves performing procedures to obtain audit
UNDER CLAUSE (I) OF SUB-SECTION 3 OF SECTION 143 evidence about the adequacy of the internal financial
OF THE COMPANIES ACT, 2013 (“THE ACT”) controls with reference to consolidated financial statements
In conjunction with our audit of the consolidated financial and their operating effectiveness. Our audit of internal
statements of Prestige Estates Projects Limited (hereinafter financial controls with reference to consolidated financial
referred to as the “Holding Company”) as of and for the statements included obtaining an understanding of internal
year ended March 31, 2023, we have audited the internal financial controls with reference to consolidated financial
financial controls with reference to consolidated financial statements, assessing the risk that a material weakness
statements of the Holding Company and its subsidiaries exists, and testing and evaluating the design and operating
(the Holding Company and its subsidiaries together referred effectiveness of internal control based on the assessed
to as “the Group”) and its jointly controlled entities, which are risk. The procedures selected depend on the auditor’s
companies incorporated in India, as of that date. judgement, including the assessment of the risks of material
misstatement of the financial statements, whether due to
MANAGEMENT’S RESPONSIBILITY FOR INTERNAL fraud or error.
FINANCIAL CONTROLS We believe that the audit evidence we have obtained and
The respective Board of Directors of the companies the audit evidence obtained by the other auditors in terms
included in the Group and its jointly controlled entities, of their reports referred to in the Other Matters paragraph
which are companies incorporated in India, are responsible below, is sufficient and appropriate to provide a basis for
for establishing and maintaining internal financial controls our audit opinion on the internal financial controls with
based on the internal control over financial reporting reference to consolidated financial statements.
criteria established by the Holding Company considering
the essential components of internal control stated in the MEANING OF INTERNAL FINANCIAL CONTROLS WITH
Guidance Note on Audit of Internal Financial Controls Over REFERENCE TO CONSOLIDATED FINANCIAL STATEMENTS
Financial Reporting issued by the Institute of Chartered A company’s internal financial control with reference to
Accountants of India (ICAI). These responsibilities include consolidated financial statements is a process designed
the design, implementation and maintenance of adequate to provide reasonable assurance regarding the reliability
internal financial controls that were operating effectively for of financial reporting and the preparation of financial
ensuring the orderly and efficient conduct of its business, statements for external purposes in accordance with
including adherence to the respective company’s policies, generally accepted accounting principles. A company’s
the safeguarding of its assets, the prevention and detection internal financial control with reference to consolidated
of frauds and errors, the accuracy and completeness of the financial statements includes those policies and
accounting records, and the timely preparation of reliable procedures that (1) pertain to the maintenance of records
financial information, as required under the Companies Act, that, in reasonable detail, accurately and fairly reflect the
2013. transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are
AUDITOR’S RESPONSIBILITY recorded as necessary to permit preparation of financial
Our responsibility is to express an opinion on the Holding statements in accordance with generally accepted
Company’s internal financial controls with reference to accounting principles, and that receipts and expenditures
consolidated financial statements based on our audit. of the company are being made only in accordance
We conducted our audit in accordance with the Guidance with authorisations of management and directors of the
Note on Audit of Internal Financial Controls Over Financial company; and (3) provide reasonable assurance regarding
Reporting (the “Guidance Note”) and the Standards on prevention or timely detection of unauthorised acquisition,
Auditing, specified under section 143(10) of the Act, to the use, or disposition of the company’s assets that could have
extent applicable to an audit of internal financial controls, a material effect on the financial statements.
both, issued by ICAI. Those Standards and the Guidance
Note require that we comply with ethical requirements and INHERENT LIMITATIONS OF INTERNAL FINANCIAL
plan and perform the audit to obtain reasonable assurance CONTROLS WITH REFERENCE TO CONSOLIDATED
about whether adequate internal financial controls with FINANCIAL STATEMENTS
reference to consolidated financial statements was Because of the inherent limitations of internal financial
established and maintained and if such controls operated controls with reference to consolidated financial
effectively in all material respects. statements, including the possibility of collusion or

ANNEXURE 2 (Contd.)
improper management override of controls, material with reference to consolidated financial statements were
misstatements due to error or fraud may occur and not be operating effectively as at March 31, 2023, based on the
detected. Also, projections of any evaluation of the internal internal control over financial reporting criteria established
financial controls with reference to consolidated financial by the Holding Company considering the essential
statements to future periods are subject to the risk that the components of internal control stated in the Guidance
internal financial controls with reference to consolidated Note issued by the ICAI .
financial statements may become inadequate because of
changes in conditions, or that the degree of compliance OTHER MATTERS
with the policies or procedures may deteriorate. Our report under Section 143(3)(i) of the Act on the
adequacy and operating effectiveness of the internal
OPINION financial controls with reference to consolidated financial
In our opinion, the Group and its jointly controlled statements of the Holding Company, in so far as it relates
entities, which are companies incorporated in India, to these 26 subsidiaries and 3 jointly controlled entities,
have, maintained in all material respects, adequate which are companies incorporated in India, is based on the
internal financial controls with reference to consolidated corresponding reports of the auditors of such subsidiaries
financial statements and such internal financial controls and jointly controlled entities incorporated in India.

per Adarsh Ranka

Partner

Date: May 30, 2023

CONSOLIDATED BALANCE SHEET
AS AT MARCH 31, 2023
(` in Million)
No. March 31, 2023 March 31, 2022
A. ASSETS
(1) Non-current assets
(a) Property, plant and equipment 5 24,952 26,125
(b) Capital work-in-progress (including Investment property under 6 23,987 17,246
construction)
(c) Investment property 7 42,272 31,856
(d) Goodwill 9 534 534
(e) Other intangible assets 8 47 62
(f) Investments in associates and joint venture 10 5,589 5,737
(g) Financial assets
(i) Investments 10 4,625 1,982
(ii) Loans 11 7,115 4,445
(iii) Other financial assets 12 6,494 8,854
(h) Deferred tax assets 27 5,582 5,867
(i) Income tax assets 3,871 2,873
(j) Other non-current assets 13 1,179 3,147
Sub-total 126,247 108,728
(2) Current assets
(a) Inventories 14 143,671 115,667
(b) Financial assets
(i) Investments 15 14 5
(ii) Trade receivables 16 13,286 14,196
(iii) Cash and cash equivalents 17 14,564 20,685
(iv) Other bank balances 18 3,582 1,027
(v) Loans 19 29,551 17,635
(vi) Other financial assets 20 12,556 9,797
(c) Other current assets 21 22,358 16,701
Sub-total 239,582 195,713
Total 365,829 304,441
B. EQUITY AND LIABILITIES
(1) Equity
(a) Equity share capital 22 4,009 4,009
(b) Other Equity 23 95,744 86,937
Equity Attributable to owners of the Company 99,753 90,946
Non controlling interests 24 2,832 4,523
Sub-total 102,585 95,469
(2) Non-current liabilities
(a) Financial Liabilities
(i) Borrowings 25 34,100 40,029
(ii) Other financial liabilities 26 1,167 811
(b) Deferred tax liabilities 27 3,118 2,731
(c) Other non-current liabilities 28 321 263
(d) Provisions 29 363 311
Sub-total 48,571 50,189
(3) Current liabilities
(a) Financial Liabilities
(i) Borrowings 30 47,108 25,101
(iii) Trade payables 31 14,514 9,800
(iv) Other financial liabilities 32 16,495 13,156
(b) Other current liabilities 33 127,559 99,595
(c) Provisions 34 4,771 7,789
(d) Income tax liabilities 737 394
Sub-total 214,673 158,783
Total 365,829 304,441
See accompanying notes to the Consolidated Financial Statements
Date: May 30, 2023 Date: May 30, 2023

CONSOLIDATED STATEMENT OF PROFIT AND LOSS

(` in Million)
No. March 31, 2023 March 31, 2022
Revenue from operations 35 83,150 63,895
Other income 36 4,570 2,107
Total Income (I) 87,720 66,002
Expenses
(Increase) / decrease in inventory 37 (22,312) 5,652
Contractor cost 25,924 15,048
Purchase of project material 6,553 3,848
Purchase of completed units 23 (97)
Land cost 30,594 7,986
Rental expenses 45 43 5
Facility management expense 1,994 1,083
Rates and taxes 4,425 5,379
Employee benefits expense 38 6,034 4,510
Finance costs 39 8,066 5,553
Depreciation and amortisation expense 5,7,8 6,471 4,710
Other expenses 40 9,009 5,146
Total Expenses (II) 76,824 58,823
Profit before exceptional items (III = I-II) 10,896 7,179
Exceptional Items (IV) 59 3,079 8,079
Profit before share of profit/(loss) from associate and jointly controlled 13,975 15,258
entities and tax expense (V = III+IV)
Share of profit / (loss) from associates and jointly controlled entities 168 (165)
(Net of tax) (VI)
Profit before tax (VII = V + VI) 14,143 15,093
Tax expense : 41
Current tax 2,591 2,761
Deferred tax 884 184
Total Tax expense (VIII) 3,475 2,945
Profit for the year (IX = VII - VIII) 10,668 12,148
Other Comprehensive Income
Items that will not be recycled to profit or loss
Remeasurement of the defined benefit liabilities / (asset) (13) 45
Tax impact 4 (12)
Total other comprehensive income / (loss) (X) (9) 33
Total comprehensive income for the year (IX + X) 10,659 12,181
Profit for the year attributable to:
Other comprehensive income for the year attributable to:
Owners of the Company (9) 33
Non-controlling interests - -
Total comprehensive income for the year attributable to:
Earnings per equity share (par value of `10 each) 42
Basic and diluted EPS (in `) 23.49 28.69
Date: May 30, 2023 Date: May 30, 2023

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(` in Million)
Particulars Equity Other equity Equity Non Total
Share General Capital Securities Debenture Retained Total Attribut- Con- Equity
Capital Reserve Reserve Premium Redemp- Earnings able to trolling
tion owners of Interest
Reserve the
Company
As at April 01, 2021 4,009 2,888 163 28,563 550 43,841 76,005 80,014 4,198 84,212
Profit for the year - - - - - 11,500 11,500 11,500 648 12,148
Other Comprehensive Income - - - - - 33 33 33 - 33
/ (Loss) for the year, net of
income tax
Dividend paid on Equity Shares - - - - - (601) (601) (601) - (601)
Net infusion by / (repayment) to - - - - - - - - (2,536) (2,536)
non-controlling interests (NCI)
Adjustments consequent to gain - - - - - - - - 2,505 2,505
of control in Subsidiaries
Adjustments consequent to loss - - - - - - - - (292) (292)
of control in Subsidiaries
Transfer to Debenture - - - - 264 (264) - - - -
redemption reserve
Transfer to General reserve on - 250 - - (250) - - - - -
redemption of Debenture
As at March 31, 2022 4,009 3,138 163 28,563 564 54,509 86,937 90,946 4,523 95,469
Profit for the year - - - - - 9,418 9,418 9,418 1,250 10,668
Other Comprehensive Income - - - - - (10) (10) (10) - (10)
/ (Loss) for the year, net of
income tax
Dividend paid on Equity Shares - - - - - (601) (601) (601) - (601)
Net infusion by / (repayment) to - - - - - - - - (2,369) (2,369)
non-controlling interests (NCI)
Incremental acquisition of stake - - - - - - - - (572) (572)
from NCI
Transfer to Debenture - - - - 454 (454) - - - -
redemption reserve
As at March 31, 2023 4,009 3,138 163 28,563 1,018 62,862 95,744 99,753 2,832 102,585

Date: May 30, 2023 Date: May 30, 2023

CONSOLIDATED STATEMENT OF CASH FLOWS

(` in Million)
March 31, 2023 March 31, 2022
Cash flow from operating activities :
Add: Adjustments for:
Depreciation and amortisation 6,471 4,710
Expected credit loss allowance on receivables 29 -
Sub-total 6,500 4,710
Less: Incomes / credits considered separately
Interest income 1,463 1,590
Share of profit / (loss) from associates and jointly controlled entities (Net) 168 (165)
Fair value gain on financial instruments 2,661 171
Profit on loss of control 3,079 8,079
Profit on sale of property, plant and equipment / investment property 252 63
Sub-total 7,623 9,738
Add: Expenses / debits considered separately
Finance costs 8,066 5,553
Loss on sale of property, plant and equipments 10 1
Sub-total 8,081 5,554
Operating profit before changes in working capital 21,101 15,619

Adjustments for:
(Increase) / decrease in trade receivables 1,181 (456)
(Increase) / decrease in inventories (22,030) 14,648
(Increase) / decrease in loans and advances (2,501) (2,223)
(Increase) / decrease in other assets (4,926) (7,610)
Increase / (decrease) in trade payables 4,456 (1,131)
Increase / (decrease) in other financial liabilities 3,321 1,381
Increase / (decrease) in provisions (2,979) 3,332
Increase / (decrease) in other liabilities 21,060 200
Sub-total (2,418) 8,141
Cash generated from / (used in) operations 18,683 23,760
Direct taxes (paid)/refund (3,288) (2,361)
Net cash generated from / (used in) operations - A 15,395 21,399
Cash flow from investing activities
Capital expenditure on investment property, property plant and equipment and (16,502) (22,704)
intangible assets (including capital work-in-progress)
Sale proceeds of investment property 496 1,126
Decrease / (increase) in long-term inter corporate deposits - net (3,733) (6,558)
Decrease / (increase) in other inter corporate deposits - net (2,690) (10,881)
(Investments in)/ redemption of bank deposits (having original maturity of more (2,688) (705)
than three months) – net
Deferred consideration received / Proceeds from Loss of Control (Refer Note 59) 3,079 3,250
(Increase) / decrease in partnership current account (6,926) (3,192)
Proceeds from sale/redemption of current and non-current investments 5 -
Current and non-current Investments made 177 (1,930)
Interest received 1,221 1,140
Net cash from / (used in) investing activities - B (27,561) (40,454)

CONSOLIDATED STATEMENT OF CASH FLOWS
(` in Million)
March 31, 2023 March 31, 2022
Cash flow from financing activities
Secured loans availed 36,454 34,772
Secured loans repaid (19,427) (13,414)
Inter corporate deposits taken (net) (922) 891
Dividend payout including tax (601) (601)
Finance costs paid (7,412) (5,341)
Contribution by/ (payment to) non controlling interest holders (2,637) (323)
Net cash from / (used in) financing activities - C 5,455 15,984
Total increase / (decrease) in cash and cash equivalents during the year (6,711) (3,071)
(A+B+C)
Cash and cash equivalents opening balance 20,685 23,460
Add: Cash acquired on acquisition of subsidiaries during the year 590 296
Cash and cash equivalents closing balance 14,564 20,685
Reconciliation of Cash and cash equivalents with balance sheet

Cash and Cash equivalents as per Balance Sheet (Refer Note 17) 14,564 20,685
Cash and cash equivalents at the end of the year as per cash flow statement 14,564 20,685
above
- -
Cash and cash equivalents at the end of the year as above comprises:
Cash on hand 3 2
Balances with banks
- in fixed deposits 4,568 4,143
14,564 20,685
Changes in liabilities arising from financing activities
Borrowings (including current maturities):
At the beginning of the year including accrued interest 65,922 40,405
Add: Borrowings acquired on acquisition of subsidiaries (net) 3 6
Add: Inter corporate deposits on acquisition of subsidiaries (30) 3,941
Add: Cash inflows 35,532 34,772
Less: Cash outflows (19,427) (13,414)
Add: Interest accrued during the year 8,066 5,553
Less: Interest paid (7,412) (5,341)
Outstanding at the end of the year including accrued interest 82,654 65,922
See accompanying notes forming part of the Consolidated Financial Statements
Date: May 30, 2023 Date: May 30, 2023

NOTES
FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS
1 CORPORATE INFORMATION There were certain amendments to standards and

Prestige Estates Projects Limited (the “Company”) and interpretations which are applicable for the first time
its subsidiaries (together the “Group”) are engaged in the for the year ended March 31, 2023, but either the
business of Real Estate development, Hospitality and allied same are not relevant or do not have an impact on the
services. financial statements of the Company. The Company
has not early adopted any standard, interpretation
The Company is a public limited company incorporated and
or amendment that has been issued but is not yet
domiciled in India and has its registered office at Bengaluru,
Karnataka, India. Its shares are listed on Bombay Stock effective.
Exchange (BSE) and National Stock Exchange (NSE). 2.4 Use of Estimates
The consolidated financial statements have been authorised The preparation of the consolidated financial
for issuance by the Company’s Board of Directors on May statements in conformity with Ind AS requires the
30, 2023. Management to make judgements, estimates and
assumptions that affect the reported amounts of
2 SIGNIFICANT ACCOUNTING POLICIES assets and liabilities (including contingent liabilities),
2.1 Statement of compliance income and expenses and accompanying disclosures.
The Management believes that the estimates used in
The consolidated financial statements have been
preparation of the consolidated financial statements
prepared in accordance with Indian Accounting
are prudent and reasonable. Future results could
Standards (“Ind AS”), the provisions of the Companies
differ due to these estimates and the differences
Act, 2013 (“the Act”) (as amended from time to time)
between the actual results and the estimates are
and guidelines issued by the Securities and Exchange
recognised in the periods in which the results are
Board of India (SEBI). The Ind AS are prescribed
known / materialise.
under section 133 of the Act read with Rule 3 of the
Companies (Indian Accounting Standards) Rules, 2015 Significant accounting judgements, estimates and
(as amended from time to time) and presentation assumptions used by management are as below:
requirements of Division II of Schedule III to the - Useful lives of Investment Property; Property,
Companies Act, 2013 (Ind AS compliant Schedule III). Plant and Equipment and Intangible Assets (Refer
2.2 Basis of preparation and presentation notes 2.16,2.18 & 2.19).
The consolidated financial statements have been - Determination of performance obligations and
prepared on the historical cost and accrual basis timing of revenue recognition on revenue from
except for certain financial instruments that are real estate development (Refer note 2.9).
measured at fair values at the end of each reporting - Accounting for revenue and land cost for projects
period and assets and liabilities acquired on acquisition executed through joint development arrangement
of subsidiary as explained in the accounting policies
(Refer note 2.9).
below.
- Computation of percentage completion for
Historical cost is generally based on the fair value of projects in progress, project cost, revenue and
the consideration given in exchange for goods and
saleable area estimates (Refer note 2.9).
services.
- Assessment of control, joint control and
All amounts disclosed in the consolidated financial
significant influence (Refer note 2.6).
statements and notes have been rounded off to the
- Impairment of financial/ non financial assets
nearest Million Indian Rupees as per the requirement
of Schedule III, unless otherwise stated (0 represents (Refer notes 2.8, 2.20 & 2.23).
amounts less than Rupees 0.5 Million due to rounding - Net realisable value of inventory (Refer note 2.21).
off).
- Fair value measurements (Refer note 2.5).
2.3 Changes in accounting policies and disclosures - Accounting, classification and presentation of
The accounting policies adopted and methods of assets and liabilities (‘disposal group’) held for
computation followed are consistent with those of the sale, including timing of recognition of sale and
previous financial year. deferred consideration (Refer notes 2.29).

NOTES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS (Contd.)
2.5 Fair value measurement of the three elements listed above. In assessing
Fair value is the price that would be received to sell control, potential voting rights that currently are
an asset or paid to transfer a liability in an orderly exercisable are taken into account. The results of
transaction between market participants at the subsidiaries acquired or disposed off during the
measurement date, regardless of whether that price year are included in the consolidated financial
is directly observable or estimated using another statements from the effective date of acquisition
valuation technique. In estimating the fair value of and up to the effective date of disposal, as
an asset or a liability, the Group takes into account appropriate.
the characteristics of the asset or liability if market The financial statements of the subsidiaries are
participants would take those characteristics into consolidated on a line-by-line basis and intra-
account when pricing the asset or liability at the group balances and transactions including
measurement date. Fair value for measurement and/ unrealised gain / loss from such transactions are
or disclosure purposes in these consolidated financial eliminated upon consolidation. These financial
statements is determined on such a basis, except for statements are prepared by applying uniform
leasing transactions that are within the scope of Ind AS accounting policies in use at the Group. The
116, and measurements that have some similarities to financial statements of all entities used for the
fair value but are not fair value, such as net realisable purpose of consolidation are drawn up to same
value in Ind AS 2 or value in use in Ind AS 36. reporting date as that of the parent company.
In addition, for financial reporting purposes, fair value Non-controlling interests in the net assets
measurements are categorised into Level 1, 2, or 3 (excluding goodwill) of consolidated subsidiaries
based on the degree to which the inputs to the fair value are identified separately from the equity
measurements are observable and the significance of attributable to shareholders of the Company.
the inputs to the fair value measurement in its entirety, The interest of non-controlling shareholders may
which are described as follows: be initially measured either at fair value or at the
- Level 1 inputs are quoted prices (unadjusted) in non-controlling interests’ proportionate share
active markets for identical assets or liabilities of the fair value of the acquiree’s identifiable
that the entity can access at the measurement net assets. The choice of measurement basis
date; is made on an acquisition-by-acquisition basis.
Subsequent to acquisition, the carrying amount
- Level 2 inputs are inputs, other than quoted prices
of non-controlling interests is the amount of
included within Level 1, that are observable for the
those interests at initial recognition plus the
asset or liability, either directly or indirectly; and
non-controlling interests’ share of subsequent
- Level 3 inputs are unobservable inputs for the changes in equity. Total comprehensive income
asset or liability. is attributed to non-controlling interests even if
2.6 Basis of consolidation it results in the non-controlling interest having a
deficit balance.
a. Subsidiaries
Changes in the Group’s interests in subsidiaries
The consolidated financial statements include
that do not result in a loss of control are accounted
Prestige Estates Projects Limited and its
for transactions between equity holders. The
subsidiaries. Subsidiaries are entities controlled
carrying amount of the Group’s interests and
by the Company. Control exists when the
the non-controlling interests are adjusted to
Company
reflect the changes in their relative interests in
(a) has power over the investee, the subsidiaries. Any difference between the
(b) it is exposed, or has rights, to variable returns amount by which the non-controlling interests are
from its involvement with the investee and adjusted and the fair value of the consideration
(c) has the ability to affect those returns through paid or received is recognised directly in equity
its power over the investee. and attributed to owners of the Company.
The Company reassesses whether or not it When the Company loses control of a subsidiary,
controls an investee if facts and circumstances the profit or loss on disposal is calculated as the
indicate that there are changes to one or more difference between

(i) the aggregate of the fair value of or a joint venture and are recognised initially at
consideration received and the fair value of cost. The Group’s investment includes goodwill
any retained interest and identified on acquisition, net of any accumulated
(ii) the previous carrying amount of the assets impairment losses. The consolidated financial
(including goodwill), and liabilities of the statements include the Group’s share of profits or
subsidiary and any non-controlling interests. losses and equity movements of equity accounted
Amounts previously recognised in Other investees, from the date that significant influence
Comprehensive Income in relation to the or joint control commences until the date that
subsidiary are accounted for (i.e., reclassified significant influence or joint control ceases. When
to Consolidated statement of profit and loss) the Group’s share of losses exceeds its interest
in the same manner as would be required if the in an equity accounted investee, the carrying
relevant assets or liabilities were disposed off. amount of that interest (including any long-term
The fair value of any investment retained in the investments in the nature of net investments)
former subsidiary at the date when control is lost is reduced to nil and the recognition of further
is regarded as the fair value on initial recognition losses is discontinued except to the extent
for subsequent accounting under Ind AS 109 that the Group has an obligation or has made
Financial Instruments or, when applicable, the payments on behalf of the investee. The financial
cost on initial recognition of an investment in an statements of the Joint venture and associate
associate or jointly controlled entity. are prepared for the same reporting period as the
b. Interests in joint arrangements Group.
A joint arrangement is an arrangement of which 2.7 Business Combination

two or more parties have joint control. Joint Acquisitions of subsidiaries and businesses are
control is the contractually agreed sharing of accounted for using the acquisition method. Acquisition
control of an arrangement, which exists only when related costs are recognised in Consolidated Statement
decisions about the relevant activities require the of Profit and Loss as incurred. The acquiree’s
unanimous consent of the parties sharing control.
identifiable assets, liabilities and contingent liabilities
A joint venture is a joint arrangement whereby the that meet the conditions for recognition are recognised
parties that have joint control of the arrangement at their fair value at the acquisition date, except certain
have rights to the net assets of the arrangement. assets and liabilities required to be measured as per
The results of joint ventures are incorporated in the applicable standard.
these consolidated financial statements using
The excess of the
the equity method of accounting as described
below. a) consideration transferred;
b) amount of any non-controlling interest in the
c. Associates
acquired entity, and
Associates are those entities in which the Group
has significant influence. Significant influence c) acquisition-date fair value of any previous equity
is the power to participate in the financial and interest in the acquired entity over the fair value
operating policy decisions of the investee but not of the net identifiable assets acquired is recorded
control or joint control those policies. Significant as goodwill. If those amounts are less than the
influence is presumed to exist when the Group fair value of the net identifiable assets of the
holds between 20 to 50 percent of the voting business acquired, the difference is recognised in
power of another entity. The results are Other Comprehensive Income and accumulated
incorporated in these consolidated financial in equity as capital reserve provided there is clear
statements using the equity method of accounting evidence of the underlying reasons for classifying
as described below. the business combination as bargain purchase.
Equity method of accounting (equity accounted In other cases, the bargain purchase gain is
investees) recognised directly in equity as capital reserve.
An interest in an associate or joint venture is Where settlement of any part of cash consideration
accounted for using the equity method from the is deferred, the amounts payable in the future are
date in which the investee becomes an associate discounted to their present value as at the date of

exchange. The discount rate used is the entity’s 2.9 Revenue Recognition
incremental borrowing rate, being the rate at which
a. Revenue from contracts with customers
a similar borrowing could be obtained from an
independent financier under comparable terms and Revenue from contracts with customers is
conditions. recognised when control of the goods or services
are transferred to the customer at an amount
Contingent consideration is classified either as equity
that reflects the consideration to which the Group
or a financial liability. Amounts classified as a financial
expects to be entitled in exchange for those goods
liability are subsequently remeasured to fair value
or services. Revenue is measured based on the
with changes in fair value recognised in Consolidated
transaction price, which is the consideration,
Statement of Profit and Loss. adjusted for discounts and other credits, if any,
If the business combination is achieved in stages, as specified in the contract with the customer.
the acquisition date carrying value of the acquirer’s The Group presents revenue from contracts with
previously held equity interest in the acquiree is customers net of indirect taxes in its Consolidated
remeasured to fair value at the acquisition date. Any statement of profit and loss.
gains or losses arising from such remeasurement are
The Group considers whether there are other
recognised in Consolidated Statement of Profit and
promises in the contract that are separate
Loss or Other Comprehensive Income, as appropriate.
performance obligations to which a portion of
Acquisitions not resulting in business combinations the transaction price needs to be allocated. In
determining the transaction price, the Group
In cases where the acquisition of an asset or a group
considers the effects of variable consideration, the
of assets does not constitute a business, the Company
identifies and recognises the individual identifiable existence of significant financing components,
assets acquired (including those assets that meet non cash consideration, and consideration
the definition of, and recognition criteria for, intangible payable to the customer (if any).
assets in Ind AS 38, Intangible Assets) and liabilities i. Recognition of revenue from sale of real
assumed. The cost of acquisition shall be allocated estate inventory property
to the individual identifiable assets and liabilities on
Revenue from real estate development of
the basis of their relative fair values at the date of
residential or commercial unit is recognised
purchase. Such a transaction or event does not give
at the point in time, when the control of the
rise to goodwill.
asset is transferred to the customer, which
2.8 Goodwill generally coincides with either of the two
Goodwill arising on an acquisition of a business is conditions as stated below -
carried at cost as established at the date of acquisition - on transfer of legal title of the residential
of the business less accumulated impairment losses, or commercial unit to the customer;
if any. or
For the purpose of impairment testing, goodwill arising - on transfer of physical possession of
from business combination is allocated to cash the residential or commercial unit to
generating units that are expected to benefit from the customer
the synergies of the combination. Cash generating
Sale of residential and commercial units
units to which goodwill is allocated are tested for
consists of sale of undivided share of land
impairment annually at each balance sheet date, or
and constructed area to the customer, which
more frequently when there is an indication that the
have been identified by the Group as a single
unit may be impaired. If the recoverable amount of the
performance obligation, as they are highly
cash generating unit is less than the carrying amount
interrelated with each other.
of the unit, the impairment loss is allocated first to
reduce the carrying amount of any goodwill allocated The performance obligation in relation to
to that unit and then to the other assets of the unit pro real estate development is satisfied upon
rata on the basis of carrying amount of each asset in completion of project work and transfer of
the unit. control of the asset to the customer.

For contracts involving sale of real estate ii. Recognition of revenue from contractual
unit, the Group receives the consideration in projects
accordance with the terms of the contract in Revenue from contractual project is
proportion of the percentage of completion recognised over time, using an input method
of such real estate project and represents with reference to the stage of completion
payments made by customers to secure of the contract activity at the end of the
performance obligation of the Group under reporting period, measured based on the
the contract enforceable by customers. Such proportion of contract costs incurred for
consideration is received and utilised for work performed to date relative to the
specific real estate projects in accordance estimated total contract costs.
with the requirements of the Real Estate
The Group recognises revenue only when
(Regulation and Development) Act, 2016.
Consequently, the Group has concluded
that such contracts with customers do not
such time, the Group recognises revenue
involve any financing element since the
to the extent of cost incurred, provided
same arises for reasons explained above,
the Group expects to recover the costs
which is other than for provision of finance
incurred towards satisfying the performance
to/from the customer.
obligation.
In respect of Joint development (‘JD’)
The stage of completion on a project is
arrangements wherein the land owner/
measured on the basis of proportion of the
possessor provides land and in lieu of land
contract work based upon the contracts/
owner providing land, the Group transfers
agreements entered into by the Group with
certain percentage of constructed area/
revenue proceeds, the revenue from its customers.
development and transfer of constructed When it is probable that total contract
area to land owner is recognised over time costs will exceed total contract revenue, the
using percentage-of-completion method expected loss is recognised as an expense
(‘POC method’) of accounting. Project costs immediately when such probability is
include fair value of such land received and determined.
the same is accounted on launch of the
iii. Recognition of revenue from room rentals,
project.
food, beverages, maintenance income and
When the fair value of the land received other allied services
cannot be measured reliably, the revenue
Revenues from the room rentals during a
and cost, is measured at the fair value of the
guest’s stay at the hotel is recognised based
estimated construction service rendered to
on occupation and revenue from sale of food
the landowner, adjusted by the amount of
and beverages and other allied services, as
any cash or cash equivalents transferred.
the services are rendered.
In case of JD arrangements, where
In respect of the maintenance income, these
performance obligation is satisfied over time,
services represent a series of daily services
the Group recognises revenue only when
that are individually satisfied over time
because the tenants simultaneously receive
and consume the benefits provided by the
such time, the Group recognises revenue
Group. The Group applies the time elapsed
to the extent of cost incurred, provided
the Group expects to recover the costs method to measure progress.
incurred towards satisfying the performance Membership fee is recognised on a straight
obligation. line basis over the period of membership.

iv. Recognition of revenue from other c. Share in profit/ loss of Limited liability
operating activities partnership (LLP) and partnership firms
Revenue from project management fees is Share of profit / loss from partnership firm and LLP
recognised over period of time as per terms
is recognised based on the financial information
of the contract.
provided and confirmed by the respective firms
Revenue from assignment is recognised at and LLPs which is recorded under Partners
the point in time as per terms of the contract.
Current Account.
Revenue from marketing is recognised at
the point in time basis efforts expended. d. Interest income
v. Contract Balances Interest income, including income arising from

Contract asset is the right to consideration in other financial instruments, is recognised using
exchange for goods or services transferred the effective interest rate method. Interest on
to the customer. If the Group performs by delayed payment by customers are accounted
transferring goods or services to a customer when reasonable certainty of collection is
before the customer pays consideration or established.
before payment is due, a contract asset is
recognised for the earned consideration that e Dividend income
is conditional. Revenue is recognised when the shareholders’
Trade receivable represents the Group’s or unit holders’ right to receive payment is
right to an amount of consideration that established, which is generally when shareholders
is unconditional (i.e., only the passage of approve the dividend.
time is required before payment of the
consideration is due). 2.10 Advance paid towards land procurement
Contract liability is the obligation to transfer Advances paid by the Group to the seller/ intermediary
goods or services to a customer for which towards outright purchase of land is recognised as
the Group has received consideration (or land advance under other current assets during the
an amount of consideration is due) from course of obtaining clear and marketable title, free
the customer. Contracts in which the goods from all encumbrances and transfer of legal title to the
or services transferred are lower than the Group, whereupon it is transferred to land stock under
amount billed to the customer, the difference inventories. Management is of the view that these
is recognised as “Unearned revenue” and
advances are given under normal trade practices and
presented in the Consolidated Balance
are neither in the nature of loans nor advance in the
Sheet under “Other current liabilities”.
nature of loans.
vi. Contract cost assets
2.11 Leases
The Group pays sales commission for
contracts that they obtain to sell certain units The Group assesses at contract inception whether
of property and capitalises the incremental a contract is, or contains, a lease. A contract is or
costs of obtaining a contract. These costs contains, a lease, if the contract conveys the right to
are amortised on a systematic basis that is control the use of an identified asset for a period of
consistent with the transfer of the property time in exchange for consideration.
to the customer. Capitalised costs to obtain
such contracts are presented separately as a. The Group as lessor
a current asset in the Consolidated Balance
Leases in which the Group does not transfer
Sheet.
substantially all the risks and rewards incidental to
b. Revenue from property rental, facility and hire ownership of an asset are classified as operating
charges leases. Rental income arising is accounted for
The Group’s policy for recognition of revenue on a straight-line basis over the lease terms.
from operating leases is described in note 2.11 Contingent rents are recognised as revenue in the
(a) below. period in which they are earned.

b. The Group as lessee when active development activity on the qualifying

The Group applies a single recognition and assets is interrupted.
measurement approach for all leases, except A qualifying asset is an asset that necessarily takes 12
for short-term leases and leases of low-value months or more to get ready for its intended use or
assets. The Group recognises right-of-use assets sale and includes the real estate properties developed
and lease liabilities at the lease commencement by the Group.
date. The right-of-use (ROU) assets is initially
measured at cost which includes the initial 2.13 Foreign Currency Transactions
amount of lease liabilities recognised, initial direct Foreign currency transactions are recorded in the
costs incurred, and lease payments made at or reporting currency, by applying to the foreign currency
before the commencement date less any lease amount the exchange rate between the reporting
incentives received. ROU assets are depreciated currency and the foreign currency at the date of
on a straight-line basis over the lease term. the transaction. Foreign currency monetary items
The lease liabilities is initially measured at the are reported using the exchange rate prevailing at
present value of lease payments to be made the reporting date. Non-monetary items, which are
over the lease term, discounted using the Group’s measured in terms of historical cost denominated in a
incremental borrowing rate. It is re-measured foreign currency, are reported using the exchange rate
when there is a change in future lease payments at the date of the transaction. Exchange differences
arising from a change in an index or rate, if there arising on the settlement of monetary items or on
is a change in the Group’s estimate of the amount reporting monetary items of Group at rates different
expected to be payable under a residual value from those at which they were initially recorded during
guarantee, or if the Group changes its assessment the year, or reported in previous financial statements,
of whether it will exercise a purchase, extension are recognised as income or as expense in the year in
or termination option. When the lease liability which they arise.
is re-measured in this way, a corresponding
2.14 Employee Benefits
adjustment is made to the carrying amount of the
right-of-use asset, or is recorded in Consolidated Employee benefits include provident fund, employee
Statement of Profit and Loss. state insurance scheme, gratuity and compensated
absences.
The Group applies the short-term lease recognition
exemption to its short-term leases of assets (i.e., a. Short-term obligations
those leases that have a lease term of 12 months
The undiscounted amount of short-term employee
or less from the commencement date and do not
benefits expected to be paid in exchange for the
contain a purchase option). Lease payments on
services rendered by employees are recognised
short-term leases are recognised as expense on
during the year when the employees render the
a straight-line basis over the lease term. service. These benefits include performance
2.12 Borrowing Cost incentive and compensated absences which are
expected to occur within twelve months after the
Borrowing costs consist of interest and other costs
end of the period in which the employee renders
that an entity incurs in connection with the borrowing
of funds. Borrowing cost also includes exchange the related service.
differences to the extent regarded as an adjustment The cost of short-term compensated absences is
to the borrowing costs. Borrowing costs, allocated accounted as under:
to and utilised for qualifying assets, pertaining to the
(a) in case of accumulated compensated
period from commencement of activities relating to
absences, when employees render the
construction / development of the qualifying asset
services that increase their entitlement of
upto the date of capitalisation of such asset, is added
future compensated absences; and
to the cost of the assets. Capitalisation of borrowing
costs is suspended and charged to the Consolidated (b) in case of non-accumulating compensated
Statement of Profit and Loss during extended periods absences, when the absences occur.

b. Long-term employee benefit obligations terms approximating to the terms of the

Compensated absences which are not expected related obligation.
to occur within twelve months after the end of the The net interest cost is calculated applying
period in which the employee renders the related the discount rate to the net balance of
service are recognised as a liability at the present the defined benefit obligation and the fair
value of expected future payments to be made in value of plan assets. This cost is included
respect of services provided by employees upto in the employee benefit expenses in the
the end of the reporting period using the projected Consolidated Statement of Profit and Loss.
unit credit method. The benefit are discounted
using the market yields at the end of the reporting Remeasurement gains and loss arising from
period that have terms approximating to the terms experience adjustments and changes in
of the related obligation. Remeasurement as a actuarial assumptions are recognised in the
result of experience adjustments and changes period in which they occur, directly in Other
in actuarial assumptions are recognised in the Comprehensive Income. They are included
Consolidated Statement of Profit and Loss. in retained earnings in the Consolidated
Statement of Changes in Equity and in the
The obligations are presented as current liabilities
Consolidated Balance Sheet.
in the Consolidated Balance Sheet if the entity
does not have an unconditional right to defer the Changes in the present value of the defined
settlement for at least twelve months after the benefit obligation resulting from plan
reporting period, regardless of when the actual amendments or curtailments are recognised
settlement is expected to occur. immediately in Consolidated Statement of
Profit and Loss as past service cost.
c. Post-employment obligations
d. Other Defined Contribution Plan
The Group operates the following post-
employment schemes: The Group’s contribution to employee state
insurance scheme is charged as an expense
i. Defined Contribution Plan:
based on the amount of contribution required
The Group’s contribution to provident fund to be made. The Group has no further payment
is considered as defined contribution plan obligations once the contributions have been
and is charged as an expense based on paid.
the amount of contribution required to be
made. The Group has no further payment 2.15 Income Taxes
obligations once the contributions have Income tax expense represents the sum of the tax
been paid. currently payable and deferred tax.
ii. Defined Benefit Plan: a. Current tax
The liability or assets recognised in the Current tax assets and liabilities are measured
Consolidated Balance Sheet in respect of at the amount expected to be recovered from
defined benefit gratuity plan is the present or paid to the taxation authorities. The tax rates
value of the defined benefit obligation at and tax laws used to compute the amount are
the end of the reporting period less the fair those that are enacted or substantively enacted,
value of the plan assets. The defined benefit at the reporting date. Current tax relating to items
obligation is calculated by actuaries using recognised outside Consolidated Statement
the projected unit credit method. of Profit and Loss is recognised outside
The present value of the defined benefit Consolidated Statement of Profit and Loss (either
obligation is determined by discounting the in Other Comprehensive Income or in equity).
estimated future cash outflows by reference Current tax items are recognised in correlation to
to market yields at the end of the reporting the underlying transaction either in OCI or directly
period on government bonds that have in equity.

b. Deferred tax Current tax and deferred tax is recognised in

Deferred tax is recognised on temporary Consolidated Statement of Profit and Loss, except
differences arising between the tax bases of to the extent that it relates to items recognised
assets and liabilities and their carrying amounts in in Other Comprehensive Income or directly in
the consolidated financial statements. However, equity. In this case, the tax is also recognised in
deferred tax liabilities are not recognised if they Other Comprehensive Income or directly in equity,
arise from the initial recognition of goodwill. respectively.
Deferred tax is also not accounted for if it arises The carrying amount of deferred tax assets is
from initial recognition of an asset or liability in reviewed at each reporting date and reduced
a transaction other than a business combination to the extent that it is no longer probable that
that at the time of the transaction affects neither sufficient future taxable profits will be available
accounting profit nor taxable profit (tax loss). to allow all or part of the deferred tax asset to
be utilised. Unrecognised deferred tax assets
Deferred tax is determined using tax rates (and
are re-assessed at each reporting date and are
laws) that have been enacted or substantively
recognised to the extent that it has become
enacted by the end of the reporting period and
probable that future taxable profits will allow the
are expected to apply when the related deferred
deferred tax asset to be recovered.
tax asset is realised or the deferred tax liability is
settled. c. Minimum Alternate Tax (MAT) / Alternate
Minimum Tax (AMT)
Deferred tax assets are recognised for all
deductible temporary differences and unused Minimum Alternate Tax (MAT) / Alternate
tax losses only if it is probable that future Minimum Tax (AMT) paid in accordance with the
taxable amounts will be available to utilise those tax laws, which gives future economic benefits
temporary differences and losses. in the form of adjustment to future income
tax liability, is considered as an asset if there
Deferred tax liabilities are not recognised for
is convincing evidence that the entity will pay
temporary differences between the carrying
normal income tax. Accordingly, MAT/AMT is
amount and tax bases of investments in
recognised as an asset under Deferred tax asset/
subsidiaries, branches and associates and
liability in the Consolidated Balance Sheet when
interest in joint arrangements where the Group
it is highly probable that future economic benefit
is able to control the timing of the reversal of the
associated with it will flow to the entity. The Group
temporary differences and it is probable that the
reviews the “MAT / AMT credit entitlement” asset
differences will not reverse in the foreseeable
at each reporting date and writes down the asset
future.
to the extent the Group does not have convincing
Deferred tax assets are not recognised for evidence that it will pay normal tax during the
temporary differences between the carrying specified period.
amount and tax bases of investments in
subsidiaries, branches and associates and 2.16 Property, plant and equipments
interest in joint arrangements where it is not Property, plant and equipment are stated at cost,
probable that the differences will reverse in the net of accumulated depreciation and accumulated
foreseeable future and taxable profit will not be impairment losses, if any. The cost comprises purchase
available against which the temporary differences price, borrowing costs if capitalisation criteria are met
can be utilised. and directly attributable cost of bringing the asset to its
working condition for the intended use. Each part of an
Deferred tax assets and liabilities are offset when
item of property, plant and equipment with a cost that
there is a legally enforceable right to offset when
is significant in relation to the total cost of the item is
the deferred tax balances relate to the same
taxation authority. Current tax assets and tax depreciated separately.
liabilities are offset where the entity has a legally Subsequent costs are included in the asset’s
enforceable right to offset and intends either to carrying amount or recognised as a separate asset,
settle on a net basis, or to realise the asset and as appropriate, only when it is probable that future
settle the liability simultaneously. economic benefits associated with the item will flow to

the Company and the cost of the item can be measured In respect of leasehold building, leasehold
reliably. Cost of the asset includes expenditure that is improvement- plant and machinery and leasehold
directly attributable to the acquisition and installation, improvement - furniture and fixtures, depreciation has
including interest on borrowing for the project / been provided over lower of useful lives or leasable
property, plant and equipment up to the date the asset period.
is put to use. Any cost incurred relating to settlement of
claims regarding titles to the properties is accounted 2.17 Capital work-in-progress
for and capitalised as incurred. Projects under which tangible assets are not yet ready
for their intended use are carried at cost comprising
Advances paid towards the acquisition of property,
direct cost, related incidental expenses and attributable
plant and equipment outstanding at each balance
sheet date is classified as capital advances under borrowing costs.
other non-current assets. Depreciation is not provided on capital work-in-progress
until construction and installation are complete and
Depreciation method, estimated useful lives and
the asset is ready for its intended use.
residual values
Depreciable amount for assets is the cost of an asset, 2.18 Investment Property
or other amount substituted for cost, less its estimated Investment properties are properties held to earn
residual value. rentals and/or for capital appreciation (including
Depreciation on property, plant and equipment is property under construction for such purposes).
provided using written-down value method over the Investment properties are measured initially at cost,
useful lives of assets estimated by the Management. including transaction costs. Subsequent to initial
The Management estimates the useful lives for the recognition, investment properties are measured in
property, plant and equipment as follows: accordance with Ind AS 16’s requirements for cost
model. The cost of Investment property includes the
Particulars Useful lives
cost of replacing parts and borrowing costs for long-
estimated by the
term construction projects if the recognition criteria
management
are met. When significant parts of the investment
Building # * 58 Years
property are required to be replaced at intervals, the
Plant and machinery * 20 Years Group depreciates them separately based on their
Office Equipment* 20 Years specific useful lives. All other repair and maintenance
Furniture and fixtures * 15 Years costs are recognised in Consolidated Statement of
Vehicles* 10 Years Profit and Loss as incurred.
Computers and Accessories* 6 Years
Investment properties are depreciated using written-
# includes certain assets that has been assessed with down value method over the useful lives. Investment
useful lives of 15 years. properties - Building generally have a useful life of 58-
* For these class of assets, based on internal 60 years and plant and machinery have a useful life of
assessment and independent technical evaluation 20 years. The useful life has been determined based
carried out by external valuers, taking into account the on internal assessment and independent technical
nature of the asset, the estimated usage of the asset, evaluation carried out by external valuer, taking into
the operating conditions of the asset, past history of account the nature of the asset, the estimated usage
replacement, the Management believes that the useful of the asset, the operating conditions of the asset, past
lives as given above best represent the period over history of replacement.
which the Management expects to use these assets. The fair value of investment property is disclosed in
Hence the useful lives for these assets is different from the notes. Fair values are determined based on an
the useful lives as prescribed under Part C of Schedule annual evaluation performed by an accredited external
II to the Companies Act, 2013. independent valuer.
Gains and losses on disposals are determined by An investment property is derecognised upon disposal
comparing proceeds with the carrying amount. These or when the investment property is permanently
are included in Consolidated Statement of Profit and withdrawn from use and no future economic benefits
Loss. are expected from the disposal. Any gain or loss

arising on derecognition of the property (calculated If the recoverable amount of an asset (or cash-
as the difference between the net disposal proceeds generating unit) is estimated to be less than its carrying
and the carrying amount of the asset) is included in amount, the carrying amount of the asset (or cash-
Consolidated Statement of Profit and Loss in the generating unit) is reduced to its recoverable amount.
period in which the property is derecognised. An impairment loss is recognised immediately in
2.19 Intangible Assets Consolidated Statement of Profit and Loss.
Intangible assets acquired separately are measured on When an impairment loss subsequently reverses, the
initial recognition at cost. Following initial recognition, carrying amount of the asset (or a cash-generating
intangible assets are carried at cost less accumulated unit) is increased to the revised estimate of its
amortisation and accumulated impairment losses, recoverable amount, but so that the increased carrying
if any. Intangible assets, comprising of software are amount does not exceed the carrying amount that
amortised on the basis of written down value method would have been determined had no impairment loss
over a period of 6 years, which is estimated to be the been recognised for the asset (or cash-generating
useful life of the asset. Gains or losses arising from de- unit) in prior years. A reversal of an impairment loss is
recognition of an intangible asset are measured as the recognised immediately in Consolidated Statement of
difference between the net disposal proceeds and the Profit and Loss.
carrying amount of the asset and are recognised in the 2.21 Inventories
Consolidated Statement of Profit and Loss when asset
is derecognised. Related to contractual and real estate activity
Direct expenditure relating to construction activity is
2.20 Impairment of tangible and intangible assets other
inventorised. Other expenditure (including borrowing
than goodwill
costs) during construction period is inventorised to
At the end of each reporting period, the Group reviews the extent the expenditure is directly attributable cost
the carrying amounts of its tangible and intangible of bringing the asset to its working condition for its
assets to determine whether there is any indication intended use. Other expenditure (including borrowing
that those assets have suffered an impairment loss. If costs) incurred during the construction period which
any such indication exists, the recoverable amount of is not directly attributable for bringing the asset to its
the asset is estimated in order to determine the extent working condition for its intended use is charged to
of the impairment loss (if any). When it is not possible the Consolidated Statement of Profit and Loss. Direct
to estimate the recoverable amount of an individual and other expenditure is determined based on specific
asset, the Group estimates the recoverable amount of identification to the construction and real estate
the cash generating unit to which the asset belongs. activity. Cost incurred/ items purchased specifically for
When a reasonable and consistent basis of allocation projects are taken as consumed as and when incurred/
can be identified, corporate assets are also allocated received.
to individual cash-generating units, or otherwise they
Work-in-progress - Real estate projects (including
are allocated to the smallest group of cash-generating
land inventory): Represents cost incurred in respect of
units for which a reasonable and consistent allocation
unsold area of the real estate development projects or
basis can be identified.
cost incurred on projects where the revenue is yet to
Intangible assets with indefinite useful lives and be recognised. Real estate work-in-progress is valued
intangible assets not yet available for use are tested at lower of cost and net realisable value.
for impairment at least annually, and whenever there is
Finished goods - Flats & Plots: Valued at lower of cost
an indication that the asset may be impaired.
and net realisable value.
Recoverable amount is the higher of fair value less
Land inventory - Valued at lower of cost and net
costs of disposal and value in use. In assessing value
in use, the estimated future cash flows are discounted realisable value.
to their present value using a pre-tax discount rate that Inventory also comprises stock of food and beverages
reflects current market assessments of the time value and operating supplies and is carried at the lower of
of money and the risks specific to the asset for which cost and net realisable value. Net realisable value is
the estimates of future cash flows have not been the estimated selling price in the ordinary course of
adjusted. business, less estimated costs of completion and

estimated costs necessary to make the sale. However, b. Subsequent measurement

inventory held for use in production of finished goods i. Non-derivative financial instruments
is not written down below cost if the finished products
in which they will be incorporated are expected to be Financial assets carried at amortised cost
sold at or above cost. A financial asset is subsequently measured

at amortised cost if it is held within a
2.22 Provisions and contingencies
business model whose objective is to hold
A provision is recognised when the Group has a present the asset in order to collect contractual
obligation as a result of past events and it is probable cash flows and the contractual terms of the
that an outflow of resources will be required to settle financial asset give rise on specified dates
the obligation in respect of which a reliable estimate to cash flows that are solely payments
can be made. Provisions (excluding retirement of principal and interest on the principal
benefits) are not discounted to their present value and amount outstanding.
are determined based on the best estimate required to
settle the obligation at the Balance Sheet date. These Financial assets at fair value through Other
are reviewed at each Balance Sheet date and adjusted Comprehensive Income
to reflect the current best estimates. A financial asset is subsequently measured
A contingent liability is a possible obligation that arises at fair value through Other Comprehensive
from past events whose existence will be confirmed Income if it is held within a business
by the occurrence or non-occurrence of one or more model whose objective is achieved by both
uncertain future events beyond the control of the Group collecting contractual cash flows and selling
or a present obligation that is not recognised because financial assets and the contractual terms
it is not probable that an outflow of resources will be of the financial asset give rise on specified
required to settle the obligation. A contingent liability dates to cash flows that are solely payments
also arises in extremely rare cases where there is a of principal and interest on the principal
liability that cannot be recognised because it cannot amount outstanding. Further, in cases
be measured reliably. The Group does not recognise where the Group has made an irrevocable
a contingent liability but discloses its existence in the election based on its business model, for its
financial statements. investments which are classified as equity
instruments, the subsequent changes in fair
2.23 Financial Instruments
value are recognised in Other Comprehensive
a. Initial recognition Income.
The Group recognises financial assets and Financial assets at fair value through profit
financial liabilities when it becomes a party to or loss (FVPL)
the contractual provisions of the instrument. All
A financial asset which is not classified in any
financial assets and liabilities are recognised at
of the above categories are subsequently
fair value on initial recognition. Transaction costs
that are directly attributable to the acquisition or fair valued through profit or loss.
issue of financial assets and financial liabilities, Financial liabilities
that are not at fair value through profit or loss Financial liabilities are subsequently carried
(FVPL), are added to the fair value on initial
at amortised cost using the effective interest
recognition. Regular way purchase and sale of
method, except for contingent consideration
financial assets are accounted for at trade date. recognised in a business combination which
Management is of the view that Financial assets is subsequently measured at fair value
such as Refundable deposits, Current account through profit or loss. For trade and other
in partnership firms and other advances arises payables maturing within one year from the
under normal trade practices and are neither in balance sheet date, the carrying amounts
the nature of loans nor advance in the nature of approximate the fair value due to the short
loans. maturity of these instruments.

ii. Share Capital contractually repayable within 12 months from

the Balance sheet date and as non-current, in
Ordinary shares are classified as equity.
other cases.
Incremental costs directly attributable to
the issuance of new ordinary shares are Current versus non-current classification
recognised as a deduction from equity, net The Group presents assets and liabilities in the
of any tax effects. Consolidated Balance Sheet based on current/ non-
c. Derecognition of financial instruments current classification. An asset is treated as current
when it is:
The Group derecognizes a financial asset when
the contractual rights to the cash flows from the ► Expected to be realised or intended to be sold or
financial asset expire or it transfers the financial consumed in normal operating cycle
asset and the transfer qualifies for derecognition ► Held primarily for the purpose of trading
under Ind AS 109. A financial liability (or a part of a ► Expected to be realised within twelve months
financial liability) is derecognised from the Group’s
after the reporting period, or
balance sheet when the obligation specified in the
► Cash or cash equivalent unless restricted from
contract is discharged or cancelled or expired.
being exchanged or used to settle a liability for at
d. Impairment of financial assets least twelve months after the reporting period.
The Group recognizes loss allowances using the All other assets are classified as non-current.
expected credit loss (ECL) model for the financial
A liability is current when:
assets which are not fair valued through profit or
loss. Loss allowance for trade receivables with ► It is expected to be settled in normal operating
no significant financing component is measured cycle
at an amount equal to lifetime ECL. For all other ► It is held primarily for the purpose of trading
financial assets, expected credit losses are ► It is due to be settled within twelve months after
measured at an amount equal to the 12-month
the reporting period, or
ECL, unless there has been a significant increase
► There is no unconditional right to defer the
in credit risk from initial recognition in which
settlement of the liability for at least twelve
case those are measured at lifetime ECL. The
amount of expected credit losses (or reversal) months after the reporting period.
that is required to adjust the loss allowance at the 2.25 Cash and cash equivalents
reporting date to the amount that is required to be
Cash and cash equivalent in the Consolidated Balance
recognised is recognised as an impairment gain
Sheet comprise of cash at banks and on hand and
or loss in Consolidated Statement of Profit and
short-term deposits with an original maturity of three
Loss. months or less, which are subject to an insignificant
2.24 Operating cycle and basis of classification of assets risk of changes in value.
and liabilities Cash and cash equivalent includes balances in
a. The real estate development projects undertaken Escrow Account which shall be used only for specified
by the Group is generally run over a period purpose as defined under Real Estate (Regulation and
ranging upto 5 years. Operating assets and Development) Act, 2016.
liabilities relating to such projects are classified
For the purpose of the Consolidated Statement of
as current based on an operating cycle of 5 years.
Cash Flows, cash and cash equivalents consist of
Borrowings in connection with such projects
cash and short-term deposits, as defined above, net of
are classified as current since they form part of
outstanding bank overdrafts as they are considered an
working capital of the respective projects. Refer
integral part of the Group’s cash management.
Note 52 for the maturity profile for such financial
liabilities. 2.26 Earnings per share
b. Assets and liabilities, other than those discussed Basic earnings per share are calculated by dividing
in paragraph (a) above, are classified as current to the net profit or loss for the period attributable to
the extent they are expected to be realised / are equity shareholders by the weighted average number

of equity shares outstanding during the period. The of such assets (or disposal groups), its sale is highly
weighted average number of equity shares outstanding probable; and it will genuinely be sold, not abandoned.
during the period is adjusted for events such as bonus The Group treats sale of the asset or disposal group to
issue that have changed the number of equity shares be highly probable when:
outstanding, without a corresponding change in
- The appropriate level of management is
resources. committed to a plan to sell the asset (or disposal
For the purpose of calculating diluted earnings per group),
share, the net profit or loss for the period attributable to - An active programme to locate a buyer and
equity shareholders and the weighted average number
complete the plan has been initiated (if applicable),
of shares outstanding during the period are adjusted
- The asset (or disposal group) is being actively
for the effects of all dilutive potential equity shares.
marketed for sale at a price that is reasonable in
2.27 Dividends relation to its current fair value,
Final dividends on shares are recorded as a liability on - The sale is expected to qualify for recognition as
the date of approval by the shareholders and interim a completed sale within one year from the date of
dividends are recorded as a liability on the date of classification, and
declaration by the Company’s Board of Directors.
- Actions required to complete the plan indicate that
2.28 Consolidated Statement of Cash Flows it is unlikely that significant changes to the plan
Consolidated Statement of Cash Flows is prepared will be made or that the plan will be withdrawn.
under Ind AS 7 ‘Statement of Cash Flows’ specified Property, plant and equipment, investment property
under Section 133 of the Act. Cash Flows are reported and intangible assets are not depreciated or amortised,
using the indirect method, whereby profit / (loss) once classified as held for sale.
before tax is adjusted for the effects of transactions of Assets and liabilities classified as held for sale are
non-cash nature. presented separately from other items in the balance
2.29 Non-current assets held for sale and discontinued sheet.
operations A disposal group qualifies as discontinued operation
The Group classifies non-current assets and disposal if it is a component of an entity that either has been
groups as held for sale if their carrying amounts will be disposed of, or is classified as held for sale, and:
recovered principally through a sale rather than through - Represents a separate major line of business or
continuing use. Non-current assets and disposal geographical area of operations;
groups classified as held for sale are measured at the
- Is part of a single co-ordinated plan to dispose of
lower of their carrying amount and fair value less costs
a separate major line of business or geographical
to sell. Costs to sell are the incremental costs directly
area of operations; or
attributable to the disposal of an asset (disposal group),
excluding finance costs and current tax expense. - Is a subsidiary acquired exclusively with a view to
resale
as met only when the sale is highly probable, and the Discontinued operations are excluded from the results
asset or disposal group is available for immediate sale of continuing operations and are presented as a single
in its present condition. Actions required to complete amount as profit or loss after tax from discontinued
the sale/ distribution should indicate that it is unlikely operations in the Consolidated Statement of Profit and
that significant changes to the sale will be made or that Loss.
the decision to sell will be withdrawn. Management
must be committed to the sale and the sale expected 3 RECENT ACCOUNTING PRONOUNCEMENTS
within one year from the date of classification. The Ministry of Corporate Affairs has notified
The criteria for held for sale classification is regarded Companies (Indian Accounting Standard) Amendment
met only when the assets or disposal group is available Rules 2023 dated March 31, 2023 to amend the
for immediate sale in its present condition, subject following Ind AS which are effective from April 01,
only to terms that are usual and customary for sales 2023.

Ind AS 1, Presentation of Financial Statements accounting estimate was based or as a result of new
An entity shall disclose material accounting policy information, new developments or more experience.
information. Accounting policy information is material By its nature, a change in an accounting estimate does
if, when considered together with other information not relate to prior periods and is not the correction of
included in an entity’s financial statements, it can an error. The Group has evaluated the amendment
reasonably be expected to influence decisions that the and there is no impact on its consolidated financial
primary users of general purpose financial statements statements.
make on the basis of those financial statements. The Deferred tax related to leases and decommissioning,
Group has evaluated the amendment and there is no restoration and similar liabilities
impact on its consolidated financial statements.
Ind AS 12, Income Taxes, exempt an entity from
Ind AS 8, Accounting policies, Change in Accounting recognising a deferred tax asset or liability in particular
Estimates and Errors circumstances. Despite this exemption, an entity shall
Definition of ‘change in account estimate’ has been recognise a deferred tax asset to the extent that it is
replaced by revised definition of ‘accounting estimate’. probable that taxable profit will be available against
As per revised definition, accounting estimates are which the deductible temporary difference can be
monetary amounts in the financial statements that utilised and a deferred tax liability for all deductible and
are subject to measurement uncertainty. An entity taxable temporary differences associated with
develops an accounting estimate to achieve the (i) right-of-use assets and lease liabilities; and
objective set out by the accounting policy. Developing (ii) decommissioning, restoration and similar
accounting estimates involves the use of judgements liabilities and the corresponding amounts
or assumptions based on the latest available, reliable recognised as part of the cost of the related
information. asset;
An entity may need to change an accounting estimate The Group has evaluated the amendment and there is
if changes occur in the circumstances on which the no impact on its consolidated financial statement.
4 GROUP INFORMATION
The companies / entities considered in the consolidated financial statements are as follows :
A. Subsidiaries
i) Companies
(` in Million)
Name of investee Principal place Percentage of ownership interest
Avyakth Cold Storages Private Limited India 100.00% 100.00%
Dollars Hotel & Resorts Private Limited India 65.92% 65.92%
ICBI (India) Private Limited India 82.57% 82.57%
K2K Infrastructure (India) Private Limited India 75.00% 75.00%
Northland Holding Company Private Limited India 100.00% 100.00%
Prestige Bidadi Holdings Private Limited India 99.94% 99.94%
Prestige Builders and Developers Private Limited India 100.00% 100.00%
Prestige Construction Ventures Private Limited India 100.00% 100.00%
Prestige Exora Business Parks Limited India 100.00% 100.00%
Prestige Falcon Realty Ventures Private Limited India 100.00% 100.00%
Prestige Garden Resorts Private Limited India 100.00% 100.00%
Prestige Hospitality Ventures Limited India 100.00% 100.00%
Prestige Leisure Resorts Private Limited India 57.45% 57.45%
Prestige Retail Ventures Limited India 100.00% 100.00%
Sai Chakra Hotels Private Limited India 100.00% 100.00%
Shipco Infrastructure Private Limited (w.e.f August 23, 2021) India 70.00% 70.00%


Prestige Sterling Infra Projects Private Limited India 90.00% 80.00%
Prestige Mall Management Private Limited India 100.00% 100.00%
Prestige Garden Estates Private Limited India 73.00% 73.00%
Village-De-Nandi Private Limited India 100.00% 100.00%
Kochi Cyber Greens Private Limited India 100.00% 100.00%
Prestige Projects Private Limited (w.e.f September 02, 2021) India 59.99% 59.99%
Prestige Mulund Realty Private Limited (formerly known as Ariisto India 100.00% 100.00%
Developers Private Limited) (w.e.f June 29, 2021)
Prestige Acres Private Limited (w.e.f October 25, 2021) India 51.00% 51.00%
Prestige Warehousing & Cold Storage Services Private Limited India 92.36% -
Apex Realty Management Private Limited (w.e.f June 24, 2022) India 60.00% -
Prestige Falcon Malls Private Limited India 100.00% -
Prestige Falcon Mumbai Realty Private Limited India 51.00% -
Prestige Estates Projects Corp. USA 100.00% -
(` in Million)
Ace Realty Ventures India 51.00% 51.00%
Albert Properties India 88.00% 88.00%
Eden Investments & Estates India 77.50% 77.50%
Morph* India 40.00% 40.00%
Prestige AAA Investments India 51.00% 51.00%
Prestige AltaVista Holdings India 99.00% 99.00%
Prestige Habitat Ventures India 99.00% 99.00%
Prestige Hi-Tech Projects India - 92.35%
Prestige Kammanahalli Investments India 75.00% 75.00%
Prestige Nottinghill Investments India 51.00% 51.00%
Prestige Office Ventures India 99.99% 99.99%
Prestige Ozone Properties* India 47.00% 47.00%
Prestige Pallavaram Ventures India 99.95% 99.95%
Prestige Property Management & Services India 97.00% 97.00%
Prestige Southcity Holdings India 51.00% 51.00%
Prestige Sunrise Investments India 99.99% 99.99%
Prestige Whitefield Developers* India 47.00% 47.00%
PSN Property Management and Services* India 50.00% 50.00%
Silver Oak Projects India 99.99% 99.99%
The QS Company India 98.00% 98.00%
Prestige Century Landmark (w.e.f April 07, 2021) India 55.00% 55.00%
Prestige Century Megacity* (w.e.f April 07, 2021) India 45.00% 45.00%
Southeast Realty Ventures (w.e.f. March 20, 2023) India 99.99% -
Prestige Falcon Business Parks (w.e.f July 14, 2021) India 99.00% 99.00%
* Subsidiary based on the terms of the partnership deed.


(` in Million)
Villaland Developers LLP India 99.00% 99.00%
West Palm Developments LLP India 61.00% 61.00%
Prestige Valley View Estates LLP India 51.05% 51.05%
Prestige Whitefield Investment and Developers LLP India 99.99% 99.99%
Prestige OMR Ventures LLP India 100.00% 70.00%
Apex Realty Ventures LLP (w.e.f. June, 24 2022) India 59.94% -
Prestige Devenahalli Developers LLP* India 45.00% 45.00%
* Subsidiary based on the terms of the partnership deed.
B. Joint ventures - Jointly Controlled Entities
i) Companies
(` in Million)
Prestige Beta Projects Private Limited (w.e.f. March 24, 2022) India 40.00% 40.00%
Dashanya Tech Parkz Private Limited* (w.e.f. February 09, 2022) India - -
Thomsun Realtors Private Limited India 50.00% 50.00%
Bamboo Hotel and Global Centre (Delhi) Private Limited India 50.00% 50.00%
Pandora Projects Private Limited India 50.00% 50.00%
Prestige (BKC) Realtors Private Limited* India 59.20% 59.20%
Apex Realty Management Private Limited* (Upto June 23, 2022) India - 60.00%
* Joint Controlled entity based on the terms of the investment / shareholders agreement.
(` in Million)
Prestige Realty Ventures India 49.90% 49.90%
Prestige City Properties* (upto February 02, 2022) India - -
Prestige MRG Eco Ventures (w.e.f. March 29, 2023) India 50.00% -
* Joint Controlled entity based on the terms of the partnership deed, converted into Prestige City Estates Private Limited w.e.f
February 03, 2022.

(` in Million)
Apex Realty Ventures LLP * (Upto June 23, 2022) India - 59.94%
Lokhandwala DB Realty LLP India 50.00% 50.00%
Turf Estate Joint Venture LLP** India 50.00% 50.00%
* Joint Controlled entity based on the terms of the LLP agreement.
**Turf Estate Realty Private Limited (Upto May 09, 2022) and Evergreen Industrial Estate (a partnership firm) are the subsidiaries
of Turf Estate Joint Venture LLP

5 PROPERTY, PLANT AND EQUIPMENT

(` in Million)
Particulars Land Buildings Lease- Plant and Office Leasehold Lease- Furniture Vehicles Computers Total
hold machin- Equip- improve- hold and and
building ery* ment ments - improve- fixtures Accesso-
plant and ments - ries
machinery furniture
and
fixtures
Balance as at 4,041 8,630 338 4,214 343 275 1,294 5,821 369 169 25,494
April 01, 2021
Additions 38 4,986 2 1,615 105 3 - 1,698 122 28 8,597
Deletions/ transfer - 7 3 11 1 - 0 2 6 10 40
Balance as at 4,079 13,609 337 5,818 447 278 1,294 7,517 485 187 34,051
March 31, 2022
Additions 134 126 4 269 46 19 17 467 64 35 1,181
Acquired on acquisition - - - - 0 - - - - - 0
of subsidiaries
Deletions/ transfer - 42 - 3 - 5 58 0 3 - 111
Balance as at 4,213 13,693 341 6,084 493 292 1,253 7,984 546 222 35,121
March 31, 2023
Accumulated
depreciation
Balance as at - 1,262 7 1,167 85 117 684 2,592 232 128 6,274
April 01, 2021
Depreciation charge - 420 1 411 38 16 66 661 39 18 1,670
during the year
Deletions/ transfer - 1 1 4 - - - - 4 8 18
Balance as at - 1,681 7 1,574 123 133 750 3,253 267 138 7,926
March 31, 2022
Depreciation charge - 669 1 573 51 14 50 855 64 28 2,305
during the year
Acquired on acquisition - - - - 0 - - - - - 0
of subsidiaries
Deletions/ transfer - - - 3 - 4 52 0 3 - 62
Balance as at - 2,350 8 2,144 174 143 748 4,108 328 166 10,169
March 31, 2023
Net carrying amount
Balance as at 4,079 11,928 330 4,244 324 145 544 4,264 218 49 26,125
March 31, 2022
Balance as at 4,213 11,343 333 3,940 319 149 505 3,876 218 56 24,952
March 31, 2023
* Include Right of use assets addition during the year ` Nil ( March 31, 2022: ` Nil), depreciation charged during the year
` 10 Million ( March 31, 2022: ` 18 Million) and net carrying amount as at March 31, 2023 : ` Nil ( March 31, 2022: ` 10 Million).
Assets pledged as security and restriction on titles

Property, plant and equipment with carrying amount of ` 22,031 Million ( March 31, 2022: ` 24,229 Million) have been pledged
to secure borrowings of the Group (See Note 25 & 30).

Owned Assets given under lease*:

(` in Million)
Particulars Buildings Plant and Furniture and Total
machinery fixtures
Balance as at April 01, 2021 22 409 1,344 1,775
Additions 13 - 68 81
Deletions/ transfer - - - -
Additions - 21 84 105
Balance as at April 01, 2021 18 198 886 1,102
Depreciation charge during the year - 27 83 110
Balance as at March 31, 2022 18 225 969 1,212
Net carrying amount
* excluding short term lease arrangements.
6 CAPITAL WORK-IN-PROGRESS (INCLUDING INVESTMENT PROPERTY UNDER CONSTRUCTION)

(` in Million)
March 31, 2023 March 31, 2022
Addition 10,851 22,270
Capitalisation (3,787) (14,628)
Transfer from inventory 246 -
Transfer to inventory (569) (11,842)
Sold / loss of control - (5,950)
Closing balance 23,987 17,246
i. Composition of Capital work-in-progress
Investment property under construction 22,425 16,349
Property, plant and equipment under construction 1,562 897
Total 23,987 17,246
ii. Ageing schedule
Amounts in Capital work-in-progress for the period of
Less than 1 year 10,613 7,514
More than 1 year and less than 2 years 6,705 4,604
More than 2 years and less than 3 years 3,659 2,133
Total 23,987 17,246
iii. Project development plans are reviewed and assessed on an annual basis and are executed as per the plan.

iv. There are no projects under capital work-in-progress where activities has been suspended as atMarch 31, 2023.
v. The Management is of the view that the fair value of investment properties under construction cannot be reliably measured
and hence fair value disclosures pertaining to investment properties under construction have not been provided.
vi. Capital work-in progress with carrying amount of ` 20,764 Million ( March 31, 2022: ` 15,846 Million) have been pledged to
secure borrowings of the Company (See Notes 25 & 30). The Capital work-in progress have been pledged as security for
bank loans under a mortgage.
7 INVESTMENT PROPERTY
(` in Million)
Particulars Land Buildings Plant and Right of Use Total
machinery Assets
Balance as at April 01, 2021 2,645 8,396 250 13,352 24,643
Additions 6,919 3,223 2,111 2,289 14,542
Acquired on acquisition of subsidiaries 2,485 - - - 2,485
Deletions/ transfer - 16 - 230 246
Balance as at March 31, 2022 12,049 11,603 2,361 15,411 41,424
Additions 3,261 3,356 1,334 6,916 14,867
Deletions/ transfer 19 341 - 188 548
Balance as at April 01, 2021 - 1,784 56 4,804 6,644
Net carrying amount
Notes:
i. The Group’s investment properties consists of commercial properties in India. The Management has determined that the
investment properties consist of two classes of assets − office and retail − based on the nature, characteristics and risks
of each property.
ii. As at March 31, 2023 and March 31, 2022, the fair values of the properties (excluding Right of use assets) are ` 41,625
Million and ` 34,111 Million respectively. These valuations are based on valuations performed by Jones Long Lasalle
Property Consultants India Private Limited and CBRE South Asia Private Limited, accredited independent valuers and
are registered as defined under Rule 2 of Companies (Registered Valuers and Valuation) Rules, 2017. A valuation model
in accordance with that recommended by the International Valuation Standards Committee has been applied. The fair
valuation has been carried out by the Management for material investment properties.
iii. The Group has no contractual obligations to either purchase, construct or develop investment properties or for repairs,
maintenance and enhancements. Investment property with carrying amount of ` 15,653 Million ( March 31, 2022: ` 12,121
Million) have been pledged to secure borrowings of the Group (See Note 25 & 30). The investment property have been
pledged as security for bank loans under a mortgage.
iv. The fair value of the Company’s investment properties have been arrived at using discounted cash flow method. Under
discounted cash flow method, cash flow projections based on reliable estimates of cash flow are discounted. The
main inputs used are rental growth rate, expected vacancy rates, terminal yields and discount rates which are based on
comparable transactions and industry data.

Details of the Company’s investment properties and information about the fair value hierarchy as at March 31, 2023 and
March 31, 2022, are as follows:
(` in Million)
March 31, 2023 March 31, 2022
Assets for which fair values are disclosed
Investment property
Level 1 - -
Level 2 - -
Level 3 41,625 34,111
v. Amounts recognised in consolidated statement of profit and loss related to investment properties (excluding
depreciation and finance costs)
(` in Million)
March 31, 2023 March 31, 2022
Rental income from investment property 5,985 4,628
Direct operating expenses arising from investment property that generated 124 105
rental income during the year
Direct operating expenses arising from investment property that did not - -
generate rental income during the year
8 OTHER INTANGIBLE ASSETS

(` in Million)
Particulars Software
Balance as at April 01, 2021 251
Additions 24
Deletions -
Balance as at March 31, 2022 275
Additions 12
Deletions -
Accumulated amortisation
Balance as at April 01, 2021 200
Amortisation during the year 13
Deletions -
Amortisation during the year 27
Deletions -
Net carrying amount
Note : During the year, the Group has not revalued its property, plant and equipment, investment property and intangible assets.

9 GOODWILL
(` in Million)
March 31, 2023 March 31, 2022
Cost or deemed cost
Balance at the beginning of the year 534 534
Balance at the end of the year 534 534
10 INVESTMENTS (NON-CURRENT)
(` in Million)
No. March 31, 2023 March 31, 2022
Investment in joint ventures - Jointly Controlled Entities 10a 5,589 5,737
Other investments 10b 4,625 1,982
Total 10,214 7,719
10a Investment in Joint Ventures - Jointly Controlled Entities
(` in Million)
March 31, 2023 March 31, 2022
Equity Instruments (Unquoted, Fully paid up unless otherwise stated)
Carrying amount determined using the equity method of accounting
4,250,000 ( March 31, 2022 - 4,250,000) equity shares of `10 each
Nil ( March 31, 2022 - 240,000) equity shares of `10 each
Prestige (BKC) Realtors Private Limited 1,203 1,211
271,318 ( March 31, 2022 - 271,318) equity shares of `10 each
Prestige Beta Projects Private Limited 1,429 1,430
Pandora Projects Private Limited 0 0
Sub-total 3,951 4,055
Preference Shares (Unquoted, Fully paid up unless otherwise stated)
Prestige (BKC) Realtors Private Limited
20,961 ( March 31, 2022 - 20,961) Redeemable Optionally Convertible 98 98
Cumulative Preference Shares (ROCCPS) "A" & Series "B" of ` 10 each
Sub-total 98 98
Debentures (Unquoted, Fully paid up unless otherwise stated)
62,000,000 ( March 31, 2022 - 62,000,000) 0% Optionally Convertible
Debentures of `10 each
1,773,341 ( March 31, 2022 - 1,773,341) Compulsorily Convertible
Sub-total 677 699

(` in Million)
March 31, 2023 March 31, 2022
Partnership firms (Unquoted)
Prestige MRG ECO Ventures 1 -
Sub-total 342 341
Limited Liability Partnership (LLP) (Unquoted)
Lokhandwala DB Realty LLP 521 521
Sub-total 521 544
Total 5,589 5,737
10b Other Investments

(` in Million)
March 31, 2023 March 31, 2022
Carrying amount determined using Fair Value through Profit and Loss
Nexus Malls Whitefield Private Limited* 391 269
Nexus Mangalore Retail Ventures Private Limited** 42 8
12,737,332 (March 31, 2022 - 1,341,030) equity shares of `10 each
Vijaya Productions Private Limited 1,066 405
899,025 (March 31, 2022 - 899,025) equity shares of `10 each
Nexus Mysore Retail Ventures Private Limited*** 39 44
Nexus Udaipur Retail Ventures Private Limited**** 1,057 257
Nexus Shantiniketan Leisures Private Limited***** 190 73
Nexus Hyderabad Retail Ventures Private Limited****** 1,389 234
Sub-total 4,174 1,290
Debentures (Unquoted, Fully paid up unless otherwise stated)
Carrying amount determined using Fair Value through Profit and Loss
Nexus Malls Whitefield Private Limited* - 93
Nil (March 31, 2022 - 12,442,500) 0% Compulsorily Convertible Debentures
of `10 each
Nexus Mangalore Retail Ventures Private Limited** 108 167
15,447,002 (March 31, 2022 - 21,089,504) 0% Compulsorily Convertible
Debentures Class A of `10 each
Nil (March 31, 2022 - 5,753,801) 0% Compulsorily Convertible Debentures
Class B of `10 each
Nexus Mysore Retail Ventures Private Limited*** 107 109
9,767,475 (March 31, 2022 - 9,767,475 ) 0% Compulsorily Convertible
Debentures Class A of `10 each

March 31, 2023 March 31, 2022
Debentures Class B of `10 each
Nexus Shantiniketan Leisures Private Limited***** 175 255
Nexus Hyderabad Retail Ventures Private Limited****** 36 40
Sub-total 426 664
* Formerly, known as Prestige Garden Constructions Private Limited
** Formerly, known as Prestige Mangalore Retail Ventures Private Limited
*** Formerly, known as Prestige Mysore Retail Ventures Private Limited
**** Formerly, known as Flicker Projects Private Limited
****** Formerly, known as Prestige Shantiniketan Leisures Private Limited
******* Formerly, known as Prestige Hyderabad Retail Ventures Private Limited
Clover Energy Private Limited 12 5
Lotus Clean Power Venture Private Limited 3 2
Propmart Technologies Limited 0 0
Amanath Co-operative Bank Limited 0 0
Shares in KSFC 0 0
Sub-total 15 7
Limited Liability Partnership firms (Unquoted)
Rustomjee Prestige Vocational Education and Training Centre LLP 10 10
Sub-total 10 10
Investment in Venture Capital Fund (Unquoted)
Nil (March 31, 2022 – 250) units in Urban Infrastructure Opportunities Fund - 10
Sub-total - 10
Investment - Others (Unquoted)
National Savings Certificates 0 0
Sub-total 0 0
Total 4,625 1,982
10c Category-wise Non Current Investments

(` in Million)
March 31, 2023 March 31, 2022
Financial assets measured at Cost (based on equity method) 5,589 5,737
Financial assets carried at Amortised Cost - -
Financial assets measured at Fair Value through Profit and Loss 4,625 1,982
Total 10,214 7,719
Aggregate book value of quoted investments - -
Aggregate market value of quoted investments - -
Aggregate carrying value of unquoted investments 10,214 7,719
Aggregate amount of impairment in value of investments 5 5
Investment pledged as security for borrowings 0 0
10d Refer note 50 for details of capital account contribution and profit sharing ratio in partnership firms/ limited liability
partnership firms.

11 LOANS (NON-CURRENT)
(` in Million)
No. March 31, 2023 March 31, 2022
Inter Corporate Deposits 5,615 3,455
Current account in partnership firms - 190
Sub-total 5,615 3,645
Inter Corporate Deposits 1,500 800
Sub-total 1,500 800
Total 7,115 4,445
i Due from:
(` in Million)
No. March 31, 2023 March 31, 2022
Directors 55 - -
Companies in which directors of the Company are directors or 55 - -
members
ii Loans (Repayable on demand) due from :

(` in Million)
Promoters - - - -
Directors - - - -
Key managerial personnel - - - -
Related parties 5,615 100.00% 3,455 100.00%
5,615 100.00% 3,455 100.00%

12 OTHER FINANCIAL ASSETS (NON-CURRENT)

(` in Million)
No. March 31, 2023 March 31, 2022
Lease deposits 11 -
Refundable deposits* 100 100
Sub-total 211 116
Security deposits 65 52
Refundable deposits* 3,860 5,145
Debenture application money pending allotment 169 -
Advance paid for purchase of shares** 661 1,798
Balances with banks to the extent held as margin money or security 850 696
against the borrowings, guarantees, other commitments
Sub-total 6,283 8,738
Total 6,494 8,854
Due from:
Directors 55 - -
Companies in which directors of the Company are directors or members 55 - -
* Refundable Deposits includes amount recoverable from landowners as per the terms of Joint Development agreement. The
management of the group is in the process of recovering/ adjusting the said amount from the land owners. The management
is confident that the said amounts would be recovered/adjusted in due course of time.
** includes advances paid to the Shareholders representing non-controlling interest in a subsidiary / joint venture of the Group
for purchase of shares as per terms of the share purchase agreement executed.
13 OTHER NON-CURRENT ASSETS

(` in Million)
No. March 31, 2023 March 31, 2022
Capital advances 733 2,702
Prepaid expenses 30 30
Total 1,179 3,147
Due from:
Directors 55 - -

14 INVENTORIES (LOWER OF COST AND NET REALISABLE VALUE)

(` in Million)
March 31, 2023 March 31, 2022
Work in progress - projects 132,724 99,239
Stock of units in completed projects 10,779 16,278
Stores and operating supplies 168 150
Total 143,671 115,667
Carrying amount of inventories pledged as security for borrowings 86,485 44,135
15 INVESTMENTS (CURRENT)
(` in Million)
March 31, 2023 March 31, 2022
Carried at fair value through profit and loss
Equity Instruments Non-trade investments (Quoted, fully paid up)
Tata Consultancy Services Limited 9 0
Mutual Funds Non-trade investments (Unquoted, fully paid up)
Birla Sunlife Floating Rate Long Term Institutional Plan -Daily Dividend 5 5
Total 14 5
Aggregate book value of quoted investments 0 0
Aggregate market value of quoted investments 9 0
Aggregate carrying value of unquoted investments 5 5
Aggregate amount of impairment in value of investments - -
Category-wise current investment
Financial assets carried at Amortised Cost - -
Total Current Investments 14 5
16 TRADE RECEIVABLES (UNSECURED)

(` in Million)
March 31, 2023 March 31, 2022
Receivables considered good 13,286 14,196
Receivables which have significant increase in credit risk 1,264 1,235
Sub-total 14,550 15,431
Provision for doubtful receivables (expected credit loss allowance)
Receivables considered good - -
Receivables which have significant increase in credit risk (1,264) (1,235)
Sub-total (1,264) (1,235)
Total 13,286 14,196

(` in Million)
No. March 31, 2023 March 31, 2022
a. Due from:
Directors 55 26 44
Companies in which directors of the Company are directors or 55 123 195
members
b. Receivables pledged as security for borrowings 4,907 5,917
c. Trade receivables ageing schedule
Undisputed - Considered good
Not due 5,793 3,787
Less than 6 months 4,448 5,720
More than 6 months and less than 1 year 1,564 1,311
13,286 14,196
Undisputed - Which have significant increase in credit risk
Not due - -
Less than 6 months - -
More than 6 months and less than 1 year 22 -
More than 1 year and less than 2 years - 1
More than 2 years and less than 3 years 1 -
1,264 1,235
Undisputed - Credit impaired - -
- -
14,550 15,431
There are no disputed trade receivables. - -
(` in Million)
March 31, 2023 March 31, 2022
d. Movement in provision for doubtful receivables (expected credit
loss allowance) is given below:
Add: Additions during the year, net 29 21
Less: Uncollectable receivables charged against allowance - 15
e. Trade receivable from related party refer note 55.

17 CASH AND CASH EQUIVALENTS

(` in Million)
March 31, 2023 March 31, 2022
Cash on hand 3 2
Balances with banks
- in fixed deposits 4,568 4,143
Total 14,564 20,685
18 OTHER BANK BALANCES

(` in Million)
March 31, 2023 March 31, 2022
Fixed deposits with maturity more than 3 months 1,604 501
In earmarked accounts
- Balances held as margin money 1,978 526
Total 3,582 1,027
Margin money deposits are subject to first charge as security 1,978 526
19 LOANS (CURRENT)
(` in Million)
No. March 31, 2023 March 31, 2022
Current account in partnership firms* 11,482 4,531
Other advances 1,726 104
Sub-total 21,722 12,813
Advances paid to staff 10 9
Other advances 1,140 488
Sub-total 7,829 4,822
Total 29,551 17,635
* net of advance from partnership firm ` 522 Million (March 31, 2022 : ` Nil)
No. March 31, 2023 March 31, 2022
i. Due from:
Directors 55 - -
Firms in which directors are partners 55 109 -
Companies in which directors of the Company are directors or 55 934 2,541
members


(` in Million)
Promoters - - - -
Directors - - - -
Key managerial personnel - - - -
Related parties 10,240 100.00% 8,282 100.00%
10,240 100.00% 8,282 100.00%
20 OTHER FINANCIAL ASSETS (CURRENT)

(` in Million)
No. March 31, 2023 March 31, 2022
Refundable deposits 299 322
Sub-total 965 765
Refundable deposits 9,266 7,437
Lease and other deposits 1,354 859
Sub-total 11,591 9,032
Total 12,556 9,797

Due from:
Directors 55 12 12

21 OTHER CURRENT ASSETS

(` in Million)
No. March 31, 2023 March 31, 2022
Advance paid to suppliers 3 171
Sub-total 3 171
Advance paid to suppliers 5,461 3,255
Prepaid expenses 2,989 1,309
Advances paid for purchase of land* 8,848 9,083
Advance indirect taxes balances 1,779 1,346
Unbilled revenue 3,278 1,537
Sub-total 22,355 16,530
Total 22,358 16,701
Due from:
Directors 55 - -
Firms in which directors are partners 55 - 24
* Advance paid for purchase of land (including advances paid for land aggregation) though unsecured, are considered good as
the advances have been given based on arrangements/ memorandum of understanding executed by the Group and the Group
/ seller/ intermediary is in the course of obtaining clear and marketable title, free from all encumbrances.
22 EQUITY SHARE CAPITAL

(` in Million)
March 31, 2023 March 31, 2022
Authorised capital
450,000,000 (March 31, 2022 - 450,000,000) equity shares of ` 10 each 4,500 4,500
Issued, subscribed and fully paid up capital
400,861,654 (March 31, 2022: 400,861,654) equity shares of ` 10 each, fully paid up 4,009 4,009
4,009 4,009
22.1 Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting year
No. of shares Amount (In million) No. of shares Amount (In million)
At the beginning of the year 400,861,654 4,009 400,861,654 4,009
Issued during the year - - - -
Outstanding at the end of the year 400,861,654 4,009 400,861,654 4,009
22.2 The Company has only one class of equity shares with voting rights having par value of ` 10 each. The rights, preferences
and restrictions attached to such equity shares is in accordance with the terms of issue of equity shares under the
Companies Act, 2013, the Articles of Association of the Company and relevant provisions of the listing agreement.
22.3 List of persons holding more than 5 Percent equity shares in the Company
Name of the share holder As at March 31, 2023 As at March 31, 2022
No. of shares % of holding No. of shares % of holding
Razack Family Trust 225,000,000 56.13% 225,000,000 56.13%

22.4 Details of Shares held by Promoters

Name of the share holder / Promoters No. of Change No. of shares % of total % change
shares at the during the at the end of shares during the
beginning of year the year year
the year
Irfan Razack 9,375,000 - 9,375,000 2.34% -
Rezwan Razack 9,375,000 - 9,375,000 2.34% -
Noaman Razack 9,375,000 - 9,375,000 2.34% -
Almas Rezwan 2,343,750 - 2,343,750 0.58% -
Sameera Noaman 2,343,750 - 2,343,750 0.58% -
Uzma Irfan 782,250 - 782,250 0.20% -
Faiz Rezwan 780,750 - 780,750 0.19% -
Zayd Noaman 780,750 - 780,750 0.19% -
Total 262,500,000 - 262,500,000 65.48% -
Irfan Razack 9,375,000 - 9,375,000 2.34% -
Rezwan Razack 9,375,000 - 9,375,000 2.34% -
Noaman Razack 9,375,000 - 9,375,000 2.34% -
Almas Rezwan 2,343,750 - 2,343,750 0.58% -
Sameera Noaman 2,343,750 - 2,343,750 0.58% -
Uzma Irfan 782,250 - 782,250 0.20% -
Faiz Rezwan 780,750 - 780,750 0.19% -
Zayd Noaman 780,750 - 780,750 0.19% -
Total 262,500,000 - 262,500,000 65.48% -
23 OTHER EQUITY
(` in Million)
No. March 31, 2023 March 31, 2022
General reserve 23.1 3,138 3,138
Capital reserve 23.2 163 163
Securities premium reserve 23.3 28,563 28,563
Debenture redemption reserve 23.4 1,018 564
Retained earnings 23.5 62,862 54,509
Total 95,744 86,937
23.1 General Reserve

(` in Million)
March 31, 2023 March 31, 2022
Add: Transferred from Debenture redemption reserve on redemption of - 250
debentures
The general reserve is used from time to time to transfer profits from retained earnings for appropriation purposes.

23.2 Capital reserve

(` in Million)
March 31, 2023 March 31, 2022
Balance at the end of the year 163 163
Capital reserve is used to record bargain purchase gain arising on business combination.
23.3 Securities premium
(` in Million)
March 31, 2023 March 31, 2022
Securities premium reserve is used to record the premium on issue of shares. The reserve is utilised in accordance with
the provisions of the Act.
23.4 Debenture redemption reserve

(` in Million)
No. March 31, 2023 March 31, 2022
Add: Additions during the year 25e 454 264
Less: Transferred to general reserve on redemption of debentures - (250)
Balance at the end of the year 1,018 564
The Group has issued redeemable non-convertible debentures. Accordingly, the Group has created debenture redemption
reserve on a pro rata basis which is equal to 25% of the value of debentures issued, out of profits available for payment of
dividend.
23.5 Retained earnings

(` in Million)
No. March 31, 2023 March 31, 2022
Add: Profit attributable to owners of the Company 9,418 11,500
Add: Other comprehensive income arising from remeasurement of (10) 33
defined benefit obligation (net of tax)
Sub-total 63,917 55,374
Less: Allocations/ Appropriations
Transfer to Debenture redemption reserve 25e 454 264
Dividend distributed to equity shareholders 601 601
Sub-total 1,055 865
Total 62,862 54,509
Balance at the end of the year

The amount that can be distributed by the Company as dividends to its equity shareholders is determined based on the
separate financial statements of the Company and also considering the requirements of the Companies Act, 2013. Thus,
the amounts reported above are not distributable in entirety.

23.6 Dividend made and proposed

(` in Million)
March 31, 2023 March 31, 2022
Dividends on equity shares declared and paid:
Final dividend for the year ended on March 31, 2022: `1.5 per share (March 601 601
31, 2021: `1.5 per share)
601 601
Proposed dividends on Equity shares:
Proposed for the year ended onMarch 31, 2023: ` 1.5 per share (March 31, 601 601
2022: `1.5 per share)
601 601
Proposed dividends on equity shares, if any, are subject to approval at the annual general meeting and are not recognised
as a liability as atMarch 31, 2023 and March 31, 2022.
24 NON-CONTROLLING INTERESTS (NCI)

(` in Million)
March 31, 2023 March 31, 2022
Balance at beginning of year 4,523 4,198
Share of profit for the year (net) 1,250 648
Net infusion by / (repayment) to NCI (2,369) (2,536)
Non-controlling interests arising on the acquisition of Subsidiaries - 2,505
Incremental acquisition of stake from NCI (572) -
Non-controlling interests on loss of control in subsidiaries - (292)
Balance at end of year 2,832 4,523
24.1 Details of non-wholly owned subsidiaries that have material NCI

The table below shows details of non-wholly owned subsidiaries of the Group that have material NCI:
(` in Million)
Name of subsidiary Status Principal place Proportion of ownership interests
of business held by NCI
As at As at
March 31, 2023 March 31, 2022
Prestige Southcity Holdings Partnership Firm India 49.00% 49.00%
Prestige Nottinghill Investments Partnership Firm India 49.00% 49.00%
Prestige Sterling Infra Projects Private Limited Company India 10.00% 20.00%
Apex Realty Ventures LLP Limited Liability India 40.00% -
Partnership firm
Prestige Projects Private Limited Company India 40.00% 40.00%
Prestige Century Landmark Partnership Firm India 45.00% 45.00%

(` in Million)
Name of subsidiary Profit / (loss) allocated to NCI Accumulated NCI
Year ended Year ended As at As at
March 31, 2023 March 31, 2022 March 31, 2023 March 31, 2022
Subsidiaries with material NCI
Prestige Southcity Holdings 1,023 85 221 748
Prestige Nottinghill Investments (177) 148 (219) (280)
Prestige Sterling Infra Projects Private Limited 1 10 305 608
Apex Realty Ventures LLP (17) - (436) -
Prestige Projects Private Limited (20) (41) 104 124
Prestige Century Landmark - 18 1,933 2,303
Individually immaterial subsidiaries with NCI 440 429 924 1,020
1,250 648 2,832 4,523
24.2 Summarised financial information in respect of each of the Group’s subsidiaries that has material non-controlling interests
is set out below. The summarised financial information below represents amounts before intra-group eliminations.
a. Summarised financial Information about the assets and liabilities
(` in Million)
Particulars Prestige Southcity Holdings Prestige Nottinghill Investments
As at As at As at As at
Non-current assets 885 823 6,509 6,978
Current assets 8,120 21,143 3,859 3,506
Non-current liabilities - - 204 2,339
Current liabilities 9,279 20,440 9,533 7,353
Equity attributable to owners of the Company (495) 778 850 1,072
Non-controlling interests 221 748 (219) (280)
(` in Million)
Particulars Prestige Sterling Infra Projects Apex Realty Ventures LLP
Private Limited
Non-current assets 2,514 2,040 532 -
Current assets 1,611 2,051 10,684 -
Non-current liabilities 1,050 1,051 611 -
Current liabilities 28 1 11,561 -
Equity attributable to owners of the Company 2,742 2,431 (520) -
Non-controlling interests 305 608 (436) -
(` in Million)
Particulars Prestige Projects Private Limited Prestige Century Landmark
Non-current assets 1,456 642 3,175 2,228
Current assets 51,570 25,546 80 1,236
Non-current liabilities 13 6,008 - -
Current liabilities 52,753 19,870 190 209
Equity attributable to owners of the Company 156 186 1,133 952
Non-controlling interests 104 124 1,933 2,303

b. Summarised financial Information about profit or loss

(` in Million)
Year ended Year ended Year ended Year ended
Revenue 20,716 2,788 744 2,693
Expenses 17,482 2,519 1,300 2,225
Profit before tax 3,234 269 (556) 468
Tax expense 1,146 96 (195) 166
Profit after tax 2,088 173 (361) 302
Other comprehensive income - - - -
Total comprehensive income for the year 2,088 173 (361) 302
- attributable to owners of the Company 1,065 88 (184) 154
- attributable to the non-controlling interests 1,023 85 (177) 148
(` in Million)
Private Limited
Revenue 139 199 8 -
Expenses 114 147 95 -
Profit before tax 25 52 (87) -
Tax expense 17 0 (45) -
Profit after tax 8 52 (42) -
Other comprehensive income - - - -
Total comprehensive income for the year 8 52 (42) -
- attributable to owners of the Company 6 42 (25) -
- attributable to the non-controlling interests 2 10 (17) -
(` in Million)
Revenue 468 110 0 31
Expenses 540 246 0 2
Profit before tax (72) (136) 0 29
Tax expense (24) (34) 1 11
Profit after tax (48) (102) (1) 18
Other comprehensive income (2) - - -
Total comprehensive income for the year (50) (102) (1) 18
- attributable to owners of the Company (30) (61) (1) (0)
- attributable to the non-controlling interests (20) (41) - 18

c. Dividends paid to non-controlling interests

(` in Million)
March 31, 2023 March 31, 2022
Prestige Southcity Holdings Not applicable Not applicable
Prestige Nottinghill Investments Not applicable Not applicable
Prestige Sterling Infra Projects Private Limited Not applicable Not applicable
Apex Realty Ventures LLP Not applicable Not applicable
Prestige Projects Private Limited Not applicable Not applicable
Prestige Century Landmark Not applicable Not applicable
d. Summarised financial Information about the cash flow

(` in Million)
Net cash inflow / (outflow) from operating activities 4,132 920 (1,536) 2,090
Net cash inflow / (outflow) from investing activities (1,037) (41) 35 (3,573)
Net cash inflow / (outflow) from financing activities (3,931) (54) 1,474 1,240
Net cash inflow / (outflow) (836) 825 (27) (243)
` in Million)
Private Limited
Net cash inflow / (outflow) from operating activities (9) (102) 450 -
Net cash inflow / (outflow) from investing activities (216) 3,189 5 -
Net cash inflow / (outflow) from financing activities (113) (2,749) (679) -
Net cash inflow / (outflow) (338) 338 (224) -
` in Million)
Net cash inflow / (outflow) from operating activities 4,236 7,376 (20) (113)
Net cash inflow / (outflow) from investing activities (9,014) (395) (159) (783)
Net cash inflow / (outflow) from financing activities 2,112 406 182 897
Net cash inflow / (outflow) (2,666) 7,387 3 1
Note: Receivable from non controlling interest is expected to be recovered through further contributions and profits earned
during the normal course of business.

25 BORROWINGS (NON-CURRENT)
(` in Million)
March 31, 2023 March 31, 2022
Term loans (Secured) 25a to 25f
- From banks 23,372 15,722
Secured, Redeemable non convertible debentures 25g 4,994 13,483
Unsecured, Redeemable non convertible debentures 25h 1,807 1,807
Liability component of compound financial instruments
Redeemable Preference shares 25i - 1,622
Total Non-current borrowings 34,100 40,029
25a Aggregate amount of loans guaranteed by directors 10,214 14,532
25b Lease Rental Discounting Loans (Included under Term loans)
Security Details :
Mortgage of certain immovable properties of the Group.
Charge over the book debts, operating cash flows and revenues.
Hypothecation of equipment & vehicles.
Assignment of rent receivables from various properties.
Repayable within 120 - 201 installments ending in May 2036.
25c Project loans and general loans (Included under Term loans)
Security Details :
Mortgage of underlying Immovable Property financed under these Loans.
Charge over the project material and other assets related to the projects.
Repayable in one bullet installments and monthly repayments over 145 months ending January 2035.
25d Refer note no.30 for current maturities of long-term debt.
25e The Group has borrowings (current/ non current) from banks and financial institutions in the form of Lease Rental
Discounting loans, Project loans and General purpose loans which are primarily in the nature of Term Loans based on
terms of the sanction letter. The management is of the view that the above borrowings are not working capital in nature.
25f Secured, Redeemable non convertible debentures
In respect of working capital limits basis security of current assets of the Group there are no requirements of filing quarterly
returns or statements with banks or financial institutions as per the terms of relevant agreements. Further in respect of
borrowings, the Group is required to file quarterly returns or statements with banks or financial institutions as per the
terms of the borrowings and the Group has filed quarterly returns or statements which are in agreement with the books of
accounts.

25g Secured, Redeemable non convertible debentures

During the year ended March 31, 2019, the Company issued 3,500 rated, unlisted, secured, redeemable, non-convertible
debentures (A+ Rating) of ` 1,000,000 each, having tenor upto August 2023, aggregating `3,500 Million on a private
placement basis. These debentures are secured by exclusive charge by way of mortgage over certain projects of the
Company (hereinafter referred to as “mortgaged property”), exclusive charge over receivables from sale of mortgaged
property and exclusive charge over debt service reserve account and escrow accounts of mortgaged property. The
debentures are repayable in two tranches, Tranche 1 - `1,000 Million in August 2021 and Tranche 2 – `2,500 Million in
August 2023 carry a coupon rate of 10.50%. During the year ended March 31, 2022, the Company has redeemed the
Tranche 1 debentures.
During the year ended March 31, 2022, the Company issued 2,400 Series A senior, secured, redeemable, rated, listed, non-
convertible debentures (NCDs) (A+ Rating) of ` 1,000,000 each at par, having tenor upto November 29, 2024 and 2,600
Series B senior, secured, redeemable, rated, listed, non-convertible debentures (A+ Rating) of ` 1,000,000 each at par,
having tenor upto November 29, 2026 aggregating `5,000 Million. These NCDs are secured by way of exclusive charge on
the immovable project situated in Bengaluru owned by the Company and immovable properties situated in Goa and Bidadi
owned by subsidiary Company. The debentures carry a coupon rate of 8.90%. In case of Series B NCDs, the Company/
debenture holders has a call / put option to redeem by November 29, 2024.
During the year ended March 31, 2022, one of the subsidiary has issued 6,000 rated, listed, redeemable non-convertible
debentures (NCDs) Series I of face value `1,000,000 each for a total amount of `6,000 Million on a private placement basis.
These NCDs were listed on the National Stock Exchange (NSE) with effect from January 10, 2022.
Further, the same subsidiary, during July 2022 had issued 2,000 rated, listed, redeemable non-convertible debentures
(NCDs) Series II of face value ` 1,000,000 each for a total amount of ` 2,000 Million on a private placement basis. These
NCDs were listed on the National Stock Exchange (NSE) with effect from July 08, 2022.
The NCDs carried an interest rate of 8.90% per annum for Series I NCD’s and 9.50% per annum for Series II NCDs.
The NCDs were repayable commencing from April 05, 2024 in 8 equal quarterly installments.
The Asset cover in respect of these NCDs were more than hundred and fifty percent of principal outstanding.
These NCDs are secured by way of exclusive charge on the immovable project / properties situated in Bangalore owned by
the Subsidiary Company and hypothecation over all present and future receivables of the subsidiary.
Redeemable Non-convertible Debentures (NCDs) Series I and Series II has been fully redeemed as of January 05, 2023.
The Company has created debenture redemption reserve as per Section 71 of the Companies Act, 2013, on a pro rata basis
amounting to ` 1,018 Million (March 31, 2022 - `564 Million)
25h Unsecured, Redeemable non convertible debentures

During the year ended March 31, 2022, one of the subsidiary has issued 177,488,088 unlisted, unsecured redeemable, non-
convertible debentures (NCDs) at a face value of `10 each on a private placement basis. These NCDs have a tenure of 5
years and carry a coupon rate of interest of 12% per annum subject to availability of distributable amounts.
During the year ended March 31, 2022, one of the subsidiary has issued 3,181,770 unlisted, unsecured redeemable, non-
convertible debentures (NCD’s) at a face value of `10 each on a private placement basis. These NCDs have a tenor upto
August 2033 and carries a coupon rate of 12%.
25i During the year ended March 31, 2021, one of the subsidiary has issued Redeemable Preference Shares (RPS) which are
redeemable at the earlier of 20 years from the date of issue or at the option of the subsidiary acting in its sole discretion
upon the issue of notice to the holders of redeemable preference share, and hence they are accounted and reflected as
financial liability.
The redemption price shall be equal to amount invested for the RPS under the security subscription agreement along with
a premium of 10% of the amount so invested, as determined by the Board. The holders of redeemable preference shares
will not have right to participate in the surplus of the subsidiary remaining after distribution of dividend to RPS holders or
any surplus remaining after winding up of company after the capital is repaid.
During the year ended March 31, 2023, the above Redeemable Preference Shares (RPS) were purchased by one of the
other subsidiary of the Group.

26 OTHER FINANCIAL LIABILITIES (NON-CURRENT)

(` in Million)
March 31, 2023 March 31, 2022
Lease deposits 1,167 811
1,167 811
27 DEFERRED TAX ASSETS/ LIABILITIES

(` in Million)
March 31, 2023 March 31, 2022
A. Deferred Tax Assets
Tax effect of :
Impact of fair valuation of financial assets (net) 306 306
Provision for employee benefit expenses 118 98
Minimum alternate tax (MAT) credit entitlement 329 158
Provision for doubtful advances/ debts 44 44
Provision for impairment of investments - 1
Provision created for Expected Credit Loss (ECL) 319 311
Impact on accounting for real estates projects income (including JDA 2,157 1,795
accounting) (Revenue net of cost)
Investment property and Intangible assets as per tax accounts and books.
Impact of accounting for right of use assets 566 491
Impact of deferred consideration (Refer Note 59) - 414
Carried forward losses 1,609 2,166
Expenses allowable for tax purpose 107 -
5,582 5,867
B. Deferred Tax Liabilities
Impact of carrying financial liabilities at amortised cost 113 95
Impact of fair valuation of financial assets (net) 2,247 2,042
Tax effect on equity accounted investment instruments 118 120
Investment property and Intangible assets as per tax accounts and books
Tax on comprehensive income - 0
Others 3 -
3,118 2,731
Net Deferred Tax Liability/ (Asset) (2,464) (3,136)
Presented in balance sheet as
- Deferred tax asset (Net) 5,582 5,867
- Deferred tax liabilities (Net) 3,118 2,731

28 OTHER NON-CURRENT LIABILITIES

(` in Million)
March 31, 2023 March 31, 2022
Advance rent / maintenance charges received 321 263
321 263
29 PROVISIONS (NON-CURRENT)
(` in Million)
No. March 31, 2023 March 31, 2022
Gratuity 48 363 311
363 311
30 BORROWINGS (CURRENT)
(` in Million)
March 31, 2023 March 31, 2022
Secured (Carried at amortised cost)
Term loans 30a to 30e
From banks 26,469 12,670
From financial institutions 6,379 4,602
Unsecured (Carried at amortised cost)
Non Convertible debentures 30f & 55 2,500 2,500
Commercial Papers 30g & 55 1,585 -
Loans from related parties 30h & 55 1,604 1,605
From Others 660 1,604
Current maturities of long-term debt (secured) 25 7,676 2,120
Bank Overdraft 235 -
47,108 25,101
30a Aggregate amount of loans guaranteed by directors 1,410 970

30b Security Details :
Mortgage of certain immovable properties of the group including related inventories, project receivables and undivided
share of land belonging to the group.
Charge over project material and other assets related to the projects.
Charge over receivables of various projects.
30c Repayment and other terms : Projects Loans
Repayable in Quarterly instalments ending in September 2026 and monthly repayments ending in March 2029.
30d Repayment and other terms : Other Loans
Repayable in monthly instalments ending in April 2024 to October 2024.

30e In respect of working capital limits basis security of current assets of the Group there are no requirements of filing quarterly
returns or statements with banks or financial institutions as per the terms of relevant agreements. Further in respect of
borrowings, the Group is required to file quarterly returns or statements with banks or financial institutions as per the
terms of the borrowings and the Group has filed quarterly returns or statements which are in agreement with the books of
accounts.
30f During the year ended 31st March 2022, one of the subsidiary has issued 250,000,000 Series C NCDs of ` 10 each carrying
an interest rate of 18% per annum. The debentures have a tenure of 2 years and shall be repayable at a premium decided
between the Company and debenture holder.
30g During the year, one of the subsidiary has raised funds through Unsecured Commercial Papers, having discounted rate of
10%, repayable within 270 days from the date of issue.
30h Inter corporate deposits and other loans are subject to interest rates ranging from 0% to 18% per annum and are repayable
on demand.
31 TRADE PAYABLES
(` in Million)
March 31, 2023 March 31, 2022
Trade Payables 14,514 9,800
14,514 9,800
31a Trade payable ageing schedule

(` in Million)
March 31, 2023 March 31, 2022
Dues to creditors
Unbilled dues 274 238
Current but not due 6,353 5,006
Less than 1 year 4,628 1,862
More than 2 years and less than 3 years 1,160 493
14,514 9,800
There are no disputed dues payable.
31b Of the above trade payables ageing, retention creditors ageing is :

(` in Million)
March 31, 2023 March 31, 2022
Unbilled dues - -
Current but not due 98 145
2,221 2,167
31c Trade payable to related party refer note 55.

32 OTHER FINANCIAL LIABILITIES (CURRENT)

(` in Million)
No. March 31, 2023 March 31, 2022
Interest accrued but not due on borrowings 1,446 792
Creditors for capital expenditure 1,875 1,992
Deposits towards lease, interiors and maintenance 4,797 3,716
Advances from partnership firms 55 - 164
Advances received on behalf of land owners 2,243 1,536
Other liabilities 6,134 4,956
16,495 13,156
33 OTHER CURRENT LIABILITIES

(` in Million)
March 31, 2023 March 31, 2022
Advance from customers 1,598 3,152
Unearned revenue 107,455 78,017
Advance rent / maintenance received 820 572
Withholding taxes and duties 1,490 1,073
Consideration under Joint development agreement towards purchase of land 16,196 16,781
127,559 99,595
34 PROVISIONS (CURRENT)
(` in Million)
No. March 31, 2023 March 31, 2022
- Compensated absences 48 113 88
Other Provisions for :
Projects 34a 4,623 7,667
Anticipated losses on projects 34b 35 34
4,771 7,789
34a Details of Provisions for Projects

(` in Million)
March 31, 2023 March 31, 2022
Estimated project cost to be incurred for the completed projects
(Probable outflow estimated within 12 months)
Provision outstanding at the beginning of the year 7,667 4,424
Add: Provision made during the year 3,858 6,188
Less: Provision utilised /reversed during the year 6,902 2,945
Provision outstanding at the end of the year 4,623 7,667

34b Anticipated losses on projects

(` in Million)
March 31, 2023 March 31, 2022
Provision outstanding at the beginning of the year 34 33
Add: Provision made during the year 1 1
Less: Provision utilised /reversed during the year - -
Provision outstanding at the end of the year 35 34
35 REVENUE FROM OPERATIONS

(` in Million)
No. March 31, 2023 March 31, 2022
Revenue from contracts with customers
Sale of real estate developments
Residential and commercial projects 63,606 52,292
Sale of Services
Facilities, room rentals, food, beverages, maintenance income and other 35a 9,756 4,809
allied services
Contractual Projects 2,405 728
Other operating revenues 996 981
Revenue from property rental and hire charges 35b 6,387 5,085
83,150 63,895
35a Facilities, room rentals, food, beverages, maintenance income and other allied services
(` in Million)
March 31, 2023 March 31, 2022
Facility and hire charges 3,920 3,104
Property maintenance income 19 94
Parking charges 45 36
Signages, exhibition and other receipts 42 25
Room revenues 3,146 725
Food and beverages 2,368 725
Spa services 50 -
Income from club operations 129 89
Other services 37 11
9,756 4,809
35b Revenue from property rental and hire charges

(` in Million)
No. March 31, 2023 March 31, 2022
Rental income 45 1,968 1,532
Hire charges income 45 275 349
Sub lease rental income 45 4,017 3,096
Commission income 127 108
6,387 5,085

36 OTHER INCOME
(` in Million)
March 31, 2023 March 31, 2022
Interest income
- On Bank deposits 420 541
- On loans & advances including inter corporate deposits 510 43
- Others 533 1,006
Profit on sale of property, plant and equipment / investment property 252 63
Net gain on financial assets designated at FVPL 2,661 171
Share of profit / (loss) from partnership firms (Net) - 5
Provision no longer required written back 5 119
Miscellaneous income 189 159
4,570 2,107
37 (INCREASE)/ DECREASE IN INVENTORY

(` in Million)
March 31, 2023 March 31, 2022
Opening inventory 115,667 95,805
Add: Stock addition on Gain of Control 5,349 13,672
Add: Stock transferred from property, plant and equipment /capital work in 589 11,842
progress
Less : Stock capitalised/ transferred to capital work in progress (246) -
Less : Closing inventory (143,671) (115,667)
(22,312) 5,652
38 EMPLOYEE BENEFITS EXPENSE

(` in Million)
No. March 31, 2023 March 31, 2022
Salaries and wages 5,332 3,978
Contribution to provident and other funds 48 297 255
Gratuity expense 48 86 127
Staff welfare expenses 319 150
6,034 4,510

39 FINANCE COSTS
(` in Million)
March 31, 2023 March 31, 2022
Interest on borrowings 6,547 5,085
Interest on delayed payment of statutory dues 73 42
Other borrowing costs 652 410
Interest - Others 1,395 1,297
8,667 6,834
Less: Borrowing cost capitalised to property, plant and equipment, investment
properties including Capital Work-In-Progress
601 1,281
Costs considered as finance cost in Consolidated Statement of Profit & Loss* 8,066 5,553
* Gross of finance cost inventorised to work-in-progress 4,381 1,958
40 OTHER EXPENSES
(` in Million)
No. March 31, 2023 March 31, 2022
Selling Expenses
Advertisement and sponsorship fee 1,023 693
Travelling expenses 256 149
Commission 1,618 1,633
Business promotion 514 135
Repairs and maintenance
Plant & Machinery and Computers 127 90
Vehicles 29 24
Others 305 84
Power and fuel 936 449
Insurance 81 74
Legal and professional charges 2,654 1,069
Food and beverages consumed 875 391
Auditors remuneration 40a 18 16
Director's sitting fees 2 2
Bad debts/ advances written off 30 14
Donations 76 107
Loss on sale of fixed assets 10 1
Membership and subscriptions 13 2
Postage and courier 26 27
Telephone charges 23 13
Printing and stationery 65 45
Manpower Cost 118 23
Foreign Exchange Loss 14 1
Expected credit loss allowance on receivables 29 -
Miscellaneous expenses 162 104
9,009 5,146

40a Auditors Remuneration

(` in Million)
March 31, 2023 March 31, 2022
Payment to Auditors (net of applicable GST) :
For audit 9 10
For limited review 8 6
For certification services 1 -
18 16
The Group avails input credit for GST, hence no GST expense is accrued.
41 TAX EXPENSES
(` in Million)
March 31, 2023 March 31, 2022
a Income tax recognised in consolidated statement of profit and loss
Current tax
In respect of the current year 3,020 2,708
In respect of prior years (429) 53
2,591 2,761
Deferred tax
884 184
Total income tax expense recognised in the current year 3,475 2,945
b Income tax recognised in other comprehensive income
Deferred tax
Arising on income and expenses recognised in other comprehensive
income:
Remeasurement of defined benefit obligation 4 (12)
Total income tax recognised in other comprehensive income 4 (12)
Items that will not be reclassified to consolidated statement of 4 (12)
profit and loss
c Reconciliation of tax expense and accounting profit
Profit before tax from continuing operations 13,975 15,258
Applicable tax rate 25.17% 25.17%
Income tax expense calculated at applicable tax rate A 3,518 3,840
Adjustment on account of :
Tax effect of exempt operating income (18) (1,091)
Tax effect of permanent non deductible expenses 350 160
Tax effect of deductible expenses (514) (218)
Shortfall in tax provision for prior years recognised in current year (429) 53
Set off of brought forward losses / Unabsorbed depreciation 69 (13)
Tax effect of change in tax rate / different tax rate applicable to 502 211
subsidiaries
Others (3) 3
B (43) (895)
Income tax expense recognised in consolidated statement of profit (A+B) 3,475 2,945
and loss

42 EARNING PER SHARE (EPS)

March 31, 2023 March 31, 2022
Profit for the year attributable to owners of the Company and used in calculation 9,418 11,500
of EPS (` In Million)
Weighted average number of equity shares
Basic (in Numbers) 400,861,654 400,861,654
Diluted (in Numbers) 400,861,654 400,861,654
Nominal value of shares (in Rupees) 10 10
Earning per share (in Rupees)
Basic 23.49 28.69
Diluted 23.49 28.69
43 COMMITMENTS
(` in Million)
March 31, 2023 March 31, 2022
1. Capital commitments (Net of advances) (including proportionate share of 14,165 13,886
Joint Ventures & Associates)
2. Bank guarantees 4,521 5,287
Performance guarantees (Includes guarantees of ` 105 Million (31 March 2022 - ` 343 Million) towards the obligation for
earnings in foreign currency of ` 632 Million (31 March 2022 - ` 2,057 Million) outstanding obligation to be met by 2025 - 26)
3. The Group enters into construction contracts with its vendors. The final amount payable under such contracts will be based
on actual measurements and negotiated rates, which are determinable as and when the work under the said contracts are
completed.
4. The Group has entered into agreements with land owners under which the group is required to make payments based on
the terms/ milestones stipulated under the respective agreements.
5. The Group has entered into joint development agreements with owners of land for its construction and development.
Under the agreements the group is required to pay certain payments/ deposits to the owners of the land and share in built
up area/ revenue from such developments in exchange of undivided share in land as stipulated under the agreements.
Further the Group has given guarantees in favour of certain Joint Development partners without any commission charged
on such guarantees considering the economic interest with such partners. Accordingly, management is of the view that
these guarantees are not prejudicial to the interests of the Group.
6. The Group has made commitment to subscribe to further capital and support continuing operation in certain of its
associates and jointly controlled entities based on operations of such entities to support going concern.

44 CONTINGENT LIABILITIES (TO THE EXTENT NOT PROVIDED FOR)

(` in Million)
March 31, 2023 March 31, 2022
1 Claims against the Group not acknowledged as debts
a. Disputed Value Added Tax 269 434
b. Disputed Service Tax 445 404
c. Disputed Income Tax 908 323
d. Others 130 130
The above amount does not include penalties, if any, that may be levied by
the authorities when the disputes are settled
2 Corporate guarantees given on behalf of other entities (refer note 43 & 55) 6,466 13,334
The Group does not expect any reimbursement in respect of the above contingent liability and it is not practicable to
estimate the timings of the cash outflows, if any, in respect of matters above pending resolution of the arbitration/ appellate
proceedings and it is not probable that an outflow of resources will be required to settle the above obligations/claims.
3 The Company is subject to legal proceedings and claims, which have arisen in the ordinary course of business, including
certain litigation for lands acquired by it for construction purposes, either through joint development agreements or through
outright purchases. These cases are pending with various courts and are scheduled for hearings. The management
believes that these cases will not adversely effect its financial statements.
45 LEASES
a Movement of carrying amounts of lease liabilities and right-of-use assets
Set out below are the carrying amounts of lease liabilities and the movements during the year:
(` in Million)
March 31, 2023 March 31, 2022
Add: Additions during the year 6,879 2,179
Add: Accretion of interest 1,322 1,173
Less: Payments (4,202) (3,424)
Less: Deletions - (73)
Movement of right of use asset is detailed in Note 7
b As a lessee
The Group has taken certain commercial spaces under operating lease basis which include (a) leases that are renewable
on a yearly basis, (b) cancellable at the Group’s option and (c) other long-term leases.
(` in Million)
March 31, 2023 March 31, 2022
Rental expense for operating leases included in the Consolidated Statement of 43 5
Profit and Loss
Depreciation expense of right-of-use assets 3,108 2,637
Interest expense on lease liabilities 1,322 1,173
Expense relating to short-term leases (included in rental expense) 43 5

Non-cancellable operating lease commitments

(` in Million)
March 31, 2023 March 31, 2022
Within 1 year 3,976 3,384
Later than 5 years 5,386 2,747
c As a lessor
The Group has given Investment properties, plant and machineries and furniture and fixtures owned by the Group under
operating lease, which include (a) leases that are renewable on a yearly basis, (b) cancellable at the Group’s option and
(c) other long-term leases. The lessee does not have an option to purchase the property at the expiry of the lease term.
Further the Group has taken certain properties under lease and has given such properties on lease under similar terms
under which the group has taken it on lease.
(` in Million)
March 31, 2023 March 31, 2022
Rental and hire charges income from operating leases included in the Consolidated 10,180 8,081
Statement of Profit and Loss

(` in Million)
March 31, 2023 March 31, 2022
Rental receipts
Within 1 year 882 295
Later than 5 years - 38
Hire Charges
Within 1 year 98 82
Later than 5 years - -
Sublease Receipts
Within 1 year 2,261 938
Later than 5 years - 530

46 FINANCIAL INFORMATION IN RESPECT OF ASSOCIATES AND JOINT VENTURES

Management has concluded that there are no material associates and joint ventures. Information with respect to immaterial
associates and joint ventures is provided below:
a. Aggregate carrying amount of the Group’s interests in these associates and joint ventures:
Associates Joint Ventures Associates Joint Ventures
Aggregate carrying amount of - 5,589 - 5,737
investments in individually immaterial
associates/ joint ventures
b. Aggregate information of associates and joint ventures that are not individually material:
Particulars Year ended March 31, 2023 Year ended March 31, 2022
Associates Joint Ventures Associates Joint Ventures
Aggregate amounts of group's share of
- profit - 210 - (206)
- other comprehensive income - 0 - 0
Total comprehensive income - 210 - (206)
47 SEGMENT INFORMATION
The chief operating decision maker reviews the operations of the Group as a real estate development activity and letting out
of developed properties, which is considered to be the only reportable segment by the management. Further, the Group’s
operations are in India only.
48 EMPLOYEE BENEFIT PLANS

(i) Defined Contribution Plans : The Group contributes to provident fund and employee state insurance scheme which are
defined contribution plans.
During the year, the Group has recognised the following amounts in the Consolidated Statement of Profit and Loss under
defined contribution plan whereby the Group is required to contribute a specified percentage of the payroll costs to fund
the benefits:
(` in Million)
March 31, 2023 March 31, 2022
Employers' contribution to provident fund 291 252
Employers' contribution to employee state insurance scheme 6 3
297 255
Note: The contributions payable to the above plan by the Group is at rates specified in the rules of the scheme.
(ii) Defined Benefit Plan : The Group provides gratuity for employees who are in continuous services for a period of 5 years.
The amount of gratuity is payable on retirement / termination, computed based on employees last drawn basic salary per
month. The group makes contribution to Life Insurance Corporation (LIC) Gratuity trust to discharge the gratuity liability,
except for Prestige Leisure Resorts Private Limited, Morph, Prestige Projects Private Limited, Prestige Hospitality Ventures
Limited, Sai Chakra Hotels Private Limited and Prestige Office Ventures.
Risk exposure
The defined benefit plan typically expose the Group to actuarial risks such as: investment risk, interest rate risk, longevity
risk and salary risk.

Investment Risk The present value of the defined benefit plan liability is calculated using a discount rate which is
determined by reference to market yields at the end of the reporting period on government bonds. If the
return on plan asset is below the discount rate, it will create a plan deficit.
The fund’s investments are managed by Life Insurance Corporation of India (LIC), the fund manager.
The details of composition of plan assets managed by the fund manager is not available with the Group.
Interest Risk A decrease in the bond's interest rate will increase the plan liability; however, this will be partially offset
by an increase in the return on the plan's investments.
Life expectancy The present value of the defined benefit plan liability is calculated by reference to the best estimate of the
mortality of plan participants both during and after their employment. An increase in the life expectancy
of the plan participants will increase the plan's liability.
Salary risk The present value of the defined benefit plan liability is calculated by reference to the future salaries
of plan participants. As such, an increase in the salary of the plan participants will increase the plan's
liability.
a. Components of defined benefit cost

(` in Million)
March 31, 2023 March 31, 2022
Current Service cost 63 102
Interest expense / (income) net 20 20
Administrative expenses 3 5
Components of defined benefit expenses recognised in consolidated 86 127
statement of profit and loss
Remeasurement (gains)/ losses in OCI
Return on plan assets (greater) less than discount rate - 1
Components of defined benefit expenses recognised in other 13 (45)
comprehensive income
Total components of defined benefit cost for the year 99 82
The current service cost and the net interest expense for the year are included in the ‘Employee benefits expense’ line item
in the consolidated statement of profit and loss. The remeasurement of the net defined benefit liability is included in other
comprehensive income.
b. The amount included in the consolidated balance sheet arising from the entity’s obligation in respect of its defined
benefit plans is as follows:
(` in Million)
March 31, 2023 March 31, 2022
Present value of funded defined benefit obligation 512 453
Less: Fair value of plan assets 199 182
Funded Status 313 271
Present value of unfunded defined benefit obligation 50 40
Unfunded Status 50 40
Net liability arising from defined benefit obligation 363 311

c. Movements in the present value of the defined benefit obligation are as follows.
(` in Million)
March 31, 2023 March 31, 2022
Opening defined benefit obligation 493 434
Current service cost 63 102
Interest cost 36 34
Remeasurement (gains)/ losses:
Closing defined benefit obligation 562 493
d. Movements in fair value of plan assets are as follows.

(` in Million)
March 31, 2023 March 31, 2022
Opening Fair Value of Plan Assets 182 151
Expected return on plan asset 16 14
Administrative expenses (3) (5)
Contributions by Employer 40 51
Actuarial gains/(losses) through OCI - (1)
Closing Fair Value of Plan Assets 199 182
e. Net asset/(liability) recognised in consolidated balance sheet

(` in Million)
March 31, 2023 March 31, 2022
Fair value of plan assets 199 182
Less: Present value of defined benefit obligation 562 493
Net asset/(liability) recognised in consolidated balance sheet - (363) (311)
Non current portion
f. Actuarial Assumptions
(` in Million)
March 31, 2023 March 31, 2022
Discount rate 6.90% - 7.20% 6.70% - 7.70%
Rate of increase in compensation 5.00% - 10.00% 5.00% - 10.00%
Attrition rate Refer Table Below
Retirement age 58 -60 Years 58 -60 Years
Attrition rate
(` in Million)
Age As at As at
March 31, 2023 March 31, 2022
Upto 30 10% 10%
31-40 5% 5%
41-50 3% 3%
Above 50 2% 2%

g. Sensitivity analysis
Significant actuarial assumptions for the determination of the defined benefit obligation are discount rate, expected salary
increase and mortality. The sensitivity analysis below have been determined based on reasonably possible changes of the
respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant.
Impact on defined benefit obligation:

(` in Million)
March 31, 2023 March 31, 2022
Discount rate Increase by 100 basis points (14) (46)
Salary escalation rate Increase by 100 basis points 63 53
Employee attrition rate Increase by 250 basis points (1) (0)
The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation
as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may
be correlated.
Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has been
calculated using the projected unit credit method at the end of the reporting period, which is the same as that applied in
calculating the defined benefit obligation liability recognised in the balance sheet.
There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years.
h. Estimated amount of Gratuity contribution over the next one year is ` 45 Million, one to three years is ` 85 Million and
greater than three years is ` 233 Million.
(iii) Other Employee Benefits - Compensated absences

The leave obligations cover the group’s liability for earned leave and is not funded.
Leave encashment benefit expensed in the Consolidated Statement of Profit and Loss for the year is ` 106 Million
(31 March, 2022: ` 40 Million)
Leave encashment benefit outstanding is ` 113 Million (31 March 2022 : ` 88 Million).
49 FOREIGN CURRENCY EXPOSURES

Foreign currency exposures that have not been hedged by derivative instruments or otherwise.
(In Million)
Amount Amount (In `) Amount Amount (In `)
(In Foreign Currency) (In Foreign Currency)
Due to:
Creditors (US$) USD 1.35 111 USD 0.22 17
Creditors (SGD) SGD 0.07 4 - -
Creditors (GBP) GBP 0.12 12 - -

50 Details of capital account contribution and profit sharing ratio in partnership firms/ limited liability partnership firms :
Name of the firms/ LLPs/ Partners March 31, 2023 March 31, 2022
Irfan Razack 0 0.02% 0 0.02%
Almas Rezwan 0 0.01% 0 0.01%
Ameena Ahmed 0 0.01% 0 0.01%
Mehreen Ahmed 0 0.01% 0 0.01%
Zainab Ismail 0 0.01% 0 0.01%
Redhills Estates and Projects LLP 891 49.00% 891 49.00%
MEL Properties Private Limited
(formerly, Mineral Enterprises Limited) 9 1.00% 9 1.00%
Lokhandwala DB Realty LLP
Prestige Falcon Realty Ventures 1 50.00% 1 50.00%
Private Limited
Lokhandwala Infrastructure Private 0 0.00% 0 0.00%
Limited
Viceroy Builders Private Limited 0 0.00% 0 0.00%
DB Realty Limited 0 5.00% 0 5.00%
DB Contractors & Builders Private 0 45.00% 0 45.00%
Limited
Apex Realty Ventures LLP
Prestige Estates Projects Limited - - 6 59.94%
Apex Realty Management Private - - 0 0.10%
Limited
Venkat Narayana K - - 4 39.96%
Turf Estate Joint Venture LLP
Prestige Falcon Realty Ventures 0 50.00% 0 50.00%
Private Limited
DB Realty Limited 0 50.00% 0 50.00%
Prestige MRG ECO Ventures
Village-De-Nandi Private Limited 1 50.00% - -
Present Infra Private Limited 0 45.00% - -
Goldfinch Buildtech Private Limited 0 5.00% - -
Rustomjee Prestige Vocational
Educational and Training Centre LLP
Prestige Exora Business Parks Limited 10 49% 10 49%
Rustomjee Academy for Global 10 51% 10 51%
Careers Private Limited

51 FINANCIAL INSTRUMENTS
The fair value of the financial assets and liabilities approximate to its carrying amounts. The carrying value of financial
instruments by categories is as follows:
(` in Million)
Particulars Note No As at March 31, 2023 As at March 31, 2022
Fair Value Cost/ Fair Value Cost/
through profit Amortised through profit Amortised
and loss Cost and loss Cost
Financial asset
Investments 10,15 4,639 - 1,987 -
Trade receivables 16 - 13,286 - 14,196
Cash and cash equivalents 17 - 14,564 - 20,685
Other bank balances 18 - 3,582 - 1,027
Loans and advances 11,19 - 36,666 - 22,080
Other financial assets 12,20 - 19,050 - 18,651
4,639 87,148 1,987 76,639
Borrowings 25,30 - 81,208 - 65,130
Lease Liabilities 45 - 12,991 - 8,992
Trade payables 31 - 14,514 - 9,800
Other financial liabilities 26,32 - 17,662 - 13,967
- 126,375 - 97,889
Fair Value Hierarchy:
(` in Million)
March 31, 2023 March 31, 2022
Assets measured at fair value
Investments
Level 1 14 5
Level 2 - -
Level 3 4,625 1,982
52 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Group’s principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of these
financial liabilities is to finance the acquisition and Group’s real estate operations. The Group’s principal financial assets include
investments, inventory, trade and other receivables, cash and cash equivalents, land advances and refundable deposits that
derive directly from its operations.
The management is of the view that the terms and conditions of the investments made, guarantees provided, security given,
land advances, refundable deposits, current account with partnership firms, loans and advances are not prejudicial to the
interest of the Group considering its economic interest and furtherance of the business objectives.
The Group is exposed to market risk, credit risk and liquidity risk. The Group’s senior management oversees the management
of these risks. The senior management ensures that the Group’s financial risk activities are governed by appropriate policies
and procedures and that financial risks are identified, measured and managed in accordance with the Group’s policies and
risk objectives. It is the Group’s policy that no trading in derivatives for speculative purposes may be undertaken. The Board of
Directors reviews and agrees policies for managing each of these risks, which are summarised below.

I Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises of two types of risk: interest rate risk and other price risk, such as equity price risk
and commodity risk. The Group has no exposure to commodity prices as it does not deal in derivative instruments whose
underlying is a commodity. Financial instruments affected by market risk include loans and borrowings and refundable
deposits.
The sensitivity analysis in the following sections relate to the position as at March 31, 2023 and March 31, 2022. The
sensitivity analysis have been prepared on the basis that the amount of net debt and the ratio of fixed to floating interest
rates of the debt are constant.
The analysis exclude the impact of movements in market variables on: the carrying values of gratuity and other post
retirement obligations; provisions.
The following assumptions have been made in calculating the sensitivity analysis:
The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market risks. This is
based on the financial assets and financial liabilities held at March 31, 2023 and March 31, 2022.
Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. The Group’s exposure to the risk of changes in market interest rates relates primarily to
the Group’s long-term and short-term debt obligations with floating interest rates.
The Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. The
Group does not have any interest rate swaps.
Interest rate sensitivity

The following table demonstrates the sensitivity to a possible change in interest rates on that portion of borrowings
outstanding at the balance sheet date. With all other variables held constant, the Group’s profit before tax is affected
through the impact on floating rate borrowings, as follows:
Effect on profit before tax

(` in Million)
March 31, 2023 March 31, 2022
Decrease in interest rate by 50 basis points 390 267
Increase in interest rate by 50 basis points (390) (267)
II Credit risk
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract,
leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and
from its financing activities, including refundable joint development deposits, security deposits, loans to employees and
other financial instruments.
Trade and other receivables

Trade receivables of the Group comprises of receivables towards sale of properties, rental receivables and other
receivables.
Receivables towards sale of properties - The Group is not substantially exposed to credit risk as property is delivered on
payment of dues . However, the Group makes provision for expected credit loss where any property developed by the
Group is delayed due to litigation as further collection from customers is expected to be realised only on final outcome of
such litigation.
Receivables towards rental receivables - The Group is not substantially exposed to credit risk as Group collects security
deposits from lessee.

Other Receivables - Credit risk is managed as per Group’s established policy, procedures and control relating to customer
credit risk management. Outstanding customer receivables are regularly monitored. The impairment analysis is performed
at each reporting date on an individual basis for major customers. The maximum exposure to credit risk at the reporting
date is the carrying value of each class of financial assets.
Refundable joint development deposits

The Group is subject to credit risk in relation to refundable deposits given under joint development arrangements. The
management considers that the risk is low as it is in the possession of the land and the property share that is to be
delivered to the land owner under the joint development arrangements.
Financial Instrument and cash deposits

Credit risk from balances with banks and financial institutions is managed by the Group’s treasury department in accordance
with the Group’s policy. Investments of surplus funds are made only with approved counterparties and within credit limits
assigned to each counterparty. Counterparty credit limits are reviewed by the Group’s Board of Directors on an annual
basis, and may be updated throughout the year subject to approval of the Group’s Finance Committee. The limits are set
to minimise the concentration of risks and therefore mitigate financial loss through a counterparty’s potential failure to
make payments. The Group’s maximum exposure to credit risk for the components of the statement of financial position
at March 31, 2023 and 2022 is the carrying amounts.
III Liquidity risk

The Group’s objective is to maintain a balance between continuity of funding and flexibility through the use of bank
deposits and loans. The table below summarises the maturity profile of the Group’s financial liabilities based on contractual
payments:
(` in Million)
On demand Less than 12 1 to 5 years > 5 years Total
months
Borrowings 2,499 13,151 56,935 8,623 81,208
Trade payables - 14,514 - - 14,514
Other financial liabilities - 16,495 1,167 - 17,662
2,499 47,649 62,217 14,010 126,375
As at 31 March, 2022
Borrowings 2,087 3,742 52,715 6,586 65,130
Other financial liabilities 164 12,992 811 - 13,967
2,251 29,482 56,823 9,333 97,889
53 CAPITAL MANAGEMENT
For the purpose of the Group’s capital management, capital includes issued equity capital, share premium and all other equity
reserves attributable to the equity holders of the Group. The primary objective of the Group’s capital management is to maintain
strong credit rating and healthy capital ratios in order to support its business and maximise the shareholder value.
The Group, through its Board of Directors manages its capital structure and makes adjustments in light of changes in economic
conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Group may adjust the
dividend payment to shareholders, return capital to shareholders or issue new shares. The Group monitors capital using debt
equity ratio, which is net debt divided by total capital. The Group’s policy is to keep the debt equity ratio below 0.75. The Group
includes within net debt, interest bearing loans and borrowings (excluding borrowings from group companies) less cash and
cash equivalents, current investments, other bank balances and margin money held with banks. The disclosure below could be
different from the debt and equity components which have been agreed with any of the lenders.

(` in Million)
No. March 31, 2023 March 31, 2022
Borrowings - Current 30 47,108 25,101
Borrowings - Non Current 25 34,100 40,029
Less: Borrowings from related parties 30 (1,604) (1,605)
Less: Cash and cash equivalents 17 (14,564) (20,685)
Less: Current investments 15 (14) (5)
Less: Other bank balances 18 (3,582) (1,027)
Less: Balances with banks to the extent held as margin money or 12 (850) (696)
security
Net debt 60,594 41,112
Equity 102,585 95,469
Total capital 102,585 95,469
Debt equity ratio for the purpose of capital management 0.59 0.43
54 REVENUE FROM CONTRACTS WITH CUSTOMERS:

(i) Disaggregated revenue information
Set out below is the disaggregation of the Group’s revenue from contracts with customers by timing of transfer of goods
or services.
(` in Million)
March 31, 2023 March 31, 2022
Timing of transfer of goods or services
Revenue from goods or services transferred to customers at a point in time 68,056 51,244
Revenue from goods or services transferred over time 8,707 7,566
76,763 58,810
(ii) Contract balances and performance obligations

(` in Million)
March 31, 2023 March 31, 2022
Trade receivables 11,148 12,622
Contract liabilities * 107,455 78,017
* Contract liabilities represent amounts collected from customers based on contractual milestones pursuant to agreements
executed with such customers for construction and sale of residential/ commercial units. The terms of agreements executed
with customers require the customers to make payment of consideration as fixed in the agreement on achievement of
contractual milestones though such milestones may not necessarily coincide with the point in time at which the Group transfers
control of such units to the customer. The Group is liable for any structural or other defects in the residential/ commercial as per
the terms of the agreements executed with customers and the applicable laws and regulations.
Set out below is the amount of revenue recognised from:

(` in Million)
March 31, 2023 March 31, 2022
Revenue recognised in the reporting period that was included in the contract 47,386 37,669
liability balance at the beginning of the period
Revenue recognised in the reporting period from performance obligations - -
satisfied in previous periods

March 31, 2023 March 31, 2022
Aggregate amount of the transaction price allocated to the performance 193,938 136,574
obligations that are unsatisfied as at the end of the reporting period **
** The Group expects to satisfy the said performance obligations when (or as) the underlying real estate projects to which such
performance obligations relate are completed. Such real estate projects are in various stages of development as at March 31,
2023.
(iii) Reconciliation of the amount of revenue recognised in the consolidated statement of profit and loss with the contracted
price
(` in Million)
March 31, 2023 March 31, 2022
Revenue as per contracted price 68,394 51,895
Discount 338 651
Revenue from contract with customers 68,056 51,244
(iv) Assets recognised from the costs to obtain or fulfill a contract with a customer
(` in Million)
March 31, 2023 March 31, 2022
Inventories 89,221 57,846
Prepaid expenses (represents brokerage costs pertaining to sale of residential units) 2,552 843
55 LIST OF RELATED PARTIES

(a) Joint Ventures
Apex Realty Management Private Limited (Upto June 23, 2022)
Bamboo Hotel and Global Centre (Delhi) Private Limited
Prestige (BKC) Realtors Private Limited
Prestige Beta Projects Private Limited (w.e.f. 24 March 2022)
Pandora Projects Private Limited
Dashanya Tech Parkz Private Limited (w.e.f February 09, 2022)
Prestige City Estates Private Limited (Upto 25 March 2022)
Prestige Projects Private Limited (upto September 01, 2021)
Thomsun Realtors Private Limited
Vijaya Productions Private Limited (Upto 8 March 2022)
(b) Company in which the directors/ relatives of directors are interested
Dollar Constructions & Engineers Private Limited Nexus Shantiniketan Leisures Private Limited
Prestige Fashions Private Limited Nexus Mangalore Retail Private Limited
Prestige Golf Resorts Private Limited Nexusmalls Whitefield Private Limited
Belgaum Solar Power Private limited (Upto April 12, 2021) Nexus Mysore Retail Private Limited
Mamadapur Solar Private Limited (Upto April 01, 2021) Nexus Hyderabad Retail Private Limited
Overture Hospitality Private Limited INR Energy Private Limited
(c) Partnership firms in which Company is a partner
Prestige City Properties (upto February 02, 2022)*
Prestige MRG Eco Ventures (W.e.f. 29 March 2023)
* Converted into Prestige City Estates Private Limited w.e.f February 03, 2022.

(d) Limited liability Partnership in which Company is a partner

Apex Realty Ventures LLP (Upto June 23, 2022)
Lokhandwala DB Realty LLP
Turf Estate Joint Venture LLP*
Rustomjee Prestige Vocational Education and Training Centre LLP
*Turf Estate Realty Private Limited (Upto May 09, 2022) and Evergreen Industrial Estate (a partnership firm) are the
subsidiaries of Turf Estate Joint Venture LLP.
(e) Partnership Firms, Trusts in which some of the Directors / KMP and their Relatives are interested:
Prestige Property Management & Services (Chennai) Centre Point Investments Irfan Razack Family Trust
Rezwan Razack’s Museum of Indian Paper Money Castlewood Investments Rezwan Razack Family Trust
Falcon Property Management & Services Prestige Constructions Noaman Razack Family Trust
Morph Design Company Meridian Investments India Learning Foundation
INR Property Holdings Nebulla Investments Razack Sattar Family Trust
Ace Property Holdings Eureka Investments Educate India Foundation
Pinnacle Investments Silverline Estates Prestige Foundation
Daffodil Investments Prestige Cuisine Razack Family Trust
INR Energy Ventures Prestige Foods Educate India Trust
Xtasy Investments Junto Creative The Good Food Company
FRZ Investments Window Care Fifth Avenue
Colonial Estates Spring Green Prestige Living
Ace Investments Go Gourmet INR Holdings
U Ve Holdings Sublime Indelust
23 Carat
(f) Key Management Personnel

Irfan Razack, Chairman & Managing Director Rezwan Razack, Joint Managing Director
Noaman Razack, Director Uzma Irfan, Director
Venkat K Narayana, Chief Executive Officer Amit Mor, Chief Financial Officer (w.e.f June 08, 2021)
Manoj Krishna JV, Company Secretary VVBS Sarma, Chief Financial Officer (upto June 07, 2021)
(g) Relative of key management personnel

Badrunissa Irfan Aaron Qureishi Rezwan Rehan Khergamwala
Almas Rezwan Sana Rezwan Nadir Khergamwala
Sameera Noaman Danya Noaman Zariq Khergamwala
Faiz Rezwan Master Aydin Faiz Rezwan Vijayalakshmi K
Zayd Noaman Fajr Qureishi Narayanamma K
Mohamed Zaid Sadiq Alayna Zaid Nisha Kiran
Nawabzada Mohammed Omer Bin Jung Anjum Jung Akansha Mor
(h) Independent Directors :

Dr. Pangal Ranganath Nayak Noor Ahmed Jaffer
Biji George Koshy Jagdeesh K. Reddy
Neelam Chhiber
Note: All transactions with the related parties are in compliance with section 177 and 188 of Companies Act, 2013 where
applicable and the details have been disclosed in the consolidated financial statements, as required by the applicable
accounting standards except for remuneration of Chief Executive Officer, Chief Financial Officer and Company Secretary.
Details of related party transactions during the year and balances outstanding as at the year end are given in Annexure I.

56 Additional information as required by Paragraph 2 of the General Instructions for Preparation of Consolidated Financial
Statements to Schedule III to the Companies Act, 2013 are given in Annexure II.
57 The Company had entered into a registered Joint Development Agreement (JDA) with a certain land owner (the “Land
Owner Company”) to develop a residential project (“the Project”). Under the said JDA, the Company acquired development rights
over a certain parcel of land of the Land Owner Company and in exchange was required to provide the Land Owner Company
identified developed units with a certain specified built-up area (the “Land Owner Company’s share”). The Company had also
incurred Transferable Development Rights (TDR’s) of ` 881 Million which are recoverable from the Land Owner Company along
with an interest of 12% per annum, from the sale of units from the residential project belonging to the Land Owner Company.
Further the Company has pending claims receivable from the Land Owner Company without prejudice to its legal position.
As at March 31, 2023, gross receivables due from the Land Owner Company towards TDR’s aggregate to ` 923 Million. The Land
Owner Company has been ordered to be wound up by the Hon’ble High Court of Judicature during the year ended 31 March
2017. The land owner Company has challenged the court order, the legal proceedings of which is pending with the Judicature.
Considering the rights of the Company under the JDA, the status of development achieved so far in the Project; the plans for
completion of the Project; the Escrow arrangement with the Company, Land Owner Company and the Lender of the Land Owner
Company (to whom the Land Owner Company’s share of developed units have been mortgaged), which provides for manner of
recovery of TDR dues; the fact that the handing over formalities of the underlying units are yet to be completed, the Company
expects to recover the above gross dues towards TDR’s and has accordingly classified them as good and recoverable in the
financial statements.
58 As at 31 March 2022, the Company was carrying inventory (including development costs) in relation to an ongoing project
amounting to ` 2,145 Million. The portion of land on which the project was executed was subject to litigation for which the
Company had received favourable order from the court of law. However, there were certain writ appeals, filed against the
favourable order received by the Company. The outcome of the project and sale of inventory was dependent on the outcome
of the writ appeals.
During the year ended March 31, 2023, the writ appeal has been dismissed in favour of the Company.
59 Consequent to the approvals received from a committee of the Board of Directors on November 09, 2020, the Company
had entered into term sheet for sale of certain of the Company’s direct/ indirect interest in certain commercial offices, retail
and hotel properties, mall management and identified maintenance business (‘Proposed Transaction’). Subsequently the
shareholders in their meeting on December 11, 2020, had approved the proposed transaction.
a During the year ended 31 March 2021, the Group had entered into definitive agreements and transferred certain investments
and completed commercial projects on slump sale basis. Of the total agreed consideration, ` 5,507 Million was deferred on
occurrence or non-occurrence of certain contingent events and was not recognised as at 31 March 2021.
During the year ended 31 March 2022, of the above deferred consideration, the Group had received ` 1,063 Million and
recognised as an exceptional item.
During the year ended March 31, 2023, the Group has received the above deferred consideration of ` 3,603 Million (net) and
has recognised ` 3,079 Million as an exceptional item (net of expenses).
Subsequent to above, the Group continues to hold certain percentage of equity shares and debentures as Other investments.
Other income includes fair value gain of `2,652 Million recognised on such Other investment held by the Group as of March
31, 2023. Subsequent to the year-end, these investments were converted into units of Listed Real Estates Investment Trust
(REIT) of Nexus Select Trust.
b During the year ended March 31, 2022, the Company has divested its holdings in Prestige City Estates Private Limited
(‘PCEPL’) to a third-party investor. Post such divestment in Prestige City Estates Private Limited, based on legal advice
obtained, the Company does not have any continuing or future obligations for repayment of its share of gain not recorded
earlier as required under Ind AS. Accordingly, the amount received and realised amounting to `4,371 Million has been
considered as an exceptional item.
c During the year ended 31 March 2022, the Group has divested 50% of stake in Prestige Beta Projects Private Limited and
Dashanya Tech Parkz Private Limited and consequently the Group has considered them as jointly controlled entities.
Further, during the year ended 31 March 2022, the Group had divested 85% of its stake in Vijaya Production Private Limited.
As a result of above dilution the Group had recognised exceptional gain of ` 2,635 Million.

d During the year ended 31 March 2022, the Group had on a slump sale basis transferred a particular business undertaking
to Prestige Beta Projects Private Limited for a total consideration of ` 383 Million.
Details of assets / liabilities transferred on slump sale
Particulars ` In Million
Capital work-in-progress A 4,115
Borrowings B 4,190
Capital advances net of capital creditors C 458
Total (A-B-C) 383
60 SUBSEQUENT EVENTS
Subsequent to the year ended March 31, 2023:
a) the Group has acquired 51% stake in Dashanya Tech Parkz Private Limited. Pursuant to this acquisition, the Group hold
50% stake in Dashanya Tech Parkz Private Limited on fully diluted basis.
b) the Group has invested in Prestige Vaishnaoi Realty Ventures (formerly known as Sarveshvari Constructions) by way of
capital contribution and has been admitted as partner in the Firm with 50% ownership and economic rights.
c) Prestige Falcon Realty Ventures Private Limited, the wholly owned subsidiary of the Company has retired from Lokhandwala
DB Realty LLP. Prestige Acres Private Limited, a subsidiary of the Company has entered into the LLP as a partner with 50%
ownership and economic rights.
d) the Group acquired 48.07% stake in Techzone Technologies Private Limited.
e) the Group has entered into an agreement to acquire, balance stake in Prestige (BKC) Realtors Private Limited and Turf
Estate Joint Venture LLP, pursuant to this acquisition the Group will hold 100% interest in these entities, resulting in gain of
control.
61 REFER ANNEXURE III FOR OTHER STATUTORY INFORMATION.
Signatures to Notes to Consolidated Financial statements 1 - 61



Date: May 30, 2023 Date: May 30, 2023

ANNEXURE-I TO NOTE 55 - DETAILS OF RELATED PARTY TRANSACTIONS AND BALANCES

(` in Million)
March 31, 2023 March 31, 2022
Transactions during the year
Dividend Paid
Irfan Razack 14 14
Rezwan Razack 14 14
Noaman Razack 14 14
Almas Rezwan 4 4
Sameera Noaman 4 4
Uzma Irfan 1 1
Faiz Rezwan 1 1
Zayd Noaman 1 1
Sub Total 57 57
Trusts in which the directors are interested
Sub Total 338 338
Total 395 395
Lease Deposits Given
Company is a partner)& trusts in which the directors are interested
INR Holdings 130 -
U ve Holdings 4 -
Ace Property Holdings 11 -
Sub Total 145 -
Faiz Rezwan 1 -
Sub-Total 1 -
Total 147 -
Repayment of Lease Deposits taken
Prestige Fashions Private Limited - 0
Total - 0
Advances given
Ace Investments - 1
Total - 1
Inter-Corporate Deposits given
KVN Enterprises LLP - 1,750
Pinnacle Investments 2,000 -

(` in Million)
March 31, 2023 March 31, 2022
Prestige (BKC) Realtors Private Limited 373 2,314
Pandora Projects Private Limited 235 -
Bamboo Hotel and Global Centre (Delhi) Private Limited 2,235 1,262
Total 5,646 8,003
Inter-Corporate Deposits given recovered
KVN Enterprises LLP 450 53
Thomsun Realtors Private Limited 2,318 -
Turf Estate Joint venture LLP 200 57
Total 3,150 110
Inter-Corporate Deposits taken
Prestige Living - 27
Sub Total - 27
Repayment of Inter-Corporate Deposits taken
Prestige Living 1 26
Total 1 26
Pinnacle Investments 250 -
INR Property Holdings 49 -
Total 299 -
Repayment of Refundable deposits given
Total 322 179
Debenture application money received
Total 795 -
Issue of Debentures
Pinnacle Investments 795 6,607
Total 795 6,607

(` in Million)
March 31, 2023 March 31, 2022
Redemption of Debentures
Pinnacle Investments 795 2,332
Total 795 2,332
Investments made
Total - 1
Sale/redemption/assignment of investments
Educate India Foundation* - 38
Educate India Trust* - 15
Silverline Estates* - 0
Total - 53
* Transferred to Razack Family Trust
Sale of land/Units/Fitouts/Goods/TDR/slump sale
INR Holdings 2,090 418
Educate India Foundation* - 63
Sublime - 2
Thomsun Realtors Private Limited 2 -
U ve Holdings 18
Sub Total 2,114 866
Fajr Qureishi* 42 264
Narayanamma K 13 31
Uzma Irfan 19 10
Rezwan Razack 225 25
Nadir Khergamwala Danya Noaman 8 -
Zariq Khergamwala Danya Noaman 8 -
Akansha Mor 24 4
Mohamed Zaid Sadiq - 10
Vijayalakshmi K - 74
Venkat K Narayana - 1
Sub Total 351 419
Dr. Pangal Ranganath Nayak 0 -
Sub Total 0 -
Total 2,465 1,285
*Advance received towards billing on sale of units

(` in Million)
March 31, 2023 March 31, 2022
Rental Income
INR Holdings 26 19
Spring Green 0 0
Sublime 8 8
Sub Total 36 30
Zayd Noaman 0 0
Sana Rezwan 0 0
Uzma Irfan 1 1
Faiz Rezwan 0 0
Danya Noaman 0 0
Sameera Noaman 1 1
Alayna Zaid 0 -
Almas Rezwan 2 1
Sub Total 9 6
Total 45 36
Interest Income
Prestige (BKC) Realtors Private Limited 12 104
Turf Estate Joint venture LLP - 8
Total 340 235
Rendering of services
Belgaum Solar Power Private Limited - 0
FRZ Investments 1 1
India Learning Foundation 7 6
INR Holdings 56 1

(` in Million)
March 31, 2023 March 31, 2022
Rustomjee Prestige Vocational Education & Training Centre LLP 1 2
Mamdapur Solar Private Limited - 3
Nebulla Investments 1 1
Prestige Living 25 11
Prestige Foundation 0 0
Silverline Estates 2 2
INR Energy Private Limited - 5
Spring Green 3 4
Sublime 1 0
Daffodil Investments 1 1
Eureka Investments 0 -
Window Care 0 0
Dashanya Tech Parkz Private Limited 1,761 -
Overture Hospitality Private Limited 1 -
Xtasy Investments - 0
Sub Total 2,787 556
Irfan Razack 13 25
Rezwan Razack 22 14
Noaman Razack 3 5
Faiz Rezwan 5 13
Anjum Jung 1 3
Sameera Noaman 0 0
Danya Noaman 1 0
Zayd Noaman 4 19
Mohamed Zaid Sadiq 0 0
Omer Bin Jung 0 1
Uzma Irfan 0 0
Sub Total 51 80
Total 2,838 636

(` in Million)
March 31, 2023 March 31, 2022
Share of Profit from Firms and LLPs
Total 73 9
Share of Loss from Firms and LLPs
Lokhandwala DB Realty LLP 0 -
Total 5 96
Purchase of Goods & Services
Belgaum Solar Power Private Limited - 122
INR Energy Private Limited - 128
Mamdapur Solar Private Limited - 85
Prestige Living 4 -
Prestige Golf Resorts Private Limited 0 -
Spring Green 273 75
Sublime 407 390
Window Care 16 25
Sub Total 1,111 1,155
Uzma Irfan - 17
Faiz Rezwan 2 -
Rezwan Razack 0 -
Sub Total 2 17
Total 1,113 1,172
Interest Expenses
Pinnacle Investments 720 371
Total 720 427

(` in Million)
March 31, 2023 March 31, 2022
Remuneration Paid
Irfan Razack 86 74
Rezwan Razack 86 74
Noaman Razack 12 5
Faiz Rezwan 12 6
Uzma Irfan 12 6
Anjum Jung 2 2
Omer Bin Jung 20 20
Zayd Noaman 12 6
Total 255 199
Director's sitting fees
Dr. Pangal Ranganath Nayak 0 1
Biji George Koshy 1 1
Neelam Chhiber 0 0
Noor Ahmed Jaffer 1 0
Jagdeesh K. Reddy 1 1
Total 2 2
Rental expenses
INR Holdings 36 28
Ace Property Holdings 8 6
Prestige Fashions Private Limited 0 -
Sublime 0 -
U VE Holdings 1 8
Overture Hospitality Private Limited 1 2
Sub Total 46 44
Almas Rezwan 3 3
Alayna Zaid 2 2
Faiz Rezwan - 0
Irfan Razack 12 11
Noaman Razack 2 2
Rezwan Razack 12 11
VVBS Sarma - 2
Sameera Noaman 3 3
Sana Rezwan 0 2
Uzma Irfan 1 2
Zayd Noaman 0 0

(` in Million)
March 31, 2023 March 31, 2022
Danya Noaman 0 0
Nisha Kiran 1 1
Sub Total 55 57
Total 101 101
Donation Paid
Prestige Foundation 1 73
Total 1 73
Hypothecation of inventory and receivables for securing a loan to
Total 750 -
Total 281 6,804
Release of Guarantees & Collaterals provided
Prestige City Properties - 9,631
Thomsun Realtors Private Limited - 2,099
Vijaya Productions Private Limited - 2,005
Pandora Projects Private Limited 5,250 -
Prestige Beta Projects Private Limited 1,000 -
Total 6,250 13,735
Directors 1,134 -
Total 1,134 -
Release of Guarantees & Collaterals received
Total 5,013 3,120

ANNEXURE-I TO NOTE 55 - DETAILS OF RELATED PARTY TRANSACTIONS AND BALANCES

(` in Million)
March 31, 2023 March 31, 2022
Amounts outstanding as at Balance Sheet Date
Inter corporate deposit taken
Pinnacle Investments 1,500 1,500
Prestige Living - 1
Sub Total 1,514 1,515
Irfan Razack 45 45
Noaman Razack 45 45
Sub Total 90 90
Total 1,604 1,605
Interest accrued but not due on Inter corporate deposits / debentures taken
Pinnacle Investments 982 334
Total 982 334
Payables
INR Holdings 0 3
Prestige Living - 1
Bamboo Hotel and Global Centre (Delhi) Private Limited - 8
Spring Green 35 0
Turf Estate Joint Venture LLP 6 -
Pandora Projects Private Limited - 313
Sublime 35 33
Thomsun Realtors Private Limited 1 -
Window Care 3 7
Sub Total 217 439
Irfan Razack 7 2
Noaman Razack 5 2
Rezwan Razack 7 2

(` in Million)
March 31, 2023 March 31, 2022
Almas Rezwan 0 2
Faiz Rezwan 0 0
Sameera Noaman 0 2
Omer Bin Jung 0 0
Sana Rezwan 0 0
Uzma Irfan 0 16
Zayd Noaman 0 0
Danya Noaman 0 0
Nisha Kiran 0 0
Mohamed Zaid Sadiq 0 -
Alayna Zaid 0 0
Sub Total 21 31
Total 238 470
Remuneration Payable
Irfan Razack 52 52
Rezwan Razack 52 52
Anjum Jung 0 0
Noaman Razack 1 1
Uzma Irfan 1 1
Faiz Rezwan 1 1
Omer Bin Jung 0 0
Zayd Noaman 1 1
Total 109 109
Lease Deposits Received
Total 1 1
Amounts Due From
Inter Corporate Deposit receivable
Bamboo Hotel and Global Centre (Delhi) Private Limited 4,855 2,620
Pandora Projects Private Limited 235 -
KVN Enterprises LLP 1,247 1,697
Pinnacle Investments 2,000 -
Prestige (BKC) Realtors Private Limited 4,334 3,961
Total 14,129 11,633

(` in Million)
March 31, 2023 March 31, 2022
Interest accrued but not due on ICD given / refundable deposit /debentures /
loans and advances given
Prestige (BKC) Realtors Private Limited 238 226
Total 581 408
Lease Deposits given
INR Holdings 148 18
U ve Holdings 4 -
Sub Total 164 18
Irfan Razack 5 5
Rezwan Razack 5 5
Faiz Rezwan 2 0
Almas Rezwan 2 2
Sana Rezwan 2 2
Alayna Zaid 1 1
Nisha Kiran 1 1
Uzma Irfan 2 2
Danya Noaman 0 0
Sameera Noaman 2 2
Zayd Noaman 0 0
Sub Total 32 31
Total 196 49
Trade Receivables
Castlewood Investments - 4
Falcon Property Management & Services - 0
India Learning Foundation 1 -
INR Energy Ventures 0 0
INR Holdings 7 26

(` in Million)
March 31, 2023 March 31, 2022
Daffodil Investments 0 -
Ace Property Holdings - 0
FRZ Investments - 0
Eureka Investments 0 -
Prestige Constructions - 3
Prestige Living 1 0
Silverline Estates 2 2
Spring Green 1 1
Nebulla Investments 0 0
Sublime - 1
Window Care - 0
Rustomjee Prestige Vocational Education & Training Centre LLP 2 1
The Good Food Co. 0 0
Dashanya Tech Parkz Private Limited 1,755 -
U ve Holdings 6 -
Xtasy Investments - 0
Sub Total 1,909 566
Anjum Jung 0 3
Danya Noaman 0 0
Faiz Rezwan 11 6
Fajr Qureishi 47 5
Irfan Razack 16 19
Rezwan Razack 8 22
Noaman Razack 1 1
Uzma Irfan 1 3
Sameera Noaman - 0
Sana Rezwan - 0
Badrunissa Irfan - 0
Omer Bin Jung 0 0
Vijayalakshmi K 0 39
Narayanamma K 11 13
Almas Rezwan - 0

(` in Million)
March 31, 2023 March 31, 2022
Nisha Kiran - 2
Akansha Mor 12 3
Zayd Noaman 15 13
Sub Total 149 131
Total 2,058 697
INR Holdings 100 100
Total 399 422
Non convertible debentures
Pinnacle Investments 4,275 4,275
Total 4,275 4,275
Loans & Advances recoverable
FRZ Investments - 2
Ace Investments - 1
Prestige Golf Resorts Private Limited - 20
Prestige (BKC) Realtors Private Limited 1 -
Silverline Estates - 0
Prestige Living 1 7
Lokhandwala DB Realty LLP 1,713 50
Spring Green - 137
Sublime 2 24
Sub Total 1,729 274
Anjum Jung - 0
Zayd Noaman - 1
Sub Total - 1
Total 1,729 275

(` in Million)
March 31, 2023 March 31, 2022
Current account in partnership firms
Turf Estate Joint Venture LLP 11,898 4,479
Lokhandwala DB Realty LLP - 242
Total 12,005 4,721
Advance from partnership firms
Lokhandwala DB Realty LLP 521 -
Rustomjee Prestige Vocational Education & Training Centre LLP 0 -
Total 522 164
Dashanya Tech Parkz Private Limited 2,669 2,390
Sub Total 3,274 9,554
Sub Total 537 -
Total 3,811 9,554
Directors 11,623 15,502
Total 11,623 15,502
(A) Related party relationships are as identified by the Group on the basis of information available with them and relied upon
by the auditors.
(B) The above amounts exclude reimbursement of expenses.
(C) No amount is / has been written off or written back during the year in respect of debts due from or to related parties.
(D) The closing balances given above under the head Guarantees and Collaterals represent the closing balances of the facilities
availed by the recipient of the Guarantee at the year end. The undrawn amounts of the facilities in respect of which the
Group or other entities as the case may be are contingently liable are as follows:
Undrawn amount in respect of facilities guaranteed by the Company mentioned above - ` Nil (31 March 2022 - `750 Million).

ANNEXURE II TO NOTE 56 - ADDITIONAL INFORMATION AS REQUIRED BY PARAGRAPH 2 OF THE GENERAL INSTRUCTIONS

FOR PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS TO SCHEDULE III TO THE COMPANIES ACT, 2013.
Name of the entity Net assets, i.e., total Share of profit or loss Share in other Share in total
assets minus total comprehensive income comprehensive income
liabilities
As % of Amount As % of Amount As % of Amount As % of Amount
consolidated consolidated consolidated consolidated
net assets profit or loss other total
comprehensive comprehensive
income income
Prestige Estates Projects 40.85% 66,493 27.24% 3,409 89.50% (8) 27.22% 3,401
Limited
Subsidiaries - Companies
Avyakth Cold Storages (0.05%) (82) 0.00% (0) 0.00% - 0.00% (0)
Private Limited
Dollars Hotel & Resorts 0.01% 11 0.00% (0) 0.00% - 0.00% (0)
Private Limited
ICBI (India) Private Limited 0.36% 594 0.42% 53 0.00% - 0.42% 53
K2K Infrastructure (India) 0.23% 376 0.74% 92 3.24% (0) 0.73% 92
Private Limited
Northland Holding Company 0.68% 1,108 (1.81%) (227) (1.34%) 0 (1.81%) (226)
Private Limited
Prestige Bidadi Holdings 0.43% 696 0.00% (0) 0.00% - 0.00% (0)
Private Limited
Prestige Builders and 1.28% 2,083 0.00% (0) 0.00% - 0.00% (0)
Developers Private Limited
Prestige Construction 0.74% 1,198 0.93% 117 0.00% - 0.93% 117
Ventures Private Limited
Prestige Exora Business 10.71% 17,432 10.16% 1,270 0.00% - 10.16% 1,270
Parks Limited
Prestige Falcon Realty 0.38% 624 0.63% 78 0.00% - 0.63% 78
Prestige Garden Estates 0.23% 382 (0.17%) (21) 0.00% - (0.17%) (21)
Private Limited
Prestige Garden Resorts 0.25% 410 1.10% 138 0.00% - 1.10% 138
Private Limited
Prestige Hospitality Ventures 3.31% 5,384 5.74% 718 (1.12%) 0 5.75% 718
Limited
Prestige Leisure Resorts 0.30% 490 1.41% 176 (0.22%) 0 1.41% 176
Private Limited
Prestige Mall Management (0.02%) (32) (0.35%) (44) (7.05%) 1 (0.35%) (44)
Private Limited
Prestige Retail Ventures 5.80% 9,436 28.51% 3,565 0.00% - 28.53% 3,565
Limited
Prestige Sterling Infra 1.87% 3,046 0.06% 8 0.00% - 0.06% 8
Projects Private Limited
Sai Chakra Hotels Private 0.49% 796 7.18% 898 (12.98%) 1 7.20% 899
Limited
Village-De-Nandi Private 9.42% 15,341 (1.79%) (223) 0.00% - (1.79%) (223)
Limited
Shipco Infrastructure Private 0.12% 188 0.00% 0 0.00% - 0.00% 0
Limited
Kochi Cyber Greens Private 0.00% (0) 0.00% (0) 0.00% - 0.00% (0)
Limited

liabilities
income income
Prestige Mulund Realty (0.27%) (431) (2.21%) (276) 0.00% - (2.21%) (276)
Private Limited
Prestige Acres Private (0.05%) (84) (0.56%) (70) 0.00% - (0.56%) (70)
Limited
Prestige Warehousing & Cold 0.00% 2 0.01% 1 0.00% - 0.01% 1
Storage Services Private
Limited
Apex Realty Management 0.00% (1) 0.59% 73 0.00% - 0.59% 73
Private Limited
Prestige Falcon Malls Private (0.08%) (122) (0.98%) (122) 0.00% - (0.98%) (122)
Limited
Prestige Falcon Mumbai 0.00% 0 0.00% (0) 0.00% - 0.00% (0)
Realty Private Limited
Prestige Projects Private 0.16% 260 (0.38%) (48) 18.46% (2) (0.40%) (50)
Limited
Subsidiaries - Limited
Liability Partnership
Villaland Developers LLP 0.16% 261 0.82% 103 0.00% - 0.82% 103
West Palm Developments 0.14% 228 1.67% 208 0.00% - 1.67% 208
LLP
Prestige Valley View Estates 0.11% 184 0.12% 14 0.00% - 0.12% 14
LLP
Prestige Whitefield (0.31%) (502) (0.82%) (103) 0.00% - (0.82%) (103)
Investment and Developers
LLP
Prestige OMR Ventures LLP 0.66% 1,077 0.00% (0) 0.00% - 0.00% (0)
Apex Realty Ventures LLP (0.59%) (956) (0.33%) (42) 0.00% - (0.33%) (42)
Prestige Devenahalli 0.00% 4 0.00% (0) 0.00% - 0.00% (0)
Developers LLP
Subsidiaries - Partnership
firms
Ace Realty Ventures 0.30% 490 (0.02%) (3) 0.00% - (0.02%) (3)
Albert Properties 0.02% 37 0.01% 1 0.00% - 0.01% 1
Eden Investments & Estates 0.53% 858 0.00% (0) 0.00% - 0.00% (0)
Morph 0.11% 178 0.05% 6 (1.01%) 0 0.05% 6
Prestige AAA Investments 0.16% 264 0.70% 87 0.00% - 0.70% 87
Prestige Altavista Holdings 0.19% 309 (0.39%) (48) 0.00% - (0.39%) (48)
Prestige Habitat Ventures (0.08%) (137) 0.49% 62 0.00% - 0.50% 62
Prestige Hi-Tech Projects 0.00% 0 0.00% 0 0.00% - 0.00% 0
Prestige Kammanahalli 0.21% 337 2.97% 371 0.00% - 2.97% 371
Investments
Prestige Nottinghill 0.39% 630 (2.89%) (362) 0.00% - (2.90%) (362)
Investments
Prestige Office Ventures 4.84% 7,877 0.02% 2 0.00% - 0.02% 2
Prestige Ozone Properties 0.00% 1 0.31% 39 0.00% - 0.31% 39

liabilities
income income
Prestige Pallavaram Ventures 1.09% 1,771 0.00% (0) 0.00% - 0.00% (0)
Prestige Property 0.24% 395 2.56% 320 17.67% (2) 2.54% 318
Management & Services
Prestige Southcity Holdings (0.17%) (274) 16.70% 2,088 0.00% - 16.71% 2,088
Prestige Sunrise 0.00% 2 0.00% (0) 0.00% - 0.00% (0)
Investments
Prestige Whitefield 0.13% 213 0.00% (0) 0.00% - 0.00% (0)
Developers
PSN Property Management 0.05% 75 1.35% 169 (5.15%) 0 1.36% 170
and Services
Silver Oak Projects 0.00% 5 (0.06%) (7) 0.00% - (0.06%) (7)
The QS Company 1.05% 1,704 0.00% 0 0.00% - 0.00% 0
Prestige Century Landmark 1.88% 3,066 (0.01%) (1) 0.00% - (0.01%) (1)
Prestige Century Megacity 0.34% 552 0.00% (0) 0.00% - 0.00% (0)
Southeast Realty Ventures 0.00% (0) 0.00% (0) 0.00% - 0.00% (0)
Prestige Falcon Business 0.92% 1,490 0.00% (0) 0.00% - 0.00% (0)
Parks
Joint Ventures - Companies
Thomsun Realtors Private 0.61% 993 0.01% 1 0.00% - 0.01% 1
Limited
Bamboo Hotel and Global 0.25% 405 (0.02%) (2) 0.00% - (0.02%) (2)
Centre (Delhi) Private
Limited
Prestige (BKC) Realtors 0.80% 1,301 (0.06%) (8) 0.00% - (0.06%) (8)
Private Limited
Prestige Beta Projects 0.88% 1,429 (0.01%) (1) 0.00% - (0.01%) (1)
Private Limited
Dashanya Tech Parkz Private 0.37% 598 (0.18%) (22) 0.00% - (0.18%) (22)
Limited
Pandora Projects Private 0.00% 0 0.00% 0 0.00% - 0.00% 0
Limited
Joint Ventures - Limited
Liability Partnership
Lokhandwala DB Realty LLP 0.00% 0 0.00% (0) 0.00% - 0.00% (0)
Turf Estate Joint Venture LLP 7.31% 11,898 0.58% 73 0.00% - 0.58% 73
Joint Ventures -
Partnership firms
Prestige MRG ECO Ventures 0.00% 0 0.00% (0) 0.00% - 0.00% (0)
Prestige Realty Ventures 0.26% 417 (0.04%) (5) 0.00% - (0.04%) (5)
Total 100.00% 162,779 100.00% 12,504 100.00% (9) 100.00% 12,495
Adjustments arising out of (63,026) (4,336) - (4,336)
consolidation
Non controlling interest 2,832 1,250 - 1,250
Total 102,585 9,418 (9) 9,409

ANNEXURE III TO NOTE 61 - OTHER STATUTORY INFORMATION

(i) The Group does not have any Benami property, where any proceeding has been initiated or pending against the Group for
holding any Benami property.
(ii) The following table summarises the transactions with the companies struck off
Sl. Name of the Struck off Company Nature of Amount of Balance Relationship with
No transaction transaction Outstanding the Company
1 Palich Lighting (OPC) Private Limited Purchase of 0 - External Vendor

Goods and Service
1 Consolidated Properties Limited Sale of Units 10 1 External Customer

(iii) The Group has not traded or invested in Crypto currency or Virtual Currency during the financial year.
(iv) Disclosure requirements where Group has advanced or loaned or invested funds
(a) During the year, the Group has given Inter Corporate Deposits (‘ICD’) and contributed to Current accounts in partnership
firms (i.e. associates and jointly controlled entities), which have been further utilised by these associates and jointly
controlled entities for their business purposes and hence not covered under (b) to (d) below
(b) Details of fund advanced or loaned or invested in Intermediary by the Group during:
Year ended March 31, 2023
(Advanced/ Company
Loaned/ Invested)
Private Limited
2 Village-De-Nandi Private Limited Loaned 26-08-2022 1,170 AAACV5590M Subsidiary
3 Prestige Hospitality Ventures Loaned Various dates 1,010 AAJCP6547P Subsidiary

Limited

(Advanced/ Company
Loaned/ Invested)
Private Limited
2 Prestige Office Ventures Invested Various dates 301 AATFP9061F Subsidiary
3 Prestige Hospitality Ventures Loaned Various dates 736 AAJCP6547P Subsidiary

Limited
4 Prestige Exora Business Parks Loaned Various dates 620 AABCE1976H Subsidiary
Limited

(c) Details of fund further advanced or loaned or invested by Intermediaries listed in (a) above to other Intermediaries or
Ultimate Beneficiaries during:
Loaned/
Invested)
1 Prestige Falcon Realty Prestige (BKC) Loaned Various 373 AAECM5938L Jointly Venture
Ventures Private Realtors Private dates Company
Limited Limited
2 Prestige Falcon Realty Pandora Projects Loaned 28-06-2022 235 AAHCP6765D Jointly Venture
Ventures Private Private Limited Company
Limited
3 Prestige Falcon Realty Turf Estate Joint Invested Various 4,618 AAPFT4529C Jointly Venture
Limited
4 Turf Estate Joint Pandora Projects Repayment Various 4,618 AAHCP6765D Jointly Venture
Venture LLP Private Limited of Deposits dates Company
5 Prestige Hospitality Bamboo Hotel and Loaned Various 1,010 AACCH1126R Joint Venture
Private Limited
6 Village-De-Nandi Chiron Lifescience Loaned 31-08-2022 1,170 AAGCC8476R Others
Private Limited Private Limited

Loaned/
Invested)
1 Prestige Falcon Realty DB Realty Limited Loaned Various 109 AACCD5174F Not applicable
Ventures Private dates
Limited
2 Prestige Falcon Realty DB (BKC) Realtors Loaned Various 2,314 AAECM5938L Joint Venture
Ventures Private Private Limited dates Company
Limited
3 Prestige Falcon Realty Lokhandwala DB Invested Various 370 AAFFL4579A Joint Venture
Ventures Private Realty LLP dates Company
Limited
4 Prestige Falcon Realty Turf Estate Joint Invested Various 0 AAPFT4529C Joint Venture
Limited
5 Prestige Office Shipco Infrastructure Invested 24-05-2021 227 AALCS2045R Subsidiary
6 Prestige Office Shipco Infrastructure Invested 18-10-2021 74 AALCS2045R Subsidiary
7 Prestige Office Prestige Falcon Invested 30-09-2021 0 ABAFP4058Q Subsidiary
Ventures Business Park
8 Prestige Hospitality Bamboo Hotel and Loaned Various 736 AACCH1126R Joint Venture
Private Limited
9 Prestige Exora Dashanya Tech Parkz Invested 09-02-2022 620 AAECD2109G Joint Venture
Business Parks Private Limited Company
Limited

(d) The Group has not provided any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(e) The management of the Group declares that, the relevant provisions of the Foreign Exchange Management Act, 1999
(42 of 1999) and the Companies Act has been complied with for above transactions in (a), (b) and (c) above and such
transactions are not violative of the Prevention of Money-Laundering Act, 2002 (15 of 2003).
(vi) The Group has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Group shall
i. directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the Funding Party (Ultimate Beneficiaries) or
ii. provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
(vii) The Group does not have any such transaction which is not recorded in the books of accounts that has been surrendered
or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 such as, search or survey
or any other relevant provisions of the Income Tax Act, 1961.
(viii) The Group has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with the
Companies (Restriction on number of Layers) Rules, 2017.

NOTES
Prestige Kingfisher Towers, Vittal Mallya Road, Bengaluru (Shot at Location)
SAFE HARBOUR
This Annual Report contains forward-looking statements’ that are based on our current expectations, assumptions, estimates and projections about the
Company, Our industry, economic conditions in the markets in which we operate, and certain other matters. Generally, these forward- looking statements
can be identified by the use of forward-looking terminology such as ‘anticipate”, “believe”, “estimate”, “expect”, “intend’, ‘will’, ‘project’, ‘seek’, ‘should’ and
similar expressions. Those statements include, among other things, the discussions of our business strategy and expectations concerning our market
position, future operations, margins, profitability, liquidity and capital resources. The statements are subject to known and unknown risks, uncertainties
and other factors, which may cause actual results or outcomes to differ materially from those implied by the forward-looking statements. In light of this,
you should not conclude that results or outcomes referred to in any of the forward-looking statements will be achieved. All forward-looking statements
included in this Annual Report are based on information available to us on the date hereof, current market position and we do not undertake to update
these forward-looking statements unless required to do so by law.
PRESTIGE ESTATES PROJECTS LIMITED Chennai
CIN: L07010KA1997PLC022322 Prestige Polygon, 471, Anna Salai Nandanam,
Chennai - 600035
REGISTERED OFFICE Tel: +91 - 44 - 42924000
Prestige Falcon Tower, No.19, Brunton Road,
Kochi
Bengaluru - 560025
Tel: +91 - 80 - 25591080 Prestige TMS Square, #801, 8th Floor, NH – 66 Bypass,
Fax: +91 - 80 - 25591945 Padivattom, Edapally,
E-mail: [email protected] Kochi - 682024
Tel: +91 - 484 - 4025555, 4030000
BRANCH OFFICES Mangaluru
Mumbai Prestige Valley Crest
Units 1005/1002, 10th Floor, Godrej BIC Opposite Bejai Museum Bus Stop, Bejai,
Plot C-68, G Block, Bandra East Mangaluru - 575004
Mumbai - 400051 Tel: +91 - 824 - 4298498
Tel: +91 - 22 - 69929000 Goa
Delhi NCR Unit G8, Geras Imperium II, Patto Plaza,
3rd Suite, Ground Floor, Atelier Office Suit, Panjim - 403001
World Mark - 2, Aerocity, Mahipalpur, Tel: +91 - 83 - 22970333
New Delhi - 110037 Dubai
Tel: +91 - 9820881855
UAE Marketing Office
Hyderabad Office No.509, Level 5, Standard Chartered Tower
Level 1, Merchant Towers, Banjara Hills, Road No. 4, Emaar Square, Down Town Burj Khalifa
Hyderabad - 500034 Dubai, UAE
Tel: +91 - 040 - 23351440/41 Tel: +971 - 0502123138/0581762255
Bellanza@ The Prestige City Mulund, Mumbai


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ANNUAL REPORT

TRANSFORMING LANDS INTO

JW Marriott Bengaluru Prestige Golfshire Resort

20 Our Business 46 Hospitality 75 Board of Directors 128 Corporate Governance Report

90 Awards and Accolades Sustainability Report

Prestige Strong Growing Expansion Model

Prestige Augusta Golf Village, Horamavu, Bengaluru (Shot at Location)

Highlights of FY 23 FINANCIAL HIGHLIGHTS

Reporting All-round `87,720 Mn `25,433 Mn 28.99%

33% Y-o-Y 46% Y-o-Y

`10,668 Mn 12.16% `102,585 Mn

`129,309 Mn `98,055 Mn `8,812 psf

25% Y-o-Y 31% Y-o-Y 17% Y-o-Y

`27,132 Mn 15.09 Mn sft 9,644

Y-o-Y growth in FY 23 over FY 22

Launches: 26.38 Mn sft 57% Y-o-Y

Residential: 16.46 Mn sft Capex*: 9.92 Mn sft

Completions: 15.68 Mn sft 10% Y-o-Y

Residential: 10.62 Mn sft Capex*: 5.06 Mn sft

Prestige Ocean Towers, Marine Lines, Mumbai

An Artist’s Impression *Commercial, Retail and Hospitality

6 Prestige Estates Projects Limited Annual Report 2022-23 7

Residential Commercial Retail Hospitality

140 Projects 120 Projects 12 Projects 9 Projects TOTAL

114 Mn sft 40 Mn sft 9 Mn sft 4 Mn sft ~167 Mn sft

37 Projects 12 Projects 2 Projects 6 Projects TOTAL

48 Mn sft 23 Mn sft 2 Mn sft 4 Mn sft ~77 Mn sft

27 Projects 9 Projects 5 Projects 3 Projects

76 Mn sft 14 Mn sft 5 Mn sft 1 Mn sft ~96 Mn sft

Prestige Woodland Park, Banaswadi Main Road, Bengaluru (Shot at Location)

8 Prestige Estates Projects Limited Annual Report 2022-23 9

Strong Foundation and

Our Vision Our Mission

Our Core Values 37

Honesty and Fairness

Conrad Bengaluru, Ulsoor (Shot at Location)

12 Prestige Estates Projects Limited Annual Report 2022-23 13

BUILDING ON OUR STRENGTHS

Legacy of Trust Execution Capabilities

Fiscal Discipline Partnerships

Diversified Portfolio Reliability

The Prestige, Mahalaxmi, Mumbai

14 Prestige Estates Projects Limited Annual Report 2022-23 15

Stronger Foundations, Taller

I hope this message finds you in good health and

Despite international market volatility, While pursuing growth, we remain

18 Prestige Estates Projects Limited Annual Report 2022-23 19

Committed to Growth, Driven to

TOTAL PROJECT PORTFOLIO

Particulars Completed Under Construction Under Planning

Number of projects 281 57 44

Area (Mn sft) 166 Mn sft 77 Mn sft 97 Mn sft

Mulberry Shades Bengaluru - Tribute Portfolio, Nandi Hills (Shot at Location)

Forum South Bangalore, Kanakapura Road (Shot at Location)

20 Prestige Estates Projects Limited Annual Report 2022-23 21

Our residential projects encompass a diverse range of options, including

114 Mn sft Hospitality

We specialise in developing modern and smart office spaces in prime

120 Property Management

We established our property management portfolio to deliver world-class support and