Lodha_Integrated+Annual+Report+FY21

MACROTECH
DEVELOPERS LIMITED
ANNUAL REPORT 2020-21
1
MACROTECH DEVELOPERS LIMITED
CONTENTS
Sr. No. Particulars Pg No.
1 About the Company 3
2 Company Information 5
3 Managing Director & CEO’s letter to shareholders 6
4 Board of Directors 8
5 Directors’ Report 10
6 Management Discussion and Analysis 28
7 Business Responsibility Report 39
8 Corporate Governance Report 45
9 Standalone Financial Statements 59
10 Consolidated Financial Statements 115
11 Annual General Meeting Notice 171
2
ABOUT THE COMPANY
Lodha Group is among the largest real estate developers in India area, of which over 60 million square feet is in affordable and mid-
and has been involved in the real estate business since 1980s. We income housing. Currently, we are engaged in developing more
commenced our operations in Mumbai, developing affordable than 50 ongoing and planned projects across 75+ million square
housing projects in the suburbs of Mumbai, and later diversified feet of area. The true testimony of this operational excellence is
into other segments and regions in the MMR and Pune. We have demonstrated by our ability to provide quality developments at
a leadership team of experienced professionals, with relevant affordable prices as well as the scale of deliveries that we have
functional expertise across different industries, who are instrumental been able to achieve across different segments of the market. We
in implementing our business strategies. remain confident of our engineering led innovation prowess to
capture the changing trends of consumer preferences.
Our Business
Our core business is residential real estate development with a Our Vision
focus on affordable and mid-income housing. We have diversified We are guided by our vision of ‘Building a Better Life’. More than
into industrial & logistics park business since 2019 and in a short 2,500 associates work relentlessly to create developments of
span of time, we have attained remarkable success tying up exceptional quality with a passion for delivering the finest homes,
with number of offices and retail spaces. Each of our developments delivers world-
strategic and Amongst India’s largest class design and uncompromised quality, and is benchmarked
financial partners residential real estate against the highest standards of service. We are recognized for our
for our industrial penchant for quality, focus on details, and elegant craftsmanship.
developers*
park at Palava
both by way of
~50,000 crore of Pre-sales To bring our ideas to fruition, we have collaborated with globally
joint venture as over FY15-21 renowned names. From Armani/Casa, Jade Jagger, Buro Happold,
Pei Cobb Freed & Partners to reimagining personalised service in
well as outright
luxury with Saint Amand. Few of the world’s finest developments that
acquisition. We also develop commercial real estate, as part of
we have crafted include the iconic The World Towers which have
mixed-use developments in and around our core residential projects
transformed the skyline of Mumbai, Lodha Altamount - one of the
to bring vibrancy to our residential developments.
most exclusive addresses, and Palava - India’s No.1 smart city#.
We are one of the pioneers in adopting systems and processes for
Our vision ‘Building a Better Life’ also extends to our commitment
ensuring transparency with exemplary construction processes at par
to the society. We make significant efforts to improve and uplift
with global standards. Our customer-centric business model focuses
the areas we work in, and the communities we work with. We
on designing and developing our “branded products” to address
recognize that the growth of our business will not only be shaped
consumer needs across locations and price points. Our core
but also determined to a large degree by how well we are able to
competency lies
~30% adjusted converge our business goals with the larger Environmental, Social
in professionally
and Governance goals of the communities and the nations that we
managing the EBITDA margin^ live in.
real estate Strong profitability through
value chain smart design and timely
with in-house delivery Sustainability Vision
capabilities to We are lucky that very early in our growth journey, we were guided
deliver a project by Dr. Prem C. Jain, a tall leader of the Indian Green Building
from conceptualization to completion. Over time, we have created movement and a passionate believer in sustainable development.
several brands including “Lodha”, “CASA by Lodha” and “Crown – Since 2005, we have strived to ensure that our design, execution
Lodha Quality Homes” for our affordable and mid-income housing and operations augment and strengthen the natural ecosystem that
projects, the “Lodha” and “Lodha Luxury” brands for our premium we are a part of.
and luxury housing projects, and the “iThink”, “Lodha Excelus”,
“Lodha Supremus” and “Lodha Signet” brands for our office With 8,000+ homes and millions of sq. ft. of office and industrial
spaces. space being designed and delivered by us every year, we
have strived to set the benchmark in India for high quality and
sustainable development, across different price segments and
Our Delivery Track Record asset classes. From India’s first office building powered by 90%+
We have over renewable power or being the first developer to offer 5 star rated
90 completed ACs as a part of standard fitting or planning for a car-free city
80 million sq. ft. centre in Palava or 100% recycling of waste water across our
projects already delivered
comprising developments, we have been conscious and attempted way early in
a staggering
And approximately 75+ million ensuring that sustainability becomes a way of life for our company
80 million
sq. ft. developable area under and the vast ecosystem of suppliers, workers and inhabitants that
square feet of construction and planning we bring together.
developable
#Based on livability quotient ranking by JLL in its ‘Livability Quotient – A Paradigm Shift in India’s Emerging Cities’ Report 2017
^ over FY18-21 period for India operations
3
Our vision is to ensure that at least 90% of the commercial/ Diversity Vision
industrial spaces developed by us are designed, built and operated
at the level of platinum green rating or better by 2025. We are We believe in the paradigm of talent first and ensure that no other
working with Rocky Mountain Institute, Colorado for an action plan reason determines the success of individuals in our ecosystem. We
to achieve our aim of being a carbon-neutral company by 2035. are background neutral in our ecosystem, our recruitment, vendor
We hope that with ever improving technology, we will be able to management and sales processes and actively promote gender
meet these goals sooner than planned and aim even higher. diversity at all levels of our organization.
Social Vision Governance Vision

Guided by the legacy of the founding family which has focused on We strongly believe that trust is the bedrock of any successful
public service for many decades, our Company, through Lodha enterprise. Furthermore, success in the housing industry in India has
Foundation, works to make an active and positive difference to become increasingly driven by how trustworthy potential customers
society. With a focus on ensuring employability of at least one perceive a developer to be. Our eminent Board guides us with
member of each family, we focus on primary, secondary and tertiary a view to ensure continuous improvement in transparency and
education enablement, technical training / skill building and self- processes. We strive to achieve a high level of governance and
help groups which support women to setup businesses. transparency across all areas of our business.
4
COMPANY INFORMATION
Board of Directors
Mr. Mukund Chitale Chairman (Independent Director)
Mr. Abhishek Lodha Managing Director & CEO
Mr. Rajinder Pal Singh Non-Executive Director
Mr. Rajendra Lodha Whole time Director
Ms. Raunika Malhotra Whole time Director
Mr. Ashwani Kumar Independent Director
Mr. Lee Polisano Independent Director
Chief Financial Officer

Mr. Sushil Kumar Modi
Company Secretary and Compliance Officer

Ms. Sanjyot Rangnekar
Statutory Auditors
MSKA & Associates,
Chartered Accountants
Firm Registration No. 105047W
Registrar and Transfer Agent

Link Intime India Private Limited
C101, 247 Park, L.B.S. Marg,
Vikhroli (West), Mumbai - 400 083
Tel No: 022- 4918 6000
Email Id: [email protected]
Website: www.linkintime.co.in
Registered Office
412, 17G Vardhaman Chamber,
Cawasji Patel Road,
Horniman Circle, Fort, Mumbai-400 001
Tel.: +91.22.61334400 Fax: +91.22.23024420
Email: [email protected]
Website: www.lodhagroup.in
Corporate Office
Lodha Excelus, L 2
Apollo Mills Compound,
N M Joshi Marg, Mahalaxmi, Mumbai 400 011
Tel.: +91.22.61334400 Fax: +91.22.2302 4420
CIN: U45200MH1995PLC093041
Debenture Trustees
IDBI Trusteeship Services Limited VISTRA ITCL (INDIA) LIMITED SBICAP Trustee Company Limited
Asian Building, Ground Floor, The IL&FS Financial Centre, 6th Floor, Apeejay House,
17 R.Kamani Marg, Ballard Estate, Plot no C-22, G Block, 3, Dinshaw Wachha Road,
Mumbai- 400 001 7th floor, Bandra Kurla Complex, Churchgate, Mumbai- 400020
Tel No. 022-4080 7000 Bandra (East), Mumbai – 400 051 Tel No. 022-43025529
Fax: 022-6631 1776 Tel No.: 022 26593535 Email: [email protected]
Email Id: [email protected] Fax: 022 26533297
5
MANAGING DIRECTOR & CEO’S LETTER

TO SHAREHOLDERS
growth paradigm which values ESG outcomes in a robust manner.
Working closely with institutions such as the Rocky Mountain
Institute (USA), your Company is progressing to have Net Zero
Carbon emissions by 2035. Combined with other initiatives such
as 100% waste water recycling, intense green cover enhancement,
substantial increase in use of renewable power and walk-to-
everything districts, your Company aims to be recognized amongst
the global leaders for environmental sustainability in the built
environment space.
The Year that was

Despite the challenging external circumstances, your Company
made substantial progress in the last year. Listing of our shares on
the Indian stock exchanges on April 19, 2021 was a moment of
immense pride and an event very close to my heart. This I believe
will take us to new heights by opening up many more opportunities
for profitable growth supported by a balanced capital structure.
On behalf of Lodha Group, my team and I would like to take
this opportunity to thank each and every one of you for the faith
reposed in us.
While the period from March 2020 to July 2020 brought all
business operations to a virtual standstill, the Company continued
to use its capabilities to make a difference where it could: the Lodha
Foundation opened multiple free food distribution centres across
Dear Shareholders,
the Mumbai Region (MMR) and served over 300,000 free meals
During the first half of FY 20-21, COVID-19 spread across the in the first month of lockdown, we were the first retail space owner
world and affected India in a serious manner. However, with focused to waive rents for retailers so that they could focus on paying their
measures from the Indian government and the Central Bank, the employees and salvaging their business, we also provided free food
loss of life and livelihood was gradually contained and we saw and residence to our construction workforce during this period till
strong revival in demand and employment generation in the second such time that they were allowed to travel home or resume work.
half of the year. The biggest lesson that we have drawn from this We also focussed on large scale vaccination – for our employees,
period is that it is the duty of every corporate and every citizen to 3rd party workforce (including construction workmen) and residents
stand shoulder-to-shoulder with the Government in difficult times at our developments. The Lodha Foundation also operated Covid
and when we play this role to the best of our abilities, no challenge recovery centres which were recognized as best-in-class.
is insurmountable. The efforts of the Government and civil society
As the situation started normalizing, we saw significant pick-up in
and the rollout of the vaccine program across the country give us
housing demand and had record performance for the 2nd half
confidence that India’s social and economic growth will not be
of the year delivering pre-sales of `5,968 crore and collections
impacted for too long by Covid-19.
of ` 5,052 crore. The period also saw heightened interest in our
Alongside all the pain that Covid-19 has inflicted, it has also led digital infrastructure (warehousing, data centres, industrial) vertical
to very rapid changes in our personal and professional lives. The with large requirements for land and buildings from a spectrum
digital/e-commerce economy and housing have been two of the of players e-commerce, logistics, pharma and value added-
biggest beneficiaries of these changes. The home has become manufacturing sectors.
a lot more central to our lives – whether to live, work or study –
The year was clearly a tale of two halves with the second half
leading to requirements for more space, both inside and outdoors.
contributing to the majority of sales and collections. Despite being
Combined with slowing supply and several years of pent-up demand
heavily impacted by the pandemic, we sold more than 5,000 homes
from the 2013-20 cycle, the housing sector seems poised for
during the year and gave possession of more than 4,000 homes
sustained growth over the next few years. Similarly, while digitization
to happy customers. Our financials for FY 2021 also reflected the
and e-commerce have taken off in a big way in India (accelerated
impact of the pandemic which severely curtailed our construction
by the pandemic), the physical infrastructure to support these sectors
activity for the major part of the year. Our total revenues stood at
is lagging. Your Company – with its focus on affordable & mid-
` 5,772 crore. Our adjusted EBITDA stood at ` 1,711 crore with
income housing and growing presence in digital infrastructure – is
a margin of 31.4 %, in reality an achievement during the last two
well positioned to take significant advantage of these developments.
quarters of the fiscal, given that the first two were practically a
Our emphasis on environmental sustainability has been evident in washout due to the pandemic.
the design and operations of our developments for many years. We
Our residential sales were supported by several policy measures.
believe that creators & operators of the built environment have a
With the RBI reducing the reporate, home loan rates are the lowest
huge responsibility in our mutual endeavour to course correct from
ever in the last 15 years. Secondly, the reduction of stamp duty
the unsustainable practices of the 20th century and create a new
announced by the State Government provided added impetus,
6
particularly in premium housing. These Government initiatives volumes will grow substantially and enable us to scale towards our
point to the recognition of real estate as being a key contributor medium-term goal of delivering 50,000 homes every year and
to economic growth – first by means of direct & supply chain significantly contributing to India’s economic growth and social
employment creation and secondly, by boosting household wealth development. This significant volume growth opportunity has
and supporting consumption. By some estimates, building one caused us to speed up our transition to a digital first mode of doing
apartment generates employment for ~10 people for 2 years. business – we believe that while the initial years of this transition will
Further, moderate growth in home prices, in line with inflation, lead to moderately increased levels of investment, in the medium
supports balanced economic growth by compounding household term this will give us compelling competitive advantage of higher
wealth. customer satisfaction, more efficient operations and access to
revenue streams (beyond the sale of the unit) from the large captive
One of the key factors that worked in your Company’s favour audience living in our developments.
during the pandemic was the optimal use of technology in all the
aspects of our business. Even before the pandemic, your Company We also intend to continue to grow our business in digital
pioneered the use of technology in construction process as well infrastructure (warehousing, data centres, industrial etc.). India
as in customer service and backend processes. The agility of our is going through a significant shift of economic activity to digital
digital infrastructure meant that when lockdown was enforced, platforms. Additionally, the warehousing industry, which was earlier
our teams could seamlessly function remotely. We were also able dominated by unorganised players, is evolving towards using
to set up tools for our sales team that helped them connect with services offered by the organised segment. The industry is benefiting
prospective buyers and help them find their dream home. from global trade trends, evolving consumption patterns as well as
policy initiatives, such as implementation of GST and Make in India
Looking ahead initiative, which are driving industrial and warehousing demand. We
believe this is a lucrative space for our Company to be in. While
We believe that real estate is a sunrise industry that will see Palava will continue to be a key focus for this business due to its
accelerated growth in the coming years. The current state of the strategic location close to the upcoming Navi Mumbai international
industry presents a unique “goldilocks” situation where demand is airport and JNPT (India’s largest port), we intend to work with
expected to grow even as number of developers reduces – this can partners to grow this business across other locations in a capital
provide significant growth opportunities and margin enhancement light manner. Our successful joint venture with ESR Mumbai 3 Pte.
for your Company over the next few years. Limited (a subsidiary of ESR Cayman Limited) and sale of land
to FM Logistics, Aptar Pharma and other in-pipeline transactions
India is a growing economy with the significant forces of growing make us increasingly confident about the growth possibilities in this
working-age population and urbanization, supporting the business and the generation of significant free cash flow from our
formalization of our economy and contributing to robust housing land holdings in Palava.
demand over the foreseeable future. Especially, Mumbai which is
the entertainment, fashion and financial capital of the country will
see an influx of talent from across the country. Existing and planned
Our People & Our Values
infrastructure will further fuel the city’s growth. With population of All our success has been driven by the strong leadership and
~20mm in the urban agglomeration, the demand for housing, commitment of our 2,500+ associates. They are the true flag
especially in the affordable and mid-income segment, is bound bearers for Lodha values of integrity, quality, innovation, seeking
to rise. Your company has a strong presence in the Mumbai excellence and giving back to society.
Metropolitan Region (MMR) which, with 32% of total absorption (by
units) and 46% of total absorption (by value) amongst the top seven As an organization, we are poised to embark on a journey of
Indian cities, was by far the top performer in overall residential significant growth and move towards becoming a 5x larger
activity in 2020. company over the next 10 years. The conviction that we can
achieve this audacious goal despite external uncertainties is in
Between 2014-19, ease of wholesale credit availability owing to large part due to the tremendous positive energy and zeal of our
mushrooming of NBFCs had resulted in housing oversupply, in turn associates. My heartfelt thanks to each one of our associates and
leading to softening of prices and reduced demand growth. With their families for being equal partners in Lodha’s growth journey.
the NBFC crisis in late 2018, indisciplined credit came to a halt and
new wholesale credit is now sparingly available only to high quality I would also like to thank my colleagues on the Board for their
developers. Thus, the market is seeing significant consolidation with valuable guidance and unwavering support.
under construction sales in each city consolidated with the Top 3-5
Tier 1 developers who have a strong brand, financial strength and On behalf of us all, I would like to thank you for your continued
track record for quality and delivery. support during the year and look forward to meeting you at the
annual shareholders’ meeting.
An interesting opportunity that has emerged as a consequence of
the NBFC crisis is that lenders and owners of many stuck projects
are approaching select Tier-1 developers to execute their projects. Yours sincerely
On the back of the strength of our well recognized brand, our Abhishek Lodha
execution capabilities and our improved financials post IPO, we Managing Director & CEO
intend to enter into JDAs in a selective manner – focussing on those
micromarkets where we have limited / no presence and looking at
projects which have significant availability of future development 1
Subsidiary of an affiliate of Morgan Stanley Real Estate Investing
potential beyond the ‘stuck’ phase. These JDAs will enable us to
grow in a capital light manner while continuing to move towards
becoming a zero net debt company by FY 2024.
While we will continue to concentrate on MMR and Pune in the

near term, our focus will increasingly be on affordable and mid-
income housing segment. As a result of this, we believe that our
7
BOARD OF DIRECTORS
Mukund Manohar Chitale

Chairman & Independent Director
Mukund Chitale holds a bachelor’s degree in commerce from the University

of Mumbai and is a qualified Chartered Accountant. He has nearly 43
years of experience as a practicing Chartered Accountant. He is a fellow
member of ICAI and has served as the President of ICAI in the year 1997-
1998. He was also the Chairman of the Ethics Committee of BSE. He was
a member of Advisory Board on Bank, Commercial and Financial Frauds
of Central Vigilance Commission. He was a member of the Working Group
on Restructuring of Weak Public Sector Banks appointed by RBI (Verma
Committee) and the Committee on Procedures and Performance Audit
of Public Services appointed by RBI (Dr. Tarapore Committee). He was
appointed as the chairman of National Advisory Committee on Accounting
Standards.
Abhishek Lodha
Managing Director & CEO
Abhishek Lodha holds a master’s degree in science (industrial and systems

engineering (supply chain & logistics) from Georgia Institute of Technology.
He has 19 years of experience in strategy, design, project management,
construction, corporate planning, legal and brand communication. Prior to
joining our Company, he was working as a business analyst with McKinsey
& Company, Atlanta, United States. He was awarded the NDTV Property
Award 2017 in the category of “Emerging Star of the Real Estate.
Rajinder Pal Singh

Non-Executive Director
Rajinder Pal Singh was an IAS officer (1976 batch) Andhra Pradesh Cadre.
He holds a post graduate degree in mathematics from Advanced Centre
for Pure Mathematics, Punjab University, Chandigarh. Prior to joining the
Company, he was the chairman of National Highways Authority of India, the
chairman and managing director of Punjab & Sind Bank and served as the
secretary of Department of Industrial Policy and Promotion, Government of
India.
He has worked both as commissioner of Hyderabad Muncipal Corporation
& Vice Chairman of Hyderabad Urban development Authority, He has had
long stints as Managing Director of A.P. Industrial Development Corporation
and Commissioner of Teneation in A.P. He has nearly 45 years experiance in
regulatory area of finance, industry urban development and infrastructure.
8
Rajendra Lodha
Whole time Director
Rajendra Lodha holds a bachelor’s degree in civil engineering from M.B.M.
Engineering College, University of Jodhpur, Jodhpur. He started his career
with Lodha group. He has 31 years of experience in all facets of real estate
development.
Raunika Malhotra
Whole time Director
Raunika Malhotra President – Marketing and Corporate Communications
of the Lodha group. She has been with the Lodha group for 12 years,
including two years as Deputy Regional Chief Executive Officer. She holds
a bachelor’s degree in engineering (electronics and telecommunication
branch) from the University of Pune and a post-graduate diploma in
industrial engineering from the National Institute of Industrial Engineering,
Mumbai. She has more than 15 years of experience in leadership, corporate
strategic planning, consumer insights and brand management. Prior to
joining the Lodha group, she has worked with ECS Limited and Adayana
Learning Solutions Private Limited in strategic consulting.
Ashwani Kumar
Independent Director
Ashwani Kumar holds a Master of Science degree from Lucknow University

and is a certified associate of the Indian Institute of Bankers from Indian
Institute of Banking & Finance, India. He is a seasoned banker having
37 years of banking experience, out of which he was the Chairman and
Managing Director of Dena Bank for five years. He has held industry-wide
leadership positions in multiple organisations, including as executive director
of Corporation Bank, chairman of the Indian Banks’ Association and
president of the Indian Institute of Banking & Finance. He was also a board
member of the Life Insurance Corporation of India, wherein he also served
on various committees of its board of directors.
Lee Polisano
Mr Lee Polisano is the founding partner and President of PLP Architecture,

UK. He is a Fellow member of the American Institute of Architects and a
member of the Royal Institute of British Architects and has nearly 45 years
of experience and is internationally-recognised for his architectural and
urban design work. He has been responsible for creating numerous award-
winning commercial and corporate office buildings and is widely regarded
for pushing boundaries and bringing innovation to the sector. Many of these
projects have received prestigious awards for institutions as varied as the
Urban Land Institute and the British Council for Offices. Prior to co-founding
PLP Architecture, he was a global partner at KPF, and co-founded the KPF
London office in 1989 and served as global President for six years until
2008.
9
DIRECTORS’ REPORT
To the Members,
The Directors are pleased to present the 26th Annual Report along with the Audited financial statements of the Company for the financial
year ended March 31, 2021.
Highlights of Operating & Financial Results

OPERATING RESULTS
Year ended Year ended

Particulars UoM
March 31, 2021 March 31, 2020
Sales (Developable Area) Million square feet 5.1 6.2
Sales Number of units 5,053 5,912
Sales Value ` in crore 5,968 6,570
Gross Collections ` in crore 5,052 8,190
Completed Developable Area Million square feet 2.7 15.7
Completed units Number of units 2,865 12,228
FINANCIAL RESULTS (` In Crore)

Standalone Consolidated
Particulars
Year ended Year ended Year ended Year ended
March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020
Revenue from operations 4,299.69 8,114.76 5,448.57 12,442.59
Other income 146.29 334.53 323.08 118.39
Total Income 4,445.98 8,449.29 5,771.65 12,560.98
Cost of projects 2,955.69 5,512.66 3,603.82 9,549.98
Employee benefits expense 256.51 280.09 286.35 390.44
Finance costs 817.89 782.05 1,125.69 730.36
Depreciation, impairment & amortization 57.29 243.26 73.43 292.40
Other expenses 102.25 416.30 186.43 594.89
Total Expenditure 4,189.63 7,234.36 5,275.72 11,558.07
Profit Before Exceptional Item 256.35 1,214.93 495.93 1,002.91
Exceptional Item 460.00 560.00 462.75 0.16
Share of Loss in Associate - - (0.02) (0.05)
Profit/(Loss) Before tax (203.65) 654.93 33.16 1,003.02
Tax Credit/(Expenses) 17.93 (221.92) 14.73 (261.49)
Net Profit/(Loss) for the year (185.72) 433.01 47.89 741.53
Other Comprehensive income/(Loss) 1.25 (0.22) 6.48 (12.32)
Total Comprehensive Income/(Loss) for the year (184.47) 432.79 54.37 729.21
COVID 2019 and consequently a slowdown in residential sales, obtaining or

During the first half of calendar year 2020, COVID-19 spread to renewing lease commitments for commercial developments. It
a majority of countries across the world, including India. In March caused construction delays due to several factors such as lockdowns
14, 2020, India declared COVID-19 as a “notified disaster” and enforced by government agencies, work-stoppage orders,
imposed a nationwide lockdown beginning on March 25, 2020. disruptions in the supply of materials and shortage of labour. It led
The complete lockdown lasted until May 31, 2020. Despite the to a closure of our offices and we moved to a work-from-home
lifting of the lockdown, there is significant uncertainty regarding the model. We resumed operations at our offices and construction sites
duration and long-term impact of the COVID-19 pandemic. in a staggered manner in compliance with government guidelines.
The pandemic caused a material decline in general business activity Our Trust under the “Lodha Foundation” brand supplied ~
10
350,000 + warm meals to the needy across Mumbai during the Profit stood at `47.89 crore for the year ended March 31, 2021 as
lockdown period. It also distributed safety items like face masks, compared to `741.53 crore during the previous financial year. The
sanitizers etc. Food grains, vegetables and spices were also reduction in profit was on account of lower operating revenue due
distributed to migrant labourers who were stuck in Maharashtra to Covid-19 pandemic and losses of overseas project predominantly
during the lockdown. A Covid care centre has also been opened in representing interest on parent equity invested as debt.
South Mumbai.
Overview of Operations
Notwithstanding the near-term economic headwinds, the long-
term outlook for economic growth in India is positive as the We have a balanced portfolio of affordable and mid-income
fundamentals of the Indian economy continue to remain strong. housing projects, premium and luxury housing projects, industrial
Although there are uncertainties due to the resurgence of pandemic and logistics park segments. We also have commercial projects
in the form of Covid 2nd wave and reversal of the positive as part of mixed use strategy in larger developments. Despite
momentum gained in the last quarter of FY2021, the Company being impacted severely by Covid during the year, we managed to
has taken necessary steps and is getting prepared to navigate and achieve pre-sales of `5,968 crore across all segments. This was
overcome the challenges ahead. primarily driven by company’s performance in the second half year
of FY21, the first half being deeply impacted by Covid induced
Revenue & Profitability Analysis lockdowns in the MMR. This included one of our best ever quarterly
(Standalone) pre-sales performance in Q4 FY21 where we sold real estate worth
Total revenue during the financial year 2020-21 was `2,513 crore. FY21 was also a year where our industrial & logistics
`4,445.98 crore as against `8,449.29 crore during the previous parks vertical got a great impetus and signed multiple deals.
financial year, a decrease of 47.38%. Revenue from operations Our large ongoing portfolio of affordable and mid-income housing
decreased primarily due to significantly lower construction resulting projects include Palava (Navi Mumbai, Dombivali Region), Upper
in delays in project completion and thereby receipt of occupancy Thane (Thane outskirts), Amara (Thane), Lodha Sterling (Thane),
certificates and significantly lower sales momentum in the first Lodha Luxuria (Thane), Crown Thane (Thane), Bel Air (Jogeshwari),
six months of financial year 2021 on account of the lockdown Lodha Belmondo (Pune), Lodha Splendora (Thane) and Casa
and slowdown in business activity as a result of the COVID-19 Maxima (Mira Road). Our large townships are located at Palava
pandemic. (Navi Mumbai, Dombivali Region) and Upper Thane (Thane
Loss for the year 2020-21 is `185.72 crore as compared to profit outskirts).
of `433.01 crore during the previous financial year. Our affordable and mid-income housing developments accounted
Loss for the year was due to reduction in operating revenue and an for 58% and 57.8% of our total residential Pre-Sales during FY
exceptional item of `460.00 crore towards provision for loan given 2021 and the FY 2020, respectively.
to overseas subsidiaries predominantly representing interest on
Our premium and luxury housing projects include Lodha Park
Parent Equity invested as debt. Deferred Tax Asset created on said
(Worli), Lodha World Towers (Lower Parel), Lodha Venezia
provision is `160.74 crore, resulting in net impact of `299.26 crore
(Parel) and New Cuffe Parade (Wadala). In addition, we have a
on profitability.
few projects under the “Lodha Luxury” brand, which comprise
small-scale, high-value developments such as Lodha Altamount
Revenue & Profitability Analysis
(Altamount Road), Lodha Seamont (Walkeshwar) and Lodha Maison
(Consolidated) (Worli).
CONSOLIDATED FINANCIAL STATEMENTS The Company received several awards during the year which
The Audited Consolidated Financial Statements for the financial showcase the strength of the brand that it possesses. Notable
year ended March 31, 2021 have been prepared in accordance awards received during the year are “Top Developer of the Year”
with the Indian Accounting Standards prescibed by the Institute of by Times Real Estate Icons of West India in 2020, “Project of the
Chartered Accountants of India and are in compliance with section Year and Top Super Luxury Segment Homes” for The World Towers
129 of Companies Act, 2013. by Times Real Estate Icons of West India in 2020, “Top Township
Project (above 350 acres)” for Palava by Times Real Estate Icons of
Total Revenue for the year ended March 31, 2021 stood at
West India in 2020, “Experiential Digital Marketing Excellence” for
`5,771.65 crore as compared to `12,560.98 crore during the year
Palava by DIGIXX 2021.
ended March 31, 2020. In view of the lockdown, delay in receipt of
occupancy certificate in some projects deferred revenue recognition As part of our industrial & logistics park portfolio, to begin with
for these projects to the next financial year. we are developing a logistics and industrial park spread over 800
acres of land near Palava, which is strategically located near the
Total expenditure for the year ended March 31, 2021 stood at
Jawaharlal Nehru Port, the proposed international airport in Navi
`5,275.72 crore as against `11,558.07 crore during the previous
Mumbai and the industrial hub of Taloja. As we progress further in
financial year.
this segment, we look to utilize more of our land parcel in Palava &
Finance costs increased by 54.13% to `1,125.69 crore for Upper Thane and aim to take it up to 3,500 acres over a period.
the year ended March 31, 2021 from `730.36 crore incurred
during the previous financial year, primarily due to lower interest
inventorisation.
11
We have monetized nearly 165 acres of land in the Palava Logistics Changes in Share Capital
& Industrial Park (PLIP) either through JVs with reputed investors
The paid-up equity share capital of the Company as on March 31,
such as Morgan Stanley or through outright sales to some of the
2021 is `395.88 crore divided into 39,58,78,000 equity shares
marquee global players e.g. FM Logistics- a French 3PL firm. Thus
of face value of ` 10 each. Subsequent to the IPO the paid-up
far the Company has already monetized more than 255 acres of
equity share capital of the Company was increased to `447.32
the industrial park segment through JV or outright sale.
crore divided into 44,73,18,328 equity shares of face value of `10
each. The promoter's holding in the company post IPO is 88.50%.
Dividend and Reserves The company shall comply with minimum public shareholding
The Board does not recommend any dividend for the financial year requirements in due course as per applicable laws.
under review. No amount was transferred to reserves during the
year. The dividend distribution policy is available on the website at
https://www.lodhagroup.in/investor/policies.
Extract of Annual Return
Pursuant to Section 92(3) of the Companies Act, 2013 and rule
Major Corporate Events During The 12(1) of the Companies (Management and Administration) Rules,
Year 2014, Annual Return of the Company for the year ended on
March 31, 2021 is available on the Company’s website at www.
Initial Public Offering lodhagroup.in
The Company has completed an Initial Public Offering (IPO) of its
equity shares comprising a fresh issue of 5,14,40,328 equity shares Directors and Key Managerial
having a face value of `10 each at premium of `476 per share, Personnel
aggregating `2,500 crore. The equity shares of the Company Appointment
are listed on BSE Limited and National Stock Exchange of India
Mr Mukund Chitale was appointed as an independent director for
Limited with effect from April 19, 2021. The IPO witnessed strong the first term of five years effective November 23, 2016. His office
participation from marquee anchor investors including some of the of directorship is due for retirement on November 22, 2021. Based
largest long only, pension and sovereign funds amidst extremely on the recommendation of the Nomination and Remuneration
volatile market conditions due to increasing Covid cases. Committee and after taking into account the performance
evaluation during his first term of five years and considering his
Corporate reorganization knowledge, acumen, expertise, experience, integrity, proficiency
The following schemes of arrangement were approved by the and substantial contribution made to the Company during his
tenure, the Board at its meeting held on May 14, 2021, approved
National Company Law Tribunal (“NCLT”) under sections 230 to
the reappointment of Mr. Chitale as an independent director of
232 of the Companies Act 2013. the Company with effect from November 23, 2021 to November
a. Demerger of ‘One Lodha Place’ into One Place 22, 2026, whose office shall not be liable to retire by rotation. The
Commercials Private Limited effective September Board recommends his reappointment to the shareholders.
25, 2020. The Board at its meeting held on July 30, 2021, based on the
b. Amalgamation of Copious Developers and Farms Private recommendation of the Nomination and Remuneration Committee,
approved the appointment of Mr. Lee Polisano as an independent
Limited and Ramshyam Infracon Private Limited effective
director of the Company for a period of five years, whose office
June 18, 2021. shall not be liable to retire by rotation, subject to the approval
of shareholders. In the opinion of the Board, he brings wide
The following schemes have been filed and are pending for international experience, proficiency and expertise in architectural
approval before NCLT, Mumbai bench: design which will provide valuable insights to the Company. The
Board recommends his appointment to the shareholders.
a. Demerger of EVOQ Tower situated at New Cuffe Parade
Wadala, into Homescapes Constructions Private Limited (a Retiring by rotation
wholly owned subsidiary) filed on February 24, 2021 Mr. Rajinder Pal Singh retires by rotation and being eligible, offers
himself for re-appointment.
b. Amalgamation of Palava Dwellers Private Limited with the
Company filed on March 29, 2020 Necessary resolutions for the above are included in the
accompanying notice of the Annual General Meeting.
Withdrawal application for demerger of residential towers from
the Belmondo and Splendora projects into two wholly owned Cessation
subsidiaries viz Luxuria Complex Private Limited and Renovar Green Mr Berjis Desai resigned as an Independent Director with effect
Consultants Private Limited respectively was approved by NCLT, from August 17,2020 due to personal commitments. The Board
places on record its appreciation for the services rendered by him
Mumbai Bench vide order dated December 18, 2020. during his tenure as director.
Key Managerial Personnel

Mr. Jayant Mehrotra resigned as CFO w.e.f. June 26, 2020. The
Board places on record its appreciation for the services rendered
by him during his tenure as CFO. Mr. Sushil Kumar Modi was
appointed as Chief Financial Officer w.e.f. June 26, 2020.
12
Key Managerial Personnel as per Section 203 of the Act as on AUDITORS & AUDITOR’S REPORTS
March 31, 2021 are:
• Mr. Abhishek Lodha, Managing Director & CEO Statutory Auditor
• Mr. Rajendra Lodha, Whole time Director MSKA & Associates, Chartered Accountants were appointed as
Statutory Auditors of the Company at the Annual General Meeting
• Ms. Raunika Malhotra, Whole time Director
held on September 22, 2016 for a term of five consecutive years
• Mr. Sushil Kumar Modi, Chief Financial Officer and hold office till the conclusion of the forthcoming Annual
• Ms. Sanjyot Rangnekar, Company Secretary General Meeting.
The Board of Directors at its meeting held on May 14, 2021, after
MEETINGS OF THE BOARD
considering the recommendations of the Audit Committee, has
The Board met seven times during the financial year ended March recommended the re-appointment of MSKA & Associate as the
31, 2021; on June 26, 2020, September 4, 2020, November 8, Statutory Auditors of the Company, for approval of the Members,
2020, December 9, 2020, January 29, 2021, February 13, 2021 to hold office for a period of five consecutive years, from the
and March 30, 2021. conclusion of the ensuing 26th Annual General Meeting until the
BOARD EVALUATION conclusion of the 31st Annual General Meeting to be held in the
calendar year 2026.
The Board carried out an annual evaluation of its own
performance, Chairman, board committees, and individual A resolution proposing re-appointment of MSKA & Associates,
directors pursuant to the provisions of the Act. Performance of the Chartered Accountants as the Statutory Auditors of the Company
board was evaluated after seeking inputs from all the directors pursuant to Section 139 of the Companies Act, 2013 forms part of
on the basis of criteria such as board composition and structure, the Notice of Annual General Meeting.
effectiveness of board processes, information and functioning,
Secretarial Auditor
etc. Performance of committees was evaluated by the Board after
seeking inputs from the committee members. The Board and the Pursuant to the provisions of Section 204 of the Companies Act,
Nomination & Remuneration Committee reviewed the performance 2013 read with the Companies (Appointment and Remuneration of
of individual directors on the basis of criteria such as the Managerial Personnel) Rules, 2014, Shravan A. Gupta & Associates
contribution of the individual director to the board and committee Practicing Company Secretary was appointed as Secretarial Auditor
meetings. to conduct secretarial audit for the financial year 2020-21.
In a separate meeting of independent directors, performance of Cost records and cost audit
the Chairman, non-independent directors and the board as a In terms of Section 148 of the Act read with the Companies (Cost
whole was evaluated, taking into account the views of executive Records and Audit) Rules, 2014, as amended from time to time,
directors and non-executive directors. Performance evaluation of D. C. Dave & Co, Cost Accountants have been appointed as Cost
independent directors was done by the entire board, excluding the Auditor for conducting Cost Audit of cost records for the financial
independent director being evaluated. year 2021-22. A resolution seeking members’ ratification for
the remuneration payable to the Cost Auditor forms part of the
DECLARATION BY INDEPENDENT DIRECTORS accompanying Notice of the 26th Annual General Meeting.
The independent directors of the Company have submitted
Auditor’s Reports
declarations of independence as required under Section 149(7)
of the Companies Act, confirming that they meet the criteria of The statutory auditor’s report for financial year 2020-21 does not
independence under Section 149(6) of the Companies Act and contain any qualifications, reservations or adverse remarks. The
Regulation 16 of the Listing Regulations.The Independent directors Auditor’s report is enclosed with the financial statements with this
have also confirmed that they have complied with the company's Annual Report. No frauds have been reported by the Auditor during
code of conduct. financial year 2020-21.
CORPORATE SOCIAL RESPONSIBILITY The Secretarial Audit Report of the company and Palava Dwellers
Corporate Social Responsibility (CSR) Committee has been Private Limited (material subsidary) for financial year 2020-21 does
constituted in accordance with Section 135 of the Companies not contain any qualifications, reservations or adverse remarks.
Act. The contents of the CSR Policy and revised format of the CSR The Secretarial Audit Reports are provided in Annexure III to this
Report notified in the Companies (Corporate Social Responsibility Report.
Policy) Amendment Rules 2021 dated January 22,2021 is attached PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS
at Annexure I to this Report. The CSR policy is available on the
In terms of Section 134 of the Companies Act, 2013, the
website of the company at https://www.lodhagroup.in/investor/
particulars of loans, guarantees and investments made by the
policies.
Company under Section 186 of the Companies Act, 2013 are
POLICY FOR APPOINTMENT OF DIRECTORS, KEY detailed in Notes to the standalone financial statements.
MANAGERIAL PERSONNEL AND OTHER EMPLOYEES
The Company’s policy on appointment of directors, Key managerial
personnel and other employees (“Nomination & Remuneration
Policy”) is available on the Company’s website at https://www.
lodhagroup.in/investor/policies. Extracts from the policy are
reproduced in Annexure II to this report. 13
RELATED PARTY TRANSACTIONS 1. Brickmart Constructions and Developers Private Limited

Transactions/contracts/arrangements, falling within the purview of 2. Primebuild Developers and Farms Private Limited
provisions of Section 188(1) of the Companies Act, 2013, entered 3. Homescapes Constructions Private Limited
by the Company with related parties as defined under the provisions
4. Classichomes Developers and Farms Private Limited
of Section 2(76) of the Companies Act, 2013, during the financial
year under review, were in the ordinary course of business and have 5. Palava Induslogic 2 Private Limited
been transacted at arm’s length basis. 6. 1GS Properties Investments Limited
Material contracts, arrangements or transactions with related parties 7. 1GS Investments Limited
referred to in Section 188, entered during the year ended March MATERIAL UNLISTED INDIAN SUBSIDIARY
31, 2021 in Form AOC-2 are provided in Annexure IV.
As at March 31, 2021, Palava Dwellers Private Limited is a material
Disclosures as required pursuant to para A of Schedule V of the un-listed Indian subsidiary under Regulation 24 of the Listing
Listing Regulations form part of the Audited Financial Statements for Regulations.
the financial year 2020-21.
CORPORATE GOVERNANCE REPORT
As required under Regulation 23 of the Listing Regulations, the
Company has formulated a Related Party Transactions Policy The Company’s shares are listed with BSE Limited and National
which is available on the website of the Company at https://www. Stock Exchange of India Limited with effect from April 19, 2021.
lodhagroup.in/investor/policies. The Report on Corporate Governance forming part of this annual
report is prepared and presented on a voluntary basis in keeping
PARTICULARS OF REMUNERATION TO EMPLOYEES with the Management’s commitment and belief in maintaining
Disclosures with respect to the remuneration of Directors and the highest standards of Corporate Governance and adheres to
employees as required under Section 197 of the Companies Act the Corporate Governance requirements set out by the Securities
and Rule 5(1) of the Companies (Appointment and Remuneration and Exchange Board of India. A certificate from the Statutory
of Managerial Personnel) Rules, 2014 has been appended as auditor confirming compliance with the conditions of Corporate
Annexure V to this Report. The information required pursuant to Governance as stipulated under Schedule V to the Listing
Section 197 of the Companies Act read with Rule 5(2) & (3) of Regulations and applicable provisions of the Companies Act forms
the Companies (Appointment and Remuneration of Managerial part of the Corporate Governance Report.
Personnel) Rules, 2014 in respect of employees of the Company is
BUSINESS RESPONSIBILITY REPORT
available for inspection by the Members at registered office of the
Company during business hours on working days up to the date of As the company’s shares are listed on BSE Limited and National
the ensuing Annual General Meeting. If any Member is interested in Stock Exchange of India Limited with effect from April 19, 2021,
obtaining a copy thereof, such Member may write to the Company the Business Responsibility Report for FY2020-21 is prepared and
Secretary. presented on a voluntary basis and forms part of this Annual Report.
MACROTECH DEVELOPERS LIMITED EMPLOYEE STOCK BUSINESS RISK MANAGEMENT

OPTION SCHEME 2021 (ESOP SCHEME 2021) Your Company has adopted a Risk Management policy which is
based on three pillars: Business Risk Assessment, Operational
No options were granted / vested / exercised during year under
Controls Assessment and Policy Compliance processes. Major
review. After completion of the financial year, the Nomination
risks identified by the businesses and functions are systematically
and Remuneration Committee vide circular resolution dated April
addressed through mitigating actions on a continuing basis.
10, 2021 approved grant of 1,140,000 options to 14 eligible
employees of the Company, pursuant to the eligibility criteria Though not mandatory at present, the Company has constituted
stipulated under the ESOP Scheme 2021. The ESOP Scheme a Risk Management Committee consisting of members of the
2021 is being administered and monitored by the Nomination Board and key executives of the Company to identify and assess
& Remuneration Committee of the Company. The scheme is business risks and opportunities. The scope of the Risk Management
in compliance with the SEBI (Share Based Employee Benefits) Committee includes identifying and reviewing risks at both
Regulations, 2014. enterprise level and at project level, risk mitigation planning,
implementation and monitoring. The key risks and mitigation
The Company proposes to implement an ESOP Scheme 2021-II
actions shall be placed before the Audit Committee of the
which is subject to shareholders’ approval. Necessary resolutions
Company. The composition, scope and terms of reference of the
for implementing this scheme form part of the accompanying
Committee are in compliance with Regulation 21 of the the Listing
Annual General Meeting notice.
Regulations.
SUBSIDIARIES, JOINT VENTURES, ASSOCIATES
The Company is a subsidiary of Sambhavnath Infrabuild and Farms
Private Limited. The Company has 49 subsidiaries / associates on
March 31, 2021. A statement containing the salient features of
financial statements and details of performance of the Company’s
subsidiaries and associates is attached to the financial statements of
the Company in Form AOC-1. The following entities were added
as subsidiaries during the year:
14
INTERNAL FINANCIAL CONTROL SYSTEM • Prefabricated dwelling units for labour accommodation
The Company has an internal financial control system with bunkers to minimise the areas utilized by the camps,
commensurate with the size, scale and complexity of its operations. reducing transportation needs and controlling
The internal controls over financial reporting have been identified environmental degradation by proper waste disposal
by the management and are checked for effectiveness across facilities. Regulated water and power supply to labour
all locations and functions by the management and tested by camps across all sites.
the Auditors on sample basis. The controls are reviewed by the • Use of reusable aluminium formwork in place of wooden
management periodically and deviations, if any, are reported to the formwork during construction
Audit Committee periodically. ii. Steps taken for utilizing alternate sources of energy
WHISTLE BLOWER POLICY AND VIGIL MECHANISM • Installation of solar water heaters for the residential
buildings at our projects.
The Company’s Whistle Blower Policy is in line with the provisions of
Section 177 of the Companies Act, 2013 and as per Regulation 22 • Installation of solar powered street lights at township
of the Listing Regulations. This Policy establishes a vigil mechanism projects
for Directors and employees to report genuine concerns regarding • Installation of 1MW land mounted solar plant which
unethical behaviour, actual or suspected fraud or violation of the partially meets the power requirements of our Xperia Mall
Company’s Code of Conduct. The said mechanism also provides iii. Capital investment on energy conservation
for adequate safeguards against victimisation of persons who use equipment
such mechanism and makes provision for direct access to the The Company continues to make project level investments
chairperson of the Audit Committee in appropriate or exceptional for reduction in consumption of energy. The capital investment
cases. on energy conservation is embedded in project cost and is not
separately quantified.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION,
FOREIGN EXCHANGE EARNINGS AND OUTGO iv. Impact of measures for reduction of energy consumption
Particulars as required under the provisions of Section 134(3)(m) • Direct reduction in the electricity demand
of the Companies Act, 2013 read with Rule 8 of the Companies • Reduction in costs of procuring the energy
(Accounts) Rules, 2014 in respect of conservation of energy, • Reduced transportation needs, improvement in health and
technology absorption, foreign exchange earnings and outgo etc. wellbeing of construction workforce
are furnished below:
• Reduction in overall carbon footprint of the comapay's
A. Conservation of Energy operations
i. Steps taken or impact on conservation of energy B. Technology absorption
• Increased focus on passive designs to reduce the energy We continually implement initiatives which improve efficiency
footprint of a building and reduce the overall carbon footprint of our operations:
• Keeping walkability quotient high on township projects
i. Efforts made towards technology absorption
• LEED USGBC and BEE rated commercial portfolio
a. We have designed the air conditioning system of one
• Glazing used across our offices projects is better than the of our upcoming building with DOAS (Dedicated
glazing recommended in the ECBC/ECBC+ categories outdoor air systems) so that we can deploy high
• Fine tuning of electrical demands based on historical data temperature chillers to achieve exceptional energy
analysis. performance
• Deployment of roof insulation, high solar reflectance b. We have also initiated discussion to adopt newer
index (SRI) paints and green terrace, together or renewable energy utilization models like green tariffs
separately across produce to reduce the overall building through utility companies.
air conditioning requirements thereby improving the c. As part of our pandemic resilience efforts, we have
building performance started deploying UVGI filtration to all air handling
• Use of premium efficiency motors in our projects units under our management
• Installation BEE 5-star AC units across apartments in our d. We have entered into MoUs and agreements with EV
high end and flagship projects despite higher upfront charging infra providers to enable EV charging
capex. progressively at all our projects.
• Use of variable frequency drives for all elevators and ii. Benefits derived like product improvement, cost
select air conditioning equipment. reduction, product development or import substitution
• Lighting control systems in select common areas; and a. These initiatives will help us achieve very high energy
extensive use of LED lights performance, thereby making our product more
• Use of extensive use of materials like fly ash, GGBS, etc. competitive
at all our projects, resulting in saving of cement thus
indirectly saving energy consumed in manufacturing of b. Our efforts also promote the use of electric vehicles which
cement. are good for environment and are aligned with the long-
term vision of 2030 EV Policy of the Government of India
15
iii. Imported Technology DIRECTORS’ RESPONSIBILITY STATEMENT

Nil Pursuant to the requirement clause (c) of sub-section (3) of Section
134 of the Companies Act, 2013, your Directors confirm that:
C. Foreign Exchange Earnings & Outgo a. in the preparation of the annual accounts for the financial year
During financial year 2020-21, foreign exchange earnings and ended March 31, 2021, the applicable accounting standards
outgo was ` 12.46 crore and ` 36.66 crore respectively. have been followed and there are no material departures
b. they have selected such accounting policies and applied them
GENERAL DISCLOSURES
consistently and made judgments and estimates that are
Your Directors state that for the financial year ended March 31, reasonable and prudent so as to give a true and fair view of
2021, no disclosures are required in respect of the following items the state of affairs of the Company as at March 31, 2021 and
and accordingly confirm as under: of the profit/loss of the Company for the financial year ended
on that date;
i. The Company has neither revised the financial
c. they have taken proper and sufficient care for the maintenance
statements nor the report of Board of Directors. of adequate accounting records in accordance with the
ii. No cases were filed pursuant to the Sexual Harassment of provisions of the Act for safeguarding the assets of the
Women at Workplace (Prevention, Prohibition and Redressal Company and for preventing and detecting fraud and other
Act, 2013. The Company has complied with provisions relating irregularities;
to the constitution of Internal Complaints Committee under d. they have prepared the annual accounts on a going concern
this Act. basis;
e. they have laid down internal financial controls to be followed
iii. There are no material changes or commitments affecting the
by the Company and such internal financial controls are
financial position of the Company between March 31, 2021 adequate and operating effectively;
and the date of this report. f. they have devised proper systems to ensure compliance with
iv. The Company has not accepted any deposits during financial the provisions of all applicable laws and that such systems
year 2020-21. were adequate and operating effectively.
v. No instance of fraud has been reported to Board of Directors MANAGEMENT DISCUSSION AND ANALYSIS
of the Company by the Auditors or any other person. The Management Discussion and Analysis report forms a part of
vi. No significant or material orders were passed by the this Annual Report.
Regulators/Courts/Tribunals which impact the going concern
ACKNOWLEDGEMENT
status and Company’s operations in future.
Your Directors would like to express their grateful appreciation for
vii. During the financial year 2020-21 there was no change in the the assistance and support extended by all stakeholders.
nature of the business of the Company.
viii. There has been no issue of equity shares with differential rights
as to dividend, voting or otherwise during the financial year
2020-21.
ix. The Company has complied with applicable Secretarial
Standards issued by the Institute of the Company Secretaries of
India during the financial year 2020-21.
x. No petition/application has been admitted under Insolvency &
Bankruptcy Code, 2016, by NCLT.
For and on behalf of the Board

Macrotech Developers Limited
Mukund Chitale Abhishek Lodha

Chairman Managing Director & CEO
DIN: 00101004 DIN: 00266089
Date: July 30, 2021
Place: Mumbai
16
Annual Report on CSR Activities of the Company Annexure I

1. A brief outline on Corporate Social Responsibility (CSR) Policy of the Company:
As a socially responsible company, we believe that emphasis should be placed on social and economic developement of the
community. Our CSR initiatives include educating children from low-income families, vocational training for disadvantaged youth and
other community welfare measures. We have adopted a Corporate Social Responsibility policy in compliance with the requirements of
the Companies Act, 2013 and the Companies (Corporate Social Responsibility) Rules, 2014
2. Composition of the CSR committee:
Number of
Number of
meetings of
meetings of CSR
Sr No. Name of Director Designation/Nature of Directorship CSR Committee
Committee held
attended during
during the year
the year
Chairman, Independent, Non-
1. Ashwani Kumar 1 1
Executive Director
Member, Non-Independent, Non-
2. Rajinder Pal Singh 1 1
Executive Director
3. Raunika Malhotra Member, whole time 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:
Composition of the CSR committee is available on the Company’s website on https://www.lodhagroup.in investor/board-of-directors.
CSR Policy and CSR Projects: https://www.lodhagroup.in investor/policies
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, if applicable:
Not Applicable.
5. Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate Social
responsibility Policy) Rules, 2014 and amount reqired for set off for the financial year, if any:
Amount available for set off from Amount required to be set off for the
Sr No. Financial Year
preceding financial years financial year, if any.
- - Nil Nil
6. Average net profit of the Company as per Section 135(5): ` 479.40 crore
7. (a) Two percent of average net profit of the Company as per section 135(5): ` 9.59 crore
(b) Surplus arising out of the CSR projects or programmes or activities of the previous financial years: Nil
(c) Amount required to be set off for the financial year, if any: Nil
(d) Total CSR obligation for the financial year (7a+7b-7c): ` 9.59 crore
8. (a) CSR amount spent or unspent for the financial year:
Total
Amount Amount Unspent (in `)
Spent
for the Total Amount transferred to Unspent Amount transferred to any fund specified under Schedule VII
Financial CSR Account as per section 135(6). as per second proviso to section 135(5).
Year.
(in ` crore) Amount Date of transfer. Name of the Fund Amount Date of transfer
9.68 Nil - - Nil -
17
(b) Details of CSR amount spent against ongoing projects for the financial year:
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
Sr. Name Item Local Location of Project Amount Amount Amount Mode of Mode of
No. of the from the area the project. duration allocated spent transferred Implementation Implementation
Project list of (Yes/ for the in the to Unspent - Direct (Yes/ - Through
activities No). project current CSR No). Implementing
in (in `). financial Account Agency
Schedule Year for the
VII to the (in `). project as
Act. per Section
State District 135(6) Name CSR
(in `). Registration
number.
- Not Applicable -
c) Details of CSR amount spent against other than ongoing projects for the financial year:
(1) (2) (3) (4) (5) (6) (7) (8)
Sr. Name of the Item from Local Location of the Amount Mode of Mode of Implementation -
No. Project the list of area project. spent implementation - Through Implementing Agency
activities in (Yes/ for the Direct (Yes/No).
Schedule VII No). project
to the Act. (in `
crore).
State District Name CSR Registration

number.
1. Contribution Various Yes Palava Dist 9.68 No Sitaben Shah CSR00006175
to Trust sectors Dombivali, Memorial Trust
covered by Maharashtra
Schedule
VII of the
Companies
Act, 2013
Total 9.68
(d Amount spent in Administrative Overheads: Nil

(e) Amount spent on Impact Assessment, if applicable: Not Applicable
(f) Total amount spent for the Financial Year (8b+8c+8d+8e): ` 9.68 crore
(g) Excess amount for set off, if any:
Sr. No. Particular Amount (in ` crore)
(i) Two percent of average net profit of the company as per section 135(5) 9.59
(ii) Total amount spent for the Financial Year 9.68
(iii) Excess amount spent for the financial year [(ii)-(i)] 0.09
Surplus arising out of the CSR projects or programmes or activities of the previous
(iv) Nil
financial years, if any
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] 0.09
18
9. (a) Details of Unspent CSR amount for the preceding three financial years:
Sr. Preceding Amount Amount spent Amount transferred to any fund specified Amount remaining
No. Financial transferred to in the reporting under Schedule VII as per section 135(6), to be spent in
Year. Unspent CSR Financial Year if any. succeeding financial
Account under (in `). years. (in `)
section 135 (6) Name of the Amount Date of
(in `) Fund (in Rs). transfer.
1. - Nil - - - - -
(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s): Not
applicable
(1) (2) (3) (4) (5) (6) (7) (8) (9)
Sr. Project ID. Name of Financial Year Project Total Amount spent Cumulative Status of
No. the Project. in which the duration. amount on the project amount the project -
project was allocated in the reporting spent at Completed /
commenced. for the Financial Year the end of Ongoing.
project (in `). reporting
(in `). Financial
Year. (in `)
Not Applicable
10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through
CSR spent in the financial year (asset-wise details): Not Applicable
(a) Date of creation or acquisition of the capital asset(s): None
(b) Amount of CSR spent for creation or acquisition of capital asset: Nil
(c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered,
their address etc.: Not Applicable
(d) Provide details of the capital asset(s) created or acquired (including complete address and location of the capital
asset): Not Applicable
11. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per
Section 135(5): Not Applicable
For and on behalf of the

Board Macrotech Developers Limited
Ashwani Kumar Abhishek Lodha

Chairman of CSR Committee Managing Director & CEO
DIN: 02870681 DIN: 00266089
19
Salient Features of the CSR Policy

[Pursuant to Section 135 of the Act & Rules made thereunder]
Mission Statement 6. Contributions to the Prime Minister’s National Relief Fund

As a socially responsible company, we believe that emphasis should or any other fund set up by the Central Government for
be placed on social and community service. Our CSR initiatives socio-economic development and relief and welfare of the
include educating children from low-income families, vocational Scheduled Castes, the Scheduled Tribes, other backward
training for disadvantaged youth and other community welfare classes, minorities and women;
measures. We have adopted a Corporate Social Responsibility 7. Contributions or funds provided to technology incubators
policy in compliance with the requirements of the Companies Act, located within academic institutions which are approved by
2013 and the Companies (Corporate Social Responsibility) Rules, the Central Government;
2014.
8. Rural development projects;
Salient features of the CSR Policy
The Company may contribute to other areas of interest as
A. Policy Objectives: permitted under Schedule VII of the Companies Act and
The objective of this Policy is to set out guiding principles update the above list as per Section 135 and Schedule VII of
for carrying out CSR activities and also to set up process of the Companies Act.
implementation and monitoring of CSR activities to be
The implementation and monitoring of CSR policy is in compliance
undertaken by the Company.
with CSR objectives and policy of the Company.
B. Implementation:
All CSR projects/activities will be over and above the normal
course of the Company’s business and will be implemented as
permissible under the applicable provisions of the Companies
Act.
C. Governance:
CSR implementation shall be periodically reviewed and
monitored by the CSR Committee of the Board constituted as
per the requirements of Section 135 of the Companies Act,
2013.
D. CSR focus areas:
The Company may undertake the following activities under the
ambit of CSR:
1. Eradicating hunger, poverty and malnutrition, promoting
health care including preventive health care and
sanitation and making available safe drinking water;
2. Promoting education, hosting events, performances in pure
arts including special education and employment
enhancing vocational skills especially among children,
women and the differently abled and livelihood
enhancement projects;
3. Promoting gender equality, empowering women, setting up
homes and hostels for women and orphans; day care
centers and such other facilities and measures for reducing
inequalities faced by socially and economically backward
groups;
4. Ensuring environmental sustainability, ecological balance,
protection of flora and fauna and conservation of natural
resources;
5. Protection of national heritage, art and culture; setting up
public libraries; promotion and development of traditional
arts and handicrafts;
20
Nomination & Remuneration Policy Annexure II

1. Appointment of Directors, KMP and Senior Management 5. Policy implementation
Personnel The Nomination and Remuneration Committee is responsible
The Committee shall ascertain the integrity, qualification, for recommending the remuneration policy to the Board.
expertise and experience of the person identified for The Board is responsible for approving and overseeing
appointment as Director, KMP or Senior Management and implementation of the remuneration policy.
recommend his/her appointment to the Board.
6. Modification and amendment
Appointment / reappointment of Managing Director and CEO Any changes or modification to this Policy shall be
or Whole-time Director shall be for a term not exceeding five recommended by the Committee to the Board for its approval.
years at a time. No re-appointment shall be made earlier than This Policy may be reviewed and amended by the Board as
one year before the expiry of term. and when any changes are to be incorporated due to changes
An Independent Director shall hold office for a term up to five in the regulations or as thought necessary or appropriate by
consecutive years and will be eligible for re-appointment on the Board.
passing of a special resolution by the Company and disclosure
of such appointment in the Board’s report. No Independent
Director shall hold office for more than two consecutive
terms, but such Independent Director shall be eligible for
appointment after expiry of three years of ceasing to become
an Independent Director.
2. Removal of Directors, KMP or Senior Management
Personnel
The Nomination & Remuneration Committee may recommend
removal of a Director, KMP or Senior Management personnel,
to the Board with reasons recorded in writing, subject to
the provisions and compliance of the said Act, rules and
regulations.
3. Retirement of Directors, KMP or Senior Management
Personnel
Directors, KMP and Senior Management shall retire as per the
applicable provisions of the Companies Act, 2013 and the
prevailing policy of the Company. The Board will have the
discretion to retain the Directors, KMP and Senior Management
in the same position / remuneration or otherwise, even after
attaining the retirement age, for the benefit of the Company.
4. Remuneration to Directors, KMP and Senior Management
Personnel
Overall remuneration should be reasonable and sufficient
to attract, retain and motivate top talent aligned to the
requirements of the Company (taking into consideration
the challenges faced by the Company and its future growth
imperatives) and shall be consistent with recognised best
practices.
Remuneration / compensation / commission etc. to be paid
will be determined by the Committee and recommended to
the Board for approval and shall be shall be in accordance
with the provisions of the Companies Act, 2013, and the rules
made thereunder
Increments to the existing remuneration / compensation
structure may be recommended by the Committee to the Board
which should be within the limits approved by the Shareholders
in the case of Managing Director/ Whole-time Director.
21
Form No. MR-3 Annexure III

Secretarial Audit Report
For the Financial Year Ended March 31, 2021
[Pursuant to section 204(1) of the Companies Act, 2013 and rule No.9 of the Companies (Appointment and Remuneration Personnel) Rules, 2014]
To (f) The Securities and Exchange Board of India (Registrars

to an Issue and Share Transfer Agents) Regulations,
The Members
1993 regarding the Companies Act and dealing with
MACROTECH DEVELOPERS LIMITED client;
(Formerly Known as Lodha Developers Limited) (g) The Securities and Exchange Board of India (Delisting
412, Floor 4, 17 G Vardhaman Chamber, Cawasji Patel Road, of Equity Shares) Regulations, 2009; (Not Applicable
Horniman Circle, Fort Mumbai 400001 during the audit period)
I have conducted the secretarial audit of the compliance of (h) The Securities and Exchange Board of India (Buyback
applicable statutory provisions and the adherence to good of Securities) Regulations, 2018 (Not Applicable
corporate practices by MACROTECH DEVELOPERS LIMITED during the audit period)
(Formerly known as Lodha Developers Limited) (hereinafter called I have also examined compliance with the applicable clauses of the
the “Company”). Secretarial Audit was conducted in a manner following:
that provided me a reasonable basis for evaluating the corporate (i) Secretarial Standards issued by the Institute of Company
conducts/statutory compliances and expressing my opinion thereon. Secretaries of India
Based on my verifcation of the Company’s books, papers, minute (ii) The Securities and Exchange Board of India (Listing
books, forms and returns fled and other records maintained by the Obligations and Disclosure Requirements) Regulations, 2015
company and also the information provided by the Company, its During the audit period, the Company has complied with the
offcers, agents and authorized representatives during the conduct of provisions of the Act, Rules, Regulations, Guidelines, Standards, etc.
secretarial audit, I hereby report that in my opinion, the Company mentioned above.
has, during the audit period covering the fnancial year ended on
31st March, 2021 (hereinafter called the ‘Audit Period’), complied I further report that, having regard to the compliance system
with the statutory provisions listed hereunder and also that the prevailing in the Company and on the examination of the relevant
Company has proper Board-processes and compliance-mechanism documents and records in pursuance thereof, on test-check basis,
in place to the extent, in the manner and subject to the reporting the Company has complied with Real Estate (Regulation and
made hereinafter: Development) Act, 2016 to the extent applicable.
I have examined the books, papers, minute books, forms and I further report that
returns fled and other records maintained by Company for the The Board of Directors of the Company is duly constituted with
financial year ended on 31st March, 2021 according to the proper balance of Executive Directors, Non-Executive Directors
provisions of: and Independent Directors. The composition of the Board of
(i) The Companies Act, 2013 and the Rules made thereunder; Directors during the period under review was in compliance with the
provisions of the Companies Act, 2013.
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and
the Rules made there under; Adequate notice is given to all directors to schedule the Board
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws Meetings, agenda and detailed notes on agenda were sent at least
framed there under; seven days in advance, a system exists for seeking and obtaining
further information and clarifcations on the agenda items before the
(iv) Foreign Exchange Management Act, 1999 and the rules and
meeting and for meaningful participation at the meeting.
regulations made thereunder to the extent of Overseas Direct
Investments; - (Foreign Direct Investment and External All decisions at Board Meetings and Committee Meetings are
Commercial Borrowings are not applicable to the carried out unanimously as recorded in the minutes of the meetings
Company during the Audit Period). of the Board of Directors or Committee of the Board, as the case
(v) The following Regulations and Guidelines prescribed under the may be.
Securities and Exchange Board of India Act, 1992 (‘SEBI Act’); I further report that there are adequate systems and processes in
(a) The Securities and Exchange Board of India the company commensurate with the size and operations of the
(Substantial Acquisition of Shares and Takeovers company to monitor and ensure compliance with applicable laws,
Regulations, 2011; rules, regulations and guidelines.
(b) The Securities and Exchange Board of India (Prohibition
Shravan A. Gupta & Associates
of Insider Trading Regulations) 2015;
Practicing Company Secretary
(c) The Securities and Exchange Board of India
(Issue of Capital and Disclosure Requirements Shravan A. Gupta
Regulations, 2018. ACS: 27484, CP: 9990
(d) The Securities and Exchange Board of India (Share Place: Mumbai
based employee benefits) Regulation, 2014; UDIN: A027484B000364678
(e) The Securities and Exchange Board of India (Issue and Date: May 14, 2021
Listing of Debt Securities) Regulations, 2008;
22
To
The Members
(Formerly Known as Lodha Developers Limited)
412, Floor 4, 17 G Vardhaman Chamber, Cawasji Patel Road,
Horniman Circle, Fort Mumbai 400001
My report of even date is to be read along with this letter:
1. Maintenance of secretarial records is the responsibility of the management of the Company. My responsibility is to express an
opinion on these secretarial records based on my audit.
2. I have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of
the contents of the secretarial records The verification was done on test basis to ensure that correct facts are reflected in Secretarial
Records. I believe that the process and practices, I followed provide a reasonable basis for my opinion.
3. I have not verified the correctness and appropriateness of financial records and books of accounts of the Company.
4. Wherever required, I have obtained Management Representation about the compliance of laws, rules and regulations and
happening of events, etc.
5. The compliance of the provisions of corporate and other applicable laws, rules, regulations, standards is the responsibility of
management. My examination was limited to the verification of the Procedures on test basis.
6. The Secretarial Audit report is neither an assurance as to future viability of the Company nor of the efficacy or effectiveness with
which the management has conducted the affairs of the Company.

Shravan A. Gupta
ACS: 27484, CP: 9990
Place: Mumbai
Date: May 14, 2021
23
Form No. MR-3

SECRETARIAL AUDIT REPORT
For the Financial Year Ended 31st March, 2021
[Pursuant to section 204(1) of the Companies Act, 2013 and rule No. 9 of the Companies (Appointment and Remuneration Personnel) Rules, 2014]
To, I have also examined compliance with the applicable clauses of the
The Members, following:
Palava Dwellers Private Limited
412, Floor - 4, 17G Vardhaman Chamber,
• Secretarial Standards issued by The Institute of Company
Cawasji Patel Road, Horniman Circle,
Secretaries of India
Fort, Mumbai – 400001
During the year under review the Company has complied with
I have conducted the Secretarial Audit of the compliance of
the provisions of the Act, Rules, Regulations, Guidelines,
applicable statutory provisions and the adherence to good
Standards, etc. mentioned above.
corporate practices by Palava Dwellers Private Limited
(hereinafter called “the Company”). Secretarial Audit was I further report that, during the year under review:
conducted in a manner that provided a reasonable basis for • The Board of Directors of the Company is duly constituted with
evaluating the corporate conduct/statutory compliances and adequate count of total number of directors. There are no
expressing my opinion thereon. changes in the composition of the Board of Directors during the
Based on my verification of the Company’s books, papers, minute year under review.
books, forms and returns filed and other records maintained by the • Adequate notice is given to all directors to schedule the Board
company and also the information provided by the Company, its Meetings, agenda and detailed notes on agenda were sent at
officer, agents and authorized representatives during the conduct of least seven days in advance, and a system exists for seeking and
secretarial audit, I hereby report that in our opinion, the company obtaining further information and clarifications on the agenda
has, during the audit year covering the financial year ended on items before the meeting and for meaningful participation at the
31st March, 2021, complied with the statutory provisions listed meeting.
hereunder and also that the Company has proper Board-processes • As per the minutes of the meetings duly recorded and signed
and compliance-mechanism in place to the extent, in the manner by the Chairman, the decisions of the Board were unanimous
and subject to the reporting made hereinafter: and no dissenting views have been recorded. I further report
I have examined the books, papers, minutes books, forms and that based on the information provided and on the basis of the
returns filed and other records maintained by the Company for Compliance Certificate(s) issued and taken on record by
the financial year ended on 31st March, 2021 according to the the Board of Directors at their meeting(s), I am of the opinion
provisions of: that there are adequate systems and processes in the Company
i. The Companies Act, 2013 (the Act) and the rules made commensurate with the size and operations of the Company
thereunder; to monitor and ensure compliance with applicable laws, rules,
regulations and guidelines.
ii. The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the
rules made thereunder;- Not Applicable for the year under I further report that during the audit period, there were no specific
review events/actions having major bearing on Company’s affairs in
pursuance of the above referred laws, rules, regulations, guidelines,
iii. The Depositories Act, 1996 and the Regulations and Bye-laws
standards, etc.
framed thereunder;
iv. Foreign Exchange Management Act, 1999 and the rules
and regulations made thereunder to the extent of Foreign Direct For Sharatkumar K Shetty & Associates
Investment, Overseas Direct Investment and External Practising Company Secretary
Commercial Borrowings;- Not Applicable for the year under _______________________
review Sharatkumar Shetty
v. I have observed that the Company is not a listed company CP No. 18123
and hence, the Regulations and Guidelines prescribed under the Membership No.: 31888
Securities and Exchange Board of India, 1992 are not Place: Mumbai
applicable. Date: 13th May, 2021
vi. I further report that, having regard to the compliance system UDIN:-A031888C00035478
prevailing in the Company and based on the information Note: This report is to be read with our letter of even date which is
provided by the company, the Company has complied with Real annexed as ‘ANNEXURE A’ and forms an integral part of this report.
Estate (Regulation and Development) Act, 2016 to the extent
applicable.
I further report that, the compliance by the Company of applicable
financial laws such as direct and indirect tax laws and maintenance
of financial records and books of accounts have not been reviewed
in this Audit since the same have been subject to review by the
statutory financial auditors, tax auditors, and other designated
professionals.
24
Annexure A
To,
The Members,
Palava Dwellers Private Limited
412, Floor - 4, 17G Vardhaman Chamber,
Fort, Mumbai – 400001
Our report of even date is to be read along with this letter.
1. Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is to express an opinion
on these secretarial records based on our audit.
2. I have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the
contents of the secretarial records. The verification was done on test basis to ensure that correct facts are reflected in secretarial records.
I believe that the processes and practices we followed provide a reasonable basis for our opinion.
3. I have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
4. Where ever required, I have obtained the Management representation about the compliance of laws, rules and regulations and
happening of events etc.
5. The compliance of the provisions of corporate laws, rules, regulations, standards is the responsibility of management. Our examination
was limited to the verification of procedures on test basis.
6. 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.
For Sharatkumar K Shetty& Associates

Practising Company Secretary
______________________
Sharatkumar Shetty
CP No. 18123
Membership No.: 31888
Place: Mumbai
Date: 13th May, 2021
UDIN:-A031888C000354782
25
Form No. AOC-2 Annexure IV

Particulars of material contracts or arrangement or transactions at arm’s length basis
(Pursuant to Clause (h) of sub-section (3) of Section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014
This form pertains to the disclosure of particulars of contracts/arrangements entered into by the company with related parties referred to in
sub-section (1) of Section 188 of the Companies Act, 2013 including certain arm’s length transactions under third proviso thereto.
1. Details of contracts or arrangements or transactions not at arm’s length basis:
There were no contracts or arrangement or transactions entered into during the financial year ended March 31, 2021, which were not
at arm’s length basis.
2. Details of material contracts or arrangement or transactions at arms’ length basis
Salient terms of
Name(s) of the Nature of Duration of the contracts or
Date(s) of
related party contracts/ the contracts / arrangements Amount paid as
approval by the
and nature of arrangements/ arrangements/ or transactions advance, if any
Board, if any
relationship transactions transactions including the
value, if any
Cowtown Infotech Land, Construction Ongoing As per N.A. N.A.

Services Pvt. Ltd. and Development agreement
Cost
Relationship: -
Wholly Owned
Subsidiary
Primebuild Income From Ongoing As per N.A. N.A.
Developers And Property agreement
Farms Pvt. Ltd. Development
Relationship: -
Wholly Owned
Subsidiary


DIN: 00101004 DIN: 00266089
Date: July 30, 2021

Place: Mumbai
26
Particulars of Remuneration Annexure V

[Pursuant to Section 197(12) of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014]
INFORMATION PURSUANT TO RULE 5(1) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL
PERSONNEL) RULES, 2014
1. The ratio of the remuneration of each director to the median remuneration of the employees of the Company and
percentage increase in remuneration of each Director, Chief Executive Officer, Chief Financial Officer and Company Secretary
in the financial year:
% Increase in
Ratio to median
Name remuneration in the
remuneration
financial year
Executive Directors
Mr. Abhishek Lodha 1 44.14 59.84%
Mr. Rajendra Lodha 16.33 -13.69%
Ms Raunika Malhotra 2
11.69 N.A.
Independent Directors
Mr. Mukund Chitale 6.30 -25.92%
Mr. Ashwani Kumar 5.91 N.A.
Ms. Berjis Desai 3
N.A N.A.
Non-Executive Non-Independent Director
Mr. R.P. Singh N.A. N.A.
Chief Financial Officer
Mr. Sushil Kumar Modi 4 N.A. N.A.
Mr. Jayant Mehrotra 3 N.A. N.A.
Company Secretary
Ms. Sanjyot Rangnekar 5 N.A. 117.55%
1. In FY 2019-20 and FY 2020-21, Mr Abhishek Lodha voluntarily took a lower remuneration than that approved by the Board. The limit approved by shareholders
is `10 crore
2. Appointed as Director with effect from June 26, 2020
3. Resigned during Q1 of FY 2020-21
4. Appointed as CFO with effect from June 26, 2020
5. Remuneration for FY 2020-21 includes the amount availed under the Company’s housing benefit plan
2. There was a decrease of 32.06% in the median remuneration of employees in the financial year 2020-21.
3. There were 2,717 permanent employees on the rolls of Company as on March 31, 2021.
4. There was no increase in the salaries of the employees during financial year 2020-21. The reasons for variation if any in the
remuneration of managerial personnel is explained as footnotes to the table above
5. The Company affirms that the remuneration is as per the remuneration policy of the Company.


DIN: 00101004 DIN: 00266089
Date: July 30, 2021

Place: Mumbai
27
MANAGEMENT DISCUSSION & ANALYSIS
World Economic Overview momentum remains critical for the eventual opening up of the
economy and thus the growth. It is heartening to know that the
More than one year into the pandemic, global economic recovery
vaccination in India is progressing well with more than 325
continues to remain uncertain in the near term. While growing
million vaccine doses already administered by end of June 2021.
vaccine coverage lifts sentiments and global growth prospects,
Fulfilment of India’s aim to vaccinate the entire eligible population
newer virus mutations and the corresponding toll on humanity raise
by December will likely yield growth dividend in the second half of
concerns where health & safety of the citizens becomes the primary
the fiscal.
focus over the economic growth for policy makers. On one hand
high frequency indicators point to a strengthening of growth, led by
some of developed markets, while, on the other a renewed global Indian Real Estate Industry Overview
surge in Covid cases by more transmissible strains has led to newer The Indian real estate sector, which includes the residential,
restrictions in several countries. This has led to diverging economic office, retail, industrial, logistics and hospitality segments, is a key
recoveries across different countries and geographies depending contributor to GDP growth, and is one of the largest employers in
upon the extent of policy support and effort towards normalization. India- second only to agriculture. The sector contributes nearly 6%
to the total GDP of the country. According to Anarock Research
IMF forecasts that after contracting 3.3% in 2020, the global
and various industry sources, with a CAGR of around 10% Real
economy is projected to grow at 6% in 2021, moderating to 4.4%
Estate market has grown from US$ 50 bn in 2008 to US$ 120
in 2022. The recovery path across countries has been influenced
bn in 2017. The sector is expected to reach a market size of US$
by curve of the pandemic and policy actions coupled with the
1 trillion by 2030 clocking a CAGR of 18% and becoming third
impact on mobility of people. Second and third waves of infection
largest globally.
have brought back the restrictions on mobility in several countries,
multiple times. Output losses on account of such variability have In the past three to four years, Indian Real Estate has witnessed
been one of the challenges for the policy makers. Coordinated various change agents including demonetization, implementation
policy measures by central banks across the world as well as of RERA, GST, liquidity crisis, etc, which have cleaned up the sector,
cooperation on vaccination and healthcare front has averted brought transparency and have started the process for consolidation
deeper slowdown. Thanks to such unprecedented policy response, of the sector towards the branded developers.
the COVID-19 recession is likely to leave smaller scars than the
Another key contributor towards the consolidation theme for sector
2008 global financial crisis.
and the cause for its acceleration has been the sharp decline in
credit from the formal financial sector to unbranded developers.
Indian Economic Overview This coupled with lack of customer trust for this segment has meant
Due to the onslaught of Covid induced restrictions, the Indian that such unbranded players will be unable to bring any meaningful
economy is expected to have contracted sharply by -7.3% in FY21 supply in the near future. As per Anarock Research, incremental
as per the estimates released by MOSPI, Govt. of India. To boost credit to real estate developers has come down from over an
the growth, policy response from RBI and the Government has average of ` 40,000 crore over FY17-19 to merely ` 5,000 crore
been swift and coordinated. RBI has continued to maintain ample in FY20. As per estimate, this figure would have further dropped
liquidity in the system. The RBI has reduced Repo rates by 115 in FY21. Clearly the dramatic fall in incremental credit flowing
bps since the beginning of the Covid shock in March 2020 to 4% from banks & NBFCs to the developers meant that most of the
which is the lowest in decades. This has continued to keep the unbranded developers are unable to continue the existing projects
interest rates in the benign territory. Similarly, the Government on as well as launching new projects. These unbranded developers
its part has also taken various initiatives for economic recovery in along with the financial institutions who supported them earlier
response to the COVID-19 pandemic through financial packages, are now looking at the branded and stronger tier-1 developers to
tax reliefs, relaxation in interest payments, etc. Aggregate demand rescue those projects by taking over the existing projects and/or
conditions after opening up in 2020, have remained resilient. In tie-up for their new land parcels. Thus, the sector is currently very
its first monetary policy statement for 2021-22, the RBI retained favourable for the well-known branded developers.
its projection of real GDP growth for the year at 10.5%. Some of
the green shoots were already visible in the economy in March Residential Market Overview
such as the record GST collections, petrol consumption, electricity
FY21 for residential market could be termed as the tale of two
generation etc. As per the household survey of the Centre for
halves. It was the most volatile year on record as a residential
Monitoring Indian Economy (CMIE), employment conditions
industry already struggling for survival was forced to deal with a
brightened in March, with the unemployment rate sliding to 6.5%.
collapse in residential demand caused by the pandemic induced
With the second wave of COVID-19 infections forcing authorities lockdowns in Q1FY21. In 1HFY21, it seemed unlikely that the
to bring back restrictions, economic activity in general and activity subsequent economic fallout would allow market demand to
in contact intensive sectors particularly is set to suffer again. This revive in any meaningful way. However, once the initial panic
puts the nascent recovery under some risk. Continued vaccination subsided in 2HFY21, due to improved understanding of the fight
28
against the pandemic, economic activity resumed, and market developers even at a premium. The real estate sector of MMR is
forces rationalized over the latter half of the year. The broad- well structured and corporatized as compared to other cities due to
based income disruption caused by the pandemic weighed heavy the early implementation of RERA in Maharashtra. This may lead to
on market sentiment initially. Homeownership has traditionally a further acceleration of revival of the sector in the city.
been a coveted aspiration of the average Indian and the acute
The Pune market witnessed a balanced year in terms of supply
loss of income security felt by the masses during the worst of the
and demand. As per Anarock Research, nearly 24,000 units were
pandemic only reinforced this sentiment. Contrary to the initial
launched and approximately 23,500 units were sold during CY20.
belief that Covid would likely hurt the residential demand, it made
During 1Q CY21, it further sold 10,550 units showing 47% YoY
people realize the importance of owning a quality home. Thus, as
growth, further cementing recovery. As of Q1CY2021, the city has
the economy opened up, people who had under-bought for last
96,440 units available for sale which is nearly 15% of the total
several years rushed to transact. This was further boosted by the
available inventory across top 7 Indian cities.
lowest home loan rates (sub 6.8%), in several decades and stamp
duty cuts introduced by the Maharashtra government. This trend
was clearly evident in the registration data as well as the volumes Opportunities
reported by the larger developers. We believe that long term structural potential for the sector to grow
is immense. Indian real estate industry has strong structural growth
Quarterly sales volumes have steadily improved since Q1FY21 and
drivers which will keep the longer-term demand trends robust even
have surpassed the 2019 pre-COVID quarterly sales average in
as the industry undergoes the sectoral cyclicality. These are as
Q4FY21. Considering that this is the second consecutive quarter
under:
to show strong volumes, it indicates that the market is recovering
well. As per Knight Frank Research, 71,963 units were sold during • Rapid urbanization boosting urban population
Q4FY21, 44% more than in Q4FY20. This healthy growth in • Nuclearization of families
sales also encouraged developers to launch new projects which • Improving education levels
are reflected in the 76,006 units launched during the quarter, a
• Rising household incomes
substantial growth of 38% YoY.
Over the past 5 to 6 years as the sector went through a churn from
MMR & Pune Residential Market a high demand growth period to an oversupply period, it impacted
pricing and subsequently the demand itself. This in turn meant that
MMR due to its high population density has been one of the worst
consumers continued in the ‘under-bought’ category for a long
affected cities by the COVID-19 pandemic. Consequently, the
period over the past 5 to 6 years. Given this backdrop Covid made
lockdown imposed on March 2020 extended to over 9 months in
‘under-bought’ consumers realize the value and security of a quality
the form of partial lockdowns. Several parts of MMR had to go into
home.
a second lockdown after partial reopening in the month of June
2020. Despite the initial set back, the city bounced back in the We believe that, cyclically the residential real estate sector now
second half of the year and showed strong growth. looks poised for a significant up-turn. With long-term indicators
pointing to the same:
MMR remained the most active real estate market of India which
as per Anarock Research accounted for nearly 24% and 32% of • All-time best affordability
the supply and absorption, respectively, during CY2020. The city • Lowest ever home loan rates at sub 6.8%
reported a launch of approximately 30,000 units and sales of • Narrowest ever gap between rental yield and home loan
over 44,000 units during CY2020. This continuing trend of sales rate making home ownership substantially attractive
exceeding launches during the last 4 years (since 2017) has led to • Clean up in supply: Surging sales volume during the year,
a significant reduction the unsold inventory by 12%. Q1CY2021 muted launches coupled with accelerated exit of
further saw strong growth in absorption both on a QoQ basis as weaker unbranded players means that supply overhang
well as YoY basis. As per Anarock Research, absorption increased has substantially come down for the sector.
by 46% Y-o-Y to 20,350 units during Q1CY21 surpassing the pre-
These cyclical factors have the potential to kickstart a virtuous
COVID levels. New launches also witnessed an increase albeit at
demand-price cycle. As the prices start moving up modestly in-line
a slower pace of 41% Y-o-Y during Q1CY21. Nearly 14,820 units
with inflation, demand will further get a boost as consumers will
were launched during the current quarter, gradually increasing post-
want to benefit from low home loan rate scenario.
pandemic but still lagging the absorption levels. Available unsold
inventory continued its downward trend and decreased by 3% We believe that we would be able to benefit immensely by capturing
during Q1CY2021 as compared to Q4CY2020 and was recorded this demand on the back of our superior brand recall, diversified
at 197,040 units. Based on the annualized Q1CY21 absorption, portfolio across price points & micro-markets as well as stage
unsold inventory in MMR is now just over 2 years, now pointing of construction, and our stronger financial capabilities after the
to a situation where supply is getting constrained. As per Anarock IPO. These factors make us the preferred partner of choice for
Research, the revival of market trends in the Q3CY20-Q1CY21 customers, channel partners as well as land owners who want to
is an early sign of market recovery. As per industry sources, buyers monetize their land quickly through a Joint Development model.
are interested in buying houses only from established and branded
29
Threats & Challenges 4. Pursue a value-accretive land acquisition strategy
While we are well prepared to capture the opportunities, few 5. Develop large-scale industrial parks, to begin with at
challenges in the near to medium term may have an impact on Palava
performance: 6. Continue accelerated deleveraging of the balance sheet
• Covid related lockdowns & disruptions
• Covid related impact on the wellbeing of employees Business Performance Overview
• Availability of trained labor especially given the trend of Despite being impacted severely by Covid during the year, Lodha
Covid-induced reverse migration Group managed to achieve ` 5,968 crore of pre-sales across all
segments. This was primarily driven by the company’s performance
• Rising global commodity prices
in the 2H FY21 the first half being deeply impacted by the Covid
• Unanticipated regulatory changes induced lockdowns in the MMR. This included one of our best ever
• General health of financial sector and its ability to keep quarterly pre-sales performance in (Q4 FY21) where we sold real
ample availability of mortgages estate worth ` 2,513 crore. FY21 was also a year where we got a
great impetus to our industrial & logistics parks vertical and signed
Strengths multiple deals.
The Lodha group has been involved in the real estate business Pre-sales: Our performance in key micro-markets and verticals is
since 1980s and is among of the largest real estate developers in as follows:
India. Our core business is residential real estate developments with 1. South & Central MMR: In the South & Central segment,
a focus on affordable and mid-income housing. We also have a company was able to achieve ` 2,255 crore of pre-sales. The
fledgling industrial & logistics park business where in a short span rebound in this segment has been sharpest after lockdowns
of time, we have made our mark with joint ventures with marquee being lifted. This was largely driven by availability of ready &
investors. We also develop commercial real estate, as part of mature inventory and lack of significant credible supply in the
mixed-use developments in and around our core residential projects segment from competition.
to bring vibrancy to our residential developments.
2. Thane: In Thane company achieved ` 1,700 crore of pre
Over time we have built unique strengths which will enable us to sales. This was primarily driven by strong rebound seen at all
continue our growth trajectory. Some of these are as follows: our Thane projects. There also a great traction witnessed in
1. Among India’s largest residential real estate developers our newly launched ‘Crown- Lodha Quality Homes’ brand. We
with a leadership position in the MMR, India’s most launched Crown Thane in the 2H FY20 as a new brand of
attractive market affordable homes, addressing the needs of working families in
2. Well-established brand with ability to sell at premium the MMR. The strength of the brand and product proposition
pricing throughout the construction phase has continued even during the Covid impacted FY21 and has
gained further momentum. The success of this product &
3. Proven end-to-end execution capabilities with continuous
brand showcases our ability to be ahead of competition in
innovation and ability to deliver projects at a competitive
terms of launching new innovative products. We were able to
cost
execute the design of such a product due to our ability to have
4. Strong focus on sustainable development a very competitive cost structure across the entire value
5. Highly diversified portfolio across price points and micro- chain of the development.
markets in the MMR with a focus on affordable and mid-
3. Extended Eastern suburbs of MMR: In the Extended Eastern
income housing
suburb of MMR, the company delivered a pre-sales of ` 1,044
6. Unique ability to develop townships and generate crore. The business was deeply impacted by disruptions due
recurring cash flows to Covid as fewer people could transact in 1H FY21. The
7. Innovative marketing and sales strategies segment witnessed a late rebound in the year and clocked
8. High quality management team ` 349 crore of Pre-sales in 4Q FY21. Both our townships at
Palava & Upper Thane in this suburb witnessed new launches
in 2H FY21 showcasing the rebound in growth. Additionally, at
Strategies Upper Thane, we have started developing plotted
We have adopted following elements in our near to medium term developments (plots and villas) as a separate project named
business strategy in order to drive and maximize shareholder value. ‘Lodha Villa Royale’. In light of the COVID-19 pandemic,
1. Focus on enhancing leadership position in residential demand for such a villa and open area development has been
developments by growing in the micro markets of MMR & quite encouraging. This product near Upper Thane is part of
Pune where we currently have a limited presence our continuing efforts on product innovation which has
2. Gradually diversifying in select tier-I Indian cities in the significant potential to tap a separate set of audience, thereby
medium to long term creating new market for our products. Once again, we were
among the first to identify the Covid induced demand for
3. Leverage our leadership position to act as a partner of
independent house with open areas. We were able to launch
choice for landowners and grow using a joint
such a project due to our ability to acquire and aggregate
development or joint venture approach
land at low cost from numerous individual land owners.
30
4. Other micro-markets: From other micro-markets, the Business Development: We have a significant presence in three of
company achieved pre-sales of `365 crore mainly from Pune the seven micro-markets in the MMR.Other markets (of MMR and
& Western Suburbs of MMR. Company has plans to further Pune), where our presence is not significant, present low hanging
bring supply in these micro-markets through the JDA (Joint growth opportunities as our brand is well recognized there. We will
Development Agreement) route. use the capital light Joint Development Agreement (JDA) route to
grow into these micro markets. As an outcome of the same, post
5. Industrial & Logistics Park business: After the opening up of
listing, we have signed four JDAs in the Western Suburbs, Eastern
the city in 2HFY21, the company managed to monetize nearly
Suburbs and Pune. We have developed a strong deal pipeline
165 acres of land for `454 crore in the Palava Logistics &
giving us a visibility of consummating several such JDAs/JVS with
Industrial Park either through JVs with reputed investors
land owners from here onwards.
such as Morgan Stanley or through outright sales to some of
the marquee global players e.g., FM Logistics- a French 3PL Customer Experience: We highly value our relationship with
firm. Thus far the Company has already monetized more than our customers as we not only create a relationship but also keep
255 acres of our industrial park segment through JV or a dedicated focus on growing it with every single connect. Our
outright sale. Customer Experience commitment is to take ownership throughout
the customer’s journey with us, and this is done using a proactive
6. Others: During FY21 the company achieved pre-sales of
approach towards pre-empting our customer’s needs and providing
`150 crore from land sale other than industrial parks including
best in class involvement which further enhances our customer
acquisition by the Government for various infrastructure
association.
projects. Some of the key ongoing infrastructure projects
where our land has been identified for the purpose of Our customers’ belief in our relationship has seen a consistent
acquisition are MIDC Panvel expansion, State Reserve Police increase in our customer satisfaction scores each financial year.
Force development, Taloja bypass road widening between During the financial year 2021, we conducted 5,227 surveys where
Taloja and Khoni in the Dombivali- Navi Mumbai region and we achieved a score of 4.5 out of 5.0, a true reflection of our
Multimodal corridor from Virar and Alibaug. customers satisfaction with their experience. We have successfully
handed over 4,000 homes in the last financial year and have
Completions: During the year, construction activity was severely
seen repeat business of over, `700 crore through repurchase
curtailed especially in the backdrop of Covid-induced reverse
and referrals, a testimony of the experience we provide to our
migration of labor. For the period FY21, Lodha Group completed
customers.
2.7 million square feet. The deliveries were mainly in the Upper
Thane project which received the Occupation Certificate for first set
of buildings. This location will now benefit from occupancy starting
in the second half of this year and along with some very significant
infrastructure road connectivity, which is coming through to this
location.
Collections: Lack of construction activity coupled with covid related
lock-down also impacted our collections for the year which stood at
`5,052 crore.
31
Financial Performance Overview

Our Results of Operations
The following table sets out select financial data from our consolidated statements of profit and loss for financial years ended March 31,
2021 and March 31, 2020, the components of which are also expressed as a percentage of total revenue for such periods:
For the year ended March 31
Particulars 2021 2020
(in ` Crore) (% of Total income) (in ` Crore) (% of Total Income)
INCOME
Revenue from Operations 5,449 94.4% 12,443 99.1%
Other Income 323 5.6% 118 0.9%
Total Income 5,772 100.0% 12,561 100.0%
EXPENSES
Cost of Projects 3,604 62.4% 9,550 76.0%
Employee Benefits Expense 286 5.0% 391 3.1%
Other Expenses 187 3.2% 595 4.8%
EBITDA 1,372 23.8% 1,907 15.2%
Finance Costs 1,126 19.5% 730 5.8%
Depreciation, Amortisation and Impairment Expense 73 1.3% 292 2.3%
Profit Before Exceptional Item and Tax 496 8.6% 1,003 8.0%
Exceptional Items 463 – – -
Share of Net Loss in Associate – – – -
Profit Before Tax 33 0.6% 1,003 8.0%
Tax Credit/ (Expense): 15 0.2% (261) -2.1%
Profit for the Year 48 0.8% 742 5.9%
Prior to March 25, 2020, our Company held 75.00% of Lodha Developers UK Limited and such company was accordingly consolidated in
our financial statements as a subsidiary. With effect from March 25, 2020, pursuant to the share purchase cum shareholders’ agreement,
which resulted in reduction in our Company’s ownership in such company to 51.00% and changes in management rights over relevant
activities, Lodha Developers UK Limited and its subsidiaries were consolidated under “Ind AS 111 – Joint Arrangements”. Therefore, results
of operations for year ended March 31, 2021 and corresponding period of the previous year are not comparable.
32
The table below compares the performance of India operations:

(` In Crore)

Particulars
2021 2020^
INCOME
Revenue from Operations 5,449 9,577
Other Income 323 108
Total Income 5,772 9,685
EXPENSES
Cost of Projects 3,604 6,397
Employee Benefits Expense 286 321
Other Expenses 187 511
EBITDA 1,372 2,348
Adjusted EBITDA* 1,711 2,905
Adjusted EBITDA Margin** 31.4% 30.3%
Finance Costs 1,126 686
Depreciation, Amortisation and Impairment Expense 73 291
Profit Before Exceptional Item and Tax 496 1,479
Exceptional Items 463 -
Share of Net Loss in Associate - -
Profit Before Tax 33 1,479
Tax Credit/ (Expense): 15 (258)
Profit for the Year 48 1,221
Adjusted Profit (adjusted for exceptional items) 511 1,221
^Proforma for excluding UK operations which is comparable for FY21; *Adjusted EBITDA = EBITDA + interest included in cost of projects;
**Adjusted EBITDA Margin = Adjusted EBITDA/ Revenue from operations
Total Income (including other income) stood at `5,772 crore during the financial year under review. EBITDA was `1,372 crore, while the
adjusted EBITDA was at `1,711 crore implying an adjusted EBITDA margin of 31.4%. Numbers for FY21 have to be seen in the context
of Covid which impacted the construction as well as pre-sales leading to lesser completions and thus lower revenues. Covid-led muted
revenue recognition further impacted the profitability ratios on account of lower operating leverage. This is likely to reverse as the economy
normalizes post pandemic.
Cash Flows
The table below summarizes our cash flows for the consolidated operations for the year ended March 31, 2021 and 2020.
(` In Crore)

Particulars
2021 2020
Net cash generated from operating activities 2,524 3,772
Net Cash Flows from Investing Activities 420 212
Net Cash Flows used in Financing Activities (2,835) (4,189)
Net Increase / (Decrease) in Cash and Cash Equivalents 109 (205)
33
Indebtedness
As of March 31, 2021, our consolidated indebtedness is as set out below
(` In Crore)
As at
Category of borrowings
31-March-21 31-March-20
India Debt
Non-Convertible Debentures 4,916 5,035
Other loans (Secured & Non-Secured) 11,637 11,705
Total (A) 16,553 16,740
Overseas Debt
Senior notes (Secured) 1,640 1,683
Total (B) 1,640 1,683
Total (A+B) 18,193 18,423
As described above, our debt pertaining to India operations stood at `16,553 crore. Overseas debt of `1,640 crore is secured
against UK cashflows.
Key Financial Ratios (Consolidated)

Following are the Key Ratios disclosed in accordance with SEBI (Listing Obligations and Disclosure requirements 2018) (Amendment)
Regulations 2018
Ratios (Definition) 2021 2020 % Change Reason for change
Trade Receivables Turnover Decrease in Trade Receivable Turnover ratio

(Revenue from Operations/ Average 7.52 19.46 (61%) is mainly on account of lower revenue due to
Trade Receivables) Covid 19 pandemic
Inventory Turnover Decrease in Inventory Turnover ratio is mainly

0.13 0.27 (54%) due to lower cost of projects corresponding to
(Cost of projects/ Average Inventory) lower revenue.
Interest Coverage Ratio Decrease in Interest Coverage ratio is on

1.44 2.37 (39%) account of lower EBIT corresponding to lower
(EBIT/ Interest Expenses) revenue.
Current Ratio Improvement in Current ratio is due to
1.11 1.01 10%
(Current Assets/ Current Liabilities) reductions in Current Liabilities.
Debt Equity Ratio Improvement in Debt Equity ratio is due to

3.54 3.63 (2%) reductions in Total Debt from operating cash
(Total Debt/ Total Equity) flow.
Improvement in Operating Profit Margin is due
Operating Profit Margin (%) (EBITDA/
29.37% 16.13% 82% to non consolidation of UK Business having
Total revenue)
lower margin.
Net Profit Margin (%) Reduction in Net Profit Margin is on account of

0.83% 5.90% (86%)
(Profit After tax/ Total Revenue) exceptional items.
Return on Net Worth Return on Net Worth is lower due to lower Profit
0.94% 15.69% (94%)
(Profit After tax/ Average Total Equity) After Tax on account of exceptional items.
34
Risks And Mitigation Commodity Price Inflation Risk
We continue to be exposed to a number of risks such as economic, Risk: Rising commodity prices and its likely derivative impact has
regulatory, health and environmental risks as well as sectoral the potential to impact the profitability of the sector.
investment outlook. Some of the key risks are highlighted below. Mitigation: Commodity price inflation is often transient in nature
Risk from Covid albeit it may persist for some time before coming down again.
Impact of commodity prices on the overall cost, in the real estate
Risk: New strains of the virus could have an impact on the economy
sector is in any-case somewhat limited given that land & approval
at large. A more severe wave in future could force the authorities
cost, are a larger post cost of the structure. Our scale of operation
to implement strict lock-down measures which may have an impact
enables us to negotiate the best prices on the inputs. Also, given
on the construction activity as well as pre-sales. Associated risks
our strength of brand, we remain confident of passing on this
from covid could also impact the labour availability in the short to
inflation to end consumers.
medium term.
Re-emergence of Tier-2 Developers
Mitigation: Impact from the 2nd wave of Covid seems to be
receding. Increasing vaccination will prevent further waves or at the Risk: Supply from Tier-2 developers was one of the reasons for
very least reduce the intensity and thus its impact on economy. India the erosion of profitability in the sector during the latter half of the
has already administered more than 325 million doses of vaccine last decade. Limited supply of credit post NBFC crisis and eroding
by end of June 2021 and aims to completely vaccinate its entire customer trust on such players has meant that tier-2 developers
population by December 2021. have lost share and the supply in the industry has become more
disciplined. Any reversal of this trend could once again impact the
Economic slowdown profitability of the sector.
Risk: Real estate business is cyclical in nature and remains
Mitigation: As a branded developer, we will continue to invest
correlated with the larger economy of the country. Any slowdown
in our brand. In order to give a superior customer experience,
in the economy either as fall out of the health risk emanating from
we will be investing in technology as well as people. We believe
covid or otherwise will have an impact on our business as well.
the combination of our superior delivery track record, brand
Mitigation: As highlighted by the RBI as well as other reputed and customer experience will make us stand apart vis a vis tier-2
global organizations, we remain optimistic of the macro stability developers and enable us to continue gaining market share in our
of the Indian economy. Additionally, longer term structural drivers target markets.
for housing in India which are driven by: increasing urbanization,
rising education levels, growing per capita income etc, remain Outlook
robust. Lower home ownership as compared with other developed
As the sector emerges from the shadows of the pandemic, we
markets as well as large emerging markets implies that structural
expect the branded developers to emerge stronger. We believe
drivers would remain dominant for medium to long term. All-time
that the enablers for housing market remain intact and place us on
best affordability coupled with lowest ever home loan interest rates
a pedestal of growth. The consolidation in the sector is expected
means that impact of any economic slowdown in the near term will
to continue at an accelerating pace and we expect to improve
be overcome in a relatively short span of time.
our market share in the micro-markets where our market share is
Regulatory risk insignificant currently. We expect to enter into several JDAs as more
Risk: Any adverse change in regulatory framework can have a and more landowners as well as lenders approach us to take over
negative impact on the sector. Any bottleneck in getting approvals, their projects. In the Industrial & logistics park segment, we expect
substantial increase in various premiums and levies could impact to continue our journey of adding onto more partners and monetize
profitability of the companies operating in the sector. more land.
Mitigation: Having realized the importance of the sector towards

employment generation and its cascading benefits, Government Internal Controls
bodies including municipal authorities have been supportive The Company’s internal control systems are commensurate with
towards the sector over the past few years. We continue to the nature of its business and the size and complexity of operations.
proactively engage an various authorities through industry These systems provide a reasonable assurance in respect of
associations as well as in individual capacity on espousing industry financial and operational information, complying with applicable
issues. statutes, safeguarding of assets of the Company, prevention &
detection of frauds, accuracy & completeness of accounting records
Concentration Risk
and ensuring compliance with corporate policies. The framework
Risk: Our business is presently primarily concentrated in the MMR. includes internal controls over financial reporting, which ensures
Any adverse regional issue either on climate or economy could the integrity of financial statements of the company and reduces
adversely impact the company. the possibility of frauds. Design of key processes is reviewed
Mitigation: The Company plans on expanding into all micro- periodically, from the point of view of adequacy of controls. Internal
markets of the MMR & Pune in the near term. Over the medium controls are tested for effectiveness, across all project sites and
term we plan to expand into other tier-1 cities such as NCR, functions by the Internal Audit team, which is reviewed by the
Bengaluru and Hyderabad. This will bring geographical management for corrective action from time to time and deviations,
diversification to our business and mitigate the concentration risk. if any, are reported to the Audit Committee periodically.
35
Human Resources We publish more than 75% of our open positions on our internal
talent portal PRISM with an objective of closing at least 20% of
We consider our people as our most valued assets and pay utmost
these positions internally by providing role enhancements and
attention to their development and well-being. We have 2,647
growth opportunities to current associates.
associates on our payroll. It is our endeavour to provide a safe and
conducive workplace to all our associates, our workplace is also Our Key Associate Group (KAG) program (Introduced in 2016),
highly performance driven and free from any discrimination. We is designed for the top most talent working with us. In addition
provide equal employment opportunities regardless of age, color, to enhanced benefits around housing, health and holidays, a
disability, marital status, nationality, race, religion, caste, place of dedicated relationship manager who takes care of their career
birth, descent, sexual orientation, and gender identity. We strive to aspirations, development needs and other factors is assigned to
maintain a good work environment that is free from any personal each key associate to ensure that they have a faster progression
and sexual harassment. and experience an overall comfortable environment at work.
Our policies are robust and provide a standard framework and Our key associates have access to a large array of eLearning
structure to our way of working. They provide clear guidelines to programs and micro-learning sessions. This has opened the door to
associates on how the Company operates and instil the importance self-paced learning and our associates took 13,000 online courses
of integrity and ethical behaviour. The Company’s policies are and 1,000+ participants were a part of offline training interventions.
compliant with extant laws and regulations and provide clarity
Health & Safety
about expectations laid down from the associates and other
stakeholders. Providing a safe working environment for our associates,
contractors and laborers is of paramount importance for us at
Culture Tenets at Lodha Lodha. We have achieved zero fatality with 16 million+ safe man
We are an organization that is extremely fast and dynamic but at hours of construction work across our project sites. More than
the same time, holds a firm foundation and strong value system 20,000 workmen have benefitted from our various labor welfare
which is performance driven and welcomes innovation. Our initiatives.
associates are free to act and exhibit a strong sense of ownership. Our associates have various health benefits including medical
The nine culture tenets are our accepted norms and guiding beliefs insurance, 24x7 free doctor consultations, in-house nutritionist and
shared by everyone in the organization as the right way to think, numerous other initiatives which ensure their physical, mental and
feel and behave. emotional well-being. Maternity benefits, crèche policy and other
EXCEPTIONAL - We are an exceptional company and we will exclusive wellness initiatives ensure that our women associates have
achieve exceptional outcomes a conducive work environment and are able to strike a balance
between home and work
FORTHRIGHT - We believe in forthright and direct communication
with all our stakeholders During the COVID crisis, we extended maximum support to our
associates who were impacted by the virus. In addition to providing
CUSTOMER CENTRIC - We are unwavering in our commitment to oxygen concentrators, medical assistance, essential PPE, home
being world class in all touch-points sanitization services and immunity booster kit, we have also
ECONOMIC VALUE CREATORS - We care about profits vaccinated 1,000+ employees, family members and third-party
contractors free of cost.
LEARNING FOCUSED - We learn from our mistakes and strive not
to repeat them in the future
Sustainability – Our Approach
NIMBLE - We are nimble in our planning and execution
During the last few decades we have grown at an unprecedented
EMPOWERED - We empower our associates to make a difference rate as a nation and as a Company. The coming decade will also
MERITOCRATIC - We invest in our people and reward for value see an ever increasing pace of urbanization and rising of household
creation income, which will offer us immense growth opportunities. All this
is happening in the backdrop of time running out to fight climate
COLLABORATIVE - We expect collaboration & high performance change. We have always cared about the environment because we
from all our associates care about our children, and believe that the future generations
deserve to be given a better earth than what we inherited.
People Development
Hiring and assimilation of new talent is the key responsibility of a Over the past few years, the climate change and sustainable
Talent Assessment Champion (TAC). Under the TAC initiative, the development have become ever contextual. We realize that we
best people managers and leaders at Lodha are entrusted with the have a much larger responsibility given that we are the largest
responsibility to hire the best talent for future. A TAC is expected to real estate company in the market; we know that we will be setting
raise the bar of talent we get on-board and also act as a mentor for the benchmarks for high quality and sustainable development,
them. They focus on getting people with the right skill set and also across price segments in India. It is important to develop the right
lay a larger focus on right attitude and best culture fitment for the perspective towards climate change, and the significant transition
organization. With enhanced focus on internal mobility, we target to and physical risk global warming we are confronted with.
build most of our leadership pipeline from within the organization.
36
We have partnered with Rocky Mountain Institute, Colorado, USA By defining over-arching North Star goals for sustainability, we will
for developing a roadmap for a zero carbon future and aim to create long-term value and are certain to receive support from
achieve carbon neutrality in our operations by 2035. various stakeholders in this transformative journey. Our North Star
goal of carbon neutrality by 2035 adheres to an internationally
Aiming for a zero carbon future is the need of the houres, currently
recognised commitment framework and we will be entering into a
buildings account for 35% of energy consumption in India and this
formal commitment with the framework in the FY2021-22.
number is growing, and companies like us can lead the change and
help to reverse this increase. The opportunity is significant especially In India’s fight against climate change, we will continue building
when read with the estimates that the urban infrastructure in India the world’s finest developments while preserving nature and her
will see a doubling of size in this decade. resources. The commitment remains to make a difference and we
work towards the larger goal shared by all, a goal to leave no
carbon footprint.
A. Environmental KPIs Achievements
Sustainable eco-system development ensuring reduced mobility needs (hence CO2 emissions) and
Efficient Planning & Design
superior quality of life
Efficient building designs, “Breathing architecture”, better & healthy air circulation, resulting in
reduced energy needs for air conditioning
Across our offices projects glazing used is better than the glazing recommended in the ECBC/
ECBC+ categories
All commercial buildings LEED Gold/ BEE certification undertaken or in the process
40 lakhs kWh per year of energy savings and reduced CO2 emissions of 2,900 tons per year,
due to use of energy efficient equipments across our projects like regenerative drive, DOAS, 5
star installations and others initiatives
Ensuring all our offices buildings our pandemic resilient (planned to get IMMUNE rating – 3 star
and 4 star)
All our future projects would be EV ready with upfront space provisioning for EV chargers in
future. EV adoption has potential to reduce CO2 emissions by 3,000+ tons per year at just
Palava project.
Energy Conservation 22 lakh kWh units per year of renewable solar power generated
1,950 tons per year of CO2 emission reduced due to implementation of various sustainability
initiatives like smart street lights, renewable power, awareness drives and others
11,700 trees saved per year (CO2 equivalent)
Water Resilience 100% treatment of used potable water across projects

30 million litres per day capacity of STPs installed, helping save 7000 million litres of potable
water per year due to use of treated water
1,150 million litres per year of potable water saved due to the implementation of various
sustainable initiatives like low flow fixtures, awareness drives, robotic cleaning and treated water
for construction
700 million litres per year of ground water saved (i.e. ground water flowing into STP), preventing
500 tons per year of CO2 emissions
Palava has an LPCD of 92 in 2020, lowest across urban India
30 million litres of water per day volume across sites for effective rain water harvesting
37
15+ Tons of organic waste processing capacity, have been installed across sites ensuring efficient
Waste Management
waste management 33
100+ acres of greens developed at Palava City
25,000 trees, planted 1.3 lakh sqft of urban forest in Thane

Green Spaces 20 acres of Nursery which has 3 Lac + plants and 300+ plant species helping promote bio-
diversity
Lakhs of trees from our in-house nursery facility is also contributed towards social plantation
drives
Palava is designed as a “pedestrian first” smart city. Upcoming phases of Palava would have
Environmental friendly
dedicated non-motorized transport corridors
Mobility services 68 lakh Kms per year of shared mobility such as buses and carpooling, preventing 780 tons per
year of CO2 emissions
35,000+ per year cycle rides, preventing 30 tons per year of CO2 emissions
38
BUSINESS RESPONSIBILITY REPORT
This section is as per Regulation 34 (2) (f) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Section A: General information about the company

1. Corporate Identity Number (CIN) U45200MH1995PLC093041
2. Name of the Company Macrotech Developers Limited
3. Registered address 412, 17G Vardhaman Chamber, Cawasji Patel Road, Horniman Circle,
Fort, Mumbai-400 001
4. Website www.lodhagroup.in
5. E-mail id [email protected]
6. Financial Year reported April 1, 2020 to March 31, 2021
7. Sector(s) that the Company is engaged in Name & Description of product/activities NIC Code
(industrial activity code-wide)
Construction and development of real 4100
estate and allied activities
8. List three key products/services that the Development of residential and commercial projects and industrial and
Company manufactures/provides (as in logistic parks.
balance sheet
9. Total number of locations where business Mumbai & Pune
activity is undertaken by the Company
10. Markets served by the Company India
Section B: Financial details of the company

1. Paid up Capital (INR) ` 395.88 crore
2. Total Turnover (INR) ` 4,299.69 crore
3. Total profit after taxes (INR): Loss Rs 185.72 crore
4. Total Spending on Corporate Social ` 9.68 crore (being 2% of the average net profit of the Company for the
Responsibility (CSR) as percentage of profit last three years as mandated in the Companies Act, 2013.)
after tax (%)
5. List of activities in which expenditure in 4 a. 3600 education – Remedial education program for workers
above has been incurred b. Labour welfare development
c. Disaster relief support
d. Labharathi Program
Section C: Other details

1. Does the Company have any Subsidiary The Company had 47 subsidiaries as on March 31, 2021
Company/ Companies
2. Do the Subsidiary Company/ Companies The BR initiatives have been initiated at a Group level and cover all
participate in the BR Initiatives of the parent operating subsidiaries in India
company? If yes, then indicate the number of
such subsidiary /company(s)
3. Do any other entity/entities (e.g. suppliers, No other entity / entities participate in the BR initiatives of the Company
distributors etc.) that the Company does
business with, participate in the BR initiatives
of the Company? If yes, then indicate the
percentage of such entity/entities? [Less than
30%, 30-60%, More than 60%]
39
Section D: BR information
1 Details of Director/Directors responsible for BR
a. Details of the Director/Director responsible for implementation of the BR policy/policies
Name : Mr. Abhishek Lodha

________________________________________
Designation : Managing Director & CEO

________________________________________
DIN : 00266089
________________________________________
b. Details of the BR head
Name : Ms. Sanjyot Rangnekar

________________________________________
Designation : Company Secretary and Compliance Officer

________________________________________
Telephone number : 91 - 22 6133 4000

________________________________________
E-mail id : [email protected]
________________________________________
2. Principle wise (as per NVGs) BR Policy/policies
The National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business (NVGs) released by the
Ministry of Corporate Affairs has adopted nine areas of Business Responsibility. These briefly are as follows:
P1 Business should conduct and govern themselves with Ethics, Transparency and Accountability
P2 Businesses should provide goods and services that are safe and contribute to sustainability throughout their life cycle
P3 Businesses should promote the wellbeing of all employees
P4 Businesses should respect the interests of, and be responsive towards all stakeholders, especially those who are
disadvantaged, vulnerable and marginalized
P5 Businesses should respect and promote human rights
P6 Business should respect, protect, and make efforts to restore the environment
P7 Businesses, when engaged in influencing public and regulatory policy, should do so in a responsible manner
P8 Businesses should support inclusive growth and equitable development
P9 Businesses should engage with and provide value to their customers and consumers in a responsible manner
Sr No Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
1 Do you have a policy / policies for Y Y Y Y Y Y Y Y Y
2 Has the policy being formulated in consultation with The Company has formulated the policies and adopted
the relevant stakeholders best practices of its own volition and has been sensitive to
the stakeholders’ interest while formulating and adopting
the same.
3 Does the policy conform to any national / The Company has commenced on its path to conform
international standards? If yes, specify to national / global standards and the policies reflect
the intent of the United Nations Global Compact, GRI
guidelines and international standards such as ISO 14001,
OHSAS 45001 and NVG Guidelines issued by Ministry of
Corporate Affairs, Government of India
4 Has the policy been approved by the Board? If yes, Since all the policies are not required to be approved by
has it been signed by MD/owner/ CEO/appropriate the Board, approval of the Board has been obtained where
Board Director? it is mandatory
40
Sr No Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
5 Does the company have a specified committee Y Y Y Y Y Y Y Y Y
of the Board/ Director/ Official to oversee the
https://www.lodhagroup.in/investor/policies
implementation of the policy? Indicate the link for the
policy to be viewed online
6 Has the policy been formally communicated to all Internal stakeholders are made aware of the policies. The
relevant internal and external stakeholders communication is an ongoing process to cover all internal
and external stakeholders
7 Does the company have in-house structure to Y Y Y Y Y Y Y Y Y
implement the policy/ policies
8 Does the Company have a grievance redressal Y Y Y Y Y Y Y Y Y

mechanism related to the policy/policies to address
stakeholders’ grievances related to the policy/
policies?
9 Has the company carried out independent audit/ N N N N N N N N N
evaluation of the working of this policy by an internal
or external agency
3. Governance related to BR 1. Does the policy relating to ethics, bribery and corruption
cover only the company?
a. Indicate the frequency with which the Board of
Directors, Committee of the Board or CEO to assess The Company has a Code of Conduct, a Transparency & Ethics
the BR performance of the Company. Within 3 Code and an Anti-Bribery, Anti-Corruption Policy, which is
months, 3-6 months, Annually, More than 1 year. applicable to all its employees in the Company and its subsidiaries.
Annually Does it extend to the Group/Joint Ventures/Suppliers/
Contractors/ NGOs/ Others?
b. Does the Company publish a BR or a Sustainability
Report? What is the hyperlink for viewing this The policy is presently applicable to the Company and its
report? How frequently it is published? subsidiaries. We are in the process of extending the policies to our
other stakeholders. The Transparency & Ethics Code and the anti
The ESG Report is available at https://www.lodhagroup. bribery, anti corruption policies are affirmed by suppliers as part of
in/about-us/about-company the on-boarding process.
Section E: Principle wise performance 2. How many stakeholder complaints have been received in
the past financial year and what percentage was
Principle 1: Business should conduct and govern themselves
satisfactorily resolved by the management? If so, provide
with Ethics, Transparency and Accountability.
details thereof, in about 50 words or so:
The Company has a Transparency & Ethics Policy which reflects
No complaints were received during financial year 2020- 21
the Company’s commitment to principles of integrity, transparency
and fairness. It forms the benchmark against which the world at Principle 2: Businesses should provide goods and services
large is invited to judge the Company’s activities. The Lodha Code that are safe and contribute to sustainability throughout their
of Conduct reinforces the Lodha values of doing things ethically life cycle
without taking undue advantage of relationships and provides a We have a strong focus on sustainability and we develop our
clean and transparent environment for doing business. projects as part of a sustainable ecosystem. This is established
The Company also has an Anti Money Laundering, Anti Bribery through our policy on Environmental Sustainability and vision 2035
and Anti Corruption Policy which seeks to prevent, deter and roadmap to achieve carbon neutrality in our operations
detect bribery and other corrupt business practices and extends to (Scope 1 and 2) in next 15 years or earlier.
implementing and enforcing effective systems to counter bribery 1. List up to 3 of your products or services whose design has
and corruption. This entails compliance with all laws, domestic and incorporated social or environmental concerns, risks
foreign, prohibiting improper payments, gifts or inducements of any and/or opportunities. For each such product, provide
kind to or from any person. the following details in respect of resource used (Energy,
The organisation has a “Zero Tolerance” for persons violating Water, Raw material etc.) per unit of product (optional)
these policies. Our products range from:
a. standalone to city scale residential developments
b. Small scale office, retail buildings to large commercial
complexes, and
c. Industrial and warehousing parks
41
We strive to set a sustainability benchmark in our products to provide a safe and healthy workplace to all our associates. We
across these asset classes and price segments, for eg: provide equal employment opportunities regardless of age, colour,
• Our entire commercial portfolio (annuity assets) is disability, marital status, nationality, race, religion, caste, place of
minimum LEED gold certified birth, descent, sexual orientation, and gender identity. We strive to
maintain a good work environment that is free from any personal
• Our flagship project Lodha Palava is an integrated smart
and sexual harassment.
city with a focus on high walkability quotient, with
amenities including clubhouses, retails, schools, sports 1. Please indicate the Total number of employees:
complexes, malls, parks and workspaces within safe The total number of employees as on 31st March 2021 is
walkable limits. 2,647
• Our projects integrate aspects of: 2. Please indicate the Total number of employees hired on
a. durability in design by being compliant with all temporary/ contractual/ casual basis
applicable codes and standards; The total employees hired on temporary basis is 40 which
b. passive integrated designs to achieve a sustainable includes 4 interns
eco-system as a whole, with the softest impact on
3. Please indicate the Number of permanent women
environment over the entire lifecycle
employees:
Does the company have procedures in place for The number of permanent women employees is 414
sustainable sourcing (including transportation)? If yes,
4. Please indicate the Number of permanent employees
what percentage of your inputs was sourced sustainably?
with disabilities:
Also, provide details thereof, in about 50 words or so.
Nil
The Company prefers to purchase from within the region to the
5. Do you have an employee association that is recognized
extent possible. However estimates of percentages have not
by management?
been undertaken. We are in the process of developing a
responsible sourcing policy in consultation with our suppliers No
and shall soon be disclosing the details and reporting formats 6. What percentage of your permanent employees are
regarding the same. members of this recognized employee association?
2. Has the company taken any steps to procure goods Not applicable
and services from local & small producers, including 7. Please indicate the Number of complaints relating to
communities surrounding their place of work? If yes, child labour, forced labour, involuntary labour, sexual
what steps have been taken to improve their capacity harassment in the last financial year and pending, as on
and capability of local and small vendors? the end of the financial year
We procure goods and services from communities in and Nil

around our large projects as part of our social commitment. 8. What percentage of your above mentioned employees
Local vendors are also subject to our best practices and were given safety & skill upgradation training in the last
guidelines which in turn make them more competitive. year?
3. Does the company have a mechanism to recycle products 29.61% employees were given safety & skill upgradation
and waste? If yes what is the percentage of recycling of training in FY 2020-21 and 44.53% during FY 2019-20.
products and waste (separately as 10%). Also, provide The percentage was slightly lower in FY 2020-21 being a
details thereof, in about 50 words or so: pandemic year.
The Company has installed solid waste management plants Principle 4: Businesses should respect the interests of, and be
aggregating to more than 15TPDs of organic waste per day responsive towards all stakeholders, especially those who are
across projects. We also have agreements with recyclers and disadvantaged, vulnerable and marginalized
waste procuring agencies in place to handle the other streams 1. Has the company mapped its internal and external
of waste as well. stakeholders?
All our projects are equipped with modern STPs of MBR/MBBR The Company has mapped its stakeholders. The classification
technologies, by this we achieve 100% waste water recycling relevant to the organization is as below:
and reduce our demand on municipal significantly by offsetting Internal Stakeholders: Customers, Employees, Channel
water demands for flushing, irrigation, hvac make up, etc. Partners, Suppliers
Our construction waste is significantly reused on site or handed External Stakeholders: Shareholders, Environment, Media,
over to recyclers and other waste procuring companies thereby Government, NGOs, community
significantly bypassing it from the landfill. 2. Out of the above, has the company identified the
disadvantaged, vulnerable & marginalized stakeholders:
Principle 3: Businesses should promote the wellbeing of all Yes, the disadvantaged, vulnerable and marginalized
employees stakeholders are included under the Government, NGOs
We consider our people as our most valued assets and pay utmost and community category under external stakeholders and are
attention to their development and well-being. It is our endeavour engaged through our CSR program.
42
3. Are there any special initiatives taken by the company 3. Does the company identify and assess potential
to engage with the disadvantaged, vulnerable and environmental risks?
marginalized stakeholders? If so, provide details thereof, The Company does a detailed Environmental Impact
in about 50 words or so: Assessment of each project prior to starting the development,
Our initiatives for marginalized communities revolve around all findings are recorded and the necessary adaptations in
providing quality education and skill based training, providing design are ensured to mitigate risk.
support post disasters, helping spread awareness of the 4. Does the Company have any project related to Clean
government run schemes etc. Employees are also involved in Development Mechanism? If so, provide details thereof,
donating monetarily or in-kind during natural calamities such in about 50 words or so. Also, if Yes, whether any
as Maharashtra flood relief, Covid 19 pandemic etc, in environmental compliance report is filed?
accordance with our CSR policy
We are in the process of completing the largest net zero energy
Principle 5: Businesses should respect and promote human commercial building in India, and are exploring renewable
rights energy avenues like open access and green tariffs.
1. Does the policy of the company on human rights cover Our aim is to continuously increase deployment of renewable
only the company or extend to the Group/Joint Ventures/ energy in our projects. We provide solar roof top water heaters
Suppliers/Contractors/NGOs/ Others? in all our residential buildings. We adopt various Energy
Efficiency programs like high efficiency equipment (5* air
The Company has a policy that is applicable to all employees
conditioners, IE3 motors, high COP chillers, etc.) across our
in the Company and its subsidiaries. We are working towards
projects, to keep a low carbon footprint of our products.
including the reach of our policy to other stakeholders.
We encourage and promote walkability and natural ventilation
2. How many stakeholder complaints have been received
in our projects which are passive design measures to keep the
in the past financial year and what percent was
environment clean due to reduced need of energy across the
satisfactorily resolved by the management?
need spectrum of the end user.
No complaints were received from any stakeholder during the
5. Has the company undertaken any other initiatives on –
year under review.
clean technology, energy efficiency, renewable energy,
Principle 6: Business should respect, protect, and make efforts etc. Y/N. If yes, please give hyperlink for web page etc.
to restore the environment While we have some initiatives listed above, we have
We strive to ensure that our designs, execution and operations reinforced the spirit of decarbonisation through our 2035
augment and strengthen the natural ecosystem that we are a part vision and roadmap for carbon neutrality in our operations
of. Over the past few years, as climate change and sustainable (Scope 1 and 2). Through this roadmap we will progressively
development have become ever contextual, we have realized that reduce our carbon emissions and will graduate to the most
our responsibility is even bigger, therefore our actions are guided efficient use of energy, along with abatement of the entire need
by our established policy on environment sustainability outlining our through renewable sources and applicable offsets
approach towards environment. 6. Are the Emissions/Waste generated by the company
1. Does the policy related to Principle 6 cover only the within the permissible limits given by CPCB/SPCB for the
company or extends to the Group/Joint Ventures/ financial year being reported?
Suppliers/Contractors/NGOs/others. Yes, our emissions are within permissible limits and the same is
Our policy acknowledges the role of our stakeholders in recorded in our six monthly EIA updates.
not only facilitating our approach but also encouraging and 7. Number of show cause/ legal notices received from
adopting its use in their own domain. CPCB/SPCB which are pending (i.e. not resolved to
2. Does the company have strategies/ initiatives to address satisfaction) as on end of Financial Year.
global environmental issues such as climate change, Nil
global warming, etc? Y/N. If yes, please give hyperlink Principle 7: Businesses, when engaged in influencing public
for webpage etc: and regulatory policy, should do so in a responsible manner
We have partnered with Rocky Mountain Institute, Colorado, 1. Is your company a member of any trade and chamber
USA for developing a roadmap for a zero carbon future or association? If Yes, Name only those major ones that
and aim to achieve carbon neutrality in our operations by your business deals with
2035. We have a Climate Change policy which outlines
The Company works with collective platforms such as trade
our approach and strategy to soften our impact on our
and industry chambers and associations to raise matters with
environment.
the relevant government bodies.
https://www.lodhagroup.in/investor/policies
43
2. Have you advocated/lobbied through above associations The group has also developed and is maintaining a public
for the advancement or improvement of public good? park called the Linear Park located at Lower Parel which is
Yes/ No; if yes specify the broad areas (drop box: open for public use.
Governance and Administration, Economic Reforms, 5. Have you taken steps to ensure that this community
Inclusive Development Policies, Energy security, Water, development initiative is successfully adopted by the
Food Security, Sustainable Business Principles, Others): community? Please explain in 50 words, or so.
No The increasing enrolment at our schools is an indicative
measure of the initiatives being well received by the
Principle 8: Businesses should support inclusive growth and
community. We maintain a continuous engagement with the
equitable development
community so as to ensure that our initiatives have maximum
1. Does the company have specified programmes/ reach. The public park is also accesed by the general public.
initiatives/ projects in pursuit of the policy related to
Principle 8? If yes details thereof? Principle 9: Businesses should engage with and provide value
Lodha is guided by the vision of 'Building a better life' initiatives to their customers and consumers in a responsible manner
aimed at engaging the community in and around our projects. 1. What percentage of customer complaints/consumer
As a part of this initiative, we are currently focusing on cases are pending as on the end of financial year?
imparting quality education, labour welfare and improvement As consumer courts and other legislative bodies were not
of public areas and amenities. We have tie-ups with reputed functional / partly functional during the year due to the
NGOs like Pratham and Goonj, which help us in the execution Covid-19 pandemic cases have largely remained pending.
of these social initiatives.
2. Does the company display product information on
We have adopted a Municipal school in Bandra, with a view to the product label, over and above what is mandated
improve the school infrastructure and the quality of education. as per local laws? Yes/No/N.A./Remarks (additional
This school has 225 children, in a years’ time, we have information):
substantially improved the infrastructure and have provided
Not applicable
students with a holistic development by imparting remedial
education. LODHA associates in association with an NGO, 3. Is there any case filed by any stakeholder against the
also impart social, cultural and nature related education on company regarding unfair trade practices, irresponsible
weekends to foster an all-round personality among kids. advertising and/or anticompetitive behaviour during the
last five years and pending as on end of financial year?
We have three schools located at Mira Road, Dombivali and
If so, provide details thereof, in about 50 words or so:
Taloja which provide affordable education to the children
coming from the under priviledged sector of the society. No
2. Are the programmes/projects undertaken through in- 4. Did your company carry out any consumer survey/
house team/own foundation/external NGO/government consumer satisfaction trends?
structures/any other organization? We conduct Customer Satisfaction Surveys, both at a
Our programs are implemented internally through Sitaben transactional level and throughout their lifecycle with Lodha.
Shah Memorial Trust under the “Lodha Foundation” brand Our overall CSAT scores have seen an improvement year on
through employee volunteers. We also partner with NGOS like year where we have moved from a score of 4.2 in FY 2018 to
Pratham and Goonj for implementation of our programmes. a 4.5 in FY 2021 on a rating scale of 1-5.
3. Have you done any impact assessment of your initiative?

No
4. What is your company’s direct contribution to community
development projects- Amount in INR and the details of
the projects undertaken?
We run an education and skill development program to ensure
that children and youth from economically weaker sections of
society have access to education and develop basic skills to
earn a decent livelihood. Our Trust supports two schools in
Nallasopara and Dombivali where structures are designed in
a way that these can be afforded by the economically poorer
sections of the society. Approx. 5,300 students are currently
enrolled in these schools. In addition to the above,
4 more schools are run (under the Lodha World School brand)
which cater to middle income sections of society (approx.
4,815 students are enrolled in the Lodha World schools).
The program was instituted to ensure that children and youth
from economically weaker sections of society have access to
education and develop basic skills to earn a decent livelihood.
44
CORPORATE GOVERNANCE REPORT
The Company’s equity shares are listed on BSE Limited and The composition of the Board as of March 31, 2021 is given
National Stock Exchange of India Limited with effect from April below:
19, 2021. This Report Corporate Governance is prepared and
presented on a voluntary basis equity on account of the belief and Name of Director Category DIN
practices of the Management in good Corporate Governance.
Mr Mukund Chitale Chairman, Non-Executive 00101004
The Company’s Philosophy On Mr Abhishek Lodha Managing Director & CEO 00266089
Governance Mr Rajinder Pal Singh Non-Executive 02943155
Responsible corporate conduct is integral to the way we do our Non-Independent Director
business. Our actions are governed by our values and principles, Mr Ashwani Kumar Independent Director 02870681
which are reinforced at all levels within the Company. We are Mr Rajendra Lodha Whole Time Director 00370053
committed to doing things the right way which means taking
Ms Raunika Malhotra Whole Time Director 06964339
business decisions and acting in a way that is ethical and is in Note: Mr. Berjis Desai resigned as director w.e.f. August 17,2020
compliance with applicable legislations. The Lodha Code of Mr. Lee Polisano was appointed as additional Director w.e.f. July 30, 2021.
Conduct (‘the Code’) is an extension of our values and reflects None of the Directors on the Board:
our continued commitment to ethical business practices across • holds directorships in more than ten public companies;
our operations. To succeed, we believe, requires highest standards • serves as Director or as Independent Directors (ID) in
of corporate behaviour towards everyone we work with, the more than seven listed entities; and
communities we touch and the environment on which we have an • who are the Executive Directors serves as IDs in more
impact. than three listed entities.
• None of the Directors of the Company are related to each
The Board of Directors (‘the Board’) is responsible for and
other and there are no inter-se relationships between the
committed to sound principles of Corporate Governance
Directors.
in the Company and plays a crucial role in overseeing how
• As on March 31, 2021, none of the Directors (other than Mr
the management serves the short and long-term interests of
Rajendra Lodha) hold equity shares in the Company.
shareholders and other stakeholders.
Necessary disclosures regarding Committee positions in other
The philosophy of Corporate Governance is a principle based public companies as on March 31, 2021 have been made by the
approach as codified in Regulation 4(2) of the SEBI (Listing Directors.
Obligations and Disclosure Requirements) Regulations, 2015 Independent Directors are non-executive directors as defined under
(“Listing Regulations”), encompassing the fundamentals of Regulation 16(1)(b) of the Listing Regulations and Section 149(6) of
rights and roles of various stakeholders of the Company, timely the Act along with rules framed thereunder. In terms of Regulation
information, equitable treatment, role of stakeholders disclosure 25(8) of SEBI Listing Regulations, they have confirmed that they
and transparency and board responsibility. are not aware of any circumstance or situation which exists or may
be reasonably anticipated that could impair or impact their ability
Board of Directors to discharge their duties with an objective independent judgement
without any external influence. Based on the declarations received
The Board of Directors along with its Committees provides from the Independent Directors, the Board of Directors has
leadership and guidance to the Management and directs and confirmed that they meet the criteria of independence as mentioned
supervises the performance of the Company, thereby enhancing under the Listing Regulations.
stakeholder value. The Board has a fiduciary relationship in
Certificate from Company Secretary in practice
ensuring that the rights of all stakeholders are protected. The
Board composition is in conformity with Regulation 17 of Listing A certificate from Shravan A. Gupta, Practicing Company Secretary
Regulations read with Section 149 of the Companies Act, 2013 in practice stating that none of the directors on the board of the
(“the Act”). Company have been debarred or disqualified from being appointed
or continuing as directors of companies by SEBI/Ministry of
The Company’s Board has an optimum combination of Executive
Corporate Affairs or any other statutory authority is annexed to this
and Non-Executive Directors including a Woman Director. As on
report.
March 31, 2021, the Board of Directors of the Company comprised
Any person who becomes Director or Officer, including an
of 6 Directors, out of which 3 were Executive Directors and 3 were
employee who is acting in a managerial or supervisory capacity,
Non-Executive Directors including 2 Independent Directors. The
shall be covered under Directors’ and Officers’ Liability Insurance
Chairman of the Board is a Non-Executive Independent Director.
Policy. The Company has provided insurance cover in respect of
legal action against its Directors under the Directors’ and Officers’
Liability Insurance.
45
Board Meetings
The Board meets at regular intervals interalia to discuss and decide During the financial year ended March 31, 2021, seven Board
on Company’s business policy and strategy. The Board / Committee Meetings were held; on June 26, 2020, September 04, 2020,
Meetings are pre-scheduled however, in case of a special and November 08, 2020, December 09, 2020, January 29, 2021,
urgent business need, the Board’s approval is taken by passing February 13, 2021 and March 30, 2021. The maximum interval
resolutions by circulation which are noted and confirmed in the between any two meetings was well within the maximum permitted
subsequent Board Meeting or by calling a meeting at shorter notice, gap of 120 days.
as permitted by law.
Details about the Company’s Directors and meetings attended by the Directors during the financial year 2020-21
No. of Board As on March 31, 2021 Other directorships
meetings
held during No. of
Membership and Chairmanship
the year: Directorships in
of the committees in public
Name of Category of public companies
Attendance companies (including the
Director(s) directorship in 7 (including the
at last AGM Company) *
and DIN the Company Company)
Chairmanships Name
Attended** (excluding Memberships of Listed Category
memberships) entity
Mukund Independent 6 Yes 7 3 4 Atul Limited Non-
Manohar Director and Executive,
Chitale Chairman Independent
(00101004) Director
Bhageria Non-
Industries Executive,
Limited Independent
Director
Larsen & Non-
Toubro Executive,
Infotech Independent
Limited Director
Larsen & Non-
Toubro Executive,
Limited Independent
Director
Abhishek Managing 7 Yes 1 Nil Nil Nil Nil
Mangal Director
Prabhat and Chief
Lodha Executive
(00266089) Officer
Rajendra Whole-Time 2 Yes 1 Nil Nil Nil Nil
Narpatmal Director
Lodha
(00370053)
Rajinder Non- 6 No 3 2 3 Nirlon Non-
Pal Singh Independent, Limited Executive,
(02943155) Non- Independent
Executive Director
Maruti Non-
Suzuki Executive,
India Independent
Limited Director
Ashwani Independent 6 N.A. 5 1 2 Gujarat Non-
Kumar Director Sidhee Executive,
(02870681) Cement Independent
Limited Director
Saurashtra Non-
Cement Executive,
Limited Independent
Director
Raunika Whole-Time 7 N.A. 1 Nil Nil Nil Nil
Malhotra Director
(06964339)
Berjis Desai*** Independent 1 N.A. N.A. N.A. N.A. N.A. N.A.
(000153675) Director
*
includes only Audit and Stakeholders Relationship Committees. **Due to exceptional circumstances caused by the COVID-19 pandemic and consequent
relaxations granted by MCA, all Board meetings in FY 2021 were held through Video Conferencing. ***Resigned w.e.f. August 17, 2020.
46
Separate Independent Directors’ Meetings issues arising out of Committee Meetings and Board discussion
The Independent Directors meet once a year, without the presence including the quality, quantity and timely flow of information
of Executive Directors or Management representatives. The between the Company Management and the Board that is
Independent Directors met once during the financial year ended necessary for the Board to effectively and reasonably perform their
March 31, 2021. The Independent Directors inter-alia discuss the duties.
Details of equity shares of the Company held by the Directors are given below: -
Name Category Number of equity shares % of holding
Rajendra Lodha Whole Time Director 200 Negligible
Mukund Chitale* Independent Director 1,020 Negligible
Raunika Malhotra* Whole Time Director 1,020 Negligible
* Subscribed in IPO, allotment made on April 15, 2021.
The Board has identified the following skills / expertise / competencies fundamental for the effective functioning of the
Company which are currently available with the Board:
Governance & Risk Experience in developing governance practices, serving the best interests of Mukund Chitale, Rajinder
all stakeholders, maintaining board and management accountability, building Pal Singh, Ashwani
long-term effective stakeholder engagements and driving corporate ethics Kumar, Lee Polisano
and values. Ability to identify key risks for the business in a wide range of
areas including legal and regulatory. Understanding of changing regulatory
framework.
Diversity of Perspective Provides a diversity of views to the board that is valuable to manage customers, Mukund Chitale, Rajinder
employees, key stakeholders and shareholders. Pal Singh, Lee Polisano
Finance and Accounting Leadership experience in handling financial management along with an Mukund Chitale, Rajinder
Experience understanding of accounting and financial statements. Pal Singh
Business management Management, Strategy, Sales, Marketing, Administration Technical Operations Abhishek Lodha, Rajendra
related to the Company’s business Lodha, Rajinder Pal Singh,
Raunika Malhotra
Board Committees March 31, 2021, i.e., on June 26, 2020, September 4, 2020,
November 8, 2020 and January 29, 2021. The composition of
The Board has constituted six committees as on March 31, 2021.
the Audit Committee of the Company is in line with Section 177 of
Audit Committee the Companies Act, 2013 read with Regulation 18 of the Listing
Regulations. The composition and attendance details of the Audit
The Audit Committee comprises three members including two
Committee are given in Table below:-
Independent Directors and one non-executive Director. The
Committee met four times during the financial year ended
No. of meetings held during the

No. of meetings attended during the
Sr. No. Name of Director financial year ended March 31,
financial year ended March 31, 2021
2021
1 Mukund M. Chitale (Chairman) 4 3
2 Rajinder Pal Singh 4 4
3 Ashwani Kumar* 4 4
* appointed as member of the committee w.e.f. June 26, 2020
All Members of the Committee are eminent professionals and the responsibility of supervising the Company’s financial reporting
have relevant experience in financial matters. The Chairman of process and internal controls viz.,
the Audit Committee was present at the Annual General Meeting 1. Overseeing the Company’s financial reporting process
to answer members’ queries. Minutes of each of the meeting of and disclosure of its financial information to ensure that its
the Audit Committee are placed before the Board in its meetings. financial statements are correct, sufficient and credible;
The Audit Committee invites the Managing Director & CEO, the
Chief Financial Officer, the Head of Finance and Accounts and 2. Recommending to the Board the appointment, remuneration
representatives of the Statutory Auditors and Internal Auditors to and terms of appointment of the statutory auditor of the
its meetings as deemed necessary. The Company Secretary acts Company;
as Secretary to the Committee. The terms of reference of the 3. Reviewing and monitoring the statutory auditor’s
Committee are in line with the provisions of Section 177 of the independence and performance, and effectiveness of audit
Act and SEBI (Listing Obligations and Disclosure Requirements) process;
Regulations 2015.
4. Approving payments to statutory auditors for any other
The Audit Committee of the Board of Directors is entrusted with services rendered by the statutory auditors;
47
5. Reviewing, with the management, the annual financial 17. Discussing with statutory auditors before the audit commences,
statements and auditor’s report thereon before submission to about the nature and scope of audit as well as post-audit
the Board for approval, with particular reference to: discussion to ascertain any area of concern;
a. Matters required to be included in the Directors 18. Looking into the reasons for substantial defaults in the payment
Responsibility Statement to be included in the Board’s to the depositors, debenture holders, shareholders (in case of
report in terms of clause (c) of sub-section 3 of Section non payment of declared dividends) and creditors;
134 of the Companies Act;
19. Reviewing the functioning of the whistle blower mechanism;
b. Changes, if any, in accounting policies and practices and
reasons for the same; 20. Approving the appointment of the chief financial officer or
c. Major accounting entries involving estimates based on the any other person heading the finance function or discharging
exercise of judgment by management; that function after assessing the qualifications, experience and
background, etc. of the candidate
d. Significant adjustments made in the financial statements
arising out of audit findings; 21. Carrying out any other function as is mentioned in the terms
e. Compliance with listing and other legal requirements of reference of the Audit Committee and any other terms of
relating to financial statements; reference as may be decided by the Board and/or specified/
provided under the Companies Act or the Listing Regulations
f. Disclosure of any related party transactions; and
or by any other regulatory authority.
g. Modified opinion(s) in the draft audit report.
22. Reviewing the utilization of loans and/ or advances from/
6. Reviewing, with the management, the quarterly, half-yearly investment by the holding company in the subsidiary exceeding
and annual financial statements before submission to the rupees 100 crore or 10% of the asset size of the subsidiary,
Board for approval; whichever is lower including existing loans / advances /
7. Reviewing, with the management, the statement of uses/ investments existing as on the date of coming into force of this
application of funds raised through an issue (public issue, provision.
rights issue, preferential issue, etc.), the statement of funds 23. Consider and comment on rationale, cost-benefits and impact
utilised for purposes other than those stated in the offer of schemes involving merger, demerger, amalgamation etc.,
document/ prospectus/ notice and the report submitted on the listed entity and its shareholders.
by the monitoring agency monitoring the utilisation of
Information to be mandatorily reviewed by the Audit Committee
proceeds of a public or rights issue, and making appropriate
recommendations to the Board to take up steps in this matter. 1. Management discussion and analysis of financial condition
This also includes monitoring the use/application of the and results of operations;
funds raised through the proposed initial public offer by the
2. Statement of significant related party transactions (as defined
Company;
by the Audit Committee), submitted by the management;
8. Approval or any subsequent modifications of transactions of
3. Management letters / letters of internal control weaknesses
the Company with related parties;
issued by the statutory auditors;
9. Scrutinizing of inter-corporate loans and investments;
4. Internal audit reports relating to internal control weaknesses;
10. Valuing of undertakings or assets of the Company, wherever it
5. The appointment, removal and terms of remuneration of the
is necessary;
chief internal auditor shall be subject to review by the audit
11. Evaluating of internal financial controls and risk management committee; and
systems;
6. Statement of deviations:
12. Establishing a vigil mechanism for directors and employees to a. quarterly statement of deviation(s) including report of
report their genuine concerns or grievances monitoring agency, if applicable, submitted to stock
13. Reviewing, with the management, the performance of statutory exchange(s) in terms of the Listing Regulations; and
and internal auditors, and adequacy of the internal control b. annual statement of funds utilised for purposes other than
systems; those stated in the document/prospectus/notice in terms
of the Listing Regulations
14. Reviewing the adequacy of internal audit function if any,
including the structure of the internal audit department, staffing Nomination & Remuneration Committee
and seniority of the official heading the department, reporting
The constitution, scope and powers of the Nomination &
structure coverage and frequency of internal audit;
Remuneration Committee of the Board of Directors are in
15. Discussing with internal auditors on any significant findings accordance with the provisions of Section 178 of the Companies
and follow up there on; Act and Regulation 19 of the Listing Regulations. The Nomination
& Remuneration Committee looks at all matters pertaining to
16. Reviewing the findings of any internal investigations by the
the appointment and remuneration of the Managing Director &
internal auditors into matters where there is suspected fraud or
CEO, the Executive Directors, Key Managerial Personnel, Senior
irregularity or a failure of internal control systems of a material
Management and administration of the employee stock option
nature and reporting the matter to the Board;
scheme of the Company.
48
The Nomination & Remuneration Committee comprises of three The Committee met twice during the financial year ended March
members including two Independent Directors. The Company 31, 2021, i.e. on June 26, 2020 and March 23, 2021.
Secretary & Compliance Officer of the Company acts as the
The composition and attendance details of the Nomination &
Secretary of the Nomination & Remuneration Committee.
Remuneration Committee are given in Table below:-
No. of meetings held during the No. of meetings attended

Sr. No. Name of Director financial year ended March 31, during the financial year
2021 ended March 31, 2021
1. Ashwani Kumar (Chairman)* 1 1
3. Mukund M. Chitale 2 2
4. Berjs Desai** 1 1
*appointed as member of the committee w.e.f. September 4, 2020 and as chairman w.e.f. February 13, 2021
**resigned as director w.e.f. August 17, 2020
The terms of reference of the Nomination & Remuneration d. make the allotment of the securities under various
Committee include: plants upon such terms and condition as may be
deemed necessary to implement the ESOS;
1. Formulating the criteria for determining qualifications, positive
attributes and independence of a director and recommending e. do all such acts, deed, matters and things as it may
to the board a policy relating to the remuneration of the in its absolute discretion, deem necessary or
directors, key managerial personnel and other employees; desirable for such purpose and with power on behalf
of the company to settle all questions, difficulties or
2. Formulating of criteria for evaluation of performance of doubts that may arise in regards to such issue(s) or
independent directors and the board of directors allotment(s) (including to amend or modify any
3. devising a policy on board diversity; of the terms of such issue or allotment) and towards
effective implementation of the ESOS as it may, in
4. Identifying persons who are qualified to become directors or its absolute discretion deem fit to carry out intent of
who may be appointed in senior management in accordance this resolution; and
with the criteria laid down, recommending to the board their
f. to delegate power and authorities to any director
appointment and removal, and carrying out evaluations of
executive or other persons in this behalf
every director’s performance;
8. Framing suitable policies and systems to ensure that there
5. Determining whether to extend or continue the term of
is no violation, by an employee of any applicable laws in
appointment of the independent director, on the basis of the
India or overseas, including:
report of performance evaluation of independent directors;
a. The SEBI (Prohibition of Insider Trading) Regulations,
6. Recommend to the Board, all remuneration, in whatever form 2015, as amended; or
payable to senior management
b. The Securities and Exchange Board of India
7. Performing such functions as are required to be performed (Prohibition of Fraudulent and Unfair Trade Practices
by the compensation committee under the Securities and relating to the Securities Market)
Exchange Board of India (Share Based Employee Benefits) Regulations, 2003.
Regulations, 2014, as amended including:
9. Performing such other activities as may be delegated by
a. to formulate, approve, decide and modify, one the Board and/or specified/provided under the
or more plan(s) under the ESOS and to determine Companies Act or the Listing Regulations, or by any other
the terms and conditions thereof; regulatory authority
b. to administer, supervise and review the
Corporate Social Responsibility Committee
implementation of the ESOS and various plans there
under; The CSR Committee comprises of three members including one
Independent Director. The Company Secretary & Compliance
c. to finalize, approve, amend and execute the
Officer of the Company acts as the Secretary to the CSR
documents /instruments such as offer letter(s),
Committee. The Committee met once during the financial year
acceptance letters, agreements and such other
ended March 31, 2021, i.e., on June 26, 2020
documents as may be necessary for the
administration and implementation of the ESOS and
various plans thereunder;
49
The composition and attendance details of the CSR Committee are given in table below
No. of meetings held during the No. of meetings attended

Sr. No. Name of Director financial year ended March 31, during the financial year
2021 ended March 31, 2021
1. Ashwani Kumar (Chairman)* N.A. N.A.
3. Raunika Malhotra# N.A. N.A.
4. Mr. Berjis Desai ^ 1 1
* appointed as member & Chairman of the committee w.e.f. June 26, 2020 # appointed as member w.e.f. September 4, 2020
^ Resigned as Director w.e.f. August 17, 2020
The terms of reference of the CSR Committee include: 2. Review of measures taken for effective exercise of voting rights
1. To formulate and recommend to the board of directors, by shareholders;
a CSR policy which shall indicate the activities to be 3. Review of adherence to the service standards adopted by the
undertaken by the Company as per Schedule VII of the Company in respect of various services being rendered by the
Companies Act, 2013; Registrar and Share Transfer Agent;
2. To review and recommend the amount of expenditure to be
4. Review of the various measures and initiatives taken by the
incurred on the activities to be undertaken by the Company;
Company for reducing the quantum of unclaimed dividends
3. To monitor the CSR policy from time to time; and and ensuring timely receipt of dividend warrants/annual
4. Any other matter as the Committee may deem appropriate reports/statutory notices by the shareholders of the Company;
after approval.
5. Formulation of procedures in line with the statutory guidelines
The constitution, scope and powers of the CSR Committee of the to ensure speedy disposal of various requests received from
Board of Directors are in accordance with the provisions of Section shareholders from time to time;
135 of the Companies Act 2013.
6. To approve, register, refuse to register transfer or transmission
The CSR Policy of the Company has been put up on the website of shares and other securities;
of the Company at www.lodhagroup.co.in. The Annual Report
7. To sub-divide, consolidate and or replace any share or other
on Corporate Social Responsibility activities undertaken by the
securities certificate(s) of the Company;
Company during the financial year 2020-21 as prescribed under
Section 135 of the Companies Act, 2013 and the Companies 8. Allotment and listing of shares;
(Corporate Social Responsibility Policy) Rules, 2014 have been
9. Approval of transfer or transmission of shares, debentures or
appended as Annexure I to Directors Report.
any other securities;
Stakeholders’ Relationship Committee 10. To authorize affixation of common seal of the Company;
The Stakeholders’ Relationship Committee comprises of three
11. To issue duplicate share or other security(ies) certificate(s)
members including one Independent Director. The Company
in lieu of the original share/security(ies) certificate(s) of the
Secretary & Compliance Officer of the Company acts as the
Company;
Secretary to the Stakeholders’ Relationship Committee. The
Committee was constituted on February 13, 2021 and is 12. To approve the transmission of shares or other securities
effective post listing i.e. w.e.f. April 19, 2021. No meetings of the arising as a result of death of the sole/any joint shareholder;
Committee were held during financial year 2020-21.
13. To dematerialize or rematerialize the issued shares;
The composition of the Stakeholders’ Relationship Committee
is given below: 14. Ensure proper and timely attendance and redressal of
stakeholders’ queries and grievances;
1. Rajinder Pal Singh (Chairman)
2. Ashwani Kumar (Member) 15. Carrying out any other functions contained in the Companies
Act, 2013 and the rules notified thereunder and the Listing
3. Raunika Malhotra (Member)
Regulations and/or equity listing agreements and
The terms of reference of the Stakeholders’ Relationship Committee
16. To further delegate all or any of the powers to any other
include:
employee(s), officer(s), representative(s), consultant(s),
1. Consider and resolve grievances of security holders of professional(s), or agent(s).
the Company, including complaints related to transfer of
shares, non-receipt of annual report, non-receipt of declared
dividends, issue of new/duplicate certificates, general
meetings, etc.;
50
The constitution, scope and powers of the Stakeholders’ The terms of reference of the Risk Management Committee include:
Relationship Committee of the Board of Directors are in accordance 1. Formulation of a detailed risk management policy which shall
with the provisions of Section 178 of the Companies Act and include:
Regulation 20 of the Listing Regulations.
a. A framework for identification of internal and external
Stakeholders Relationship Committee - other details risks specifically faced by the listed entity, in particular
including financial, operational, sectoral, sustainability
a. Name, designation and address of the Compliance
(particularly, ESG related risks), information, cyber security
Officer:
risks or any other risk as may be determined by the
Ms. Sanjyot Rangnekar Committee.
Company Secretary and Compliance Officer b. Measures for risk mitigation including systems and
10th Floor, Lodha Excelus, N.M Joshi Marg, Apollo Mills processes for internal control of identified risks.
Compound, Mahalaxmi, Mumbai - 400011.
c. Business continuity plan.
[email protected]
2. Ensuring that appropriate methodology, processes and systems
b. Details of investor complaints received and redressed
are in place to monitor and evaluate risks associated with the
during fnancial year 2020-21:
business of the Company;
No investor grievances were received during the fnancial
year 2020-21 and no complaints were outstanding as on 3. Monitoring and overseeing implementation of the risk
March 31, 2021. management policy, including evaluating the adequacy of risk
management systems;
Risk Management Committee
4. Periodically reviewing the risk management policy, at least
The Risk Management Committee comprises five members once in two years, including by considering the changing
including one Independent Director. The Company Secretary & industry dynamics and evolving complexity;
Compliance Officer of the Company acts as the Secretary of the
5. Keeping the board of directors informed about the nature
Risk Management Committee. The Committee was constituted on
and content of its discussions, recommendations and actions
February 13, 2021 and is effective post listing i.e. w.e.f. April 19,
to be taken;
2021. No meetings of the Committee were held during financial
year 2020-21. 6. Appointment, removal and terms of remuneration of the
Chief Risk Officer (if any) shall be subject to review by the Risk
The composition of the Risk Management Committee is given
Management Committee under any law to be attended to by
below:
the Risk Management Committee.
1. Rajinder Pal Singh (Chairman)
2. Mukund Chitale (Member) Executive Committee
3. Abhishek Lodha (Member) The Executive Committee comprises of three members. The
Company Secretary & Compliance Officer of the Company acts as
4. Sushil Kumar Modi, CFO (Member)
the Secretary to the Executive Committee. The composition of the
5. Shaishav Dharia, CEO Townships and Rental Assets Executive Committee is given below:
(Member)
1. Abhishek Lodha
2. Rajinder Pal Singh
3. Rajendra Lodha
Directors’ remuneration for financial year 2020-21 (` In Crore)
Name of Director Sitting Fees Commission Salary Total
Mukund Manohar Chitale 0.05 0.30 Nil 0.35
Abhishek Lodha Nil Nil 2.40 2.40
Rajendra Lodha Nil Nil 0.89 0.89
Rajinder Pal Singh Nil Nil Nil Nil
Ashwani Kumar 0.02 0.30 Nil 0.32
Raunika Malhotra Nil Nil 0.64 0.64
Berjis Desai 0.05 Nil Nil 0.05
51
No Director is related to any other Director on the Board in terms of from the Board Meetings and status updates thereof. The Agenda
the definition of “relative” given under the Act. for the Board and Committee Meetings cover items set out as per
During the year, there were no other pecuniary relationships or the guidelines in Listing Regulations to the extent it is relevant and
transactions between the Company and its Non-executive Directors applicable. Approval from the Board is obtained for circulating the
with the Company. No stock options were granted to any Directors agenda items with shorter notice for matters that form part of the
as on March 31, 2021. Raunika malhotra has been granted Board and Committee Agenda and are considered to be in the
50,000 options on April 10, 2021. nature of Unpublished Price Sensitive Information
Board Evaluation Familiarization Programmes

Details of methodology adopted for Board evaluation have been
The Familiarization program aims to provide insight to the
provided in the Directors’ Report which forms part of this Annual
Independent Directors to understand the business of the Company.
report.
Upon induction/appointment, the Independent Directors are
familiarized with their roles, responsibilities and duties. Details of
Board Processes the familiarization programmes imparted to independent directors
The Board has unrestricted access to all Company related can be accessed the website of the Company at the link
information. At Board / Committee meetings, department heads https://www.lodhagroup.in/investor/policies.
and representatives who can provide additional insights into the
items being discussed are invited. The Company provides inter alia General Body Meetings
the following information to the Board, which is given either as part
Details of previous three Annual General Meetings and special
of the agenda or by way of presentations during the meetings:
resolutions if any passed at these meetings:
• Annual operating plans and budgets, capital budgets and
other updates.
• Quarterly, half-yearly and annual financial results of
the Company and its operating divisions or business
segments.
• Detailed presentations on business strategy and future
outlook of theCompany.
• Oversight of the performance of the business.
• Significant sale of investments, subsidiaries or assets which
are not in the normal course of business.
The notice of Board / Committee Meetings is given well in advance
to all the Directors. The Agenda of the Board / Committee Meetings
is set by the Company Secretary in consultation with the Managing
Director & CEO of the Company. The Agenda is circulated at least
seven days prior to the date of the Meeting. The Board Agenda
includes an Action Taken Report comprising of actions emanating
Special resolutions
Financial year Date Time Venue passed by a special
majority
2019-20 30.09.2020 11.00 AM -

Lodha Excelus, Apollo Mills
2018-19 30.09.2019 11.00 AM Compound, N.M. Joshi Marg, -
Mahalaxmi, Mumbai-400011
2017-18 28.09.2018 11.00 AM -
No special resolution was passed by the Company last year through Postal Ballot. No special resolution is proposed
to be conducted through Postal Ballot as on the date of this report.
52
Disclosures compliance filings are filed electronically on the BSE Listing Centre
and on NSE Electronic Application Processing System (NEAPS).
Means of Communication Designated exclusive email-IDs: The Company has designated
The quarterly and annual results of the Company’s financial the email-ID [email protected] exclusively for
performance are published in leading English and Marathi daily investor servicing.
newspapers. The Company’s website viz., www.lodhagroup. SEBI Complaints Redress System (SCORES): The investors’
in, contains a separate dedicated section ‘Investor Section’ complaints are also being processed through the centralized web
where shareholders’ information is available. Further, the annual base complaints redress system. The salient features of SCORES are
reports containing audited standalone and consolidated financial availability of centralised data base of the complaints, uploading
statements of the Company together with Directors’ Report, online action taken reports by the Company. Through SCORES the
Auditors’ Report and other important information are circulated to investors can view online, the actions taken and current status of the
the members and others entitled thereto. All periodical and other complaints.
General Shareholder Information

The Company is registered in the State of Maharashtra, India.
Company Registration Details
CIN U45200MH1995PLC093041.
Day, Date & Time of AGM Friday September 3, 2021 3.30 pm
The Company will conduct the AGM through VC / OAVM pursuant to the MCA Circular
Venue of AGM dated May 5, 2020 and as such there is no requirement to have a venue for the AGM.
For details please refer to the Notice of this AGM
Financial Year The Company’s accounting year is 12 months period from April 1 to March 31.
Book closure dates August 26, 2021 to September 3, 2021.

The Board has not recommended any dividend for the financial year ended March 31,
Dividend payment date
2021
E-mail address for shareholders [email protected]
Listing The Company’s equity shares are listed on the BSE Limited and the National Stock
Exchange of India Limited w.e.f. April 19, 2021. Non-Convertible Debentures (NCDs) are
listed the National Stock Exchange of India Limited
Name of Stock Exchange Address Scrip code/Symbol

BSE Limited P.J. Towers, Dalal Street, Mumbai 400 001 543287 | LODHA
The National Stock Exchange Exchange Plaza, C-1, Block G, LODHA (Equity)
of India Limited Bandra Kurla Complex, Bandra (East), DB LDPL23 and DB
Mumbai 400051 LODL23 (NCD’s)
The ISIN No. of the Company’s equity shares is INE670K01029.
Annual listing fee for the year 2021-22 have been paid to both the Stock Exchanges.
The Company’s privately placed Non-Convertible Debentures are listed on the Debt
Segment of the National Stock Exchange of India Limited.
Credit Ratings The Company has received the following credit ratings for its instruments from various credit
rating agencies as on the date of this report: -
> NCDs of ` 625 Crore (India Rating) – IND BBB+
> NCDs of ` 495 Crore (India Rating) – IND BBB+
Market price data - high, low during The Company was listed on April 19, 2021; hence, the provision of the data is not
each month in last financial year applicable.
Outstanding GDRs/ADRs/ Warrants/
Not applicable
Convertible Instruments
Registrar & Transfer agent Link Intime India Private Limited
C101, 247 Park, L.B.S. Marg,
Vikhroli (West), Mumbai - 400 083 Tel No: 022- 4918 6000
Email Id: [email protected] Website: www.linkintime.co.in
53
Share transfer system

Transfers of equity shares which are in electronic form are effected through depositories
with no involvement of the Company.
In terms of requirements to amendments to Regulation 40 of Listing Regulations w.e.f April

1, 2019, transfer of securities in physical form shall not be processed unless the securities
are held in the dematerialised form with a depository.
Shareholding as on April 19, 2021 Categories of shareholding as on April 19, 2021

(date of listing)
Category No. of Shares %
Promoters & Promoters group 39,58,78,000 88.50
Mutual Fund & Unit Trust of India 7,24,380 0.16

Banks, Financial Institutions
- -
& Insurance Companies
Foreign Institutional Investors 3,86,28,108 8.64
Bodies Corporate 55,70,850 1.25
Indian Public 64,97,820 1.45
Non-Resident Indians 19,170 0.00
Foreign Nationals - -
LLP - -
Total 44,73,18,328 100.00
Distribution of shareholding as on April 19, 2021

% of
Number of Total shares
Shares Range issued
shareholders for the range
capital
1 to 500 62,701 27,03,081 0.60
501 to 1,000 111 77,152 0.01
1001 to 2,000 77 95,354 0.02
2001 to 3,000 38 95,006 0.02
3001 to 4,000 14 51,787 0.01
4001 to 5,000 14 65,233 0.01
5001 to 10,000 23 1,62,704 0.04
More than 10,000 108 4,44,068,011 99.27
Total 63,086 4,47,318,328 100.00
Dematerialization of shares and The shares of the Company are in compulsory dematerialized segment and are available
liquidity for trading in the depository systems of both the National Securities Depository Limited
(NSDL) and Central Depository Services (India) Limited (CDSL).
As at March 31, 2021, all the shares of the Company were held in dematerialised mode.
In case the securities are suspended Not applicable

from trading, the Director’s Report
shall explain the reason there of
Commodity price risk or foreign Not applicable
exchange risk and hedging activities
54
Plant locations The Company’s projects are locatde at MMR and Pune.
Address for correspondence All Members correspondence should be forwarded to

Link Intime India Private Limited,
C 101, 247 Park, LBS Rd, Surya Nagar, Gandhi Nagar,
Vikhroli West, Mumbai, Maharashtra 400083,
Tel No: 022-25963838
Email Id: [email protected]
Or to the Secretariat Department at the corporate office of the Company at:-

10th Floor, Lodha Excelus, Apollo Mills Compound,
N.M Joshi Marg, Mahalaxmi, Mumbai 400011
Tel: +9122 6133 4400
Fax: +9122 2302 4420
Other Disclosures
Material Related Party Transactions Except disclosed in Form AoC- 2 which is part of the Directors’ report section of this
Annual Report, there were no materially significant Related Party Transactions that
could potentially conflict with the interests of the Company at large. The details of
Related Party Transactions are disclosed in financials section of this Annual Report.
The related party transactions policy is available on the website of the Company at
www.lodhagroup.in
Regulatory non compliances and details There were no cases of regulatory non-compliance during the last three financial
of penalty, strictures related to capital years.
markets during the last three years
Whistle Blower Policy and Vigil The Company’s Whistle Blower Policy is in line with the provisions of sub sections 9
Mechanism and 10 of Section 177 of the Companies Act, 2013 and as per Regulation 22 of the
Listing Regulations. The Company has established a vigil mechanism for employees
to report concerns about fraudulent acts or unethical behavior. No person has been
denied access to the Chairman of the Audit Committee. The said policy has been
uploaded on the website of the Company www.lodhagroup.in
Mandatory and non-mandatory The Company has complied with all the mandatory requirements of the SEBI
requirements (LODR) Regulations 2015 to the extent applicable. Adoption of the discretionary
requirements by the Company is reviewed by the Company from time to time.
Web links The Company’s Web-site http://www.lodhagroup.in has a separate section for
investors ‘Investor Section’ where Company policies including Policy for determining
‘material subsidiaries’ and other investor related information is available.
Details of utilization of funds raised Not applicable

through preferential allotment or QIB
Disclosure under the Sexual Harassment No cases were filed pursuant to the Sexual Harassment of Women at Workplace
of Women at Workplace (Prevention, (Prevention, Prohibition and Redressal) Act, 2013.
Prohibition and Redressal) Act, 2013
Fees paid to Statutory Auditor and/or ` 2.29 crore (including Taxation and other matters)
other entities in the Auditor’s network by
the Company
55
Extent to which discretionary The Board: - An Independent director has been appointed as Chairman of the
requirements as specified in Part E of Board
Schedule II have been adopted
Shareholders’ Rights: - As the quarterly and half yearly financial results are
published in the newspapers and are also posted on the Company’s website, the
same are not being sent separately to the shareholders.
Audit Qualifications: - The auditors’ report on financial statements of the
Company are unmodified.
Reporting of Internal Auditor: - Internal auditor directly reports to the audit
committee.
Compliance with corporate governance The Company has complied with corporate governance requirements specified in
requirements specified in regulation 17 to regulation 17 to 27 and clauses (b) to (i) of sub-regulation (2) of regulation 46 of
27 and clauses (b) to (i) of sub-regulation SEBI Listing Regulations, 2015 to the extent applicable, as the Company was listed
(2) of regulation 46 of SEBI Listing on Stock Exchanges on April 19, 2021.
Regulations
Compliance with Regulation 39(4) of SEBI There are no unclaimed shares. Hence the compliance mechanism laid down under
Listing Regulations Regulation 39 (4) of the SEBI Listing Regulations read together with Schedule V and
VI is not applicable.
Declaration regarding compliance by Board members and Senior Management

Personnel with the Company’s Code of Conduct
This is to confirm that the Company has adopted a Code of Conduct for its Board of Directors and Senior Management. In addition, the
Company has adopted the Lodha Code of Conduct for employees and other stakeholders. These Codes are available on the Company’s
website.
I confirm that the Company has in respect of the year ended March 31, 2021 a declaration of compliance with the Code of Conduct as
applicable to them from the Senior Management of the Company and the Members of the Board.
Abhishek Lodha
Managing Director& Chief Executive Officer
Mumbai,
July 30, 2021
Independent Auditors’ Certificate on Corporate Governance

To the members of Macrotech Developers Limited
We have examined the compliance of conditions of Corporate Governance by Macrotech Developers limited ("the company") for the year
ended March 31, 2021 as stipulated in regulations 17 to 27 and clauses (b) to (i) of regulation 46(2) and para C, D, E of schedule V of
the Securities and Exchange Board of India (Listing Obligations & Disclosure Requirements) Regulations 2015 (‘the Regulations’) and as
amended from time to time.
Management’s Responsibility
The compliance of conditions of Corporate Governance is the responsibility of the Management. This responsibility includes the design,
implementation and maintenance of internal control and procedures to ensure the compliance with the conditions of the Corporate
Governance stipulated in the Regulations.
Auditor’s Responsibility
Our responsibility is limited to examining the procedures and implementation thereof, adopted by the Company for ensuring compliance
with the conditions of the Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of the
Company.
We have examined the books of account and other relevant records and documents maintained by the Company for the purposes of
providing reasonable assurance on the compliance with Corporate Governance requirements by the Company.
We have carried out an examination of the relevant records of the Company in accordance with the Guidance Note on Certification of
Corporate Governance issued by the Institute of the Chartered Accountants of India (the ICAI), the Standards on Auditing specified under
Section 143(10) of the Companies Act 2013, in so far as applicable for the purpose of this certificate and as per the Guidance Note on
Reports or Certificates for Special Purposes (Revised 2016) issued by the ICAI which requires that we comply with the ethical requirements of
the Code of Ethics issued by the ICAI.
We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms that
Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements.
56
Opinion
Based on our examination of relevant records and information and according to the information and explanations given to us and the
representation provided by the Management, we certify that the Company has complied with the conditions of Corporate Governance
as stipulated in the regulations 17 to 27 and clauses (b) to (i) of regulation 46(2) and para C, D, E of schedule V of the Securities and
Exchange Board of India Regulations, during the year ended March 31, 2021, as applicable.
We further state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness
with which the Management has conducted the affairs of the Company.
For MSKA & Associates

ICAI Firm Registration No.: 105047W
Bhavik Shah
Partner
UDIN: 21122071AAAAGG7025
Place: Mumbai
Date: 30 July 2021
Certificate of Non Disqualification of Directors

(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
We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of Macrotech Developers
Limited having CIN U45200MH1995PLC093041 and having registered office at 412, Floor-4, 17G Vardhman Chamber, Cawasji Patel
Road, Horniman Circle, Fort, Mumbai 400 001, India (hereinafter referred to as ‘the Company’), produced before us 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.
In our opinion and to the best of our information and according to the verifications (including Directors Identification Number (DIN)
status at the portal www.mca.gov.in) as considered necessary and explanations furnished to us by the Company & its officers, we hereby
certify that none of the Directors on the Board of the Company as stated below have been debarred or disqualified from being appointed
or continuing as Directors of companies by the Securities and Exchange Board of India, Ministry of Corporate Affairs, or any such other
statutory authority for the financial year ending on March 31, 2021.
Name of Director DIN Date of appointment in the Company
Mr Mukund Chitale 00101004 November 23, 2016
Mr Abhishek Lodha 00266089 March 1, 2018
Mr Rajinder Pal Singh 02943155 January 1, 2016
Mr Ashwani Kumar 02870681 April 8, 2020
Mr Rajendra Lodha 00370053 March 1, 2018
Ms Raunika Malhotra 06964339 June 26, 2020
57
Ensuring the eligibility for the appointment / continuity 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. 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.

Shravan A. Gupta
ACS: 27484, CP: 9990
Place: Mumbai
UDIN: A027484C000729405
Date: July 30, 2021
58
INDEPENDENT AUDITOR’S REPORT
To the Members of Macrotech Developers Limited (Formerly Lodha Developers Limited)

Report on the Audit of the Standalone Financial Statements
Opinion Company in accordance with the Code of Ethics issued by the

We have audited the standalone financial statements of Macrotech Institute of Chartered Accountants of India (ICAI) together with the
Developers Limited (“the Company”), which comprise the balance ethical requirements that are relevant to our audit of the standalone
sheet as at March 31, 2021 and the statement of profit and loss, financial statements under the provisions of the Act and the Rules
statement of changes in equity and statement of cash flows for the thereunder, and we have fulfilled our other ethical responsibilities
year then ended, and notes to the standalone financial statements, in accordance with these requirements and the Code of Ethics. We
including a summary of significant accounting policies and other believe that the audit evidence we have obtained is sufficient and
explanatory information. appropriate to provide a basis for our opinion.
In our opinion and to the best of our information and according Emphasis of Matter
to the explanations given to us, the aforesaid standalone financial
We draw attention to Note 40(viii) to the standalone financial
statements give the information required by the Companies Act,
statements which describes the management’s assessment of the
2013 (“the Act’) in the manner so required and give a true and
COVID-19 pandemic on the Company’s results and the extent to
fair view in conformity with the Indian Accounting Standards
which it will impact the Company’s operations is dependent upon
prescribed under section 133 of the Act read with Companies
future developments, which remain uncertain.
(Indian Accounting Standards) Rules, 2015 as amended and other
accounting principles generally accepted in India, of the state of Our opinion is not modified in respect of above matter.
affairs of the Company as at March 31, 2021, and its loss, changes
Key Audit Matters
in equity and cash flows for the year ended on that date.
Key audit matters are those matters that, in our professional
Basis for Opinion judgment, were of most significance in our audit of the standalone
We conducted our audit in accordance with the Standards on financial statements of the current period. These matters were
Auditing (SAs) specified under section 143(10) of the Act. Our addressed in the context of our audit of the standalone financial
responsibilities under those Standards are further described in the statements as a whole, and in forming our opinion thereon, and we
Auditor’s Responsibilities for the Audit of the Standalone Financial do not provide a separate opinion on these matters.
Statements section of our report. We are independent of the
Key Audit Matter How our audit addressed the key audit matter
Revenue Recognition
Refer to Note 1(B) (II) (11) of standalone financial statements Our audit procedures in respect of this area, among others,
with respect to the accounting policy followed by the Company included the following:
for recognizing revenue on sale of residential and commercial • Evaluated that the Company’s revenue recognition accounting
properties. policies are in line with Ind AS 115’ Revenue from contracts
The Company recognize the revenue from the sale of commercial with customer’ and their application to the significant customer
and residential real estate as and when the control of the contracts;
underlying asset has been transferred to customer which is linked • Evaluated the design and implementation and tested operating
to the application and receipt of the occupancy certificate. effectiveness of key internal controls over revenue recognition
We considered revenue recognition as a key audit matter in view including controls around transfer of control of the property;
of the following: • Verified the sample of revenue contract for sale of residential
• A significant audit risk was identified with respect to recognition and commercial units to identify the performance obligations of
of revenue on transfer of control and the underlying the Company under these contracts and assessed whether these
performance obligations. performance obligations are satisfied over time or at a point in
• The revenue and cost thereon forms a substantial part of the time based on the criteria specified under Ind AS 115;
standalone statement of profit and loss and therefore is also key • Verified, on test check basis, revenue transaction with the
performance indicators of the Company. underlying customer contract, Occupancy Certificates (OC) and
other documents evidencing the transfer of control of the asset
to the customer based on which the revenue is recognized; and
• Assessed the standalone financial statement disclosures to
determine if they are in compliance with the requirements of Ind
AS 115
59
Inventory Valuation
Refer to Note 1 (B) (II) (5) to the standalone financial statements Our procedures in relation to the testing of NRV of the properties
which includes the accounting policy followed by the Company under development and stocks of completed properties included,
for valuation of inventory. among others, the following:
The Company’s properties under development and completed • Reviewed the Management’s process and methodology of using
properties are stated at the lower of cost and Net Realizable Value key assumptions for determining the valuation of inventory as
(NRV). As at March 31, 2021, the Company’s properties under at the year-end including considerations given to impact of
development and stocks of completed properties amounted to Covid-19;
` 19,78,721.40 Lakhs and ` 387,963.57 Lakhs respectively.
• Assessed the appropriateness of the selling price estimated
The cost of the inventory is calculated using actual land by the management, on a sampling basis, by comparing the
acquisition costs, construction costs, development related costs estimated selling price to recent market prices in the same
and interest capitalized for eligible project. projects or comparable properties; and
We considered the valuation of inventory as a key audit matter • Compared the estimated construction cost to complete the
because of the significance of the value of inventory in the project with the Company’s updated budget.
standalone financial statements and significant judgement
involved in estimating future selling prices, costs to complete
project and possible effect on the above estimates because of
COVID -19 pandemic.
Recognition, Presentation of Contingent Liabilities
Refer Note 41 (c) to the standalone financial statements for the Our audit procedures with respect to this area included, among
disclosures relating to contingent liability. others, following:
In the normal course of the business, potential exposures may • Read the minutes of the meetings of the Board of Directors and
arise from various legal procedures against the Company. Due the Audit Committee.
to the range of the potential outcomes and the considerable
uncertainty around the resolution of various claims, the • Inquired with the in-house lawyers of the Company to
determination of the amount, if any, to be recorded in the understand any potential outcome of the cases and steps
standalone financial statements as a provision is inherently that will be undertaken in future with regards to the ongoing
subjective. As at March 31, 2021, the Company was involved in litigations;
a number of legal cases which are still ongoing and the financial
• Obtained and reviewed confirmations of the external legal
impact of which cannot be currently determined.
advisors of the Company; and
Due to the level of judgement involved in the recognition,
• Assessed reasonableness of the assumptions and estimates
valuation and presentation of Contingent Liabilities, we have
used by the management in relation to the disclosure of the
considered this as a Key Audit Matter.
contingent liability in the standalone financial statements.
Information other than the Standalone Financial Responsibilities of Management and those charged with
Statements and Auditor’s Report thereon governance for the Standalone Financial Statements
The Company’s Board of Directors is responsible for the other The Company’s Board of Directors is responsible for the matters
information. The other information comprises the Director’s Report stated in section 134(5) of the Act with respect to the preparation of
and management discussion and analysis but does not include the these standalone financial statements that give a true and fair view
standalone financial statements and our auditor’s report thereon. of the financial position, financial performance, changes in equity
Our opinion on the standalone financial statements does not cover and cash flows of the Company in accordance with the accounting
the other information and we do not express any form of assurance principles generally accepted in India, including the Accounting
conclusion thereon. Standards specified under section 133 of the Act. This responsibility
also includes maintenance of adequate accounting records in
In connection with our audit of the standalone financial statements,
accordance with the provisions of the Act for safeguarding of the
our responsibility is to read the other information and, in doing so,
assets of the Company and for preventing and detecting frauds
consider whether the other information is materially inconsistent
and other irregularities; selection and application of appropriate
with the standalone financial statements or our knowledge obtained
accounting policies; making judgments and estimates that are
in the audit or otherwise appears to be materially misstated. If,
reasonable and prudent; and design, implementation and
based on the work we have performed, we conclude that there is a
maintenance of adequate internal financial controls, that were
material misstatement of this other information, we are required to
operating effectively for ensuring the accuracy and completeness of
report that fact. We have nothing to report in this regard.
the accounting records, relevant to the preparation and presentation
of the standalone financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or
error.
60
In preparing the standalone financial statements, the Board of c. The Balance Sheet, the Statement of Profit and Loss, the
Directors is responsible for assessing the Company’s ability to Statement of Changes in Equity and the Cash Flow
continue as a going concern, disclosing, as applicable, matters Statement dealt with by this Report are in agreement with
related to going concern and using the going concern basis of the books of account.
accounting unless the Board of Directors either intends to liquidate d. In our opinion, the aforesaid standalone financial
the Company or to cease operations, or has no realistic alternative statements comply with the Indian Accounting Standards
but to do so. Those Board of Directors are also responsible for specified under Section 133 of the Act.
overseeing the Company’s financial reporting process.
e. On the basis of the written representations received from
Auditor’s Responsibilities for the audit of the the directors as on March 31, 2021 taken on record by the
Standalone Financial Statements Board of Directors, none of the directors is disqualified as
on March 31, 2021 from being appointed as a director in
Our objectives are to obtain reasonable assurance about whether
terms of Section 164 (2) of the Act.
the standalone financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to f. With respect to the adequacy of the internal financial
issue an auditor’s report that includes our opinion. Reasonable controls with reference to standalone financial statements
assurance is a high level of assurance but is not a guarantee that of the Company and the operating effectiveness of such
an audit conducted in accordance with SAs will always detect a controls, refer to our separate Report in “Annexure C”.
material misstatement when it exists. Misstatements can arise from g. With respect to the other matters to be included in the
fraud or error and are considered material if, individually or in the Auditor’s Report in accordance with Rule 11 of the
aggregate, they could reasonably be expected to influence the Companies (Audit and Auditors) Rules, 2014, in our
economic decisions of users taken on the basis of these standalone opinion and to the best of our information and according
financial statements. to the explanations given to us:
We give in “Annexure A” a detailed description of Auditor’s i. The Company has disclosed the impact of pending
responsibilities for Audit of the Standalone Financial Statements. litigations on its financial position in its standalone
financial statements – Refer Note 41(c) to the
Report on other legal and regulatory requirements standalone financial statements;
1. As required by the Companies (Auditor’s Report) Order, 2016 ii. Provision has been made in the standalone financial
(“the Order”), issued by the Central Government of India statements, as required under the applicable law or
in terms of sub-section (11) of section 143 of the Act, we accounting standards, for material foreseeable losses,
give in “Annexure B” a statement on the matters specified in if any, on long-term contracts including derivative
paragraphs 3 and 4 of the Order, to the extent applicable. contracts.
2. As required by Section 143(3) of the Act, we report that: iii. There were no amounts which were required to be
a. We have sought and obtained all the information and transferred to the Investor Education and Protection
explanations which to the best of our knowledge and belief Fund by the Company.
were necessary for the purposes of our audit. 3. As required by the Companies (Amendment) Act, 2017, in
b. In our opinion, proper books of account as required by our opinion, according to information, explanations given to
law have been kept by the Company so far as it appears us, the remuneration paid by the Company to its directors is
from our examination of those books. within the limits prescribed under Section 197 of the Act and
the rules thereunder.


Bhavik L. Shah
Partner
Membership No. 122071
UDIN: 21122071AAAAEE1256

Place : Mumbai
Date : 14-May-21
61
Annexure A to the Independent Auditor’s Report of Even Date on the Standalone Financial
Statements of Macrotech Developers Limited for the Year EndedMarch 31, 2021.
Auditor’s Responsibilities for the Audit of the Standalone Financial Statements
As part of an audit in accordance with SAs, we exercise professional Evaluate the overall presentation, structure, and content of
judgment and maintain professional scepticism throughout the the standalone financial statements, including the disclosures,
audit. We also: and whether the standalone financial statements represent the
underlying transactions and events in a manner that achieves
Identify and assess the risks of material misstatement of the fair presentation.
standalone financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those We communicate with those charged with governance regarding,
risks, and obtain audit evidence that is sufficient and among other matters, the planned scope and timing of the audit
appropriate to provide a basis for our opinion. The risk of not and significant audit findings, including any significant deficiencies
detecting a material misstatement resulting from fraud is higher in internal control that we identify during our audit.
than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or We also provide those charged with governance with a statement
the override of internal control. that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships
Obtain an understanding of internal control relevant to the and other matters that may reasonably be thought to bear on our
audit in order to design audit procedures that are appropriate independence, and where applicable, related safeguards.
in the circumstances. Under section 143(3)(i) of the Act, we are
also responsible for expressing our opinion on whether the From the matters communicated with those charged with
company has internal financial controls with reference governance, we determine those matters that were of most
to standalone financial statements in place and the operating significance in the audit of the standalone financial statements
effectiveness of such controls. of the current period and are therefore, the key audit matters.
We describe these matters in our auditor’s report unless law or
Evaluate the appropriateness of accounting policies used and regulation precludes public disclosure about the matter or when, in
the reasonableness of accounting estimates and related extremely rare circumstances, we determine that a matter should not
disclosures made by management. be communicated in our report because the adverse consequences
of doing so would reasonably be expected to outweigh the public
Conclude on the appropriateness of management’s use of interest benefits of such communication.
the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt
on the Company’s ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor’s report to the
related disclosures in the standalone financial statements or,
if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up
to the date of our auditor’s report. However, future events or
conditions may cause the Company to cease to continue as a
going concern.


Bhavik L. Shah
Partner

Place : Mumbai
Date : 14-May-21
62
Annexure B to Independent Auditors’ Report of Even Date on the Standalone Financial

Statements of Macrotech Developers Limited for the Year Ended March 31, 2021
[Referred to in paragraph under ‘Report on Other Legal and Regulatory Requirements’ in the Independent Auditors’ Report]
i. a. The Company has maintained proper records showing full explanations given to us, the Company has not accepted any
particulars including quantitative details and situation of deposits from the public within the meaning of Sections 73,
fixed assets (Property, Plant and Equipment). 74, 75 and 76 of the Act and the rules framed there under.
b. All the fixed assets (Property, Plant and Equipment) have vi. We have broadly reviewed the books of account relating
not been physically verified by the management during to materials, labour and other items of cost maintained by the
the year but there is a regular program of verification Company pursuant to the rules made by the Central
which, in our opinion, is reasonable having regard to Government for the maintenance of cost records under sub-
the size of the Company and the nature of its assets. No section (1) of section 148 of the Act and we are of the
material discrepancies were noticed on such verification. opinion that prima facie the prescribed accounts and records
c. According to the information and explanations given to us have been made and maintained. We have not, however,
and on the basis of our examination of the records of made a detailed examination of the records with a view to
the Company, the title deeds of immovable properties determine whether they are accurate or complete.
included in property, plant and equipment as on March
vii. a. According to the information and explanations given to us
31, 2021 are held in the name of the Company.
and the records of the Company examined by us, in
ii. The inventory has been physically verified during the year by our opinion, undisputed statutory dues including provident
the management. In our opinion, the frequency of verification fund, income-tax, goods and service tax, cess and other
is reasonable. No material discrepancies were noticed on statutory dues have not generally been regularly deposited
verification between the physical stock and the book records. with the appropriate authorities during the year; however,
no such dues have remained unpaid. Undisputed custom
iii. The Company has not granted any loans, secured or
duty and employee’s state insurance have been generally
unsecured to companies, firms, Limited Liability Partnerships
regularly deposited while Company’s operations during the
(LLP) or other parties covered in the register maintained under
year did not give rise to any liability for value added tax,
section 189 of the Companies Act, 2013 (‘the Act’).
service tax and excise duty.
Accordingly, the provisions stated in paragraph 3 (iii)(a) to (c)
of the Order are not applicable to the Company. Further, no undisputed statutory dues were in arrears, as at
March 31, 2021 for a period of more than six months
iv. Based on information and explanation given to us in respect from the date they became payable.
of loans, investments, guarantees and securities, the Company
b. According to the information and explanation given to us
has complied with the provisions of Section 185 and 186(1)
and examination of records of the Company, the
of the Act. Further, as the Company is engaged in the business
outstanding dues of income-tax, value added tax, service
of providing infrastructural facilities, the provisions of Section
tax, goods and service tax on account of any dispute, are
186[except for sub-section(1)] are not applicable to it.
as follows:
v. In our opinion and according to the information and
Name of the Name of the Dues Amount Amount paid Period to which Forum where
Statute (` In under protest amount relates dispute is pending
Lakhs) (` In Lakhs)
Income Tax Act, Income Tax (including 63.86 11.45 Assessment year Income Tax Appellate
1961 interest) 2007-2008 Tribunal
Income Tax Act, Income Tax (including 248.60 34.10 Assessment year Commissioner of
1961 interest) 2009-2010 Income Tax (Appeals)
Income Tax Act, Income Tax (including 9.32 - Assessment year Commissioner of
Income Tax Act, Income Tax (including 374.69 75.00 Assessment year Income Tax Appellate
Income Tax Act, Income Tax (including 559.38 198.22 Assessment year Commissioner of
Income Tax Act, Income Tax (including 3,983.09 664.52 Assessment year Commissioner of
Income Tax Act, Income Tax (including 2,678.02 1,584.59 Assessment year Income Tax Appellate
63
Name of the Name of the Dues Amount Amount paid Period to which Forum where
Statute (` In under protest amount relates dispute is pending
Lakhs) (` In Lakhs)
Income Tax Act, Income Tax (including 7,715.04 5,739.38 Assessment year Income Tax Appellate
Income Tax Act, Income Tax (including 88.87 - Assessment year Commissioner of
Income Tax Act, Penalty u/s 271D & E 8,934.11 - Assessment year Commissioner of
1961 2009-2010 Income Tax (Appeals)
Income Tax Act, Penalty u/s 271D & E 37.07 - Assessment year Commissioner of
Income Tax Act, Penalty u/s 271E Assessment year Commissioner of
1961 288.73 - 2014-2015 Income Tax (Appeals)
Finance Act , 1994 Service Tax, Interest Financial Year Commissioner
and Penalty 78.68 5.90 2017-18 Appeals
MVAT Act, 2002 Value Added Tax Financial Year Joint Commissioner
10.32 - 2011-2012 Appeals
32.18 5.30 2012-2013 Appeals
7.47 0.45 2013-2014 Appeals
229.59 10.07 2014-2015 Appeals
662.18 12.36 2015-2016 Appeals
1.19 - 2016-17 Appeals
Goods and Service Transition credit Financial Year Joint Commissioner
Tax 8,569.67 479.17 2017-18 Appeals
viii. According to the information and explanations given to us x. During the course of our audit, examination of the books
and based on our examination of the books and records of the and records of the Company, carried out in accordance with
Company, the Company has not delayed in repayment of the generally accepted auditing practices in India, and
loans or borrowings to financial institutions or banks and dues according to the information and explanations given to us,
to debenture holders except in certain instances – refer Note we have neither come across any instance of material fraud by
64 to the standalone financial statements. However, there the Company or on the Company by its officers or employees.
is no default existing as on balance sheet date in respect of
xi. According to the information and explanations given to us
aforesaid amounts. The Company does not have any
and based on our examination of the records of the Company,
borrowing from Government.
the Company has paid/ provided for managerial remuneration
ix. In our opinion and according to the information and in accordance with the requisite approvals mandated by the
explanation provided to us, on an overall basis, money raised provisions of section 197 read with Schedule V to the Act.
by way of term loans during the year have been applied for the
xii. In our opinion and according to the information and
purpose for which they were raised including temporary
explanations given to us, the Company is not a Nidhi
deployment of surplus funds. The Company has not raised any
Company. Accordingly, the provisions stated in paragraph
money by way of initial public offer or further public offer
3(xii) of the Order are not applicable to the Company.
(including debt instruments) during the year.
64
xiii. According to the information and explanations given to us xv. According to the information and explanations given to us
and based on our examination of the records of the Company, and based on our examination of the records of the Company,
the transactions with the related parties are in compliance the Company has not entered into non-cash transactions with
with the provisions of the sections 177 and 188 of the Act directors or persons connected with him. Accordingly,
where applicable and details of such transactions have been provisions stated in paragraph 3(xv) of the Order are not
disclosed in the standalone financial statements as required by applicable to the Company.
the applicable Indian Accounting Standard.
xvi. In our opinion, the Company is not required to be registered
xiv. According to the information and explanations given to us under section 45 IA of the Reserve Bank of India Act, 1934
and based on our examination of the records of the Company, and accordingly, the provisions stated in paragraph 3(xvi) of
the Company has not made any preferential allotment or the Order are not applicable to the Company.
private placement of shares or fully or partly convertible
debentures during the year. Accordingly, the provisions
stated in paragraph 3(xiv) of the Order are not applicable to
the Company.


Bhavik L. Shah
Partner

Place : Mumbai
Date : 14-May-21
65
Annexure C to the Independent Auditor’s Report of Even Date on the Standalone

Financial Statements of Macrotech Developers Limited for the Year Ended
March 31, 2021.
[Referred to in paragraph 2(f) under ‘Report on Other Legal and Regulatory Requirements’ in the Independent Auditors’ Report]
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of
the Companies Act, 2013 (“the Act”)
We have audited the internal financial controls with reference to Meaning of Internal Financial Controls with Reference
standalone financial statements of Macrotech Developers Limited to Standalone Financial Statements
(“the Company”) as of March 31, 2021 in conjunction with our A Company’s internal financial control with reference to standalone
audit of the standalone financial statements of the Company for the financial statements is a process designed to provide reasonable
year ended on that date. assurance regarding the reliability of financial reporting and
the preparation of standalone financial statements for external
Management’s Responsibility for Internal Financial
purposes in accordance with generally accepted accounting
Controls
principles. A Company’s internal financial control with reference
The Company’s Management is responsible for establishing to standalone financial statements includes those policies and
and maintaining internal financial controls based on the internal procedures that (1) pertain to the maintenance of records that, in
control over financial reporting criteria established by the Company reasonable detail, accurately and fairly reflect the transactions and
considering the essential components of internal control stated in dispositions of the assets of the company; (2) provide reasonable
the Guidance Note on Audit of Internal Financial Controls Over assurance that transactions are recorded as necessary to permit
Financial Reporting issued by the Institute of Chartered Accountants preparation of standalone financial statements in accordance with
of India (ICAI) (the “Guidance Note”). These responsibilities include generally accepted accounting principles, and that receipts and
the design, implementation and maintenance of adequate internal expenditures of the company are being made only in accordance
financial controls that were operating effectively for ensuring the with authorizations of management and directors of the company;
orderly and efficient conduct of its business, including adherence to and (3) provide reasonable assurance regarding prevention or
Company’s policies, the safeguarding of its assets, the prevention timely detection of unauthorized acquisition, use, or disposition
and detection of frauds and errors, the accuracy and completeness of the company’s assets that could have a material effect on the
of the accounting records, and the timely preparation of reliable standalone financial statements.
financial information, as required under the Act.
Inherent Limitations of Internal Financial Controls with
Auditors’ Responsibility Reference to Standalone Financial Statements
Our responsibility is to express an opinion on the Company’s Because of the inherent limitations of internal financial controls
internal financial controls with reference to standalone financial with reference to standalone financial statements, including the
statements based on our audit. We conducted our audit in possibility of collusion or improper management override of
accordance with the Guidance Note and the Standards on Auditing, controls, material misstatements due to error or fraud may occur
issued by ICAI and deemed to be prescribed under section 143(10) and not be detected. Also, projections of any evaluation of the
of the Act, to the extent applicable to an audit of internal financial internal financial controls with reference to standalone financial
controls. Those Standards and the Guidance Note require that we statements to future periods are subject to the risk that the internal
comply with ethical requirements and plan and perform the audit financial control with reference to standalone financial statements
to obtain reasonable assurance about whether internal financial may become inadequate because of changes in conditions, or
controls with reference to standalone financial statements was that the degree of compliance with the policies or procedures may
established and maintained and if such controls operated effectively deteriorate.
in all material respects.
Opinion
Our audit involves performing procedures to obtain audit evidence
about the internal financial controls with reference to standalone In our opinion, the Company has, in all material respects, internal
financial statements and their operating effectiveness. Our audit financial controls with reference to standalone financial statements
of internal financial controls with reference to standalone financial and such internal financial controls with reference to standalone
statements included obtaining an understanding of internal financial financial statements were operating effectively as at March 31,
controls with reference to standalone financial statements, assessing 2021, based on the internal control over financial reporting criteria
the risk that a material weakness exists, and testing and evaluating established by the Company considering the essential components
the design and operating effectiveness of internal control based on of internal control stated in the Guidance Note.
the assessed risk. The procedures selected depend on the auditor’s
judgement, including the assessment of the risks of material Chartered Accountants
misstatement of the standalone financial statements, whether due to ICAI Firm Registration No.: 105047W
fraud or error.
Bhavik L. Shah
We believe that the audit evidence we have obtained is sufficient Partner
and appropriate to provide a basis for our audit opinion on the Membership No.: 122071
Company’s internal financial controls with reference to standalone
Place : Mumbai
financial statements.
Date : 14-May-21
66
Standalone Balance Sheet as at 31St March, 2021
Notes As at 31-March-21 As at 31-March-20

` in Lakhs ` in Lakhs
ASSETS
Non-Current Assets
Property, Plant and Equipment 2 79,450.35 83,424.74
Capital Work In Progress 2 628.58 628.58
Investment Property 3 37,387.18 38,726.34
Goodwill 4 40,117.05 40,117.05
Other Intangible Assets 4 5,763.24 6,196.66
Financial Assets
Investments 5 26,069.37 26,762.04
Loans 6 2,10,709.29 2,47,418.24
Other Financial Assets 7 3,768.57 22,678.95
Non-Current Tax Assets (net) 8 13,819.36 31,280.40
Deferred Tax Assets (Net) 38 9,348.32 2,123.40
Other Non-Current Assets 9 3,676.20 3,907.01
Total Non-Current Assets 4,30,737.51 5,03,263.41
Current Assets
Inventories 10 23,76,210.25 25,37,079.06
Financial Assets
Investments 11 79,818.34 79,036.37
Loans 12 49,886.35 62,348.23
Trade Receivables 13 58,059.19 73,067.30
Cash and Cash Equivalents 14 16,272.94 8,412.11
Bank Balances other than Cash and Cash Equivalents 15 5,112.04 3,153.48
Other Financial Assets 16 1,17,240.85 96,766.50
Other Current Assets 17 63,448.50 80,752.36
Total Current Assets 27,66,048.46 29,40,615.41
Total Assets 31,96,785.97 34,43,878.82
EQUITY AND LIABILITIES
Equity
Equity Share Capital 18 39,587.80 39,587.80
Other Equity
Share Premium 19 21,229.03 21,229.03
Retained Earnings 20 2,58,827.03 1,99,957.58
Other Reserves 21 95,751.68 1,72,946.76
Equity attributable to owners of the Company 4,15,395.54 4,33,721.17
Non-Current Liabilities
Financial Liabilities
Borrowings 22 83,124.85 45,091.54
Trade Payables 23
Due to Micro and Small Enterprises 70.36 40.48
Due to Others 154.16 399.66
Other Financial Liabilities 24 16,290.60 8,510.29
Provisions 25 1,339.63 1,446.22
Other Non-Current Liabilties 26 9,509.12 9,689.79
Total Non-Current Liabilities 1,10,488.72 65,177.98
Current Liabilities
Borrowings 27 13,95,820.72 16,43,668.81
Trade Payables 28
Due to Micro and Small Enterprises 2,673.23 386.70
Due to Others 1,05,971.15 1,66,930.41
Other Current Financial Liabilities 29 2,24,536.17 2,35,162.19
Provisions 30 442.66 519.05
Other Current Liabilities 31 9,41,457.78 8,98,312.51
Total Current Liabilities 26,70,901.71 29,44,979.67
Total Liabilities 27,81,390.43 30,10,157.65

Total Equity and Liabilities 31,96,785.97 34,43,878.82
Significant Accounting Policies 1

See accompanying notes to the Standalone Financial Statements 1-65
As per our attached Report of even date For and on behalf of the Board of Directors of
For MSKA & Associates Macrotech Developers Limited
Firm Registration Number: 105047W Mukund Chitale Abhishek Lodha
(Chairman) DIN: 00101004 (Managing Director and CEO) DIN: 00266089

Bhavik L. Shah Sushil Kumar Modi Sanjyot Rangnekar
Partner (Chief Financial Officer) (Company Secretary) Membership No. F4154

Place : Mumbai
Date : 14-May-21 67
Standalone Statement of Profit and Loss for the year ended 31St March, 2021
Particulars Notes For the Year ended For the Year ended

I INCOME
Revenue From Operations 32 429,969.41 811,475.79
Other Income 33 14,628.90 33,453.36
Total Income 444,598.31 844,929.15
II EXPENSES
Cost of Projects 34 295,568.90 551,265.96
Employee Benefits Expense 35 25,651.40 28,008.83
Finance Costs 36 81,789.34 78,204.50
Depreciation, Impairment and Amortisation Expense 2, 3 & 4 5,728.92 24,326.52
Other Expenses 37 10,224.76 41,630.09
Total Expense 418,963.32 723,435.90
III Profit Before Exceptional Item 25,634.99 121,493.25

Exceptional Items (Refer Note 61) 46,000.00 56,000.00
IV Profit/ (Loss) Before Tax (20,365.01) 65,493.25
V Tax Expense 38
Current Tax (5,377.43) -
Deferred Tax 7,170.27 (22,192.00)
Total Tax Expense 1,792.84 (22,192.00)

VI Profit/ (Loss) for the year (18,572.17) 43,301.25
VII Other Comprehensive Income (OCI)

A Items that will not be reclassified to Statement of Profit and Loss

Remeasurements of Defined Benefit Plans 191.90 (34.85)
Income Tax Effect (67.06) 12.18
124.84 (22.67)
B Items that will be reclassified to Statement of Profit and Loss - -

Total Other Comprehensive Income (Net of Tax) (A+B) 124.84 (22.67)

VIII Total Comprehensive Income/ (loss) for the year (VI + VII) (18,447.33) 43,278.58

IX Earnings per Equity Share (in `) 58

(Face value of `10 per Equity Share)
Basic (4.69) 10.94
Diluted (4.69) 10.94

See accompanying notes to the Standalone Financial Statements 1-65



Place : Mumbai
Date : 14-May-21
68
Standalone Statement of Cash Flow for the year ended 31St March, 2021
For the Year ended For the Year ended

(A) Operating Activities

Profit/ (Loss) Before Tax (20,365.01) 65,493.25
Adjustments for:
Depreciation, impairment and Amortisation Expense 5,728.92 24,326.52
Net Unrealised Foreign Exchange Gain (17,157.16) (5,236.36)
Provision for Doubtful Receivables /Advances 46,000.00 53,127.77
Sundry Balances / Excess Provisions Written Off/ (Back) (Net) (6,725.77) (1,896.25)
Profit on Sale of Property, Plant and Equipment (333.26) (659.06)
Profit on Investments - (431.76)
Gains arising from Fair Valuation of Financial Instruments (888.71) (168.80)
Dividend Income (47.11) (110.24)
Interest Income (9,301.99) (28,328.60)
Finance Costs 216,883.40 219,590.96
Operating Profit Before Working Capital Changes 213,793.31 325,707.43
Working Capital Adjustments:

(Increase)/Decrease in Trade and Other Receivables 18,405.68 (3,479.79)
Decrease in Inventories 72,772.37 61,259.34
Increase/(Decrease) in Trade and Other Payables 29,932.00 (178,128.81)
Cash Generated From Operating Activities 334,903.36 205,358.17
Income Tax (Paid)/Refund 10,699.48 (5,324.76)
Net Cash Flows From Operating Activities 345,602.84 200,033.41
(B) Investing Activities

Purchase of Property, Plant And Equipment (155.74) (2,215.76)
Sale of Property, Plant And Equipment 507.05 825.00
Purchase of Non-Current Investments - (9,729.93)
Sale of Non-Current Investments 2,742.12 100,930.76
(Purchase) / Sale of Current Investments (1,901.11) 2,280.25
Investment / (Divestment) in Bank Deposits (Net) (2,518.46) 3,010.06
Loans (Given)/ Received back (Net) 48,995.68 (137,320.38)
Interest Received 1,835.62 27,439.49
Dividend Received 47.11 110.24
Net Cash Flows/ (used) From Investing Activities 49,552.27 (14,670.27)
(C) Financing Activities

Proceeds from Borrowings 179,210.01 180,105.53
Repayment of Borrowings (358,194.83) (157,277.14)
Finance Costs paid (208,309.46) (221,286.07)
Net Cash Flow used in Financing Activities (387,294.28) (198,457.68)
(D) Net Increase/ (Decrease) in Cash and Cash Equivalents (A+B+C) : 7,860.83 (13,094.54)
Add: Cash and Cash Equivalents at the beginning of the year 8,412.11 21,506.65
Cash and Cash Equivalents at year end (Refer Note 14) 16,272.94 8,412.11
Notes:
1. Cash flow statement has been prepared under the indirect method as set out in Ind AS - 7 specified under Section 133 of the Companies Act 2013.
2 Reconciliation of liabilities arising from financing activities under Ind AS 7

Borrowings
Balance at the beginning of the year 1,689,659.38 1,699,912.21
Cash flow (178,984.81) 22,828.39
Non cash changes * 19,892.89 (33,081.22)
Balance at the end of the year 1,530,567.46 1,689,659.38

* Transfer of borrowings from the Company to One Lodha Place Commercials Pvt. Ltd. on account of a scheme of demerger [Refer Note 60 (a)] and
conversion of Interest incurred during the moratorium period into term loan.


Place : Mumbai
Date : 14-May-21
69
Standalone Statement of changes in equity for the year ended 31St March, 2021
(A) EQUITY SHARE CAPITAL

` in Lakhs
As at As at
Particulars 31-March-21 31-March-20
Balance at the beginning of the reporting year 39,587.80 39,587.80
Issued during the year - -
Balance at the end of the reporting year 39,587.80 39,587.80
(B) OTHER EQUITY ` in Lakhs

Other
Reserves and Surplus Reserve
through OCI
Particulars Total
Share Capital Debenture Capital Retained Revaluation
Premium Reserve Redemption Redemption Earnings Reserve
Reserve Reserve
As at 01-April-20 21,229.03 (1,103.88) 1,30,983.29 28.00 1,99,957.58 43,039.35 3,94,133.37
Loss for the year - - - - (18,572.17) - (18,572.17)

Other Comprehensive Income - - - - 124.84 - 124.84
/ (Loss) (net of tax)
Total Comprehensive loss - - - - (18,447.33) - (18,447.33)

for the year
Transfer from / (to) - - (77,195.08) - 77,195.08 - -

Deferred Tax on Intangible - - - - 121.70 - 121.70
Assets (pursuant to court order)
As at 31-March-21 21,229.03 (1,103.88) 53,788.21 28.00 2,58,827.03 43,039.35 3,75,807.74
As at 1-April-19 21,229.03 (1,104.53) 1,30,983.29 28.00 1,28,289.34 43,039.35 3,22,464.48

Profit for the year - - - - 43,301.25 - 43,301.25
Other Comprehensive Income / - - - - (22.67) - (22.67)
(Loss) (net of tax)
Total Comprehensive Income - - - - 43,278.58 - 43,278.58

for the year
Effect on acccount of - - - - 28,037.98 - 28,037.98

reclassification equity instrument
with financial liability
Deferred Tax on Intangible Assets - - - - 351.68 - 351.68

(pursuant to court order)
Impact of merger - 0.65 - - - - 0.65

As at 31-March-20 21,229.03 (1,103.88) 1,30,983.29 28.00 1,99,957.58 43,039.35 3,94,133.37


Place : Mumbai
Date : 14-May-21
70
Notes to the Standalone Financial Statements as at 31st March 2021
Significant Accounting Policies

A Company’s Background iv) There is no unconditional right to defer the settlement of
Macrotech Developers Limited (Formerly known the liability for at least twelve months after the reporting
as Lodha Developers Limited) (the Company) is a period.
public limited company domiciled and incorporated The Company classifies all other liabilities as non-current.
in India under the Companies Act, 1956 vide CIN - Deferred tax assets and liabilities are classified as non-current
U45200MH1995PLC093041. The Company’s registered assets and liabilities respectively.
office is located at 412 , Floor - 4, 17 G Vardhaman
The operating cycle is the time between the acquisition
Chamber, Cawasji Patel Road, Horniman Circle, Fort, Mumbai
of assets for processing and their realisation in cash and cash
- 400001. The Company is primarily engaged in the business
equivalents. The operating cycle of the Company’s real estate
of real estate development.
operations varies from project to project depending on the
The Financial Statements are approved by the Company’s size of the project, type of development, project complexities
Board of Directors at its meeting held on 14-May-21. and related approvals. Accordingly, project related assets and
liabilities are classified into current and non-current based
B Significant Accounting Policies
on the operating cycle of the project. All other assets and
I Basis of Preparation liabilities have been classified into current and non-current
The Standalone financial statements of the Company have based on a period of twelve months.
been prepared in accordance with Indian Accounting
Standards (‘Ind AS’) notified under section 133 of the 2 Property, Plant and Equipment
Companies Act 2013, read together with the Companies i. Recognition and measurement
(Indian Accounting Standards) Rules, 2015 and amendment if All property, plant and equipment except freehold land
any. are stated at historical cost less accumulated depreciation.
These financial statements have been prepared and presented Building was recorded at fair value as deemed cost as at
under the historical cost convention, on the accrual basis of the date of transition to Ind AS .Historical cost includes
accounting except for land as classified under Property, Plant expenditure that is directly attributable to the acquisitions of the
and Equipment and certain financial assets and financial items. Cost includes freight, duties, taxes, borrowing cost and
liabilities that are measured at fair values at the end of each incidental expenses related to the acquisition and installation
reporting period, as stated in the accounting policies set out of the asset.
below. The accounting policies have been applied consistently Freehold Land is measured at fair value. Valuations are
over all the year presented in these financial statements. performed with sufficient frequency to ensure that the carrying
The financial statements are presented in Indian Rupees (`) value of revalued asset does not defer materially from its fair
and all values are rounded to the nearest lakhs except when value.
otherwise indicated. Revaluation surplus is recorded in Other Comphrensive
Income and credited to the Revaluation reserve in Other
II Summary of Significant Accounting Policies Equity.
1 Current and Non-Current Classification ii. Subsequent costs
The Company presents assets and liabilities in the Standalone Subsequent expenditure, including cost of the items which can
Balance Sheet based on current/ non-current classification. An be reliably estimated, is capitalised only when it is probable
asset is treated as current when it is: that the future economic benefits of the expenditure will flow to
i) Expected to be realised or intended to be sold or the Company. All other repairs and maintenance are charged
consumed in normal operating cycle. to the Standalone Ind AS Statement of Profit and Loss during
ii) Held primarily for the purpose of trading the reporting period in which they are incurred.
iii) Expected to be realised within twelve months after the iii. Derecognition
reporting period, or The carrying amount of an item of Property, Plant and
iv) Cash or cash equivalent unless restricted from being Equipment is derecognized on disposal or when no future
exchanged or used to settle a liability for at least twelve economic benefits are expected from its use or disposal.
months after the reporting period. The gain or loss arising from the derecognition of an item of
All other assets are classified as non-current. Property, Plant and Equipment is measured as the difference
between the net disposal proceeds and the carrying amount
A liability is current when:
of the item and is recognized in the Standalone Statement of
i) It is expected to be settled in normal operating cycle Profit and Loss when the item is derecognized.
ii) It is held primarily for the purpose of trading
iii) It is due to be settled within twelve months after the
reporting period, or
71
iv. Capital work in progress Amortisation method, useful lives and residual values are
Cost of assets not ready for intended use, as on the Balance reviewed at the end of each financial year and adjusted, if
Sheet date, is shown as capital work in progress. appropriate.
v. Depreciation 4 Intangible Assets
Depreciation is calculated on a written down value basis over Intangible assets acquired separately are measured on initial
the estimated useful lives of the assets as specified in Schedule recognition at cost. Following initial recognition, intangible
II of Companies Act, 2013 except for Site/Sales Offices assets are carried at cost less any accumulated amortisation
,Sample Flats and Aluminium Formwork wherein the estimated and impairment losses.
useful lives is determined by the management. Management The useful lives of intangible assets are assessed as either finite
believes that such estimated useful lives are realistic and reflect or indefinite. Currently the company has not identified any
fair approximation of the period over which the assets are Intangible assets other than goodwill to have indefinite life.
likely to be used.
Intangible assets with finite lives are amortised over the useful
economic life. The useful economic life and the amortisation
Useful
Sr. method for an intangible asset with a finite useful life are
Property, Plant and Equipment life
No. reviewed at least at the end of each reporting period. The
(Years)
amortisation expense on intangible assets with finite lives is
i) Site/Sales Offices and Sample Flats 8
recognised in the Standalone Statement of Profit and Loss.
ii) Freehold Building 60
Gains or losses arising from derecognition of an intangible
iii) Plant and Equipment 8 to15
asset are measured as the difference between the net disposal
iv) Office Equipment 5 proceeds and the carrying amount of the asset and are
v) Computers recognised in the Standalone Statement of Profit and Loss
(a) Servers and networks 6
when the asset is derecognised.
(b) End user devices, such as, desktops, laptops, etc. 3 Intangible assets are amortized proportionately over a period
of five years or over the useful economic life of the assets as
vi) Furniture and Fixtures 10
determined by the management, whichever is lower.
vii) Vehicles
Intangible assets with indefinite life are tested for impairment
(a) Motor cycles, scooters and other mopeds 10 annually. Impairment losses, if any, are recognised in
(b) Motor buses, motor lorries, motor cars and 8 Standalone Statement of Profit and Loss.
motor taxies
5 Inventories
Depreciation on addition to property plant and equipment is Stock of Building Materials and Traded Goods is valued
provided on pro-rata basis from the date of acquisition. at lower of cost and net realizable value. Cost is generally
Depreciation on assets sold during the year is charged to ascertained on weighted average basis.
the Standalone Statement of Profit and Loss up to the month Finished Stock is valued at lower of Cost and Net Realizable
preceding the month of sale. Value.
Depreciation methods, useful lives and residual values are Land and Property Development Work-in-Progress is valued at
reviewed periodically at each financial year end and adjusted lower of estimated cost and net realisable value.
prospectively, as appropriate. Cost for this purpose includes cost of land, shares with
3 Investment Properties occupancy rights, Transferrable Development Rights, premium
for development rights, borrowing costs, construction /
The Property that is held for long term rental yield or for
development cost and other overheads incidental to the
capital appreciation or both, and that is not occupied by the
projects undertaken.
Company is classified as an Investment Property.
Investment properties are measured initially at cost, including Net realizable value is the estimated selling price in the
transaction and borrowing costs. Subsequent to initial ordinary course of business, less estimated cost of completion
recognition, investment properties are stated at cost less and the estimated cost necessary to make the sale.
accumulated depreciation and accumulated impairment 6 Provisions and Contingencies
losses, if any.
The Company recognizes provisions when a present obligation
The Company depreciates investment properties over the (legal or constructive) as a result of a past event exists and it
useful life of 60 years from the date of original purchase as is probable that an outflow of resources embodying economic
prescribed under Schedule II to the Companies Act, 2013. benefits will be required to settle such obligation and the
Investment properties are derecognized either when they have amount of such obligation can be reliably estimated.
been disposed of or when they are permanently withdrawn If the effect of time value of money is material, provisions are
from use and no future economic benefit is expected from their discounted using a current pre-tax rate that reflects, when
disposal. The difference between the net disposal proceeds appropriate, the risks specific to the liability. When discounting
and the carrying amount of the asset is recognized in profit or is used, the increase in the provision due to the passage of
loss in the period of derecognition. time is recognized as a finance cost.
72
A disclosure of contingent liability is also made when there After initial measurement, such financial assets are
is a possible obligation or a present obligation that may, but subsequently measured at amortised cost using the effective
probably will not, require an outflow of resources. Where interest rate (EIR) method. Amortised cost is calculated by
there is possible obligation or a present obligation in respect taking into account any discount or premium on acquisition
of which the likelihood of outflow of resources is remote, no and fees or costs that are an integral part of the EIR. The EIR
provision or disclosure is made. amortisation is included in finance income in the statement of
profit or loss. The losses arising from impairment if any, are
7 Impairment of Non-Financial Assets (excluding
recognised in the statement of profit or loss.
Inventories, Investment Properties and Deferred Tax
Assets) Debt instruments at FVTOCI
Non-financial assets are subject to impairment tests whenever A ‘debt instrument’ is classified as at the FVTOCI if both of the
events or changes in circumstances indicate that their carrying following criteria are met:
amount may not be recoverable. Where the carrying value a) The objective of the business model is achieved both
of an asset exceeds its recoverable amount (i.e. the higher of by collecting contractual cash flows and selling the
value in use and fair value less costs to sell), the asset is written financial assets, and
down accordingly. b) The asset’s contractual cash flows represent solely
Where it is not possible to estimate the recoverable amount of payments of principal and interest.
an individual asset, the impairment test is carried out on the
Debt instruments included within the FVTOCI category are
smallest group of assets to which it belongs for which there
measured initially as well as at each reporting date at fair
are separately identifiable cash flows; its cash generating units
value. Fair value movements are recognized in the other
(‘CGUs’).
comprehensive income (OCI). However, the Company does
8 Financial Instruments not have any debt instruments which meets the criteria for
A financial instrument is any contract that gives rise to a measuring the debt instrument at FVTOCI.
financial asset of one entity and a financial liability or equity Debt instrument at FVTPL
instrument of another entity.
Any debt instrument, which does not meet the criteria for
Financial Assets categorization as at amortized cost or as FVTOCI, is classified
Initial recognition and measurement as at FVTPL.
The Company classifies its financial assets in the following In addition, the Company may elect to designate a debt
measurement categories. instrument, which otherwise meets amortized cost or FVTOCI
criteria, at FVTPL. However, such election is allowed only if
• those to be measured subsequently at fair value (either
doing so reduces or eliminates a measurement or recognition
through Other Comprehensive Income, or through profit
inconsistency (referred to as ‘Accounting Mismatch’). The
or loss)
Company has not designated any debt instrument at FVTPL.
• those measured at amortised cost Debt instruments included within the FVTPL category are
All financial assets are recognised initially at fair value plus, in measured at fair value with all changes recognized in the
the case of financial assets not recorded at fair value through Statement of Profit and Loss.
profit or loss, transaction costs that are attributable to the
Equity investments
acquisition of the financial asset.
All equity investments, except investments in subsidiaries
Subsequent measurement
and associates are measured at FVTPL. The Company may
For purposes of subsequent measurement, financial assets are make an irrevocable election on initial recognition to present
classified in four categories: in Other Comprehensive Income any subsequent changes
i) Debt instruments at amortised cost in the fair value. The Company makes such election on an
ii) Debt instruments at fair value through other instrument-by-instrument basis.
comprehensive income (FVTOCI) All equity investments in subsidiaries, associates and joint
iii) Debt instruments, derivatives and equity instruments at fair ventures are measured at cost.
value through profit or loss (FVTPL)
Derecognition of Financial Assets
iv) Equity instruments measured at fair value through other
A financial asset (or, where applicable, a part of a financial
comprehensive income (FVTOCI)
asset or part of a Company of similar financial assets) is
Debt instruments at amortised cost primarily derecognised (i.e. removed from the Company’s
A ‘debt instrument’ is measured at the amortised cost if both Standalone Balance Sheet) when:
the following conditions are met: i) The rights to receive cash flows from the asset have
a) The asset is held within a business model whose objective expired, or
is to hold assets for collecting contractual cash flows, and ii) The Company has transferred its rights to receive cash
b) Contractual terms of the asset give rise on specified dates flows from the asset or has assumed an obligation to pay
to cash flows that are solely payments of principal and the received cash flows in full without material delay to a
interest on the principal amount outstanding. third party under a ‘pass-through’ arrangement; and
73
either (a) the Company has transferred substantially all the The Company’s financial liabilities include trade and other
risks and rewards of the asset, or (b) the Company has payables, loans and borrowings including bank overdrafts and
neither transferred nor retained substantially all the risks financial guarantee contracts.
and rewards of the asset, but has transferred control of the
asset.
The measurement of financial liabilities depends on their
When the Company has transferred its rights to receive
classification, as described below:
cash flows from an asset or has entered into a pass-through
arrangement, it evaluates if and to what extent it has retained Financial liabilities at fair value through profit or loss
the risks and rewards of ownership. When it has neither Financial liabilities measured at FVTPL include financial
transferred nor retained substantially all of the risks and liabilities held for trading and financial liabilities designated
rewards of the asset, nor transferred control of the asset, the upon initial recognition as at fair value through profit or loss.
Company continues to recognise the transferred asset to the Separated embedded derivatives are also classified as held
extent of the Company’s continuing involvement. In that case, for trading unless they are designated as effective hedging
the Company also recognises an associated liability. The instruments.
transferred asset and the associated liability are measured
Gains or losses on liabilities held for trading are recognised in
on a basis that reflects the rights and obligations that the
the profit or loss.
Company has retained.
Financial liabilities designated upon initial recognition at fair
Continuing involvement that takes the form of a guarantee value through profit or loss are designated as such at the initial
over the transferred asset is measured at the lower of the date of recognition, and only if the criteria in Ind AS 109 are
original carrying amount of the asset and the maximum satisfied. For liabilities designated as FVTPL, fair value gains/
amount of consideration that the Company could be required losses attributable to changes in own credit risk are recognized
to repay. in OCI. These gains/ loss are not subsequently transferred
Impairment of Financial Assets to Statement of Profit and loss. However, the Company may
transfer the cumulative gain or loss within equity. All other
The Company assess on a forward looking basis the expected
changes in fair value of such liability are recognised in the
credit losses associated with its financial assets carried at
statement of profit or loss. The Company has not designated
amortised cost and FVTOCI debts instruments. The impairment
any financial liability as at fair value through profit and loss.
methodology applied depends on whether there has been
significant increase in credit risk. For trade receivables, the Loans and borrowings
Company is not exposed to any credit risk as the legal of After initial recognition, interest-bearing loans and borrowings
residential and commercial units is handed over to the buyer are subsequently measured at amortised cost using the EIR
only after all the installments are recovered. method. Gains and losses are recognised in profit or loss
For financial assets carried at amortised cost, the carrying when the liabilities are derecognised as well as through the EIR
amount is reduced and the amount of the loss is recognised in amortisation process.
the Standalone statement of profit and loss. Interest income on
Amortised cost is calculated by taking into account any
such financial assets continues to be accrued on the reduced
discount or premium on acquisition and fees or costs that are
carrying amount and is accrued using the rate of interest used
an integral part of the EIR. The EIR amortisation is included as
to discount the future cash flows for the purpose of measuring
finance costs in the Standalone Statement of Profit and Loss.
the impairment loss. The interest income is recorded as part of
finance income. Financial asset together with the associated Financial guarantee contracts
allowance are written off when there is no realistic prospect Financial guarantee contracts issued by the Company
of future recovery and all collateral has been realised or has are those contracts that require a payment to be made to
been transferred to the Company. If, in a subsequent year, reimburse the holder for a loss it incurs because the specified
the amount of the estimated impairment loss increases or debtor fails to make a payment when due in accordance with
decreases because of an event occurring after the impairment the terms of a debt instrument. Financial guarantee contracts
was recognised, the previously recognised impairment loss is are recognised initially as a liability at fair value, adjusted for
increased or decreased. If a write-off is later recovered, the transaction costs that are directly attributable to the issuance
recovery is credited to finance costs. of the guarantee. Subsequently, the liability is measured at
Financial Liabilities the higher of the amount of loss allowance determined as
per impairment requirements of Ind AS 109 and the amount
Initial recognition and measurement
recognised less cumulative amortisation.
Financial liabilities are classified, at initial recognition,
as financial liabilities at FVTPL, loans and borrowings, or Derecognition of Financial Liabilities
payables, as appropriate. A financial liability is derecognised when the obligation under
All financial liabilities are recognised initially at fair value the liability is discharged or cancelled or expires. When an
and in the case of financial liability not recorded at fair value existing financial liability is replaced by another from the same
through Profit and Loss net of directly attributable transaction lender on substantially different terms, or the terms of an
costs. existing liability are substantially modified, such an exchange
or modification is treated as the derecognition of the original
74
liability and the recognition of a new liability. The difference All assets and liabilities for which fair value is measured or
in the respective carrying amounts is recognised in the disclosed in the financial statements are categorised within the
Standalone Statement of Profit and Loss. fair value hierarchy, described as follows, based on the lowest
level input that is significant to the fair value measurement as a
Reclassification of Financial Assets and Financial
whole:
Liabilities
The Company determines classification of financial assets i) Level 1 — Quoted (unadjusted) market prices in active
and liabilities on initial recognition. After initial recognition, markets for identical assets or liabilities
no reclassification is made for financial assets which are ii) Level 2 — Valuation techniques for which the lowest level
equity instruments and financial liabilities. For financial assets input that is significant to the fair value measurement is
which are debt instruments, a reclassification is made only if directly or indirectly observable
there is a change in the business model for managing those
iii) Level 3 — Valuation techniques for which the lowest
assets. Changes to the business model are expected to be
level input that is significant to the fair value measurement
infrequent. The Company’s management determines change
is unobservable
in the business model as a result of external or internal
changes which are significant to the Company’s operations. For assets and liabilities that are recognised in the financial
Such changes are evident to external parties. A change in the statements on a recurring basis, the Company determines
business model occurs when the Company either begins or whether transfers have occurred between levels in the hierarchy
ceases to perform an activity that is significant to its operations. by re-assessing categorisation (based on the lowest level input
If the Company reclassifies financial assets, it applies the that is significant to the fair value measurement as a whole) at
reclassification prospectively from the reclassification date the end of each reporting period.
which is the first day of the immediately next reporting period 10 Cash and Cash Equivalents
following the change in business model. The Company does
Cash and cash equivalent in the Standalone Balance Sheet
not restate any previously recognised gains, losses (including
comprise cash at banks and on hand and short-term deposits
impairment gains or losses) or interest.
with an original maturity of three months or less, which are
Offsetting of Financial Instruments subject to an insignificant risk of changes in value.
Financial assets and financial liabilities are offset and the 11 Revenue Recognition
net amount is reported in the Standalone Ind AS Balance
The Company has applied five step model as set out in Ind
Sheet if there is a currently enforceable legal right to offset
AS 115 to recognise revenue in this Standalone Financial
the recognised amounts and there is an intention to settle
Statements. The Company satisfies a performance obligation
on a net basis, to realise the assets and settle the liabilities
and recognises revenue over time, if one of the following
simultaneously.
criteria is met:
9 Fair Value Measurement a. The customer simultaneously receives and consumes
Fair value is the price that would be received to sell an asset the benefits provided by the Company’s performance as
or paid to transfer a liability in an orderly transaction between the Company performs; or
market participants at the measurement date. The fair value b. The Company’s performance creates or enhances an
measurement is based on the presumption that the transaction asset that the customer controls as the asset is created or
to sell the asset or transfer the liability takes place either: enhanced; or
i) In the principal market for the asset or liability, or- c. The Company’s performance does not create an asset
ii) In the absence of a principal market, in the most with an alternative use to the Company and the entity has
advantageous market for the asset or liability an enforceable right to payment for performance
The principal or the most advantageous market must be completed to date.
accessible by the Company. For performance obligations where one of the above
conditions are not met, revenue is recognised at the point in
The fair value of an asset or a liability is measured using the
time at which the performance obligation is satisfied.
assumptions that market participants would use when pricing
the asset or liability, assuming that market participants act in Revenue is recognised either at point of time and over a
their economic best interest. period of time based on the conditions in the contracts with
customers.
A fair value measurement of a non-financial asset takes into
account a market participant’s ability to generate economic The specific revenue recognition criteria are described below:
benefits by using the asset in its highest and best use or by (I) Income from Property Development
selling it to another market participant that would use the asset The Company has determined that the existing terms of the
in its highest and best use. contract with customers does not meet the criteria to recognise
The Company uses valuation techniques that are appropriate revenue over a period of time. Revenue is recognized at point
in the circumstances and for which sufficient data are in time with respect to contracts for sale of residential and
available to measure fair value, maximising the use of relevant commercial units as and when the control is passed on to the
observable inputs and minimising the use of unobservable customers which is linked to the application and receipt of
inputs. occupancy certificate.
75
The Company provides rebates to the customers. Rebates Exchange Differences

are adjusted against customer dues and the revenue to be Exchange differences arising, on the settlement of monetary
recognized. To estimate the variable consideration for the items or reporting of monetary items at the end of the year
expected future rebates the company uses the “most-likely at closing rates, at rates different from those at which they
amount” method or “expected value method”. were initially recorded during the year, or reported in previous
(II) Contract Balances financial statements, are recognized as income or as expenses
in the year in which they arise.
Contract Assets
13 Current Income Tax
The Company is entitled to invoice customers for construction
of residential and commercial properties based on achieving Current income tax for the current and prior periods are
a series of construction-linked milestones. A contract asset is measured at the amount expected to be recovered from or
the right to consideration in exchange for goods or services paid to the taxation authorities based on the taxable profit for
transferred to the customer. If the company performs by the period. The tax rates and tax laws used to compute the
transferring goods or services to a customer before the amount are those that are enacted by the reporting date and
payment is due, a contract asset is recognized for the earned applicable for the period.
consideration that is conditional. Any receivable which Deferred Tax
represents the Company’s right to the consideration that is
Deferred tax is recognized using the balance sheet approach.
unconditional is treated as a trade receivable.
Deferred tax assets and liabilities are recognized for all
Contract Liabilities deductible and taxable temporary differences arising between
A contract liability is the obligation to transfer goods or the tax bases of assets and liabilities and their carrying amount
services to a customer for which the Company has received in financial statements, except when the deferred tax arises
consideration from the customer. If a customer pays from the initial recognition of goodwill or an asset or liability
consideration before the Company transfers goods or services in a transaction that is not a business combination and affects
to the customer, a contract liability is recognised when the neither accounting nor taxable profits or loss at the time of
payment is made. Contract liabilities are recognised as transaction.
revenue when the Company performs under the contract. Deferred tax assets and liabilities are measured at the tax
(III) Sale of Materials, Land and Development Rights rates that are expected to apply in the period when the asset is
realized or the liability is settled, based on tax rates that have
Revenue is recognized at point in time with respect to contracts
been enacted or substantively enacted at the reporting date.
for sale of Materials, Land and Development Rights as and
when the control is passed on to the customers. Deferred tax asset in respect of carry forward of unused tax
(IV) Interest Income credits and unused tax losses are recognized to the extent that
it is probable that taxable profit will be available against which
For all debt instruments measured at amortised cost. Interest
the deductible temporary differences, and the carry forward of
income is recorded using the effective interest rate (EIR).
unused tax credits and unused tax losses can be utilized.
(V) Rental Income
The carrying amount of deferred tax assets is reviewed at each
Rental income arising from operating leases is accounted over
reporting date and reduced to the extent that it is no longer
the lease terms.
probable that sufficient taxable profit will be available to allow
(VI) Dividends all or part of the deferred tax asset to be utilized.
Revenue is recognised when the Company’s right to receive
The Company recognizes deferred tax liabilities for all taxable
the payment is established.
temporary differences except those associated with the
12 Foreign Currency Translation investments in subsidiaries where the timing of the reversal of
the temporary difference can be controlled and it is probable
Initial Recognition
that the temporary difference will not reverse in the foreseeable
Foreign currency transactions during the year are recorded in future.
the reporting currency at the exchange rates prevailing on the
date of the transaction. Minimum Alternate Tax (MAT) credit is recognised as an asset
only when and to the extent there is convincing evidence that
Conversion
the Company will pay normal tax during the specified period.
Foreign currencies denominated monetary items are translated Such asset is reviewed at each Balance Sheet date and the
into rupees at the closing rates of exchange prevailing at the carrying amount of the MAT credit asset is written down to the
date of the balance sheet. Non-monetary items, which are extent there is no longer a convincing evidence to the effect
carried in terms of historical cost denominated in a foreign that the Company will pay normal tax during the specified
currency, are reported using the exchange rate at the date of period.
the transaction.
76
Presentation of Current and Deferred Tax: Subsequently, the right-of-use assets is measured at cost less
Current and deferred tax are recognized as income or an any accumulated depreciation and accumulated impairment
expense in the Statement of Profit and Loss, except when they losses, if any. The right-of-use assets are depreciated on a
relate to items that are recognized in OCI, in which case, the straight-line basis from the commencement date of the lease
current and deferred tax income/ expense are recognized in over the shorter of the end of the lease term or useful life of
OCI. The Company offsets current tax assets and current tax the right-of-use asset.
liabilities, where it has a legally enforceable right to set off Right-of-use assets are assessed for impairment whenever
the recognized amounts and where it intends either to settle there is an indication that the balance sheet carrying amount
on a net basis, or to realize the asset and settle the liability may not be recoverable using cash flow projections for the
simultaneously. In case of deferred tax assets and deferred tax useful life.
liabilities, the same are offset if the Company has a legally
enforceable right to set off corresponding current tax assets For lease liabilities at commencement date, the Company
against current tax liabilities and the deferred tax assets and measures the lease liability at the present value of the future
deferred tax liabilities relate to income taxes levied by the lease payments as from the commencement date of the lease
same tax authority on the Company. to end of the lease term. The lease payments are discounted
using the interest rate implicit in the lease or, if not readily
14 Borrowing Costs determinable, the Company’s incremental borrowing rate for
Borrowing costs that are directly attributable to real estate the asset subject to the lease in the respective markets.“
project development activities are inventorised / capitalized as
Subsequently, the Company measures the lease liability by
part of project cost.
adjusting carrying amount to reflect interest on the lease
Borrowing costs are inventorised / capitalised as part of liability and lease payments made.
project cost when the activities that are necessary to prepare
The Company remeasures the lease liability (and makes a
the inventory / asset for its intended use or sale are in
corresponding adjustment to the related right-of-use asset)
progress. Borrowing costs are suspended from inventorisation
whenever there is a change to the lease terms or expected
/ capitalisation when development work on the project is
payments under the lease, or a modification that is not
interrupted for extended periods and there is no imminent
accounted for as a separate lease
certainty of recommencement of work.
All other borrowing costs are expensed in the period in which The portion of the lease payments attributable to the
they occur. Borrowing costs consist of interest and other costs repayment of lease liabilities is recognized in cash flows used
that the Company incurs in connection with the borrowing of in financing activities. Also, the portion attributable to the
funds. payment of interest is included in cash flows from financing
activities. Further, Short-term lease payments, payments for
15 Leases
leases for which the underlying asset is of low-value and
The Company evaluates each contract or arrangement, variable lease payments not included in the measurement of
whether it qualifies as lease as defined under Ind AS 116 the lease liability is also included in cash flows from operating
Company as a Lessee activities.
The Company assesses, whether the contract is, or contains, a Company as a Lessor
lease at the inception of the contract or upon the modification In arrangements where the Company as a Lessor, it determines
of a contract. A contract is, or contains, a lease if the contract at lease inception whether the lease is a finance lease or an
conveys the right to control the use of an identified asset for a operating lease. Leases that transfer substantially all of the risk
period of time in exchange for consideration. and rewards incidental to ownership of the underlying asset
The Company at the commencement of the lease to the counterparty (the lessee) are accounted for as finance
contract recognizes a Right-of-Use (RoU) asset at cost and leases. Leases that do not transfer substantially all of the risks
corresponding lease liability, except for leases with a term and rewards of ownership are accounted for as operating
of twelve months or less (short-term leases) and leases for leases. Lease payments received under operating leases are
which the underlying asset is of low value (low-value leases). recognized as income in the statement of profit and loss on
For these short-term and low-value leases, the Company a straight-line basis over the lease term or another systematic
recognizes the lease payments as an operating expense on a basis. The Company applies another systematic basis if that
straight-line basis over the term of the lease. basis is more representative of the pattern in which benefit
from the use of the underlying asset is diminished.
The cost of the right-of-use assets comprises the amount of the
initial measurement of the lease liability, adjusted for any lease 16 Retirement and Other Employee Benefits
payments made at or prior to the commencement date of the Retirement and other Employee benefits are accounted in
lease, any initial direct costs incurred by the Company, any accordance with Ind AS 19 – Employee Benefits.
lease incentives received and expected costs for obligations
to dismantle and remove right-of-use assets when they are no
longer used.
77
a) Defined Contribution Plan For the purpose of calculating diluted earnings per share,
the net profit or loss for the year (after deducting preference
The Company contributes to a recognised provident fund for
dividends and attributable taxes) attributable equity share
all its employees. Contributions are recognised as an expense
holders and the weighted average number of equity shares
when employees have rendered services entitling them to such
outstanding during the year are adjusted for the effects of all
benefits.
dilutive potential equity shares
b) Gratuity (Defined Benefit Scheme)
19 Goodwill
The Company provides for its gratuity liability based on Goodwill is initially measured at cost being the excess of the
actuarial valuation as at the balance sheet date which is aggregate of the consideration transferred and the amount
carried out by an independent actuary using the Projected recognised for non-controlling interest over the fair value
Unit Credit Method. Actuarial gains and losses are recognised of net identifiable tangible and intangible assets acquired
in full in the Other Comprehensive Income for the period in and liabilities assumed. If the consideration is lower than the
which they occur. fair value of the net assets of the subsidiary acquired, the
c) Compensated absences (Defined Benefit Scheme) difference is recognised in OCI and accumulated in equity as
capital reserve. After initial recognition, goodwill is measured
Liability in respect of earned leave expected to become due at the cost less any accumulated impairment losses.
or expected to be availed within one year from the balance Where goodwill forms part of a cash-generating unit and part
sheet date is recognized on the basis of undiscounted value of the operation within that unit is disposed off, the goodwill
of benefit expected to be availed by the employees. Liability in associated with the operation disposed off is included in the
respect of earned leave expected to become due or expected carrying amount of the operation when determining the gain
to be availed beyond one year after the balance sheet date is or loss on disposal of the operation. Goodwill disposed off
estimated on the basis of actuarial valuation performed by an in this circumstance is measured based on the relative values
independent actuary using the projected unit credit method. of the operation disposed off and the portion of the cash-
Actuarial losses/gains are recognized in the statement of profit generating unit retained.
and loss in the year in which they arise.
Goodwill are tested annually for impairment, or more
17 Business Combinations under Common Control frequently if event or changes in circumstances indicates that
Business Combinations involving entities or business under it might be impaired. For the purpose of impairment testing,
common control are accounted for using the pooling of goodwill recognised in a business combination is allocated
interest method. to each of the Company’s cash generating units (CGUs) that
Under pooling of interest method , the assets and liabilities are expected to benefit from the combination. A CGU is the
of the combining entities or businesses are reflected at their smallest identifiable group of assets that generates cash inflows
carrying amounts after making adjustments necessary to that are largely independent of the cash inflows from other
harmonise the accounting policies. The financial information assets or group of assets. The impairment loss is recognised
in the standalone financial statements in respect of prior for the amount by which the CGUs carrying amount exceeds
periods is restated as if the business combination had it recoverable amount. The recoverable amount is the higher
occurred from the beginning of the preceding period in the of an asset’s fair value less cost of disposal and value in use.
standalone financial statements, irrespective of the actual date Value in use is arrived at by discounting the future cash flows
of the combination. The identity of the reserves is preserved to their present value based on an appropriate discount factor.
in the same form in which they appeared in the standalone
financial statements of the transferor and the difference, if any,
between the amount recorded as share capital issued plus any
additional consideration in the form of cash or other assets
and amount of share capital of the transferor is transferred to
capital reserves.
18 Earnings Per Share
Basic earnings per share are calculated by dividing the net
profit or loss for the year (after deducting preference dividends
and attributable taxes) attributable equity share holders to by
the weighted average number of equity shares outstanding
during the year. The weighted average number of equity shares
outstanding during the year is adjusted for events of bonus
issue and consolidation of equity shares. For the purpose of
calculating diluted earnings per share, the net profit or loss for
the year and the weighted average number of equity shares
dilutive potential equity shares.
78
Notes to the Standalone Financial Statements as at 31St March 2021
2 Property, Plant and Equipment
` in Lakhs
Site / Sales
Capital
Land - Offices and Building / Leasehold Plant and Furniture Office
Particulars Computers Vehicles Total Work in
Freehold Sample Premises Improvements Equipment and Fixtures Equipments
Progress
Flats
Gross Carrying Amount
As at 01-April-19 67,589.07 14,867.47 3,099.35 865.40 17,377.14 3,219.48 2,967.44 2,731.47 729.39 113,446.21 628.58
Additions - - - - 1,667.88 28.87 368.03 96.47 7.34 2,168.59 -
As at 31-March-20 67,589.07 14,867.47 3,099.35 865.40 19,045.02 3,248.35 3,335.47 2,827.94 736.73 115,614.80 628.58
Additions - - - - 149.82 3.16 2.76 - - 155.74 -
Disposals / Adjustments - - - - (173.86) - - - (295.99) (469.85) -

As at 31-March-21 67,589.07 14,867.47 3,099.35 865.40 19,020.98 3,251.52 3,338.23 2,827.94 440.74 115,300.69 628.58
Depreciation and Impairment
As at 01-April-19 - 12,696.73 217.61 865.40 5,074.16 2,455.18 2,186.37 2,266.45 482.96 26,244.86 -
Depreciation charge for the year - 677.91 139.53 - 4,022.20 202.72 485.42 338.82 78.60 5,945.20 -
As at 31-March-20 - 13,374.64 357.14 865.40 9,096.36 2,657.90 2,671.79 2,605.27 561.56 32,190.06 -
As at 31-March-21 - 13,833.43 457.15 865.40 11,807.24 2,808.94 2,962.88 2,740.97 374.34 35,850.34 -
Net Carrying Amount
As at 31-March-21 67,589.07 1,034.04 2,642.20 - 7,213.74 442.58 375.35 86.97 66.40 79,450.35 628.58
As at 31-March-20 67,589.07 1,492.83 2,742.21 - 9,948.66 590.45 663.67 222.67 175.16 83,424.74 628.58
Notes:
1. The Company has carried a parcel of land at revalued amount and surplus arising from the revaluation is recognised under the head ‘Revaluation Surplus’ through OCI. The carrying amount of the
Land that would have been recognised had the asset being carried under the cost model at 31-March-21 is ` 6,942.63 Lakhs (31-March-20: ` 6,942.63 Lakhs).
As at As at
2. Carrying amount of certain vehicles hypothecated with banks against vehicle loans. 4.52 12.10
79
3 Investment Property
` in Lakhs
Particulars Land Building Total
(A) Gross Carrying Amount
As at 01-April-19 - 37,851.86 37,851.86
Transfer from Inventory 10,324.04 1,06,846.74 1,17,170.78
Disposals / Adjustments - (278.44) (278.44)
Disposal on account of Demerger (Refer Note 60f) -
(1,06,846.74) (1,06,846.74)
As at 31-March-20 10,324.04 37,573.42 47,897.46
As at 31-March-21 10,324.04 37,573.42 47,897.46
(B) Depreciation and Impairment -
As at 01-April-19 - 7,828.34 7,828.34
Depreciation charge for the year - 2,766.45 2,766.45
Disposals / Adjustments (120.17) (120.17)
Disposal on account of Demerger (Refer Note 60f) (1,303.50) (1,303.50)
As at 31-March-20 - 9,171.12 9,171.12
As at 31-March-21 - 10,510.28 10,510.28
(C) Net Carrying Amount (A-B) -
As at 31-March-21 10,324.04 27,063.14 37,387.18
As at 31-March-20 10,324.04 28,402.30 38,726.34
(i) Income and expenditure of Investment Properties

` in Lakhs
For the Year For the Year
Particulars ended ended
Rental and Facilities Income 5,146.85 7,016.53
Less : Direct Operating expenses for properties that generate Rental and Facilities (538.18) (894.60)
Income
Profit from Investment properties before Depreciation and Impairment 4,608.67 6,121.93
Depreciation and Impairment 1,339.16 2,766.45
Profit from Investment Properties 3,269.51 3,355.48
(ii) Fair value measurement
The fair value of the properties other than the land is `72,228.76 lakhs and `71,128.00 lakhs as at March 31, 2021 and March
31, 2020 respectively. These values are considered as per valuations performed by an independent valuer with experience of valuing
investment properties. The fair value was arrived at using discounted cash flow projections based on reliable estimates of future cash
flows.
Land was transferred from inventory during the financial year ended March 31, 2020. The fair valuation of the said land is
`14,420.00 lakhs and `14,420.00 lakhs, as at March 31, 2021 and March 31, 2020 respectively. This is determined based on the
recent sale transaction in the vicinity.
(iii) Buildings hypothecated with Banks

` in Lakhs
Carrying amount of Buildings hypothecated with Banks/ Others against loans. 26,195.34 27,138.19
80
4 Intangible Assets
` in Lakhs
Other Intangible Assets
Particulars Goodwill
Software Brand Total
As at 01-April-19 162,412.74 1,390.49 10,306.10 11,696.59
Additions - 47.17 - 47.17
As at 31-March-20 162,412.74 1,437.66 10,306.10 11,743.76
Additions - - - -
As at 31-March-21 162,412.74 1,437.66 10,306.10 11,743.76
(B) Amortisation and Impairment
As at 01-April-19 107,855.16 1,268.67 3,104.09 4,372.76
Amortisation charge for the year 2,557.93 98.66 1,075.68 1,174.34
Impairment 11,882.60 - - -
As at 31-March-20 122,295.69 1,367.33 4,179.77 5,547.10
Amortisation charge for the year - 54.27 379.15 433.42
Impairment - - - -
As at 31-March-21 122,295.69 1,421.60 4,558.92 5,980.53
(C) Net Carrying Amount (A-B)
As at 31-March-21 40,117.05 16.06 5,747.18 5,763.24
As at 31-March-20 40,117.05 70.33 6,126.33 6,196.66
Note:
a) Certain goodwill arising out of merger is amortised based on the accounting treatment as prescribed by the merger scheme,
which has been approved by the Honorable High Court of Bombay.
b) Brand arising out of merger was capitalized in accordance with the merger scheme, which has been approved by the Honorable
High Court of Bombay.
81
Notes to the Standalone Financial Statements as at 31St March, 2021
As at As at
5 Non-Current Investments Face Value in `
(unless otherwise stated)
(i) Unquoted Equity Shares, Fully
paid up, at cost Subsidiaries
Anantnath Constructions and Farms Pvt. Ltd.
Numbers 3,64,44,000 3,64,44,000
Amount 10 3,644.40 3,644.40
Classichomes Developers and Farms Pvt. Ltd.
Numbers 1,000 -
Amount 10 0.10 -
Bellissimo Constructions and Developers Pvt. Ltd.
Numbers 1,000 1,000
Amount 10 0.10 0.10
Bellissimo Estate Pvt. Ltd.
Numbers 10,000 10,000
Amount 10 1.00 1.00
Center for Urban Innovation
Numbers 10,000 10,000
Amount 10 1.00 1.00
Copius Developers and Farms Pvt Ltd
Numbers 10,000 10,000
Amount 10 1.00 1.00
Cowtown Infotech Services Pvt. Ltd.
Numbers 2,230 2,230
Amount 1,000 40.84 40.84
Cowtown Software Design Pvt. Ltd.
Numbers 10,000 10,000
Amount 10 1.00 1.00
Palava Industrial & Logistics Park Pvt. Ltd.
Numbers 10,000 10,000
Amount 10 1.00 1.00
Lodha Developers International Ltd.
Numbers 10,102 10,102
Amount 1 USD 6.31 6.31
Lodha Developers International (Netherlands) B.V
Numbers 20,21,000 20,21,000
Amount 1 EUR 1,661.34 1,661.34
Lodha Developers U.S., Inc.
Numbers 40,000 40,000
Amount 1 USD 26.20 26.20
Lodha Developers Canada Ltd
Numbers 10 10
Amount 1 CAD 0.01 0.01
Luxuria Complex Pvt Ltd
Numbers 1,000 1,000
Amount 10 0.10 0.10
Apollo Complex Pvt Ltd
Numbers 10,000 10,000
Amount 10 1.00 1.00
82
As at As at
Face Value in `
MMR Social Housing Pvt. Ltd.
Numbers 1,00,000 1,00,000
Amount 10 10.65 10.65
Odeon Theatres and Properties Pvt. Ltd.
Numbers 1,140 1,140
Amount 100 0.02 0.02
One Place Commercial Pvt. Ltd.
Numbers 500 500
Amount 100 0.01 0.01
Palava City Management Pvt. Ltd.
Numbers 50,000 50,000
Amount 10 5.01 5.01
Palava Dwellers Pvt. Ltd.
Numbers 9,813 9,813
Amount 10 507.98 507.98
Primebuild Developers And Farms Pvt. Ltd.
Numbers 1,000 -
Amount 10 0.10 -
Brickmart Constructions and Developers Pvt. Ltd.
Numbers 1,000 -
Amount 10 0.10 -
Homescapes Constructions Pvt.Ltd.
Numbers 1,000 -
Amount 10 0.10 -
Palava Institute of Advanced Skill Training
Numbers 10,000 -
Amount 10 1.00 -
Renovar Green Consultants Pvt. Ltd.
Numbers 10,000 10,000
Amount 10 0.01 0.01
Sitaldas Estate Pvt Ltd
Numbers 620 620
Amount 1,000 3,587.75 3,587.75
Joint Venture
Altamount Road Property Pvt. Ltd.
Numbers 13,58,246 9,80,000
Amount 10 4,478.27 4,440.44
Lodha Developers International (Jersey) III Ltd.*
Numbers 500 500
Amount 1 GBP 0.13 0.13
Lodha Developers 1GSQ Holding Ltd*
Numbers 500 500
Lodha Developers UK Ltd.
Numbers 6,120 9,000
13,982.33 13,945.61
83
As at As at
(ii) Unquoted Equity Shares , Fully paid up
at Fair Value through Profit and Loss
Face Value in `
Others (unless otherwise stated)
Kidderpore Holdings Ltd
Numbers 13,824 13,824
Amount 10 0.02 0.02
Bellissimo Healthy Constructions and Developers Pvt. Ltd.
Numbers 3,45,454 3,45,454
Amount 10 455.09 455.09
Shreeniwas Abode and House Ltd.
Numbers 58,056 58,056
Amount 1 0.00 0.00
455.11 455.11
(iii) Quoted Equity Shares, Fully paid up, at cost
Subsidiary
Roselabs Finance Ltd
Numbers 74,24,670 74,24,670
Amount 10 640.95 640.95
Sanathnagar Enterprises Ltd.
Numbers 22,89,981 22,90,407
Amount 10 57.61 57.61
698.56 698.56
(v) Unquoted Preference Shares, Fully paid up, at cost
Subsidiary
Non Convertible Non Cumulative Preference Shares
One Place Commercials Pvt. Ltd.

Numbers 10,000 -
Amount 10 1.00 -
1.00 -
Subsidiary/ Joint Venture
Non Convertible Redeemable Preference Shares

Lodha Developers UK Ltd. (Joint Venture w.e.f. 25-March-20)
Numbers 12,90,000 12,90,000
Amount 1 GBP 1,168.51 1,168.51
Optionally Convertible Preference Shares
Lodha Developers UK Ltd. (Joint Venture w.e.f. 25-March-20)
Numbers 9,180 18,000
Amount 1 GBP 6.40 14.91
1,175.91 1,183.42
(v) Non Convertible Redeemable Preference Shares,
Fully paid up ,at amortised cost
Bellissimo Properties Development Pvt. Ltd.
Numbers 1,98,35,000 1,98,35,000
Amount 10 1,983.50 1,983.50
1,983.50 1,983.50
(vi) Non Cumulative Compulsory Convertible Preference Shares,
fully paid up at fair value through profit and loss
Housr Technologies Pvt. Ltd.
Numbers 27 27
Amount 10 50.34 50.34
50.34 50.34
(vii) Unquoted Non Convertible Redeemable Debentures,
Fully paid up, at amortised cost
Holding Company
Sambhavnath Infrabuild and Farms Pvt. Ltd.
Numbers 13,10,700 35,44,180
Amount 100 1,310.70 3,544.18
84
As at As at
Face Value in `
Subsidiary / Joint Venture
Lodha Developers UK Ltd. (Joint Venture (w.e.f. 25-March-20)
Numbers 5,41,000 5,41,000
Amount 1 GBP 545.14 503.54
Altamount Road Property Pvt. Ltd. (Joint Venture (w.e.f. 22-April-19)
Numbers 14,70,000 -
Amount 100 1,470.00 -
3,325.84 4,047.72
(viii) Unquoted Compulsory Convertible Debentures,
Fully paid up, at cost Subsidiary
Sitaldas Estate Pvt Ltd
Numbers 20,00,000 20,00,000
Amount 100 2,000.00 2,000.00
2,000.00 2,000.00
(ix) Unquoted Optionally Convertible Debentures,
Fully paid up, at Fair Value through Profit and Loss
Others
Bellissimo Healthy Construction and Developers Pvt. Ltd.
Numbers 2,50,00,000 2,50,00,000
Amount 10 2,500.00 2,500.00
Less : Fair Value Adjustments (296.96) (296.96)
2,203.04 2,203.04
(x) Investment in Limited Liability Partnership (LLPs) (Trade), at cost
Bellissimo Buildtech LLP ( indicates `1,000) 0.00 0.00
0.00 0.00
(xi) Others**
Bellissimo Healthy Construction and Developers Pvt. Ltd. 194.74 194.74
**Represents Financial Guarantees given by the Company accounted as Investments.
194.74 194.74
Total (i To xi) 26,069.37 26,762.04
Aggregate cost of quoted investments 698.56 698.56
Aggregate market value of quoted investments 2,537.47 1,034.96
Aggregate value of unquoted investments 25,370.81 26,063.48
* Subsidiary of Lodha Developers UK Limited
6 Non-Current Loans
(Unsecured considered good unless otherwise stated)
Loans/Intercorporate Deposits to Related Parties :
Subsidiaries (Refer Note 48) 1,28,798.73 1,08,491.36
Joint Venture (Refer Note 48) 1,83,258.79 1,85,454.15
Less : Provision for Doubtul Loans (Refer Note 61) (1,09,607.00) (56,000.00)
Loan to employees 8,258.77 9,472.73
Total 2,10,709.29 2,47,418.24
7 Other Non-Current Financial Assets
Interest Receivables (Refer Note 48) - 19,470.28
Fixed Deposits with maturity of more than 12 months * 3,768.57 3,208.67
Total 3,768.57 22,678.95
* Lien against bank guarantee and Debt Service Reserve Account
8 Non-Current Tax Assets (net)
Advance Income Tax (Net of Provision) 13,819.36 31,280.40
Total 13,819.36 31,280.40
85
As at As at
9
Other Non-Current Assets
Capital Advances 3,209.50 3,209.50
Indirect Tax Receivable 3,676.20 3,907.01
6,885.70 7,116.51
Less : Provision for Doubtful Advances (3,209.50) (3,209.50)
Total 3,676.20 3,907.01
10 Inventories (at Lower of Cost and Net Relizible Value)
Building Materials 9,525.28 12,178.15
Land and Property Development Work-in-Progress (Refer Note 42) 19,78,721.40 19,69,143.27
Finished Stock (Refer Note 42) 3,87,963.57 5,55,757.64
Total 23,76,210.25 25,37,079.06
The carrying amount of Inventories charged as securities against borrowings. 17,41,542.93 19,55,260.80

11 Current Investments
(i) Unquoted Optionally Convertible Redeemable Debentures,
fully paid up at amortised cost Face Value in `
Holding Company (unless otherwise
stated)
Numbers 7,29,28,260 7,29,28,260
Amount 100 72,626.26 72,626.26
72,626.26 72,626.26
(ii) Quoted Investment at fair value through Profit and Loss
Equity Shares
Dhenu Buildcon Infra Ltd
Numbers 3,02,088 3,02,088
Amount 10 6.28 8.43
Mutual Fund:
L & T Debt Fund *
Numbers 1,39,00,419 1,39,00,419
Amount 10 2,697.29 2,499.93
Fearing Capital India Evolving Fund
Numbers 76,434 1,00,169
Amount 1,000 1,063.65 696.07
L & T Liquid Fund-Growth *
Numbers 25,353 25,353
Amount 1,000 711.47 687.25
L & T Short Term Bond Fund-Growth *
Numbers 1,03,40,500 1,03,40,500
Amount 10 2,154.96 2,014.25
Baroda Mutual Fund *
Numbers 49,988 -
Amount 10 6.40 -
Birla Sun Life *
Numbers 44,36,706 42,18,854
Amount 10 552.03 504.18
7,192.08 6,410.11
*Includes on account of Lien against Bank Guarantee,
Debt Service Reserve Account, Margin and Letter of Credit
79,818.34 79,036.37
Aggregate cost of quoted investments 6,107.81 6,120.26
86

As at As at
12 Current Loans
Loan/ Intercorporate Deposits to Related Parties : (Refer Note 48)
Subsidiaries 47,873.56 60,432.94
Other Loans 2,012.79 1,915.29
Considered Doubtful 4,585.42 5,616.03
54,471.77 67,964.26
Less : Provision for Doubtul Loans (4,585.42) (5,616.03)
Total 49,886.35 62,348.23
13 Trade Receivables
Unsecured
Considered Good 58,059.19 73,067.30
Considered Doubtful 304.77 304.77
58,363.96 73,372.07
Less : Provision for Doubtful Receivables (304.77) (304.77)
Total 58,059.19 73,067.30
(i) Trade Receivables charged as securities against specific borrowings 49,707.28 70,135.83
(ii) Trade Receivables are disclosed net of advances, as per agreed terms.
14 Cash and Cash Equivalents
Cash on Hand 69.33 57.75
Balances with Banks 14,549.53 8,345.92
Fixed Deposits with original maturity of less than 3 months 1,654.08 8.44
Total 16,272.94 8,412.11
15 Bank Balances other than Cash and Cash Equivalents
Fixed Deposits with original maturity more than 3 months and less than 12 Months * 5,112.04 3,153.48
Total 5,112.04 3,153.48
*Lien against bank guarantee, Debt Service Reserve Account,
Margin and Letter of Credit (LC)
16 Other Current Financial Assets
Interest Receivables (Refer note 48) 2,674.01 3,062.53
Deposits (Refer note 48) 39,540.73 43,213.54
Accrued Revenue 74,446.80 49,923.67
Other Financial Assets (Refer note 48) 579.31 566.76
Total 1,17,240.85 96,766.50
17 Other Current Assets
Advances/Deposits to/for :
Suppliers and Contractors 20,472.25 38,703.15
Employees 432.96 200.68
Prepaid Expenses 33,912.30 30,678.05
Indirect Tax Receivables 3,113.38 5,931.03
Other Advances 5,517.61 5,239.45
Total 63,448.50 80,752.36
18 Share Capital
(A) Authorised Share Capital:
(i) Equity Shares of ` 10 each
Numbers
Balance at the beginning of the year 1,25,76,41,750 1,02,58,41,750
Increase during the year - 23,18,00,000
Balance at the end of the year 1,25,76,41,750 1,25,76,41,750
Amount
Increase during the year - 23,180.00

87
As at As at
(ii) Preference Shares of ` 10 each
Numbers
Balance at the beginning of the year 1,26,86,250 1,11,16,250
Increase during the year - 15,70,000
Balance at the end of the year 1,26,86,250 1,26,86,250
Amount
Balance at the beginning of the year 1,268.63 1,111.63
Increase during the year - 157.00
Balance at the end of the year 1,268.63 1,268.63
B) Issued Equity Capital
Equity Shares of ` 10 each issued, subscribed and fully paid up
Numbers
Increase during the year - -
Amount
Pursuant to the approval of the shareholders of the Company, during the Financial Year ended 31-March-18, the Company has alloted
282,770,000 fully paid up Equity Shares of face value `10 each as bonus shares by utilising the share premium.
(C) Terms/ rights attached to equity shares
The Company has only one class of equity shares having par value of `10 per share.
Each Shareholder is entitled for one vote per share. The shareholders have the right to receive interim dividends declared by the Board
of Directors and final dividend proposed by the Board of Directors and approved by the Shareholders.
In the event of liquidation, the shareholders will be entitled in proportion to the number of equity shares held by them to receive
remaining assets of the Company, after distribution of all preferential amounts.
(D) Shares held by Holding Company and/ or their subsidiaries
Equity Shares :
a) Sambhavnath Infrabuild and Farms Pvt. Ltd. (alongwith nominees)
Numbers 26,72,97,320 26,72,97,320
Amount 26,729.73 26,729.73
b) Sambhavnath Trust (Formerly known as Mangal Prabhat Lodha
Family Discretionary Trust)
Numbers 12,85,80,480 12,85,80,480
Amount 12,858.05 12,858.05
Total Numbers 39,58,77,800 39,58,77,800
Total Amount 39,587.78 39,587.78
(E) Details of shareholders holding more than 5% shares in the company
Equity Shares :
(a) Sambhavnath Infrabuild and Farms Pvt. Ltd. (alongwith nominees)
Numbers 26,72,97,320 26,72,97,320
% of Holding 67.52% 67.52%
(b) Sambhavnath Trust (Formerly known as Mangal Prabhat Lodha Family Discretionary Trust)
Numbers 12,85,80,480 12,85,80,480
% of Holding 32.48% 32.48%
(F) ESOP Scheme 2021
Pursuant to the resolution passed by Board on 13-February-21, the Company had instituted the ESOP Scheme 2021 for issue of
options to eligible employees. As on 31-March-21, no options have been granted under the ESOP Scheme 2021.
19 Share Premium
88
As at As at
20 Retained Earnings ` in Lakhs ` in Lakhs
Increase during the year 58,869.45 71,668.24
21 Other Reserves
(i) Capital Redemption Reserve
Balance at the beginning of the year 28.00 28.00
Balance at the end of the year
28.00 28.00
(ii) Capital Reserve

Balance at the beginning of the year (1,103.88) (1,104.53)
Balance at the end of the year (1,103.88) (1,103.88)

(iii) Debenture Redemption Reserve
Transfer during the year (77,195.08) -

(iv) Revaluation Reserve

Total Other Reserves (i) to (iv) 95,751.68 172,946.76
The nature and purpose of other reserves:

(i) Capital Redemption Reserve - Amount transferred from share capital on redemption of issued shares.
(ii) Capital Reserve - Reserve created on account of merger.
(iii) Debenture Redemption Reserve (DRR)- Pursuant to the notification GSR 574(E) dated 16-August-19 ,in reference to amendment
in rule 18, sub rule 7 of the Companies (Share Capital and Debentures) Rules, 2014, the company has not transferred amount
from retained earnings to DRR, during the year ended as on 31-March-20 and onwards. Further, DRR created up to 31 March
2019, was transferred to retained earnings in proportion to the repayments made with respect to such debentures for which it was
initially created.
(iv) Revaluation Reserve - Gains arising on the revaluation of certain class of Property, Plant and Equipment.
22 Non-Current Borrowings
A Secured
i) Term Loan
Banks 1,742.24 -
Others 57,922.52 45,989.98
ii) Vehicle Loans 0.42 0.59
59,665.18 45,990.57
Less: Current maturities of non-current borrowings (Refer Note 29) (2,602.52) (899.03)
Total 57,062.66 45,091.54
iii) Others 10,058.91 -
67,121.57 45,091.54
B Unsecured
Loans/ Intercorporate Deposits from Related Parties (Refer Note 48) 16,003.28 -
16,003.28 -
Total 83,124.85 45,091.54
A Term Loan from banks and others*
Secured by :
(i) Charge on certain land and building situated at Mumbai and Thane 60,008.93 46,224.26
(ii) Charge over rent receivables.
(iii)Personal Guarantee of a Director
(iv)As at 31-March-21 includes corporate guarantee of `10,058.91 lakh by Holding Company
Terms of Repayment :
Repayment ending on April -2034
Effective Rate of Interest :
Rate of Interest range from 10.50% to 12.50% p.a.
B Related Parties 16,003.28 -
Repayment ending on June-2022
Rate of Interest range upto 12.75% p.a.
89
As at As at
C Vehicle Loans 0.42 0.59

Secured by :
Hypothecation of Vehicles
Repayment ending on June-2021
Rate of Interest range from 10.76% to 11.40%
* Above figures represent outstanding borrowings before adjusting loan issue cost and premium on debentures.
23 Non-Current Trade Payables
Dues to Micro and Small Enterprises 70.36 40.48
Due to Others 154.16 399.66
Total 224.52 440.14
Note: Disclosure of outstanding dues of Micro and Small Enterprise under Trade Payables is based on the information available with the
Company regarding the status of the suppliers as defined under the Micro, Small and Medium Enterprises Development Act, 2006 and
relied upon by the auditor.
24 Other Non-Current Financial Liabilities
Deposits 3,614.78 3,424.08
Other liabilities 12,675.82 5,086.21
Total 16,290.60 8,510.29
25 Non-Current Provisions
Employee Benefits (refer note 43)
Gratuity 1,327.82 1,433.10
Leave Obligation 11.81 13.12
Total 1,339.63 1,446.22
26 Other Non-Current Liabilities
Deferred Lease Income 9,509.12 9,689.79
9,509.12 9,689.79
27 Current Borrowings
A Secured :
i) Non Convertible Debentures 2,94,216.80 4,93,964.26
ii) Term Loans :
Banks 3,57,547.16 3,75,908.62
Others 4,58,026.72 4,98,061.02
iii)Cash Credit 50,274.73 73,351.26
11,60,065.41 14,41,285.16
B Unsecured
i) Non Convertible Debentures(Refer Note 48) 78,444.41 74,855.09
ii) Loans/ Intercorporate Deposits from Related Parties (Refer Note 48) 1,57,310.90 1,11,069.96
iii) Others - 16,458.60
2,35,755.31 2,02,383.65
Total 13,95,820.72 16,43,668.81
A Term Loan from banks and others*
1 Secured by : 3,05,932.44 2,88,556.03
(i) Charge on certain land and building situated at Thane.
(ii) Charge over project receivables.
(iii) Personal Guarantee of a Director
(iv) Personal Guarantee for ` 11,594.79 lakhs (31-March-20 ` 12,200.00 lakhs) by relative of a Director
(v) Corporate Guarantee by Holding Company for ` 1,00,067.88 lakh (31-March-20 ` 97,087.54 lakh)
Repayment Started from June-2016 ending on August-2030.
Rate of Interest range from 10.00 % to 13.00 %
2 Secured by :
(i)Charge on certain land and building situated at Mumbai 5,11,695.04 5,88,643.46
(iii)Personal Guarantee of a Director
90
As at As at
(iv)Personal Guarantee for ` 6,964.37 lakhs (31-March-20 ` 7,200.00 lakhs) by relative of a Director
(v) Corporate Guarantee by Holding Company for ` 25,130.95 lakh (31-March-20 ` 23,672.28 lakh)
Repayment started from June -2017 ending on September-2025
B Non Convertible Debentures* 2,69,076.78 4,74,819.99
Secured by :
(i) Charge on land and building situated at Mumbai and Thane
(iv) Corporate Guarantee by Holding Company for ` 49,500.00 lakh (31-March-20 ` 49,500.00 lakh)
Repayment at the end of the term upto July 2023
C Non Convertible Debentures* 72,605.64 72,605.64
Unsecured
Repayment at the end of the term upto May 2026
Rate of Interest 12.00 %
D Cash Credit/ Overdraft Facility 50,274.73 73,351.26
Secured by :
Repayable on demand
E Related Parties
Effective Rate of Interest : 1,57,310.90 1,11,069.96
Rate of Interest range upto 12.75 %
Repayment on Demand
*Above figures represent outstanding borrowings before adjusting loan issue cost and premium on debentures.
28 Current Trade Payables
Dues to Micro and Small Enterprises 2,673.23 386.70
Due to Related Parties (Refer Note 48) 45,780.44 70,335.66
Due to Others 60,190.71 96,594.75
Total 1,08,644.38 1,67,317.11
Note: Disclosure of outstanding dues of Micro and Small Enterprise under Trade Payables is based on the information available with the
Company regarding the status of the suppliers as defined under the Micro, Small and Medium Enterprises Development Act, 2006 and
relied upon by the auditor.
29 Other Current Financial Liabilities
Current maturities of non-current borrowings 2,602.52 899.03
Interest accrued but not due 22,289.39 27,963.71
Other Payables :
Deposits 5,304.74 5,806.74
Employee Payables 10,980.36 11,472.03
Payable on Cancellation of allotted units 11,801.74 7,988.95
Deferred Liability against Purchase of Land 1,48,012.15 1,52,944.58
Other Liabilities 23,545.27 28,087.15
Total 2,24,536.17 2,35,162.19
91
As at As at
30 Provisions ` in Lakhs ` in Lakhs
Employee Benefits
Gratuity 391.40 460.43
Total 442.66 519.05
31 Other Current Liabilities
Advances Received from Customers 6,58,232.59 6,22,477.40
Duties and Taxes 8,994.78 6,241.94
Other Contractual Payments - 1,371.85
Accrued Liability and Society Payables 2,74,230.41 2,68,221.32
Total 9,41,457.78 8,98,312.51

32 Revenue From Operations

Income From Property Development (Refer Note 59) 3,95,666.37 7,86,235.43
Sale of Building Materials 2,115.03 515.16
Sale of Land / Development Rights 21,618.87 10,980.78
Rent Income 6,781.46 7,290.01
Other Operating Revenue 3,787.68 6,454.41
Total 4,29,969.41 8,11,475.79
33 Other Income
Profit on Sale of Investments - 728.72
Gains arising from fair valuation of financial Instruments 888.71 168.80
Interest Income 12,521.73 30,127.62
Profit on Sale of Property, Plant and Equipment (net) 333.26 659.06
Dividend Income on Current Investments 47.11 110.24
Miscellaneous Income 838.09 1,658.92
Total 14,628.90 33,453.36
34 Cost of Projects
Opening Stock
Land and Property Development - Work-in-Progress 19,69,143.27 22,69,267.52
Finished Stock 5,55,757.64 4,31,871.24

Less : Transfer on account of Demerger: (Refer Note 60) (88,096.44) -

Add: Expenditure during the year:
Land, Construction and Development Cost 30,061.30 262,592.17
Consumption of Building Materials 29,229.79 50,463.87
Purchase of Building Material 2,424.83 579.52
Other Construction Expenses 11,664.26 13,353.77
Overheads Allocated 152,477.07 166,112.40
26,62,661.72 31,94,240.49

Less: Transfers and Others (407.85) (118,073.62)
26,62,253.87 30,76,166.87

Less: Closing Stock
Land and Property Development - Work-in-Progress (19,78,721.40) (19,69,143.27)
Finished Stock (3,87,963.57) (5,55,757.64)
(23,66,684.97) (25,24,900.91)

Total 2,95,568.90 5,51,265.96
92

35 Employee Benefits Expense

(Net of Recovery)
Salaries and Wages 39,504.26 49,267.72
Contribution to Provident and Other Funds 893.17 1,326.32
Staff Welfare 345.62 810.65
40,743.05 51,404.69
Less: Allocated to Cost of Projects (15,091.65) (23,395.86)
Total 25,651.40 28,008.83

36 Finance Costs
Interest Expense on:
Interest Expense on Borrowings and others 2,14,488.00 2,16,242.21
Other Finance Costs 2,395.40 3,348.75
2,16,883.40 2,19,590.96
Less: Allocated to Cost of Projects (1,35,094.06) (1,41,386.46)
Total 81,789.34 78,204.50
37 Other Expenses
Rent 616.00 1,102.44
Rates and Taxes 1,733.34 365.94
Insurance 207.20 105.19
Postage / Telephone / Internet 287.51 441.60
Printing and Stationery 3.28 334.74
Legal and Professional 2,931.87 4,091.83
Payment to Auditors as:
Audit Fees 163.05 163.05
Taxation Matters 5.00 5.00
Other Services* 60.50 96.20
Advertising Expenses 4,315.44 4,154.97
Brokerage and Commission 5,003.89 6,029.97
Business Promotion 2,772.47 4,362.83
Travelling and Conveyance 515.26 1,810.88
Infrastructure and Facility Expenses 10,836.80 12,025.39
Bank Charges 461.71 367.80
Donation 1,183.13 4,043.78
Sundry Balances / Excess Provisions Written Off/(back) (net) (6,725.77) (1,896.25)
Foreign Exchange (Gain)/ Loss (net) (17,157.16) (5,236.36)
Provision for Dimunation in Value of Investment - 296.96
Stamp Duty and Registration Charges 4,748.63 11,041.43
Provision for / (Write back of) Doubtful Receivables /Advances (net) - (2,872.23)
Compensation 327.20 1,580.85
Miscellaneous Expenses 226.78 544.16
12,516.13 42,960.17
Total 10,224.76 41,630.09

* Other Services does not include fees in relation to services rendered for initial public offering of `102.75 lakh included under other
current assets.
93
38 Tax Expense:
a. The major components of income tax expense are as follows:

(i) Income tax expense recognised in statement of profit and loss

Current Income Tax (expense) / benefit :
MAT Liability (3,594.49) -
Adjustments in respect of current Income Tax of earlier years (1,782.94) -
Total (5,377.43) -

Deferred Tax (expense) / benefit :
Origination and reversal of temporary differences 7,502.61 (22,931.60)
Adjustments in respect of Deferred Tax of earlier years (332.34) 739.60
Total 7,170.27 (22,192.00)
Income Tax (expense) / benefit reported in the 1,792.84 (22,192.00)
Statement of Profit or Loss

(ii) Income tax expenses recognised in OCI
Deferred Tax benefit on remeasurements of defined benefit plans (67.06) 12.18
Income tax charged to OCI (67.06) 12.18
B. Reconciliation of tax expense and the accounting profit multiplied by India’s tax rates :

Accounting Profit/ (loss) Before Tax (20,365.01) 65,493.25

Income tax expense calculated at corporate tax rate 7,116.35 (22,885.96)
Income tax expense:
Deductible expenses for tax purposes:
Other deductible expenses 115.88 675.41
Non-deductible expenses for tax purposes:
Permanent disallowance of Expenses (2,497.13) (351.68)
Donation /CSR Expenses (413.43) (111.80)
Other non-deductible expenses (413.54) (257.57)
Adjustments in respect of Current Tax of earlier years (1,782.94) -
Adjustments in respect of Deferred Tax of earlier years (332.34) 739.60
Total 1,792.84 (22,192.00)
C. The major components of Deferred Tax (Liabilities)/Assets arising on account of temporary differences
are as follows:
Balance sheet
Deferred tax relates to the following: 31-March-21 31-March-20
Accelerated depreciation and amortisation for Tax purposes (13,351.17) (1,127.45)

Expenses allowed but not charged to Statement of Profit and Loss (28,840.18) (37,501.02)
Carried Forward Business Loss / Unabsorbed Depreciation 6,749.73 15,808.20
Deferred Tax on Revaluation of Land (12,908.22) (12,908.22)
Effect of adoption of Ind AS 115 9,318.75 9,786.28
Provision for Doubtul Loans 36,404.67 20,330.43
MAT Credit 7,751.02 4,147.76
Others 4,223.72 3,587.42
Net Deferred Tax Assets 9,348.32 2,123.40
94
Profit & loss

Accelerated depreciation and amortisation for Tax purposes (12,223.72) 875.85

Expenses allowable but not charged to Statement of Profit and Loss 8,660.84 3,976.81
Carried Forward Business Loss / Unabsorbed Depreciation (9,058.47) (1,614.05)
Effect of adoption of Ind AS115 (467.53) (44,013.91)
Provision for Doubtful Loans 16,074.24 17,255.44
MAT Credit 3,603.26 -
Others 581.65 1,327.86
Deferred Tax Expense/ (Income) 7,170.27 (22,192.00)
D. Reconciliation of Deferred Tax:
Balance sheet
Opening balance 2,123.40 24,054.98

Tax income/(expense) during the year recognised in Statement of Profit and Loss 7,170.27 (22,192.00)
Tax income/(expense) during the year recognised in OCI (67.06) 12.18
Deferred Tax on Gratuity and Leave Obligation ** - (103.44)
Deferred Tax on Intangible Assets - Brand 121.70 351.68
Closing balance 9,348.32 2,123.40
** On account of transfer of employees to the subsidiary of the Company.
95
39 Category wise classification of Financial Instruments:
As at As at
Financial Assets carried at amortised cost

Investments 77,935.60 78,657.48
Loans 260,595.64 309,766.47
Trade Receivables 58,059.19 73,067.30
Cash and Cash Equivalents 16,272.94 8,412.11
Bank Balances other than Cash and Cash Equivalents 5,112.04 3,153.48
Other Financial Assets 121,009.42 119,445.45
Total Financial Assets carried at amortised cost 538,984.83 592,502.29

Financial Liabilities carried at amortised cost

Borrowings 1,478,945.57 1,688,760.35
Trade Payables 108,868.90 167,757.25
Other Financial Liabilities 240,826.77 243,672.48
Total Financial Liabilities carried at amortised cost 1,828,641.24 2,100,190.08
40 Significant Accounting Judgements, Estimates And Assumptions

Judgements, Estimates And Assumptions
The Company makes certain judgement, estimates and assumptions regarding the future. Actual experience may differ from these judgements,
estimates and assumptions. The estimates and assumptions that have significant risk of causing material adjustment to the carrying amounts of assets
and liabilities within the next financial year, are described below.

(i) Useful Life Of Property, Plant And Equipments, Intangible Assets And Investment Properties
The Company determines the estimated useful life of its Property, Plant and Equipments, Investment Properties and Intangible Assets for calculating
depreciation/ amortisation. The estimate is determined after considering the expected usage of the assets or physical wear and tear. The company
periodically reviews the estimated useful life and the depreciation/ amortisation method to ensure that the method and period of depreciation/
amortisation are consistent with the expected pattern of economic benefits from these assets.

(ii) Impairment of non-financial assets
Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value
less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions
conducted at arm’s length, for similar assets or observable market prices less incremental costs for disposing of the asset. An assessment is carried
to determine whether there is any indication of impairment in the carrying amount of the Company’s assets. If any such indication exists, the asset’s
recoverable amount is estimated. An impairment loss is recognised whenever the carrying amount of an asset exceeds its recoverable amount.

(iii) Income Taxes
Significant judgments are involved in estimating budgeted profits for the purpose of paying advance tax, determining the provision for income taxes,
including amount expected to be paid/recovered for uncertain tax positions.

(iv) Defined Benefit Plans (Gratuity And Leave Obligation Benefits)
The costs of providing pensions and other post-employment benefits are charged to the Statement of Profit and Loss in accordance with Ind AS 19
‘Employee benefits’ over the period during which benefit is derived from the employees’ services. The costs are assessed on the basis of assumptions
selected by the management. These assumptions include salary escalation rate, discount rates, expected rate of return on assets and mortality rates.

(v) Fair Value Measurement Of Financial Instruments
When the fair values of financials assets and financial liabilities recorded in the Balance Sheet cannot be measured based on quoted prices
in active markets, their fair value is measured using valuation techniques, including the discounted cash flow model, which involve various judge
ments and assumptions.

(vi) Revaluation of Property, Plant and Equipment
The Company measures Land classified as property, plant and equipment at revalued amounts with changes in fair value being recognised in
Other Comprehensive Income (OCI). The Company has engaged an independent valuer to assess the fair value periodically. Land is valued by
reference to market-based evidence, using comparable prices adjusted for specific market factors such as nature, location and condition of the
property.
(vii) Valuation of inventories

The determination of net realisable value of inventory includes estimates based on prevailing market conditions, current prices and expected date of
commencement and completion of the project, the estimated future selling price, cost to complete projects and selling cost.
(viii)Estimation uncertainty due to pandemic on coronavirus (COVID-19)

The outbreak of corona virus (COVID-19) pandemic globally and in India is causing disturbance and slowdown of economic activity. Due
to lockdown announced by the Government, the Company operations were slowed down in compliance with applicable regulatory orders. The
operations and economic activities have gradually resumed with requisite precautions. The Company continues to monitor the situation and take
appropriate action, as considered necessary in due compliance with the applicable regulations.
The management has used the principles of prudence in applying judgments, estimates and assumptions based on the current conditions. In
assessing the liquidity position and recoverability of assets such as Goodwill, Inventories, Financial assets and Other assets, based on current
96
indicators of future economic conditions, the Company expects to recover the carrying amounts of its assets. However, the actual impact of
COVID-19 pandemic on the Company’s future operations remain uncertain and dependant on spread of COVID-19 and steps taken by the
Government to mitigate the economic impact and may differ from the estimates as at the date of approval of these standalone financial statement.
The Company is closely monitoring the impact of COVID-19 on its financial condition, liquidity, operations, suppliers and workforce.

41 Commitments and contingencies
a. Leases
Operating lease commitments — Company as lessee
The Company has entered into cancellable and non-cancellable operating leases on commercial premises, with the terms between Five years. The
Lease Agreement is usually renewable by mutual consent on mutually agreeable terms.
The Company has paid following towards minimum lease payment during the year

Cancellable operating lease 616.00 1,102.44

Non-Cancellable operating lease - -
616.00 1,102.44
There is no Future minimum rentals payable under non-cancellable operating leases.

Operating lease commitments — Company as lessor
The Company has entered into cancellable and non-cancellable operating leases on its commercial premises. These leases have terms of between five
and 55 years. All leases include a clause to enable upward revision of the rental charge on an annual basis according to prevailing market conditions.
Rent Income recognized by the Company during the year:

Cancellable operating lease - -

Non-Cancellable operating lease 6,781.46 7,290.01
6,781.46 7,290.01
Within one year 5,057.84 5,344.62

After one year but not more than five years 9,328.11 8,173.59
More than five years 3,982.24 3,036.06
18,368.19 16,554.27
b. Commitments
Estimated amount of contracts remaining to be executed on capital account and not provided for:
Estimated amount of contracts remaining to be executed on capital account is 80.05 1,379.84

and not provided for (net of advances).
80.05 1,379.84
c. Contingent liabilities
Claims against the company not acknowledged as debts
(i) Disputed Demands of Customers excluding amounts not ascertainable. 26,610.83 24,897.96
(ii) Corporate Guarantees Given* 502,569.66 339,271.79
(iii) Disputed Taxation Matters 22,322.27 22,812.94
(iv) Disputed Land related Legal cases 8,056.53 5,591.56
559,559.29 392,574.25
* Represents outstanding amount of the loan / balances guaranteed.

(1) The Contingent Liabilities exclude undeterminable outcome of pending litigations.
(2) The Company has assessed that it is not probable that an outflow of resources embodying economic benefits will be required to settle the
obligation.
97
d. The Company is committed to provide business and financial support to certain subsidiaries, which are in losses and is dependant on Parent
Company for meeting out their cash requirement.

42 Land and Property Development Work-in-Progress and finished goods includes :
Land for which conveyance is pending. 40,853.07 39,006.88

Land held in the name of Individuals on behalf of the Company pending execution 41,042.19 39,883.00
of conveyance.
Land already acquired for which Memorandum of Understanding / consent letters 31,624.17 39,754.41
are pending
113,519.42 118,644.29
43 Gratuity and Leave Obligation

The Company has a funded defined benefit gratuity plan and is governed by the Payment of Gratuity Act, 1972. Under the Act, employee who
has completed five years of service is entitled to specific benefit. The level of benefits provided depends on the employee’s length of service and salary at
retirement age.
The following tables summarise the components of net benefit expense recognised in the statement of profit or loss and the funded status and amounts
recognised in the balance sheet for the respective plans:
Leave Obligation

Changes in the present value of the defined benefit obligation ` in Lakhs ` in Lakhs
Defined benefit obligation as at beginning of the year 71.72 1,356.04

Interest cost 2.91 90.15
Current service cost 35.07 75.81
Transfer in/(out) obligation - (216.44)
Actuarial gain and losses 0.02 57.34
Experience adjustments (46.65) (951.07)
Benefits paid - (340.09)
Defined benefit obligation as at end of the year 63.07 71.72
Gratuity Benefits Obligation Fund Total

Changes in the present value of the defined benefit obligation are, as follows ` in Lakhs ` in Lakhs ` in Lakhs

Defined benefit obligation as at 01-April-19 2,657.09 (484.61) 2,172.48
Current service cost 410.43 - 410.43
Interest cost 194.90 (51.95) 142.95
Return on plan assets - 18.48 18.48
Transfer in/(out) obligation (476.85) 86.82 (390.03)
Actuarial gain and losses 188.88 - 188.88
Experience adjustments (124.93) - (124.93)
Benefits paid (524.73) - (524.73)
Defined benefit obligation as at 31-March-20 2,324.79 (431.26) 1,893.53
Current service cost 419.40 - 419.40
Interest cost 155.00 (41.06) 113.94
Return on plan assets - 11.57 11.57
Transfer in/(out) obligation - - -
Actuarial gain and losses (156.82) - (156.82)
Experience adjustments - - -
Benefits paid (562.39) - (562.39)
Defined benefit obligation as at 31-March-21 2,179.97 (460.74) 1,719.23
The major categories of plan assets of the fair value of the total plan assets are as follows:
As at As at

Unquoted investments:
Policy of insurance (460.74) (431.26)
Total (460.74) (431.26)
98
The principal assumptions used in determining gratuity and leave obligations for the Company’s plans are shown below:
As at As at
% %
Discount rate:
Gratuity 6.80% 6.85%
Leave Obligation 6.80% 6.85%
Future salary increases:
Mortality Rate : Indian Assured Lives Mortality (2006-08) Table
Gratuity:
As at As at
Assumptions 31-March-21 31-March-20
Sensitivity Level Increase Decrease Increase Decrease
` in Lakhs ` in Lakhs ` in Lakhs ` in Lakhs
Impact on defined benefit obligation
Discount rate @ 0.5% 2,058.76 2,310.39 2,192.91 2,467.06
Future Salary @ 0.5% 2,266.83 2,092.80 2,417.24 2,231.36
Leave Obligation : As at As at
Assumptions 31-March-21 31-March-20
Sensitivity Level Increase Decrease Increase Decrease
Impact on defined benefit obligation
Discount rate @ 0.5% 62.86 63.28 71.50 71.98
Future Salary @ 0.5% 63.28 62.85 71.98 71.50
The sensitivity analysis above have been determined based on a method that extrapolates the impact on defined benefit obligation as a result of
reasonable changes in key assumptions occurring at the end of the reporting period.

The following payments are expected contributions to the defined benefit plan in As at As at
future years: 31-March-21 31-March-20
Within the next 12 months (next annual reporting period) 187.13 181.14
Between 2 and 5 years 482.03 492.41
Total expected payments 1,365.54 1,477.09
The average duration of the defined benefit plan obligation w.r.t. gratuity at the end of the reporting year is 13.22 years (31-March-20: 13.55 years).

44 Financial Instrument measured at Amortised Cost
The carrying amount of financial assets and financial liabilities measured at amortised cost in the financial statements are a reasonable approximation
of their fair values since the Company does not anticipate that the carrying amounts would be significantly different from the values that would eventually
be received or settled.
45 Fair value measurement

The following table provides the fair value measurement hierarchy of the Company’s financial assets and financial liabilities.

Fair value measurement using
Total Quoted prices Significant Significant
in active observable unobservable
markets inputs inputs
(Level 1) (Level 2) (Level 3)
Financial Assets measured at fair value
through profit and loss
As at 31-March-21
Investment in Mutual Funds 7,185.80 7,185.80 - -
Investment in Equity Shares 6.28 6.28 - -
Investment in Preference Shares 50.34 - 50.34 -
Investment in Debentures 2,203.04 - 2,203.04 -
As at 31-March-20
Investment in Equity Shares 8.43 8.43 - -
Investment in Preference Shares 50.34 - 50.34 -
99
46 Financial risk management objectives and policies

The Company’s principal financial liabilities comprise mainly of borrowings, trade and other payables. The main purpose of these financial liabilities
is to finance the Company’s operations. The Company’s principal financial assets include loans and advances, trade and other receivables, cash and
cash equivalents and Other balances with Bank.
The Company is exposed through its operations to the following financial risks:
- Market risk
- Credit risk, and
- Liquidity risk.
The Company has evolved a risk mitigation framework to identify, assess and mitigate financial risk in order to minimize potential adverse effects on the
company’s financial performance. There have been no substantive changes in the company’s exposure to financial instrument risks, its objectives,
policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated herein.
a. 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 three types of risks: interest rate risk, currency risk and other price risk. Financial instruments affected by market risk includes
borrowings, investments, trade payables, trade receivables, loans and derivative financial instruments.
(i) Interest rate risk
The Company is exposed to cash flow interest rate risk from long-term borrowings at variable rate. Currently the company has external
borrowings (excluding short-term overdraft facilities) which are fixed and floating rate borrowings. The Company achieves the optimum interest
rate profile by refinancing when the interest rates go down. However this does not protect Company entirely from the risk of paying rates in
excess of current market rates nor eliminates fully cash flow risk associated with variability in interest payments, it considers that it achieves an
appropriate balance of exposure to these risks.
(ii) Foreign currency risk
Foreign Currency Risk is the risk that the Fair Value or Future Cash Flows of an exposure will fluctuate because of changes in foreign currency
rates.
Exposures can arise on account of the various assets and liabilities which are denominated in currencies other than Indian Rupee.
b. 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 deposits
with banks and financial institutions, foreign exchange transactions and other financial instruments.
The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the Company’s
customer base, including the default risk of the industry and country, in which customers operate, has less influence on the credit risk.
The Company has entered into contracts for the sale of residential and commercial units on an installment basis. The installments are specified in
the contracts. The Company is exposed to credit risk in respect of installments due. However, the possession of residential and commercial units
is handed over to the buyer only after all the installments are recovered. In addition, installment dues are monitored on an ongoing basis with the
result that the Company’s exposure to credit risk is not significant. The Company evaluates the concentration of risk with respect to trade
receivables as low, as none of its customers constitutes significant portions of trade receivables as at the year end.
Credit risk from balances with banks and financial institutions is managed by Company’s treasury in accordance with the Company’s policy. The
company limits its exposure to credit risk by only placing balances with local banks and international banks of good repute. Given the profile of its
bankers, management does not expect any counterparty to fail in meeting its obligations.
c. Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in raising funds to meet commitments associated with financial instruments that
are settled by delivering cash or another financial asset. Liquidity risk may result from an inability to sell a financial asset quickly at close to its fair
value. The Company has an established liquidity risk management framework for managing its short term, medium term and long term funding
and liquidity management requirements. The Company’s exposure to liquidity risk arises primarily from mismatches of the maturities of financial
assets and liabilities. The Company manages the liquidity risk by maintaining adequate funds in cash and cash equivalents.
The table below summarises the maturity profile of the Company’s financial liabilities based on contractual undiscounted payments.
Less than 1 to 5 years < 5 years Total

1 year
As at 31-March-21
Borrowings * ^ $ # 3,10,747.30 10,64,766.56 83,438.86 14,58,952.71
Trade payables 1,08,644.38 224.52 - 1,08,868.90
Other financial liabilities
1,73,389.42 68,673.65 - 2,42,063.06
5,92,781.10 11,33,664.72 83,438.86 18,09,884.68

As at 31-March-20
Borrowings * 1,96,017.07 12,87,475.83 2,15,000.45 16,98,493.34
Trade payables 1,67,317.11 440.14 - 1,67,757.25
Other financial liabilities 1,85,159.22 58,679.01 - 2,43,838.24
5,48,493.39 13,46,594.98 2,15,000.45 21,10,088.83
*Borrowings are stated before adjusting loan issue cost and premium on debentures

^
The maturity profile of Borrowings is stated after considering moratorium announced by Reserve Bank of India.
$
Borrowings include `87,711.08 lakhs and `97,304.29 lakhs payable within 1 year and 1 to 5 years respectively which was paid subsequent to
balance sheet date out of IPO proceeds.
#
Borrowings less than one year include `1,17,889.00 lakhs in respect of which Company has made an application for deferment of the Date of
Commencement of Commercial Operations and consequently shift in the repayment schedule, pending final approval from the sanctioning authorities.
100
47 Capital management
For the purpose of the Company’s capital management, capital includes issued equity share capital and other equity reserves attributable to the owners
of the Company. The primary objective of the Company’s capital management is to maximise the shareholder value.
The Company 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 a gearing ratio, which is net debt divided by total capital plus net debt. The Company includes
within net debt, interest bearing loans and borrowings less cash and cash equivalents and bank balances other than cash and cash equivalents.

Borrowings (including current maturities of long term debt) 14,81,548.09 16,89,659.38

Less: Cash and Cash Equivalents (16,272.94) (8,412.11)
Less: Bank balances other than Cash and Cash Equivalents (5,112.04) (3,153.48)
Net Debt 14,60,163.11 16,78,093.79
Equity Share Capital 39,587.80 39,587.80

Other Reserves (Excluding Revaluation Reserves) 3,32,768.39 3,51,094.02
Total capital 3,72,356.19 3,90,681.82
Capital and net debt 18,32,519.30 20,68,775.61
Gearing ratio 79.7% 81.1%
In order to achieve this overall objective, the Company’s capital management, amongst other things, aims to ensure that it meets financial covenants
attached to the interest-bearing loans and borrowings that define capital structure requirements.

101
48 Related Party Transactions

Information on Related Party Transactions as required by Ind AS 24 “ Related Party Disclosures”.
A. List of related parties: 26 Lodha Developers International (Netherlands) B.V.
(As identified by the management) 27 Lodha Developers International Ltd.
I Person having Control or joint control or significant 28 Lodha Developers UK Ltd. (Upto 24-March-20)*
influence 29 Lodha Developers U.S., Inc.
Mangal Prabhat Lodha (Upto 24-July-20) 30 Lodha Developers Canada Ltd.
Abhishek Lodha 31 Lodha Impression Real Estate Pvt. Ltd. (Merged with the
Company w.e.f 31-October-19)
II Close family members of person having Control * / KMP
(with whom the company had transactions) 32 Luxuria Complex Pvt. Ltd. (w.e.f. 16-July-19)
Mangal Prabhat Lodha (w.e.f. 24-July-20) 33 Mandip Finserve Pvt. Ltd. (Merged with the Company w.e.f
25-September-19)
Manjula Lodha
34 MMR Social Housing Pvt. Ltd.
Vinti Lodha
35 National Standard (India) Ltd.
Nitu Lodha
36 NCP Commercial Pvt. Ltd. (formerly known as Bhayanderpada
Sahil Lodha Splandora Complex Pvt. Ltd.(upto 24-December-19)
*Pursuant to an arrangement 37 1GSQ Leaseco Ltd. (Upto 24-March-20)*
III Holding Company 38 New Court Developers Ltd.(Upto 24-March-20)*
Sambhavnath Infrabuild and Farms Pvt Ltd 39 New Court Holdings Ltd. (Upto 24-March-20) *
40 Odeon Theatres and Properties Pvt. Ltd.
IV Subsidiaries of Holding Company
41 One Place Commercials Pvt. Ltd. (w.e.f. 18-July-19)
42 Palava City Management Pvt. Ltd.
V Subsidiaries 43 Palava Dwellers Pvt. Ltd.
1 Altamount Road Property Pvt. Ltd. (Upto 22-April-19) 44 Palava Institute of Advanced Skill Training (w.e.f.
2 Anantnath Constructions and Farms Pvt. Ltd. 14-January-19)
3 Arihant Premises Pvt. Ltd. (Merged with the Company w.e.f 19- 45 Primebuild Developers And Farms Pvt. Ltd.(w.e.f.
March-20) 13-November-20)
4 Apollo Complex Pvt Ltd (w.e.f. 04-January-20) 46 Ramshyam Infracon Pvt. Ltd.
5 Bellissimo Constructions and Developers Pvt. Ltd. 47 Renovar Green Consultants Pvt. Ltd. (w.e.f. 10-January-20)
6 Bellissimo Estate Pvt. Ltd. 48 Roselabs Finance Ltd.
7 Bellissimo Mahavir Associates Dwellers Pvt. Ltd. (Merged with 49 Sanathnagar Enterprises Ltd.
the Company w.e.f 31-October-19 ) 50 Shree Sainath Enterprises Construction and Developers Pvt. Ltd.
8 Brickmart Constructions and Developers Pvt. Ltd.(w.e.f. (Merged with the Company w.e.f 31-October-19)
26-November-20) 51 Shreeniwas Cotton Mills Ltd. (Merged with the Company w.e.f
9 Center for Urban Innovation 26-July-19)
10 Copious Developers and farms Pvt. Ltd. (w.e.f. 13-August-19) 52 Siddhnath Residential Paradise Pvt. Ltd. (Merged with the
11 Cowtown Infotech Services Pvt. Ltd. Company w.e.f 19- March-20)
12 Cowtown Software Design Pvt. Ltd. 53 Simtools Pvt. Ltd.
13 Classichomes Developers and Farms Pvt. Ltd.(w.e.f. 54 Sitaldas Estate Pvt. Ltd.
28-January-21) 55 Suvidhinath Buildtech Pvt. Ltd. (Merged with the Company w.e.f
14 Dalhousie Leasing and Financial Services Pvt. Ltd. (Merged with 26-July-19)
the Company w.e.f 25-September-19) * Joint Venture w.e.f. (25-March-20)
15 Palava Industrial & Logistics Park Pvt. Ltd. (Formerly Known as
Grandezza Supremous Thane Pvt. Ltd.) (w.e.f. 24-April-19) VI LLP
16 Palava Induslogic 2 Pvt. Ltd.(w.e.f. 19-February-21) Bellissimo Buildtech LLP
17 Grosvenor Street Apartments Ltd.(Upto 24-March-20) VII Joint Venture
*(Formerly Known as Holland Park Residences Holdings Ltd.) 1 Altamount Road Property Pvt. Ltd.(w.e.f. 22-April-19)
18 Hotel Rahat Palace Pvt. Ltd. (Merged with the Company w.e.f 2 Lodha Developers UK Ltd. (w.e.f 25-March-20)
25-September-19)
3 Grosvenor Street Apartments Ltd.(w.e.f 25-March-20) **
19 Homescapes Constructions Pvt.Ltd. (w.e.f. 03-December-20) (Formerly Known as Holland Park Residences Holdings Ltd.)
20 Lincoin Square Apartments Ltd. (w.e.f. 21-January-20) (Upto 4 Lodha Developers 1GSQ Holdings Ltd.(w.e.f 25-March-20) **
24-March-20) *
5 Lodha Developers 1GSQ Ltd. (w.e.f 25-March-20) **
21 Lodha Developers 1GSQ Holdings Ltd.(Upto 24-March-20) *
6 Lodha Developers 48 CS Ltd. (w.e.f 25-March-20) **
22 Lodha Developers 1GSQ Ltd. (Upto 24-March-20)*
7 Lodha Developers Dorset Close Ltd. (w.e.f 25-March-20) **
23 Lodha Developers 48 CS Ltd. (Upto 24-March-20)*
8 Lodha Developers International (Jersey) III Ltd. (w.e.f
24 Lodha Developers Dorset Close Ltd. (Upto 24-March-20)* 25-March-20) **
25 Lodha Developers International (Jersey) III Ltd. 9 1GS Investments Ltd. (w.e.f 07-July-20) **
102 (Upto 24-March-20)*
10 1GS Residences Ltd. (w.e.f 07-July-20) ** X Key Management Person (KMP)

11 1GS Properties Investments Ltd. (Formerly GS Penthouse 1 Abhishek Lodha (Managing Director and CEO)
Limited) (w.e.f 23-September-20) ** 2 Rajendra Lodha (Whole Time Director)
12 New Court Developers Ltd.(w.e.f 25-March-20) ** 3 Mukund M. Chitale (Independent Director and Chairman)
13 New Court Holdings Ltd. (w.e.f 25-March-20) ** 4 Berjis Minoo Desai (Independent Director) (upto 17-August-20)
14 Lincoin Square Apartments Ltd. (w.e.f 25-March-20) ** 5 Shyamala Gopinath (Independent Director (upto 16-March-20)
15 1GSQ Leaseco Ltd. (w.e.f 25-March-20) 6 Raunika Malhotra (Whole Time Director) (w.e.f. 26-June-20)
** Subsidiaries of Lodha Developers UK Ltd. 7 Ashwani Kumar (Independent Director) (w.e.f. 08-April-20)
VIII Associates 8 Rajinder Pal Singh (Non Executive Director)
Kora Construction Pvt. Ltd. 9 Sushil Kumar Modi (CFO) (w.e.f. 26-June-20)
IX Others (Entities controlled by person having control or XI Directors of Holding Company

joint control, with whom the company had transactions) 1 Srichand Mandhyan (Upto 18-June-19)
1 Sambhavnath Trust 2 Piyush Vora (Upto 25-October-19)
2 Bellissimo Healthy Constructions and Developers Pvt. Ltd. 3 Ashish Gaggar (w.e.f. 18-June-19)
3 Lodha Builders Pvt. Ltd. (Merged with Sambhavnath Infrabuild 4 Govind Agarwal (w.e.f. 25-October-19)
and Farms Pvt. Ltd. W. e. f. 17-March-20)
4 Sitaben Shah Memorial Trust
5 Mumbai Mile Regeneration Association
103
B Balances Outstanding with related parties and Transactions during the year ended are as follows:
(i) Outstanding Balances:

` in Lakhs
Sr. As at As at
Nature of Transactions Relationship
No. 31-March-21 31-March-20
1 Loans taken Subsidiaries 2,35,187.34 1,68,308.66
Fellow Subsidiaries 7,684.73 -
LLP 567.97 612.91
Others 8,318.55 17,003.48
2 Loans given Subsidiaries * 1,23,826.07 1,41,924.30
Joint Venture ** 1,26,498.02 1,56,454.15
3 Other Financial Assets Subsidiaries 40,334.51 50,000.36
Holding Company 584.44 1,141.57
Joint Venture 51.64 9,958.88
Others 0.07 0.05
4 Investments Subsidiaries 12,197.67 12,195.27
Fellow Subsidiaries 1,983.50 1,983.50
Holding Company 73,936.96 76,170.44
Joint Venture 7,674.25 6,135.84
Others 2,852.89 2,852.89
5 Other Current Assets Subsidiaries 612.51 869.94
6 Trade Payables Subsidiaries 45,780.44 70,335.66
7 Other Financial Liabilities Subsidiaries 8,281.79 21,239.00
8 Other Liabilities Subsidiaries 49,832.72 -
Joint Venture 9,509.12 9,689.79
Others 2,880.60 -
9 Guarantee given Subsidiaries 4,87,083.37 3,05,166.43
Holding Company 1,614.92 -
Joint Venture 3,022.97 21,407.48
10 Guarantee taken Holding Company 1,74,698.83 1,70,259.82
Subsidiaries 21,437.63 -
*Net of Provision as on 31-March-21 `52,846.23 lakhs (31-March-20 `27,000.00 lakhs )
**Net of Provision as on 31-March-21 `56,760.77 lakhs (31-March-20 `29,000.00 lakhs)
(ii) Disclosure in respect of transactions with parties:
` in Lakhs
For the year For the year
Sr.
Nature of Transactions Relationship ended ended
No.
1 Income From Property
Development
Primebuild Developers And Farms Subsidiary 56,205.12 -
Pvt. Ltd.
Bellissimo Constructions and Subsidiary 17,074.14 -
Developers Pvt. Ltd.
2 Sale of Building Materials *
Palava Dwellers Pvt. Ltd. Subsidiary 110.11 174.23
Palava City Management Pvt. Ltd. Subsidiary 2.87 0.41
Odeon Theatres and Properties Subsidiary 0.15 -
Pvt. Ltd.
Cowtown Infotech Services Pvt. Ltd. Subsidiary 2.41 -
One Place Commercials Pvt. Ltd. Subsidiary 19.56 -
Sitaben Shah Memorial Trust Others 0.47 0.12
104

` in Lakhs
Sr.
No.
3 Sale of Land
Palava Dwellers Pvt. Ltd. Subsidiary 2,346.08 -
4 Interest Income
Palava Dwellers Pvt. Ltd. Subsidiary 7,747.85 6,934.36
Lodha Developers UK Ltd. Subsidiary/ Joint Venture - 3,176.93
Lodha Developers International Ltd. Subsidiary - 3,501.64
Sambhavnath Infrabuild and Farms Holding Company 289.15 1,140.92
Pvt Ltd
Altamount Road Property Pvt Ltd. Subsidiary/ Joint Venture 52.00 -
Lodha Developers International Subsidiary/ Joint Venture - 6,467.10
(Jersey) III Ltd.
Lodha Developers International Subsidiary - 5,711.19
(Netherlands) B. V.
5 Salary and Wages Recovered *
National Standard (India) Ltd. Subsidiary 5.27 6.42
Cowtown Infotech Services Pvt. Ltd. Subsidiary 165.20 1,049.38
Sanathnagar Enterprises Ltd. Subsidiary 5.85 6.65
Anantnath Constructions and Farms Subsidiary 3.83 2.24
Pvt. Ltd.
Bellissimo Properties Development Fellow subsidiary 0.19 0.19
Pvt. Ltd.
Roselabs Finance Ltd. Subsidiary 1.90 2.14
Palava Dwellers Pvt. Ltd. Subsidiary - 15.49
6 Other Operating Income (Rent
Income) *
Altamount Road Property Pvt Ltd. Subsidiary/ Joint Venture 101.72 2,866.39
Cowtown Software Design Pvt. Ltd. Subsidiary 3,684.83 4,141.05
7 Land, Construction and
Development Cost
Brickmart Constructions and Subsidiary 51.35 -
Cowtown Software Design Pvt. Ltd. Subsidiary 71.50 -
Cowtown Infotech Services Pvt. Ltd. Subsidiary 46,722.60 1,16,684.70
8 Purchase of Trading and
Building Materials *
Cowtown Infotech Services Pvt. Ltd. Subsidiary 28,933.07 49,924.47
Palava Dwellers Pvt. Ltd. Subsidiary 520.88 176.26
Sambhavnath Infrabuild and Farms Holding Company 56.07 13.58
Pvt Ltd
9 Salaries and Wages Paid on
behalf of Company*
Lodha Developers UK Ltd. Subsidiary/ Joint Venture - 14.31
10 Interest expenses
Cowtown Infotech Services Pvt. Ltd. Subsidiary 5,834.24 4,132.47
Bellissimo Constructions and Subsidiary 2,290.16 865.68
Developers Pvt Ltd
105

` in Lakhs
Sr.
No.
11 Infrastructure and Facility *
Cowtown Infotech Services Pvt. Ltd. Subsidiary 759.93 -
Cowtown Software Design Pvt. Ltd. Subsidiary 5,081.40 4,660.66
12 Donation/ Corporate Social
Responsibility Expenses
13 Investments
Altamount Road Property Pvt Ltd Joint Venture / Subsidiary 1,507.83 4,439.44
Primebuild Developers And Farms Subsidiary 0.10 -
Pvt. Ltd.
Brickmart Constructions and Subsidiary 0.10 -
Homescapes Constructions Pvt.Ltd. Subsidiary 0.10 -
Classichomes Developers and Subsidiary 0.10 -
Farms Pvt. Ltd.
Bellissimo Properties Development Fellow subsidiary - 1,983.50
Pvt. Ltd.
Apollo Complex Pvt Ltd Subsidiary - 0.90
Sambhavnath Infrabuild and Farms Holding Company - 23,253.50
Pvt. Ltd.
14 Purchase of Investments
Palava Dwellers Pvt. Ltd. Subsidiary 1.00
Sambhavnath Infrabuild and Farms Holding Company 1.68 1.10
Pvt Ltd
Sambhavnath Trust Others 0.68 0.10
15 Sale of Investments
Bellissimo Properties Development Fellow subsidiary 11.02 -
Pvt. Ltd.
16 Redemption of Investments
Palava Dwellers Pvt. Ltd. Subsidiary 1,01,338.00
Sambhavnath Infrabuild and Farms Holding Company 2,233.48 19,709.32
Pvt. Ltd.
17 Loan/ Advances Given/
(Returned) -Net
Anantnath Constructions and Farms Subsidiary 14.41 3.33
Pvt. Ltd.
Roselabs Finance Ltd. Subsidiary - (30.36)
Cowtown Infotech Services Pvt. Ltd. Subsidiary - 500.00
Lodha Developers UK Ltd. Subsidiary/ Joint Venture (13,261.54) 1,025.07
Palava Dwellers Pvt. Ltd. Subsidiary (14,511.95) 54,498.49
Simtools Pvt. Ltd. Subsidiary 1,615.12 89.24
Sitaldas Estate Pvt. Ltd. Subsidiary 36.05 473.95
Lodha Developers International Ltd. Subsidiary 8,131.97 2,698.15
Sambhavnath Infrabuild and Farms Holding Company - (1,261.13)

Pvt. Ltd.
Lodha Developers International Subsidiary/ Joint Venture 11,066.18 69,029.39
(Jersey) III Ltd.
Lodha Developers International Subsidiary 12,289.38 7,594.35
(Netherlands) B. V.
Lodha Developers US Inc Subsidiary (25.71) 68.84
106

` in Lakhs
Sr.
No.
17 Loan/ Advances Given/
(Returned) -Net
Lodha Developers Canada Ltd. Subsidiary (88.26) 49.33
Cowtown Software Design Pvt. Ltd. Subsidiary - 136.29
Altamount Road Property Pvt Ltd Subsidiary/ Joint Venture - 0.90
MMR Social Housing Pvt. Ltd. Subsidiary 35.12 (66.09)
18 Reimbursement Given
Lodha Developers Canada Ltd. Subsidiary - 99.29
Cowtown Software Design Pvt. Ltd. Subsidiary - 315.00
Lodha Developers US Inc Subsidiary - 665.31
19 Loan/ Advances Taken /
(Returned)-Net
National Standard (India) Ltd. Subsidiary (1,412.35) 461.54
Cowtown Infotech Services Pvt. Ltd. Subsidiary (8,016.73) 17,743.49
Bellissimo Buildtech LLP LLP (44.95) 65.10
Bellissimo Healthy Constructions Others (8,684.94) 1,554.26
and Developers Pvt. Ltd.
Homescapes Constructions Pvt.Ltd. Subsidiary 39,257.70 -
Pvt. Ltd.
Palava Dwellers Pvt. Ltd. Subsidiary - (30,390.97)
Bellissimo Properties Development Fellow subsidiary 7,684.73 (0.09)
Pvt. Ltd.
20 Advance Received
Sitaben Shah Memorial Trust Others 2,700.00 -
Sambhavnath Trust Others 180.60 -
Pvt. Ltd.
Altamount Road Property Pvt Ltd. Subsidiary/ Joint Venture - 5,594.40
21 Purchase of Property, Plant &
Equipment
Cowtown Infotech Services Pvt. Ltd. Subsidiary - 1,008.90
22 Security cum Corporate
Guarantee Given
Pvt. Ltd.
Brickmart Constructions and Subsidiary 1,000.00 -
23 Security cum Corporate
Guarantee Taken
Palava Dwellers Pvt. Ltd. Subsidiary 25,000.00 -
Sambhavnath Infrabuild and Farms Holding Company 30,000.00 55,487.87
Pvt. Ltd.
* including taxes as applicable
107
C KMP, Directors of Holding Co. ,Controlling Shareholder and his Relatives:
(i) Outstanding Balances:

` in Lakhs
Sr. As at As at
1 Other Financial Liabilities Person having Control/Close family 1,597.03 2,483.94
member of person having control
Person having Control 640.20 1,205.91
Close family member of person having 3,342.82 2,178.02
control
KMP 1,073.46 1,659.47
Close family member of KMP 203.23 -
2 Other Current Liabilities Person having Control/Close family 3,503.22 3,655.75
Person having Control 2,701.41 2,342.62
Close family member of person having 11,642.60 10,852.00
control
KMP - 616.60
Close family member of KMP 3,602.17 -
3 Trade Payable KMP 55.50 -
4 Guarantee Taken Person having Control 9,35,807.03 11,90,098.79
(ii) Disclosure in respect of transactions:

` in Lakhs
Sr.
No.
1 Income from Property
Development
Mangal Prabhat Lodha Person having Control/Close family - 4,608.68
Abhishek Lodha Person having Control - 10,631.44
Rajendra Lodha KMP - 1,091.87
Manjula Lodha Close family member of person having - 804.87
control
2 Reversal of Income from
Property Development
Mangal Prabhat Lodha Person having Control/Close family 2,139.71 -
Rajendra Lodha KMP 2,033.27 -
3 Commission and Sitting Fees
Mukund Chitale KMP 34.30 46.30
Berjis Desai KMP 0.55 41.70
Ashwini Kumar KMP 32.20 -
Shyamala Gopinath KMP - 41.50
108

` in Lakhs

Sr.
No.
4 Remuneration paid
Mangal Prabhat Lodha Person having Control/Close family - 150.00
Abhishek Lodha Person having Control 240.40 150.40
Vinti Lodha Close family member of person having - 73.33
control
Nitu Lodha Close family member of KMP - 62.50
Sahil Lodha Close family member of KMP - 62.50
Rajendra Lodha KMP 88.94 103.04
Raunika Malhotra KMP 63.69 -
Sushil Kumar Modi KMP 288.27 -
Srichand Mandhyan Directors of Holding Company - 45.24
Piyush Vora Directors of Holding Company - 353.67
Ashish Gaggar Directors of Holding Company 49.13 45.03
Govind Agarwal Directors of Holding Company 30.82 14.36
5 Rent Expense
Mangal Prabhat Lodha Person having Control/Close family 119.00 204.00
Abhishek Lodha Person having Control 77.00 144.00
Manjula Lodha Close family member of person having 63.00 108.00
control
Vinti Lodha Close family member of person having 220.00 264.00
control
6 Advances received against
Agreement to Sell
Mangal Prabhat Lodha Person having Control/Close family 878.70 2,557.66
Abhishek Lodha Person having Control 900.61 4,141.63
Manjula Lodha Close family member of person having 516.92 1,979.84
control
Vinti Lodha Close family member of person having 850.96 1,037.78
control
Sahil Lodha Close family member of KMP - 3,300.25
Rajendra Lodha KMP - 725.69
7 Guarantee/ Security Taken
Abhishek Lodha Person having Control 1,15,104.00 61,500.00
D Terms and conditions of outstanding balances with related parties:
a) Receivables from Related parties

The trade receivables from related parties arise mainly from sale transactions and services rendered and are received as per agreed terms. The
receivables are unsecured in nature and interest is charged on over due recievables. No provisions are held against receivables from related
parties.
b) Payable to related parties
The payables to related parties arise mainly from purchase transactions and services received and are paid as per agreed terms.
c) Loans to related party

The loans to related parties are unsecured bearing effective interest rate.

49 Segment information
For management purposes, the Company is into one reportable segment i.e. Real Estate development.
The Managing Director is the Chief Operating Decision Maker of the Company who monitors the operating results of the Company for the purpose of
making decisions about resource allocation and performance assessment. Company’s performance as single segment is evaluated and measured
consist ently with profit or loss in the standalone financial statements. Also, the Company’s financing (including finance costs and finance income) and
income taxes are managed on a Company basis.
109
50 Disclosures required by Clause 34(3) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations,2015Loan and Advances in the nature of Loans
` in Lakhs
Maximum Maximum
As at As at Balance Balance
Particulars
31-March-21 31-March-20 during the during the
current year previous year
Subsidiaries
Anantnath Constructions and Farms Pvt. Ltd. 901.08 886.68 901.08 886.68
Palava Dwellers Pvt. Ltd. 39,986.55 54,498.49 79,095.61 81,175.42
Simtools Pvt. Ltd. 2,141.58 526.46 2,196.99 580.35
Sitaldas Estate Pvt. Ltd. 4,442.44 4,406.39 4,442.44 4,406.39
Lodha Developers International Ltd. 44,203.92 36,071.95 44,203.92 36,071.95
Lodha Developers International (Netherlands) B. V. 83,767.89 71,478.51 83,767.89 71,478.51
Lodha Developers US Inc 826.93 852.64 852.64 852.64
Lodha Developers Canada Ltd. - 88.26 88.26 188.73
One Place Commercials Pvt. Ltd. 251.87 - 912.12 -
MMR Social Housing Pvt. Ltd. 150.03 114.91 150.03 212.92
Joint Venture
Lodha Developers International (Jersey) III Ltd. 149,109.98 138,043.81 163,598.51 138,043.81
Lodha Developers UK Ltd. 34,148.81 47,410.35 47,410.35 51,054.64
51 The details of Donation given to political parties is as under:

` in Lakhs
For the For the
Particulars Year ended Year ended
Donations given to Political Parties 42.42 3,438.92
52 Pursuant to the Taxation Laws (Amendment) Act, 2019, with effect from 01-April-19 domestic companies have the option to pay
corporate income tax at a rate of 22% plus applicable surcharge and cess (‘New Tax Rate’) subject to certain conditions. The Company
continued to compute tax as per old tax rate for the financial year 2020-21. The Company shall evaluate and decide as to when and
whether it should apply New Tax Rate in the books of accounts for the future years.

53 In case of pending appeals filed by the Income Tax Department against the favourable orders, the management is confident that the
outcome would be favourable and hence no contingent liability is disclosed.

54 Details of Corporate Social Responsibility Expenditure (CSR)
` in Lakhs
For the For the
Particulars Year ended Year ended
Gross Amount required to be spent for CSR Activity 958.80 656.33
Amount Spent during the year * 968.00 665.00
* The amount spent during the year has been incurred for the purposes other than construction / acquisition of any asset.
110
55 Unhedged Foreign Currency exposures / Balances
Currency Foreign Foreign

Assets ` in Lakhs Currency ` in Lakhs Currency
in Lakhs in Lakhs
Advances to Suppliers / Vendors AED 812.95 40.78 96.94 4.74
SGD 3.83 0.07 3.55 0.07

USD 179.18 2.45 317.09 4.21
CNY 80.10 7.17 75.90 7.17

RMB 8.30 0.74 7.86 0.74
EUR 159.94 1.86 153.62 1.85
GBP 121.06 1.20 121.08 1.30
CAD 0.47 0.01 0.43 0.01
ZAR 2.08 0.42 1.77 0.42
AUD 0.01 0.00 0.01 0.00
Investments GBP 1,720.05 18.40 1,686.96 18.49

Interest Receivables GBP - - 19,470.28 209.19
Loans Given GBP 3,11,230.59 3,090.07 2,93,004.61 3,148.66
USD 826.93 11.31 852.64 11.31
CAD - - 88.26 1.65
Total Assets 3,15,145.49 3,15,881.00
Currency Foreign Foreign

Liabilities ` in Lakhs Currency ` in Lakhs Currency
in Lakhs in Lakhs
Trade Payables AED 14.88 0.75 14.54 0.71
SGD 78.32 1.44 102.46 1.94
USD 2,277.74 31.10 1,514.29 20.09
CNY 0.48 0.04 - -
RMB 7.07 0.63 6.71 0.63
EUR 112.89 1.32 148.75 1.79
GBP 21.77 0.22 246.42 2.65
ZAR 0.74 0.15 0.63 0.15
BHD 1.02 0.01 1.05 0.01
KWD 2.61 0.01 2.58 0.01
Total Liabilities 2,517.54 2,037.43
111
56 Pursuant to the Order of the Collector of Stamps, levying of stamp duty and penalty in respect of Agreement to Lease entered with
Mumbai Metropolitan Regional Development Authority (MMRDA) for Wadala Truck Terminal plot and the Order of the Hon’ble
Bombay High Court, the Company has deposited `20,249.50 lakhs with the Office of the Collector of Stamps. The Order of Chief
Controlling Revenue Authority (CCRA) in appeal upholding the Order of Collector of Stamps levying penalty `27,134.30 lakhs has
been stayed by the Hon’ble Bombay High Court through an order dated 08-December-17.
57 Details of dues to Micro, Small and Medium Enterprises:

` in Lakhs
As at As at
Particulars
Amount unpaid as at year end - Principal 2,743.59 427.18
Amount unpaid as at year end - Interest Nil Nil
The amount of interest paid by the buyer in terms of section 16, of the Micro Small and Nil Nil
Medium Enterprise Development Act, 2006 (the 'Act')along with the amounts of the
payment made to the supplier beyond the appointed day during each accounting year.
The amount of interest due and payable for the year of delay in making payment (which Nil Nil
have been paid but beyond the appointed day during the year) but without adding the
interest specified under Act.
The amount of interest accrued and remaining unpaid at the end of each accounting Nil Nil
year.
The amount of further interest remaining due and payable even in the succeeding years, Nil Nil
until such date when the interest dues as above are actually paid to the small enterprise
for the purpose of disallowance as a deductible expenditure under section 23 of the Act.
58 Basic and Diluted Earnings Per Share
As at As at
Particulars
Basic earnings per share:
Net Profit/(Loss) for the year (` in Lakhs) (18,572.17) 43,301.25
Weighted average no. of Equity Shares outstanding during the year 39,58,78,000 39,58,78,000
Face Value per Equity Share (in (`) 10.00 10.00
Basic earnings per share (in (`) (4.69) 10.94
Diluted earnings per share:
Net Profit/(Loss) for the year (` in Lakhs) (18,572.17) 43,301.25
Weighted average no. of Equity Shares outstanding during the year 39,58,78,000 39,58,78,000
Diluted Earnings Per Share (in (`) (4.69) 10.94
59 Disclosure under Ind AS 115 - Revenue from Contracts with Customers

Disclosures with respect to Ind AS 115 are as follows:
(a) Contract Assets and Contract Liabilities ` in Lakhs
As at
Particulars
Trade receivables (Refer Note 13) 58,059.19 73,067.30
Contract Assets - Accrued revenue (Refer Note 16) 74,446.80 49,923.67
Contract Liabilities - Advance from customers (Refer Note 31) 658,232.59 622,477.40
(b) Movement of Contract Liabilities ` in Lakhs

As at
Particulars
Amounts included in contract liabilities at the beginning of the year 622,477.40 890,359.21
Amount received during the year 431,421.56 518,353.62
Performance obligations satisfied in current year # (395,666.37) (786,235.43)
Amounts included in contract liabilities at the end of the year 658,232.59 622,477.40
# Includes as on 31-March-21 ` 84,353.08 lakhs ,( 31-March-20 ` 5,18,084.33 lakhs ) recognised out of opening contract
liabilities.
112
(c) Closing balances of assets recognised from costs incurred to obtain a contract with a customer.
` in Lakhs
As at
Particulars
Closing balances of assets recognised 33,912.30 30,678.05
Amortisation recognised during the year 9,752.52 17,071.40
(d) The transaction price of the remaining performance obligations as at 31-March-21 ` 10,63,029.18 lakhs, (31-March -20 is
` 9,71,299.09 lakhs). The same is expected to be recognised within 1 to 4 years.
60 a) The National Company Law Tribunal(NCLT) has of Project ‘Lodha Excelus, New Cuffe Parade’ (“Demerged
approved a Scheme for demerger of Project ‘One Lodha Undertaking”) and its associated assets and liabilities and
Place’ (“Demerged Undertaking”) and its associated transfer and vesting thereof to and in the Resulting
assets and liabilities to and in the One Place Commercials Company, as a ‘going concern’.
Pvt. Ltd. (‘Resulting Company’), a wholly owned subsidiary
The National Company Law Tribunal, Mumbai Bench (NCLT)
(WOS) of the Company as a ‘going concern’ and the
had approved the above scheme on 04-October-19.
scheme was made effective on 25-September-20
Accordingly, all asset and its associated liabilities of the
Accordingly, all asset and its associated liabilities of
Demerged undertaking had been transferred from the
the Demerged Undertaking has been transferred from the
Company to NCP Commercial Private Limited (WOS), at its
Company to One Place Commercials Pvt. Ltd. at its
carrying value. Upon demerger of the project, the Company
carrying value.
had sold off its equity shares in NCP Commercial Private
b) Withdrawal application for scheme of demerger of certain Limited to an unrelated buyer.”
residential buildings from Belmondo and Splendora
61 Exceptional Items
Projects into two wholly owned subsidiaries viz Luxuria
Complex Private Limited and Renovar Green Consultants a) (i) In terms of the Shareholders Agreement dated
Private Limited respectively filed on 17-January-20 25-March-20 (‘Effective Date’), in view of changes
was approved by NCLT, Mumbai Bench vide order dated n the management rights of the Company over
18-December-20. relevant activities in Lodha Developers UK Limited
(‘LDUK’) and the Company’s agreement to sell the
c) The NCLT, Mumbai Bench approved the Scheme of legal and beneficial interest representing 24% of the
Amalgamation of Copious Developers and Farms Pvt entire issued and paid up ordinary share capital
Ltd. and Ramshyam Infracon Pvt. Ltd., both wholly owned of LDUK at par to its fellow subsidiary within 120
subsidiary, (Appointed date: 01-April-19) with the days from the Effective Date, LDUK ceased to be a
Company on 03-May-2021. The Standalone Financial subsidiary of the Company under Ind AS 110
statement have, however, been prepared without giving “Consolidated Financial Statements” and has become
impact of the same, as certify copy of the order is awaited. a Joint Venture as per Ind AS 111 ‘Joint Arrangements’
d) The NCLT, Mumbai Bench had approved the Schemes with effect from 25-March-20.
of demerger of (a) Xperia Mall, Palava into Bellissimo (ii) The Company had given loans to its subsidiaries from
Estate Pvt. Ltd and (b) Palava ‘I Think tower’ into Palava time to time for its UK business operations. During
Industrial & Logistics Park Private Limited (Formerly known the previous year 31-March-20, considering the
as Grandezza Supremous Thane Pvt. Ltd) on 27-April-20 financial performance of UK operations including
and 15-June-20 respectively. The Company has however anticipated losses in the projects, the Company had
applied to NCLT, Mumbai Bench for recalling the final made a provision of ` 56,000.00 lakhs against the
order of both the schemes. said loans and disclosed this under “Exceptional Item”.
e)
The Standalone financial statements have been prepared b) Given the economic uncertainty created by COVID-19
without giving impact of the following Schemes as these coupled with significant business disruptions, the Company
schemes are pending for approval before the NCLT, is anticipating further losses in UK projects because of the
Mumbai Bench: delay in the completion of the project. Therefore, the
Company has reassessed its loan receivables and made
i. Scheme of Amalgamation of Palava Dwellers Private
an additional provision of ` 46,000.00 lakh against
Limited, a subsidiary with the Company filed on
the said loans during the year ended 31-March-21 and
29-March -20.
has disclosed the same as an “Exceptional Item”.”
ii Scheme of demerger of Evoq Tower into Homescapes
62 Events after Balance Sheet Date
Constructions Private Limited, a wholly owned subsidiary
Subsequent to Balance sheet date, the Company has
filed on 24-February-21.
completed the Initial Public Offering (IPO) of its equity shares
f) The Board of Directors of the Company at its meeting held comprising a fresh issue of 5,14,40,328 equity shares having
on 27-March-19, had approved a Scheme of a face value of ` 10 each at premium of ` 476 per share
Arrangement u/s 230-232 of the Companies Act, 2013, aggregating ` 2,50,000 lakhs. Pursuant to the IPO, the equity
between the Company and NCP Commercials Private shares of the Company are listed on BSE Limited and National
Limited (WOS),(‘Resulting Company’) and their respective Stock Exchange of India Limited with effect from 19-April-21.
shareholders and creditors (“”Scheme””) for demerger
113
Notes to the Standalone Financial Statements as at 31St March 2021
63 Recent Development
Government of India’s Code for Social Security 2020 (the ‘Code’) received assent from the President in September 2020. However, the
date from when the Code will become applicable and the Rules have not yet been notified. The Company will assess the impact of the
Code and account for the same once the effective date and the rules are notified.
64 During the financial year 2020-21, due to COVID-19 pandemic and subsequent lockdown, Government of India has announced
several initiatives to support industries and thereby the economy. In addition, Reserve bank of India had issued circulars providing
benefits to the industries in form of moratorium, One Time Restructuring, DCCO approval etc. in relation to their financial obligations
to Banks and Financial Institutions. The Company and the industry body received clarifications in relation to interpretation/
implementation of those circulars over a period of time during the year. Also, the Company received responses to its application from
individual banks and financial institutions at different point in time.
65 The figures for the corresponding previous year have been regrouped/ reclassified, wherever considered necessary, to make them
comparable with current years classification.
Firm Registration Number: 105047W
(Chairman) (Managing Director and CEO)
DIN: 00101004 DIN: 00266089

Partner (Chief Financial Officer) (Company Secretary)
Place : Mumbai
Date : 14-May-21
114
INDEPENDENT AUDITOR’S REPORT
To the Members of Macrotech Developers Limited

(Formerly Lodha Developers Limited)
Report on the Audit of the Consolidated Financial Statements
Opinion Basis for Opinion

We have audited the accompanying consolidated financial We conducted our audit in accordance with the Standards on
statements of Macrotech Developers Limited (hereinafter referred to Auditing (SAs) specified under section 143(10) of the Act. Our
as the “Holding Company” or “the Company”) and its subsidiaries responsibilities under those Standards are further described in
(Holding Company and its subsidiaries together referred to as the Auditor’s Responsibilities for the Audit of the Consolidated
“the Group”) and its associate and joint ventures, which comprise Financial Statements section of our report. We are independent
the consolidated Balance Sheet as at March 31, 2021, and the of the Group, its associate and its joint ventures in accordance
Consolidated Statement of Profit and Loss, the Consolidated with the ethical requirements that are relevant to our audit of the
Statement of Changes in Equity and the Consolidated Cash Flows consolidated financial statements in India in terms of the Code of
Statement for the year then ended, and notes to the Consolidated Ethics issued by Institute of Chartered Accountant of India (“ICAI”),
Financial Statements, including a summary of significant accounting and the relevant provisions of the Act and we have fulfilled our other
policies and other explanatory information (hereinafter referred to as ethical responsibilities in accordance with these requirements. We
“the consolidated financial statements”). believe that the audit evidence we have obtained is sufficient and
In our opinion and to the best of our information and according to appropriate to provide a basis for our opinion.
the explanations given to us, and based on consideration of reports
Emphasis of Matter
of other auditors on separate financial statements and on the other
financial information of subsidiaries, associate and jointly ventures, We draw attention to Note 42(viii) of the consolidated financial
the aforesaid consolidated financial statements give the information statements which describes the management’s assessment of
required by the Companies Act, 2013 (“the Act”) in the manner COVID-19 pandemic on the Group’s results and the extent to which
so required and give a true and fair view in conformity with Indian it will impact the Group’s operations is dependent upon future
Accounting Standards prescribed under section 133 of the Act developments, which remain uncertain.
read with Companies (Indian Accounting Standards) Rules, 2015 Our opinion is not modified in respect of above matter.
as amended and other accounting principles generally accepted
in India, of their consolidated state of affairs of the Group, its Key Audit Matters
associate and joint ventures as at March 31, 2021, of consolidated Key audit matters are those matters that, in our professional
profit and other comprehensive income, consolidated changes in judgment, were of most significance in our audit of the consolidated
equity and its consolidated cash flows for the year then ended. financial statements of the current period. These matters were
addressed in the context of our audit of the consolidated financial
statements as a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters.
Key Audit Matter How our audit addressed the key audit matter
Revenue Recognition
Refer to Note 1(B) (III) (11) of consolidated financial statements Our audit procedures in respect of this area, among others,
with respect to the accounting policy followed by the Group included the following:
for recognizing revenue on sale of residential and commercial
properties. • Evaluated that the Group’s revenue recognition accounting
policies are in line with Ind AS 115 ‘Revenue from contracts
The Group recognize the revenue from the sale of commercial with customer’ and their application to the significant customer
and residential real estate as and when the control of the contracts;
underlying asset has been transferred to customer which is linked
to the application and receipt of the occupancy certificate. • Evaluated the design and implementation and tested operating
effectiveness of key internal controls over revenue recognition
We considered revenue recognition as a key audit matter in view including controls around transfer of control of the property;
of the following:
• Verified the sample of revenue contract for sale of residential
• A significant audit risk was identified with respect to recognition and commercial units to identify the performance obligations
of revenue on transfer of control and the underlying of the Group under these contracts and assessed whether these
performance obligations. performance obligations are satisfied over time or at a point in
time based on the criteria specified under Ind AS 115;
115
• The revenue and cost thereon forms a substantial part of the • Verified, on test check basis, revenue transaction with the
consolidated statement of profit and loss and therefore is also underlying customer contract, Occupancy Certificates (OC) and
key performance indicators of the Group. other documents evidencing the transfer of control of the asset
to the customer based on which the revenue is recognized; and
• Assessed the consolidated financial statement disclosures to

determine if they are in compliance with the requirements of Ind
AS 115
Inventory Valuation:
Refer to Note 1 (B) (III) (5) to the consolidated financial statements Our procedures in relation to the testing of NRV of the properties
which includes the accounting policy followed by the Group for under development and stocks of completed properties included,
valuation of inventory. among others, the following:
The Group’s properties under development and completed • Reviewed the Management’s process and methodology of using
properties are stated at the lower of cost and Net Realizable Value key assumptions for determining the valuation of inventory as
(NRV). As at March 31, 2021, the Group’s properties under at the year-end including considerations given to impact of
development and stocks of completed properties amounted to Covid-19;
`22,80,559.22 Lakhs and `538,840.18 Lakhs respectively.
• Assessed the appropriateness of the selling price estimated
The cost of the inventory is calculated using actual land by the management, on a sampling basis, by comparing the
acquisition costs, construction costs, development related costs estimated selling price to recent market prices in the same
and interest capitalized for eligible project. projects or comparable properties; and
We considered the valuation of inventory as a key audit matter • Compared the estimated construction cost to complete the
because of the significance of the value of inventory in the project with the Group’s updated budget.
consolidated financial statements and significant judgement
involved in estimating future selling prices, costs to complete
project and possible effect on the above estimates because of
COVID -19 pandemic.
Recognition, Presentation of Contingent Liabilities:
Recognition, Presentation of Contingent Liabilities Our audit procedures with respect to this area included, among
others, following:
Refer Note 44 (c) to the consolidated financial statements for the
disclosures relating to contingent liability. • Read the minutes of the meetings of the Board of Directors and
the Audit Committee.
In the normal course of the business, potential exposures may
arise from various legal procedures against the Group. Due to the • Inquired with the in-house lawyers of the Group to understand
range of the potential outcomes and the considerable uncertainty any potential outcome of the cases and steps that will be
around the resolution of various claims, the determination of undertaken in future with regards to the ongoing litigations;
the amount, if any, to be recorded in the consolidated financial
statements as a provision is inherently subjective. As at March 31, • Obtained and reviewed confirmations of the external legal
2021, the Group was involved in a number of legal cases which advisors of the Group; and
are still ongoing and the financial impact of which cannot be
• Assessed reasonableness of the assumptions and estimates
currently determined.
used by the management in relation to the disclosure of the
Due to the level of judgement involved in the recognition, contingent liability in the consolidated financial statements.
valuation and presentation of Contingent Liabilities, we have
considered this as a Key Audit Matter.
Information other than the Consolidated Financial in doing so, consider whether the other information is materially
Statements and Auditor’s Report thereon inconsistent with the consolidated financial statements or our
The Holding Company’s Board of Directors is responsible for the knowledge obtained in the audit or otherwise appears to be
other information. The other information comprises the information materially misstated. If, based on the work we have performed,
included in the Director’s Report and management discussion and we conclude that there is a material misstatement of this other
analysis but does not include the consolidated financial statements information, we are required to report that fact. We have nothing to
and our auditor’s report thereon. report in this regard.
Our opinion on the consolidated financial statements does not Responsibilities of Management and those charged with
cover the other information and we do not express any form of governance for the Consolidated Financial Statements
assurance conclusion thereon.
The Holding Company’s Board of Directors is responsible for
In connection with our audit of the consolidated financial the preparation and presentation of these consolidated financial
statements, our responsibility is to read the other information and, statements in term of the requirements of the Act that give a true
116
and fair view of the consolidated financial position, consolidated venture (including its subsidiaries), whose financial statements
financial performance (including other comprehensive income) have not been audited by us. These financial statements have
and consolidated cash flows of the Group including its associate been audited by other auditors whose reports have been
and joint ventures in accordance with the accounting principles furnished to us by the Management and our opinion on the
generally accepted in India, including the Indian Accounting consolidated financial statements, in so far as it relates to the
Standards specified under section 133 of the Act. The respective amounts and disclosures included in respect of these
Board of Directors of the companies included in the Group, its subsidiaries and joint venture (including its subsidiaries), and
associate and joint ventures are responsible for maintenance of our report in terms of sub-section (3) of Section 143 of the Act,
adequate accounting records in accordance with the provisions of in so far as it relates to the aforesaid subsidiaries and joint
the Act for safeguarding the assets of the Group and for preventing venture (including its subsidiaries), is based solely on the
and detecting frauds and other irregularities; the selection and reports of the other auditors.
application of appropriate accounting policies; making judgments We did not audit the financial information of a subsidiary,
and estimates that are reasonable and prudent; and the design, whose financial statements reflect total assets of `279,062.30
implementation and maintenance of adequate internal financial lakhs as at 31 March, 2021, total revenues of `20,712.24
controls, that were operating effectively for ensuring accuracy and lakhs and net cash outflows amounting to ` 97.14 lakhs for
completeness of the accounting records, relevant to the preparation the year ended on that date, as considered in the consolidated
and presentation of the consolidated financial statements that give a financial statements. The consolidated financial statements
true and fair view and are free from material misstatement, whether also include the Group’s share of net loss of ` 2.24 lakhs for
due to fraud or error, which have been used for the purpose of the year ended 31 March, 2021, as considered in the
preparation of the consolidated financial statements by the Directors consolidated financial statements, in respect of an associate
of the Holding Company, as aforesaid. and a joint venture, whose financial statements have not
In preparing the consolidated financial statements, the respective been audited by us. These financial statements are unaudited
Board of Directors of the companies included in the Group, its and have been furnished to us by the Management and our
associate and joint ventures are responsible for assessing the ability opinion on the consolidated financial statements, in so far as
of the Group, its associate and joint ventures to continue as a it relates to the amounts and disclosures included in respect
going concern, disclosing, as applicable, matters related to going of a subsidiary, a joint venture and an associate, and our
concern and using the going concern basis of accounting unless the report in terms of sub-section (3) of Section 143 of the Act
Board of Directors either intends to liquidate the Group or to cease in so far as it relates to the aforesaid subsidiary, joint venture
operations, or has no realistic alternative but to do so. and associate, is based solely on such unaudited financial
The respective Board of Directors of the companies included statements. In our opinion and according to the information
in the Group, its associate and joint ventures are responsible and explanations given to us by the Management, these
for overseeing the financial reporting process of the Group, its financial statements / financial information are not material to
associate and joint ventures. the Group.
Our opinion on the consolidated financial statements, and our
Auditor’s Responsibilities for the Audit of the report on Other Legal and Regulatory Requirements below, is not
Consolidated Financial Statements modified in respect of the above matters with respect to our reliance
Our objectives are to obtain reasonable assurance about whether on the work done and the reports of the other auditors and the
the consolidated financial statements as a whole are free from financial information certified by the Management.
material misstatement, whether due to fraud or error, and to issue
an auditor’s report that includes our opinion. Reasonable assurance Report on Other Legal and Regulatory Requirements
is a high level of assurance but is not a guarantee that an audit 1. As required by Section 143(3) of the Act, we report, to the
conducted in accordance with Standards on Auditing (“SAs”) will extent applicable, that:
always detect a material misstatement when it exists. Misstatements a. We have sought and obtained all the information and
can arise from fraud or error and are considered material if, explanations which to the best of our knowledge and
individually or in the aggregate, they could reasonably be expected belief were necessary for the purposes of our audit of the
to influence the economic decisions of users taken on the basis of aforesaid consolidated financial statements.
these consolidated financial statements.
b. In our opinion, proper books of account as required
We give in “Annexure A” a detailed description of Auditor’s by law relating to preparation of the aforesaid
responsibilities for Audit of the Consolidated Financial Statements. consolidated financial statements have been kept so far as
it appears from our examination of those books and the
Other Matters
reports of the other auditors.
a. We did not audit the financial statements of 16 subsidiaries
c. The Consolidated Balance Sheet, the Consolidated
whose financial information reflect total assets of
Statement of Profit and Loss, the Consolidated Statement
`2,34,892.80 lakhs as at March 31, 2021, total revenue of
of Changes in Equity and the Consolidated Cash
`1,516.79 lakhs and net cash inflows amounting to `32.31
Flow Statement dealt with by this Report are in agreement
Lakhs for the year ended on that date, as considered in the
with the relevant books of account maintained for the
consolidated financial statements. The consolidated financial
purpose of preparation of the consolidated financial
statements also include Group’s share of net loss of ` Nil
statements.
for the year ended March 31, 2021, in respect of a joint
117
d. In our opinion, the aforesaid consolidated financial i. The consolidated financial statements disclose the
statements comply with the Indian Accounting Standards impact of pending litigations on the consolidated
specified under Section 133 of the Act. financial position of the Group, its associate and joint
e. On the basis of the written representations received from ventures – Refer Note 44(c) to the consolidated
the directors of the Holding Company as on March 31, financial statements.
2021 taken on record by the Board of Directors of the ii. Provision has been made in the consolidated financial
Holding Company and the reports of the other statutory statements, as required under the applicable law or
auditor of its subsidiaries, none of the directors of the accounting standards, for material foreseeable losses,
Group’s companies incorporated in India is disqualified if any, on long-term contracts including derivative
as on March 31, 2021 from being appointed as a director contracts.
of that company in terms of Section 164 (2) of the Act. iii. There were no amounts which were required to be
f. With respect to the adequacy of internal financial transferred to the Investor Education and Protection
controls over financial reporting of the Group and the Fund by the Group and its associate and joint venture
operating effectiveness of such controls, refer to our incorporated in India.
separate report in “Annexure B”. 2. As required by The Companies (Amendment) Act, 2017, in
g. With respect to the other matters to be included in the our opinion, according to information, explanations given
Auditor’s Report in accordance with Rule 11 of the to us, the remuneration paid by the Group and its associate
Companies (Audit and Auditor’s) Rules, 2014, in our and joint venture incorporated in India to its directors is within
opinion and to the best of our information and according the limits prescribed under Section 197 of the Act and the
to the explanations given to us and based on the rules thereunder.
consideration of the reports of the other auditors on
separate financial statements as also the other financial
information of the subsidiary, associate and joint venture,
as noted in ‘Other Matters’ paragraph:


Bhavik L. Shah
Partner
UDIN: 21122071AAAAED7677

Place : Mumbai
Date : 14-May-21
118
Annexure A to the Independent Auditor’s Report on Even Date on the Consolidated Financial
Statements of Macrotech Developers Limited
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
As part of an audit in accordance with SAs, we exercise professional Obtain sufficient appropriate audit evidence regarding the
judgment and maintain professional skepticism throughout the financial information of the entities or business activities within
audit. We also: the Group to express an opinion on the consolidated financial
statements. We are responsible for the direction, supervision
Identify and assess the risks of material misstatement of the
and performance of the audit of the financial statements of
consolidated financial statements, whether due to fraud or
such entities included in the consolidated financial statements
error, design and perform audit procedures responsive to those
of which we are the independent auditors. For the other entities
risks, and obtain audit evidence that is sufficient and
included in the consolidated financial statements, which
appropriate to provide a basis for our opinion. The risk of not
have been audited by other auditors, such other auditors
detecting a material misstatement resulting from fraud is higher
remain responsible for the direction, supervision and
than for one resulting from error, as fraud may involve
performance of the audits carried out by them. We remain
collusion, forgery, intentional omissions, misrepresentations, or
solely responsible for our audit opinion.
the override of internal control.
Obtain an understanding of internal control relevant to the We communicate with those charged with governance of the
audit in order to design audit procedures that are appropriate Holding Company and such other entities included in the
in the circumstances. Under section 143(3)(i) of the Act, we are consolidated financial statements of which we are the independent
also responsible for expressing our opinion on whether the auditors regarding, among other matters, the planned scope and
company has internal financial controls with reference to timing of the audit and significant audit findings, including any
financial statements in place and the operating effectiveness of significant deficiencies in internal control that we identify during our
such controls. audit.
Evaluate the appropriateness of accounting policies used and We also provide those charged with governance with a statement
the reasonableness of accounting estimates and related that we have complied with relevant ethical requirements regarding
disclosures made by management. independence, and to communicate with them all relationships
Conclude on the appropriateness of management’s use of and other matters that may reasonably be thought to bear on our
the going concern basis of accounting and, based on the audit independence, and where applicable, related safeguards.
evidence obtained, whether a material uncertainty exists From the matters communicated with those charged with
related to events or conditions that may cast significant doubt governance, we determine those matters that were of most
on the ability of the Group to continue as a going concern. significance in the audit of the consolidated financial statements
If we conclude that a material uncertainty exists, we are of the current period and are therefore the key audit matters.
required to draw attention in our auditor’s report to the related We describe these matters in our auditor’s report unless law or
disclosures in the consolidated financial statements or, if such regulation precludes public disclosure about the matter or when, in
disclosures are inadequate, to modify our opinion. Our extremely rare circumstances, we determine that a matter should not
conclusions are based on the audit evidence obtained up be communicated in our report because the adverse consequences
to the date of our auditor’s report. However, future events or of doing so would reasonably be expected to outweigh the public
conditions may cause the Group to cease to continue as a interest benefits of such communication.
going concern.
Evaluate the overall presentation, structure and content of
the consolidated financial statements, including the disclosures,
and whether the consolidated financial statements represent
the underlying transactions and events in a manner that
achieves fair presentation.


Bhavik L. Shah
Partner
UDIN: 21122071AAAAED7677

Place : Mumbai
Date : 14-May-21
119
Annexure B to the Independent Auditor’s Report of Even Date on the Consolidated Financial
Statements of Macrotech Developers Limited
[Referred to in paragraph 1(f) under ‘Report on Other Legal and Regulatory Requirements’ in the Independent Auditors’ Report of even
date to the Members of Macrotech Developers Limited on the consolidated financial statements for the year ended March 31, 2021.]
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of
the Companies Act, 2013 (“the Act”)
In conjunction with our audit of the consolidated financial evaluating the design and operating effectiveness of internal control
statements of Macrotech Developers Limited (hereinafter referred to based on the assessed risk. The procedures selected depend on
as “the Holding Company”) as of and for the year ended March 31, the auditor’s judgement, including the assessment of the risks of
2021, we have audited the internal financial controls with reference material misstatement of the consolidated financial statements,
to consolidated financial statements of the Holding Company, its whether due to fraud or error.
subsidiaries, its associate and joint venture which are companies We believe that the audit evidence we have obtained is sufficient
incorporated in India, as of that date. and appropriate to provide a basis for our audit opinion on the
internal financial controls with reference to consolidated financial
Management’s Responsibility for Internal Financial
statements of the Holding company, its subsidiaries, its associate
Controls
and joint venture, which are companies incorporated in India.
The respective Board of Directors of the Holding company, its
subsidiaries, its associate and joint venture, which are companies Meaning of Internal Financial Controls with Reference
incorporated in India, are responsible for establishing and to Consolidated Financial Statements
maintaining internal financial controls based on the internal control A company’s internal financial control with reference to
with reference to the consolidated financial statements criteria consolidated financial statements is a process designed to provide
established by the respective companies considering the essential reasonable assurance regarding the reliability of financial reporting
components of internal control stated in the Guidance Note on and the preparation of consolidated financial statements for external
Audit of Internal Financial Controls Over Financial Reporting issued purposes in accordance with generally accepted accounting
by the Institute of Chartered Accountants of India (“the ICAI”). These principles. A company’s internal financial control with reference
responsibilities include the design, implementation and maintenance to consolidated financial statements includes those policies and
of adequate internal financial controls that were operating procedures that (1) pertain to the maintenance of records that, in
effectively for ensuring the orderly and efficient conduct of its reasonable detail, accurately and fairly reflect the transactions and
business, including adherence to the respective company’s policies, dispositions of the assets of the company; (2) provide reasonable
the safeguarding of its assets, the prevention and detection of assurance that transactions are recorded as necessary to permit
frauds and errors, the accuracy and completeness of the accounting preparation of consolidated financial statements in accordance with
records, and the timely preparation of reliable financial information, generally accepted accounting principles, and that receipts and
as required under the Act. expenditures of the company are being made only in accordance
with authorizations of management and directors of the company;
Auditor’s Responsibility
and (3) provide reasonable assurance regarding prevention or
Our responsibility is to express an opinion on the internal financial timely detection of unauthorized acquisition, use, or disposition
controls with reference to consolidated financial statements of the of the company’s assets that could have a material effect on the
Holding company, its subsidiaries, its associate and joint venture, consolidated financial statements.
which are companies incorporated in India, based on our audit.
We conducted our audit in accordance with the Guidance Note on Inherent Limitations of Internal Financial Controls with
Audit of Internal Financial Controls Over Financial Reporting (the Reference to Consolidated Financial Statements
“Guidance Note”) issued by the ICAI and the Standards on Auditing Because of the inherent limitations of internal financial controls
prescribed under section 143(10) of the Act, to the extent applicable with reference to consolidated financial statements, including
to an audit of internal financial controls. Those Standards and the the possibility of collusion or improper management override of
Guidance Note require that we comply with ethical requirements controls, material misstatements due to error or fraud may occur
and plan and perform the audit to obtain reasonable assurance and not be detected. Also, projections of any evaluation of the
about whether internal financial controls with reference to internal financial controls with reference to consolidated financial
consolidated financial statements was established and maintained statements to future periods are subject to the risk that the internal
and if such controls operated effectively in all material respects. financial control with reference to consolidated financial statements
Our audit involves performing procedures to obtain audit evidence may become inadequate because of changes in conditions, or
about the internal financial controls with reference to consolidated that the degree of compliance with the policies or procedures may
financial statements and their operating effectiveness. Our audit of deteriorate.
internal financial controls with reference to consolidated financial
statements included obtaining an understanding of internal financial
controls with reference to consolidated financial statements,
assessing the risk that a material weakness exists, and testing and
120
Opinion
In our opinion, and to the best of our information and according to the explanations given to us, the Holding Company, its subsidiaries,
its associate and joint venture, which are companies incorporated in India, have, wherever applicable, in all material respects, internal
financial controls with reference to consolidated financial statements and such internal financial controls with reference to consolidated
financial statements were operating effectively as at March 31, 2021, based on the internal control with reference to the consolidated
financial statements criteria established by the respective companies considering the essential components of internal control stated in the
Guidance Note issued by the ICAI.
Other Matters
1. Our aforesaid reports under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial controls
with reference to consolidated financial statements insofar as it relates to 1 associate and 1 joint venture, which are companies
incorporated in India, whose financial statements are unaudited and hence we are unable to comment on the adequacy and operating
effectiveness of the internal financial controls in respect of such associate and joint venture. In our opinion and according to the
information and explanation given to us by the Management, the said associate and the joint venture are not material to the Group.
2. Our aforesaid reports under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial controls
with reference to consolidated financial statements insofar as it relates to 13 subsidiaries, which are companies incorporated in India,
is based on the corresponding reports of the auditors of such companies incorporated in India.


Bhavik L. Shah
Partner

Place : Mumbai
Date : 14-May-21
121
Consolidated Balance Sheet as at 31St March, 2021
Particulars Notes As at 31-March-21 As at 31-March-20

ASSETS
Non-Current Assets
Property, Plant and Equipment 2 1,12,257.02 1,18,506.24
Capital Work In Progress 2 628.58 628.58
Investment Property 3 27,665.01 28,816.03
Goodwill 4 54,667.62 54,667.62
Other Intangible Assets 4 39.97 101.70
Investments accounted for using the Equity Method 5 5,872.01 5,832.07
Financial Assets
Investments 6 22,248.95 20,425.50
Loans 7 3,49,901.19 4,25,600.43
Deferred Tax Assets (Net) 40 20,986.29 9,358.73
Non-Current Tax Assets (net) 9 20,924.06 36,354.42
Other Non-Current Assets 10 6,651.46 7,020.94
Total Non-Current Assets 6,47,229.63 7,20,484.25
Current Assets
Inventories 11 28,30,070.63 29,03,144.38
Financial Assets
Investments 12 1,29,818.34 1,29,036.37
Loans 13 45,284.79 41,665.99
Trade Receivables 14 65,452.51 79,428.76
Cash and Cash Equivalents 15 22,758.12 11,854.09
Bank Balances other than Cash and Cash Equivalents 16 13,922.38 6,840.99
Other Current Assets 18 93,487.48 1,15,164.02
Total Current Assets 32,83,580.89 33,48,770.87
Total Assets 39,30,810.52 40,69,255.12
EQUITY AND LIABILITIES
Equity
Equity Share Capital 19 39,587.80 39,587.80
Other Equity
Share Premium 20 21,279.47 21,279.47
Retained Earnings 21 2,96,088.40 2,14,754.61
Other Reserves 22 1,02,940.29 1,79,609.98
Equity attributable to owners of the Company 4,59,895.96 4,55,231.86
Non-Controlling Interests 52,688.96 51,915.76
Total Equity 5,12,584.92 5,07,147.62
Non-Current Liabilities
Borrowings 23 4,26,758.13 2,13,385.81
Trade Payables 24
Due to Micro and Small Enterprises 6,920.13 1,830.15
Due to Others 9,595.60 20,477.30
Other Financial Liabilities 25 16,359.62 8,637.11
Provisions 26 1,605.51 1,767.15
Other Non-Current Liabilties 27 9,509.12 9,689.79
Deferred Tax Liabilities (net) 40 6.57 5.06
Total Non-Current Liabilities 4,70,754.68 2,55,792.37
Current Liabilities
Borrowings 28 13,89,927.00 16,28,030.61
Trade Payables 29
Due to Micro and Small Enterprises 29,293.18 4,765.94
Due to Others 1,23,969.67 2,00,204.58
Other Financial Liabilities 30 2,22,864.69 2,36,180.08
Provisions 31 519.27 625.13
Current Tax Liabilities (net) 32 5,195.63 1,837.04
Other Current Liabilities 33 11,75,701.48 12,34,671.75
Total Current Liabilities 29,47,470.92 33,06,315.13
Total Liabilities 34,18,225.60 35,62,107.50
Total Equity and Liabilities 39,30,810.52 40,69,255.12
See accompanying notes to the Consolidated Financial Statements 1-69
Chartered Accountants Mukund Chitale Abhishek Lodha
Firm Registration Number: 105047W (Chairman) DIN: 00101004 (Managing Director and CEO) DIN: 00266089
Bhavik L. Shah Partner Sushil Kumar Modi Sanjyot Rangnekar
Membership No. 122071 (Chief Financial Officer) (Company Secretary) Membership No. F4154
Place : Mumbai
Date : 14-May-21
122
Consolidated Statement of Profit and Loss for the Year Ended 31St March, 2021
Particulars Notes For the Year ended For the Year ended
I INCOME
Revenue From Operations 34 5,44,857.47 12,44,259.05
Other Income 35 32,307.68 11,839.30
Total Income 5,77,165.15 12,56,098.35
II EXPENSES
Cost of Projects 36 3,60,382.09 9,54,997.92
Employee Benefits Expense 37 28,635.30 39,044.71
Finance Costs 38 1,12,569.28 73,035.93
Depreciation, Impairment and Amortisation Expense 2, 3 & 4 7,342.15 29,240.02
Other Expenses 39 18,643.01 59,488.60
Total Expense 5,27,571.83 11,55,807.18
III Profit Before Exceptional item and
Share of Net Loss in Associate and Joint Venture (I-II) 49,593.32 1,00,291.17
Share of Net Loss in Associates and Joint Venture 5 (2.24) (4.46)
IV Profit Before Exceptional Items and Tax 49,591.08 1,00,286.71
Exceptional Items 49 (46,275.41) 15.63
V Profit Before Tax 3,315.67 1,00,302.34
VI Tax Expense
Current Tax (10,218.94) (3,388.83)
Deferred Tax 11,692.11 (22,760.72)
Total Tax Expense 1,473.17 (26,149.55)
VII Profit for the year 4,788.84 74,152.79
VIII Other Comprehensive Income (OCI)
A Items that will not be reclassified to Statement of Profit and Loss
Remeasurements of Defined Benefit Plans 189.17 (163.45)
Income Tax Effect (66.07) 57.14
123.10 (106.31)
B Items that will be reclassified to Statement of Profit and Loss
Foreign Currency Translation Reserve 525.35 (1,125.54)
Total Other Comprehensive Income / (Loss) (net of tax) (A+B) 648.45 (1,231.85)
IX Total Comprehensive Income for the year (VII+VIII) 5,437.29 72,920.94
Profit for the year attributable to: 4,788.84 74,152.79
(i) Owners of the Company 4,015.60 72,756.27
(ii) Non Controlling Interest 773.24 1,396.52
4,788.84 74,152.79
Other Comprehensive Income / (Loss) for the year attributable to: 648.45 (1,231.85)
(i) Owners of the Company 648.49 (1,099.29)
(ii) Non Controlling Interest (0.04) (132.56)
648.45 (1,231.85)
Total Comprehensive Income / (Loss) for the year attributable to: 5,437.29 72,920.94
(i) Owners of the Company 4,664.09 71,656.98
(ii) Non Controlling Interest 773.20 1,263.96
5,437.29 72,920.94
Earnings per Equity Share (in `) 61
(Face value of `10 per Equity Share)
Basic 1.01 18.38
Diluted 1.01 18.38
See accompanying notes to the Consolidated Financial Statements 1-69


Place : Mumbai
Date : 14-May-21
123
Consolidated Statement of Cash Flow for the Year Ended 31St March, 2021
Particulars For the Year ended For the Year ended

A Operating Activities
Profit before tax 3,315.67 1,00,302.34
Adjustments for :
Depreciation, Amortisation and Impairment Expense 7,342.15 29,240.02
(Profit)/ Loss on Sale of Property, Plant and Equipment (644.03) (315.46)
Share of Net Loss in Associate 2.24 4.46
Exceptional Items (Refer Note 49) 46,275.41 (15.63)
Net Unrealised Foreign Exchange Differences (16,994.88) (1,630.06)
Interest Income (27,500.59) (5,087.53)
Finance Costs 2,52,463.05 3,11,070.97
Gain on Sale of Investments/ Subsidiary (net) - (965.88)
Sundry Balances / Excess Provisions written off/ back (net) (7,320.57) (4,908.23)
Provision for/ (Write back of) Doubtful Receivables and Advances / Deposits - (2,066.06)
Gains arising from fair valuation of financial instruments (888.71) (168.80)
Dividend on Current Investments (47.11) (112.70)
Working Capital Adjustments:
(Increase)/ Decrease in Trade and Other Receivables 23,098.59 (30,312.13)
Decrease in Inventories 73,010.34 1,20,536.00
Decrease in Trade and Other payables (1,08,286.72) (1,30,159.95)
Cash Generated from Operating Activities 2,43,824.84 3,85,411.36
Income Tax refund received /(Income Tax Paid) (Net) 8,570.01 (8,209.87)
Net Cash Flows from Operating Activities 2,52,394.85 3,77,201.49

B Investing Activities
Sale of Property, Plant and Equipment 851.46 825.00
Purchase of Property, Plant and Equipment (204.43) (3,748.19)
Net Investment / (Divestment) in Bank Deposits (7,081.39) 680.73
Purchase of Non-Current Investments (1,865.63) (8,268.71)
Sale/ (Purchase) of Current Investments (net) 106.74 (19,950.39)
Interest received 7,058.42 4,421.11
Loans (Given)/ Received back (Net) 43,075.32 47,100.11
Dividend on Current Investments Received 47.11 112.70
Net Cash Flows from Investing Activitie 41,987.60 21,172.36
C Financing Activities
Finance Costs Paid (1,80,265.28) (3,05,224.45)
Proceeds from Borrowings 3,17,139.41 5,38,999.49
Repayment of Part of Optionally Convertible Debentures - (2,828.14)
Repayment of Borrowings (4,20,386.98) (6,49,786.55)
Net Cash Flows used in Financing Activities (2,83,512.85) (4,18,839.65)
D Net Increase / (Decrease) in Cash and Cash Equivalents (A+B+C) : 10,869.60 (20,465.80)
Cash and Cash Equivalents at the beginning of the year 11,854.09 35,252.72
Exchange difference on translation of foreign currency Cash and Cash Equivalent 34.43 95.37
Cash and Cash Equivalents on Disposal - (3,028.92)
Cash and Cash Equivalents acquired on account of Acquisition - 0.72
Cash and Cash Equivalents at year end (Refer Note 15) 22,758.12 11,854.09
Note :
a. Cash flow statement has been prepared under the indirect method as set out in Ind AS - 7 specified under Section 133 of the Companies Act 2013.
b. The Scheme of arrangement between NCP Comercial Pvt. Ltd.and the Company does not involve any cash outflow (Refer Note 63).
c. Represents conversion of interest incurred during the moratorium period into term loan during the year ended 31-March-21. (Refer Note 53)
d. Reconciliation of liabilities arising from financing activities under Ind AS 7
Borrowings
Cash flow (1,03,247.57) (1,10,787.06)
Non cash changes (Refer Note c) 80,219.77 (6,10,953.90)
See
accompanying notes to the Consolidated Financial Statements 1-69


Place : Mumbai
Date : 14-May-21
124
Consolidated Statement of changes in Equity for fhe Year Ended 31St March, 2021
(A) EQUITY SHARE CAPITAL ` in Lakhs
As at As at
Particulars
Balance at the beginning of the reporting year 39,587.80 39,587.80
Issued during the year - -
Balance at the end of the reporting year 39,587.80 39,587.80
(B) OTHER EQUITY ` in Lakhs
Reserves and Surplus Other Reserves through OCI Total Equity
Foreign attributable Non
Particulars Capital Capital Debenture to Controlling Total
Share Retained Revaluation Currency
Redemption Reserve on Redemption Shareholders Interest
Premium Earnings Reserve Translation
Reserve Merger Reserve of the Group
Reserve
As at 1-April-20 41.85 (9.85) 21,279.47 135,490.52 214,754.62 43,039.35 1,048.11 415,644.07 51,915.76 467,559.83
Profit for the year - - - - 4,015.60 - - 4,015.60 773.24 4,788.84
Other comprehensive income / (loss) - - - - 123.14 - 525.35 648.49 (0.04) 648.45
Total Comprehensive Income for the year - - - - 4,138.74 - 525.35 4,664.09 773.20 5,437.29
Transfer (from) / to - - - (77,195.04) 77,195.04 - - - - -
As at 31-March-21 41.85 (9.85) 21,279.47 58,295.48 296,088.40 43,039.35 1,573.46 420,308.16 52,688.96 472,997.12
As at 1-April-19 41.85 (9.85) 21,279.47 142,960.35 43,039.35 2,041.09 344,842.78 53,479.94 398,322.72
135,490.52
Profit for the year - - - - 72,756.27 - - 72,756.27 1,396.52 74,152.79
Other comprehensive loss - - - - (106.31) - (992.98) (1,099.29) (132.56) (1,231.85)
Total Comprehensive Income/ (loss) for the year - - - - 72,649.96 - (992.98) 71,656.98 1,263.96 72,920.94
Reduction on account of acquisition - - - - (855.69) - - (855.69) - (855.69)
Repayment of Part of Optionally Convertible - - - - - - - - (2,828.14) (2,828.14)
Debentures
As at 31-March-20 41.85 (9.85) 21,279.47 135,490.52 214,754.62 43,039.35 1,048.11 415,644.07 51,915.76 467,559.83

See accompanying notes to the Consolidated Financial Statements 1 - 69
As per our attached report of even date For and on behalf of the Board of Directors of Macrotech Developers Limited
Bhavik L. Shah DIN: 00101004 DIN: 00266089
Partner Sushil Kumar Modi Sanjyot Rangnekar
Membership No. 122071 (Chief Financial Officer) (Company Secretary)
Membership
Place : Mumbai No. F4154
125
Date : 14-May-2021
Notes to the Consolidated Financial Statements as at 31St March, 2021
1 Significant Accounting Policies approximation of the cumulative effect of the rates

prevailing on the transaction dates, in which case
A Group’s Background
income and expenses are translated at the dates of
The Consolidated financial statements comprise financial the transactions), and
statements of Macrotech Developers Limited (formerly known - All resulting exchange differences are recognised in
as Lodha Developers Limited) (the Company), its subsidiaries other comprehensive income.
(collectively, the Group), associates and jointly controlled entity
for the year ended 31-March-2021. The Group combines the financial statements of the Company
and its subsidiaries line by line adding together like items of
The Company is a public limited company domiciled and assets, liabilities, equity, income and expenses. Intercompany
incorporated in India under the Companies Act, 1956 transactions, balances and unrealized gains or losses on
vide CIN - U45200MH1995PLC093041. The Company’s transactions between Group companies are eliminated.
registered office is located at 412 , Floor - 4, 17 G
Vardhaman Chamber, Cawasji Patel Road, Horniman Circle, Non-controlling interests in the results and equity of
Fort, Mumbai - 400001. The Group is primarily engaged in subsidiaries are shown separately in the Consolidated
the business of real estate development. Statement of Profit and Loss, Consolidated Statement
The Consolidated Financial Statements are approved by the of Changes in Equity and Consolidated Balance Sheet
Company’s Board of Directors at its meeting held on 14-May- respectively.
2021. (ii) Associates/ Joint Venture
B Significant Accounting Policies Associates or Joint Ventures are all entities over which the
Group has significant influence or Joint control but not control.
I Basis of Preparation This is generally the case where the group holds between
The Consolidated financial statements of the Group have 20% and 50% of the voting rights or where decisions over
been prepared in accordance with Indian Accounting the relevant activities are unanimous in case of joint venture.
Standards (‘Ind AS’) notified under section 133 of the Investments in associates and joint ventures are accounted
Companies Act 2013, read together with the Companies for using the equity method of accounting after initially being
(Indian Accounting Standards) Rules, 2015 and recognized at cost.
amendment if any. Under the equity method of accounting, the excess of cost
These financial statements have been prepared and of investment over the proportionate share in equity of the
presented under the historical cost convention, on the associate/ joint venture as at the date of acquisition of stake
accrual basis of accounting except for land as classified is identified as goodwill or capital reserve as the case may
under Property, Plant and Equipment and certain financial be and included in the carrying value of the investment in the
assets and financial liabilities that are measured at fair associate/ joint venture.
values at the end of each reporting year, as stated in the The carrying amount of the investment is adjusted thereafter
accounting policies set out below. The accounting policies to recognize the Group’s share of the post-acquisition profits
have been applied consistently over all the years presented or losses of the investee in Consolidated Statement of Profit
in these financial statements. and Loss, and the Group’s share of other comprehensive
These Financial Statements are presented in Indian Rupees income of the investee in Consolidated Other Comprehensive
(`) and all values are rounded to the nearest lakhs except Income. However, the share of losses is accounted for only
when otherwise indicated. to the extent of the cost of investment. Subsequent profits of
II Principles of Consolidation and Equity Accounting such associates/ joint ventures are not accounted for unless
(i) Subsidiaries the accumulated losses (not accounted for by the Group) are
Subsidiaries are all entities over which the Group has recouped. Additional losses are provided for to the extent that
control. The Group controls an entity, when the group the Group has incurred obligations or made payments on
is exposed to, or has rights to, variable returns from its behalf of the associate and joint venture to satisfy obligations
involvement with the entity and has the ability to affect the of the associate and joint venture that the Group has
returns through its power to direct the relevant activities of guaranteed or to which the Group is otherwise committed.
the entity. Unrealised gains or losses on transactions between the Group
and its associates and joint ventures are eliminated to the
Subsidiaries are fully consolidated from the date on which
extent of the Group’s interest in these entities.
control is transferred to the Group. Control is reassessed
whenever facts and circumstances indicate that there may III Summary of Significant Accounting Policies
be a change in any of these elements of control. They are 1 Current and Non-Current Classification
deconsolidated from the date that control ceases.
The Group presents assets and liabilities in the Consolidated
The results and financial position of foreign operations Balance Sheet based on current/ non-current classification. An
that have a functional currency different from the asset is treated as current when it is:
presentation currency are translated into the presentation i) Expected to be realised or intended to be sold or
currency as follows: consumed in normal operating cycle.
- assets and liabilities are translated at the closing rate
ii) Held primarily for the purpose of trading
at the date of the balance sheet;
- income and expenses are translated at average iii) Expected to be realised within twelve months after the
exchange rates (unless this is not a reasonable reporting period, or
126
iv) Cash or cash equivalent unless restricted from Freehold Land is measured at fair value. Valuations
being exchanged or used to settle a liability for at are performed with sufficient frequency to ensure that
least twelve months after the reporting period. the carrying value of revalued asset does not defer
All other assets are classified as non-current. materially from its fair value.
A liability is current when: Revaluation surplus is recorded in Other
i) It is expected to be settled in normal operating Comprehensive Income (OCI) and credited to the
cycle Revaluation reserve in Other Equity.
ii) It is held primarily for the purpose of trading ii. Subsequent costs
iii) It is due to be settled within twelve months after Subsequent expenditure, including cost of the item
the reporting period, or
which can be reliably estimated, is capitalised
iv) There is no unconditional right to defer the
only when it is probable that the future economic
settlement of the liability for at least twelve
benefits of the expenditure will flow to the Group
months after the reporting period.
All other repairs and maintenance are charged to the
The Group classifies all other liabilities as non Consolidated Ind AS Statement of Profit and Loss
current. during the reporting period in which they are
Deferred tax assets and liabilities are classified as incurred.
non-current assets and liabilities respectively.
iii. Derecognition
The operating cycle is the time between the
acquisition of assets for processing and their The carrying amount of an item of Property, Plant
realisation in cash and cash equivalents. and Equipment is derecognized on disposal or when
The operating cycle of the Group’s real estate no future economic benefits are expected from its
operations varies from project to project depending use or disposal. The gain or loss arising from the
on the size of the project, type of development, derecognition of an item of Property, Plant and
project complexities and related approvals Equipment is measured as the difference between the
net disposal proceeds and the carrying amount of
Accordingly, project related assets and liabilities are
the item and is recognized in the Consolidated
classified into current and non-current based on the
Statement of Profit and Loss when the item is
operating cycle of the project. All other assets and
derecognized.
liabilities have been classified into current and non
current based on a period of twelve months. iv. Capital work in progress
2 Property, Plant and Equipment Cost of assets not ready for intended use, as on the
Balance Sheet date, is shown as capital work in
i. Recognition and measurement
progress.
All property, plant and equipment except freehold
v. Depreciation
land and building are stated at historical cost less
accumulated depreciation. Building was recorded at Depreciation is calculated on a written down value
Fair Value as deemed cost as at the date of basis over the estimated useful lives of the assets as
transition to Ind AS. Historical cost includes specified in Schedule II of Companies Act, 2013
expenditure that is directly attributable to the except for Site/Sales Offices, Sample Flats and
acquisitions of the items. Cost includes freight, Aluminium Formwork wherein the estimated useful
duties, taxes, borrowing cost and incidental expenses lives is determined by the management.Management
related to the acquisition and installation of the sset. believes that such estimated useful lives are realistic
and reflect fair approximation of the period over
which the assets are likely to be used.
Sr. No. Property, Plant and Equipment Useful life (Years)
i) Site/Sales Offices and Sample Flats 8
ii) Freehold Building 60
iii) Plant and Equipment 8 to 15
iv) Office Equipment 5

v) Computers
(a) Servers and networks 6
(b) End user devices, such as, desktops, laptops, etc. 3
vi) Furniture and Fixtures 10

vii) Vehicles
(a) Motor cycles, scooters and other mopeds 10
(b) Motor buses, motor lorries, motor cars and motor taxies 8
127
Depreciation on addition to property plant and equipment is iii) Land and Property Development Work-in-Progress is
provided on pro-rata basis from the date of acquisition. valued at lower of estimated cost and net realisable value.
Depreciation on assets sold during the year is charged to the iv) Cost for this purpose includes cost of land, shares with
Consolidated Statement of Profit and Loss up to the month occupancy rights, Transferrable Development Rights,
preceding the month of sale. premium for development rights, borrowing costs,
construction / development cost and other overheads
Depreciation methods, useful lives and residual values are
incidental to the projects undertaken.
reviewed periodically at each financial year end and adjusted
prospectively, as appropriate. Net realizable value is the estimated selling price in the
ordinary course of business, less estimated cost of completion
3 Investment Properties and the estimated cost necessary to make the sale.
The Property that is held for long term rental yield or for capital
6 Provisions and Contingencies
appreciation or both, and that is not occupied by the Group is
classified as an Investment Property. The Group recognizes provisions when a present obligation
Investment properties are measured initially at cost, including (legal or constructive) as a result of a past event exists and it
transaction and borrowing costs. Subsequent to initial is probable that an outflow of resources embodying economic
recognition, investment properties are stated at cost less benefits will be required to settle such obligation and the
accumulated depreciation and accumulated impairment amount of such obligation can be reliably estimated.
losses, if any. If the effect of time value of money is material, provisions are
discounted using a current pre-tax rate that reflects, when
The Group depreciates investment properties over the
appropriate, the risks specific to the liability. When discounting
useful life of 60 years from the date of original purchase as
is used, the increase in the provision due to the passage of
prescribed under Schedule II to the Companies Act, 2013
time is recognized as a finance cost.
Investment properties are derecognized either when they
have been disposed of or when they are permanently A disclosure of contingent liability is also made when there
withdrawn from use and no future economic benefit is is a possible obligation or a present obligation that may, but
expected from their disposal. The difference between the net probably will not, require an outflow of resources. Where
disposal proceeds and the carrying amount of the asset is there is possible obligation or a present obligation in respect
recognized in profit or loss in the period of derecognition of which the likelihood of outflow of resources is remote, no
provision or disclosure is made.
Amortisation method, useful lives and residual values are
reviewed at the end of each financial year and adjusted, if 7 Impairment of Non-Financial Assets (excluding
appropriate. Inventories, Investment Properties and Deferred Tax
Assets)
4 Intangible Assets
Non-financial assets are subject to impairment tests whenever
Intangible assets acquired separately are measured on initial events or changes in circumstances indicate that their carrying
recognition at cost. Following initial recognition, intangible amount may not be recoverable. Where the carrying value
assets are carried at cost less any accumulated amortisation of an asset exceeds its recoverable amount (i.e. the higher of
and impairment losses. value in use and fair value less costs to sell), the asset is written
The useful lives of intangible assets are assessed as either finite down accordingly.
or indefinite. Currently the company has not identified any Where it is not possible to estimate the recoverable amount of
Intangible assets other than Goodwill to have indefinite life. an individual asset, the impairment test is carried out on the
Intangible assets with finite lives are amortised over the useful smallest group of assets to which it belongs for which there
economic life. The useful economic life and the amortisation are separately identifiable cash flows; its cash generating units
method for an intangible asset with a finite useful life are (‘CGUs’).
reviewed at least at the end of each reporting period. The 8 Financial Instruments
amortisation expense on intangible assets with finite lives is
A financial instrument is any contract that gives rise to a
recognised in the Consolidated Statement of Profit and Loss
financial asset of one entity and a financial liability or equity
Gains or losses arising from derecognition of an intangible instrument of another entity.
asset are measured as the difference between the net disposal Financial Assets
proceeds and the carrying amount of the asset and are
Initial recognition and measurement
recognised in the Consolidated Statement of Profit and Loss
when the asset is derecognised. The Group classifies its financial assets in the following
measurement categories.
Intangible assets are amortized proportionately over a period
• those to be measured subsequently at fair value (either
of five years or over the useful economic life of the assets as
through other comprehensive income, or through profit or
determined by the management, whichever is lower.
loss)
Intangible assets with indefinite life are tested for impairment • those measured at amortised cost
annually. Impairment losses, if any, are recognised in
Consolidated Statement of Profit and Loss. All financial assets are recognised initially at fair value plus, in
the case of financial assets not recorded at fair value through
5 Inventories profit or loss, transaction costs that are attributable to the
i) Stock of Building Materials and Traded Goods is valued acquisition of the financial asset.
at lower of cost and net realizable value. Cost is generally
ascertained on weighted average basis.
For purposes of subsequent measurement, financial assets are
ii) Completed unsold inventory is valued at lower of Cost
classified in four categories:
and Net Realizable Value.
128
i)Debt instruments at amortised cost Derecognition of Financial Assets

ii) Debt instruments at fair value through other A financial asset (or, where applicable, a part of a financial
comprehensive income (FVTOCI) asset or part of a group of similar financial assets) is primarily
iii) Debt instruments, derivatives and equity instruments at fair derecognised (i.e. removed from the Group’s Consolidated
value through profit or loss (FVTPL) Balance Sheet) when:
iv) Equity instruments measured at fair value through other i) The rights to receive cash flows from the asset have
comprehensive income (FVTOCI) expired, or
Debt instruments at amortised cost ii) The Group has transferred its rights to receive cash
flows from the asset or has assumed an obligation to pay
A ‘debt instrument’ is measured at the amortised cost if both
the received cash flows in full without material delay to a
the following conditions are met:
third party under a ‘pass-through’ arrangement; and
a) The asset is held within a business model whose either (a) the Group has transferred substantially all the
objective is to hold assets for collecting contractual risks and rewards of the asset, or (b) the Group has
cash flows, and neither transferred nor retained substantially all the risks
b) Contractual terms of the asset give rise on specified and rewards of the asset, but has transferred control of the
dates to cash flows that are solely payments of asset.
principal and interest on the principal amount When the Group has transferred its rights to receive cash
outstanding. flows from an asset or has entered into a pass-through
After initial measurement, such financial assets are arrangement, it evaluates if and to what extent it has retained
subsequently measured at amortised cost using the the risks and rewards of ownership. When it has neither
effective interest rate (EIR) method. Amortised cost is transferred nor retained substantially all of the risks and
calculated by taking into account any discount or premium rewards of the asset, nor transferred control of the asset, the
on acquisition and fees or costs that are an integral part Group continues to recognise the transferred asset to the
of the EIR. The EIR amortisation is included in finance extent of the Group’s continuing involvement. In that case, the
income in the statement of profit or loss. The losses arising Group also recognises an associated liability. The transferred
from impairment if any, are recognised in the statement of asset and the associated liability are measured on a basis that
profit or loss. reflects the rights and obligations that the Group has retained.
Debt instruments at FVTOCI Continuing involvement that takes the form of a guarantee
A ‘debt instrument’ is classified as at the FVTOCI if both of the over the transferred asset is measured at the lower of the
following criteria are met: original carrying amount of the asset and the maximum
amount of consideration that the Group could be required to
a) The objective of the business model is achieved both repay.
by collecting contractual cash flows and selling the
financial assets, and Impairment of Financial Assets
b) The asset’s contractual cash flows represent solely The Group assess on a forward looking basis the expected
payments of principal and interest. credit losses associated with its financial assets carried at
amortised cost and FVTOCI debts instruments. The impairment
Debt instruments included within the FVTOCI category are methodology applied depends on whether there has been
measured initially as well as at each reporting date at fair significant increase in credit risk. For trade receivables, the
value. Fair value movements are recognized in the other Group is not exposed to any credit risk as the legal ownership
comprehensive income (OCI). However, the Group does of residential and commercial units are transferred to the buyer
not have any debt instruments which meets the criteria for only after all the installments are recovered.
measuring the debt instrument at FVTOCI.
For financial assets carried at amortised cost, the carrying
Debt instrument at FVTPL amount is reduced and the amount of the loss is recognised
Any debt instrument, which does not meet the criteria for in the consolidated statement of profit and loss. Interest
categorization as at amortized cost or as FVTOCI, is classified income on such financial assets continues to be accrued on
as at FVTPL. the reduced carrying amount and is accrued using the rate of
interest used to discount the future cash flows for the purpose
In addition, the Group may elect to designate a debt
of measuring the impairment loss. The interest income is
instrument, which otherwise meets amortized cost or FVTOCI
recorded as part of finance income. Financial asset together
criteria, at FVTPL. However, such election is allowed only if
with the associated allowance are written off when there is
doing so reduces or eliminates a measurement or recognition
no realistic prospect of future recovery and all collateral has
inconsistency (referred to as ‘Accounting Mismatch’). The
been realised or has been transferred to the Group. If, in a
Group has not designated any debt instrument at FVTPL.
subsequent year, the amount of the estimated impairment loss
Debt instruments included within the FVTPL category increases or decreases because of an event occurring after
are measured at fair value with all changes in fair value the impairment was recognised, the previously recognised
recognized in the Statement of Profit and Loss. impairment loss is increased or decreased. If a write-off is later
recovered, the recovery is credited to finance costs.
Equity investments
All equity investments, except investments in associates are Financial Liabilities
measured at FVTPL. The Group may make an irrevocable Initial recognition and measurement
election on initial recognition to present in OCI any
Financial liabilities are classified, at initial recognition,
subsequent changes in the fair value. The Group makes such
as financial liabilities at FVTPL, loans and borrowings, or
election on an instrument-by-instrument basis.
payables, as appropriate.
All Investments in Associates are measured at Cost.
129
All financial liabilities are recognised initially at fair value Reclassification of Financial Assets and Financial
and, in the case of financial liability not recorded at fair value Liabilities
through Profit or Loss, net of directly attributable transaction The Group determines classification of financial assets and
costs. liabilities on initial recognition. After initial recognition, no
The Group’s financial liabilities include trade and other reclassification is made for financial assets which are equity
payables, loans and borrowings including bank overdrafts and instruments and financial liabilities. For financial assets which
financial guarantee contracts. are debt instruments, a reclassification is made only if there
Subsequent measurement is a change in the business model for managing those assets.
Changes to the business model are expected to be infrequent.
The measurement of financial liabilities depends on their
The Group’s management determines change in the business
classification, as described below:
model as a result of external or internal changes which are
Financial liabilities at fair value through profit or loss significant to the Group’s operations. Such changes are
Financial liabilities at fair value through profit or loss include evident to external parties. A change in the business model
financial liabilities held for trading and financial liabilities occurs when the Group either begins or ceases to perform
designated upon initial recognition as at fair value through an activity that is significant to its operations. If the Group
profit or loss. Separated embedded derivatives are also reclassifies financial assets, it applies the reclassification
classified as held for trading unless they are designated as prospectively from the reclassification date which is the first day
effective hedging instruments. of the immediately next reporting period following the change
in business model. The Group does not restate any previously
Gains or losses on liabilities held for trading are recognised in recognised gains, losses (including impairment gains or losses)
the profit or loss. or interest.
Financial liabilities designated upon initial recognition at fair Offsetting of Financial Instruments
value through profit or loss are designated as such at the initial
date of recognition, and only if the criteria in Ind AS 109 are Financial assets and financial liabilities are offset and the
satisfied. For liabilities designated as FVTPL, fair value gains/ net amount is reported in the Consolidated Ind AS Balance
losses attributable to changes in own credit risk are recognized Sheet if there is a currently enforceable legal right to offset
in OCI. These gains/ loss are not subsequently transferred to the recognised amounts and there is an intention to settle
Statement of Profit and loss. However, the Group may transfer on a net basis, to realise the assets and settle the liabilities
the cumulative gain or loss within equity. All other changes simultaneously.
in fair value of such liability are recognised in the statement 9 Fair Value Measurement
of profit or loss. The Group has not designated any financial
Fair value is the price that would be received to sell an asset
liability as at fair value through profit and loss.
or paid to transfer a liability in an orderly transaction between
Loans and borrowings market participants at the measurement date. The fair value
After initial recognition, interest-bearing loans and borrowings measurement is based on the presumption that the transaction
are subsequently measured at amortised cost using the EIR to sell the asset or transfer the liability takes place either:
method. Gains and losses are recognised in profit or loss i) In the principal market for the asset or liability, or-
when the liabilities are derecognised as well as through the EIR ii) In the absence of a principal market, in the most
amortisation process. advantageous market for the asset or liability
Amortised cost is calculated by taking into account any The principal or the most advantageous market must be
discount or premium on acquisition and fees or costs that are accessible by the Group.
an integral part of the EIR. The EIR amortisation is included as
The fair value of an asset or a liability is measured using the
finance costs in the Consolidated Statement of Profit and Loss.
assumptions that market participants would use when pricing
Financial guarantee contracts the asset or liability, assuming that market participants act in
Financial guarantee contracts issued by the Group are those their economic best interest.
contracts that require a payment to be made to reimburse the A fair value measurement of a non-financial asset takes into
holder for a loss it incurs because the specified debtor fails to account a market participant’s ability to generate economic
make a payment when due in accordance with the terms of a benefits by using the asset in its highest and best use or by
debt instrument. Financial guarantee contracts are recognised selling it to another market participant that would use the asset
initially as a liability at fair value, adjusted for transaction costs in its highest and best use.
that are directly attributable to the issuance of the guarantee.
Subsequently, the liability is measured at the higher of the The Group uses valuation techniques that are appropriate in
amount of loss allowance determined as per impairment the circumstances and for which sufficient data are available to
requirements of Ind AS 109 and the amount recognised less measure fair value, maximising the use of relevant observable
cumulative amortisation. inputs and minimising the use of unobservable inputs.
Derecognition of Financial Liabilities All assets and liabilities for which fair value is measured or
A financial liability is derecognised when the obligation under disclosed in the financial statements are categorised within the
the liability is discharged or cancelled or expires. When an fair value hierarchy, described as follows, based on the lowest
existing financial liability is replaced by another from the same level input that is significant to the fair value measurement as a
lender on substantially different terms, or the terms of an whole:
existing liability are substantially modified, such an exchange i) Level 1 — Quoted (unadjusted) market prices in active
or modification is treated as the derecognition of the original markets for identical assets or liabilities
liability and the recognition of a new liability. The difference ii) Level 2 — Valuation techniques for which the lowest level
in the respective carrying amounts is recognised in the input that is significant to the fair value measurement is
Consolidated Statement of Profit and Loss. directly or indirectly observable
130
iii) Level 3 — Valuation techniques for which the lowest Contract Liabilities:
level input that is significant to the fair value measurement A contract liability is the obligation to transfer goods or
is unobservable services to a customer for which the Group has received
For assets and liabilities that are recognised in the financial consideration from the customer. If a customer pays
statements on a recurring basis, the Group determines whether consideration before the Group transfers goods or services
transfers have occurred between levels in the hierarchy by re- to the customer, a contract liability is recognised when the
assessing categorisation (based on the lowest level input that payment is made. Contract liabilities are recognised as
is significant to the fair value measurement as a whole) at the revenue when the Group performs under the contract.
end of each reporting period. III) Sale of Materials, Land and Development Rights
10 Cash and Cash Equivalents Revenue is recognized at point in time with respect to contracts
Cash and cash equivalent in the Consolidated Balance Sheet for sale of Materials, Land and Development Rights as and
comprise cash at banks and on hand and short-term deposits when the control is passed on to the customers.
with an original maturity of three months or less, which are IV) Interest Income
subject to an insignificant risk of changes in value. For all debt instruments measured at amortised cost. Interest
11 Revenue Recognition income is recorded using the effective interest rate (EIR).
The Group has applied five step model as set out in Ind AS V) Rental Income
115 to recognise revenue in this Consolidated Financial Rental income arising from operating leases is accounted over
Statements. The Group satisfies a performance obligation and the lease terms.
recognises revenue over time, if one of the following criteria is
met: VI) Dividends
a. The customer simultaneously receives and consumes the Revenue is recognised when the Group’s right to receive the
benefits provided by the Group’s performance as the payment is established.
Group performs; or 12 Foreign Currency Translation
b. The Group’s performance creates or enhances an asset Initial Recognition
that the customer controls as the asset is created or
enhanced; or Foreign currency transactions during the period / year are
recorded in the reporting currency at the exchange rates
c. The Group’s performance does not create an asset prevailing on the date of the transaction.
with an alternative use to the Group and the entity has an
enforceable right to payment for performance completed Conversion
to date. Foreign currencies denominated monetary items are translated
into rupees at the closing rates of exchange prevailing at the
For performance obligations where one of the above date of the balance sheet. Non-monetary items, which are
conditions are not met, revenue is recognised at the point in carried in terms of historical cost denominated in a foreign
time at which the performance obligation is satisfied. currency, are reported using the exchange rate at the date of
Revenue is recognised either at point of time and over a the transaction.
period of time based on the conditions in the contracts with Exchange Differences
customers.
Exchange differences arising, on the settlement of monetary
The specific revenue recognition criteria are described below: items or reporting of monetary items at the end of the period /
(I) Income from Property Development year at closing rates, at rates different from those at which they
were initially recorded during the period / year, or reported in
The Group has determined that the existing terms of the
previous financial statements, are recognized as income or as
contract with customers does not meet the criteria to recognise
expenses in the period / year in which they arise.
revenue over a period of time. Revenue is recognized at point
in time with respect to contracts for sale of residential and 13 Current Income Tax
commercial units as and when the control is passed on to the Current income tax for the current and prior periods are
customers which is linked to the application and receipt of measured at the amount expected to be recovered from or
occupancy certificate. paid to the taxation authorities based on the taxable profit for
The Group provides rebates to the customers. Rebates the period. The tax rates and tax laws used to compute the
are adjusted against customer dues and the revenue to be amount are those that are enacted by the reporting date and
recognized. To estimate the variable consideration for the applicable for the period
expected future rebates the Group uses the “most-likely Deferred Tax
amount” method or “expected value method”.
Deferred tax is recognized using the balance sheet approach.
(II) Contract Balances Deferred tax assets and liabilities are recognized for all
Contract Assets: deductible and taxable temporary differences arising between
The Group is entitled to invoice customers for construction the tax bases of assets and liabilities and their carrying amount
of residential and commercial properties based on achieving in financial statements, except when the deferred tax arises
a series of construction-linked milestones. A contract asset from the initial recognition of goodwill or an asset or liability
is the right to consideration in exchange for goods or in a transaction that is not a business combination and affects
services transferred to the customer. If the Group performs neither accounting nor taxable profits or loss at the time of
by transferring goods or services to a customer before the transaction.
payment is due, a contract asset is recognized for the earned Deferred tax assets and liabilities are measured at the tax
consideration that is conditional. Any receivable which rates that are expected to apply in the period when the asset is
represents the Group’s right to the consideration that is realized or the liability is settled, based on tax rates that have
unconditional is treated as a trade receivable. been enacted or substantively enacted at the reporting date.
131
Deferred tax asset in respect of carry forward of unused tax The Group at the commencement of the lease contract
credits and unused tax losses are recognized to the extent that recognizes a Right-of-Use (RoU) asset at cost and
it is probable that taxable profit will be available against which corresponding lease liability, except for leases with a term
the deductible temporary differences, and the carry forward of of twelve months or less (short-term leases) and leases for
unused tax credits and unused tax losses can be utilized. which the underlying asset is of low value (low-value leases).
For these short-term and low-value leases, the Company
The carrying amount of deferred tax assets is reviewed at each
recognizes the lease payments as an operating expense on a
reporting date and reduced to the extent that it is no longer
straight-line basis over the term of the lease.
probable that sufficient taxable profit will be available to allow
all or part of the deferred tax asset to be utilized. The cost of the right-of-use assets comprises the amount of
the initial measurement of the lease liability, adjusted for any
The Group recognizes deferred tax liabilities for all taxable
lease payments made at or prior to the commencement date
temporary differences except those associated with the
of the lease, any initial direct costs incurred by the Group, any
investments in subsidiaries where the timing of the reversal of
lease incentives received and expected costs for obligations
the temporary difference can be controlled and it is probable
to dismantle and remove right-of-use assets when they are no
that the temporary difference will not reverse in the foreseeable
longer used.
future.
Minimum Alternate Tax (MAT) credit is recognised as an asset Subsequently, the right-of-use assets is measured at cost less
only when and to the extent there is convincing evidence that any accumulated depreciation and accumulated impairment
the Group will pay normal tax during the specified period. losses, if any. The right-of-use assets are depreciated on a
Such asset is reviewed at each Balance Sheet date and the straight-line basis from the commencement date of the lease
carrying amount of the MAT credit asset is written down to over the shorter of the end of the lease term or useful life of
the extent there is no longer a convincing evidence to the the right-of-use asset.
effect that the Group will pay normal tax during the specified Right-of-use assets are assessed for impairment whenever
period. there is an indication that the balance sheet carrying amount
Presentation of Current and Deferred Tax: may not be recoverable using cash flow projections for the
useful life.
Current and deferred tax are recognized as income or an
expense in the Statement of Profit and Loss, except when they For lease liabilities at commencement date, the Group
relate to items that are recognized in Other Comprehensive measures the lease liability at the present value of the future
Income, in which case, the current and deferred tax lease payments as from the commencement date of the lease
income/ expense are recognized in Other Comprehensive to end of the lease term. The lease payments are discounted
Income. The Group offsets current tax assets and current tax using the interest rate implicit in the lease or, if not readily
liabilities, where it has a legally enforceable right to set off determinable, the Group’s incremental borrowing rate for the
the recognized amounts and where it intends either to settle asset subject to the lease in the respective markets.
on a net basis, or to realize the asset and settle the liability
Subsequently, the Group measures the lease liability by
simultaneously. In case of deferred tax assets and deferred
adjusting carrying amount to reflect interest on the lease
tax liabilities, the same are offset if the Group has a legally
liability and lease payments made.
enforceable right to set off corresponding current tax assets
against current tax liabilities and the deferred tax assets and The Group remeasures the lease liability (and makes a
deferred tax liabilities relate to income taxes levied by the corresponding adjustment to the related right-of-use asset)
same tax authority on the Group. whenever there is a change to the lease terms or expected
payments under the lease, or a modification that is not
14 Borrowing Costs
accounted for as a separate lease
Borrowing costs that are directly attributable to real estate
project development activities are inventorised / capitalized as The portion of the lease payments attributable to the
part of project cost. repayment of lease liabilities is recognized in cash flows used
in financing activities. Also, the portion attributable to the
Borrowing costs are inventorised / capitalised as part of payment of interest is included in cash flows from financing
project cost when the activities that are necessary to prepare activities. Further, Short-term lease payments, payments for
the inventory / asset for its intended use or sale are in leases for which the underlying asset is of low-value and
progress. Borrowing costs are suspended from inventorisation variable lease payments not included in the measurement of
/ capitalisation when development work on the project is the lease liability is also included in cash flows from operating
interrupted for extended periods and there is no imminent activities.
certainty of recommencement of work.
Group as a Lessor
All other borrowing costs are expensed in the period in which
In arrangements where the Group is the lessor, it determines
they occur. Borrowing costs consist of interest and other costs
at lease inception whether the lease is a finance lease or an
that the group incurs in connection with the borrowing of
operating lease. Leases that transfer substantially all of the risk
funds.
and rewards incidental to ownership of the underlying asset
15 Leases to the counterparty (the lessee) are accounted for as finance
leases. Leases that do not transfer substantially all of the risks
The Group evaluates each contract or arrangement, whether it
and rewards of ownership are accounted for as operating
qualifies as lease as defined under Ind AS 116.
leases. Lease payments received under operating leases are
Group as a Lessee recognized as income in the statement of profit and loss on
The Group assesses, whether the contract is, or contains, a a straight-line basis over the lease term or another systematic
lease at the inception of the contract or upon the modification basis. The Group applies another systematic basis if that basis
of a contract. A contract is, or contains, a lease if the contract is more representative of the pattern in which benefit from the
conveys the right to control the use of an identified asset for a use of the underlying asset is diminished.
period of time in exchange for consideration.
132
16 Retirement and Other Employee Benefits 19 Goodwill

Retirement and other Employee benefits are accounted in Goodwill is initially measured at cost being the excess of the
accordance with Ind AS 19 – Employee Benefits. aggregate of the consideration transferred and the amount
a) Defined Contribution Plan recognised for non-controlling interest over the fair value
of net identifiable tangible and intangible assets acquired
The Group contributes to a recognised provident fund for and liabilities assumed. If the consideration is lower than the
all its employees. Contributions are recognised as an fair value of the net assets of the subsidiary acquired, the
expense when employees have rendered services entitling difference is recognised in OCI and accumulated in equity as
them to such benefits. capital reserve. After initial recognition, goodwill is measured
b) Gratuity (Defined Benefit Scheme) at the cost less any accumulated impairment losses.
The Group provides for its gratuity liability based on Where goodwill forms part of a cash-generating unit and part
actuarial valuation as at the balance sheet date which is of the operation within that unit is disposed off, the goodwill
carried out by an independent actuary using the Projected associated with the operation disposed off is included in the
Unit Credit Method. Actuarial gains and losses are carrying amount of the operation when determining the gain
recognised in full in the other comprehensive income for or loss on disposal of the operation. Goodwill disposed off
the period in which they occur. in this circumstance is measured based on the relative values
of the operation disposed off and the portion of the cash-
c) Compensated absences generating unit retained.
Liability in respect of earned leave expected to become
due or expected to be availed within one year from the Goodwill are tested annually for impairment, or more
balance sheet date is recognized on the basis of frequently if event or changes in circumstances indicates
undiscounted value of benefit expected to be availed by that it might be impaired. For the purpose of impairment
the employees. Liability in respect of earned leave testing, goodwill recognised in a business combination under
expected to become due or expected to be availed common control is allocated to each of the Company’s cash
beyond one year after the balance sheet date is generating units (CGUs) that are expected to benefit from
estimated on the basis of actuarial valuation performed by the combination. A CGU is the smallest identifiable group of
an independent actuary using the projected unit credit assets that generates cash inflows that are largely independent
method. of the cash inflows from other assets or group of assets. The
impairment loss is recognised for the amount by which the
17 Business Combinations under Common Control CGUs carrying amount exceeds it recoverable amount. The
Business Combinations involving entities or business under recoverable amount is the higher of an asset’s fair value less
common control are accounted for using the pooling of cost of disposal and value in use. Value in use is arrived at by
interest method. discounting the future cash flows to their present value based
on an appropriate discount factor.
Under pooling of interest method , the assets and liabilities
of the combining entities or businesses are reflected at their
carrying amounts after making adjustments necessary to
harmonise the accounting policies. The financial information
in the consolidated financial statements in respect of prior
periods is restated as if the business combination had occurred
from the beginning of the preceding period in the consolidated
financial statements, irrespective of the actual date of the
combination. The identity of the reserves is preserved in
the same form in which they appeared in the standalone
financial statements of the transferor and the difference, if any,
between the amount recorded as share capital issued plus any
additional consideration in the form of cash or other assets
and amount of share capital of the transferor is transferred to
capital reserves.
18 Earnings Per Share
Basic earnings per share are calculated by dividing the net
profit or loss for the year (after deducting preference dividends
and attributable taxes) attributable equity share holders to by
the weighted average number of equity shares outstanding
during the year. The weighted average number of equity
shares outstanding during the year is adjusted for events
of bonus issue and consolidation of equity shares. For the
purpose of calculating diluted earnings per share, the net
profit or loss for the year and the weighted average number of
equity shares outstanding during the year are adjusted for the
effects of all dilutive potential equity shares.
For the purpose of calculating diluted earnings per share,
the net profit or loss for the year (after deducting preference
dividends and attributable taxes) attributable equity share
holders and the weighted average number of equity shares
dilutive potential equity shares.
133
134
2 Property, Plant and Equipment
` in Lakhs
Site / Sales
Furniture Capital
Freehold Office and Freehold Leasehold Plant and Office Right to
Particulars Computers and Vehicles Total Work in
Land Sample Buildings Improvements Equipments Equipments Use
Fixtures Progress
Flat
Cost as at 1-April-19 67,589.07 15,453.27 40,529.19 878.71 36,487.24 3,513.45 3,760.77 3,957.20 801.01 - 172,969.91 628.58
Additions - 31.99 - - 3,149.71 376.98 105.30 28.99 7.34 1,957.81 5,658.12 -
Disposals / Adjustments - - (668.05) - (9.84) (14.39) - (6.70) - - (698.98) -
Disposals / Adjustments (Refer Note 49) - - - (128.71) - (169.56) (88.74) (533.40) (59.09) (1,957.81) (2,937.31) -
As at 31-March-20 67,589.07 15,485.26 39,861.14 750.00 39,627.11 3,706.48 3,777.33 3,446.09 749.26 - 174,991.74 628.58
Additions - 4.46 - - 149.82 3.47 - 3.16 148.60 309.51 -

As at 31-March-21 67,589.07 15,489.72 39,861.14 750.00 39,221.46 3,709.95 3,777.33 3,449.25 601.87 - 174,449.79 628.58
(B) Depreciation and Impairment

As at 1-April-19 - 13,282.53 6,678.02 871.80 16,843.53 2,617.00 3,233.73 3,021.06 537.18 - 47,084.85 -
Depreciation charge for the year - 678.84 1,647.74 6.91 6,851.42 533.83 379.46 240.24 82.57 845.45 11,266.46 -
Disposals / Adjustments - - (166.18) - (10.91) (14.12) - (6.05) - - (197.26) -
Disposals / Adjustments (Refer Note 49) - - - (128.71) - (147.80) (81.81) (418.81) (45.97) (845.45) (1,668.55) -
As at 31-March-20 - 13,961.37 8,159.58 750.00 23,684.04 2,988.91 3,531.38 2,836.44 573.78 - 56,485.50 -
Disposals / Adjustments - - - - (305.77) - 3.33 - (233.19) (535.64) -
As at 31-March-21 - 14,430.93 8,820.20 750.00 27,807.68 3,302.91 3,684.77 2,992.28 404.01 - 62,192.77 -

As at 31-March-21 67,589.07 1,058.79 31,040.94 - 11,413.78 407.04 92.56 456.97 197.86 - 112,257.02 628.58
As at 31-March-20 67,589.07 1,523.89 31,701.56 - 15,943.07 717.57 245.95 609.65 175.48 - 118,506.24 628.58
Notes:
1 The Group has carried a parcel of land at revalued amount and surplus arising from the revaluation is recognised under the head ‘Revaluation Surplus’ through OCI. The carrying amount of the Land
that would have been recognised had the asset being carried under the cost model at 31-March-21 is ` 6,942.63 Lakhs (31-March-21 : ` 6,942.63 Lakhs).
As at As at
(` in Lakhs) (` in Lakhs)
2 Carrying amount of Buildings hypothecated with Banks against loans. 28,032.93 28,685.34
3 Carrying amount of Vehicles hypothecated with Banks against vehicle loans. 4.52 12.10
3 Investment Property
` in Lakhs
Particulars Land Building Total
Cost as at 1-April-19 - 22,267.77 22,267.77
Transfers from Inventory 10,324.04 1,06,951.14 1,17,275.18
Disposals on account of Sale of subsidiary (Refer Note 63) (1,06,846.73) (1,06,846.73)
As at 31-March-20 10,324.04 22,372.18 32,696.22
Additions - 63.41 63.41
Disposals / Adjustments - (180.23) (180.23)
As at 31-March-21 10,324.04 22,255.36 32,579.40
(B) Depreciation and Impairment

As at 1-April-19 - 2,935.34 2,935.34
Disposals on account of Sale of subsidiary (Refer Note 63) (2,472.49) (2,472.49)
As at 31-March-20 - 3,880.18 3,880.18
As at 31-March-21 - 4,914.39 4,914.39

As at 31-March-21 10,324.04 17,340.97 27,665.01
As at 31-March-20 10,324.04 18,492.00 28,816.04
(i) Income and expenditure of Investment Properties

` in Lakhs
For the Year ended
Particulars
Rental and Facilities Income 5,146.85 3,507.17
Less : Direct Operating expenses for property that generate Rental Income (538.18) (894.60)
Profit from Investment properties before depreciation 4,608.67 2,612.57
Depreciation 1,034.21 3,351.77
Profit/(Loss) from Investment Properties 3,574.46 (739.20)
(ii) Fair value measurement
The fair value of the properties other than the land is ` 35,438.00 lakhs and ` 35,038.00 lakhs as at March 31, 2021 and
March 31, 2020 respectively. These values are considered as per valuations performed by an independent valuer with experience
of valuing investment properties. The fair value was arrived at using discounted cash flow projections based on reliable estimates
of future cash flows.
Land was transferred from inventory during the financial year ended March 31, 2020. The fair valuation of the said land is
` 14,420.00 lakhs and ` 14,420.00 lakhs, as at March 31, 2021and March 31, 2020 repectively. This is determined based on
the recent sale transaction in the vicinity.
` in Lakhs
As at As at
(iii) Carrying amount of Buildings hypothecated with Banks against loans. 16,131.96 16,746.41
135
4 Intangible Assets
` in Lakhs
Other Intangible Assets

Particulars Goodwill
(Software)
Cost as at 1-April-19 1,82,376.75 2,019.00
Additions 3,002.75 47.88
As at 31-March-20 1,85,379.50 2,066.88
Additions - 3.30
As at 31-March-21 1,85,379.50 2,070.18
(B) Amortisation and Impairment

As at 1-April-19 1,16,270.49 1,850.34
Amortisation charge for the year 2,577.93 114.84
Impairment 11,863.46 -
Disposals / Adjustments -
As at 31-March-20 1,30,711.88 1,965.18
Amortisation charge for the year - 65.03
As at 31-March-21 1,30,711.88 2,030.21
(C) Net Book Value (A-B)

As at 31-March-21 54,667.62 39.97
As at 31-March-20 54,667.62 101.70
Note:
Certain Goodwill arising out of merger is amortised based on the accounting treatment as prescribed by the merger scheme,
which has been approved by the Honorable High Court of Bombay.
136
As at As at
5 Investments accounted for using the Equity Method

The following entity has been included in the consolidated financial statements using the equity method:
Kora Construction Pvt. Ltd. 1,395.86 1,395.98
Altamount Road Property Pvt. Ltd. 4,476.15 4,436.09
Lodha Developers UK Ltd.#$ - -
Lodha Developers 1GSQ Holding Ltd#$ - -
Lodha Developers International (Jersey) III Ltd.#$ - -
Total Equity Accounted Investments 5,872.01 5,832.07
#Investment value is nil after considering fair value of retained interest and group’s share of losses in joint venture.
$ with effect from 25-March-2020
Summarised financial information of associate/ joint venture:
Current Assets 8,38,035.14 11,15,224.77
Non-Current Assets 14,709.49 12,535.71
Current Liabilities (74,949.60) (6,19,185.45)
Non-Current Liabilities (8,83,502.96) (5,53,287.25)
Equity (1,05,707.93) (44,712.22)

Revenue 3,39,376.20 41,328.18
Expenses 3,93,191.93 41,491.23
Loss before Tax (53,815.73) (163.05)
Tax Credit/ (Expense) (2.25) 2.23
Loss for the year (53,817.98) (160.82)
Group’s share of Loss for the year* (2.24) (4.46)
*Losses restricted to the extent of investment amount
6 Non-Current Investments
(A) Unquoted Equity Shares, Fully paid up Face Value in `
at fair value through Profit and Loss
Numbers 3,45,454 3,45,454
Amount 10 455.09 455.09

Shreeniwas Abode and House Ltd.
Numbers 58,056 58,056
Amount 1 0.00 0.00

Kidderpore Holdings Ltd
Numbers 13,824 13,824
Amount 10 0.00 0.00

Hall and Anderson Ltd.
Numbers 4,56,801 4,56,801
Amount 10 4.57 4.57
Less: Provision for Diminution in the Value of Investments (4.57) (4.57)
Total (A) 455.09 455.09
(B) Preference Shares

Non Convertible Redeemable Preference Shares
Joint Venture, fully paid up at amortised cost (Refer Note 49)
Lodha Developers UK Ltd. (w.e.f. 25-March-20)
Numbers 12,90,000 12,90,000
Amount 1 GBP 1,168.51 1,168.51

Optionally Convertible Preference Shares
Joint Venture, fully paid up at cost (Refer Note 49)
Lodha Developers UK Ltd. (w.e.f. 25-March-20)
Numbers 9,180.00 18,000.00
Amount 1 GBP 6.40 14.91

Non Cumulative Compulsory Convertible Preference Shares,
fully paid up at fair value through profit and loss
Housr Technologies Pvt. Ltd.
Numbers 27.00 27.00
Amount 10 50.34 50.34
137
As at As at
31-March-21 Face Value in ` 31-March-20
Non Convertible Redeemable Preference Shares,
Fully paid up, at amortised cost
Numbers 10 1,98,35,000 1,98,35,000.00
Amount 1,983.50 1,983.50
Total (B) 3,208.75 3,217.26
(C) Unquoted Non Convertible Redeemable Debentures, Fully paid up at amortised cost
Joint Venture
Lodha Developers UK Ltd. (w.e.f. 25-March-20) (Refer Note 49)
Numbers 5,41,000 5,41,000
Amount 1 GBP 545.14 503.54

Altamount Road Property Pvt. Ltd.

Numbers 14,70,000 -
Amount 100 1,470.00 -

Holding Company

Numbers 99,43,389 96,23,030
Amount 100 9,943.39 9,623.03
Total (C) 11,958.53 10,126.57

(D) Unquoted Optionally Convertible Debentures,

Fully paid up at Fair Value through Profit and Loss
Numbers 7,30,00,000 7,30,00,000
Amount 10 6,431.84 6,431.84
Total (D) 6,431.84 6,431.84
Total Unquoted Investments (A+B+C+D) 22,054.21 20,230.76

(E) Others*
Bellissimo Healthy Constructions and Developers Pvt. Ltd. 194.74 194.74
Total (E) 194.74 194.74

* Represents Financial Guarantees given by Group accounted as Investments.
Total Investments (A+B+C+D+E) 22,248.95 20,425.50

Aggregate amount of impairment in value of investments 4.57 4.57

7
Non-Current Loans
Loans given to:
Related Parties (Refer Note 50) 4,48,905.21 4,69,669.78
Employees 10,602.98 11,930.65
Less: Provision for Doubtful Loans (Refer Note 49) (1,09,607.00) (56,000.00)
Total 3,49,901.19 4,25,600.43

8 Other Non-Current Financial Assets

Deposits 0.74 3.01
Fixed Deposits with maturity of more than 12 months* 3,827.87 3,211.22
Interest Receivables (Refer Note 50) 21,558.86 9,957.76
Total 25,387.47 13,171.99
*Lien against Bank Guarantee, Debt Service Reserve Account, Margin and Letter of Credit

9 Non - Current Tax Assets (net)
Advance Income Tax (Net of Provisions) 20,924.06 36,354.42
Total 20,924.06 36,354.42

138
As at As at
10 Other Non-Current Assets ` in Lakhs ` in Lakhs
(Unsecured, considered good unless otherwise stated)
Capital Advances 3,209.51 3,209.51
9,860.97 10,230.45
Less: Provision for Doubtful Advances (3,209.51) (3,209.51)
Total 6,651.46 7,020.94

11 Inventories
(at lower of cost and net realisable value)
Building Materials 10,671.23 13,658.94
Land and Property Development Work-in-Progress (Refer Note 46) 22,80,559.22 22,82,252.82
Finished Stock (Refer Note 46) 5,38,840.18 6,07,232.62
Total 28,30,070.63 29,03,144.38

The carrying amount of Inventories charged as securities against borrowings. 22,05,615.24 23,04,242.07
12 Current Investments Face Value

Quoted Investments at Fair Value through Profit & Loss `
(A) In Mutual Funds
Faering Capital India Evolving Fund
Numbers 76,434 1,00,169
Amount 1,000 1,063.65 696.07
Birla Sun Life*
Numbers 42,18,854 42,18,854
Amount 10 552.03 504.18
L & T Liquid Fund - Growth*
Numbers 25,353 25,353
Amount 10 711.47 687.25
Baroda Mutual Fund*
Numbers 49,988 -
Amount 10 6.40 -
L & T Short Term Bond Fund-Growth*
Numbers 1,03,40,500 1,03,40,500
Amount 10 2,154.96 2,014.25
L & T Debt Fund*
Numbers 1,39,00,419 1,39,00,419
Amount 1,000 2,697.29 2,499.93
7,185.80 6,401.68

*Includes on account of Lien against Bank Guarantee, Debt Service Reserve Account, Margin and Letter of Credit

(B) In Equity Shares
Dhenu Buildcon Infra Ltd.
Numbers 3,02,088 3,02,088
Amount 10 6.28 8.43
6.28 8.43
(C) Unquoted Optionally Convertible Redeemable
Debentures, Fully paid up at amortised cost
Holding Company
Numbers 12,29,28,260 12,29,28,260
Amount 100 1,22,626.26 1,22,626.26
1,22,626.26 1,22,626.26
Total Current Investments 1,29,818.34 1,29,036.37

Aggregate cost of quoted investments 6,107.81 6,120.26
Aggregate value of unquoted investments 1,22,626.26 1,22,626.26

13 Current Loans
Loans / Inter Corporate Deposits to Related Parties (Refer Note 50) 15,483.07 12,141.64
Other Loans 29,801.72 29,524.35
Considered Doubtful
Others 4,597.45 5,628.06
49,882.24 47,294.05
Less: Provision for doubtful loan (4,597.45) (5,628.06)
Total 45,284.79 41,665.99
139
As at As at
14 Trade Receivables (net)
Unsecured
Considered good 65,452.51 79,428.76
Considered doubtful 314.37 314.37
65,766.88 79,743.13
Less: Provision for Doubtful Receivables (314.37) (314.37)
Total 65,452.51 79,428.76

(i) Trade Receivables charged as securities against borrowings. 55,232.31 75,170.20
(ii) Trade Receivables are disclosed net of advances, as per agreed terms.
15 Cash and Cash Equivalents

Balances with Banks 20,975.36 11,526.46
Fixed Deposits with original maturity of less than 3 months 1,707.63 260.96
Cash on Hand 75.13 66.67
Total 22,758.12 11,854.09

16 Bank Balances other than Cash and Cash Equivalents
Fixed Deposits held as Margin Money - 7.62
Fixed Deposits with original maturity of more than 3 months 13,922.38 6,833.37
but remaining maturity less than 12 months*
Total 13,922.38 6,840.99
*Includes on account of Lien against Bank Guarantee, Debt Service Reserve Account, Margin and Letter of Credit 13,442.84 6,593.87
17 Other Current Financial Assets

Deposits 1,148.69 4,821.35
Interest Receivables 4,065.69 5,182.38
Accrued Revenue (Refer Note 60) 77,044.54 51,015.98
Other Financial Assets 527.72 616.56
Total 82,786.64 61,636.27

18 Other Current Assets
(Unsecured, considered good unless otherwise stated)
Advances / Deposits to:
Suppliers / Contractors 27,541.57 51,061.87
Employees 450.54 215.20
Prepaid Expenses 40,118.68 40,426.88
Lease Equalisation 9.96 27.00
Other Advances 6,085.33 5,585.76
Total 93,487.48 1,15,164.02

19 Equity Share Capital
(A) Authorised Share Capital
Equity Shares of `10 each
Numbers
Balance at the beginning of the year 1,25,76,41,750 1,02,58,41,750
Increase during the year - 23,18,00,000
Balance at the end of the year 1,25,76,41,750 1,25,76,41,750

Amount
Increase during the year - 23,180.00

Preference Shares of `10 each
Numbers
Increase during the year - 15,70,000

Amount

140
As at As at
(B) Issued Equity Capital
Equity Shares of `10 each issued, subscribed and fully paid up
Numbers

Amount

Pursuant to the approval of the shareholders of the Company, during the financial year ended 31-March-18, the Company had allotted
282,770,000 fully paid up Equity Shares of face value of `10 each as bonus shares by utilising the share premium.

(C) Terms/ rights attached to equity shares
The Company has only one class of equity shares having par value of `10 per share.
Each Shareholder is entitled for one vote per share. The shareholders have the right to receive interim dividends declared by the Board of Directors
and final dividend proposed by the Board of Directors and approved by the Shareholders.
In the event of liquidation, the shareholders will be entitled in proportion to the number of equity shares held by them to receive remaining assets of
the Company, after distribution of all preferential amounts.

(D) Shares held by holding company and / or their subsidiaries / associates
Equity Shares
a) Sambhavnath Infrabuild and Farms Pvt. Ltd. (alongwith nominees)
Numbers 26,72,97,320 26,72,97,320
Amount 26,729.73 26,729.73
b) Sambhavnath Trust (formerly known as Mangal Prabhat Lodha Family
Discretionary Trust)
Numbers 12,85,80,480 12,85,80,480
Amount 12,858.05 12,858.05
Total
Numbers 39,58,77,800 39,58,77,800
Amount 39,587.78 39,587.78

(E) Details of shareholders holding more than 5% shares in the Company
Equity Shares
Sambhavnath Infrabuild and Farms Pvt. Ltd. (alongwith Nominees)
Numbers 26,72,97,320 26,72,97,320
% of Holding 67.52% 67.52%
Sambhavnath Trust (formerly known as Mangal Prabhat Lodha Family Discretionary Trust)
Numbers 12,85,80,480 12,85,80,480
% of Holding 32.48% 32.48%

(F) ESOP Scheme 2021

Pursuant to the resolution passed by Board on 13-February-21, the Company had instituted the ESOP Scheme 2021 for issue of options to eligible
employees. As on 31-March-21, no options have been granted under the ESOP Scheme 2021.

20 Share Premium
Increase / (Decrease) during the year - -

21 Retained Earnings
Increase during the year 81,333.79 71,794.26

22 Other Reserves
(i) Capital Redemption Reserve 41.85 41.85
(ii) Capital Reserve (9.85) (9.85)
(iii) Debenture Redemption Reserve 58,295.48 1,35,490.52
(iv) Foreign Currency Translation Reserve 1,573.46 1,048.11
(v) Revaluation Reserve 43,039.35 43,039.35
Total 1,02,940.29 1,79,609.98

141
As at As at
(i) Capital Redemption Reserve
Balance at the beginning of the year 41.85 41.85
Balance at the end of the year 41.85 41.85

(ii) Capital Reserve
Balance at the beginning of the year (9.85) (9.85)
Balance at the end of the year (9.85) (9.85)

(iii) Debenture Redemption Reserve
Transfer during the year (77,195.04) -
Balance at the end of the year 58,295.48 1,35,490.52

(iv) Foreign Currency Translation Reserve
Transfer during the year 525.35 (992.98)

(v) Revaluation Reserve
Transfer during the year - -

The nature and purpose of other reserves:
(i) Capital Redemption Reserve - Amount transferred from share capital on redemption of issued shares.
(ii) Capital Reserve - Amount of Share capital issued on merger.
(iii) Debenture Redemption Reserve (DRR)- Pursuant to the notification GSR 574(E) dated 16-August-19, in reference to amendment in rule 18, sub rule
7 of the Companies (Share Capital and Debentures) Rules, 2014, the company has not transferred amount from retained earnings to DRR during
the year ended 31-March-20 and onwards. Further, DRR created up to 31 March 2019, was transferred to retained earnings in proportion to the
repayments made with respect to such debentures for which it was initially created.
(iv) Foreign Currency Translation Reserve - Gains / losses arising on retranslating the net assets of overseas entities.
(v) Revaluation Reserve - Gains arising on the revaluation of certain class of Property, Plant and Equipment.
23 Non-Current Borrowings
Secured
Term Loans from Others 70,723.67 45,989.98
Senior Notes 1,63,948.51 1,68,294.27
Non Convertible Debentures 1,78,684.77 -
Vehicle Loans 0.42 0.59
Unsecured
Loans / Inter Corporate Deposit from Related Parties (Refer Note 50) 16,003.28 -
4,29,360.65 2,14,284.84
Less: Current Maturities of Non-Current Borrowings (Refer Note 30) (2,602.52) (899.03)
Total 4,26,758.13 2,13,385.81

Disclosure of details of security, terms of repayments and rate of interest of borrowings *:
Term Loan from Financial Institutions
Secured by : 70,723.67 45,989.98
1 (i) Charge on certain land and building situated at Mumbai and Thane.
(ii) Charge over rent receivables.
(iii) Personal Guarantee of a Director.
(iv) As at 31-March-21 includes corporate guarantee of `10,058.91 Lakh by Holding Company
Repayment ending on April-2034
2 Senior Notes 1,63,948.51 1,68,294.27
Secured by :
(i) Charge on Escrow Account of Lodha Developers International Ltd.
(ii) The aggregate potential liability of the Parent Guarantor and Subsidiary Guarantor under their Note Guarantees will be capped initially at an
amount equal to 125.00 % of the aggregate principal amount of the Notes, being US$ 281 Million.
No later than 12th March, 2023
Rate of Interest 14% p.a.
142
As at As at
3 Non Convertible Debentures 1,78,730.67 -

Secured by :
(i) Charge on certain land and building situated at Mumbai and Thane
(iii) Personal Guarantee of the Director
Repayment ending on April -2027
Rate of Interest range from 12.50 % to 13.36 % p.a.
4 Vehicle Loans
Secured by : 0.42 0.59
Hypothecation of Vehicles
Repayment ending on June -2021
Rate of Interest :

5 Related Parties 16,003.28 -
Repayment ending on June -2022
Rate of Interest range upto 12.75 % p.a.
* Above note represents outstanding borrowings before adjusting loan issue cost and premium on debentures.

24 Non-Current Trade Payables
Due to Micro and Small Enterprises (Refer Note 64) 6,920.13 1,830.15
Due to Others 9,595.60 20,477.30
Total 16,515.73 22,307.45
Note: Disclosure of outstanding dues of Micro and Small Enterprise under Trade Payables is based on the information available with the Group regarding
the status of the suppliers as defined under the Micro, Small and Medium Enterprises Development Act, 2006 and relied upon by the auditor.

25 Other Non-Current Financial Liabilities
Deposits 3,683.81 3,550.91
Total 16,359.62 8,637.11

26 Non-Current Provisions
Employee Benefits (Refer Note 48)
Gratuity 1,592.06 1,751.91
Total 1,605.51 1,767.15

27 Other Non-Current Liabilities
Deferred Lease Income 9,509.12 9,689.79
Total 9,509.12 9,689.79

28 Current Borrowings
Secured
Term Loans
From Banks 4,21,597.56 4,15,915.58
From Others 5,92,675.55 5,89,420.17
Non Convertible Debentures 3,12,929.76 5,03,499.40
Cash Credit / Overdraft Facility 62,724.13 85,733.38
Unsecured
Loans / Inter Corporate Deposit from Related Parties (Refer Note 50) - 17,003.48
Loans from Others - 16,458.60
Total 13,89,927.00 16,28,030.61
Disclosure of details of security, terms of repayments and rate of interest of borrowings *:

A Term Loan from Banks and Financial Institutions
1 Secured by : 4,72,095.43 4,29,275.91
(i) Charge on certain land and building situated at Thane.
(iv) Personal Guarantee by relative of a Director for `11,594.79 lakh (Previous year : `12,200.00 lakh)
(v) Corporate Guarantee by Holding Company for `95,328.80 lakh (Previous year : `96,199.70 lakh)
Repayment ending on September-2023
143
As at As at
2 Secured by : 6,35,266.70 6,32,061.83
(i) Charge on certain land and building situated at Mumbai
(iv) Personal Guarantee by relative of a Director for `16,564.37 lakh (Previous year : `16,800.00 lakh)
(v) Corporate Guarantee by Holding Company for `25,130.95 lakh (Previous year : `23,672.30 Lakh)
Repayment ending on September -2025.
B Non Convertible Debentures

Secured by : 2,87,789.75 4,82,164.92
(iv) Corporate Guarantee by Holding Company for `49,500.00 lakh
Repayment at the end of the term upto July-2023

C Cash Credit/ Overdraft Facility
Secured by : 62,724.13 85,733.38
Repayable on demand
D Related Parties - 17,003.48

Repayable on demand

E Others - 16,458.60
Repayable on demand
Corporate Guarantee by Holding Company for `10,487.90 lakh as at 31-March-2020
* Above note represents outstanding borrowings before adjusting loan issue cost and premium on debentures.

29 Current Trade Payables
Due to Micro and Small Enterprises (Refer Note 64) 29,293.18 4,765.94
Due to Others 1,23,969.67 2,00,204.58
Total 1,53,262.85 2,04,970.52
Note: Disclosure of outstanding dues of Micro and Small Enterprise under Trade Payables is based on the information available with the Group regarding
the status of the suppliers as defined under the Micro, Small and Medium Enterprises Development Act, 2006 and relied upon by the auditor.

30 Other Current Financial Liabilities
Current Maturities of Non - Current Borrowings (Refer Note 23) 2,602.52 899.03
Interest accrued but not due 16,345.26 24,547.49
Deposits 5,328.88 5,830.89
Employee Payables 11,836.55 12,425.66
Deferred Liability against Purchase of Land 1,48,012.15 1,52,944.58
Payable on Cancellation of Allotted Units 13,196.54 8,841.44
Total 2,22,864.69 2,36,180.08

31 Current Provisions
Employee Benefits (Refer Note 48)
Gratuity 459.46 555.40
Total 519.27 625.13

32 Current Tax Liabilities (net)
Provision for Income Tax (Net of Advance Tax) 5,195.63 1,837.04
Total 5,195.63 1,837.04

33 Other Current Liabilities
Advances received from Customers (Refer Note 60) 8,17,951.40 8,66,609.02
Duties and Taxes 10,595.26 7,471.16
Accrued Liability and Society Payables 3,47,154.82 3,59,219.72
Other Contractual Payments - 1,371.85
Total 11,75,701.48 12,34,671.75
144

34 Revenue from Operations

Income from Property Development (Refer Note 60) 4,99,518.25 11,97,961.15
Sale of Land / Development Rights 25,617.69 12,316.28
Sale of Building Materials 7,002.20 8,208.12
Income from Lease Rentals 3,230.18 4,102.11
Other Operating Revenue (Net) 9,489.15 21,671.39
Total 5,44,857.47 12,44,259.05

35 Other Income
Rent Income 3.00 646.25
Gains arising from fair valuation of financial instruments 888.71 168.80
Gain on Sale of Investments / Subsidiary (net) - 965.88
Dividend on Current Investments 47.11 112.70
Gain on Sale of Property, Plant & Equipment 644.03 315.46
Interest Income 29,629.89 7,491.74
Miscellaneous Income (Net) 1,094.94 2,138.47
Total 32,307.68 11,839.30

36 Cost of Projects
Opening Stock
Land and Property Development Work-in-Progress 22,82,252.81 36,65,011.45
Finished Stock 6,07,232.62 4,69,768.78
Add : Expenditure during the year
Land, Construction and Development Cost 77,423.61 4,74,903.74
Consumption of Building Materials 32,875.97 65,443.30
Purchase of Building Materials 6,902.21 7,969.31
Other Construction Expenses 14,122.19 21,379.08
Overheads Allocated 1,59,513.76 2,69,103.55
Less :
Adjustment on account of loss of control - (9,88,133.36)
Foreign Currency Translation - (22,251.26)
Transfers and Others (541.68) (1,18,711.24)
Less: Closing Stock
Land and Property Development Work-in-Progress (22,80,559.22) (22,82,252.81)
Finished Stock (5,38,840.18) (6,07,232.62)
Total 3,60,382.09 9,54,997.92

37 Employee Benefits Expense
Salaries and Wages 44,544.33 62,440.66
Contribution to Provident and Other Funds 1,036.16 2,316.48
Staff Welfare 352.23 940.78
45,932.72 65,697.92
Total 28,635.30 39,044.71
38 Finance Costs
Interest Expense on Borrowings and Others 2,47,606.90 3,00,792.92
Other Finance Costs 4,856.15 10,278.05
2,52,463.05 3,11,070.97
Less: Allocated to Cost of Projects (1,39,893.77) (2,38,035.04)
Total 1,12,569.28 73,035.93

145

39 Other Expenses
Rent 635.70 2,578.07
Rates and Taxes 1,763.29 1,263.62
Insurance 214.07 594.06
Electricity 88.99 381.20
Postage / Telephone / Internet 389.96 644.17
Printing and Stationery 16.12 618.65
Legal and Professional 3,921.74 7,295.68
Payment to Auditors as:
Audit Fees 244.30 327.36
Taxation matters 8.05 7.20
Other services* 80.05 112.45
Advertising / Consultancy / Exhibitions 4,874.47 6,288.76
Brokerage 7,528.08 13,432.85
Business / Sales Promotion 3,009.70 4,478.81
Stamp Duty and Registration Fees 8,417.77 13,919.83
Travelling and Conveyance 552.27 2,163.07
Bank Charges 1,075.38 935.04
Donations 1,678.35 4,160.59
Sundry Balances / Excess Provisions written back/off (net) (7,320.57) (4,908.23)
Repairs and Maintenance - Others 9,327.92 14,228.55
Foreign Exchange Loss / (Gain) (net) (17,095.65) (7,471.92)
Provision for / (Write back of) Doubtful Receivables and Advances/ Deposits - (2,066.06)
Compensation to Customers 327.20 1,673.95
Miscellaneous Expenses 1,228.39 3,246.20
20,965.58 63,903.90
18,643.01 59,488.60
*Other services does not include fees in relation to services rendered for initial public offering of `102.75 lakh included under other current assets.
40 Tax Expense
a)The major components of Income Tax expense are as Follows:
Profit or loss section
(i) Income tax expense recognised in the statement For the Year ended For the Year ended
of profit and loss: 31-March-21 31-March-20
Current Income Tax (expense) / benefit :

Current Income Tax (9,791.24) (3,558.60)
Adjustments in respect of current Income Tax of earlier year (427.70) 169.77
Total (10,218.94) (3,388.83)

Deferred Tax (expense) / benefit :
Origination and reversal of temporary differences 11,637.41 (23,532.29)
Adjustments in respect of deferred tax of earlier year 54.70 771.57
Total 11,692.11 (22,760.72)

Income Tax (expense) / benefit reported in the Statement
of Profit or Loss 1,473.17 (26,149.55)

(ii) Income tax expenses recognised in OCI
Deferred Tax (expense) / benefit on remeasurements of defined benefit plans (66.07) 57.14
Income Tax charged to OCI (66.07) 57.14

b) Reconciliation of Tax Expense and the Accounting Profit multiplied by applicable tax rate:
Accounting Profit Before Tax 3,315.67 1,00,302.34

Income tax expenses calculated at corporate tax rate (1,158.63) (35,049.65)
Deductible expenses for Tax purposes:
Deduction under the Tax Laws 6,303.03 4,669.80
On account of Deconsolidation - 3,296.61
Other deductible expenses 318.41 2,327.76
146

Non-deductible expenses for Tax purposes:
Permanent disallowance of Expenses (2,524.50) (1,276.81)
Donation / CSR Expenses (490.38) (116.17)
Other non-deductible expenses (295.19) (896.89)
Interest on Income Tax (306.57) (45.54)
Adjustments in respect of Current Tax of earlier year (427.70) 169.77
Adjustments in respect of Deferred Tax of earlier year 54.70 771.57
Tax expense reported in the Statement of Profit and Loss 1,473.17 (26,149.55)

As at As at
c) The major components of deferred tax (liabilities)/assets
arising on account of temprory differences are as follows:
Deferred Tax relates to the following:
Accelerated depreciation and amortisation for tax purposes (12,092.35) 8.84
Expenses allowable but not charged to Statement of Profit and Loss (28,840.18) (37,501.02)
Carried Forward Business Loss / Unabsorbed Depreciation 7,367.95 14,792.69
Deferred Tax on Revaluation of Land (12,908.22) (12,908.22)
Effect of adoption of Ind AS 115 9,362.18 12,752.92
Provision for Doubtful loans 37,109.50 22,052.40
MAT credit 10,617.56 6,135.11
Others 10,363.28 4,020.95
Net Deferred Tax Assets / (Liabilities) 20,979.72 9,353.67

Accelerated depreciation and amortisation for tax purposes (12,101.19) 1,199.68
Expenses allowable but not charged to Statement of Profit and Loss 8,660.84 3,976.82
Carried Forward Business Loss / Unabsorbed Depreciation (7,424.74) (1,580.37)
Effect of adoption of Ind AS115 (3,390.74) (47,123.40)
Expected credit losses of Financial Assets 15,057.10 18,388.27
MAT credit 4,482.45 1,424.27
Others 6,408.39 954.01
Deferred Tax (Expense) / Benefits 11,692.11 (22,760.72)

As at As at
d) Reconciliation of Deferred Tax Assets / (Liabilities) (net) :
Tax income/(expense) during the year recognised in profit or loss 11,692.11 (22,760.72)
Tax income/(expense) during the year recognised in OCI (66.07) 57.14
e) Deferred Tax as per the Balance Sheet
Deferred Tax Assets (net) 20,986.29 9,358.73
Deferred Tax Liabilities (net) (6.57) (5.06)
Deferred Tax Assets/ Liabilities 20,979.72 9,353.67

41 Category wise classification of Financial Instruments
Financial Assets carried at amortised cost
Investments 1,37,743.20 1,34,736.33
Loans 3,95,185.98 4,67,266.42
Trade Receivables 65,452.51 79,428.76
Cash and Cash Equivalents 22,758.12 11,854.09
Bank Balances other than Cash and Cash Equivalents 13,922.38 6,840.99
Other Financial Assets 1,08,174.11 74,808.26
Total Financial Assets carried at amortised cost 7,43,236.30 7,74,934.85

Financial Liabilities carried at amortised cost
Borrowings 18,16,685.13 18,41,416.42
Trade Payables 1,69,778.58 2,27,277.99
Other Financial Liabilities 2,39,224.31 2,44,817.19
Total Financial Liabilities carried at amortised cost 22,25,688.02 23,13,511.60
147
42 Significant Accounting Judgements, Estimates and Assumptions
(i) Useful Life of Property, Plant and Equipments, Intangible Assets and Investment Properties
The Group determines the estimated useful life of its property, plant and equipments , investment properties and intangible
assets for calculating depreciation/ amortisation. The estimate is determined after considering the expected usage of the assets
or physical wear and tear. The Group periodically reviews the estimated useful life and the depreciation/ amortisation method to
ensure that the method and period of depreciation/ amortisation are consistent with the expected pattern of economic benefits
from these assets.
(ii) Impairment of Non-Financial Assets

Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher
of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available
data from binding sales transactions conducted at arm’s length, for similar assets or observable market prices less incremental
costs for disposing of the asset. An assessment is carried to determine whether there is any indication of impairment in the
carrying amount of the Group’s assets. If any such indication exists, the asset’s recoverable amount is estimated. An impairment
loss is recognised whenever the carrying amount of an asset exceeds its recoverable amount.
(iii) Income Taxes

Significant judgments are involved in estimating budgeted profits for the purpose of paying advance tax, determining the provision
for income taxes, including amount expected to be paid/recovered for uncertain tax positions.
(iv) Defined Benefit Plans (Gratuity and Leave Encashment Benefits)

The costs of providing pensions and other post-employment benefits are charged to the Consolidated Statement of Profit and Loss
in accordance with Ind AS 19 ‘Employee benefits’ over the period during which benefit is derived from the employees’ services.
The costs are assessed on the basis of assumptions selected by the management. These assumptions include salary escalation
rate, discount rates, expected rate of return on assets and mortality rates.
(v) Fair Value Measurement of Financial Instruments

When the fair values of financials assets and financial liabilities recorded in the Balance Sheet cannot be measured based on
quoted prices in active markets, their fair value is measured using valuation techniques, including the discounted cash flow model,
which involve various judgements and assumptions.
(vi) Revaluation of Property, Plant and Equipment

The Group measures Land classified as property, plant and equipment at revalued amounts with changes in fair value being
recognised in Other Comprehensive Income (OCI) . The Group has engaged an independent valuer to assess the fair value
periodically. Land is valued by reference to market-based evidence, using comparable prices adjusted for specific market factors
such as nature, location and condition of the property.
(vii) Valuation of inventories

The determination of net realisable value of inventory includes estimates based on prevailing market conditions, current prices
and expected date of commencement and completion of the project, the estimated future selling price, cost to complete projects
and selling cost.
(viii) Estimation uncertainty due to coronavirus (COVID-19) pandemic

The outbreak of corona virus (COVID-19) pandemic globally and in India is causing disturbance and slowdown of economic
activity. Due to lockdown announced by the Government, the Group operations were slowed down in compliance with applicable
regulatory orders. The operations and economic activities have gradually resumed with requisite precautions. The Group
continues to monitor the situation and take appropriate action, as considered necessary in due compliance with the applicable
regulations.
The management has used the principles of prudence in applying judgments, estimates and assumptions based on the current
conditions. In assessing the liquidity position and recoverability of assets such as Goodwill, Inventories, Financial assets and
Other assets, based on current indicators of future economic conditions, the Group expects to recover the carrying amounts of its
assets. However, the actual impact of COVID-19 pandemic on the Group’s future operations remain uncertain and dependant on
spread of COVID-19 and steps taken by the Government to mitigate the economic impact and may differ from the estimates as at
the date of approval of these consolidated financial statements. The Group is closely monitoring the impact of COVID-19 on its
financial condition, liquidity, operations, suppliers and workforce.
148
43 Company Information
The Subsidiaries, Associates, Joint Venture and Limited Liability Partnership considered in the Consolidated Financial Statement are:
a) Subsidiaries
Sr. Principal Country of Percentage of Holding as on
Name of the Company
No. activities Incorporation 31-March-21 31-March-20
1 Anantnath Constructions and Farms Pvt. Ltd. Real Estate India 100.00% 100.00%
2 Apollo Complex Pvt. Ltd. 1
Real Estate India 100.00% 100.00%
3 Arihant Premises Pvt. Ltd. 2 Real Estate India - -
4 Bellissimo Constructions and Developers Real Estate India 100.00% 100.00%
Pvt. Ltd. (Formerly known as Lodha
Knowledge Foundation)
5 Bellissimo Estate Pvt. Ltd. (Formerly known Real Estate India 100.00% 100.00%
as Palava City Management Association)
6 Bellissimo Mahavir Associates Dwellers Pvt. Real Estate India - -
Ltd. 3
7 Brickmart Constructions And Developers Real Estate India 100.00% -
Pvt. Ltd.4
8 NCP Commercial Pvt. Ltd. (Formerly Real Estate India - -
Bhayanderpada Splandora Complex Pvt.
Ltd.) 5
9 Center for Urban Innovation Real Estate India 100.00% 100.00%
10 Classichomes Developers & Farms Pvt. Ltd 6
Real Estate India 100.00% -
11 Copious Developers and Farms Pvt. Ltd. 7 Real Estate India 100.00% 100.00%
12 Cowtown Infotech Services Pvt. Ltd. Support service India 100.00% 100.00%
(Formerly known as Cowtown Land activities
Development Pvt. Ltd.)
13 Cowtown Software Design Pvt. Ltd. Support service India 100.00% 100.00%
(Formerly known as Nabhiraja Software activities
Design Pvt. Ltd.)
14 Dalhousie Leasing and Financial Services Real Estate India - -
Pvt. Ltd. 8
15 Palava Industrial and Logistics Park Pvt. Ltd. Real Estate India 100.00% 100.00%
(Formerly Grandezza Supremous Thane Pvt.
Ltd.) 9
16 Grosvenor Street Apartments Ltd. (Formerly Real Estate United Kingdom - 75.00%
known as Holland Park Residences Holdings
Ltd.)#
17 1GSQ Leaseco Ltd.# 10 Real Estate United Kingdom - 75.00%
18 Hotel Rahat Palace Pvt. Ltd. 8 Real Estate India - -
19 Homescapes Constructions Pvt. Ltd. 11
20 Linclon Square Apartment Limited# 12
Real Estate United Kingdom - 75.00%
21 Lodha Developers 1GSQ Holdings Ltd.# Real Estate Jersey Island - 76.25%
22 Lodha Developers 1GSQ Ltd.# Real Estate Jersey Island - 76.25%
23 Lodha Developers 48CS Ltd.# Real Estate Jersey Island - 76.25%
24 Lodha Developers Canada Ltd. Marketing and Canada 100.00% 100.00%
Sales activities
25 Lodha Developers Dorset Close Ltd.# Real Estate Jersey Island - 76.25%
26 Lodha Developers International (Jersey) III Project Jersey Island - 76.25%
Ltd.# Management
27 Lodha Developers International Real Estate Netherlands 100.00% 100.00%
(Netherlands) B. V.
28 Lodha Developers International Ltd. Marketing and Mauritius 100.00% 100.00%
Sales activities
149
Percentage of Holding as on
Sr. Principal Country of
Name of the Company
No. activities Incorporation
29 Lodha Developers UK Ltd.# Support service United Kingdom - 75.00%

activities
30 Lodha Developers U.S. Inc. Marketing and United States 100.00% 100.00%
Sales activities
31 Lodha Impression Real Estate Pvt. Ltd. 3 Real Estate India - -
32 Luxuria Complex Pvt. Ltd. 13 Real Estate India 100.00% 100.00%
33 Mandip Finserve Pvt. Ltd. 8 Real Estate India - -
34 MMR Social Housing Pvt. Ltd. (formerly Real Estate India 100.00% 100.00%
known as Lodha Buildcon Pvt. Ltd.)
35 National Standard (India) Ltd. Real Estate India 73.94% 73.94%
36 New Court Developers Ltd.# Real Estate United Kingdom - 75.00%
37 New Court Holdings Ltd.# Real Estate United Kingdom - 75.00%
38 Odeon Theatres and Properties Pvt. Ltd. Real Estate India 100.00% 100.00%
39 One Place Commercials Pvt. Ltd. (Formerly Real Estate India 100.00% 100.00%
known as Sahasrabuddhe Tutorials Pvt.
Ltd.) 14
40 Palava City Management Pvt. Ltd. Facility India 100.00% 100.00%
Management
Services
41 Palava Dwellers Pvt. Ltd. Real Estate India 98.03% 98.03%
42 Palava Induslogic 2 Pvt. Ltd. 15
43 Palava Institute of Advanced Skill Training Real Estate India 100.00% 100.00%
44 Primebuild Developers and Farms Pvt. Ltd.16 Real Estate India 100.00% -
45 Ramshyam Infracon Pvt. Ltd. 7
46 Renover Green Consultants Pvt. Ltd. 17
47 Roselabs Finance Ltd. Real Estate India 74.25% 74.25%
48 Sanathnagar Enterprises Ltd. Real Estate India 72.71% 72.71%
49 Shree Sainath Enterprises Construction and Real Estate India - -
Developers Pvt. Ltd. 3
50 Siddhnath Residential Paradise Pvt. Ltd. 2 Real Estate India - -
51 Simtools Pvt. Ltd. Real Estate India 53.46% 53.46%
52 Sitaldas Estate Pvt. Ltd. Real Estate India 91.18% 91.18%
# Considered as Joint Venture w.e.f 25-March-20 11 Incorporated on 03-December-20.

(Refer Note 49) 12 Incorporated on 21-January-20.
1 Acquired on 4-January-20 13 Acquired on 16-July-19
2 Merged with the Company w.e.f 19-March-20 14 Acquired on 18-July-19
3 Merged with the Company w.e.f 31-October-19 15 Incorporated on 19-February -21.
4 Incorporated on 26-November-20.
16 Incorporated on 13-November-20.
5 Ceased on 24-December-19
17 Acquired on 10-January-20
6 Incorporated on 28-January-21.
7 Acquired on 13-August-19
8 Merged with the Company w.e.f 25-September-19
9 Acquired on 24-April-19
10 Acquired on 30-May-18.
150
b) Associate/ Joint Venture
Sr. Country of Percentage of Holding as on

Name of the Company Relationship
No. Incorporation 31-March-21 31-March-20
1 Kora Constructions Pvt. Ltd. Associate India 44.00% 44.00%
2 Altamount Road Property Private Limited 1
Joint Venture India 49.00% 40.94%
3 Lodha Developers UK Ltd.2 Joint Venture United Kingdom 51.00% 75.00%
4 Grosvenor Street Apartments Ltd. # 2
Joint Venture United Kingdom 51.00% 75.00%
5 Lodha Developers 1GSQ Holdings Ltd. # 2
Joint Venture Jersey Island 53.45% 76.25%
6 Lodha Developers 1GSQ Ltd.2# Joint Venture Jersey Island 53.45% 76.25%
7 Lodha Developers 48 CS Ltd. # 2
8 Lodha Developers Dorset Close Ltd. # 2
9 Lodha Developers International (Jersey) III Joint Venture Jersey Island 53.45% 76.25%
Ltd.2#
10 1GSQ Leaseco Ltd.2# Joint Venture United Kingdom 51.00% 75.00%
11 New Court Developers Ltd. # 2
12 New Court Holdings Ltd.2# Joint Venture United Kingdom 51.00% 75.00%
13 Lincoin Square Apartments Ltd. # 2
14 1GS Investments Limited 3
Joint Venture United Kingdom 53.45% -
15 1GS Residences Limited 3
Joint Venture United Kingdom 53.45% -
16 1GS Properties Investments Limited Joint Venture United Kingdom 53.45% -
(Formerly GS Penthouse Limited)4
1 w.e.f 22-April-19
2 w.e.f 25-March-20 (Refer Note 49)
3 w.e.f 07-July-20
4 w.e.f 23-September-20
# Subsidiaries of Lodha Developers UK Ltd.
c) Limited Liability Partnerships
Sr. Country of Percentage of Holding as on

Name of the Limited Liability Partnerships
No. Registration 31-March-21 31-March-20
1 Bellissimo Buildtech LLP India 100.00% 100.00%
44 Commitments and Contingencies

a. Leases
Operating Lease Commitments — Company as Lessor
The Group has entered into cancellable and non-cancellable operating leases on its commercial premises. These leases have terms of
between 5 and 55 years. All leases include a clause to enable upward revision of the rental charge on an annual basis according to
prevailing market conditions.
Rent Income recognized by the group during the year:
` in lakhs ` in lakhs
Cancellable operating lease 3.00 413.49
Non-Cancellable operating lease 3,230.18 4,334.90
3,233.18 4,748.39
Future minimum rentals receivable under non-cancellable operating leases are, as follows:
Within one year 4,239.49 916.41
After one year but not more than five years 9,396.89 5,707.49
More than five years 3,982.24 3,167.56
17,618.62 9,791.46
151
b. Commitments
Particulars
Estimated amount of contracts remaining to be executed on capital

82.75 157.99
account is and not provided for (net of advances).
c. Contingent Liabilities
Sr. 31-March-21 31-March-20
Claims against the company not acknowledged as debts
No. ` in lakhs ` in lakhs
(i) Disputed Demands of Customers excluding amounts not ascertainable 28,555.75 25,506.29
(ii) Corporate Guarantees Given* 15,486.30 34,201.15
(iii) Disputed Taxation Matters 26,439.46 26,344.10
(iv) Disputed Land related Legal cases 8,389.24 5,798.08
(v) Others - 150.00
* Represents Outstanding amount of the Loan / Balances guaranteed.

(i) The Contingent Liabilities exclude undeterminable outcome of pending litigations.

(ii) The Group has assessed that it is not probable that an outflow of resources embodying economic benefits will be required to
settle the obligation.
45 In case of pending appeals filed by the Income Tax Department against the favourable orders, the management is confident that the
outcome would be favourable and hence no contingent liability is disclosed.

46 Land and Property Development Work-in-Progress and Finished Goods includes:
a Land for which conveyance is pending. 44,713.07 42,841.88
b Land held in the name of Individuals on behalf of the
Group pending execution of conveyance. 43,758.19 42,575.00
c Land already acquired for which Memorandum of Understanding/
consent letters are pending 37,129.17 49,455.41
1,25,600.43 1,34,872.29
47 The details of Donation given to political parties is as under: ` in lakhs

Particulars
Donations given 42.42 3,438.92
48 Gratuity and Leave Obligation
The Group has a funded defined benefit gratuity plan and is governed by the Payment of Gratuity Act, 1972. Under the Act, employee
who has completed five years of service is entitled to specific benefit. The level of benefits provided depends on the employee’s length
of service and salary at retirement age.
The following tables summarises the components of net benefit expense recognised in the statement of profit or loss and the funded
status and amounts recognised in the balance sheet for the respective plans:
Particulars As at 31-March-21 As at 31-March-20

A Leave Obligation
Changes in the present value of the defined benefit obligation are, as follows:
Defined benefit obligation at the beginning of the year 84.97 1,362.64
Transfer in / (out) obligation 0.01 (213.70)
Actuarial gain and losses (0.30) 68.61
Experience adjustments (55.09) (882.70)
Benefits paid - (413.05)
Defined benefit obligation at the end of the year 73.26 84.97
152
Particulars As at 31-March-21 As at 31-March-20

B Gratuity Benefits
(i) Obligation
Defined benefit obligation at the beginning of the year 3,354.76 3,184.86
Experience adjustments 7.23 (116.44)
Benefits paid (761.57) (633.76)
Defined benefit obligation at the end of the year 3,136.73 3,354.76
(ii) Fund
Defined benefit plan at the beginning of the year (1,047.45) (1,007.88)
Interest cost (50.60) (54.84)
Transfer in/(out) obligation 1.27 (3.28)
Return on plan assets 11.57 18.55
Defined benefit plan at the end of the year (1,085.21) (1,047.45)
Total Gratuity Benefits (i+ii)
Defined benefit obligation at the beginning of the year 2,307.31 2,176.98
Past Service Cost - -
Transfer in/(out) obligation (0.05) (3.28)
Return on plan assets 11.57 18.55
Experience adjustments 7.23 (116.44)
Benefits paid (761.57) (633.76)
Defined benefit obligation at the end of the year 2,051.52 2,307.31
The major categories of plan assets of the fair value of the
total plan assets are as follows:
Unquoted investments:
Policy of insurance (1,085.21) (1,047.45)
Total (1,085.21) (1,047.45)
C The principal assumptions used in determining gratuity and
leave encashment obligations for the Group’s plans are shown below:
Discount rate:
Future salary increases:

Mortality Rate : Indian Assured Lives Mortality (2006-08) Table
D Impact on defined benefit obligation

Sensitivity Level
Impact of 0.5% Increase of Discount Rate
Gratuity 2,507.04 2,706.98
Impact of 0.5% Decrease of Discount Rate
Gratuity 2,806.59 3,040.13
Sensitivity Level
Impact of 0.5% Increase of Discount Rate
Gratuity 2,757.28 2,987.00
Impact of 0.5% Decrease of Discount Rate
Gratuity 2,541.00 2,745.82
The sensitivity analyses above have been determined based on a method that extrapolates the impact on defined benefit obligation as a result of reason
able changes in key assumptions occurring at the end of the reporting period.
E The following payments are expected contributions

to the defined benefit plan in future years:
Within the next 12 months (next annual reporting period) 260.41 248.79
Total expected payments 1,685.34 1,818.95
The average duration of the defined benefit plan obligation w.r.t. gratuity at the end of the reporting period is 13.22 years (31- March-20: 13.55 years).
153
49 Exceptional Items
a)
(i) In terms of the Shareholders Agreement dated 25-March-2020 (‘Effective Date’), in view of changes in the management rights of
the Company over relevant activities in Lodha Developers UK Limited (‘LDUK’) and the Company’s agreement to sell the legal and
beneficial interest representing 24% of the entire issued and paid up ordinary share capital of LDUK at par to its fellow subsidiary
within 120 days from the Effective Date, LDUK (includ ing its subsidiaries) ceased to be a subsidiary of the Company under Ind AS
110 “Consolidated Financial Statements” and has become a Joint Venture as per Ind AS 111 ‘Joint Arrangements’ with effect from
March 25, 2020. The resultant gain on such deconsolidation of `56,015.63 Lakh attributable to loss of control has been included
under ‘Exceptional Items’.
(ii) The Group had given loans to LDUK and its subsidiaries from time to time for its UK business operations. During the Financial
Year ended 31-March-2020, considering the financial performance of UK operations, including anticipated losses in the
projects, the Group had made the provision of `56,000.00 lakh against the said loans receivable as at 31-March-2020 and
disclosed this under “Exceptional Items”.
b) Given the economic uncertainty created by COVID-19 coupled with significant business disruptions, the Group is anticipating
further losses in UK projects because of the delay in the completion of the project. Therefore, the Group has reassessed its loan
receivables and made an additional provision of `46,000.00 lakh against the said loans during the year ended 31-March-2021
and has disclosed the same as an “Exceptional item”.

50 Related Party Transactions
Information on Related Party Transactions as required by Ind AS 24 - ‘Related Party Disclosures’
(a) List of Related Parties:
(As identified by the management)
I Person having Control or Joint Control or Significant Influence
Mangal Prabhat Lodha (upto 24-July-20)
Abhishek Lodha
II Close family members of person having control* / KMP (with whom the company had transactions)
Mangal Prabhat Lodha (w.e.f. 24-July-20)
Manjula Lodha
Vinti Lodha
Nitu Lodha
Sahil Lodha
*Pursuant to an arrangement
III Holding Company
IV Subsidiaries of Holding Company
1 Bellissimo Properties Development Pvt. Ltd. (Formerly known as Lodha Properties Development Pvt. Ltd.)
V Others (Entities controlled by person having control or joint control, with whom the Group had transactions)
1 Sambhavnath Trust
2 Sitaben Shah Memorial Trust
3 Lodha Builders Pvt. Ltd. (Merged with Holding Company w.e.f 17-March-20)
5 Bellissimo Healthy Constructions and Developers Pvt. Ltd. (Formerly known as Lodha Healthy Constructions and Developers
Pvt. Ltd.)
6 Pangea Holdings Ltd.
7 Piramal Chaturbhuj Trust (Private Trust)
8 SM Kenmin Ltd. (from 24-April-19 upto 15-October-19)
9 Kenmin HP Ltd. (from 24-April-19 upto 15-October-19)
10 Mumbai Mile Regeneration Association
VI Associate
1 Kora Construction Pvt. Ltd.
VII Joint Venture (Refer Note 49)
1 Altamount Road Property Private Limited (w.e.f 22-April-19)
2 Lodha Developers UK Ltd. (w.e.f 25-March-20)
3 Grosvenor Street Apartments Ltd.(w.e.f 25-March-20) ** (Formerly Known as Holland Park Residences Holdings Ltd.)
4 Lodha Developers 1GSQ Holdings Ltd. (w.e.f 25-March-20) **
5 Lodha Developers 1GSQ Ltd. (w.e.f 25-March-20) **
6 Lodha Developers 48 CS Ltd. (w.e.f 25-March-20) **
7 Lodha Developers Dorset Close Ltd. (w.e.f 25-March-20) **
8 Lodha Developers International (Jersey) III Ltd. (w.e.f 25-March-20) **
9 1GSQ Leaseco Ltd. (w.e.f 25-March-20) **
10 New Court Developers Ltd.(w.e.f 25-March-20) **
11 New Court Holdings Ltd. (w.e.f 25-March-20) **
12 “Lincoin Square Apartments Ltd.**
13 1GS Investments Limited (w.e.f 07-July-20)**
154
14 1GS Residences Limited (w.e.f 07-July-20)**

15 1GS Properties Investments Limited (Formerly GS Penthouse Limited) (w.e.f 23-September-20)**
** Subsidiaries of Lodha Developers UK Ltd.
VII Key Management Person (KMP)
1 Abhishek Lodha (Managing Director and CEO)
2 Berjis Minoo Desai (Independent Director) (upto 17-August-20)
3 Mukund M. Chitale (Independent Director and Chairman)
4 Rajendra Lodha (Whole Time Director)
5 Rajinder Pal Singh (Non Executive Director)
6 Shyamala Gopinath (Independent Director) (upto 16-March-20)
7 Ashwani Kumar (Independent Director) (w.e.f 08-April-20)
8 Raunika Malhotra (Whole Time Director) (w.e.f 26-June-20)
9 Sushil Kumar Modi - (CFO) (w.e.f. 26-June-20)
VIII Directors of Holding Company
1 Srichand Mandhyan (Upto 18-June-19)
2 Piyush Vora (Upto 25-October-19)
3 Ashish Gaggar (w.e.f. 18-June-19)
4 Govind Agarwal (w.e.f. 25-October-19)
B. Balances Outstanding and Transactions during the year ended with related parties are as follows:
(i) Outstanding Balances ` in Lakhs
Sr. As at As at
1 Investments Holding Company 1,32,569.65 1,32,249.29
Subsidiary of Holding Company 1,983.50 1,983.50
Joint Ventures 7,666.20 6,123.05
Associates 1,395.86 1,395.98
Others 7,081.67 7,081.67
2 Loans given Holding Company 15,483.07 12,141.64
Joint Ventures* 3,36,300.02 4,10,725.21
Person having control/ Close 1,854.79 1,851.59
family members of person
having control
Close family members of person 945.31 945.31
having control
Close family members of KMP 198.09 147.67
3 Other Current Assets Associates - 1.12
Joint Ventures 780.53 -
Others 0.13 0.13
4 Other Financial Assets Holding Company 1,977.58 2,292.52
Joint Ventures 21,610.50 9,957.76
5 Loans taken Others 8,318.55 17,003.48
Subsidiary of Holding Company 7,684.73 -
6 Other Financial Liabilities Holding Company 1.18 -
Person having control/ Close 1,736.54 2,487.14
having control
Person having control 640.20 1,205.90
KMP 1,062.56 1,658.94
Close family members of person 3,419.02 2,185.25
having control
Others 0.29
Close family members of KMP 232.84 2.74
7 Other Non - Current Liabilities Joint Ventures 5,492.69 4,095.39
155

` in Lakhs
Sr. As at As at
8 Other Current Liabilities Person having control/ Close 3,503.22 3,655.73
having control
Person having control 2,701.41 2,342.62
KMP - 616.62
Close family members of person 11,642.60 7,551.75
having control
Close family members of KMP 3,602.17 3,300.25
Oters 2,880.60 -
9 Guarantees taken Holding Company 2,30,342.76 2,25,903.75
Person having control 13,35,287.02 13,91,448.45
10 Guarantees given Holding Company 1,614.92 -
Joint Ventures 3,022.97 21,407.48
* Net of Provision as on 31-March-2021 `1,09,607.00 lakhs (31-March-2020 `56,000.00 lakhs)

(ii) Disclosure in respect of transactions with Related Parties:
` in Lakhs
Sr.
No.
1 Income from Property
Development
Mangal Prabhat Lodha Person having control/ - 4,608.68
Close family members of
person having control
Abhishek Lodha Person having control - 10,631.44
Rajendra Lodha KMP - 1,091.87
Manjula Lodha Close family members of - 804.87
2 Reversal of Income from
Property Development
Mangal Prabhat Lodha Person having control/ 2,139.71 -
Rajendra Lodha KMP 2,033.27 -
3 Income from Construction
Contracts
Altamount Road Property Pvt. Ltd. Joint Venture 1,562.92 -
4 Sale of Building Materials
5 Interest Income
Lodha Developers International Joint Venture - 211.49
(Jersey) III Ltd.
Lodha Developers UK Ltd. Joint Venture 583.87 81.48
Lodha Developers 1GSQ Ltd. Joint Venture 20,712.24 455.25
Sambhavnath Infrabuild and Holding Company 1,795.25 2,291.86
Farms Pvt. Ltd.
Altamount Road Property Pvt. Ltd. Joint Venture 52.00 -
6 Purchase of Construction
materials
Sambhavnath Infrabuild and Holding Company 56.07 13.58
Farms Pvt. Ltd.
156

` in Lakhs
Sr.
No.
7 Remuneration paid
Mangal Prabhat Lodha Person having control/ 225.40 157.90
Abhishek Lodha Person having control 240.40 150.40
Rajendra Lodha KMP 88.94 103.04
Rajinder Pal Singh KMP 90.40 112.90
Manjula Lodha Close family members of 54.48 110.00
Vinti Lodha Close family members of 54.48 105.00
Nitu Lodha Close family members of 78.00 168.28
KMP
Srichand Mandhyan Directors of Holding - 45.24
Company
Piyush Vora Directors of Holding - 353.67
Company
Ashish Gaggar Directors of Holding 49.13 45.03
Company
Govind Agarwal Directors of Holding 30.82 14.36
Company
Sushil Kumar Modi KMP 288.27 -
Raunika Malhotra KMP 63.69 -
Sahil Lodha Close family members of 80.00 212.06
KMP
8 Commission and Sitting Fees
Mukund Chitale KMP 34.30 46.30
Berjis Desai KMP 0.55 41.70
Ashwini Kumar KMP 32.20 -
Shyamala Gopinath KMP - 41.50
9 Rent Expenses
Mangalprabhat Lodha Person having control/ 119.00 204.00
Abhishek Lodha Person having control 77.00 144.00
Manjula Lodha Close family members of 63.00 108.00
Vinti Lodha Close family members of 220.00 264.00
10 Donation / Corporate Social
Responsibility
Sitaben Shah Memorial Trust Others 1,463.00 250.00
11 Purchase of Shares
Sambhavnath Infrabuild and Holding Company 1.68 1.10
Farms Pvt Ltd
Sambhavnath Trust Others 0.68 0.10
157

` in Lakhs
Sr.
No.
12 Loans / Advances given /
(returned) - Net
Mangalprabhat Lodha Person having control/ 3.20 1,851.59
Sahil Lodha Close family members of 50.28 121.60
KMP
Manjula Lodha Close family members of - 760.93
Nitu Lodha Close family members of 0.14 26.07
KMP
Viniti Lodha Close family members of - 184.38
SM Kenmin Ltd. Others - (5,105.52)
Kenmin (HP) Ltd. Others - (4,330.93)
Pangea Holdings Pvt. Ltd. Others - (149.41)
Altamount Road Property Pvt. Ltd. Joint Venture (1.12) 0.90
Sambhavnath Infrabuild and Holding Company 3,343.08 (1,155.94)

Farms Pvt. Ltd.
Lodha Developers International Joint Venture 11,066.18 -
(Jersey) III Ltd.
Lodha Developers 1GSQ Ltd. Joint Venture 14,663.53
Lodha Developers UK Ltd. Joint Venture (12,918.54) -
13 Loans / Advances taken /
(returned) - Net
Bellissimo Healthy Constructions Others (8,684.94) 1,554.26
Bellissimo Properties Development Subsidiary of Holding 7,684.73 -

Pvt. Ltd. Company
14 Redemption of Debentures
Farms Pvt. Ltd.
15 Advances Received against
Agreement to Sell
Mr. Mangalprabhat Lodha Person having control/ 878.70 2,557.66
Mr. Abhishek Lodha Person having control 900.61 4,141.63
Mrs. Manju Lodha Close family members of 516.92 1,979.84
Mrs. Vinti Lodha Close family members of 850.96 1,037.78
Mr. Sahil Lodha Close family members of - 3,300.25
KMP
Mr. Rajendra Lodha KMP - 725.69
Sitaben Shah Memorial Trust Others 2,700.00 -
Sambhavnath Trust Others 180.60 -
158

` in Lakhs
Sr.
No.
16 Advance Received against
Lease
Altamount Road Property Pvt. Ltd. Joint Venture - 5,594.40
17 Other Operating Income

(Rent Income)
Altamount Road Property Pvt. Ltd. Joint Venture 101.72 2,866.39
18 Investments
Altamount Road Property Pvt. Ltd. Joint Venture 1,507.83 4,439.44
Bellissimo Properties Development Subsidiary of Holding - 1,983.50
Pvt. Ltd. Company
Farms Pvt. Ltd.
19 Sale of Investments
Bellissimo Properties Development Subsidiary of Holding 11.02 -
Pvt. Ltd. Company
20 Salaries and Wages recovered
Bellissimo Properties Development Subsidiary of Holding 0.19 0.19

Pvt. Ltd. Company
21 Guarantees taken
Farms Pvt. Ltd.
Abhishek Lodha Person having control 3,03,788.77 91,500.00
iii) Terms and conditions of outstanding balances with Related Parties
a) Receivables from related parties
The trade receivables from related parties arise mainly from sale transactions and services rendered and are received as
per agreed terms. No provisions are held against receivables from related parties.
b) Payable to Related Parties
The payables to related parties arise mainly from purchase transactions and services received and are paid as per agreed
terms.
c) Loans to Related Parties
The loans to related parties are unsecured bearing effective interest rate.
51 Financial Instrument measured at Amortised Cost
The carrying amount of financial assets and financial liabilities measured at amortised cost in the consolidated financial statements
are a reasonable approximation of their fair values since the Group does not anticipate that the carrying amounts would be significantly
different from the values that would eventually be received or settled.
159
52 Fair Value Measurement

The following table provides the fair value measurement hierarchy of the Group’s financial assets and financial liabilities.
Fair value measurement using

Quoted prices Significant Significant
in active observable Unobservable
Particulars Total
markets inputs inputs
(Level 1) (Level 2) (Level 3)
` in lakhs ` in lakhs ` in lakhs ` in lakhs
As at 31-March-21
Investment in Equity Shares 511.71 6.28 505.43 -
14,129.35 7,192.08 6,937.27 -
As at 31-March-20
Investment in Equity Shares 513.86 8.43 505.43 -
Investment in Debentures 6,431.84 - 6,431.8 4 -
13,347.38 6,410.11 6,937.27 -
There have been no transfers between Level 2 and Level 3 during the above financial years.
53 Financial Risk Management Objectives and Policies
The Group’s principal financial liabilities comprise mainly of borrowings, trade and other payables. The main purpose of these
financial liabilities is to finance the Group’s operations. The Group’s principal financial assets include loans and advances, trade and
other receivables, cash and cash equivalents and Other balances with Bank.
The Group is exposed through its operations to the following financial risks:
- Market risk
- Credit risk, and
- Liquidity risk.
The Group has evolved a risk mitigation framework to identify, assess and mitigate financial risk in order to minimize potential adverse
effects on the Group’s financial performance. There have been no substantive changes in the Group’s exposure to financial instrument
risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless
otherwise stated herein.
(a) 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 three types of risks: interest rate risk, currency risk and other price risk. Financial instruments affected
by market risk includes borrowings, investments, trade payables, trade receivables, loans and derivative financial instruments.
(i) Interest Rate Risk
The Group is exposed to cash flow interest rate risk from long-term borrowings at variable rate. Currently the Group has
external borrowings (excluding short-term overdraft facilities) which are fixed and floating rate borrowings. The Group
achieves the optimum interest rate profile by refinancing when the interest rates go down. However this does not protect Group
entirely from the risk of paying rates in excess of current market rates nor eliminates fully cash flow risk associated with
variability in interest payments. The Group believes that it achieves an appropriate balance of exposure to these risks.
ii) Foreign Currency Risk
Foreign Currency Risk is the risk that the Fair Value or Future Cash Flows of an exposure will fluctuate because of
changes in foreign currency rates. Exposures can arise on account of the various assets and liabilities which are
denominated in currencies other than Indian Rupee.
b) 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 deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.
The Group’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of
the Group’s customer base, including the default risk of the industry and country, in which customers operate, has less influence on
the credit risk.
The Group has entered into contracts for the sale of residential and commercial units on an installment basis. The installments are
specified in the contracts. The Group is exposed to credit risk in respect of installments due. However, the legal ownership of
160
residential and commercial units are transferred to the buyer only after all the installments are recovered. In addition, installment
dues are monitored on an ongoing basis with the result that the Group’s exposure to credit risk is not significant. The Group
evaluates the concentration of risk with respect to trade receivables as low, as none of its customers constitutes significant portions
of trade receivables as at the year end.
Credit risk from balances with banks and financial institutions is managed by Group’s treasury in accordance with the Group’s
policy. The Group limits its exposure to credit risk by only placing balances with local banks and international banks of good
repute. Given the profile of its bankers, management does not expect any counterparty to fail in meeting its obligations.
c) Liquidity Risk
Liquidity risk is the risk that the Group will encounter difficulty in raising funds to meet commitments associated with financial
instruments that are settled by delivering cash or another financial asset. Liquidity risk may result from an inability to sell a financial
asset quickly at close to its fair value. The Group has an established liquidity risk management framework for managing its short
term, medium term and long term funding and liquidity management requirements. The Group’s exposure to liquidity risk arises
primarily from mismatches of the maturities of financial assets and liabilities. The Group manages the liquidity risk by maintaining
adequate funds in cash and cash equivalents.
The table below summarises the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments.
< 1 year 1 to 5 years > 5 years Total

Particulars
` in lakhs ` in lakhs ` in lakhs ` in lakhs
As at 31-March-21
Borrowings *#$^ 3,12,765.28 13,99,033.54 83,438.86 17,95,237.68
Trade Payables 1,53,262.85 16,515.73 - 1,69,778.58
6,88,892.82 14,31,908.89 83,438.86 22,04,240.57
As at 31-March-20
Borrowings *# 1,03,884.00 16,04,503.02 1,19,632.70 18,28,019.72
Trade Payables 2,04,970.52 22,307.45 - 2,27,277.97
4,99,533.02 16,80,949.16 1,19,632.70 23,00,114.88
* Borrowings are stated before adjusting loan issue cost and premium on debentures
$ Borrowings less than one year include `1,17,889.00 lakhs in respect of which Group has made an application for deferment of
the Date of Commencement of Commercial Operations & consequently shift in the repayment schedule, pending final approval
from the sanctioning authorities.
# The maturity profile of Borrowings is stated after considering moratorium announced by Reserve Bank of India.
^ Borrowings include `87,711.08 lakhs and `97,304.29 lakhs payable within 1 year and 1 to 5 years respectively which was
paid subsequent to balance sheet date out of IPO proceeds.
54 Capital Management
For the purpose of the Group’s capital management, capital includes issued equity share capital and other equity reserves attributable
to the owners of the Group. The primary objective of the Group’s capital management is to maximise the shareholder value.
The Group 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 a gearing ratio, which is net debt divided by total capital
plus net debt. The Group includes within net debt, interest bearing loans and borrowings less cash and bank balances.
Particulars
Borrowings (including current maturities of long-term debt) 18,19,287.65 18,42,315.45
Less: Cash and Cash Equivalents (Refer Note 15) (22,758.12) (11,854.09)
Less: Bank balances other than cash and cash equivalents (Refer Note 16) (13,922.38) (6,840.99)
Net debt 17,82,607.15 18,23,620.37
Equity Share Capital 39,587.80 39,587.80

Other Equity
Others Reserves (excluding revaluation reserve) 3,77,268.81 3,72,604.71
Total Capital 4,16,856.61 4,12,192.51
Capital and net debt 21,99,463.76 22,35,812.88
Gearing ratio 81.05% 81.56%
161
In order to achieve this overall objective, the Group’s capital management, amongst other things, aims to ensure that it meets
financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements.
55 Unhedged Foreign Currency Exposure
(` in Lakhs)
As at 31-March-21 As at 31-March-20
Particulars Currency Foreign Foreign

` in Lakhs Currency ` in Lakhs Currency
in Lakhs in Lakhs
ASSETS
USD 321.74 4.39 882.76 11.74
Euro 178.47 2.08 312.02 3.76
AED 817.25 41.00 112.87 5.52
GBP 121.06 1.20 121.08 1.30
Advances to Suppliers /
SGD 17.74 0.33 3.64 4.81
Contractors / Expenses
CAD 0.47 0.01 0.43 0.01
ZAR 2.08 0.42 1.77 0.42
CNY 80.10 7.17 75.90 7.17
RMB 8.30 0.74 7.86 0.74
GBP 3,11,230.59 3,090.07 2,93,004.61 3,148.66
Loans Given USD 826.93 11.31 852.64 11.31
CAD - - 88.26 1.65
Interest Receivable GBP - - 19,470.28 209.19
Euro 3.65 0.04 123.79 1.49
Bank Balance
GBP 0.11 0.00 0.10 0.00
TOTAL ASSETS 3,13,608.49 3,15,058.01
LIABILITIES
USD 3,856.10 52.66 3,524.10 46.85
Euro 278.97 3.25 366.73 4.42
AED 70.37 3.53 72.79 3.56
GBP 21.77 0.22 246.42 2.65
SGD 106.00 1.95 137.24 2.61
ZAR 0.74 0.15 30.65 0.72
Trade Payables
KWD 2.61 0.01 2.58 0.01
KES - - - -
RMB 7.07 0.63 6.71 0.63
THB 1.33 0.57 - -
BHD 1.02 0.01 - -
CNY 2.76 0.25 2.15 0.20
TOTAL LIABILITIES 4,348.75 4,389.37
The company has not entered into any derivative contract during the aforesaid years.
56 Pursuant to the Taxation Laws (Amendment) Act, 2019, with effect from 01-April-19 domestic companies in India have the option to
pay corporate income tax at a rate of 22% plus applicable surcharge and cess (‘New Tax Rate’) subject to certain conditions. The
Company and some of its domestic subsidiary companies are in the process of evaluating as to when and whether they should apply
impact of New Tax Rate in books of account. Meanwhile, the Company and some of the subsidiaries continued to compute tax as per
old tax rate for the financial year 2019-20 and onwards.
57 Pursuant to the Order of the Collector of Stamps levying stamp duty and penalty in respect of Agreement to Lease entered in to with
Mumbai Metropolitan Regional Development Authority (MMRDA) for Wadala Truck Terminal plot and the Order of the Hon’ble
Bombay High Court, the Company has deposited `20,249.50 Lakhs with the Office of the Collector of Stamps. The Order of Chief
Controlling Revenue Authority (CCRA) in appeal upholding the Order of Collector of Stamps levying penalty of `27,134.30 Lakhs has
been stayed by the Hon’ble Bombay High Court through an order dated 8-December-17.
162
58 Goodwill on consolidation is tested for impairment annually or if there are indications that it might be impaired. The Group uses cash
flow projections based on the recent financial forecast approved by the management for the purpose of impairment testing.
59 Segment Information
(a) For management purposes, the Group is into one reportable segment i.e. Real Estate development.
The Managing Director is the Chief Operating Decision Maker of the group who monitors the operating results of the group for the
purpose of making decisions about resource allocation and performance assessment. Group’s performance as single segment
is evaluated and measured consistently with profit or loss in the consolidated financial statements. Also, the Group’s financing
(including finance costs and finance income) and income taxes are managed on a Company basis.
(b) The Group is engaged in the business of real estate property development in India and United Kingdom. The Group’s Revenue
from External Customers and Non-Current Assets by geographical areas are as follows:
(` in Lakhs)
Particulars India UK# Total
5,44,857.47 - 5,44,857.47
31-March-21
For the year
Revenues*
ended 31-March-20 9,57,664.98 2,86,594.07 12,44,259.05
Non - Current Assets 31-March-21 2,54,093.20 - 2,54,093.20

(excluding Deferred 31-March-20 2,65,099.70 - 2,65,099.70
As at
Tax and Financial
Instruments)
# Refer Note 49
* Revenues are attributed to countries on the basis of location where the sale occurred.
60 Disclosure under Ind AS 115 -Revenue from Contracts with Customers
Disclosures with respect to Ind AS 115 are as follows:
(a) Contract Assets and Contract Liabilities
(` in Lakhs)
As at As at
Particulars
Trade receivables (Refer Note 14) 65,452.51 79,428.76
Contract Assets - Accrued revenue (Refer Note 17) 77,044.54 51,015.98
Contract Liabilities - Advance from customers (Refer Note 33) 8,17,951.40 8,66,609.02
(b) Movement of Contract Liabilities
(` in Lakhs)
As at As at
Particulars
Amounts included in contract liabilities at the beginning of the year 8,66,609.02 12,23,996.82
Amount received during the year 4,50,860.63 8,99,101.95
On account of deconsolidation (Refer Note 49) - (58,528.60)
Performance obligations satisfied in current year # (4,99,518.25) (11,97,961.15)
Amounts included in contract liabilities at the end of the year 8,17,951.40 8,66,609.02
# Includes as on 31-March-21 `2,09,863.26 lakhs (31-March-20: `5,85,554.30 Lakh ) recognised out of opening contract
liabilities.
(c) Closing balances of assets recognised from costs incurred to obtain a contract with a customer.
(` in Lakhs)
As at As at
Particulars
Closing balances of assets recognised 40,118.68 40,426.90
Amortisation recognised during the year 15,945.85 27,352.68
(d) The transaction price of the remaining performance obligations as at 31-March-21 is `12,92,041.04 lakhs (31-March-20
`12,80,126.71 lakhs). The same is expected to be recognised within 1 to 4 years.
163
61 Basic and Diluted Earnings Per Share

Basic earnings per share:
a) Profit for the year (` in Lakhs) 4,015.60 72,756.27
b) Weighted average no. of Equity Shares outstanding during the year 39,58,78,000 39,58,78,000
c) Face Value per Equity Share (`) 10 10
d) Basic earnings per share (`) 1.01 18.38
Diluted earnings per share:
a) Profit for the year (` in Lakhs) 4,015.60 72,756.27
b) Weighted average no. of Equity Shares outstanding during the year 39,58,78,000 39,58,78,000
c) Diluted earnings per share (`) 1.01 18.38
62 During the year ended on 31-March-2019, a Subsidiary had issued 45,632 Series ‘A’ Optionally Convertible Debentures (Series ‘A’
OCDs) having face value of `100,000 each and 4,240 Series ‘B’ Optionally Convertible Debentures (Series ‘B’ OCDs) having face
value of `100,000 each to the Investors. These Series A and Series B Debentures were issued at par. Further, subsidiary had repaid
`2,828.10 lakh and `1,000.00 lakh for the year ended March 31, 2020 and 2019 respectively towards face value of Series “A”
OCDs. Hence face value of Series “A” OCDs reduced to `91,611 each.
“In accordance with the Securities Subscription Agreement (Agreement), the Investor may exercise the Conversion Right with respect to:
- Series A Debentures at any time until the expiry of its 8 years tenure from the date of issue
- Series B Debentures:
(i) on the expiry of 2 (two) years from the Allotment Date, if there is increase in Investor Share as per terms of the agreement;
(ii) at the end of the Tenure if there is no increase in Investor Share as per Clause (i) above”
in the agreed ratio of 100 equity shares for each lot of 1,281 Series A and Series B Debenture. Further, the Subsidiary has an option
but not an obligation of early redemption of these Debentures. Accordingly, these Debentures have been classified as equity instrument
in the subsidiary financial statements and non-controlling interest in this consolidated financial statements. In the event such Conversion
Right is not exercised with respect to Series A Debentures and Series B Debentures till end of the Tenure, then the outstanding
Debentures shall stand converted into Equity Shares of the Subsidiary in the proportion provided under the Agreement on the last date
of the tenure.
63 Sale of Subsidiary
The Board of Directors of the Company at its meeting held on 27-March-19, have approved a Scheme of Arrangement u/s 230-232 of
the Companies Act, 2013, between the Company and NCP Commercials Pvt. Ltd. (‘Resulting Company’) and their respective
shareholders and creditors (“Scheme”) for demerger of Project ‘Lodha Excelus, New Cuffe Parade’ (“Demerged Undertaking”) and its
associated assets and liabilities and transfer and vesting thereof to and in the Resulting Company, as a ‘going concern’.
The National Company Law Tribunal, Mumbai Bench (NCLT) had approved the above scheme on 01-October-19. Accordingly,
all asset and its associated liabilities was transferred from the Company to NCP Commercial Private Limited at its carrying value. Upon
demerger of the project, the Company sold off its equity shares in NCP Commercial Private Limited to an unrelated buyer.
64 Details of dues to Micro, Small and Medium Enterprises:
(` in Lakhs)
As at As at
Particulars
Amount unpaid as at year end - Principal 36,213.31 6,596.09
Amount unpaid as at year end - Interest Nil Nil
The amount of interest paid by the buyer in terms of section 16, of the Micro Small and Nil Nil
Medium Enterprise Development Act, 2006 (the 'Act')along with the amounts of the
payment made to the supplier beyond the appointed day during each accounting year.
The amount of interest due and payable for the year of delay in making payment (which Nil Nil
have been paid but beyond the appointed day during the year) but without adding the
interest specified under Act.
The amount of interest accrued and remaining unpaid at the end of each accounting Nil Nil
year.
The amount of further interest remaining due and payable even in the succeeding years, Nil Nil
until such date when the interest dues as above are actually paid to the small enterprise
for the purpose of disallowance as a deductible expenditure under section 23 of the Act.
164
65 Details of Corporate Social Responsibility Expenditure (CSR)
(` in Lakhs)
Gross Amount required to be spent for CSR Activity 1,442.33 1,234.91
Amount Spent during the year 1,460.00 755.01
*The amount spent during the year has been incurred for the purposes other than construction / acquisition of any asset.
66 Recent Development
Government of India’s Code for Social Security 2020 (the ‘Code’) received assent from the President in September 2020. However, the
date from when the Code will become applicable and the Rules have not yet been notified. The Group will assess the impact of the
Code and account for the same once the effective date and the rules are notified.
67 Events after Balance Sheet Date
Subsequent to Balance Sheet date, the Company has completed the Initial Public Offering (IPO) of its equity shares comprising a fresh
issue of 5,14,40,328 equity shares having a face value of `10 each at premium of `476 per share aggregating `2,50,000 lakhs.
Pursuant to the IPO, the equity shares of the Company are listed on BSE Limited and National Stock Exchange of India Limited with
effect from 19-April-21.
68 Additional Information, as required under Schedule III to the Companies Act, 2013, of enterprises consolidated
as Subsidiary / Associates/ Joint Venture for the year ended 31-March-21:
Net Assets (Total Assets Share in Profit and Loss Other Comprehensive Total Comprehensive
minus Total Liabilities) Income (OCI) Income (TCI)
Sr. Particular As % of Net Assets As % of Profit and As % of OCI As % of TCI (` in

Consolidated (` in Lakhs) Consolidated Loss (` in Consolidated (` in Consolidated Lakhs)
Net Assets Profit and Lakhs) OCI Lakhs) TCI
Loss
Parent
1 Macrotech Developers Ltd. 81.04% 415,395.53 -387.82% (18,572.04) 19.25% 124.84 -339.27% (18,447.20)
Subsidiaries
Indian
2 Palava Industrial and 0.00% (0.61) -0.02% (0.82) - - -0.02% (0.82)
Logistics Park Pvt. Ltd.
(Formerly Grandezza
Supremous Thane Pvt. Ltd.)
3 Anantnath Constructions 0.55% 2,804.04 -0.10% (4.93) - - -0.09% (4.93)
and Farms Pvt. Ltd.
4 Apollo Complex Pvt. Ltd. 0.00% (1.13) -0.01% (0.57) - - -0.01% (0.57)
5 Cowtown Infotech Services 1.31% 6,690.33 41.44% 1,984.49 0.00 0.56 36.51% 1,985.05
Pvt. Ltd.
6 Ramshyam Infracon Pvt. -0.08% (395.54) 0.00% (0.02) - - 0.00% (0.02)
Ltd.
7 Bellissimo Estate Pvt. Ltd. 0.00% (4.17) -0.03% (1.51) - - -0.03% (1.51)
8 One Place Commercials -0.01% (34.20) -0.70% (33.69) - - -0.62% (33.69)
Pvt. Ltd.
9 Bellissimo Constructions -0.31% (1,590.77) -0.60% (28.57) - - -0.53% (28.57)
10 MMR Social Housing Pvt. 0.00% (22.59) -0.01% (0.30) - - -0.01% (0.30)
Ltd.
11 Bellissimo Buildtech LLP 0.11% 570.39 -0.22% (10.67) - - -0.20% (10.67)
12 Luxuria Complex Pvt. Ltd. 0.00% (2.72) -0.02% (0.93) - - -0.02% (0.93)
13 Cowtown Software Design 0.13% 642.08 4.72% 226.07 -0.05% (0.34) 4.15% 225.73
Pvt. Ltd.
14 National Standard (India) 4.13% 21,154.26 23.08% 1,105.32 - - 20.33% 1,105.32
Ltd.
165

Loss
15 Odeon Theatres and -0.01% (69.58) -0.11% (5.38) - - -0.10% (5.38)
Properties Pvt. Ltd.
16 Palava City Management 0.04% 204.96 0.32% 15.47 - - 0.28% 15.47
Pvt. Ltd.
17 Palava Dwellers Pvt. Ltd. 21.53% 110,363.26 567.93% 27,197.43 -0.30% (1.96) 500.17% 27,195.47
18 Roselabs Finance Ltd. -0.11% (588.32) -5.37% (257.27) - - -4.73% (257.27)
19 Sanathnagar Enterprises -0.22% (1,134.36) 0.38% 18.02 - - 0.33% 18.02
Ltd.
20 Renover Green Consultants 0.00% (0.90) -0.01% (0.55) - - -0.01% (0.55)
Pvt. Ltd.
21 Simtools Pvt. Ltd. 0.02% 112.72 0.48% 22.94 - - 0.42% 22.94
22 Sitaldas Estate Pvt. Ltd. 0.38% 1,939.42 0.41% 19.54 - - 0.36% 19.54
23 Copious Developers and -0.09% (468.43) 0.00% (0.23) - - 0.00% (0.23)
Farms Pvt. Ltd.
24 Center for Urban 0.00% (1.50) -0.01% (0.55) - - -0.01% (0.55)
Innovation
25 Palava Institute of Advanced 0.00% (0.69) -0.01% (0.54) - - -0.01% (0.54)
Skill Training
26 Brickmart Constructions 0.00% (12.66) -0.27% (12.76) - - -0.23% (12.76)
And Developers Pvt. Ltd.
27 Homescapes Constructions -0.12% (611.33) -12.77% (611.43) - - -11.25% (611.43)
Pvt. Ltd.
28 Palava Induslogic 2 Pvt. Ltd. 0.00% 0.09 0.00% (0.01) - - 0.00% (0.01)
29 Classichomes Developers 0.00% 0.07 0.00% (0.03) - - 0.00% (0.03)

And Farms Pvt. Ltd.
30 Primebuild Developers And -0.03% (133.91) -2.80% (134.01) - - -2.46% (134.01)
Farms Pvt. Ltd.
Foreign
31 Lodha Developers U.S., Inc. -0.02% (88.74) -1.28% (61.52) - - -1.13% (61.52)
32 Lodha Developers -2.18% -79.01% (3,783.63) - - -69.59% (3,783.63)

International Ltd. (11,194.98)
33 Lodha Developers 0.65% 3,326.90 10.24% 490.53 - - 9.02% 490.53
International (Netherlands)
B. V.
34 Lodha Developers Canada 0.00% 0.14 -0.09% (4.11) - - -0.08% (4.11)
Ltd.
Associate / Joint Venture
35 Kora Construction Pvt. Ltd. - - 0.00% (0.12) - - 0.00% (0.12)
36 Altamount Road Property - - -0.04% (2.12) - - -0.04% (2.12)

Pvt. Ltd.
37 Lodha Developers 1GSQ 0.00% - 0.00% - - - 0.00% -
Ltd.
38 Lodha Developers 48CS 0.00% - 0.00% - - - 0.00% -
Ltd.
166

Loss
39 Lodha Developers Dorset 0.00% - 0.00% - - - 0.00% -
Close Ltd.
40 Lodha Developers 1GSQ 0.00% - 0.00% - - - 0.00% -
Holdings Ltd.
41 Grosvenor Street 0.00% - 0.00% - - - 0.00% -
Apartments Ltd. (Formerly
known as Holland Park
Residences Holdings Ltd.)
42 Lodha Developers 0.00% - 0.00% - - - 0.00% -
International (Jersey) III Ltd.
43 Lodha Developers UK Ltd. 0.00% - 0.00% - - - 0.00% -
44 1GSQ Leasco Ltd. 0.00% - 0.00% - - - 0.00% -
45 New Court Holdings Ltd. 0.00% - 0.00% - - - 0.00% -
46 New Court Developers Ltd. 0.00% - 0.00% - - - 0.00% -
47 Lincoln Square Apartments 0.00% - 0.00% - - - 0.00% -

Ltd.
48 1GS Investments Ltd. 0.00% - 0.00% - - - 0.00% -
49 1GS Properties Investments 0.00% - 0.00% - - - 0.00% -

Ltd.
50 1GS Residences Ltd. 0.00% - 0.00% - - - 0.00% -
Sub-Total 546,847.05 7,551.52 123.10 7,674.60
Adjustments arising out of -6.68% (34,262.13) -57.69% (2,762.68) 81.02% 525.35 -41.15% (2,237.31)
Consolidation
Total 512,584.92 4,788.84 648.45 5,437.29
69 The figures for the corresponding previous year have been regrouped/ reclassified, wherever considered necessary, to
make them comparable with current years classification.
As per our attached report of even date For and on behalf of the Board of Directors of Macrotech Developers Limited

DIN: 00101004 DIN: 00266089

Bhavik L. Shah
Partner Sushil Kumar Modi Sanjyot Rangnekar
Membership No. 122071 (Chief Financial Officer) (Company Secretary)
Membership No. F4154
Place : Mumbai
Date : 14-May-2021
167
168
FORM AOC - 1
(Pursuant to first proviso to sub-section (3) of section 129 read with rule of Companies (Accounts) Rules, 2014)
Statement containing salient features of the financial statement of subsidiaries / associate companies
PART “A” : SUBSIDIARIES

` in Lakhs
Profit/ Provision for
Turnover
Sr. Name of Subsidiary Reporting Date of Share Reserves & Total (Loss) Taxation/ Profit/ (Loss) Proposed % of
Total Assets Investments / Total
No. Company Currency Investment Capital Surplus Liabilities Before Prior period After Taxation Dividend Shareholding
Income
Taxation Taxation
1 Anantnath Constructions INR 22-November-10. 3,644.40 (840.36) 3,720.03 915.99 2,888.40 - (4.93) - (4.93) - 100.00%
and Farms Pvt. Ltd.
2 Apollo Complex Pvt. Ltd. INR 04-January-20 1.00 (2.13) 0.43 1.56 - - (0.57) - (0.57) - 100.00%
3 Bellissimo Constructions INR 1-February-19. 0.10 (1,590.89) 20,946.69 22,537.48 - 3,713.91 (28.59) - (28.59) - 100.00%
4 Bellissimo Estate Pvt. Ltd. INR 8-March-19. 1.00 (5.18) 0.44 4.62 - - (1.52) - (1.52) - 100.00%
5 Brickmart Constructions INR 26-November-20. 0.10 (12.76) 1,546.33 1,558.99 - 51.52 (19.63) 6.87 (12.76) - 100.00%
6 Center for Urban INR 14-January-19. 1.00 (2.50) 0.34 1.84 - - (0.55) - (0.55) - 100.00%
Innovation
7 Classichomes INR 28-January-21. 0.10 (0.03) 0.10 0.03 - - (0.03) - (0.03) - 100.00%
Developers And Farms
Private Limited"
8 Copious Developers and INR 13-August-19. 1.00 (469.43) 3,005.07 3,473.50 1.00 - (0.23) - (0.23) - 100.00%
Farms Pvt. Ltd.
9 Cowtown Infotech INR 14-May-07. 22.30 6,668.03 201,722.52 195,032.19 0.01 111,246.46 742.53 1,241.96 1,984.49 - 100.00%
Services Pvt. Ltd.
10 Cowtown Software INR 12-October-07. 1.00 641.08 2,078.28 1,436.20 - 5,129.43 37.40 188.67 226.07 - 100.00%
Design Pvt. Ltd.
11 Homescapes INR 3-December-20. 0.10 (611.43) 84,586.88 85,198.21 - - (940.51) 329.08 (611.43) - 100.00%
Constructions Private
Limited
12 Lodha Developers CAD 28-September-18. 0.01 0.13 2.79 2.65 - 17.60 (5.77) 1.53 (4.24) - 100.00%
Canada Ltd.
13 Lodha Developers GBP 09-March-18. 1,713.72 1,613.18 279,062.30 275,735.40 - - 645.92 (138.25) 507.67 - 100.00%
International
(Netherlands) B. V.
14 Lodha Developers USD 16-December-13. 6.28 (11,201.26) 196,994.63 208,189.61 - 0.01 (3,727.44) - (3,727.44) - 100.00%
International Ltd.
15 Lodha Developers U.S., USD 3-October-17. 26.20 (114.94) 741.47 830.21 - - (39.88) (20.73) (60.61) - 100.00%
Inc.
16 Luxuria Complex Pvt. Ltd. INR 16-July-19. 0.10 (2.83) 0.57 3.29 - - (0.93) - (0.93) - 100.00%
Profit/ Provision for
Turnover
Sr. Name of Subsidiary Reporting Date of Share Reserves & Total (Loss) Taxation/ Profit/ (Loss) Proposed % of
Total Assets Investments / Total
No. Company Currency Investment Capital Surplus Liabilities Before Prior period After Taxation Dividend Shareholding
Income
Taxation Taxation
17 MMR Social Housing INR 5-October-07. 10.00 (32.59) 138.35 160.94 - 0.59 (0.38) 0.08 (0.30) - 100.00%
Pvt. Ltd.
18 National Standard (India) INR 19-May-11. 2,000.00 19,154.28 22,727.63 1,573.35 - 3,136.81 1,575.04 (469.72) 1,105.32 - 73.94%
Ltd.
19 Odeon Theatres and INR 10-December-07. 1.14 (70.72) 18.35 87.93 - 0.05 (5.38) - (5.38) - 100.00%
Properties Pvt. Ltd.
20 One Place Commercials INR 18-July-19. 0.50 (35.70) 101,437.28 101,472.48 - - (33.69) - (33.69) - 100.00%
Pvt. Ltd.
21 Palava City Management INR 29-March-12. 5.00 199.96 2,062.29 1,857.33 - 2,340.67 16.69 (1.22) 15.47 - 100.00%
Pvt. Ltd.
22 Palava Dwellers Pvt. Ltd. INR 14-March-17. 46,044.93 64,318.37 584,664.01 474,300.71 164,199.49 180,250.91 32,376.15 (5,178.69) 27,197.46 - 98.03%
23 Palava Induslogic 2 Pvt. INR 19-February-21. 0.10 (0.01) 0.09 - - - (0.01) - (0.01) - 100.00%
Ltd.
24 Palava Industrial and INR 24-April-19 1.00 (1.61) 0.76 1.37 - - (0.82) - (0.82) - 100.00%
Logistics Park Pvt. Ltd.
(Formerly known as
Grandezza Supremus
Thane Pvt. Ltd.)
25 Palava Institute of INR 14-January-19. 1.00 (1.69) 0.33 1.02 - - (0.54) - (0.54) - 100.00%
Advanced Skill Training
26 Primebuild Developers INR 12-November-20. 0.10 (134.01) 94,402.22 94,536.13 - - (206.14) 72.13 (134.01) - 100.00%
And Farms Private Limited
27 Ramshyam Infracon Pvt. INR 13-August-19. 1.00 (396.54) 0.04 395.58 0.00 - (0.30) 0.28 (0.02) - 100.00%
Ltd.
28 Renover Green INR 10-January-20. 1.00 (1.89) - 0.89 - - (0.54) - (0.54) - 100.00%
Consultants Pvt. Ltd.
29 Roselabs Finance Ltd. INR 10-June-13. 1,000.00 (1,588.32) 20.50 608.82 - 16.43 (274.71) 17.44 (257.27) - 74.25%
30 Sanathnagar Enterprises INR 25-May-10. 315.00 (1,449.37) 710.69 1,845.06 - 80.95 18.94 (0.93) 18.01 - 72.70%
Ltd.
31 Simtools Pvt. Ltd. INR 01-June-07. 29.50 83.21 2,302.57 2,189.86 - 20.58 18.61 4.32 22.93 - 53.46%
32 Sitaldas Estate Pvt. Ltd. INR 28-November-13. 6.80 1,932.62 6,433.31 4,493.89 - 55.00 23.74 (4.20) 19.54 - 91.18%
Converted into Indian Rupree at the exchange rate as on 31-March-2021: 1 GBP = ` 100.7655, 1 USD = ` 73.1125, 1 CAD = ` 58.2844.
The above statement also indicates performance and financial position of each subsidiary.
Notes:
1 There are no subsidiaries which are yet to commence operations.
2 No Subsidiary was liquidated during the year
3 Subsidiary sold during the year: NIL
169
PART “B” : ASSOCIATES AND JOINT VENTURES
170
Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures ` in Lakhs
Shares of Associate / Joint Venture held by the company as at the year end Profit / (Loss) for the year
“Networth Description Reason

"Date on which “Amount of Considered
attributable Not of how why the
Latest audited the Associate / Investment “Extend of in
Sr. to Shareholding Considered in there is associate
Name of Associates / Joint Venture Balance Sheet Joint Venture was No. in Associate / Joint Holding %” Consolidation
No. as per last audited Consolidation significant is not
Date associated Venture (` in Lakhs)
Balance Sheet influence consolidated
or acquired" (` in Lakhs)”
(` in Lakhs)”
1 Altamount Road Property Pvt. Ltd. 31 March 2021 22 April 2019 1358246 Equity Shares of ` 10 each 4,478.27 49.00% 5,178.57 (2.12) (2.21) Note - A NA
2 Grosvenor Street Apartments Limited 31 March 2021 25 March 2020 10 Equity Shares of GBP 1 each - 51.00% (731.83) - (59.90) Note - A NA
3 Kora Constructions Pvt. Ltd. 31 March 2021 15 December 2007 110,000 Equity Shares of `10 each 1,399.97 44.00% 10.27 (0.12) (0.16) Note - A NA
4 Lincoln Square Apartments Limited 31 March 2021 25 March 2020 10 Equity Shares of GBP 1 each - 51.00% (7,150.60) - (6,146.90) Note - A NA
5 Lodha Developers 1GSQ Limited 31 March 2021 25 March 2020 100000 Equity Shares of GBP 1 each - 53.45% (83,575.96) - (43,287.18) Note - A NA
6 Lodha Developers 48CS Limited 31 March 2021 25 March 2020 10000 Equity Shares of GBP 1 each - 53.45% (58,334.16) - (26,051.20) Note - A NA
7 Lodha Developers Dorset Close Limited 31 March 2021 25 March 2020 1 Equity Shares of GBP 1 each - 53.45% (0.01) - -0.01 Note - A NA
8 Lodha Developers 1GSQ Holdings Limited 31 March 2021 25 March 2020 10010 Equity Shares of GBP 1 each -* 53.45% (174.18) - (36.96) Note - A NA
9 Lodha Developers International (Jersey) III Ltd. 31 March 2021 25 March 2020 10000 Equity Shares of GBP 1 each -* 53.45% (794.58) - (0.03) Note - A NA
10 Lodha Developers UK Ltd. 31 March 2021 25 March 2020 12000 Equity Shares of GBP 1 each -* 51.00% 33,796.87 - 20,121.23 Note - A NA
11 New Court Developers Ltd. 31 March 2021 25 March 2020 10 Equity Shares of GBP 1 each - 51.00% (8.79) - (3.52) Note - A NA
12 New Court Holdings Ltd. 31 March 2021 25 March 2020 10 Equity Shares of GBP 1 each - 51.00% (207.28) - (197.32) Note - A NA
13 1GSQ Leasco Limited 31 March 2021 25 March 2020 10 Equity Shares of GBP 1 each - 51.00% (7.26) - (3.11) Note - A NA
14 1GS Investments Limited 31 March 2021 07 July 2020 90010 Equity Shares @ 1 GBP each - 53.45% (4.22) - (94.92) Note - A NA
15 1GS Residences Limited 31 March 2021 07 July 2020 10 Equity Shares of GBP 1 each - 53.45% (44.19) - (44.21) Note - A NA
16 1GS Properties Investments Limited 31 March 2021 23 September 2020 10 Equity Shares of GBP 1 each - 53.45% (13.81) - (13.82) Note - A NA
(Formerly GS Penthouse Limited)
*Investment value is nil after considering fair value of retain interest and group's share of losses in joint venture.
The above statement also indicates performance and financial position of each of the Associate/ Joint Venture.
Converted into Indian Rupree at the exchange rate as on 31-March-2021: 1 GBP = ` 100.7655.
Note:
1 There are no Associates/ Joint Venture which are yet to commence operations.
2 No Associates/ Joint Venture have been sold or liquidated during the year.
A. There is significant influence due to percentage(%) of Share Capital.

DIN: 00101004 DIN: 00266089

Sushil Kumar Modi Sanjyot Rangnekar
(Chief Financial Officer) (Company Secretary)
Membership No. F4154

Place : Mumbai
Date : 14-May-2021
ANNUAL GENERAL MEETING NOTICE

Regd. Off.: 412, Floor-4, 17G Vardhaman Chamber, Cawasji Patel Road, Horniman Circle, Fort, Mumbai-400001
Tel.: +91.22.61334400 Fax: +91.22.23024550 CIN U45200MH1995PLC093041
NOTICE is hereby given that the 26th Annual General Meeting and the Companies (Appointment and Qualification of
(“AGM”) of Macrotech Developers Limited (“Company”) will be Directors) Rules, 2014 and the applicable provisions of the
held on Friday, September 3, 2021 at 3.30 p.m. through video Securities and Exchange Board of India (Listing Obligations and
conferencing / Other Audio Visual Means to transact the following
Disclosure Requirements) Regulations, 2015 (“Listing
business:-
Regulations”), (including any amendments or modifications
ORDINARY BUSINESS thereto from time to time), upon recommendation of the
Nomination and Remuneration Committee and approval of
1. To receive, consider and adopt the Board of Directors of the Company, Mr Mukund Chitale
(DIN 00101004), who was appointed as an Independent
a. the Audited Standalone Financial Statements of the Director at the 22nd Annual General Meeting of the Company
Company for the financial year ended March 31, 2021, and who holds office up to November 23, 2021 and being
together with the Reports of the Board of Directors and the eligible, has submitted a declaration that he meets the criteria
Auditors thereon; and of independence as required under Section 149(6) of the Act
and the Listing Regulations and in respect of whom the
b. the Audited Consolidated Financial Statements of the Company has received a notice in writing under Section 160 of
Company for the financial year ended March 31, 2021, the Act, from a member proposing his candidature for the
together with the Report of the Auditors thereon. office of Director, be and is hereby reappointed as an
Independent Director of the Company, not liable to retire by
2. To appoint a Director in place of Mr. Rajinder Pal Singh (DIN -
rotation, to hold office for a second term of 5 (five) consecutive
02943155) who retires by rotation and being eligible, offers
years from November 23, 2021 up to November 22, 2026;
himself for re-appointment.
RESOLVED FURTHER THAT pursuant to Regulation 17(1A) of the
3. To consider and if thought fit, to pass, the following resolution
SEBI (Listing Obligations and Disclosure Requirements)
as an Ordinary Resolution:
Regulations, 2015, approval of the Members be and is hereby
granted to the continuation of directorship of Mr Mukund
Re-appointment of Statutory Auditors of the Company:
Chitale (DIN 00101004) as an Independent Director of the
Company, after he attains the age of 75 years, during his
“RESOLVED THAT pursuant to the provisions of Section 139,
second term as proposed above;
142 and other applicable provisions, if any, of the Companies
Act, 2013 read with the Companies (Audit and Auditors) Rules,
RESOLVED FURTHER THAT in the event the Company has no
2014 (including any statutory modification(s) or re-enactment
profits or inadequacy of profits in any financial year, Mr Mukund
thereof) and recommendation of the Audit Committee and
Chitale may be paid remuneration in accordance with the
approval of the Board of Directors of the Company, MSKA
provisions of Schedule V of the Companies Act 2013;
& Associates, Chartered Accountants ( Firm Registration No.
105047W) be and are hereby re-appointed as the Statutory
RESOLVED FURTHER THAT the Board of Directors (including
Auditors of the Company for a second term of 5 (five) years
any Committee thereof) be and is hereby authorised to do all
to hold office from the conclusion this 26th Annual General
acts and take all such steps as may be necessary, proper or
Meeting until the conclusion of the 31st Annual General
expedient to give effect to this resolution.”
Meeting of the Company, on such remuneration and terms
and conditions as set out in the explanatory statement to this 5. To consider and if thought fit, to pass the following resolution as
Notice." a Special Resolution:
SPECIAL BUSINESS Reappointment of Ms. Raunika Malhotra (DIN: 06964339) as a

Whole Time Director
4. To consider and if thought fit, to pass the following resolution as
a Special Resolution:
“RESOLVED THAT pursuant to the provisions of Sections 149,
152, 160, 196, 197 and 203 and other applicable provisions
Reappointment of Mr Mukund Chitale (DIN 00101004) as an
of the Companies Act, 2013 (“Act”) read with Schedule V of
Independent Director for a second term of 5 years
the Act, the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014, (including any
“RESOLVED THAT pursuant to the provisions of Sections
amendments or modifications thereto from time to time) and
149, 152, 160 read with Schedules IV & V and other
upon recommendation of the Nomination and Remuneration
applicable provisions of the Companies Act, 2013 (“Act”)
Committee and approval of the Board of Directors of the
171
Company, approval of the members be and is hereby granted RESOLVED FURTHER THAT the Board (including any Committee
for reappointment and terms of remuneration of Ms. Raunika thereof) be and is hereby authorised to do all acts and take all
Malhotra (DIN: 06964339) as a Whole-Time Director in such steps as may be necessary, proper or expedient to give
respect of whom the Company has received a notice in writing effect to this resolution."
under Section 160 of the Act, from a member proposing her
candidature for the office of Director for a period of 2 (two) 7. To consider and if thought fit, to pass the following resolution as
years with effect from June 26, 2021, liable to retire by rotation, a Special Resolution:
upon the terms and conditions set out in the Explanatory
Statement annexed to the Notice convening this Annual General Approve the ‘Macrotech Developers Limited Employee Stock
Meeting, (including the remuneration to be paid in the event of Option Scheme 2021 – II’
loss or inadequacy of profits) in any financial year during the
“RESOLVED THAT pursuant to the provisions of section
tenure of her appointment as whole time director with liberty to
62(1)(b) and all other applicable provisions, if any, of the
the Board of Directors (hereinafter referred to as “the Board”
Companies Act, 2013 read with the rules made thereunder,
(including any Committee thereof) to alter and vary the terms
the Securities and Exchange Board of India (Share Based
and conditions of the said appointment and / or remuneration in
Employee Benefits) Regulations, 2014 and other applicable
such a manner as may be agreed to between the Board and Ms.
regulations and relevant provisions of Circular No. CIR/
Raunika Malhotra;
CFD/POLICY CELL/2/2015 dated June 16, 2015 issued
by the Securities and Exchange Board of India (“SEBI SBEB
RESOLVED FURTHER the Board (including any Committee
Regulations”), the Securities and Exchange Board of India
thereof) be and is hereby authorised to do all acts and take all
(Listing Obligations and Disclosure Requirements) Regulations,
such steps as may be necessary, proper or expedient to give
2015 (“Listing Regulations”) and all other statutes, laws, rules,
effect to this resolution.”
regulations, guidelines, circulars etc. issued by other appropriate
authority(ies), if any (including any statutory amendment or
6. To consider and if thought fit, to pass the following resolution as
modification or re-enactment thereof, for the time being in force)
a Special Resolution:
and in line with the Memorandum and Articles of Association
of the Company and subject to such other approvals, consents,
Appointment of Mr Lee Polisano (DIN 0009254797) as an
sanctions and permissions, as may be necessary from time to
Independent Director for a first term of 5 years
time and further subject to such terms and conditions as may be
prescribed while granting such approvals, consents, permissions
“RESOLVED THAT pursuant to the provisions of Sections
and sanctions and which may be agreed to and accepted by the
149, 152, 160 read with Schedules IV & V and other
Board of Directors of the Company (hereinafter referred to as the
applicable provisions of the Companies Act, 2013 (“Act”)
‘’Board’’ which term shall be deemed to include the Nomination
and the Companies (Appointment and Qualification of
and Remuneration Committee (hereinafter referred as “the
Directors) Rules, 2014 and the applicable provisions of the
NRC” or any other Committee of Board which has been duly
Securities and Exchange Board of India (Listing Obligations
constituted by the Board, inter alia, to act as the Compensation
and Disclosure Requirements) Regulations, 2015 (“Listing
Committee under Regulation 5 of SEBI SBEB Regulations and
Regulations”), (including any amendments or modifications
to exercise its powers, including the powers conferred by this
thereto from time to time) and upon recommendation of the
resolution) and pursuant to the recommendation of the Board,
Nomination and Remuneration Committee and approval of
consent of the shareholders be and is hereby granted for
the Board of Directors of the Company, Mr. Lee Polisano (DIN: implementation of the ‘Macrotech Developers Limited Employee
0009254797), who was appointed as an Additional Director Stock Option Scheme 2021 – II’ (“ESOP Scheme 2021-II”);
of the Company in the category of Independent Director, by
the Board of Directors with effect from July 30, 2021 and who RESOLVED FURTHER THAT consent of the shareholders be
holds office up to the conclusion of this 26th Annual General and is hereby granted to create, grant, offer, issue and allot at
Meeting of the Company in terms of section 161 of the Act, any time, to or for the benefit of the eligible employees of the
and in respect of whom the Company has received a notice in Company (as defined in the ESOP Scheme 2021 - II), selected
writing under Section 160 of the Act from a member signifying on the basis of criteria decided by the Board, such number of
his intention to propose his candidature for the office of Director stock options (the “stock options” or “Options”) (exercisable
and who has submitted a declaration that he meets the criteria into equivalent number of equity shares of ` 10/- each of the
of Independence under Section 149(6) of the Act and the Listing Company) (the “Equity Shares”), not exceeding in aggregate 2%
Regulations; be and is hereby appointed as a Director of the of the paid-up equity share capital of the Company from time
Company, in the category of Independent Director, for a first to time or such other number adjusted in terms of the ESOP
term of five years from July 30, 2021 up to July 29, 2026, not Scheme 2021 - II as per applicable law, at such price, in one
liable to retire by rotation; or more tranches, under the ESOP Scheme 2021 - II and on
such terms and conditions as may be fixed or determined by
RESOLVED FURTHER THAT in the event the Company has no the Board in accordance with the Act, SEBI SBEB Regulations or
profits or inadequacy of profits in any financial year, Mr Lee other provisions of the law as may be prevailing at that time.
Polisano may be paid remuneration in accordance with the
provisions of Schedule V of the Companies Act 2013; RESOLVED FURTHER THAT in case of any corporate actions
such as sub-division or consolidation of face value of equity
shares, rights issues, bonus issues, merger and sale of division
172
or any other re-organisation of capital structure of the Company, RESOLVED FURTHER THAT the Board be and is hereby
as may be applicable from time to time, the Board be and is authorised to do all such acts, deeds and things, as it
hereby authorised to do all such acts, deeds, matters and things may in its absolute discretion, deem fit and necessary,
as it may deem fit in its absolute discretion and as permitted including authorising or directing the appointment of various
under applicable laws, so as to ensure a fair and reasonable intermediaries including merchant bankers, brokers, solicitors,
adjustment to the stock options granted earlier, without affecting registrars, compliance officer, investors service center, experts,
any other rights or obligations of the employees who have been professionals, independent agencies and other advisors,
granted stock options under the ESOP Scheme 2021 - II. consultants or representatives, being incidental to the effective
implementation and administration of the ESOP Scheme 2021 -
RESOLVED FURTHER THAT the Board be and is hereby II and also to prefer applications to the appropriate authorities,
authorized to take necessary steps for listing of equity shares parties and the institutions for their requisite approvals, if any,
allotted under ESOP Scheme 2021 - II on BSE Limited and required by the Securities and Exchange Board of India/ the
National Stock Exchange of India Limited or any other Stock stock exchange(s), and all other documents required to be filed
Exchange where the securities of the Company listed, as per in the above connection and to settle all such questions or
SEBI Listing Regulations, SEBI SBEB Regulations and other difficulties whatsoever which may arise and take all such steps
applicable laws and regulations, as amended from time to time. and decisions in this regard.
RESOLVED FURTHER THAT the equity shares to be issued on RESOLVED FURTHER THAT the Board be and is hereby
exercise of stock options may be allotted to the Employees authorised to delegate all or any power(s) conferred herein,
through any appropriate mechanism, which may include to any of its committee(s), with power to further delegate such
provisions for providing loan/financial assistance by the powers to any executives/ officers of the Company to do all such
Company, its holding, and/or subsidiary company(ies), to the acts, deeds, matters and things as may be necessary for the
Employees from time to time, on such terms as the Board may implementation of the ESOP Scheme 2021 - II and incidental
think fit, to enable the Employees to subscribe to or purchase the thereto and also to execute such documents, writings, etc. as
equity shares of the Company. may be necessary in this regard.”
RESOLVED FURTHER THAT the Company shall conform to the 8. To consider and if thought fit, to pass the following resolution as
accounting policies prescribed under Regulation 15 of the SEBI a Special Resolution:
SBEB Regulations and any other applicable laws and regulations
to the extent relevant and applicable in connection with Approve extension of benefits of the ESOP Scheme 2021-II
implementation of ESOP Scheme 2021 - II. to employees of the holding company and subsidiaries of the
Company
RESOLVED FURTHER THAT subject to the terms stated herein,
the equity shares allotted pursuant to ESOP Scheme 2021 - II “RESOLVED THAT pursuant to the provisions of section 62(1(b)
shall rank pari passu with the then existing equity shares of the and all other applicable provisions, if any, of the Companies
Company, in all respects. Act, 2013 read with the rules made thereunder, the Securities
and Exchange Board of India (Share Based Employee Benefits)
RESOLVED FURTHER THAT the Board be and is hereby Regulations, 2014 and other applicable regulations and relevant
authorized at any time to modify, change, vary, alter, amend, provisions of Circular No. CIR/CFD/POLICY CELL/2/2015
suspend or terminate the ESOP Scheme 2021 – II, unless such dated June 16, 2015 issued by the Securities and Exchange
variation, amendment, modification or alteration is detrimental Board of India (“SEBI SBEB Regulations”), the Securities and
to the interest of the employees who have been granted stock Exchange Board of India (Listing Obligations and Disclosure
options under the ESOP Scheme 2021 – II and subject to the Requirements) Regulations, 2015 (“Listing Regulations”) and all
compliance with the applicable laws and regulations and to other statutes, laws, rules, regulations, guidelines, circulars etc.
do all such acts, deeds, matters and things as it may deem fit issued by other appropriate authority(ies), if any (including any
at its absolute discretion, for such purpose and also to settle statutory amendment or modification or re-enactment thereof,
any issues, questions, difficulties or doubts that may arise in for the time being in force) and in line with the Memorandum
this regard without being required to seek any further consent and Articles of Association of the Company and subject to
or approval of the Members to the end and intent that they such other approvals, consents, sanctions and permissions,
shall be deemed to have given their approval thereto expressly as may be necessary from time to time and further subject to
by the authority of this resolution and further to execute all such terms and conditions as may be prescribed while granting
such documents, writings and to give such directions and or such approvals, consents, permissions and sanctions and which
instructions as may be necessary or expedient to give effect to may be agreed to and accepted by the Board of Directors
such modification, change, variation, alteration, amendment, of the Company (hereinafter referred as “the NRC”) or any
suspension or termination of the ESOP Scheme 2021 – II and do other Committee of Board which has been duly constituted by
all other things incidental and ancillary thereof in conformity with the Board, inter alia, to act as the Compensation Committee
the provisions of the Companies Act, 2013, the Memorandum under Regulation 5 of SEBI SBEB Regulations and to exercise its
of Association and the Articles of Association of the Company, powers, including the powers conferred by this resolution) and
the SEBI SBEB Regulations and any other applicable laws in pursuant to the recommendation of the Board, consent of the
force; shareholders be and is hereby accorded to the Board to extend
the benefits and coverage of the ‘Macrotech Developers Limited
Employee Stock Option Scheme 2021 - II
173
(“ESOP Scheme 2021 - II”) to such eligible employees of any documents required to be filed in the above connection and
present and future holding and subsidiary company(ies) of the to settle all such questions or difficulties whatsoever which
Company (as defined in the ESOP Scheme 2021 - II), selected may arise and take all such steps and decisions in this regard
on the basis of criteria decided by the Board thereof, in one or , without requiring the Board to secure any further consent or
more tranches, under the ESOP Scheme 2021 - II, within the approval of the shareholders of the Company to the end and
ceiling and in the manner mentioned in the resolution under intent that they shall be deemed to have given their approval
item no 7 of the notice of this 26th Annual General Meeting and thereto expressly by the authority of this resolution.
on such terms and conditions as may be fixed or determined by
the Board in accordance with the Act, SEBI SBEB Regulations or RESOLVED FURTHER for the purpose of giving effect to the
other provisions of the law as may be prevailing at that time. above resolution, the Board be and is hereby authorised to
do all such acts, deeds, matters and things as it may, in its
RESOLVED FURTHER THAT in case of any corporate actions absolute discretion, deem fit, necessary, expedient or proper for
such as sub-division or consolidation of face value of equity settling any questions, difficulties or doubts that may arise in this
shares, rights issues, bonus issues, merger and sale of division regard, in accordance with the provisions of the Act, SEBI SBEB
or other re-organisation of capital structure of the Company, Regulations, SEBI Listing Regulations and other applicable laws,
as applicable from time to time, the Board be and is hereby if any.”
authorised to do all such acts, deeds, matters and things as
it may deem fit in its absolute discretion and as permitted 9. To consider, and if thought fit, to pass the following resolution as
under applicable laws, so as to ensure a fair and reasonable an Ordinary Resolution:
adjustment to the stock options granted earlier, without affecting
any other rights or obligations of the employees who have been Approve the remuneration of Cost Auditors for the financial year
granted stock options under the ESOP Scheme 2021 - II. ending March 31, 2021
RESOLVED FURTHER THAT the Board be and is hereby “RESOLVED THAT pursuant to the provisions of Section 148
authorized to take necessary steps for listing of equity shares of the Companies Act, 2013 (“Act”) read with Companies
allotted under ESOP Scheme 2021 - II on BSE Limited and (Audit and Auditors) Rules, 2014 (including any amendments
National Stock Exchange of India Limited or any other Stock or modifications thereto from time to time), remuneration of
Exchange where the securities of the Company listed, as per ` 5,00,000 (plus applicable taxes and re-imbursement of
SEBI Listing Regulations, SEBI SBEB Regulations and other out of pocket expenses), payable to D. C. Dave & Co., Cost
applicable laws and regulations, as amended from time to time. Accountants (Firm Registration No. 000611), appointed by the
Board to conduct the audit of the cost records of the Company
RESOLVED FURTHER THAT the equity shares to be issued on for the financial year 2021-22, be and is hereby ratified and
exercise of stock options may be allotted to the Employees confirmed.
through any appropriate mechanism, which may include
provisions for providing loan/financial assistance by the RESOLVED FURTHER THAT the Board of Directors of the
Company, its holding, and/or subsidiary company(ies), to the Company be and is hereby authorised to do all acts, deeds and
Employees from time to time, on such terms as the Board may things and take all such steps as may be necessary, proper or
think fit, to enable the Employees to subscribe to or purchase the expedient to give effect to this resolution.”
equity shares of the Company.
RESOLVED FURTHER THAT the Company shall conform to the

accounting policies prescribed under Regulation 15 of the SEBI
SBEB Regulations and any other applicable laws and regulations
to the extent relevant and applicable in connection with
implementation of ESOP Scheme 2021 - II.
RESOLVED FURTHER THAT subject to the terms stated herein,

the equity shares allotted pursuant to ESOP Scheme 2021 - II
shall rank pari passu with the then existing equity shares of the
Company, in all respects.
RESOLVED FURTHER THAT the Board be and is hereby

authorised to do all such acts, deeds and things, as it
may in its absolute discretion, deem fit and necessary,
including authorising or directing the appointment of various
intermediaries, experts, professionals, independent agencies
and other advisors, consultants or representatives, being
incidental to the effective implementation and administration
of the ESOP Scheme 2021-II and also to prefer applications
to the appropriate authorities, parties and the institutions for
their requisite approvals, if any, required by the Securities and
Exchange Board of India/ the stock exchange(s), and all other
174
Registered Office: By Order of the Board

412, Floor - 4, 17G Vardhaman Chambers, For Macrotech Developers Limited
Fort, Mumbai – 400 001
CIN U45200MH1995PLC093041
Sanjyot Rangnekar
Company Secretary
Membership No.: F4154
Place: Mumbai
Date: July 30, 2021
175
NOTES: 6) Since the AGM will be held through VC/ OAVM, the route map
of the venue of the Meeting is not annexed hereto.
1) The Statement pursuant to Section 102 (1) of the Companies
Act, 2013 (“Act”) setting out material facts concerning the 7) In line with the MCA Circulars, the Notice calling the AGM
business under item nos. 3 to 9 of the Notice is annexed has been uploaded on the website of the Company at www.
hereto. lodhagroup.in.The Notice may also be accessed from the
websites of the Stock Exchanges i.e. BSE Limited at www.
2) In view of the COVID-19 pandemic, the Ministry of Corporate bseindia.com and NSE at www.nseindia.com and also on the
Affairs (“MCA”) has vide its General Circular Nos. 14/2020, website of Link Intime India Private Limited (agency for providing
17/2020 and 20/2020 dated April 8, 2020, April 13, 2020 the Remote e-Voting facility) i.e. https://instavote.linkintime.
and May 5, 2020 respectively and by General Circular No. co.in
02/2021 dated January 13, 2021 allowed companies whose
AGMs were due to be held in the year 2020 or become 8) The Register of Directors and Key Managerial Personnel and
due in the year 2021, to conduct their AGMs on or before their shareholding maintained under Section 170 of the Act, the
December 31, 2021, in accordance with the requirements Register of Contracts or Arrangements in which the directors are
provided in paragraphs 3 and 4 of the General Circular No. interested, maintained under Section 189 of the Act, and the
20/2020 (collectively referred to as “MCA Circulars”) and relevant documents referred to in the Notice will be available
Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/79 dated electronically for inspection by the members before and during
May 12, 2020, the validity of which has been extended till the AGM.
December 31, 2021 by SEBI, vide its Circular No. SEBI/
HO/CFD/CMD2/CIR/P/2021/11 dated January 15, 2021 9) All documents referred to in the Notice will also be available
issued by the Securities and Exchange Board of India (“SEBI”) electronically for inspection without any fee by the members
(collectively referred to as “SEBI Circulars”) permitted convening from the date of circulation of this Notice up to the date of
the Annual General Meeting (“AGM” / “Meeting”) through AGM. Members seeking to inspect such documents can send
Video Conferencing (“VC”) or Other Audio Visual Means an email to [email protected]
(“OAVM”), without the physical presence of the members at a
10) In terms of Rule 18 of the Companies (Management and
common venue. In compliance with these Circulars, provisions
Administration) Rules, 2014, the Company may give notice
of the Companies Act, 2013 (‘the Act’) and the Securities and
through electronic mode addressing to the person entitled to
Exchange Board of India (Listing Obligations and Disclosure
receive such e-mail as per the records of the Company or as
Requirements) Regulations, 2015 (“SEBI Listing Regulations”),
provided by the depository, provided that the Company shall
the AGM of the Company is being held through VC / OAVM,
provide an advance opportunity atleast once in a financial
which does not require physical presence of members at a
year, to the member to register his e-mail address and changes
common venue. Pursuant to MCA Circulars and SEBI Circulars,
therein and such request may be made by only those members
this annual report is being sent by email only.
who have not got their email ID recorded or to update a fresh
3) In terms of the MCA Circulars since the physical attendance of email ID and not from the members whose e-mail IDs are
Members has been dispensed with, there is no requirement of already registered. In view of the above, the Company hereby
appointment of proxies. Accordingly, the facility of appointment requests the members who have not updated their email IDs to
of proxies by Members under Section 105 of the Act will not update the same with their respective Depository Participant(s)
be available for the AGM and hence the Proxy Form and or the Link Intime India Private Limited, the Registrar and
Attendance Slip are not annexed to this notice. However, Transfer Agent of the Company (“R&T Agent”). Further, the
the Body Corporates are entitled to appoint authorised members holding shares in electronic mode are requested
representatives to attend the AGM through VC/OAVM and to keep their email addresses updated with the Depository
participate thereat and cast their votes through e-voting. The Participants. Members holding shares in the physical mode are
resolution authorising for the aforesaid shall be sent to the also requested to update their email addresses by writing to the
Company at [email protected] with a copy R&T Agent of the Company quoting their folio number(s).
marked to [email protected], scrutiniser appointed
11) Members holding shares in dematerialized form are requested
for the meeting and to Link Intime India Private Limited at
to intimate all changes pertaining to their bank details, National
[email protected]
Electronic Clearing Service (NECS) and Electronic Clearing
4) The Members can join the AGM in the VC/OAVM mode Service (ECS) mandates, nominations, power of attorney,
15 minutes before and after the scheduled time of the change of address, change of name, e-mail address, contact
commencement of the Meeting by following the procedure numbers, etc., to their Depository Participant (DP). Changes
mentioned in the Notice. The facility of participation through intimated to the DP will then be automatically reflected in
VC/OAVM provided by Link Intime India Private Limited through the Company’s record which will help the Company and the
InstaMeet. Company’s R&T Agent to provide efficient and better services.
Members holding shares in physical form are requested
5) The attendance of the Members attending the AGM through to intimate such changes either to the Company or to the
VC/OAVM will be counted for the purpose of reckoning the Company’s R&T Agent.
quorum under Section 103 of the Companies Act, 2013.
12) The Securities and Exchange Board of India (SEBI) has
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mandated submission of Permanent Account Number (PAN) 20) During the AGM, the Chairman shall, after responding to the
by every participant in the securities market. Members holding questions raised by the Members in advance or as a speaker
shares in demat form are, therefore, requested to submit at the AGM, formally propose to the Members participating
PAN details to the Depository Participants with whom they are through VC/OAVM Facility to vote on the resolutions as set
maintaining their demat accounts. Members holding shares in out in the Notice of the AGM and announce the start of the
physical form can submit their PAN details to R&T Agent of the casting of vote through the e-Voting system. After the Members
Company. participating through VC/OAVM Facility, eligible and interested
to cast votes, have cast the votes, the e-Voting will be closed
13) Pursuant to the provisions of Section 108 of the Companies with the formal announcement of closure of the AGM.
Act, 2013 read with Rule 20 of the Companies (Management
and Administration) Rules, 2014 (as amended) and Regulation 21) The Scrutiniser shall after the conclusion of e-Voting at the
44 of SEBI (Listing Obligations & Disclosure Requirements) AGM, first download the votes cast at the AGM and thereafter
Regulations 2015 (as amended), and the MCA Circulars, the unblock the votes cast through remote e-Voting and shall
Company is providing facility of remote e-voting to its Members make a consolidated scrutinizer’s report of the total votes cast
in respect of the business to be transacted at the AGM and in favour or against, invalid votes, if any, and whether the
facility for those members participating in the AGM to caste resolution has been carried or not, and such Report to the
vote through e-voting system during the AGM. Chairman or any person authorised by him within 48 hours
from the conclusion of the meeting, who shall then countersign
For this purpose, the Company has engaged the services of Link
and declare the result of the voting forthwith.
Intime India Private Limited (Link Intime) for facilitating voting
through electronic means, as the authorized agency. The facility 22) The results declared along with the report of the Scrutinizer
of casting votes by a member using remote e-voting system as will be placed on the website of the Company
well as e-voting at the AGM will be provided by Link Intime. www.lodhagroup.in and on the website of the link intime
immediately after the declaration of result by the Chairperson or
14) Any person, who acquires shares of the Company and becomes
a person authorized by him. The results will also be immediately
member of the Company after the Company sends notice of
forwarded to the stock exchanges.
the AGM by email and holds shares as on the cut-off date
i.e. Friday, August 27, 2021 may obtain their login ID and
23) The Register of Members and the Share Transfer books of the
password by sending a request at [email protected]
Company will remain closed from Thursday, August 26, 2021
15) The voting rights of the members shall be in proportion to the to Friday, September 3, 2021, both days inclusive.
number of equity shares held by them as on the cut-off date
i.e., Friday, August 27, 2021. 24) In terms of Section 152 of the Act, Mr. Rajinder Pal Singh (DIN
– 02943155), retires by rotation at the Meeting and being
16) A person, whose name is recorded in the Register of Members eligible, offers himself for re-appointment. The Nomination
or in the Register of Beneficial Owners maintained by the and Remuneration Committee of the Board and the Board
depositories as on the cut-off date i.e. Friday, August 27, 2021 of Directors of the Company has recommended his re-
only shall be entitled to avail the facility of remote e-voting or appointment.
e-voting at the AGM. A person who is not a member as on the
cut-off date should treat this notice for information purpose 25) The additional information in respect of re-appointment of
only. Mr. Rajinder Pal Singh (DIN – 02943155) as Director, liable to
retire by rotation, pursuant to the provisions of Securities and
17) The remote e-voting period will commence on Tuesday, August Exchange Board of India (Listing Obligations and Disclosure
31, 2021 at IST 9:00 am and will end on Thursday, September Requirements) Regulations, 2015 and the Secretarial Standard
2, 2021 at IST 5:00 pm. During this period the members’ on General Meetings, are provided as Annexure 1 to the
of the Company, holding shares either in physical form or Explanatory Statement.
in dematerialized form, as on the cut-off date i.e. Friday,
August 27, 2021, may cast their vote by remote e-voting. The 26) Mr. Rajinder Pal Singh (DIN – 02943155) is interested in the
remote e-voting module shall be forthwith blocked by Link Ordinary Business as set out at Item No. 2 of the Notice with
Intime private Limited for voting thereafter. Once the vote on respect to his re- appointment. The relatives of Mr. Rajinder
a resolution is cast by the member, the member shall not be Pal Singh may also be deemed to be interested in the said
allowed to change it subsequently or vote again. Resolution to the extent of their shareholding interest, if any,
in the Company. Save and except the above, none of the
18) You can also update your mobile number and e-mail ID in the Directors / Key Managerial Personnel of the Company / their
user profile details of the folio which may be used for sending Relatives are, in any way, concerned or interested, financially or
future communication(s). otherwise, for Item No. 2.
19) The Company has appointed Shravan Gupta, (CoP No. 9990),
Practicing Company Secretary or failing him Ritul Parmar (CoP
No. 14845) , as the scrutinizer (the ‘Scrutinizer’) for scruntizing
the remote e-voting process as well as e-voting at the AGM in a
fair and transparent manner.
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THE INSTRUCTIONS FOR MEMBERS FOR REMOTE E-VOTING ARE AS UNDER:-
Pursuant to SEBI circular dated December 9, 2020 on e-Voting facility provided by listed companies, individual shareholders holding
securities in demat mode can vote through their demat account maintained with depositories and depository participants.
Shareholders are advised to update their mobile number and email Id in their demat accounts to access e-Voting facility.
Login method for Individual shareholders holding securities in demat mode/ physical mode is given below:
Type of shareholders Login Method
Individual Shareholders holding securities in • If you are already registered for NSDL IDeAS facility, please visit the e-Services website
demat mode with NSDL of NSDL. Open web browser by typing the following URL: https://eservices.nsdl.com
either on a Personal Computer or on a mobile. Once the home page of e-Services
is launched, click on the “Beneficial Owner” icon under “Login” which is available
under ‘IDeAS’ section. A new screen will open. You will have to enter your User ID and
Password.
• After successful authentication, you will be able to see e-Voting services. Click on
“Access to e-Voting” under e-Voting services and you will be able to see e-Voting page.
Click on company name or e-Voting service provider name and you will be re-directed
to e-Voting service provider website for casting your vote during the remote e-Voting
period or joining virtual meeting & voting during the meeting.
• If the user is not registered for IDeAS e-Services, option to register is available at
https://eservices.nsdl.com. Select “Register Online for IDeAS “Portal or click at
https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp
• Visit the e-Voting website of NSDL. Open web browser by typing the following URL:
https://www.evoting.nsdl.com/ either on a Personal Computer or on a mobile. Once
the home page of e-Voting system is launched, click on the icon “Login” which is
available under ‘Shareholder/Member’ section. A new screen will open. You will have
to enter your User ID (i.e. your sixteen digit demat account number hold with NSDL),
Password/OTP and a Verification Code as shown on the screen. After successful
authentication, you will be redirected to NSDL Depository site wherein you can see
e-Voting page. Click on company name or e-Voting service provider name and you
will be redirected to e-Voting service provider website for casting your vote during the
remote e-Voting period or joining virtual meeting & voting during the meeting.
Individual Shareholders holding securities in • Existing user of who have opted for Easi / Easiest, they can login through their user
demat mode with CDSL id and password. Option will be made available to reach e-Voting page without any
further authentication. The URL for users to login to Easi / Easiest are https://web.
cdslindia.com/myeasi/home/login or www.cdslindia.com and click on New System
Myeasi.
• After successful login of Easi / Easiest the user will be also able to see the E Voting
Menu. The Menu will have links of e-Voting service provider (ESP) i.e. NSDL, KARVY,
LINKINTIME, CDSL. Click on e-Voting service provider name to cast your vote.
• If the user is not registered for Easi/Easiest, option to register is available at https://
web.cdslindia.com/myeasi./Registration/EasiRegistration
• Alternatively, the user can directly access e-Voting page by providing demat Account
Number and PAN No. from a link in www.cdslindia.com home page. The system will
authenticate the user by sending OTP on registered Mobile & Email as recorded in
the demat Account. After successful authentication, user will be provided links for the
respective ESP where the E Voting is in progress.
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Individual Shareholders (holding securities • You can also login using the login credentials of your demat account through your
in demat mode) & login through their Depository Participant registered with NSDL/CDSL for e-Voting facility.
depository participants
• Once login, you will be able to see e-Voting option. Once you click on e-Voting
option, you will be redirected to NSDL/CDSL Depository site after successful
authentication, wherein you can see e-Voting feature. Click on company name or
e-Voting service provider name and you will be redirected to e-Voting service provider
website for casting your vote during the remote e-Voting period or joining virtual
meeting & voting during the meeting.
Individual Shareholders holding securities in 1. Open the internet browser and launch the URL: https://instavote.linkintime.co.in
Physical mode
 Click on “Sign Up” under ‘SHARE HOLDER’ tab and register with your following
details: -
A. User ID: Shareholders/ members holding shares in physical form shall provide Event No
+ Folio Number registered with the Company.
B. PAN: Enter your 10-digit Permanent Account Number (PAN) (Members who have
not updated their PAN with the Depository Participant (DP)/ Company shall use the
sequence number provided to you, if applicable.
C. DOB/DOI: Enter the Date of Birth (DOB) / Date of Incorporation (DOI) (As recorded
with your DP / Company - in DD/MM/YYYY format)
D. Bank Account Number: Enter your Bank Account Number (last four digits), as recorded
with your Link Intime/Company.
E. Shareholders/ members holding shares in physical form but have not recorded ‘C’ and
‘D’, shall provide their Folio number in ‘D’ above
 Set the password of your choice (The password should contain minimum 8 characters,
at least one special Character (@!#$&*), at least one numeral, at least one alphabet
and at least one capital letter).
 Click “confirm” (Your password is now generated).
2. Click on ‘Login’ under ‘SHARE HOLDER’ tab.
3. Enter your User ID, Password and Image Verification (CAPTCHA) Code and click on
‘Submit’.
4. After successful login, you will be able to see the notification for e-voting. Select
‘View’ icon.
5. E-voting page will appear.
6. Refer the Resolution description and cast your vote by selecting your desired option
‘Favour / Against’ (If you wish to view the entire Resolution details, click on the
‘View Resolution’ file link).
7. After selecting the desired option i.e. Favour / Against, click on ‘Submit’. A
confirmation box will be displayed. If you wish to confirm your vote, click on ‘Yes’,
else to change your vote, click on ‘No’ and accordingly modify your vote.
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Institutional shareholders:
Institutional shareholders (i.e. other than Individuals, HUF, NRI etc.) and Custodians are required to log on the e-voting system of LIIPL at
https://instavote.linkintime.co.in and register themselves as ‘Custodian / Mutual Fund / Corporate Body’. They are also required to upload a
scanned certified true copy of the board resolution /authority letter/power of attorney etc. together with attested specimen signature of the
duly authorised representative(s) in PDF format in the ‘Custodian / Mutual Fund / Corporate Body’ login for the Scrutinizer to verify the same.
Individual Shareholders holding securities in Physical mode and have forgotten the password:
• Click on ‘Login’ under ‘SHARE HOLDER’ tab and further Click ‘forgot password?’
• Enter User ID, select Mode and Enter Image Verification (CAPTCHA) Code and Click on ‘Submit’.
• In case shareholders/ members is having valid email address, Password will be sent to his / her registered e-mail address.
• Shareholders/ members can set the password of his/her choice by providing the information about the particulars of the Security
Question and Answer, PAN, DOB/DOI, Bank Account Number (last four digits) etc. as mentioned above.
• The password should contain minimum 8 characters, at least one special character (@!#$&*), at least one numeral, at least one
alphabet and at least one capital letter.
Individual Shareholders holding securities in demat mode with NSDL/ CDSL have forgotten the password:
• Shareholders/ members who are unable to retrieve User ID/ Password are advised to use Forget User ID and Forget Password option
available at abovementioned depository/ depository participants website.
 It is strongly recommended not to share your password with any other person and take utmost care to keep your password
confidential.
 For shareholders/ members holding shares in physical form, the details can be used only for voting on the resolutions contained in
this Notice.
 During the voting period, shareholders/ members can login any number of time till they have voted on the resolution(s) for a
particular “Event”.
Helpdesk for Individual Shareholders holding securities in demat mode:
In case shareholders/ members holding securities in demat mode have any technical issues related to login through Depository i.e. NSDL/
CDSL, they may contact the respective helpdesk given below:
Login type Helpdesk details
Individual Shareholders holding Members facing any technical issue in login can contact NSDL helpdesk by sending a request
securities in demat mode with NSDL at [email protected] or call at toll free no.: 1800 1020 990 and 1800 22 44 30
Individual Shareholders holding Members facing any technical issue in login can contact CDSL helpdesk by sending a request
securities in demat mode with CDSL at [email protected] or contact at 022- 23058738 or 22-23058542-43.
Helpdesk for Individual Shareholders holding securities in physical mode/ Institutional shareholders
In case shareholders/ members holding securities in physical mode/ Institutional shareholders have any queries regarding e-voting, they
may refer the Frequently Asked Questions (‘FAQs’) and InstaVote e-Voting manual available at https://instavote.linkintime.co.in, under Help
section or send an email to [email protected] or contact on: - Tel: 022 –4918 6000
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Process and manner for attending the Annual General Meeting through InstaMeet:
1. Open the internet browser and launch the URL: https://instameet.linkintime.co.in
 Select the “Company” and ‘Event Date’ and register with your following details: -
A. Demat Account No. or Folio No: Enter your 16 digit Demat Account No. or Folio No
• Shareholders/ members holding shares in CDSL demat account shall provide 16 Digit Beneficiary ID
• Shareholders/ members holding shares in NSDL demat account shall provide 8 Character DP ID followed by 8 Digit Client ID
• Shareholders/ members holding shares in physical form shall provide Folio Number registered with the Company
B. PAN: Enter your 10-digit Permanent Account Number (PAN) (Members who have not updated their PAN with the Depository
Participant (DP)/ Company shall use the sequence number provided to you, if applicable
C. Mobile No.: Enter your mobile number.
D. Email ID: Enter your email id, as recorded with your DP/Company.
 Click “Go to Meeting” (You are now registered for InstaMeet and your attendance is marked for the meeting).
Please read the instructions carefully and participate in the meeting. You may also call upon the InstaMeet Support Desk for any support on
the dedicated number provided to you in the instruction/ InstaMEET website.
Instructions for Shareholders/ Members to Speak during the Annual General Meeting through InstaMeet:
1. Members who would like to speak or ask questions during the meeting need to register themselves as speaker by sending their request
from their registered e-mail address to the Company Secretary at [email protected] mentioning their name, DP ID
and Client ID / folio number and mobile number. Only those Members who have registered themselves as speaker atleast 48 hours in
advance before the start of the meeting i.e. by Wednesday, September 1, 2021 by 3.30 p.m. will be able to speak at the meeting..
2. Shareholders will get confirmation on first cum first basis depending upon the provision made by the Company.
3. Shareholders will receive “speaking serial number” once they mark attendance for the meeting.
4. Other shareholder may ask questions to the panellist, via active chat-board during the meeting.
5. Please remember speaking serial number and start your conversation with panellist by switching on video mode and audio of
your device.
Shareholders are requested to speak only when moderator of the meeting/ management announces the name and serial number for
speaking.
Instructions for Shareholders/ Members to Vote during the Annual General Meeting through InstaMeet:
Once the electronic voting is activated by the scrutinizer/ moderator during the meeting, shareholders/ members who have not exercised
their vote through the remote e-voting can cast the vote as under:
1. 1. On the Shareholders VC page, click on the link for e-Voting “Cast your vote”
2. Enter your 16 digit Demat Account No. / Folio No. and OTP (received on the registered mobile number/ registered email Id) received
during registration for InstaMEET and click on 'Submit'.
3. After successful login, you will see “Resolution Description” and against the same the option “Favour/ Against” for voting.
4. Cast your vote by selecting appropriate option i.e. “Favour/Against” as desired. Enter the number of shares (which represents no. of
votes) as on the cut-off date under ‘Favour/Against'.
5. After selecting the appropriate option i.e. Favour/Against as desired and you have decided to vote, click on “Save”. A confirmation box
will be displayed. If you wish to confirm your vote, click on “Confirm”, else to change your vote, click on “Back” and accordingly modify
your vote.
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6. Once you confirm your vote on the resolution, you will not be allowed to modify or change your vote subsequently.
Note: Shareholders/ Members, who will be present in the Annual General Meeting through InstaMeet facility and have not casted their vote
on the Resolutions through remote e-Voting and are otherwise not barred from doing so, shall be eligible to vote through e-Voting facility
during the meeting. Shareholders/ Members who have voted through Remote e-Voting prior to the Annual General Meeting will be eligible
to attend/ participate in the Annual General Meeting through InstaMeet. However, they will not be eligible to vote again during the meeting.
Shareholders/ Members are encouraged to join the Meeting through Tablets/ Laptops connected through broadband for better experience.
Shareholders/ Members are required to use Internet with a good speed (preferably 2 MBPS download stream) to avoid any disturbance
during the meeting.
Please note that Shareholders/ Members connecting from Mobile Devices or Tablets or through Laptops connecting via Mobile Hotspot
may experience Audio/Visual loss due to fluctuation in their network. It is therefore recommended to use stable Wi-FI or LAN connection to
mitigate any kind of aforesaid glitches.
In case shareholders/ members have any queries regarding login/ e-voting, they may send an email to [email protected] or
contact on: - Tel: 022-49186175.
Guidelines to attend the AGM proceedings of Link Intime India Pvt. Ltd.: InstaMEET
For a smooth experience of viewing the AGM proceedings of Macrotech Developers Limited through InstaMEET, shareholders/ members
who are registered as speakers for the event are requested to download and install the Webex application in advance by following the
instructions as under:
a) Please download and install the Webex application by clicking on the link https://www.webex.com/downloads.html/
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EXPLANATORY STATEMENT PURSUANT TO SECTION 102 OF THE COMPANIES

ACT, 2013 TO THE ACCOMPANYING NOTICE
The following Statement sets out all material facts relating to the The Board of Directors recommends the resolution at Item No. 3 of
Special Business mentioned in the Notice this Notice for your approval.
Item No. 3: Re-appointment of Statutory Auditors of the Company: None of the Directors, Key Managerial Personnel and relatives
thereof has any concern or interest, financial or otherwise in the
MSKA & Associates, Chartered Accountants (Firm Registration No. resolution at Item No. 3 of this Notice.
105047W) were appointed as Statutory Auditors of the Company
at the Annual General Meeting held on September 22, 2016 for Item No. 4: Re-appointment of Mr. Mukund Chitale as an Independent
a term of 5 years i.e. to hold office upto the AGM for the financial Director for a 2nd term of five years
year 2020-21. Accordingly, their present term gets completed on
conclusion of this AGM in terms of the said approval and Section Mr Mr Mukund Chitale (DIN: 00101004) was appointed as an
139 of the Companies Act, 2013 read with the Companies (Audit Independent Director pursuant to Section 149 of the Companies
and Auditors) Rules, 2014. Act 2013 (“Act”) read with the Companies (Appointment &
Qualification of Directors) Rules 2014, by the shareholders at the
The Board of Directors of the Company (‘the Board’), on the Annual General Meeting held on September 29, 2017, to hold
recommendation of the Audit Committee, has recommended for office upto November 22, 2021 (“first term” as per the explanation
the approval of the Members, the re-appointment of MSKA & to Section 149 (10) & (11) of the Act).
Associates, Chartered Accountants, as the Auditors of the Company
for a further period of five years from the conclusion of this AGM till Based on recommendation of Nomination and Remuneration
the conclusion of the AGM for FY 2025-26. Committee, the Board of Directors has proposed the re-
appointment of Mr Mukund Chitale (DIN 00101004) as
The Audit Committee has considered various parameters like Independent Director (not liable to retire by rotation), for a second
capability to serve a complex business landscape as that of the term of five years from November 23, 2021 to November 22,
Company, audit experience in the Company’s operating segments, 2026.
market standing of the firm, clientele served, technical knowledge
etc., and found MSKA to be best suited to handle the scale, diversity As per Regulation 17(1A) of the SEBI (Listing Obligations and
and complexity associated with the audit of the financial statements Disclosure Requirements) Regulations, 2015, with effect from
of the Company. April 1, 2019, no listed company shall appoint or continue the
directorship of a non-executive director who has attained the age
MSKA & Associates is a Chartered Accountancy Firm registered with of 75 years, unless a special resolution is passed to that effect
Institute of Chartered Accountants of India with Firm Registration and justification thereof is indicated in the explanatory statement
No. 105047W. The firm has presence in 9 cities in India annexed to the notice for such appointment. Considering that
viz Ahmedabad, Bengaluru, Chennai, Kolkata, Hyderabad, during the course of his term of appointment, Mr. Mukund Chitale
Mumbai, New Delhi –Gurugram, Goa and Pune. Apart from would be attaining the age of 75 years, it is necessary to approve
statutory audit, the firm also has expertise in other allied areas. The continuation of his directorship on the Board of Directors of the
firm has been statutory auditors of large listed companies to cross Company by way of a special resolution.
section of industries and carries a good professional track-record.
Considering his deep repository of knowledge and experience of
The present remuneration of MSKA for conducting the audit for the nearly 43 years in the financial services sector and as a strong
financial year 2020-21 is ` 1.68 crore plus applicable taxes. It is advocate of the highest standards of corporate governance, the
proposed to pay statutory audit fees of ` 1.83 crore plus applicable Board of Directors is of the opinion that it would be in the interest
taxes, and reimbursement of expenses to MSKA & Associates for of the Company to appoint him as an Independent Director for a
the financial year 2021-22, with power to the Board to decide further period of five years with effect from November 23, 2021.
and finalise the audit fees to be paid to Auditors for the remaining
tenure. Fees for services in the nature of limited review, statutory The Board, based on the performance evaluation and
certifications and other professional work will be in addition to recommendation of Nomination and Remuneration Committee,
the audit fee as above and will be decided by the management in considers that given his background, experience and contribution,
consultation with the Auditors. the continued association with Mr Mukund Chitale would be
beneficial to the Company and it is desirable to continue to avail
The Auditors have given their consent to act as the Auditors of the his services as Independent Director.
Company and have confirmed that the said appointment, if made,
will be in accordance with the conditions prescribed under Sections Pursuant to the provisions of the Act and the Listing Regulations,
139 and 141 of the Act. the Board has carried out the annual performance evaluation of
the directors individually. The performance of individual directors
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including the independent directors was evaluated on parameters long term and short term brand strategy for the company and
such as level of engagement and contribution to the affairs of the campaigns for projects in across MMR and Pune in line with the
Company including by way of attendance in Board and committee strategy of the company and to ensure brand dominance for the
meetings, ability to discharge their duties and obligations diligently brand in the markets of presence.
in the best interest of the Company, ability to provide effective
leadership and checks and balances towards sustaining the highest 3. Remuneration
levels of corporate governance, exercising duty of care and skill in She shall be entitled to a remuneration (including all benefits
the discharge of their functions, level of independence of judgment and perquisites) in the range of Rs 1.67 crore to Rs 3.50 crore
and safeguarding the interest of the Company and its minority per annum over her tenure.
shareholders. Considering the value delivered by the Director, in the
opinion of the Board, he fulfills the conditions specified in the Act 4. Housing benefit and ESOP
and Listing Regulations for appointment as an Independent Director As per Company’s plans and policies from time to time.
and is independent of the management of the Company.
5. Perquisites & other benefits
A brief profile of Mr Mukund Chitale in terms of Regulation 36(3) of She shall be entitled to provident fund, superannuation fund,
the Listing Regulations is detailed in the Annexure to this notice. gratuity, leave encashment, personal accident insurance,
benefits under the Company’s pension scheme etc as per the
The Board commends the Special Resolution set out at Item No. 4 Company policies as amended or modified from time to time.
of the Notice for approval by the members. The perquisite value of the facilities / benefits shall be
determined as per the Income Tax Act, 1961 and the Rules
Except Mr. Mukund Chitale and his relatives, none of the Directors framed thereunder. In the absence of any such Rules, perquisites
or Key Managerial Personnel of the Company or their relatives is and allowances shall be evaluated at actual cost.
concerned or interested, financially or otherwise, in the resolution
set out at Item No. 4 of the Notice. Employees Stock Options granted / to be granted to Ms
Raunika Malhotra from time to time, shall be considered as
Item No. 5: Re-appointment of Ms. Raunika Malhotra as a Whole time a part of perquisites and the perquisite value of stock options
Director exercised shall be in addition to the remuneration mentioned
under para (3) above.
Ms. Raunika Malhotra (DIN 06964339) was appointed as
a Wholetime Director pursuant to Sections 149 & 203 of 6. Annual Performance Bonus & other incentives
the Companies Act 2013 (“Act”) read with the Companies She shall be entitled to annual performance bonus and other
(Appointment & Qualification of Directors) Rules 2014, by the long and short term incentives as per the Company Policies as
shareholders at the Annual General Meeting held on September amended or modified from time to time.
25, 2020 and holds office upto June 25, 2021.
7. Minimum Remuneration
Based on recommendation of Nomination and Remuneration Where in any financial year of her tenure, the Company has
Committee, the Board of Directors at its meeting held on May 14, no profits or its profits are inadequate, the Company shall pay
2021 has approved reappointment of Ms Raunika Malhotra as remuneration by way of salary, benefits, perquisites and
Whole time Director (liable to retire by rotation), for a further term allowances and incentives as specified above as minimum
of two years i.e. from June 26, 2021 to June 25, 2023, subject to remuneration as per Schedule V of the Companies Act, 2013.
approval of the shareholders. In that event the following perquisites shall, however, not be
included in the computation of the ceiling on remuneration
A brief profile of Ms Raunika Malhotra in terms of Regulation 36(3) specified hereinabove:
of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 is detailed in the Annexure to this notice on the • Contribution to provident fund, superannuation fund or
terms and conditions as detailed below. annuity fund and benefits under the Company’s pension
scheme, to the extent these, either singly or put together, are
Terms of appointment of Ms Raunika Malhotra not taxable under the Income Tax Act, 1961;
1. Period of Appointment • Gratuity payable at a rate not exceeding half month’s salary
For a period of 2 years from June 26, 2021 to June 25, 2023 for each completed year of service; and
2. Nature of duties • Encashment of leave at the end of the tenure.

Raunika Malhotra is President – Marketing and Corporate
Communications of the Lodha group. She has been with the 8. Other terms
Lodha group for 12 years, including two years as Deputy The terms and conditions of the appointment may be altered
Regional Chief Executive Officer. Her primary responsibility is and varied from time to time by the Board/its committees as it
to oversee all marketing operations of the company and may, in its discretion, deem fit, irrespective of the limits stipulated
develop its marketing strategy and vision. She leads the under Schedule V to the Act, or any amendments made
company's growth through advertising, brand management, hereinafter in this regard in such manner as may be agreed
market research, marketing communications and public between the Board/its committee and the whole time Director,
relations. She strategizes and is instrumental in developing subject to such approvals as may be required.
184
Disclosure as required under Schedule V to the Companies Act, 2013 is given hereunder:
A. General Information
Nature of industry Real Estate
Date or expected date of Commercial Production Not applicable as the Company has already commenced its
business activities
In case of new Companies, expected date of commencement Not applicable

of activities as per project approved by financial institutions
appearing in the prospectus
B. Financial Performance (standalone)
For the period ended

` in crore
March 2021 March 2020 March 2019
Revenue from operations 4,299.69 8,114.76 9,515.74
Profit before tax (203.64) 654.93 1,863.55
Profit after tax (184.47) 433.01 1,212.19
Share capital 395.88 395.88 395.88
Net worth 3,723.56 3,917.86 3,201.17
C. Foreign investments or collaborations, if any e. Remuneration proposed

There is no direct foreign investment in the Company except It is proposed to pay a remuneration (including all benefits
to the extent shares held by Foreign Institutional Investors and perquisites) in the range of ` 1.67 crore to ` 3.50
acquired during the initial public offering. There is no foreign crore per annum over her tenure as whole time director.
collaboration with the Company.
f. Comparative remuneration profile with respect to Industry,
D. Information about the appointee size of the Company, profile of the position and person
a. Background details Taking into consideration the size of the Company and the
Background details have been provided in the Explanatory individual profile of Ms Raunika Malhotra and the industry
Statement to this Notice. benchmarks, the remuneration proposed to be paid is
commensurate with the remuneration packages paid to
b. Past remuneration similar senior level positions in other companies in the
The remuneration (including all benefits and perquisites) for industry.
the financial year 2020-21 was `1.67 crore
g. Pecuniary relationship directly or indirectly with the
c. Recognition or awards Company, or relationship with the managerial personnel,
Nil if any
Ms Raunika Malhotra has no pecuniary relationship directly
d. Job profile and suitability or indirectly with the Company or its key managerial
Raunika Malhotra is President – Marketing and Corporate personnel other than her remuneration in the capacity of
Communications of the Lodha group. She has been with President Marketing and Corporate Communications and
the Lodha group for 12 years, including two years as Deputy whole time director of the Company..
Regional Chief Executive Officer. Her primary responsibility
is to oversee all marketing operations of the company E. OTHER INFORMATION
and develop its marketing strategy and vision. She leads the
company's growth through advertising, brand management, a. Reason for expected losses or inadequacy of profits
market research, marketing communications and public The Company has consistently been making operating
relations. She strategizes and is instrumental in developing profits except during financial year 2020-21 which was
long term and short term brand strategy for the company and impacted by the Covid 19 pandemic. The Covid 19
campaigns for projects in across MMR and Pune in line with pandemic caused a material decline in general business
the strategy of the company and to ensure brand dominance activity and consequently a slowdown in residential sales,
for the brand in the markets of presence. obtaining or renewing lease commitments for commercial
developments. It caused construction delays due to several
factors such as lockdowns enforced by government
agencies, work-stoppage orders, disruptions in the supply of
materials and shortage of labour. 185
b. Steps taken or proposed to be taken for improvement A brief profile of Mr Lee Polisano in terms of Regulation 36(3) of the
Long term outlook for economic growth in India is positive Listing Regulations is detailed in the Annexure to this notice.
as the fundamentals of the Indian economy continue
to remain strong. Although there are uncertainties due to Considering the rich experience of Mr. Lee Polisano, your Board
the resurgence of the pandemic and reversal of the positive considers that his appointment as a Director of the Company
momentum gained in the last quarter of FY2021, the will be in its best interest of the Company. In the opinion of the
Company has taken necessary steps and is getting prepared Board, Mr. Lee Polisano fulfills the conditions for appointment as
to navigate and overcome the challenges ahead. an independent Director as specified in the Act and the Listing
Regulations. He is also independent of the management.
c. Expected increase in productivity and profit in measurable
terms: A copy of the letter of appointment of Mr. Polisano setting out the
Strong structural growth drivers relating to the Indian terms and conditions of his appointment is available for inspection
real estate industry eg rapid urbanization boosting urban by the members at the registered office of the Company.
population, nuclearization of families, improving education
levels and rising household incomes will keep the longer None of the Directors or Key Managerial Personnel of the Company
term demand trends robust. Moreover, long term indicators or their relatives, other than Mr Lee Polisano is concerned or
like all-time best affordability, lowest ever home loan rates at interested financially or otherwise in the resolution.
sub 6.8%, narrowest ever gap between rental yield and
home loan rate making home ownership substantially Your Directors recommend the resolution as at Item No. 6 for your
attractive and surging sales volumes during the year, muted approval.
launches coupled with accelerated exit of weaker unbranded
players means that supply overhang has substantially come Item Nos 7 & 8:
down for the sector pointing to a significant up turn in the
residential real estate sector. To approve implementation of the Macrotech Developers Limited
Employee Stock Option Scheme 2021-II & to approve extension of
Other than Ms. Raunika Malhotra and her relatives, none of the benefits of the ESOP Scheme 2021-II to employees of the holding
Directors or Key Managerial Personnel of the Company or their company and subsidiaries of the Company
relatives is concerned or interested, financially or otherwise, in the
resolution set out at Item No. 5 of the Notice. The Company in the past has implemented an Employee Stock
Option Scheme - the ‘Macrotech Developers Limited Employee
The Board commends the Special Resolution set out at Item No. 5 Stock Option Scheme 2021 (“ESOP Scheme 2021”) to issue
of the Notice for approval by the members. options to eligible employees of the Company and of its holding
and subsidiary companies. The ESOP Scheme 2021 provided
Item No 6: Appointment of Mr Lee Polisano as an Independent for grant of such number of options resulting into not more than
Director of the Company 1,20,00,000 equity shares of ` 10/- each, of which 11,40,000
options were granted to 14 employees on April 10 , 2021 at Rs
Mr. Lee Polisano (DIN: 0009254797), was appointed as an 388.80 per grant (a discount of 20% on the IPO Issue price). No
Additional Director by the Board with effect from July 30, 2021, further grants are proposed under the ESOP Scheme 2021 and this
pursuant to Section 161 of the Companies Act, 2013, read with the scheme shall stand closed.
Articles of Association of the Company. Pursuant to the provisions
of Section 161 of the Companies Act, 2013, Mr. Lee Polisano will It is now proposed to implement a new employee stock option
hold office upto the date of the ensuing Annual General Meeting. scheme i.e. ‘Macrotech Developers Limited - Employee Stock
Option Scheme 2021 –II’ (“ESOP Scheme 2021-II” or “Scheme”).
The Company has received a Notice in writing under the A copy of the ESOP Scheme 2021-II is available for inspection at
provisions of Section 160 of the Act, from a Member proposing the registered office of the Company during business hours on any
the candidature of Mr. Lee Polisano for the office of Independent working day.
Director, to be appointed as such under the provisions of Section
149 of the Companies Act, 2013. In terms of the provisions of Approval of the shareholders is being sought pursuant to Section
Section 149 of the Act, an independent director shall hold office for 62(1)(b) of the Companies Act, 2013 read with Regulation 6 of the
a term of up to five consecutive years on the Board and may hold SEBI SBEB Regulations, for implementing the ESOP Scheme 2021-
office for up to two consecutive terms. II and grant of Options thereunder to eligible employees from time
to time.
Section 149 of the Act and the provisions of the Listing Regulations
inter alia prescribes that an independent director of a company a. Brief description of the ESOP Scheme 2021-II:
shall meet the criteria of independence as provided in Section The primary objective of the Scheme is to reward eligible
149(6) of the Act. The Company has received a declaration from employees (defined under SEBI SBEB Regulations) from time
Mr. Lee Polisano that he meets the criteria of independence as to time for their association, performance and contribution to
prescribed both under sub-section (6) of Section 149 of the Act and the goals of the Company. The Company intends to use this
under the Listing Regulations. Mr. Lee Polisano is not disqualified ESOP Scheme 2021-II to attract, retain and motivate key talent
from being appointed as a Director in terms of Section 164 of the within the organization by rewarding good performance and
Act and has given his consent to act as Director. motivating them to contribute to the overall corporate growth
and profitability. The Company views Employee Stock Options
186
as incentive tools that would enable eligible Employees not e. The conditions under which option vested in employees may lapse:
only to become co-owners, but also to align the interest of such Vested options which were not exercised and all unvested
Employees with the shareholders of the company. options shall stand cancelled with effect from the date of
termination of employment due to misconduct or due to breach
The ESOP Scheme 2021-II will be administered by the of Company policies or the terms of employment.
Nomination & Remuneration Committee (NRC) of the Board.
The NRC shall formulate and implement ESOP Plans under the In case of resignation/ termination (other than due to
ESOP Scheme 2021-II from time to time. misconduct) vested options can be exercised by the employee
on or prior to the last working day in the Company.
b. Total number of options to be granted
Options equivalent to such number of equity shares aggregating In case of retirement, vested Options can be exercised by the
to not more than 2% of the paid-up equity share capital of the employee within 6 months post from the last working day in the
Company from time to time. Each option when exercised would Company or end of exercise period, whichever is earlier.
be converted into one equity share.
In case of death or permanent disability, all vested Options can
Options lapsed or cancelled due to any reason including the be exercised by the Option Grantee’s nominee or legal heirs
reason of lapse of exercise period or due to resignation of the immediately after, but in no event later than twelve months
employees/ Directors or otherwise, would be available for being from the date of death / permanent disability of the Option
re-granted at a future date. The Board is authorized to re-grant Grantee. NRC may at its discretion extend the exercise period
such lapsed / cancelled options as per ESOP Scheme 2021-II. on a compassionate basis, subject to maximum exercise period
permissible under this scheme. All Unvested Options as on the
In case of any corporate action (s) such as sub-division or date of death / permanent disability shall vest immediately and
consolidation of face value of equity shares, rights issues, may be exercised by the Option Grantee’s nominee or legal
bonus issues, merger and sale of division and others, a fair and heir in the manner prescribed for the Vested Options.
reasonable adjustment will be made to the options granted.
All Unvested Options on the effective date of resignation,
c. Identification of classes of employees entitled to participate in the termination or retirement shall stand cancelled with effect from
ESOP Scheme 2021-II that date. Further, irrespective of employment status, in case
Persons who are permanent employees of the Company in vested options are not exercised within the prescribed exercise
the management cadre, working in or out of India, including period, then such vested options shall lapse.
managing or whole time directors of the Company, and that
of the holding and/or subsidiary companies, will be entitled to f. Exercise price or pricing formula
participate in the ESOP Scheme 2021-II, subject to fulfilment The Exercise Price shall be such as may be determined by the
of the eligibility criteria as may be specified in terms of the SEBI NRC from time to time, provided that the exercise price per
SBEB Regulations or as may be decided by the Board or the Option shall not be less than the face value of the equity share
NRC from time to time. of the Company. The specific Exercise Price shall be intimated to
the Option Grantee in the Grant Letter at the time of Grant.
The following category of employees / directors shall not be
eligible to participate in the ESOP Scheme 2021-II: g. Exercise period and process of exercise
a. A Promoter or a person belonging to the promoter group; The exercise period would commence from the date of vesting
b. An independent director; and shall be subject to a maximum period of 5 (five) years from
c. A director who either by himself or through his relatives or the date of vesting or such other period as maybe determined
through any body corporate, directly or indirectly holds more by the Board or the NRC. The specific Exercise Period shall be
than 10% of the outstanding equity shares of the Company. intimated to the Option Grantee in the Grant Letter at the time
of Grant.
d. Requirements of vesting and period of vesting
The options granted shall vest so long as the employee The options will be exercisable by the employees by a written
continues to be in the employment of the Company, or its application to the Company accompanied by payment of
subsidiary or holding company as the case may be. The vesting the Exercise Price in such manner and on execution of such
period shall not be less than 1 (one year) and not more than documents, as may be prescribed by the NRC from time to time.
3 (three) years from the date of grant of such options. The exact
proportion in which and the exact period over which the options The options will lapse if not exercised within the specified
would vest would be determined by the NRC, in compliance Exercise Period. Lapsed options cannot be re-issued by the
with the Companies Act, 2013, SEBI SBEB Regulations from Company.
time to time. Vesting conditions may include additional
performance conditions including achievement of minimum h. Appraisal process for determining the eligibility of employees
individual performance expectations/rating over the vesting Appraisal process for determining eligibility of the employees
period. will be based on designation, period of service, performance
and potential linked parameters such as work performance,
key talent identification and such other criteria as may be
determined by the NRC at its sole discretion, from time to time.
187
i. Lock-in period q. Method of option valuation

The Shares issued upon Exercise of Options shall be freely The Company shall use the Fair Value Method for valuation
transferable and shall not be subject to any lock-in period of the Options as prescribed under IND AS 102 or under any
restriction after such transfer except as required under the Accounting Standard, as applicable, notified by appropriate
Applicable Laws including that under the SEBI (Issue of Capital authorities from time to time.
and Disclosure Requirements) Regulations, 2018, or code
of conduct framed, if any, by the Company under the SEBI r. Transferability of options
(Prohibition of Insider Trading), Regulations, 2015. The options granted to an employee will not be transferable to
any person and shall not be pledged, hypothecated, mortgaged
j. Maximum number of options to be issued per employee and in or otherwise alienated in any manner. However, in the event of
aggregate the death of an option holder while in employment, the right to
The number of options to be granted to any employee shall be exercise all the options granted to the employee till such date
decided by the NRC from time to time. However, the number shall be transferred to his legal heirs or nominees, on such
of options that may be granted to a single employee under terms and conditions as detailed in the ESOP Scheme 2021-II.
the ESOP Scheme 2021-II shall not exceed 1% of the paid-up
equity share capital at the time of grant of options (which shall s. Declaration:
be adjusted in lieu of adjustments/ re-organisation of capital In case, the Company opts for expensing of share-based
structure of the Company from time to time). The aggregate employee benefits using the intrinsic value, the difference
of equity shares to be issued pursuant to exercise of all such between the employee compensation cost so computed and the
options shall not be more than 2% of the expanded paid-up employee compensation cost that shall have been recognized
equity share capital of the Company from time to time. if it had used the fair value of the Options and the impact of
this difference on profits and on Earning Per Share (EPS) of the
k. Maximum benefits to be provided per employee Company shall also be disclosed in the Directors’ Report.
The maximum quantum of benefits underlying the options
issued to an Eligible Employee shall depend upon the number The Directors and Key Managerial Personnel of the Company
of options held by him/her and the market price of the shares as and relatives thereof may be deemed to be concerned or
on the date of sale. interested in the passing of resolution to the extent of securities
issued / allotted to them or to the companies in which they
l. Mode of implementation are directors or members. Save as aforesaid, none of the
The scheme shall be implemented and administered directly by Directors, Key Managerial Personnel or their relatives are, in
the Company. any way, concerned or interested, financially or otherwise, in this
resolution.
m. Primary / secondary route
The scheme contemplates issue of new equity Shares by the The Board commends the Special Resolutions set out at Item Nos. 7
Company. & 8 of the Notice for approval by the members.
n. Amount of loan to be provided for implementation of the Scheme Item No. 9: Ratification of Cost Auditor’s remuneration
by the Company to Trust, its tenure, utilization, repayment terms,
etc., The Board has approved appointment of D. C. Dave & Co., Cost
Not applicable, as the Scheme is not being implemented Accountants (Firm Registration No. 000611) to conduct the audit
through a Trust. The Company may provide loan / financial of the cost records of the Company for the financial year 2021-22,
assistance to employees on such terms as may be decided by at a remuneration of ` 5,00,000 plus applicable taxes and re-
the Board / NRC from time to time to enable the employees to imbursement of out of pocket expenses .
subscribe to the equity shares of the Company.
In accordance with the provisions of Section 148 of the Act read
o. Maximum percentage of secondary acquisition: with the Companies (Audit and Auditors) Rules, 2014, as amended,
Not applicable, as the scheme is not implemented through a remuneration payable to the Cost Auditor has to be ratified by the
Trust members of the Company. Accordingly, consent of the members is
sought for passing an Ordinary Resolution as set out at item no. 9
p. Disclosure and accounting policies of the notice.
The Company shall follow the Accounting Standard IND AS
102 on Share based Payments and/ or any relevant Accounting None of the Directors or Key Managerial Personnel or their relatives
Standards or guidance notes as may be prescribed by the is concerned or interested (financially or otherwise) in the resolution.
competent authorities from time to time, including the disclosure
requirements prescribed therein in due compliance with the The Board recommends the Ordinary Resolution set out at item no.
requirements of Regulation 15 of the SEBI SBEB Regulations. In 9 of the notice for approval by the members.
addition, the Company shall disclose such details as required
under the applicable laws including under other applicable
provisions of the SEBI SBEB Regulations.
188
Registered Office: By Order of the Board

412, Floor -4, 17G Vardhaman Chambers, For Macrotech Developers Limited
Fort, Mumbai – 400 001

Sanjyot Rangnekar
Company Secretary
Membership No.: F4154
Place: Mumbai
Date: July 30, 2021
189
Annexure 1
Details of directors retiring by rotation / seeking appointment / re-appointment
at the meeting:
Name of Mr Mukund Chitale Ms. Raunika Malhotra Mr. Rajinder Pal Singh Mr Lee Polisano
the Director (DIN: 00101004) (DIN:06964339) (DIN:02943155) (DIN:0009254797)
Date of Birth November 16, 1949 September 3, 1979 October 20, 1951 May 21, 1952
Qualification Bachelor’s degree in Bachelor’s degree in Post graduate degree Fellow member of the
commerce from the engineering (electronics in mathematics from American Institute of
University of Mumbai and telecommunication Advanced Centre for Pure Architects and a member of
branch) from the University Mathematics, Punjab the Royal Institute of British
of Pune and a post- University, Chandigarh. Architects
Chartered Accountant graduate diploma in
industrial engineering
from the National Institute
of Industrial Engineering,
Mumbai
Experience Nearly 43 years of She is President – He was the chairman Mr Lee Polisano is
experience as a practicing Marketing and Corporate of National Highways the founding partner
Chartered Accountant. Communications of the Authority of India, the and President of PLP
He is a fellow member of Lodha group. She has been chairman and managing Architecture, UK. He is
ICAI and has served as with the Lodha group for director of Punjab & Sind a Fellow member of the
the President of ICAI in 12 years, including two Bank and served as the American Institute of
the year 1997-1998. He years as Deputy Regional secretary to the Department Architects and a member
was also the Chairman of Chief Executive Officer. of Industrial Policy and of the Royal Institute of
the Ethics Committee of She has more than 15 Promotion, Government of British Architects and
BSE. He was a member of years of experience in India. has nearly 45 years
Advisory Board on Bank, leadership, corporate of experience and is
Commercial and Financial strategic planning, internationally-recognised
Frauds of Central Vigilance consumer insights and for his architectural and
Commission. He was a brand management. Prior urban design work. He
member of the Working to joining the Lodha group, has been responsible for
Group on Restructuring she has worked with ECS creating numerous award-
of Weak Public Sector Limited and Adayana winning commercial and
Banks appointed by RBI Learning Solutions Private corporate office buildings
(Verma Committee) and the Limited in strategic and is widely regarded for
Committee on Procedures consulting. pushing boundaries and
and Performance Audit of bringing innovation to
Public Services appointed the sector. Many of these
by RBI (Dr. Tarapore projects have received
Committee). He was prestigious awards for
appointed as the chairman institutions as varied as
of National Advisory the Urban Land Institute
Committee on Accounting and the British Council
Standards. for Offices. Prior to co-
founding PLP Architecture,
Lee was a global partner at
KPF, he co-founded the KPF
London office in 1989 and
served as global President
for six years until 2008.
190
Expertise Accounting, Finance and Corporate Branding, Regulatory areas of Construction design and
in specific governance Marketing and corporate Finance, Industry, Urban architecture
functional communications Development and
areas Infrastructure
Terms & Mr. Mukund Chitale Ms. Raunika Malhotra Mr. Rajinder Pal Singh Mr. Lee Polisano is
Conditions of is proposed to be is proposed to be re- is proposed to be re- proposed to be appointed
appointment re-appointed as an appointed as a Whole appointed as a Non- as an Independent Director
Independent Director for Time Director for two years executive director, liable to for first term of five years
second term of five years from June 26, 2021 to retire by rotation from July 30, 2021 to July
from November 23, 2021 June 25, 2023, liable to 29, 2026, not liable to
up to November 22, 2026, retire by rotation retire by rotation
not liable to retire by
rotation
Remuneration FY 2020-21 FY 2020-21 No remuneration is FY 2020-21

last drawn & Sitting fees and commission ` 1.67 crore paid from the company. N.A.
sought to be ` 34.30 lakh Remuneration is drawn
paid from a subsidiary
Proposed Proposed Proposed
He will be paid sitting In the range of ` 1.67 He will be paid sitting
fees and commission crore to ` 3.50 crore. fees and commission
upto 1% of the net profits upto 1% of the net profits
in a particular financial in a particular financial
year or upto minimum year or upto minimum
remuneration as per remuneration as per
Schedule V of the Act Schedule V of the Act
Date of November 23, 2016 June 26, 2020 January 1, 2016 July 30, 2021
appointment
on the Board
Directorships 1. ASREC (India) Limited Nil 1. IRB Infrastructure PLP Architecture Ltd.
held in other 2. Atul Limited Private Limited PLP Architecture
companies as 2. Maruti Suzuki India International Ltd.
on March 31, 3. Bhageria Industries
Limited Limited PLP Architecture LLC
2021
4. R RKabel Limited 3. Nirlon Limited (Qatar);
5. Larsen & Toubro PLP Architecture

Infotech Limited Netherlands B.V.
6. Larsen & Toubro Limited PLP Studio Singapore Pte.
Ltd.
7. Dhanmati Investment
Private Limited PLP Architecture Emirates
LLC (UAE)
191
Memberships/ 1. Chairman of Audit Nil 1. Chairman of Audit Nil

Chairmanship Committee of Larsen Committee and
of committees and Toubro Infotech Risk Management
of other Limited and Larsen and Committee of Nirlon
companies as Toubro Limited; Limited.
on March 31, 2. Chairman of NRC 2. Member of Audit
2021 committee of Asrec committee and CSR
(India) Limited and Atul Committee of Maruti
Limited; Suzuki India Limited
3. Chairman of CSR 3. Member of
Committee of Larsen Stakeholders’
and Toubro Limited; Relationship
4. Member of Audit Committee of Nirlon
Committee of Asrec Limited
(India) Limited, R R 4. Member of NRC
Kabel Limited, Atul Committee of IRB
Limited and Bhageria Infrastructure Private
Industries Limited. Limited and Nirlon
5. Member of CSR Limited
Committee of Asrec
(India) Limited;
6. Member of NRC
Committee of R R Kabel
Limited and Bhageria
Industries Limited.
Shareholding 1,020 1,020 Nil Nil

in the
Company
(Equity)
Relationship None None None None

with other
Directors/ Key
Managerial
Personnel
Number 6 6 6 Not applicable

of Board
meetings
attended
during the
year 2020-21
192
193

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MACROTECH

ANNUAL REPORT 2020-21

Sr. No. Particulars Pg No.

1 About the Company 3

3 Managing Director & CEO’s letter to shareholders 6

6 Management Discussion and Analysis 28

7 Business Responsibility Report 39

8 Corporate Governance Report 45

9 Standalone Financial Statements 59

10 Consolidated Financial Statements 115

11 Annual General Meeting Notice 171

ABOUT THE COMPANY

Social Vision Governance Vision

Chief Financial Officer

Company Secretary and Compliance Officer

Registrar and Transfer Agent

MANAGING DIRECTOR & CEO’S LETTER

The Year that was

While we will continue to concentrate on MMR and Pune in the

Mukund Manohar Chitale

Mukund Chitale holds a bachelor’s degree in commerce from the University

Abhishek Lodha holds a master’s degree in science (industrial and systems

Rajinder Pal Singh

Ashwani Kumar holds a Master of Science degree from Lucknow University

Mr Lee Polisano is the founding partner and President of PLP Architecture,

Highlights of Operating & Financial Results

Year ended Year ended

FINANCIAL RESULTS (` In Crore)

COVID 2019 and consequently a slowdown in residential sales, obtaining or

Key Managerial Personnel

RELATED PARTY TRANSACTIONS 1. Brickmart Constructions and Developers Private Limited

MACROTECH DEVELOPERS LIMITED EMPLOYEE STOCK BUSINESS RISK MANAGEMENT

iii. Imported Technology DIRECTORS’ RESPONSIBILITY STATEMENT

For and on behalf of the Board

Mukund Chitale Abhishek Lodha

Annual Report on CSR Activities of the Company Annexure I

2. Composition of the CSR committee:

3. Raunika Malhotra Member, whole time Director 1 1

9.68 Nil - - Nil -

(1) (2) (3) (4) (5) (6) (7) (8)

State District Name CSR Registration

(d Amount spent in Administrative Overheads: Nil

Sr. No. Particular Amount (in ` crore)

(ii) Total amount spent for the Financial Year 9.68

(1) (2) (3) (4) (5) (6) (7) (8) (9)

For and on behalf of the

Ashwani Kumar Abhishek Lodha

Salient Features of the CSR Policy

Mission Statement 6. Contributions to the Prime Minister’s National Relief Fund

Nomination & Remuneration Policy Annexure II

Form No. MR-3 Annexure III

To (f) The Securities and Exchange Board of India (Registrars

Shravan A. Gupta & Associates

Form No. MR-3

Our report of even date is to be read along with this letter.

For Sharatkumar K Shetty& Associates

Form No. AOC-2 Annexure IV

Cowtown Infotech Land, Construction Ongoing As per N.A. N.A.

For and on behalf of the Board

Mukund Chitale Abhishek Lodha