Oberoi Realty Annual Report 2018-19

INSIDE
Chairman’s Message 02
Profile of our Board of Directors 04
Director’s Report 06
Management Discussion and Analysis 31
Corporate Governance 41
Business Responsibility Report 60
Financial Statements 73
Caution regarding forward-looking statements

This document contains statements about expected future events and financial and operating results of
Oberoi Realty Limited, which are forward-looking. By their nature, forward-looking statements require the Company
to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that the assumptions,
predictions and other forward-looking statements will not prove to be accurate. Readers are cautioned not to place
undue reliance on forward-looking statements as a number of factors could cause assumptions, actual future results
and events to differ materially from those expressed in the forward-looking statements. Accordingly, this document is
subject to the disclaimer and qualified in its entirety by the assumptions, qualifications and risk factors referred to in the
management’s discussion and analysis of the Oberoi Realty Limited annual report 2018-19.
OVER THE PAST
THREE DECADES,
OBEROI REALTY
HAS BUILT
TRUST AND A
03 STRONG LEGACY
Decades plus rich experience
OF SUPERIOR
QUALITY
DEVELOPMENTS.
42
Completed projects at strategic
The Company has developed landmark
locations, capturing the Mumbai projects across residential, commercial,
skyline
retail, social and hospitality segments
keeping in mind the aspirational
customers. With a vision to be a thought
27.43
Million sq. ft. Area under
leader in the real estate landscape of
India we aim to create value and a better
construction as on March 31, 2019 tomorrow for all our stakeholders.
Residential Commercial Retail Social Hospitality

CHAIRMAN’S
MESSAGE
Our developments
are conceptualized
based on the
needs of our
customers and have
an element
of contemporary
design that appeals
to the new-age
customer.
2 Annual Report 2018-19

Dear Shareholders,
global talent to reach global standards and bringing in
The new year has been momentous for India in more ways international best practices to India in design, construction,
than one. The general elections this year construed a big safety and quality.
win for growth and stability. The government that had
As always, I am glad that our commitment to follow our
brought in ground-breaking reforms and policy changes,
vision has rewarded us amply, with our company bagging
particularly in the real estate industry, is once again back
multiple recognitions, both at domestic and international
at the helm with an emphatic mandate. Reforms like GST,
platforms. The appreciation is an affirmation of the work
Insolvency code, RERA, and other similar initiatives have
we have done; it also puts more positive pressure on us
put the country on an accelerated path.
to push the envelope to continue to create value for all
The year FY 2018-19 brought in consolidation to our stakeholders.
the real estate sector, as the central government’s
I would like to thank you for reposing your faith in your
transformative agenda of the previous few years started
organization and standing by us. We have the resources,
to take effect. The long-term impact of these regulatory
the determination, and the resilience to live up to the
measures has been largely positive, leading to stronger
highest standards and we will continue to work together
governance, transparency, and compliance. Moreover,
with all our stakeholders to create a better tomorrow for
the Maharashtra Government’s sustained emphasis on
us all.
developing infrastructure and improving connectivity has
boosted the market and led to renewed optimism. Wishing you all an exemplary year ahead!
At Oberoi Realty, we have always embraced challenges Best Wishes,

and capitalized on opportunities; this has been made Vikas Oberoi
possible thanks to our continued focus on technology, Chairman & Managing Director
sustainability, quality, and by fostering an inclusive work
culture. Our developments are conceptualized based
on the needs of our customers and have an element
of contemporary design that appeals to the new-age
customer. The spaces we create are built using the latest
construction methodologies that involve the convergence
of global and local practices. Our focus on design and
execution coupled with strong corporate governance
practices has supported us to meet the expectations
despite subdued market sentiments.
With a vision to be a thought leader in transforming

the real estate landscape of India, we look forward to
the corporatization of the sector by collaborating with
Annual Report 2018-19 3

PROFILE OF OUR
BOARD OF DIRECTORS
Vikas Oberoi is the Chairman and Managing Director of Oberoi Realty Ltd. He is involved in the formulation of
corporate strategy and management and concentrates on the growth and diversification plans of the Company.
He has more than three decades of experience in the real estate industry and is the recipient of numerous
awards and accolades for his thought leadership and contribution to the sector. He firmly believes in overall
societal development and is passionate about contributing to society.
He is also an alumnus of Harvard Business School and on HBS’s India Advising Board.
Vikas Oberoi
Chairman &
Managing Director
Anil Harish is a seasoned legal expert with over three decades of experience in Real Estate, Taxation and
collaboration laws in India. With a Bachelor’s degree in Law from Mumbai University and a Master’s degree
in Law from University of Miami, USA, he is a partner at D.M. Harish & Co., Advocates. He was a member of
the Managing Committee of the Indian Merchants Chamber and was Executive Vice President of the Society of
Indian Law Firms. He is a trustee of Hyderabad (Sind) National Collegiate Board.
Anil Harish had been on the Board of Directors since September 2009, and resigned from the directorship of
the Company w.e.f. July 24, 2019.
Anil Harish
Independent
Non-Executive Director
On the Board of Directors since December 2006, Bindu Oberoi is a Commerce Graduate from Mumbai
University and is deeply involved in various design, landscaping and interior aspects of the projects developed.
Bindu Oberoi
Non-Independent
On the Board of Directors since September 2014, Sonny is based out of the US and is the President of
BentallGreenOak, global real estate firm that seeks to create long-term value for its investors and clients, with
approximately $50 billion of assets under management and operations in 12 countries around the world. Sonny
is a graduate of Georgetown University with a BS degree in Finance, May 1990, and is a former member of the
Board of Regents of Georgetown University. He also serves on the board of several organizations including: The
Spence School, Teaching Matters, Room to Read, AHRC New York City Foundation, PowHERful Foundation,
The Hirshhorn Museum, and the Asia Society. He is a member of the Young Presidents Organization and an
Adjunct Professor at Columbia University in the Master of Real Estate Program.
Sonny was previously the Global Co-Head of Morgan Stanley’s Real Estate Investing (MSREI) business and
Karamjit Singh Kalsi President of the Morgan Stanley Real Estate Funds until 2009. Prior to managing MSREI globally, Sonny was
(Sonny Kalsi) based in Asia where, beginning in late 1997 and through his tenure into 2006, Sonny and his team led the
Independent
Non-Executive Director formation of Morgan Stanley’s property business in Asia and built the leading real estate platform in the region.
Sonny has also been cited in several publications for his profile in the real estate industry, including Private
Equity Real Estate magazine as one of the “30 Most Influential” people in private equity real estate globally.

Saumil Daru has been associated with the Company since 2002. He is the Director-Finance and has been a
member of the board of Oberoi Realty Limited since May 2014.
As the Chief Financial Officer of the Company he heads Finance, Accounts and Tax functions at Oberoi Realty
Limited. He has a cumulative work experience of over 20 years in Tax, Accounts and Finance.
A graduate in Commerce from Mumbai University, he is also a qualified Chartered Accountant and has
completed the Advanced Management Program from the Harvard Business School.
Saumil Daru
Non-Independent
Executive Director
Recognised amongst the top 50 tax professionals in the world, Tilokchand P. Ostwal has been on the Board
of Directors since December 2007. He is fellow member of the ICAI and in practice for more than 40 years.
He is a partner of T. P. Ostwal & Associates and DTS & Associates, Chartered Accountants. He is a member of
International Taxation Committee of Bombay Chartered Accountants’ Society (BCA) and Institute of Chartered
Accountants of India and member of International Taxation Committee and Taxation Committee of Indian
Merchants’ Chamber (IMC). He was a member of the advisory group/committee set up by the Government of
India for international taxation and transfer pricing. Besides, he served as the Vice-Chairman of the Executive
Board of International Fiscal Association, Netherlands. He is a member of the United Nations group for
developing the transfer pricing manual and documentation for developing countries. He is a visiting professor
Tilokchand P. Ostwal at Vienna University, Austria. He is also the author of several publications on international taxation, transfer
Independent pricing, and Black Money Act 2015 of India. He is a regular speaker on allied subjects, domestically and
internationally.
On the Board of Directors since April 2019, Tina Trikha has close to two decades of experience working with
companies in the United States, India, and South-East Asia. A published author and an executive coach, she
currently serves as head of communications and talent development for SeaLink Capital Partners, a private
equity firm based in Mumbai. Previously she was Vice President of corporate planning and strategy at Godrej
Industries Limited. As part of her role, Tina worked with various Godrej businesses on defining strategic goals
and identifying initiatives. Prior to that, Tina was responsible for strategic planning and business development
at Scholastic, a book publisher and distributor in New York. Her previous roles also included providing
financial and strategic advice to companies as a consultant with McKinsey & Company in New York and
as an investment banker with Credit Suisse in New York and Hong Kong. Tina holds a bachelor’s degree in
Tina Trikha economics from Massachusetts Institute of Technology and a Master’s degree in Business Management from
Independent the Wharton School of Business.
On the Board of Directors since July 2011, Venkatesh Mysore is currently the CEO and MD of Knight Riders
Sports Private Limited (Kolkata Knight Riders) and also the Chief Executive Officer of Red Chillies Entertainment
Private Limited. Venkatesh Mysore brings on board decades of rich and versatile experience in the insurance
sector, asset management and in setting up and promoting companies in diverse cultural and business
environments. With years of experience in the financial sector in the US, he has served as the CEO & MD of
MetLife, where he spent over 21 years and also helped start up its India venture. He has also served as the
India Country Head of Sun Life Financial, besides being on board with FICCI, CII, IMC, American Chamber
of Commerce, Indo-Canadian Chamber and several committees established by IRDA.
Venkatesh Mysore
Independent

DIRECTORS’ REPORT
To
The Members,
Oberoi Realty Limited
Your Directors have pleasure in presenting the Twenty First Annual Report of the Company on the business and operations of the
Company, together with the Audited Financial Statements for the year ended March 31, 2019.
Financial Results
The Company’s performance during the financial year ended March 31, 2019 as compared to the previous financial year is
summarized below:
(` in Lakh)
Particulars CONSOLIDATED STANDALONE
2018-19 2017-18 2018-19 2017-18
Revenue from operations 2,58,249.93 1,26,542.90 1,02,865.55 97,422.33
Other income 7,874.76 2,657.80 12,962.52 10,911.85
Total revenue 2,66,124.69 1,29,200.70 1,15,828.07 1,08,334.18
Expenses 1,49,051.86 64,610.11 51,339.48 49,240.34
Profit before share of profit of joint ventures (net) 1,17,072.83 64,590.59 64,488.59 59,093.84
Share of Profit/(Loss) of joint ventures (net) 689.60 361.97 - -
Profit before tax 1,17,762.43 64,952.56 64,488.59 59,093.84
Tax expenses 36,069.08 19,072.24 19,118.39 17,377.06
Other comprehensive income (net of tax) 62.92 118.67 49.63 78.62
Total comprehensive income for the year 81,756.27 45,998.99 45,419.82 41,795.40
NATURE OF BUSINESS total comprehensive income stood at `45,419.82 lakh

as compared to `41,795.40 lakh for the previous year
The Company is engaged in the activities of Real Estate
representing an increase of 8.67%.
Development and Hospitality. On the real estate development
front, the Company develops residential, commercial, retail REPORT ON PERFORMANCE AND FINANCIAL
and social infrastructure projects. There was no change in POSITION OF SUBSIDIARIES, ASSOCIATES AND
nature of the business of the Company, during the year under JOINT VENTURE COMPANIES
review.
The performance and financial position of each of the
FINANCIAL PERFORMANCE subsidiaries, associates and joint venture companies for the
Consolidated Financials year ended March 31, 2019 is attached to the financial
statements hereto.
During the year under review, your Company’s consolidated
total revenue stood at `2,66,124.69 lakh as compared to No company has become or ceased as subsidiary, associate
`1,29,200.70 lakh for the previous year, representing an and joint venture, during the year under review.
increase of 105.98%; profit before tax stood at `1,17,762.43
lakh for the year under review as compared to `64,952.56 TRANSFER TO RESERVES
lakh for the previous year representing an increase of 81.31%; It is not proposed to transfer any amount to reserves out of the
and the total comprehensive income stood at `81,756.27
profits earned during FY 2018-19.
lakh as compared to `45,998.99 lakh for the previous year
representing an increase of 77.73%. DIVIDEND
Standalone Financials Taking into consideration the stable performance of your

During the year under review, the total revenue stood at Company and in recognition of the trust in the management
`1,15,828.07 lakh as compared to `1,08,334.18 lakh by the members of the Company, the Directors are pleased to
for the previous year representing an increase of 6.92%; recommend a dividend at the rate of `2 per equity share, i.e.
profit before tax stood at `64,488.59 lakh for the year 20% of the paid up Equity Share Capital for the year ended
under review as compared to `59,093.84 lakh for the March 31, 2019 (previous year: `2 per equity share, (i.e. 20%)
previous year representing an increase of 9.13%; and the of the paid up Equity Share Capital).

DIRECTORS’ REPORT
DEPOSITS in nature. Hence, no particulars in form AOC-2 are furnished.

Kindly refer the financial statements for the transactions with
During the year under review, your Company neither accepted
related parties entered during the year under review.
any deposits nor there were any amounts outstanding at the
beginning of the year which were classified as ‘Deposits’ in PARTICULARS OF LOANS, GUARANTEES,
terms of Section 73 of the Companies Act, 2013 read with the INVESTMENTS UNDER SECTION 186
Companies (Acceptance of Deposit) Rules, 2014 and hence,
the requirement for furnishing of details of deposits which are Kindly refer the financial statements for the loans, guarantees
not in compliance with the Chapter V of the Companies Act, and investments given/ made by the Company as on March
2013 is not applicable. 31, 2019.
DISCLOSURES UNDER SECTION 134(3)(L) OF THE QUALIFIED INSTITUTIONS PLACEMENT OF EQUITY

COMPANIES ACT, 2013 SHARES OF THE COMPANY
Except as disclosed elsewhere in this report, no material Under the authority of the special resolution passed by the
changes and commitments which could affect the Company’s members of the Company at the Annual General Meeting
financial position, have occurred between the end of the held on June 5, 2018, your Company has issued and allotted
financial year of the Company and date of this report. 2,40,00,000 equity shares of face value of `10 each through
qualified institutions placement (QIP) at an issue price of `500
INTERNAL FINANCIAL CONTROLS (inclusive of premium of `490) per share, aggregating to
The Internal Financial Controls with reference to financial `1200 crore. Accordingly, issued, subscribed & paid up share
statements as designed and implemented by the Company are capital of the Company has increased from `3,39,60,22,370
adequate. During the year under review, no material or serious (33,96,02,237 equity shares of `10 each) to `3,63,60,22,370
observation has been received from the Statutory Auditors and (36,36,02,237 equity shares of `10 each). There has been
the Internal Auditors of the Company on the inefficiency or no deviation during the year ended March 31, 2019 in the
inadequacy of such controls. use of QIP proceeds from the objects stated in the Placement
Document dated June 19, 2018. Kindly refer the report on
INTERNAL CONTROL SYSTEMS corporate governance for the utilization as on March 31, 2019
Adequate internal control systems commensurate with the of the QIP proceeds.
nature of the Company’s business and size and complexity of its
DISCLOSURE RELATING TO EQUITY SHARES WITH
operations are in place and have been operating satisfactorily.
DIFFERENTIAL RIGHTS
Internal control systems comprising of policies and procedures
are designed to ensure reliability of financial reporting, timely The Company has not issued any equity shares with differential
feedback on achievement of operational and strategic goals, rights during the year under review and hence no information
compliance with policies, procedure, applicable laws and as per provisions of Rule 4(4) of the Companies (Share Capital
regulations. Internal control systems are designed to ensure and Debenture) Rules, 2014 is furnished.
that all assets and resources are acquired economically, used
efficiently and adequately protected. DISCLOSURE RELATING TO SWEAT EQUITY SHARES
The Company has not issued any sweat equity shares during the
DISCLOSURE OF ORDERS PASSED BY REGULATORS
year under review and hence no information as per provisions
OR COURTS OR TRIBUNAL
of Rule 8(13) of the Companies (Share Capital and Debenture)
No significant and material orders have been passed by any Rules, 2014 is furnished.
Regulator or Court or Tribunal which can have impact on the
DISCLOSURE RELATING TO EMPLOYEE STOCK
going concern status and the Company’s operations in future.
OPTION SCHEME AND EMPLOYEE STOCK PURCHASE
PARTICULARS OF CONTRACTS OR ARRANGEMENTS SCHEME
WITH RELATED PARTIES During the year under review there were no instances of
All the transactions/ contracts/ arrangements of the nature grant, vest, exercise, or lapse/ cancellation of employee stock
as specified in Section 188(1) of the Companies Act, 2013 options under the Employee Stock Option Scheme of the
entered by the Company during the year under review with Company. Also, as at the beginning of the year, there were no
related party(ies) are in ordinary course of business and on outstanding options granted. Hence, no disclosures in terms of
arm’s length. Further none of such transactions/contracts/ Companies (Share Capital and Debenture) Rules, 2014 and
arrangements are material (i.e., satisfying the criteria provided SEBI (Employee Share Based Employee Benefits) Regulations,
in first provisio of section 188(1) of the Companies Act, 2013) 2014 are required.

DIRECTORS’ REPORT
DISCLOSURES IN RESPECT OF VOTING RIGHTS NOT member under Section 160(1) of the Companies Act, 2013
DIRECTLY EXERCISED BY EMPLOYEES proposing the candidature of said Independent Directors
There are no shares held by trustees for the benefit of for the office of Independent Directors of the Company.
employees and hence no disclosure under Rule 16(4) of the The Nomination and Remuneration Committee, and the
Companies (Share Capital and Debentures) Rules, 2014 has Board has recommended their appointment as Independent
been furnished. Directors of the Company.
The resolutions for the above appointment/ reappointment of
MATTERS RELATED TO DIRECTORS AND KEY
Directors, is incorporated in the Notice of the ensuing Annual
MANAGERIAL PERSONNEL
General Meeting. The brief profile and other information as
Board of Directors and Key Managerial Personnel required under Regulation 36(3) of SEBI (Listing Obligations
There was no change in the composition of Board of Directors and Disclosure Requirements) Regulations, 2015 (“Listing
and the Key Managerial Personnel during the year under Regulations”) relating to the Directors proposed to be
review. appointed/ reappointed forms part of the Notice of ensuing
Annual General Meeting.
The current term of Mr. Vikas Oberoi as Managing Director of
the Company expires on December 3, 2019. The Board has Declarations by Independent Directors
approved his reappointment as the Managing Director of the
Pursuant to the provisions of sub-section (7) of Section 149
Company for a further period of 5 years commencing from
of the Companies Act, 2013, the Company has received
December 4, 2019 till December 3, 2024, subject to approval
individual declarations from all the Independent Directors
of the shareholders of the Company.
confirming that they fulfill the criteria of independence as
Also, the Board has approved the reappointment of Mr. Saumil specified in Section 149(6) of the Companies Act, 2013.
Daru as Director – Finance for the period from May 10, 2019
till May 9, 2024, subject to approval of the shareholders at DISCLOSURES RELATED TO BOARD, COMMITTEES AND
their ensuing meeting. Additionally, Mr. Saumil Daru is liable to POLICIES
retire by rotation at the 21st Annual General Meeting in terms Board Meetings
of Section 152 read with Section 149(13) of the Companies
The Board of Directors met 5 times during the financial year
Act, 2013, and the said Director has offered himself for
ended March 31, 2019 in accordance with the provisions of
reappointment.
the Companies Act, 2013 and rules made there under. All the
Also, Ms. Tina Trikha has been appointed as an Independent Directors actively participated in the meetings and provided
(Additional) Director w.e.f. April 12, 2019 and in terms of their valuable inputs on the matters brought before the Board
Section 161(1) of the Companies Act, 2013 she shall hold of Directors from time to time. Additionally, on October 22,
the office of Additional Director upto the date of ensuing 2018, the Independent Directors held a separate meeting
Annual General Meeting. The Board has received a notice in compliance with the requirements of Schedule IV of the
from a member under Section 160(1) of the Companies Act,
Companies Act, 2013 and the provisions of SEBI (Listing
2013 proposing her candidature for the office of Independent
Obligations and Disclosure Requirements) Regulations, 2015.
Director of the Company. The Nomination and Remuneration
Committee, and the Board has recommended her appointment Director’s Responsibility Statement
as an Independent Director of the Company. In terms of Section 134(5) of the Companies Act, 2013, in
Also, Mr. Anil Harish, an Independent Director, resigned from relation to the audited financial statements of the Company for
the directorship of the Company w.e.f. July 24, 2019. The the year ended March 31, 2019, the Board of Directors hereby
Board places on record its appreciation for the guidance and confirms that:
support provided by Mr. Anil Harish during his association with (a) in the preparation of the annual accounts, the applicable
the Company. accounting standards had been followed along with
The first term of 5 years of Mr. T.P Ostwal and Mr. Venkatesh proper explanations relating to material departures,
Mysore, the Independent Directors of the Company, shall wherever applicable;
expire on August 26, 2019, while that of Mr. Karamjit Singh (b) such accounting policies have been selected and applied
Kalsi shall expire on June 30, 2020. consistently and the Directors made judgements and
The said Independent Directors have expressed their estimates that are reasonable and prudent so as to give
willingness to be reappointed as Independent Directors of a true and fair view of the state of affairs of the Company
the Company for the second term of 5 years in succession as at March 31, 2019 and of the profits of the Company
of their first term. The Board has received notices from for the year ended on that date;

DIRECTORS’ REPORT
(c) proper and sufficient care was taken for the maintenance Fraud Reporting
of adequate accounting records in accordance with the During the year under review, no instances of fraud were
provisions of the Companies Act, 2013 for safeguarding reported by the Statutory Auditors of the Company.
the assets of the Company and for preventing and
detecting fraud and other irregularities; Risk Management Policy
(d) the annual accounts of the Company have been prepared The Board of Directors of the Company has put in place a Risk
on a going concern basis; Management Policy which aims at enhancing shareholders’
(e) internal financial controls have been laid down to be value and providing an optimum risk-reward tradeoff. The risk
followed by the Company and that such internal financial management approach is based on a clear understanding of
controls are adequate and were operating effectively; the variety of risks that the organization faces, disciplined risk
monitoring and measurement and continuous risk assessment
(f) proper systems have been devised to ensure compliance
and mitigation measures.
with the provisions of all applicable laws and that such
systems were adequate and operating effectively. Annual Evaluation of Directors, Committee and
Board
Nomination and Remuneration Committee
A Nomination and Remuneration Committee is in existence in The Nomination and Remuneration Committee of the Board
accordance with the provisions of sub-section (1) of Section 178 has formulated a Performance Evaluation Framework, under
of the Companies Act, 2013. Kindly refer section on Corporate which the Committee has identified criteria upon which every
Governance, under head ‘Nomination, Remuneration, Director, every Committee, and the Board as a whole shall be
Compensation and Management Development Committee’ evaluated. During the year under review the evaluation of every
for matters relating to constitution, meetings, functions of the Director, every Committee, and the Board had been carried
Committee; and the remuneration policy formulated by this out.
Committee. Particulars of Employees and Remuneration
Audit Committee
The information as required under the provisions of Section
An Audit Committee is in existence in accordance with the 197(12) of the Companies Act, 2013 and Rule 5 of the
provisions of Section 177 of the Companies Act, 2013. Kindly Companies (Appointment and Remuneration of Managerial
refer section on Corporate Governance, under head ‘Audit Personnel) Rules, 2014, are set out in Annexure II attached
Committee’ for matters relating to constitution, meetings and herewith and which forms part of this report.
functions of this Committee.
Payment of remuneration / commission to executive
Corporate Social Responsibility Committee directors from holding or subsidiary companies:
As per the provisions of Section 135 of the Companies Act,
None of the Managing Director, and the Whole Time Director
2013, a Corporate Social Responsibility (CSR) Committee
of the Company are in receipt of remuneration/ commission
constituted by the Board of Directors exists.
from any subsidiary company of the Company. The Company
For details of the composition of the Committee, the CSR policy has no holding company.
and other relevant details that are required to be disclosed
AUDITORS AND THEIR REPORTS
under the provisions of Section 134(3)(o) of the Companies
Act, 2013 and the Companies (Corporate Social Responsibility The matters related to Auditors and their Reports are as under:
Policy) Rules, 2014, kindly refer Annexure I attached herewith 2EVHUYDWLRQV RI VWDWXWRU\ DXGLWRUV RQ ÀQDQFLDO
and which forms part of this report. statements for the year ended March 31, 2019:
Other Board Committees The auditor’s report does not contain any qualification,
For details of other board committees, kindly refer the section reservation or adverse remark or disclaimer or modified
on Corporate Governance. opinion.
Vigil Mechanism for the Directors and Employees Secretarial Audit report for the year ended March
In compliance with the provisions of Section 177(9) of the 31, 2019:
Companies Act, 2013, the Board of Directors of the Company As required under provisions of Section 204 of the Companies
has framed the “Whistle Blower Policy” as the vigil mechanism Act, 2013 and pursuant to Regulation 24A of Listing
for Directors and employees of the Company. Regulations, the reports in respect of the Secretarial Audit for FY
The Whistle Blower Policy is disclosed on the website of the 2018-19 carried out by M/s. Rathi and Associates, Company
Company at https://www.oberoirealty.com/pdf/Whistle_ Secretaries, in Form MR-3 forms part to this report. The report
Blower_Policy.pdf in Form MR-3 does not contain any adverse observation

DIRECTORS’ REPORT
or qualification or modified opinion requiring explanation Conservation of energy, technology absorption and
or comments from the Board under Section 134(3) of the foreign exchange earnings and outgo:
Companies Act, 2013.
The particulars as required under the provisions of Section
Statutory Auditors appointment: 134(3) (m) of the Companies Act, 2013 read with Rule 8 of the
Companies (Accounts) Rules, 2014 in respect of conservation
Pursuant to the provisions of Section 139 of Companies
of energy and technology absorption have not been furnished
Act, 2013 read with the Companies (Audit and Auditors)
Rules, 2014, as amended, S R B C & Co LLP, Chartered considering the nature of activities undertaken by the Company
Accountants, the Statutory Auditors of the Company, hold during the year under review.
office upto the conclusion of Twenty Fourth (24th) Annual The details of foreign exchange earnings and outgo during the
General Meeting. year under review is as under:
Though not mandatory, as a good governance practice, a Value of Imports (on C. I. F. Basis)
business for the ratification of the appointment of the said (` in Lakh)
Statutory Auditors has been included in the notice of 21st Particulars 2018-19 2017-18
Annual General Meeting.
Materials 54.60 991.13
Cost Auditors: Capital Goods 63.17 31.17
In respect of FY 2018-19, your Company is required to
Expenditure in Foreign currency (on payment basis)
maintain cost records as specified by the Central Government
(` in Lakh)
under section 148(1) of the Companies Act, 2013 for the
Particulars 2018-19 2017-18
Construction industry, and accordingly such accounts and
records are made and maintained by your Company. Foreign Travel 23.16 5.96
The said cost accounts and records are also required to be Professional Fees 635.11 66.65
audited pursuant to the provisions of Section 148 of the Others 1,205.13 1,053.07
Companies Act, 2013, read with notifications/ circulars Earnings in Foreign Currency (on receipts basis)
issued by the Ministry of Corporate Affairs from time to time,
(` in Lakh)
and accordingly as per the recommendation of the Audit
Particulars 2018-19 2017-18
Committee, the Board of Directors at their meeting held on
April 24, 2018, appointed M/s. Kishore Bhatia & Associates, Sale of residential units 2.53 110.77
Cost Accountants, as the Cost Auditors of the Company for FY Hospitality services 5,970.56 5,936.69
2018-19.
Compliance with Secretarial Standards
In respect of FY 2019-20, the Board based on the
The Company is in compliance with the mandatory Secretarial
recommendation of the Audit Committee has approved
Standards.
the appointment of M/s. Kishore Bhatia & Associates, Cost
Accountants, as the cost auditors of the Company. A resolution Unclaimed Shares
for ratification of the remuneration to be paid for such
Out of the Equity Shares allotted to the successful applicants
appointment is included in the notice of the ensuing Annual
in the IPO concluded in the month of October 2010, 200
General Meeting.
unclaimed Equity Shares were pending for credit to the
OTHER DISCLOSURES demat accounts of the respective allottees, which shares were
Other disclosures as per provisions of Section 134 of the Act read thereafter transferred to the unclaimed shares demat suspense
with Companies (Accounts) Rules, 2014 are furnished as under: account in accordance with the requirements of (erstwhile)
Listing Agreement and SEBI (Listing Obligations and Disclosure
Annual Return: Requirements) Regulations, 2015.
Pursuant to the provisions of Section 134(3)(a) of the Section 124 of the Companies Act, 2013 read with the Investor
Companies Act, 2013, the Annual Return for the financial Education Protection Fund Authority (Accounting, Audit,
year ended March 31, 2019 is available on the website of the Transfer and Refund) Rules, 2016 (“Rules”), requires inter alia
Company at www.oberoirealty.com, under the section ‘Investor that all the shares in respect of which the dividend has not
Corner’, ‘Notices/ Others’. been claimed by the shareholders for seven consecutive years
The extract of the Annual Return for the financial year ended or more are required to be transferred to Investor Education
March 31, 2019 made under the provisions of Section 92(3) Protection Fund (“IEPF”). Accordingly, the said shares have
of the Act is attached as Annexure III hereto and forms part been transferred to Investor Education Protection Fund during
of this Report. the year under review.

DIRECTORS’ REPORT
The requisite disclosures under SEBI (Listing Obligations and or more are required to be transferred to Investor Education
Disclosure Requirements) Regulations, 2015 in respect of the Protection Fund in accordance with the procedure prescribed
unclaimed shares are as under: in the Rules. Accordingly, during FY 2018-19, the Company
has transferred to IEPF the unclaimed and unpaid dividend
Particulars NO. OF NO. OF
pertaining to FY 2010-11 of `16,620. Further 377 shares
SHAREHOLDERS SHARES
(including the 200 shares earlier held in suspense account
Aggregate number of 2 200 as stated earlier) were transferred to IEPF authority as
shareholders and the dividend in respect of those shares had not been claimed
outstanding shares in the by the shareholders for seven consecutive years. The details
suspense account lying at of the shares so transferred are available on the website of
the beginning of the year
Company.
Number of shares Nil Nil
Members can claim from IEPF their dividend entitlements
transferred to the suspense
and/ or shares transferred to IEPF by following the required
account during the year
procedure.
Number of shareholders Nil Nil
who approached the Service of documents through electronic means
Company for transfer of Subject to the applicable provisions of the Companies Act,
shares from suspense 2013, all documents, including the Notice and Annual
account during the year Report shall be sent through electronic transmission in
Number of shareholders Nil Nil respect of members whose email IDs are registered in their
to whom shares were demat account or are otherwise provided by the members. A
transferred from suspense member shall be entitled to request for physical copy of any
account during the year such documents.
Transfer of shares to IEPF 2 200
Internal Complaint Committee
Authority under the Rules
Aggregate number of Nil Nil The Company has complied with the provisions relating to
shareholders and the the constitution of Internal Complaint Committee (“ICC’’)
outstanding shares in the as required under The Sexual Harassment of Women at
suspense account lying at Workplace (Prevention, Prohibition and Redressal) Act, 2013
the end of the year [14 of 2013].
The voting rights in respect of the above 200 equity shares were Separate ICC exists for the real estate division as well as the
frozen while they were held in suspense account. No corporate hospitality division ‘Westin Mumbai Garden City’ (“WMGC”).
benefits in the nature of bonus, split, rights had accrued on the The Company is strongly opposed to sexual harassment and
aforesaid 200 equity shares. employees are made aware about the consequences of such
acts and about the constitution of ICC.
Unclaimed and Unpaid Dividends, and transfer of
shares to IEPF During the year under review, two complaints was filed with
the ICC of WMGC under the provisions of the said Act, which
As on March 31, 2019, amounts of `21,176, `38,736,
were investigated, deliberated and decided by the ICC. During
`39,792, `54,996, `43,114, `56,062 and `93,070 are
FY 2018-19, the ICC of WMGC also investigated, deliberated
lying in the unpaid equity dividend account of the Company
and decided 2 complaints filed with it in FY 2017-18 and
in respect of the dividends for FY 2011-12, FY 2012-13, FY
which were outstanding at the end of that financial year.
2013-14, FY 2014-15, FY 2015-16, FY 2016-17, and FY
2017-18 respectively. Members who have not yet received/ Corporate Governance
claimed their dividend entitlements are requested to contact
The report on Corporate Governance and also the report of
the Company or the Registrar and Transfer Agents of the
the Statutory Auditors regarding compliance with the conditions
Company.
of Corporate Governance have been furnished in the Annual
Pursuant to Section 124 of the Companies Act, 2013 read with Report and forms a part of the Annual Report.
the Investor Education Protection Fund Authority (Accounting,
Management Discussion and Analysis Report
Audit, Transfer and Refund) Rules, 2016 (“Rules”), all dividends
remaining unpaid or unclaimed for a period of seven years The Management Discussion and Analysis report has been
and also the shares in respect of which the dividend has not separately furnished in the Annual Report and forms a part of
been claimed by the shareholders for seven consecutive years the Annual Report.

DIRECTORS’ REPORT
Business Responsibility Reporting Your Directors would also like to thank the Members for
reposing their confidence and faith in the Company and its
In compliance with the Regulation 34(2)(f) of the SEBI (Listing
Management.
Obligations and Disclosure Requirements) Regulations, 2015
read with SEBI circular dated December 27, 2015, the Business
Responsibility Report for the financial year ended March 31, For and on behalf of the Board of Directors
2019 has been separately furnished in the Annual Report and
Vikas Oberoi
forms a part of the Annual Report.
Chairman & Managing Director
Dividend Distribution Policy DIN: 00011701
Mumbai, July 24, 2019
In compliance with the Regulation 43A of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, 5HJLVWHUHG2IÀFH
the Dividend Distribution Policy formulated by the Company Oberoi Realty Limited
is available on the website of the Company https://www. Commerz, 3rd Floor, International Business Park,
oberoirealty.com/pdf/Dividend-Distribution-Policy.pdf Oberoi Garden City, Off Western Express Highway,
Goregaon (East), Mumbai 400 063
ACKNOWLEDGEMENTS AND APPRECIATION:
CIN: L45200MH1998PLC114818
Your Directors take this opportunity to thank the employees, Telephone No.: (022) 6677 3333
customers, suppliers, bankers, business partners/associates, Fax No.: (022) 6677 3334
financial institutions and various regulatory authorities for their Mail: [email protected]
consistent support/ encouragement to the Company. Website: www.oberoirealty.com

ANNEXURE I
ANNUAL REPORT ON CSR ACTIVITIES (e) Contribution to Prime Minister’s National Relief
Fund or such other funds as may be recognized
1. A brief outline of the Company’s CSR policy,
under Schedule VII of Companies Act, 2013.
including overview of projects or programs
proposed to be undertaken and a reference to During the year under review, the Company has
the web- link to the CSR policy and projects and undertaken CSR activity of protection of flora and fauna
programs: and maintenance of ecological balance by adoption of
green belts. Additionally, the Company has contributed
The following are the areas of emphasis for CSR activities
amounts to an institution which undertake activities which
under the CSR policy:
are aligned with the CSR policy of the Company.
(a) Slum re-development, housing for economically
The CSR Policy of the Company is available on the
weaker sections.
website of the Company at https://www.oberoirealty.
(b) Promotion of education, including by way of com/pdf/CSR_Policy.pdf
conservation, renovation of school buildings and
classrooms. 2. The composition of the CSR Committee:
(c) Efforts towards eradicating hunger, poverty and The CSR Committee comprises of following members:
malnutrition, fulfillment of nutritional requirements (a) Mr. Vikas Oberoi (Chairman) (Non Independent
of the needy, promoting health care and sanitation, Director).
including by way of creation of aids and facilities for (b) Ms. Bindu Oberoi (Non Independent Director).
differently abled persons.
(c) Mr. Venkatesh Mysore (Independent Director).
(d) Efforts towards environment sustainability, including
by way of undertaking clean and renewable $YHUDJH 1HW 3URÀW RI WKH &RPSDQ\ IRU ODVW
energy project, conservation of natural resources, WKUHHÀQDQFLDO\HDUV`50,806.91 lakh
protection of flora and fauna, maintenance of 4. Prescribed CSR Expenditure: `1,016.14 lakh
ecological balance, including by way of adoption of
green belts, gardens etc.
'HWDLOVRI&65VSHQWGXULQJWKHÀQDQFLDO\HDU
(a) Total amount to be spent for the financial year: `1,016.14 lakh
(b) Amount unspent if any: `681.91 lakh
(c) Manner in which the amount spent during the financial year is detailed below:
(` in Lakh)
(1) (2) (3) (4) (5) (6) (7) (8)
Sr. CSR Sector in Project or Amount Amount spent Cumulative Amount
No. project or which the programs outlay on the projects expenditure spent direct
activity project is (1) Local area (budget) or programs upto the or through
LGHQWLÀHG covered or other project or sub heads reporting implementing
programs during the year period agency
(2) State and
wise (for
district where
the year)
projects or
programs was
undertaken
1 Adoption of Protection Local, State: 1,016.14 (a) Direct 34.23 Direct
green belts of flora Maharashtra, Expenditure
and fauna, District: Mumbai on projects
maintenance and programs:
of 34.23
Ecological (b) Overheads: -
balance
2 Promotion of Promoting Local, State: (a) Direct 450.00 Contribution
education Education Maharashtra, Expenditure to Avasara
District: Pune on projects Leadership
and programs: Institute
300.00
(b) Overheads: -
Total 1,016.14 334.23 484.23

ANNEXURE I
6. Reasons for failure to spend the 2% of the As can be determined from above, since the CSR avenues
DYHUDJH QHW SURÀW RI WKH ODVW WKUHH ÀQDQFLDO identified by the Company, either are at their initial phase
years or any part thereof: of development, or have been recently associated with
The CSR activities carried/ to be carried out by the the Company, the spending prescribed towards CSR
Company is driven by the expertise of the management. could not be fully made during FY 2018-19.
The Company believes that the CSR should be in the 7. Responsibility statement:
field(s) which have substantial social impact and which
The CSR Committee hereby confirms that the
co-relate with the philosophy of the Company to improve
implementation and monitoring of CSR Policy has been
the quality of life. The Company has committed itself for
carried out with all reasonable care and diligence and the
construction of a school building for education of under
same is in compliance with the CSR objectives and policy
privileged deserving girl children at the school run by
of the Company.
Avasara Leadership Institute at village Lavale at Pune and
have spent substantial amounts towards the said activity. For and on behalf of the Board of Directors
The said project is to be completed over multiple years
and the amounts to be spent in the coming years should Vikas Oberoi
substantially cover the CSR expenditure for the coming Chairman & Managing Director
years. Also, the Company has started taking up CSR Chairman of CSR Committee
activities by way of contribution to select institutions on a DIN: 00011701
deserving case to case basis.

ANNEXURE II
DISCLOSURE OF REMUNERATION DETAILS
Ratio of the remuneration of each director to the median remuneration of the employees
Mr. Vikas Oberoi 0.00
Mr. Saumil Daru 62.04
Mr. Anil Harish 3.42
Ms. Bindu Oberoi -
Mr. Karamjit Singh Kalsi -
Mr. T.P. Ostwal 3.42
Mr. Venkatesh Mysore 3.42
(above excludes sitting fee, whosesoever applicable)
7KH SHUFHQWDJH FKDQJH LQ UHPXQHUDWLRQ RI HDFK 'LUHFWRU &KLHI )LQDQFLDO 2IÀFHU &KLHI ([HFXWLYH 2IÀFHU
&RPSDQ\6HFUHWDU\RU0DQDJHULIDQ\LQWKHÀQDQFLDO\HDU
Name of Director Designation % increase/ (decrease) in

remuneration
Mr. Vikas Oberoi Managing Director -
Mr. Saumil Daru Director - Finance cum Chief Financial Officer (68.24%)
Mr. Anil Harish Independent Director -
Ms. Bindu Oberoi Non-independent Director -
Mr. Karamjit Singh Kalsi Independent Director -
Mr. T.P. Ostwal Independent Director -
Mr. Venkatesh Mysore Independent Director -
Mr. Bhaskar Kshirsagar Company Secretary 4.75%
(above excludes sitting fee, whosesoever applicable)
7KHSHUFHQWDJHLQFUHDVHLQWKHPHGLDQUHPXQHUDWLRQRIHPSOR\HHVLQWKHÀQDQFLDO\HDU19%
Number of permanent employees on the rolls of the Company: 792
Average percentage increase already made in the salaries of employees’ other than the managerial
SHUVRQQHOLQWKHODVWÀQDQFLDO\HDU8.10%
Percentage increase/ (decrease) in the managerial remuneration: (64.84%)
-XVWLÀFDWLRQLQFOXGLQJDQ\H[FHSWLRQDOFLUFXPVWDQFHVIRULQFUHDVHLQWKHPDQDJHULDOUHPXQHUDWLRQN.A.

Statement pursuant to Rule 5(2) and 5(3) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
16
(for the year ended March 31, 2019)
Sr. Name Designation Age as on Gross 4XDOLÀFDWLRQ Experience Last employment Commencement % of equity
No. March 31, remuneration (in years) of employment shares held as on
2019 (in (`) March 31, 2019
ANNEXURE II
years) (in case of

holding 2% or
more)
1 Abhay Dhond* Vice President - 60 68,20,747 B.Tech (Civil) 26 Tata Housing Jun-12 N.A.
Contracts Development Company
Limited
Annual Report 2018-19

2 Brian Ruby* Head - Construction 52 1,96,57,935 B.Sc 27 Turner Construction Aug-18 N.A.
Company
3 Irfan Ahmed Vice President - 51 1,68,55,914 B.E.(Civil) 30 Robert Matthew Jun-11 N.A.
Engineering Johnson-Marshall
4 Jaswinder Singh Executive Vice President 41 1,12,71,302 Bachelor of Architecture, 17 Oberoi Constructions Apr-07 N.A.
Sandhu - EPC Post Graduate Diploma Private Limited
in Advanced Construction
Management
5 Joseph Kilar* Head - Group 62 1,26,56,785 B.Sc 41 Samsung Construction Aug-15 N.A.
Construction & Execution & Trading, South Korea
Strategy
6 Rajeevan Nair EVP & Chief Legal 50 1,23,12,518 B.Com, LLB,ACS, AIIA,DIPR 30 Welspun Energy Limited Sep-17 N.A.
Officer
7 Rajendra Executive Vice President 46 1,72,93,246 Bachelor of Architecture 24 Oberoi Constructions Apr-07 N.A.
Chandorkar - Architecture Private Limited
8 Reema EVP, Head - 40 1,41,43,994 B.E. (Computer Science) 19 Satyam Limited Dec-09 N.A.
Kundnani Marketing, Corporate
Communications &
Luxury Residential Sales
9 Rochelle Executive Vice President, 44 1,17,15,982 B. Com 23 Thomas Cook India Ltd. Jan-10 N.A.
Chatterjee Head - Residential Sales
10 Saumil Daru Group Chief Financial 48 1,99,60,650 B.Com, Grad CWA / CA 24 Oberoi Constructions Apr-07 N.A.
Officer Private Limited
11 Sharad Datta General Manager 48 1,12,17,366 Diploma in Hotel 27 Marriott Hotel & Jan-17 N.A.
Management convention Centre &
Courtyard
12 Shantanu Rege Vice President – 45 1,19,87,937 B.E. (Production), PGDPM 21 Lodha Group Apr-17 N.A.
Purchase & Contracts
13 Shirish Wagh Vice President - Property 52 1,11,68,925 HSE/Mechanical Engg, 28 RMZ Corp Jun-17 N.A.
Management Services MBA
14 Spyros Head - Construction 58 1,17,96,117 B.Sc (Architecture), 33 Lodha Group Dec-18 N.A.
Marcantonatos* Bachelor of Architecture
Sr. Name Designation Age as on Gross 4XDOLÀFDWLRQ Experience Last employment Commencement % of equity
No. March 31, remuneration (in years) of employment shares held as on
2019 (in (`) March 31, 2019
years) (in case of
holding 2% or
more)
15 Sunil Arora Vice President - Liaison 53 1,10,52,040 Bachelor of Architecture 31 SA Design Consultants Feb-14 N.A.
(Self Employed)
16 Tai Sik Hong* Head - Construction 58 1,84,87,226 Bachelor of Engineering 31 DB Realty Limited Oct-18 N.A.
17 Vishwas Vice President - Project 41 42,98,872 B.E. (Civil) 19 Turner Construction Intl. Mar-16 N.A.
Bindiganavale* Control LLC, Dubai
* employed for a part of year.
Note:
1. Nature of employment in all the above cases is contractual.
2. None of the above employees is a relative of any Director or Manager of the Company.
$IÀUPDWLRQ
I, Vikas Oberoi, Managing Director of Oberoi Realty Limited hereby confirm that the remuneration paid during FY 2018-19 is as per the remuneration policy of the Company.
For and on behalf of the Board of Directors
Vikas Oberoi
DIN: 00011701

17
ANNEXURE III
EXTRACT OF ANNUAL RETURN
$VRQÀQDQFLDO\HDUHQGHGRQ0DUFK
(Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies
(Management and Administration) Rules, 2014)
I. REGISTRATION AND OTHER DETAILS:
CIN : L45200MH1998PLC114818
Registration Date : May 8, 1998
Name of the Company : Oberoi Realty Limited
Category / Sub-Category of the Company : Company limited by shares/ Indian Non-Government Company
: Commerz, 3rd Floor, International Business Park, Oberoi Garden City,
Address of the Registered office and contact details
Off Western Express Highway, Goregaon (East), Mumbai 400 063.
Telephone No: +91 22 6677 3333
Fax No: +91 22 6677 3334
Email id: [email protected]
Whether listed company : Yes
Name, Address and Contact details of Registrar and : Link Intime India Private Limited
Transfer Agent, if any: C 101, 247 Park, L B S Marg, Vikhroli West, Mumbai 400 083
Telephone No: +91 22 4918 6270
Fax No: +91 22 4918 6060
Email id: [email protected]
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
All the business activities contributing 10 % or more of the total turnover of the company shall be stated:-
Sr. Name and description of main NIC code of the product/ % to total turnover of the
No. products/ services service (NIC 2008) company
1 Construction and Real Estate Development 4100 86.68%
2 Hospitality 5510, 5610, 5630 13.32%
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

Sr. Name and address of the CIN/ GLN Holding/ % of equity Applicable
No Company* subsidiary/ shares held section
associate
1 Expressions Realty Private U45400MH2007PTC174060 Subsidiary 100.00% 2(87)
Limited
2 Incline Realty Private Limited U45400MH2014PTC255010 Subsidiary 100.00% 2(87)
3 Integrus Realty Private Limited U45209MH2014PTC255238 Subsidiary 100.00% 2(87)
4 Kingston Hospitality and U55101MH2006PTC164233 Subsidiary 100.00% 2(87)
Developers Private Limited
5 Kingston Property Services U70102MH2007PLC176290 Subsidiary 100.00% 2(87)
Limited
6 Oberoi Constructions Limited U45202MH1993PLC074836 Subsidiary 100.00% 2(87)
7 Oberoi Mall Limited U45202MH2001PLC132119 Subsidiary 100.00% 2(87)
8 Perspective Realty Private U70200MH2007PTC175541 Subsidiary 100.00% 2(87)
Limited
9 Sight Realty Private Limited U45200MH2013PTC239647 Subsidiary 100.00% 2(87)
10 I-Ven Realty Limited U70100MH2003PLC143211 Associate 50.00% 2(6)
11 Sangam City Township Private U70101MH1997PTC109824 Associate 31.67% 2(6)
Limited#
*All the companies, except Sangam City Township Private Limited, have their registered office address at Commerz, 3rd Floor,
International Business Park, Oberoi Garden City, Off Western Express Highway, Goregaon (East), Mumbai-400 063
# Registered office address: ABIL House, 2, Range Hill Corner, Ganeshkhind Road, Pune – 411007

ANNEXURE III
IV. SHARE HOLDING PATTERN (EQUITY SHARE CAPITAL BREAKUP AS PERCENTAGE OF TOTAL EQUITY):
i. Category-wise Share Holding:

Category of NO. OF SHARES HELD AT THE NO. OF SHARES HELD AT THE %
shareholders BEGINNING OF THE YEAR END OF THE YEAR change
Demat Physical Total % of Demat Physical Total % of during
total total the
shares shares year
A Promoters
(1) Indian
a) Individual/HUF 21,28,73,614 - 21,28,73,614 62.68% 21,28,73,614 - 21,28,73,614 58.55% (4.13%)*
b) Central Govt - - - - - - - - -
c) State Govt(s) - - - - - - - - -
d) Bodies Corp. - - - - - - - - -
e) Banks / FI - - - - - - - - -
f) Any other - - - - - - - - -
Sub-total(A)(1): 21,28,73,614 - 21,28,73,614 62.68% 21,28,73,614 - 21,28,73,614 58.55% (4.13%)
(2) Foreign
a) NRIs - Individuals - - - - - - - - -
b) Other – Individuals - - - - - - - - -
c) Bodies Corp. - - - - - - - - -
d) Banks / FI - - - - - - - - -
e) Any other - - - - - - - - -
Sub-total (A)(2): - - - - - - - - -
Total shareholding 21,28,73,614 - 21,28,73,614 62.68% 21,28,73,614 - 21,28,73,614 58.55% (4.13%)
of Promoter (A) = (A)
(1)+(A)(2)
B Public
Shareholding
(1) Institutions
a) Mutual Funds 96,70,445 - 96,70,445 2.85% 1,57,49,268 - 1,57,49,268 4.33% 1.48%
b) Banks / FI 18,100 - 18,100 0.01% 75,471 - 75,471 0.02% 0.01%
c) Central Govt - - - - - - - - -
d) State Govt(s) - - - - - - - - -
e) Venture Capital Funds - - - - - - - - -
f) Insurance Companies - - - - - - - - -
g) FPIs/ FIIs 7,46,37,856 - 7,46,37,856 21.98% 9,22,67,436 - 9,22,67,436 25.38% 3.40%
h) Foreign Venture - - - - - - - - -
Capital Funds
i) Alternate Investment 7,00,000 - 7,00,000 0.21% 1,37,621 - 1,37,621 0.04% (0.17%)
Funds
Sub-total (B)(1): 8,50,26,401 - 8,50,26,401 25.04% 10,82,29,796 - 10,82,29,796 29.77% 4.73%
(2) Non-Institutions
a) Bodies Corp./NBFC
i) Indian 21,64,794 - 21,64,794 0.64% 15,28,853 - 15,28,853 0.42% (0.22%)
ii) Overseas - - - - - - - - -
b) Individuals
i) Individual shareholders 32,02,804 103 32,02,907 0.95% 37,75,443 3 37,75,446 1.04% (0.09%)
holding nominal share
capital upto ` 1 lakh
ii) Individual Shareholders 21,49,250 - 21,49,250 0.63% 27,04,988 - 27,04,988 0.74% (0.11%)
holding nominal share
capital in excess of
` 1 lakh

ANNEXURE III
Category of NO. OF SHARES HELD AT THE NO. OF SHARES HELD AT THE %

shareholders BEGINNING OF THE YEAR END OF THE YEAR change
Demat Physical Total % of Demat Physical Total % of during
total total the
shares shares year
c) Others (specify)
1 Promoter Group Entities 3,33,01,332 - 3,33,01,332 9.81% 3,33,01,332 - 3,33,01,332 9.16% (0.65%)
2 Clearing Member 2,00,207 - 2,00,207 0.06% 2,25,405 - 2,25,405 0.06% -
3 Non Resident Indians 3,26,509 - 3,26,509 0.10% 5,27,591 - 5,27,591 0.15% 0.05%
(Repat)
4 Non Resident Indians 82,903 - 82,903 0.02% 1,50,958 - 1,50,958 0.04% 0.02%
(Non Repat)
5 Foreign Companies - - - - - - - - -
6 Trusts 5,360 - 5,360 0.00% 5,200 - 5,200 0.00% -
7 Hindu Undivided 2,68,960 - 2,68,960 0.08% 2,78,677 - 2,78,677 0.08% -
Family
8 Foreign Nationals - - - - - - - - -
9 IEPF Authority - - - - 377 - 377 0.00% 0.00%
Sub-total(B)(2): 4,17,02,119 103 4,17,02,222 12.28% 4,24,98,824 3 4,24,98,827 11.69% (0.59%)
Total Public 12,67,28,520 103 12,67,28,623 37.32% 15,07,28,620 3 15,07,28,623 41.45% 4.13%
Shareholding (B)=(B)
(1)+(B)(2)
C Shares held by - - - - - - - - -
Custodian for GDRs
& ADRs
Grand Total (A+B+C) 33,96,02,134 103 33,96,02,237 100.00% 36,36,02,234 3 36,36,02,237 100.00% -
* Dilution on account of further issue of shares by Company through QIP.
ii. Shareholding of Promoters:

Sr. Shareholder’s SHAREHOLDING AT THE SHAREHOLDING AT THE % change
No. Name BEGINNING OF THE YEAR END OF THE YEAR in share
No. of shares % of total % of shares No. of shares % of total % of shares holding
shares of the pledged / shares of the pledged / during the
Company encumbered Company encumbered year
to total to total
shares shares
1 Vikas Oberoi 21,28,73,614 62.68% Nil 21,28,73,614 58.55% Nil (4.13%)*
Total 21,28,73,614 62.68% Nil 21,28,73,614 58.55% Nil (4.13%)
iii. Change in Promoters’ Shareholding:
Vikas Oberoi (Promoter) SHAREHOLDING AT THE CUMULATIVE SHAREHOLDING

BEGINNING OF THE YEAR DURING THE YEAR
No. of shares % of total No. of shares % of total
shares of the shares of the
Company Company
At the beginning of the year 21,28,73,614 62.68% 21,28,73,614 58.55%*
Date wise Increase/ Decrease in Promoters No change No change - -
Shareholding during the year specifying the
reasons for increase/ decrease (e.g. allotment/
transfer/bonus/ sweat equity etc)
At the end of the year 21,28,73,614 58.55% 21,28,73,614 58.55%

ANNEXURE III
iv. Shareholding Pattern of Top Ten Shareholders as on March 31, 2019 (Other Than Directors, Promoters):
Sr. Shareholder’s name SHAREHOLDING AT THE SHAREHOLDING AT THE NET CHANGES
No. BEGINNING OF THE END OF THE YEAR DURING THE YEAR
YEAR
No. of % of total No. of % of total No. of % of total
shares shares shares shares shares shares
of the of the of the
Company Company Company
1 R S Estate Developers Private Limited 3,33,00,000 9.81% 3,33,00,000 9.16% - (0.65%)
(a promoter group entity)
2 Oppenheimer Developing Markets - - 1,06,07,690 2.92% 1,06,07,690 2.92%

Fund
3 Franklin Templeton Investment Funds 1,03,81,671 2.86% 57,34,030 1.58% (46,47,641) (1.28%)
4 Reliance Capital Trustee Company 14,00,000 0.39% 51,60,117 1.42% 37,60,117 1.03%
Limited A/C Reliance Growth Fund
5 Fidelity Investment Trust Fidelity Series - - 51,17,141 1.41% 51,17,141 1.41%

Emerging Markets Opportunities
Fund
6 Stichting Depositary APG Emerging 56,33,539 1.55% 48,51,539 1.33% (7,82,000) (0.22%)
Markets Equity Pool
7 L And T Mutual Fund Trustee Ltd-L 40,13,884 1.10% 42,89,200 1.18% 2,75,316 0.08%
And T India Value Fund
8 Wellington Trust Company, National 39,05,073 1.07% 41,70,627 1.15% 2,65,554 0.08%
Association Multiple Common Trust
Funds Trust, Emerging Markets
Opportunities Portfolio
9 Government Of Singapore 31,45,026 0.87% 35,49,365 0.98% 4,04,339 0.11%
10 Franklin Templeton Mutual Fund A/C 23,15,019 0.64% 27,34,124 0.75% 41,9,105 0.11%
Franklin India Prima Fund
11 Blackrock Global Funds Asian 34,04,195 0.94% 23,87,369 0.66% (10,16,826) (0.28%)
Dragon Fund
Since the Company is not privy to the date wise increase / decrease in above shareholding and the reasons thereof, the said details
are not available with the Company.
v. SHAREHOLDING OF DIRECTORS AND KEY MANAGERIAL PERSONNEL:

Sr. For each of the Directors and Shareholding at the Cumulative shareholding
No. KMP beginning of the year during the year
No. of shares % of total shares No. of shares % of total shares
of the Company of the Company
1 Vikas Oberoi
At the beginning of the year 21,28,73,614 62.68% 21,28,73,614 58.55%*
Date wise Increase/ Decrease in No Change No Change - -

Shareholding during the year specifying
the reasons for increase/ decrease (e.g.
allotment/ transfer/ bonus/ sweat equity
etc)
At the end of the year 21,28,73,614 58.55% 21,28,73,614 58.55%

ANNEXURE III
2 Bindu Oberoi
At the beginning of the year 111 0.00% 111 0.00%

etc)
At the end of the year 111 0.00% 111 0.00%
3 Saumil Daru (held singly and/ or jointly)
At the beginning of the year 47,960 0.01% 47,960 0.01%

etc)
At the end of the year 47,960 0.01% 47,960 0.01%
4 Anil Harish
At the beginning of the year Nil Nil Nil Nil
Date wise Increase / Decrease in No Change No Change - -

the reasons for increase / decrease
(e.g. allotment / transfer / bonus /
sweat equity etc)
At the end of the year Nil Nil Nil Nil
5 T. P. Ostwal

sweat equity etc)
6 Venkatesh Mysore

sweat equity etc)

ANNEXURE III
7 Karamjit Singh Kalsi

sweat equity etc)
8 Bhaskar Kshirsagar
At the beginning of the year 700 0.00% 700 0.00%

sweat equity etc.)
At the End of the year 700 0.00% 700 0.00%
* Dilution on account of further issue of shares by the Company through QIP
V. INDEBTEDNESS:
Indebtedness of the Company including interest outstanding/accrued but not due for payment.
(` in Lakh)
Particulars Secured Loans Unsecured Deposits Total
excluding Loans Indebtedness
deposits
Indebtedness at the beginning of the financial
year
i) Principal Amount 68,113.65 19,369.40 - 87,483.05
ii) Interest due but not paid - - - -
iii) Interest accrued but not due 4.01 - - 4.01
Total (i+ii+iii) 68,117.66 19,369.40 - 87,487.06
Change in Indebtedness during the financial year
$GGLWLRQ 24,500.51 9,438.40 - 33,938.91
5HGXFWLRQ (33,765.77) (20,568.40) - (54,334.17)
Net Change (9,265.26) (11,130.00) - (20,395.26)
Indebtedness at the end of the financial year
i) Principal Amount 58,852.40 8,239.40 - 67,091.80
ii) Interest due but not paid - - - -
iii) Interest accrued but not due 0.01 - - 0.01
Total (i+ii+iii) 58,852.41 8,239.40 - 67,091.81

ANNEXURE III
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL:
i. Remuneration to Managing Director, Whole-time Directors and/or Manager:

(` in Lakh)
Sr. Particulars of remuneration Name of MD/ WTD/ Manager Total
No. Vikas Oberoi Saumil Daru amount
(Managing (Finance Director
Director) cum Chief Financial
2IÀFHU
1 Gross salary
(a) Salary as per provisions contained in section 17(1) of the 0.00 199.32 199.32
Income-tax Act,1961
(b) Value of perquisites u/s 17(2) Income-tax Act, 1961 - 0.29 0.29
(c) Profits in lieu of salary under section 17(3) Income-tax - - -
Act, 1961
2 Stock Option (as on March 31, 2019) - - -
3 Sweat Equity - - -
4 Commission
- as % of profit - - -
- others, specify - - -
5 Others, please specify - - -
Total (A) 0.00 199.61 199.61
Ceiling as per the Act 3,224.43 3,224.43 6,448.86
ii. REMUNERATION TO OTHER DIRECTORS:

(` in Lakh)
Sr. Particulars of remuneration NAME OF DIRECTORS Total
No. amount
1 Independent Directors Mr. Anil Mr. T.P. Mr. Venkatesh Mr. Karamjit
Harish Ostwal Mysore Singh Kalsi
)HHIRUDWWHQGLQJERDUG 4.50 4.40 3.75 0.50 13.15
committee meetings
&RPPLVVLRQ 11.00 11.00 11.00 - 33.00
2WKHUVSOHDVHVSHFLI\ - - - - -
Total (1) 15.50 15.40 14.75 0.50 46.15
2 Other Non-Executive Directors Ms. Bindu
Oberoi
)
HHIRUDWWHQGLQJERDUG - -
committee meetings
&RPPLVVLRQ - -
2WKHUVSOHDVHVSHFLI\ - -
Total (2) - -
Total (B)= (1+2) 46.15
Total Managerial Remuneration 245.76

(A+B)
Overall Ceiling as per the Act 7,093.75

ANNEXURE III
iii. REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THAN MD/MANAGER/WTD

(` in Lakh)
Sr. Particulars of remuneration KEY MANAGERIAL PERSONNEL Total
No.
CEO Company CFO*
Secretary
1 Gross salary
(a) Salary as per provisions contained in section - 33.87 - 33.87
17(1) of the Income-tax Act, 1961
(b) Value of perquisites u/s 17(2) Income-tax - - - -
Act, 1961
(c) Profits in lieu of salary under section 17(3) - - - -
Income tax Act, 1961
2 Stock Option (as on March 31, 2019) - - - -
3 Sweat Equity - - - -
4 Commission - - - -
- as % of profit - - - -
- others, specify - - - -
5 Others, please specify - - - -
Total - 33.87 - 33.87
* The remuneration of CFO is the same as that of the Director – Finance, Mr. Saumil Daru, since he is the CFO for the purposes
of the Companies Act, 2013
VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:
(` in Lakh)
Type Section Brief Details of Authority Appeal
of the Description Penalty/ (RD /NCLT/ made, if
Companies Punishment/ COURT) any (give
Act Compounding Details)
fees imposed
A COMPANY
Penalty - - - - -
Punishment - - - - -
Compounding - - - - -
B DIRECTORS
Penalty - - - - -
C OTHER OFFICERS IN DEFAULT
Penalty - - - - -
Vikas Oberoi
DIN: 00011701

SECRETARIAL AUDIT REPORT
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014]
FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2019
To
The Members,
OBEROI REALTY LIMITED
Commerz, 3rd Floor, International Business Park,
Oberoi Garden City, Off W.E. Highway,
Goregaon (E), Mumbai – 400 063.
We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate
governance practice by Oberoi Realty Limited (hereinafter called “the Company”). Secretarial Audit was conducted in a
manner that provided us a reasonable basis for evaluating the corporate conduct/ statutory compliances and expressing our opinion
thereon.
Based on our verification of the Company’s Books, Papers, Minutes Books, Forms and Returns filed and other records maintained
by the Company and also the information provided by the Company, its officers, agents and authorized representatives during the
conduct of secretarial audit, we hereby report that in our opinion, the Company has, during the audit period covering the financial
year ended 31st March, 2019, complied with the statutory provisions listed hereunder and also that the Company has proper Board
processes and compliance mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:
1. We have examined the books, papers, minute books, forms and returns filed and other records maintained by Oberoi Realty
Limited (“the Company”) as given in Annexure I, for the financial year ended on 31st March, 2019, according to the
provisions of:
(i) The Companies Act, 2013 (the Act) and the rules made thereunder to the extent applicable;
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct
Investment including FEMA (Acquisition and Transfer of Immovable Property in India) Regulations, 2000;
(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI
Act’):-
i. The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
ii. The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
iii. The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015;
and
iv. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009.
2. Provisions of the following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992
(‘SEBI Act’) were not applicable to the Company during the financial year under report:-
i. The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008;
ii. The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009;
iii. The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998;
iv. The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014; and
v. The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993,
regarding the Companies Act and dealing with client;
3. We further report that, having regard to the compliance system prevailing in the Company and on examination of the relevant
documents and records in pursuance thereof, on test-check basis, the Company has complied with other Acts, Laws and
Regulations applicable specifically to the Company as per the list given in Annexure II.
We have also examined compliance with the applicable clauses of the Secretarial Standards issued by The Institute of Company
Secretaries of India under the provisions of the Companies Act, 2013.
During the financial year under report, the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines,
Standards, etc. mentioned above.

SECRETARIAL AUDIT REPORT
We further report that:
The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive Directors
and Independent Directors. No changes in the composition of the Board of Directors took place during the financial year under
report.
Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent at
least seven days in advance, and a system exists for seeking and obtaining further information and clarifications on the agenda
items before the meeting and for meaningful participation at the meeting.
None of the members have communicated dissenting views, in the matters / agenda proposed from time to time for
consideration of the Board and its Committees thereof, during the year under the report, hence were not required to be
captured and recorded as part of the minutes.
We further report that there are adequate systems and processes in the Company commensurate with the size and operations
of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.
We further report that during the year under report, following action/ event occurred which had a major bearing on the
Company’s affairs in pursuance of the above referred laws, rules, regulations, guidelines, standards, etc.
The Company has allotted 24,000,000 (Two Crores Forty Lakhs) Equity Shares of `10/- each at a price of `500/- (inclusive
of premium of `490 per share) aggregating to `12,000,000,000/- (Rupees One thousand Two Hundred Crores) on 21st
June, 2018 to Qualified Institutional Buyers under Qualified Institutional Placement under Chapter VIII of the Securities and
Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 and Section 42 and 62 of the
For RATHI & ASSOCIATES

Company Secretaries
HIMANSHU S. KAMDAR
Partner
Membership No. FCS 5171
COP No. 3030
Date: May 10, 2019

Place: Mumbai
Note: This report should be read with our letter of even date which is annexed as Annexure III and forms are integral part of
this report.

ANNEXURE - I
/LVWRIGRFXPHQWVYHULÀHG
1. Memorandum and Articles of Association of the Company.
2. Annual Report for the financial year ended 31st March, 2018.
3. Minutes of the meetings of the Board of Directors, Audit Committee, Nomination Remuneration, Compensation and
Management Development Committee, Stakeholders’ Relationship Committee and Corporate Social Responsibility Committee
as well as minutes of meeting of Independent Directors held during the financial year under report along with the respective
Attendance Registers.
4. Minutes of General Body Meeting held during the financial year under report.
5. Proof of circulation & Delivery of notice for Board meetings and Committee Meetings.
6. Proof of circulation of draft as well as certified signed Board & Committee meetings minutes as per Secretarial Standards.
7. Policies framed by the Company viz.
- Policy On Related Party Transactions
- Risk Management Policy
- Whistle Blower Policy
- Policy On Material Subsidiaries
- Nomination And Remuneration Policy
- Corporate Social Responsibility Policy
- Board Diversity Policy
- Archival Policy
- Policy For Determination Of Material Events
- Dividend Distribution Policy
- Policy framework on Business Responsibility
8. Statutory Registers viz.
- Register of Directors & KMP and their Shareholding
- Register of Employee Stock Options
- Register of loans, guarantees and security and acquisition made by the Company (Form No. MBP-2)
- Register of Charge (Form No. CHG-7)
- Register of Contracts with related party and contracts and Bodies etc. in which directors are interested (Form No. MBP-4)
- Register of Investments (Form No. MBP-3)
9. Copies of Notice, Agenda and Notes to Agenda submitted to all the directors / members for the Board Meetings and Committee
Meetings as well as resolutions passed by circulation.
10. Declarations / Disclosures received from the Directors of the Company pursuant to the provisions of Section 184(1), Section
164(2) and Section 149(7) of the Companies Act, 2013.
11. Intimations received from directors under the prohibition of Insider Trading Code.
12. E-Forms filed by the Company, from time to time, under applicable provisions of the Companies Act, 2013 and attachments
thereof during the financial year under report.
13. Intimations/documents/reports/returns filed with the Stock Exchanges pursuant to the provisions of Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 during the financial year under report.
14. Documents related to payments of dividend made to its shareholders during the financial year under report.
15. Documents related to issue of shares under ESOP Scheme viz. ESOP Scheme, Exercise forms, Listing applications, Corporate
Action Form, etc. filed with Stock Exchanges and Listing approvals received thereon.
16. Compliance Certificate placed before the Board of Directors from time to time.
17. Details of Related Party Transactions entered into by the Company during the financial year under report.
18. Intimation given to employees of the Company for closure of trading window from time to time.
19. Details of Sitting Fees paid to all directors for attending the Board Meetings and Committees.

ANNEXURE – II
List of laws applicable to the Company
Real Estate Development:

1. Development Control Regulations for Greater Mumbai, 1991
2. Maharashtra Regional and Town Planning Act, 1966
3. Mumbai Municipal Corporation Act, 1888
4. Maharashtra Land Revenue Code, 1966
5. Real Estate Regulatory Act, 2016
Property related Acts:

1. Registration Act, 1908
2. Indian Stamp Act, 1899
3. Trade Marks Act, 1999
4. Transfer of Property Act, 1882
5. Bombay Stamp Act, 1958
6. Maharashtra Ownership Flats Act, 1963
Taxation:
1. Income Tax Act, 1961
2. Wealth Tax Act, 1957
3. Maharashtra Value Added Tax Act, 2002
4. Central Sales Tax Act, 1956
5. Finance Act, 1994 (Service Tax)
6. Customs Act, 1962
7. Foreign Trade Policy
8. Maharashtra State Tax on Professions, Trades, Callings and Employments Act, 1975
9. Goods and Services Tax Act, 2017
Personnel Laws:
1. Employees Provident Fund & Miscellaneous Provisions Act, 1952
2. Contract Labour (Regulation and Abolition) Act, 1970
3. Bombay Shops and Establishment Act, 1948
4. Employee’s Deposit Linked Insurance Scheme, 1976
5. Employees State Insurance Act, 1948
6. Bombay Labour Welfare Fund Act, 1953
7. Maharashtra Contract Labour (Regulation and Abolition) Rules, 1971
8. Payment of Bonus Act, 1965
9. Employment Exchange Act, 1959
10. Maternity Benefit Act, 1961
11. Payment of Gratuity Act, 1972
12. Payment of Wages Act, 1936
13. Minimum Wages Act, 1948
14. Workmen’s Compensation Act, 1923
15. Building and other Construction Workers’ (Regulation of Employment and Conditions of Services) Act, 1996
6SHFLÀF to Hotel Related Laws:

1. Bombay Police Act, 1951
2. Bombay Prohibition Act, 1949
3. Copy Right Act
4. Prevention & Control of Pollution Act, 1974
5. Maharashtra Prevention of Food Adulteration Rules, 1962
6. BMC Act U/s 394
7. The Indian Boiler Act, 1923

ANNEXURE - III
To,
The Members
OBEROI REALTY LIMITED
Goregaon (E), Mumbai – 400 063
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. We 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. We believe that the processes and practices, we followed provide a reasonable basis for our
opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
4. Wherever required, we 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 and other applicable 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 RATHI & ASSOCIATES

Company Secretaries
HIMANSHU S. KAMDAR
Partner
COP No. 3030
Date: May 10, 2019

Place: Mumbai

MANAGEMENT DISCUSSION AND ANALYSIS
ECONOMIC REVIEW ,QFRPHWD[FROOHFWLRQLQLQWKHFRXQWU\UHDFKHG
at records level of `10.03 lakh crore.
Global economy
The global growth momentum has been sustained in 2018, &RPSDQLHV LQ,QGLDKDYHUDLVHGDURXQG`31,731 crore
buoyed by a strong fiscal expansion in the United States of through Initial Public Offers (IPO) in 2018.
America, which has largely offset slower growth in some other ,QGLD·V )RUHLJQ 'LUHFW ,QYHVWPHQW )', HTXLW\ LQIORZV
large economies. The review of global economic indicators reached US$ 33.49 billion between April 2018 and
suggests that global economic growth has remained steady, 'HFHPEHUZLWKPD[LPXPFRQWULEXWLRQIURPVHUYLFHV
exceeding 3% in annualised terms, over the first 6–9 months computer software and hardware, telecommunications,
of 2018.
construction, trading and automobiles.
Risks to global growth tilt to the downside. An escalation of
&RQVXPHU 3ULFH ,QGH[ &3, LQIODWLRQ URVH PRGHUDWHG WR
trade tensions remains a key source of risk to the outlook.
2.86% in March 2019.
Financial conditions have already tightened since the last
quarter of 2018. A range of triggers beyond escalating trade ,QGLDKDVLPSURYHGLWVUDQNLQJLQWKH:RUOG%DQN·V'RLQJ
tensions could spark a further deterioration in risk sentiment Business Report by 23 spots over its 2017 ranking and is
with adverse growth implications, especially given the high ranked 77 among 190 countries in 2019 edition of the
levels of public and private debt. These potential triggers report.
include a “no-deal” withdrawal of the United Kingdom from
7KH:RUOG%DQNKDVVWDWHGWKDWSULYDWHLQYHVWPHQWVLQ,QGLD
the European Union and a greater-than-envisaged slowdown
is expected to grow by 8.8% in FY 2018-19 to overtake
in China.
private consumption growth of 7.4%, and thereby drive
Indian economy WKHJURZWKLQ,QGLD·VJURVVGRPHVWLFSURGXFW*'3LQ)<
Indian economy is expected to grow at 7.2% in 2018- 2018-19.
19, a tad higher from 6.7% in the previous fiscal, mainly
,QGLD LV H[SHFWHG WR UHWDLQ LWV SRVLWLRQ DV WKH ZRUOG·V
due to improvement in the performance of agriculture and
leading recipient of remittances in 2018, with total
manufacturing sectors.
remittances touching US$ 80 billion, according to World
The Central Statistics Office (CSO) estimate is, however, a bit %DQN·V0LJUDWLRQDQG'HYHORSPHQW%ULHI
lower than 7.4% growth projected by the Reserve Bank for the
current fiscal. INDUSTRY REVIEW
India has emerged as the fastest growing major economy in The real estate sector is one of the most globally recognised
the world and is expected to be one of the top three economic sectors. The real estate sector comprises four sub sectors
powers of the world over the next 10-15 years, backed by its - housing, retail, hospitality and commercial. The growth
strong democracy and partnerships. of this sector is well complemented by the growth of the
India has retained its position as the third largest startup base corporate environment and the demand for office space
in the world with over 4,750 technology startups, with about as well as urban and semi-urban accommodations. The
1,400 new start-ups being founded in 2016, according to a construction industry ranks third among the 14 major sectors
report by NASSCOM. in terms of direct, indirect and induced effects in all sectors
India’s labour force is expected to touch 160-170 million by of the economy.
2020, based on rate of population growth, increased labour Real estate sector in India is expected to reach a market
force participation, and higher education enrolment, among size of US$ 1 trillion by 2030 from US$ 120 billion in 2017
other factors, according to a study by ASSOCHAM and DQG FRQWULEXWH RI WKH FRXQWU\·V *'3 E\ 5HWDLO
Thought Arbitrage Research Institute.
hospitality and commercial real estate are also growing
India’s foreign exchange reserves were US$ 411.905 billion significantly, providing the much-needed infrastructure for
in the week up to March 29, 2019, according to data from ,QGLD·VJURZLQJQHHGV,QFUHDVLQJVKDUHRIUHDOHVWDWHLQWKH*'3
the RBI. would be supported by increasing industrial activity, improving
With the improvement in the economic scenario, there have income level and urbanisation. Mumbai and Bengaluru have
been various investments in various sectors of the economy. been rated as the top real investment destinations in Asia. The
Some of the important recent developments in Indian economy government also launched key policies for real estate sector,
are as follows: namely: Real Estate Regulatory Act, Benami Transactions Act,
,QGLD·VH[SRUWVDUHSURMHFWHGWRUHDFKDQDOOWLPHKLJKRI boost to affordable housing construction, Interest subsidy
US$ 325-330 billion in 2018-19. to home buyers, change in arbitration norms, service tax
0HUJHUVDQG$FTXLVLWLRQV0 $DFWLYLW\LQWKHFRXQWU\KDV H[HPSWLRQ'LYLGHQG'LVWULEXWLRQ7D[''7H[HPSWLRQ*RRGV
reached US$ 129 billion in 2018. DQG6HUYLFHV7D[DQG'HPRQHWLVDWLRQ

The regulatory reforms witnessed in India’s real-estate sector Government Initiatives

has brought drastic change in buying patterns amongst home The Government of India along with the governments of the
and commercial property buyers. The sector has grown respective states has taken several initiatives to encourage the
nearly 8% during FY 2019 even as financial pressures and development in the sector. The Smart City Project, where there
fast changing dynamics of the industry have created turmoil is a plan to build 100 smart cities, is a prime opportunity for
in the real estate market. Post parliamentary elections there is the real estate companies. Below are some of the other major
an expected rise in demand and that will infuse more interest Government Initiatives:
amongst buyers and have its positive impact on the overall 8QGHU WKH 3UDGKDQ 0DQWUL $ZDV <RMDQD 30$< 8UEDQ
real estate market in the country. more than 6.85 million houses have been sanctioned up
WR'HFHPEHU
Though there are a lot of discussions around how well real
,Q )HEUXDU\ FUHDWLRQ RI 1DWLRQDO 8UEDQ +RXVLQJ
estate will perform and create value, the strong foot-hold that
Fund was approved with an outlay of `60,000 crore.
the sector has created over many decades will continue to
ensure its niche and the goodwill it brings with it. While demand MUMBAI REAL ESTATE
for housing and commercial properties in some markets may
The following reasons can be attributed to the continued
have been subdued, properties those are good and at prime demand for real estate in the city:
locations are worthy and of great value to buyers.
7HPSRUDU\OLIWLQJRIWKHFRQVWUXFWLRQEDQLQ%ULKDQPXPEDL
Your Company is favourably positioned to benefit from recent Municipal Corporation (BMC) region;
regulatory changes affecting the Indian real estate industry, /RZ EDVH HIIHFW FUHDWHG E\ WKH GLVWXUEDQFHV RI
such as the introduction of the Real Estate (Regulation and demonetisation;
'HYHORSPHQW $FW ´5(5$µ WKH LPSOHPHQWDWLRQ RI 5HDO (VWDWH 5HJXODWLRQ DQG 'HYHORSPHQW $FW
a comprehensive national Goods and Service Tax (“GST”) (RERA);
regime, currency demonetisation and the enactment of the *RRGVDQG6HUYLFHV7D[*67
Insolvency and Bankruptcy Code, 2016. 'HYHORSHUVODXQFKLQJVPDOOHUXQLWVZLWKORZHUWLFNHWVL]H
to cater to market demand; and
These reforms will create a level playing field in the real estate
industry and benefit well-organised real estate developers, /DUJHVFDOHDIIRUGDEOHKRXVLQJSURMHFWVEHLQJXQGHUWDNHQ
such as your Company, with established compliance processes in the peripheral suburbs.
and disciplined financial management. Your Company’s core OPPORTUNITIES AND CHALLENGES
strengths, including customer-centric approach, established
Opportunities
brands, commitment to transparency and strong corporate
governance and internal compliance processes, together with As India awaits policy reforms to pick up speed, your Company
focus on strategic land acquisitions, strong balance sheet firmly believes that the demand for Real Estate in a country like
and outsourced execution strategy position your Company India should remain strong in the medium to long term. Your
favorably to benefit from the changing regulatory environment. Company’s well accepted brand, contemporary architecture,
In addition, as real estate developers with weaker processes well designed projects in strategic locations, strong balance
sheet and stable financial performance even in testing times
and systems exit the industry due to the higher cost of doing
make it a preferred choice for customers and shareholders.
business, there will be strategic acquisition opportunities in the
Your company is ideally placed to further strengthen its
industry for your Company.
development potential by acquiring new land parcels.
Sectors such as IT and ITeS, retail, consulting and e-commerce
Challenges
have registered high demand for office space in recent times.
While the management of your Company is confident of
Commercial office stock in India is expected to cross 600
creating and exploiting the opportunities, it also finds the
million square feet by 2018 end while office space leasing
following challenges:
in the top eight cities is expected to cross 100 million square
8QDQWLFLSDWHGGHOD\VLQSURMHFWDSSURYDOV
feet during 2018-19. Gross office absorption in top Indian
cities has increased 26% year-on-year to 36.4 million square $YDLODELOLW\RIDFFRPSOLVKHGDQGWUDLQHGODERXUIRUFH
feet between January-September 2018. Co-working space ,QFUHDVHGFRVWRIPDQSRZHU
across top seven cities has increased sharply in 2018 (up to 5LVLQJFRVWRIFRQVWUXFWLRQ
September), reaching 3.44 million square feet, compared to *URZWKLQDX[LOLDU\LQIUDVWUXFWXUHIDFLOLWLHVDQG
1.11 million square feet for the same period in 2017. 2YHUUHJXODWHGHQYLURQPHQW

COMPANY STRENGTHS 7. Highly qualified execution team: Employs experienced,

capable and highly qualified design and project
Your Company continues to capitalise on the market
management teams who oversee and execute all aspects
opportunities by leveraging its key strengths.
of project development.
These include:
KEY DEVELOPMENTS IN FY 2019
1. Brand Reputation: Enjoys higher recall and influences
the buying decision of the customer. Strong customer 'XULQJWKH\HDU)<WKHIROORZLQJSURMHFWVZHUHGHOLYHUHG
connects further results in higher premium realisations. (VTXLUHDW*RUHJDRQ(DVW0XPEDL
3ULVPDDW-9/50XPEDL
2. Execution: Possesses a successful track record of quality
2EHURL,QWHUQDWLRQDO6FKRRODW-9/50XPEDL
execution of projects with contemporary architecture.
3. Strong cash flows: Has built a business model that BUSINESS OVERVIEW
ensures continuous cash flows from their investment and 'HVSLWH WKH VXEGXHG SHUIRUPDQFH RI RYHUDOO VHFWRU \RXU
development properties ensuring a steady cash flow even Company was able to sell nearly 5,13,285 sq.ft. RERA carpet
during the adverse business cycles. area in FY 2019 as compared to approx. 3,22,563 sq.ft. of
4. Significant leveraging opportunity: Follows conservative RERA carpet area in FY 2018.
debt practice coupled with enough cash balance which A brief description of the update across each project is given
provides a significant leveraging opportunity for further below:
expansions.
1. Oberoi Garden City (Goregaon)
5. Outsourcing: Operates an outsourcing model of
Oberoi Garden City is the flagship mixed-use development
appointing globally renowned architects / contractors
of your Company. It is an integrated development on
that allows scalability and emphasises contemporary
approximately 83 acres of land in Goregaon (East), in
design and quality construction – a key factor of the western suburbs of Mumbai, adjacent to the arterial
success. Western Express Highway and overlooking Aarey Milk
6. Transparency: Follows a strong culture of corporate Colony. The development is approximately eight kilometers
governance and ensures transparency and high levels of from Mumbai’s domestic airport and approximately five
business ethics. kilometres from the international airport.
OBEROI MALL COMMERZ (OFFICE SPACE)
Revenues Occupancy Revenues Occupancy

`15,079.93 lakh 96.93% `4,163.36 lakh 77.83%
(`11,046.23 lakh in FY 2018) (99.13% in FY 2018) (`4,533.58 lakh in FY 2018) (83.71% in FY 2018)
COMMERZ TWO (OFFICE SPACE) THE WESTIN MUMBAI GARDEN CITY (HOSPITALITY)
Revenues Occupancy Revenues Occupancy

`8,343.71 lakh 66.23% `13,705.24 lakh 82.44%
(`4,808.94 lakh in FY 2018) (44.89% in FY 2018) (`12,867.53 lakh in FY 2018) (80.78% in FY 2018)
EXQUISITE (RESIDENTIAL) ESQUIRE (RESIDENTIAL)
Cumulative units sold Total sales value Cumulative units sold Total sales value
`2,35,114.35 lakh, 100% of `2,55,415.69 lakh, 100% of
780 units which has been recognised as 662 units which has been recognised as
revenue till FY 2019 revenue till FY 2019

2. Mulund (West)
Your Company is developing two land parcels (adjacent to each other) of approximately 9 acres each situated at Mulund
(West), Central suburbs, Mumbai.
The project comprises of two premium high storey residential towers namely, Eternia and Enigma. The project site is situated on
/%60DUJRYHUORRNLQJ<HRRU+LOOVDQG%RULYDOLQDWLRQDOSDUNWRWKHZHVWDQG(DVWHUQ([SUHVV+LJKZD\WRWKHHDVW7KHSURMHFW
is your Company’s first development in the eastern suburbs of Mumbai and it offers configurations in various sizes of 3 BHK
and 4 BHK. The pricing sets the target audience to include Upper Middle class and NRIs.
ETERNIA (RESIDENTIAL) ENIGMA (RESIDENTIAL)
Cumulative units sold Total sales value Cumulative units sold Total sales value
`87,174.31 lakh, of which `60,179.22 lakh, of which
`36,915.41 lakh has been `13,317.22 lakh has been
371 units 155 units
recognised as revenue till recognised as revenue till
FY 2019 FY 2019
3. Sky City (Borivali – East)

Your company is developing 25 acre land parcel at Borivali East with an estimated total carpet area of about 3.4 million sq.ft.
The project site is situated at Borivali East, Off Western Express Highway overlooking Borivali National Park to the east. The
surrounding infrastructure allows the site to be well connected to the rest of Mumbai.
SKY CITY (RESIDENTIAL)
Cumulative units sold Total sales value

`2,56,036.31 lakh, of which `1,22,214.02 lakh has
1,079 units
been recognised as revenue till FY 2019
4. Prisma
Your Company has developed Prisma, a residential building with an estimated RERA carpet area of about 1,78,395 sq.ft.,
which is a part of the ongoing projects within the Oberoi Splendor Complex. Prisma is conveniently located on the arterial
-RJHVKZDUL9LNKUROL/LQN5RDGLQWKH:HVWHUQVXEXUEVRI0XPEDLDQGRYHUORRNLQJ$DUH\0LON&RORQ\
PRISMA (RESIDENTIAL)

`40,770.67 lakh, 100% of which has been recognised
78 units
as revenue till FY 2019
5. Three Sixty West (Worli)

Three Sixty West is being developed by a joint venture entity carrying out development of a mix use project in Worli, located
on the arterial Annie Besant Road, consisting of two high-rise towers; The Ritz-Carlton, Mumbai and a residential tower, by the
name Three Sixty West, to be managed by The Ritz-Carlton. This development which aims to be a global icon for Mumbai will
mark the entry of The Ritz-Carlton into India’s financial capital. Strategically located in Worli, less than a kilometer from the
prominent Bandra-Worli sea link, the development has been designed to be a luxury landmark adorning the Arabian Sea.
THREE SIXTY WEST - (RESIDENTIAL)

`2,24,075.75 lakh, of which `36,916.56 lakh has
59 units
been recognised as revenue till FY 2019

Financial performance overview
Analysis of consolidated financial statements for FY 2019 is provided below:
1. Key Financial Ratio Analysis

A comparative table showing synopsis of FY 2019 versus FY 2018 of Key Financial Ratio is provided below:
(` LQ/DNK
Ratio CALCULATION 2019 2018 REMARKS
'HEWRUV7XUQRYHU Net Sales 17.71 8.76 Higher Sales on similar debtors
$YHUDJH'HEWRUV
Inventory Turnover Sales/COGS 0.57 0.25 Higher Sales on
similar Inventory levels
Inventory/Avg. Inventory
Interest Coverage Ratio EBIT 8.52 4.93 Higher ratio indicates better coverage
ratio
Interest Expense
Current Ratio Current Assets 3.03 1.95 Higher ratio indicates better liquidity
position
&XUUHQW/LDELOLWLHV
'HEW(TXLW\5DWLR 7RWDO/LDELOLWLHV 0.59 0.73 *URZWKLQ'HEWLVVORZHUDVFRPSDUHG
to growth in Equity
Total Shareholder's Equity
Operating Profit Margin (%) (%,7'$ 46.37% 54.32% /RZHU(%,7'$LVGXHWRFKDQJHLQVDOHV
mix
Total Revenue
PBT Margin (%) Profit Before Tax 44.25% 50.27% /RZHU3%70DUJLQLVGXHWRFKDQJHLQ
sales mix
Total Revenue
Net Profit Margin (%) Profit After Tax 30.70% 35.51% /RZHU3$70DUJLQLVGXHWRFKDQJHLQ
sales mix
Total Revenue
Return on Net Worth Net Income (PAT) 10.17% 7.53% 'XHWRKLJKHU3$7JURZWK
Cash and Bank Balances / Net Worth &DVK %DQN%DODQFH 5.30% 1.92% On account of QIP proceeds.
2. Balance Sheet Analysis

A comparative table showing synopsis of FY 2019 versus FY 2018 of Balance Sheet is provided below:
(` LQ/DNK
Consolidated Balance Sheet 2019 2018 INCREASE / % INCREASE /
as at March 31, (DECREASE) (DECREASE)
ASSETS
Non-current assets 4,14,281.91 3,79,158.18 35,123.73 9.26%
Current assets 6,98,571.71 6,43,314.52 55,257.19 8.59%
Total 11,12,853.62 10,22,472.70 90,380.92 8.84%
EQUITY AND LIABILITIES
Equity 8,02,917.05 6,09,237.37 1,93,679.68 31.79%
Non-current liabilities 79,300.22 83,095.62 (3,795.40) (4.57%)
Current liabilities 2,30,636.35 3,30,139.71 (99,503.36) (30.14%)
Total 11,12,853.62 10,22,472.70 90,380.92 8.84%

2.1 Non-Current Assets

(` LQ/DNK
Particulars 2019 2018 INCREASE / % INCREASE /
(DECREASE) (DECREASE)
Property, plant and equipments 19,522.10 20,623.87 (1,101.77) (5.34%)
Capital work in progress 12,512.52 11,244.63 1,267.89 11.28%
Investment properties 86,472.37 76,773.46 9,698.91 12.63%
Intangible assets 164.64 236.97 (72.33) (30.52%)
Intangible assets under development 93.36 18.79 74.57 396.86%
Financial assets 2,60,399.35 2,41,066.31 19,333.04 8.02%
'HIHUUHGWD[DVVHWVQHW 13,477.65 14,578.54 (1,100.89) (7.55%)
Other non-current assets 21,639.92 14,615.61 7,024.31 48.06%
Total 4,14,281.91 3,79,158.18 35,123.73 9.26%
2.2 Current Assets

(` LQ/DNK
Inventories 4,16,547.45 4,24,673.38 (8,125.93) (1.91%)
Financial assets
i) Investments
a) Investments in mutual fund 33,702.84 1,170.05 32,532.79 2,780.46%
b) Investments - Others 180.74 179.00 1.74 0.97%
ii) Cash and Bank balances 42,530.82 11,672.31 30,858.51 264.37%
iii) Trade receivables 10,940.35 18,116.57 (7,176.22) (39.61%)
iv)/RDQV 26,620.69 15,733.63 10,887.06 69.20%
v) Other financial assets 315.17 232.60 82.57 35.50%
Current tax assets (net) 1,238.73 1,863.84 (625.11) (33.54%)
Other current assets 1,66,494.92 1,69,673.14 (3,178.22) (1.87%)
Total 6,98,571.71 6,43,314.52 55,257.19 8.59%
2.3 Non-Current Liabilities

(` LQ/DNK
FINANCIAL LIABILITIES
i) Borrowings 58,851.45 67,864.18 (9,012.73) (13.28%)
ii) Trade Payables 2,390.04 1,463.53 926.51 63.31%
iii) Others 11,684.99 8,451.03 3,233.96 38.27%
Provisions 196.77 165.97 30.80 18.56%
'HIHUUHGWD[OLDELOLWLHVQHW 3,082.85 3,705.16 (622.31) (16.80%)
Other non-current liabilities 3,094.12 1,445.75 1,648.37 114.01%
Total 79,300.22 83,095.62 (3,795.40) (4.57%)

2.4 Current Liabilities

(` LQ/DNK
FINANCIAL LIABILITIES
i) Borrowings 24,755.88 26,585.76 (1,829.88) (6.88%)
ii) Trade Payables 20,839.93 13,079.89 7,760.04 59.33%
iii) Others 1,01,727.69 97,589.44 4,138.25 4.24%
Other current liabilities
i) Advance from customers 2,638.56 3,690.43 (1,051.87) (28.50%)
ii) Others 79,480.76 1,88,769.92 (1,09,289.16) (57.90%)
Provisions 82.93 42.56 40.37 94.85%
Current tax liabilities (net) 1,110.60 381.71 728.89 190.95%
Total 2,30,636.35 3,30,139.71 (99,503.36) (30.14%)
3URÀWDQG/RVV$QDO\VLV
$FRPSDUDWLYHWDEOHVKRZLQJV\QRSVLVRI)<YHUVXV)<RIVWDWHPHQWRI3URILWDQG/RVVLVSURYLGHGEHORZ
(` LQ/DNK
Particulars FOR THE YEAR ENDED MARCH 31, INCREASE / % INCREASE /

2019 2018
Revenue From Operations 2,58,249.93 1,26,542.90 1,31,707.03 104.08%
Other Income 7,874.76 2,657.80 5,216.96 196.29%
Total Revenue 2,66,124.69 1,29,200.70 1,36,923.99 105.98%
Expenses 1,42,711.86 59,016.91 83,694.95 141.82%
'HSUHFLDWLRQDQGDPRUWLVDWLRQ 4,403.81 4,906.76 (502.95) (10.25%)
Interest and finance charges 1,936.19 686.44 1,249.75 182.06%
3URÀWEHIRUHVKDUHRI3URÀW/RVV 1,17,072.83 64,590.59 52,482.24 81.25%
of joint ventures (net)
6KDUHRI3URILW/RVVRIMRLQWYHQWXUHQHW 689.60 361.97 327.63 90.51%
3URÀW%HIRUH7D[ 1,17,762.43 64,952.56 52,809.87 81.31%
3URÀW$IWHU7D[ 81,693.35 45,880.32 35,813.03 78.06%
Basic and diluted EPS (`) 22.80 13.51 9.29 68.76%
3.1 Revenue from Operations

(` LQ/DNK
Revenue from projects 2,06,911.28 85,353.40 1,21,557.88 142.42%
Revenue from hospitality 13,513.51 12,781.53 731.98 5.73%
Rental and other related revenues 32,337.30 23,383.05 8,954.25 38.29%
Property management revenues 4,594.40 4,204.42 389.98 9.28%
Other operating revenue 893.44 820.50 72.94 8.89%
Total 2,58,249.93 1,26,542.90 1,31,707.03 104.08%

3.2 Expenses
(` LQ/DNK
Operating costs 1,24,718.74 46,781.71 77,937.03 166.60%
Employee benefits expense 7,335.43 6,715.33 620.10 9.23%
Other expenses 10,657.69 5,519.87 5,137.82 93.08%
Total 1,42,711.86 59,016.91 83,694.95 141.82%
4. Cash Flow Analysis

A comparative table of FY 2019 versus FY 2018 of Cash Flows is provided below:
(` LQ/DNK
Consolidated Cash Flow FOR THE YEAR ENDED MARCH 31,
2019 2018
2SHQLQJ&DVK &DVK(TXLYDOHQWV 9,276.07 23,583.89
Net Cash Inflow / (Outflow) from operating activities 14,556.16 (20,220.69)
Net Cash Inflow / (Outflow) from investing activities (64,577.14) (59,186.99)
Net Cash Inflow / (Outflow) from financing activities 83,894.76 65,099.86
&ORVLQJ&DVK &DVK(TXLYDOHQWV 43,149.85 9,276.07
&ORVLQJ &DVK &DVK (TXLYDOHQWV LQFOXGLQJ )L[HG 'HSRVLWV KDYLQJ UHPDLQLQJ 42,530.82 11,672.31
maturity of less than twelve months
&ORVLQJ &DVK &DVK (TXLYDOHQWV LQFOXGLQJ )L[HG 'HSRVLWV KDYLQJ UHPDLQLQJ 507.87 410.99
maturity of more than twelve months classified under Non Current Financial Assets
HUMAN RESOURCES programs are not only competitive but are supporting the
Employees are at the heart of your Company and the biggest organisation on its defined strategic path. Keeping business
differentiators. It’s their inexorable commitment that helps goals in focus, your Company has conducted 1,154 learning
your Company to create spaces that enhance quality of life. man-days. Trainings have been conducted covering technical,
Keeping the spirits high at workplace needs a sound mental behavioral and social topics. Training methodology included
and physical fitness and deep-rooted culture which promotes external, internal, e-learning and on the job trainings. With an
idea to build a strong learning and knowledge sharing culture,
work life balance.
your Company identified employees who are subject matter
In this ever evolving and fast changing environment, skill and
experts in their respective fields to impart training sessions.
capability landscape expand and gets richer instantaneously.
/HDUQLQJVHVVLRQVZHUHFRQGXFWHGWKURXJKRXWWKH\HDUZKHUHLQ
A well thought through competencies development program many employees benefited and gained knowledge on the
focusing on both technical and behavioural competencies, subject.
not limiting to classroom trainings but by way of exposure and
opportunities. Internal Career Opportunities:
Competitive compensation, an ethical company and career Promoting internal mobility: With upward mobility, employees
development opportunities are the corner stones and the also search for internal opportunity which is a dynamic
pull factors for aspiring candidates. The candidates are put SURFHVVIRUPRYLQJSRWHQWLDOWDOHQWIURPUROHWRUROH'LVWDQFH
from home, career aspiration, higher and broader roles
through a detailed and balanced hiring process to equally
and attitude are some of the key aspect considered during
assess the technical and behavioural skills. Globally renowned
internal movement. When an employee feels supported in the
psychometric test has been deployed this year for certain critical
workplace, they become more engaged and productive.
roles. In the endeavour of creating a high-performance team,
your Company’s emphasis on Internal Career opportunities, In the current year, more than 100 such employees benefited
&DUHHU 'HYHORSPHQW :RUN /LIH %DODQFH +HDOWK :HOOQHVV from the opportunity of lateral or/and upward growth. With a
have paid rich dividends. philosophy of grooming young talent as a leadership pipeline,
a fast track career path has been designed for the employees
Development through Engagement: UHFUXLWHGIURPSUHPLXPFDPSXV'HWDLOHGRULHQWDWLRQSURJUDP
As the organisation grows and the war for talent intensifies, has been charted and implemented to ensure they are imparted
it is increasingly important that learning and development with the best on the job training.

Performance Management System: established and reputed contractors. As your Company imports
various materials, at times execution is also dependent upon
Your Company aims to build a high-performance culture.
timely shipment and clearance of the material.
Rewarding and recognizing consistent superior performance is
essential to build a stronger foundation and create a talent Rental realisations
pipeline. In order to align the business vision and individual The rental realisations on the space leased depends upon
objectives, an external coach was appointed to help support the project location, design, tenant mix (this is relevant in the
cascading of the department-wise thrust areas. case of shopping malls), prevailing economic conditions and
Employee Welfare and Wellness: competition. Your Company has set up its retail property in
prime location and maintains a fresh ambience resulting in
Organisation who manage a good blend of productive hours
crowd pull and attracting first time kind of retailers. As far as
and leisure at workplace observe higher engagement and
the office space rentals are concerned, the same depends on
less burnout. Your Company creates platform with ample
demand and supply, general economic conditions, business
opportunities for employees to get together and celebrate
confidence and competition.
the spirit of oneness on festive occasions. Indoor sports are
great stress buster and builds camaraderie amongst all. Apart Land / Development rights – costs and availability
from celebration, your Company also focuses on the health The cost of land forms a substantial part of the project cost,
and wellbeing of its employees. A healthy employee would be particularly in Mumbai. It includes amounts paid for freehold
more productive. Your Company continues to encourage the rights, leasehold rights, fungible FSI, construction cost of area
employees to engage in the specially designed health program given to landlords in consideration for development rights,
including various health focused initiatives that vary from health registration and stamp duty. Your Company acquires land /
score cards, healthy eating habits, getting fitter with Zumba
land development rights from the government and private
sessions, regular doctor visits and many such other initiatives.
parties. It ensures that the consideration paid for the land is as
80% of your Company’s employees took advantage of this
per the prevailing market conditions, reasonable and market
initiative to lead a better informed healthy lifestyle.
timed. Your Company also enters into MOUs and makes
RISKS AND CONCERNS advances for the land / land development rights prior to
entering into definitive agreements. The ensuing negotiations
0DUNHWSULFHÁXFWXDWLRQ
may result in either a transaction for the acquisition of the land
The performance of your Company may be affected by the / land development rights or the Company getting a refund of
sales and rental realisations of its projects. These prices are the moneys advanced.
driven by prevailing market conditions, the nature and location
Financing costs
of the projects, and other factors such as brand and reputation
and the design of the projects. Your company follows a prudent The acquisition of land and development rights needs
business model and tries to ensure steady cash flow even substantial capital outflow. Inadequate funding resources and
during adverse pricing scenario. high interest costs may impact regular business and operations.
Your Company has always tried to build sufficient reserves
Sales volume
resulting out of operating cash flows to take advantage of any
The volume of bookings depends on the ability to design land acquisition or development opportunity.
projects that will meet customer preferences, getting various
approvals in time, general market factors, project launch and OUTLOOK
customer trust in entering into sale agreements well in advance Post implementation of The Real Estate (Regulation and
of receiving possession of the projects. Your Company sells its 'HYHORSPHQW $FW 5(5$ GHYHORSHUV DUH IRFXVLQJ
projects in phases from the time it launches the project, based firmly on selling their existing ready inventory and finishing their
on the type and scale of the project and depending on market near completion projects rather than launching new projects.
conditions. Further, with recent crisis with some NBFCs and liquidity crisis,
Execution several smaller realty developers are finding it difficult to
Execution depends on several factors which include labour survive, considering most of their projects do not have proper
availability, raw material prices, receipt of approvals and financial closure.
regulatory clearances, access to utilities such as electricity and Firm and tight regulation and financial discipline required in
water, weather conditions and the absence of contingencies the current Real Estate market is a big opportunity for organised
such as litigation. Your Company manages the adversities with and financially prudent company like your Company to grow
cautious approach, meticulous planning and by engaging faster as compared to the competition.

Overall, the Real Estate sector is showing growth as compared develop more and more vendors who can deliver product
to last year. Consequently, we believe that the Indian real and services in line with Company’s philosophy and product
estate sector will emerge stronger, healthier and capable of offerings.
long periods of sustained growth, provided adequate policy/
Internal Control Systems
regulatory support.
The Company has also focused on upgrading the IT
Focus on Mumbai and beyond infrastructure – both in terms of hardware and software. In
Your Company continue to explore development opportunities addition to the existing ERP platform, the Company is presently
in and around Mumbai and also explore hubs in the nearby reviewing the process documentation to ensure effectiveness of
regions on a case by case basis. the controls in all the critical functional areas of the Company.
Strengthen relationships with key service providers CAUTIONARY STATEMENT

and develop multiple vendors. This management discussion and analysis contain forward
In order to continue delivering landmark offerings to our looking statements that reflects your Company’s current views
customer, your Company shall further strengthen its relationship with respect to future events and financial performance. The
with its key service providers, i.e. architects, designer and actual results may differ materially from those anticipated in the
contractors. Your Company is also working on strategy to forward looking statements as a result of many factors.

CORPORATE GOVERNANCE
REPORT ON CORPORATE GOVERNANCE FOR THE YEAR ENDED MARCH 31, 2019
CORPORATE GOVERNANCE PHILOSOPHY

Your Company firmly believes that maintaining the highest standards of Corporate Governance is the implicit rule that determines
a management’s ability to make sound decisions and to perform efficiently and ethically in the best interest of its shareholders and
other stakeholders to create value for all.
The philosophy of Corporate Governance is a principle based approach as codified in Regulation 4(2) of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), encompassing the fundamentals of rights and roles of
various stakeholders of the Company, timely information, equitable treatment, role of stakeholders, disclosure and transparency,
and board responsibility.
Your Company is in compliance with the requirements on Corporate Governance as they stood during FY 2018-19.
A report on the compliances of Corporate Governance requirements under the Listing Regulations and the practices/ procedures
followed by your Company for the year ended March 31, 2019 is detailed below:
BOARD OF DIRECTORS AND ITS COMMITTEES
1. Composition and Category of Directors /Attendance at Meetings/Directorships and Committee

Memberships in other companies/Names of listed entities and category of Directors as on March 31,
2019
Your Company has the combination of Executive and Non-Executive Directors in conformity with Regulation 17 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015.
The strength of the Board of Directors as on March 31, 2019 is a mix of five Non-Executive Directors including a woman
Director, and two Executive Directors. Of the five Non-Executive Directors, four Directors are Independent Directors.
The Chairman of the Board is an Executive Director.
As per the declarations received by the Company from each of the Directors, none of them are disqualified under Section
164(2) of the Companies Act, 2013.
The Independent Directors of the Company are in compliance with the provisions of Regulation 16(1)(b) of the Listing Regulations.
In opinion of Board, the Independent Directors fulfill the conditions specified in Listing Regulation and are independent of the
management. Further, disclosures have been made by the Directors regarding their Chairmanships/ Memberships of the
mandatory Committees of the Board and that the same are within the maximum permissible limit as stipulated under Regulation
26(1) of the Listing Regulations.
The composition of Board of Directors as on March 31, 2019 and other relevant details is as follows:
Name Category ATTENDANCE DIRECTORSHIPS(A) / MANDATORY

COMMITTEE(B) MEMBERSHIPS
No. of No. of Last Direc- Direc- Member- Chair-
board board AGM torship torship ship of manships
meetings meetings atten- in public in man- of man-
held attended dance companies private datory datory
during the (C) (D)
compa- commit- commit-
year 1 nies tees (C) tees (C)
Mr. Vikas Oberoi Executive, Non 5 5 Yes 7 8 3 0
(Chairman - Independent
and Managing Director
Director) (Promoter)
Mr. Anil Harish Non - Executive, 5 5 Yes 6 3 2 2
Independent
Director
Ms. Bindu Non- Executive, 5 4 Yes 10 3 0 1
Oberoi Non-
Independent
Director
(Promoter
Group)

Name Category ATTENDANCE DIRECTORSHIPS(A) / MANDATORY

COMMITTEE(B) MEMBERSHIPS
No. of No. of Last Direc- Direc- Member- Chair-
board board AGM torship torship ship of manships
meetings meetings atten- in public in man- of man-
held attended dance companies private datory datory
during the (C) (D)
compa- commit- commit-
year 1 nies tees (C) tees (C)
Mr. Karamjit Non – Executive, 5 1 No 1 1 0 0
Singh Kalsi Independent
Director
Mr. Saumil Daru Executive, Non- 5 4 Yes 5 2 0 1
Independent
Director
Mr. T.P. Ostwal Non – Executive, 5 4 Yes 5 1 1 5
Independent
Director
Mr. Venkatesh Non – Executive, 5 4 Yes 3 2 2 0
Mysore Independent
Director
1 excluding the separate meeting of Independent Directors, in which non Independent Directors were not eligible to participate.
A. Directorships in foreign companies and membership in governing councils, chambers and other bodies are not included.
B. Audit Committee and Stakeholders Relationship Committee of public companies are considered for this purpose.
C. Including Oberoi Realty Limited.
D. Private company which is a subsidiary of public company is considered as a public company.
Also, a separate meeting of Independent Directors was held on October 22, 2018, which was attended by the following
Independent Directors:
1. Mr. Anil Harish.
2. Mr. T.P. Ostwal.
3. Mr. Venkatesh Mysore
Listed entities, other than Oberoi Realty Limited, where the directors of your Company are directors as on March 31, 2019,
and their category therein is as under:
NAME NAME OF LISTED ENTITY CATEGORY

Mr. Vikas Oberoi Incline Realty Private Limited (Debt listed) Non-executive, non-independent director
Mr. Anil Harish Blue Star Limited Independent Director
Future Enterprises Limited Independent Director
Hinduja Global Solutions Limited Independent Director
Hinduja Ventures Limited Independent Director
Ms. Bindu Oberoi Incline Realty Private Limited (Debt listed) Non-Executive, Non- Independent Director
Mr. Karamjit Singh Kalsi - -
Mr. T.P. Ostwal Incline Realty Private Limited (Debt listed) Independent Director
Mr. Saumil Daru Incline Realty Private Limited (Debt listed) Non-executive, non-independent director
Mr. Venkatesh Mysore Gujarat Sidhee Cement Limited Independent Director
Except for Mr. Vikas Oberoi and Ms. Bindu Oberoi, no other Directors are related to each other in terms of the definition of
‘relative’ given under Companies Act, 2013. Ms. Bindu Oberoi is the sister of Mr. Vikas Oberoi.
None of the Independent Directors has any pecuniary relationship, transaction or association with the Company, which
adversely affect their independence.

The Board has approved the appointment of Ms. Tina 6WDWHPHQW RI VKDUHKROGHU JULHYDQFH UHFHLYHG
Trikha as an Independent (Additional) Director on April disposed during each quarter.
12, 2019, for a term of 5 years, subject to approval of 7KHLQIRUPDWLRQRQUHFUXLWPHQWRIVHQLRURIILFHUVMXVW
shareholders at the ensuing annual general meeting. below the board level.
However, since the instant report is for the year ended
$SSURYDORIUHODWHGSDUW\WUDQVDFWLRQV
March 31, 2019, no additional details in respect of Ms.
Tina Trikha has been provided herein. The following are the core skills/ expertise/competencies
which in the assessment of the Board as required in the
2. No. of Board Meetings and dates of Board
context of your Company’s business and sector for the
Meetings
Company to function effectively:
The Board oversees the entire functioning of the
8QGHUVWDQGLQJ RI 0DFUR HQYLURQPHQW SDUWLFXODUO\
Company and is involved in strategic decision-making on
economic, political, and social factors.
a collective basis.
8QGHUVWDQGLQJRIUHDOHVWDWHDQGKRVSLWDOLW\VHFWRU
Your Board meets at least four times a year and the interval
.QRZOHGJHRI&RPSDQ\·VEXVLQHVV
between any such two meetings has not been more than
120 days. The Company Secretary under the direction of 6WUDWHJLF LQSXWV RQ FRUSRUDWH ILQDQFLDO DQG
the Chairman and in consultation with Chief Financial operating matters.
Officer prepares the agenda for the meetings along with (QWUHSUHQHXUVKLS DQG FDSDELOLW\ WR DGDSW WR QHZ
the notes thereto and circulates it to the Directors, along business environment.
with the notice of the meeting. During FY 2018-19, 5LVNDVVHVVPHQWDQGPDQDJHPHQWVNLOOV
meetings of the Board of Directors were held on:
8QGHUVWDQGLQJRIOHJDODQGUHJXODWRU\IUDPHZRUNLQ
$SULO general, and that specific to the Company.
-XO\ 8QGHUVWDQGLQJ RI ILQDQFLDO WD[ DQG DFFRXQWLQJ
2FWREHU matters.
2FWREHU All the above skills are available with the Board as a
-DQXDU\ collective body.
Additionally, a separate meeting of Independent Directors 4. Shareholding of Directors in the Company as

was held on October 22, 2018. on March 31, 2019
3. Procedure of Board/ Committee Meeting and Name NUMBER % OF TOTAL

core competencies OF EQUITY PAID UP
SHARES SHARE
The agenda papers with relevant notes and material CAPITAL
documents relating to matters for perusal of the Board/ Mr. Vikas Oberoi 21,28,73,614 58.55%
Committee are circulated in advance, so as to facilitate Ms. Bindu Oberoi 111 0.00%
discussion and informed decision-making in the meeting. Mr. Saumil Daru 47,960* 0.01%
The routine businesses brought to the relevant meetings Total 21,29,21,685 58.56%
include, inter alia, the following: *including shares held jointly with his relatives.
$QQXDOEXVLQHVVSODQVEXGJHWVDQGVWUDWHJ\ Additionally, Mr. Vikas Oberoi holds 99.999% shares

4XDUWHUO\UHVXOWVDQGXSGDWHRQRSHUDWLRQV of R. S. Estate Developers Private Limited, which holds
3,33,00,000 (i.e. 9.16%) equity shares of the Company
)LQDQFLDOUHVXOWVIRUWKHUHOHYDQWSHULRGDORQJZLWK
as on March 31, 2019.
limited review / audit report thereon.
0LQXWHV RI YDULRXV FRPPLWWHH PHHWLQJV RI WKH The Company has not issued any convertible securities.
Company and minutes of board meetings of 5. Familiarization Programme for Independent
subsidiary companies. Directors
6WDWHPHQW RI LQYHVWPHQWV PDGH E\ XQOLVWHG
The Independent Directors are familiarized, inter alia, with
subsidiaries.
the Company, their rights, roles and responsibilities, the
5HYLHZRI,QWHUQDO$XGLW5HSRUWV nature of the industry, the business model of the Company.
6KDUHKROGLQJ SDWWHUQ DV SHU 5HJXODWLRQ RI WKH The details of the same can be viewed at https://www.
Listing Regulations. oberoirealty.com/pdf/Familiarisation_programe_IDs.pdf

6. Subsidiary Monitoring Mechanism Listing Regulations and Section 177 of the Companies
The minutes of Board Meetings of the subsidiary Act, 2013 and includes overseeing the Company’s
companies are placed before the meeting of Board of financial reporting process, reviewing the quarterly /
Directors of the Company. half yearly / annual financial statements/ results and,
reviewing with the management the adequacy of the
In compliance of the Regulation 24(1) of the Listing
Regulations, Mr. T.P. Ostwal, Independent Director of the internal audit function, recommending the appointment/
Company is also a Director on the Board of Directors reappointment of statutory auditor, cost auditor and
of Oberoi Constructions Limited, which is an unlisted internal auditor and recommending/ fixation of audit
material subsidiary of the Company. Mr. Venkatesh fees, reviewing the significant internal audit findings,
Mysore, an Independent Director is also a Director on the related party transactions, reviewing the Management
Board of Directors of Oberoi Constructions Limited. Discussions and Analysis of financial condition and
results of operations, scrutiny of inter-corporate loans
As per the requirement of the Listing Regulations, the
and investments.
Company has formulated a policy for determining
‘Material Subsidiaries’ and the same has been posted on The Committee discusses with the auditors their audit
Company’s website at https://www.oberoirealty.com/pdf/ methodology, audit planning and significant observations/
Policy_on_Material_subsidiaries_final.pdf suggestions made by them, and management’s responses
and actions thereon.
7. Audit Committee
The composition of the Audit Committee as on March 31, 8. Nomination, Remuneration, Compensation
2019 is as follows: and Management Development Committee
Name of Members CATEGORY The composition of this Committee as on March 31,

Mr. T.P. Ostwal (Chairman) Independent Director 2019 is as follows:
Mr. Anil Harish Independent Director Name of Members CATEGORY
Mr. Venkatesh Mysore Independent Director Mr. Anil Harish (Chairman) Non-Executive,
The Managing Director, the Chief Financial Officer, Independent Director
Internal Auditor and the Statutory Auditors are invitees to Ms. Bindu Oberoi Non-Executive, Non-
the relevant meetings of the Audit Committee in respect Independent Director
of businesses related to them. The Company Secretary Mr. T.P. Ostwal Non-Executive,
acts as Secretary to the Audit Committee. Independent Director
During the year under review, the Audit Committee met Mr. Venkatesh Mysore Non-Executive,
four times on: Independent Director
$SULO Mr. Vikas Oberoi Executive, Non-
-XO\ Independent Director
2FWREHU
During the year under review, the Committee meetings
-DQXDU\
were held four times on:
The attendance of members of the Audit Committee
$SULO
at the committee meetings held during the year ended
March 31, 2019 is as follows: -XO\
2FWREHU
Name of Members NUMBER OF MEETINGS
-DQXDU\
Held Attended
Mr. T.P. Ostwal (Chairman) 4 4 The attendance of members of Nomination,
Mr. Anil Harish 4 4 Remuneration, Compensation and Management
Mr. Venkatesh Mysore 4 3 Development Committee at the committee meetings held
Mr. Vikas Oberoi* 3 3 during the year ended March 31, 2019 is as follows:
*Mr. Vikas Oberoi resigned as member of Audit Name of Members NUMBER OF MEETINGS
Committee w.e.f. October 22, 2018. Held Attended
The time interval between any two Audit Committee Mr. Anil Harish (Chairman) 4 4
meetings was not more than 120 days. Ms. Bindu Oberoi 4 4
The terms of reference and powers of the Audit Mr. T.P. Ostwal 4 4
Committee are in accordance with the requirements of Mr. Venkatesh Mysore 4 3
Regulation 18 read with Part C of Schedule II of the Mr. Vikas Oberoi 4 4

This Committee also discharges the functions of the The Committee has been constituted to specifically look
‘Compensation Committee’ as prescribed under the SEBI into the matter of the redressal of stakeholders’, security
(Share Based Employee Benefits) Regulations, 2014.
holders’ and investors’ complaints and grievances,
The terms of reference and power of the Nomination, including but not limited, those relating to transfer/
Remuneration, Compensation and Management
transmission of shares, non-receipt of dividends, non-
Development Committee is in accordance with the
requirements of Regulation 19 read with Part D of receipt of Annual Report and any other grievance that a
Schedule II of Listing Regulations, Section 178 the shareholder or investor may have against the Company.
Companies Act, 2013 and SEBI (Share Based Employee
The details of shareholders’ complaints received and
Benefits) Regulations, 2014.
disposed of during the year under review is as follows:
The role of the Committee, inter alia, is to approve/
NUMBER OF INVESTOR COMPLAINTS
recommend the remuneration/ packages of the Executive
and Non-Executive Directors and of Senior Management - pending at the beginning of the financial year Nil
Personnel and to lay down the criteria for performance - received during the financial year 6
evaluation of Board of Directors as a whole, individual - disposed off during the financial year 6
'LUHFWRUV DQG WKH FRPPLWWHHV RI WKH %RDUG 8QGHU WKH - pending at the end of the financial year Nil
said performance evaluation framework, the Committee
has identified the criteria upon which every Director, 10. Corporate Social Responsibility Committee
every Committee, and the Board as a whole shall be The composition of this Committee as on March 31,
evaluated. 2019 is as follows:
9. Stakeholders Relationship Committee Name of Members CATEGORY
The composition of this Committee as on March 31, Mr. Vikas Oberoi (Chairman) Non-Independent
2019 is as follows: Director
Ms. Bindu Oberoi Non-Independent
Name of Members CATEGORY
Director
Ms. Bindu Oberoi (Chairperson) Non-Executive Director
Mr. Venkatesh Mysore Independent Director
Mr. T.P. Ostwal Non-Executive
Director The Company Secretary is the Secretary to the Committee.
Mr. Vikas Oberoi Executive Director During the year under review, two meetings of the said
Mr. Bhaskar Kshirsagar, the Company Secretary, is the Committee were held on:
Compliance Officer under the Listing Regulations. $SULO
During the year under review, four meetings of the -DQXDU\
Committee were held on:
The attendance of members of the Committee at the
$SULO meetings held during the year ended March 31, 2019 is
-XO\ as follows:
2FWREHU Name of Members NUMBER OF MEETINGS

-DQXDU\ Held Attended
The attendance of members at the committee meetings Mr. Vikas Oberoi 2 2

(Chairman)
held during the year ended March 31, 2019 is as follows:
Ms. Bindu Oberoi 2 2
Name of Members NUMBER OF MEETINGS Mr. Venkatesh Mysore 2 2
Held Attended
The role of the Committee is to formulate and recommend
Ms. Bindu Oberoi 4 4
to the Board a Corporate Social Responsibility Policy,
(Chairperson)
recommend the amount of yearly CSR expenditure, and
Mr. T.P. Ostwal 4 4
also monitor the implementation and functioning of
Mr. Vikas Oberoi 4 4 Corporate Social Responsibility Policy.

11. Operations Committee Name of Members NUMBER OF MEETINGS

The composition of this Committee as on March 31, Held Attended
2019 is as follows: Mr. Venkatesh Mysore 0 0
(Chairman)
Mr. Anil Harish 1 1
Mr. Vikas Oberoi (Chairman) Non-Independent
Director Mr. T.P. Ostwal 1 1
Mr. Saumil Daru Non-Independent Mr. Vikas Oberoi 1 1
Director
The terms of reference of this Committee includes
During the year under review, seven meetings of the said formulation of guidelines based upon which the investment
Committee were held on: of surplus funds of the Company shall be made.
$SULO 13. Risk Management Committee
-XO\
As required by Regulation 21(5) of Listing Regulations,
6HSWHPEHU
which is effective from April 1, 2019, your Directors
2FWREHU
on a pro-active basis constituted a Risk Management
2FWREHU Committee in terms of Regulation 21 of Listing
2FWREHU Regulations, which comprise of following members as on
'HFHPEHU March 31, 2019:
All the said committee meetings were attended by Mr.
Vikas Oberoi and Mr. Saumil Daru.
Mr. Vikas Oberoi Non-Independent
The nomination of Ms. Bindu Oberoi as a member of the Director
Committee was withdrawn by the Board w.e.f. April 24, Mr. Saumil Daru Non-Independent
2018. Director
The terms of reference of the Operations Committee Mr. Rajendra Chandorkar Member
includes business development (which, inter alia,
DIRECTORS’ APPOINTMENT, TENURE AND
involves the acquisition of land), borrowing of funds and
REMUNERATION
approving/ monitoring operational activities.
During FY 2018-19, at the Annual General Meeting held on
12. Investment Committee
-XQH0V%LQGX2EHURLZKRZDVOLDEOHWRUHWLUHE\
The composition of this Committee as on March 31, rotation and being eligible was reappointed as a Director of
2019 is as follows: the Company. There was no change in the composition of
Board of Directors during FY 2018-19.
Mr. Venkatesh Mysore (Chairman) Independent Director The remuneration paid for the financial year ended March 31,
Mr. Anil Harish Independent Director 2019 to Mr. Vikas Oberoi as the Managing Director of the
Mr. T.P. Ostwal Independent Director Company, and to Mr. Saumil Daru as Director – Finance of
Mr. Vikas Oberoi Non-Independent the Company is in accordance with the terms and conditions
Director contained in the employment contract entered into with the
During the year under review, a meeting of the said Company and/ or shareholder’s approval.
&RPPLWWHHZDVKHOGRQ-XO\
The Independent Directors are paid sitting fees for attending
The attendance of members of the Committee at the said meetings of Board / Board Committees and an annual
meeting held during the year ended March 31, 2019 is commission (subject to availability of profits and if so decided
as follows: by the Board).

Details of remuneration / commission paid to Executive and Non-Executive Directors for the year ended March 31, 2019 is as
follows:
(` in Lakh)
Name BASIC ALLOWANCES PERFORMANCE PERQUISITE SITTING FEE COMMISSION
SALARY INCENTIVE
Executive Director
Mr. Vikas Oberoi (A) 0.00 - - - - -
Mr. Saumil Daru (A) 62.04 137.28 - 0.29 - -
Mr. Anil Harish - - - - 4.50 11.00
Ms. Bindu Oberoi - - - - - -
Mr. Karamjit Singh Kalsi - - - - 0.50 -
Mr. T.P. Ostwal - - - - 4.40 11.00
Mr. Venkatesh Mysore - - - - 3.75 11.00
A. Excluding defined benefit plan.
Further, during the year under review, commission pertaining to FY 2017-18 of `11 lakh each was paid to Mr. Anil Harish, Mr. T.P.
Ostwal, Mr. Venkatesh Mysore, and Mr. Karamjit Singh Kalsi within the prescribed limits.
As on March 31, 2019, none of the Directors hold any stock options under the employee stock option scheme of the Company.
Brief about Remuneration Policy:
Your Company has formulated a policy on Nomination and Remuneration of Directors and Senior Managerial Personnel and the
major points relating to Remuneration policy are as follows:
A. Remuneration structure of Directors:
i. Independent Directors receive remuneration by way Remuneration, Compensation and Management

of sitting fees for attending meetings of Board and Development Committee.
Board Committees (where they are members) and
ii. The Compensation of KMP and Senior Management
commission as recommended by the Nomination,
personnel is done keeping in consideration the
Remuneration, Compensation and Management
prevailing market value of the resource, criticality of
Development Committee and approved by the
role, and internal parity of the team.
Board and shareholders (wherever required) subject
to ceiling/ limits as provided under the Companies iii. The remuneration structure to KMPs and Senior
Act, 2013 and rules made thereunder or any other Management personnel may include a variable
enactment for the time being in force. performance linked component.
ii. The total commission payable to the Independent The payments to Non-Executive Directors are in the nature
Directors shall not exceed 1% of the net profit of the of sitting fees and commission. The level and composition of
Company. such remuneration are determined so as to be reasonable and
sufficient to attract, retain and motivate Directors. Additionally,
iii. The remuneration/ compensation/ commission
every Director is evaluated on performance evaluation
etc. to be paid to Managing Director/Whole-time
framework as formulated by the Nomination, Remuneration,
Director(s)/Executive Director(s) etc. shall be as per
Compensation and Management Development Committee.
their employment contract/ terms of appointment,
subject to the limits and conditions under the The nomination and remuneration policy is hosted on the
Companies Act, 2013 and rules made thereunder website of the Company at https://www.oberoirealty.com/
or any other enactment for the time being in force pdf/2019/Nomination_and_Remuneration_Policy.pdf
and the approval of the shareholders.
Service contract / notice period / severance fees
B. Remuneration structure of Key Managerial Personnel
As per the employment contract entered into by the Company
(KMP) and Senior Management
with the Managing Director, either party can terminate the
i. The compensation of KMP and Senior Management contract by giving 3 months’ notice in writing to the other party.
personnel shall be approved by the Nomination, The employment contract does not contain any provisions

for payment of any severance fees in case of cessation of (` in Lakhs)

employment of the Managing Director. Amount received from allotment 1,20,000.00
The employment of Mr. Saumil Daru is governed by the of Equity Shares under qualified
employment policy of the Company, under which both the institutions placement
Company and Mr. Saumil Daru can terminate the employment /HVV8WLOLVHGWRZDUGVZRUNLQJFDSLWDO 63,117.84
of the office of the Director- Finance by giving 1 month notice. requirements
DISCLOSURES Balance amount to be utilized 56,882.16
1. There are no materially significant related party (temporarily invested in mutual funds,
transactions that have potential conflict with the and fixed deposits)
interest of the Company. The disclosure of all related
7. M/s. Rathi & Associates, Practicing Company Secretaries,
party transactions are set out in notes forming
has issued a certificate as required under the Listing
part of the financial statements. The policy framed
Regulations, confirming that none of the Directors on the
by your Company on dealing with Related Party
board of Company have been debarred or disqualified
Transactions is posted on the Company’s website at
from being appointed or continuing as Directors of
https://www.oberoirealty.com/pdf/Policy_on_RPT.pdf
companies by SEBI/ Ministry of Corporate Affairs or any
2. There were no other instance of any non-compliances, such statutory authority is provided in Annexure I.
nor any penalties or strictures have been imposed on
8. During FY 2018-19 there were no instances where the
your Company by the Stock Exchanges or SEBI or any
Board had not accepted any recommendation of any
statutory authority, on any matter related to capital
committee of the Board.
markets, during the last 3 years.
9. The total fees for FY 2018-19 for all services availed by
3. Your Company has a Whistleblower Policy in place.
your Company and its subsidiaries, on a consolidated
During the year under review no personnel have either
basis, from the statutory auditors and all entities in the
approached the Audit Committee or been denied access
network firm/network entity of which the statutory auditor
to the Audit Committee.
is a part is as under:
4. Your Company has complied with all the mandatory
requirements of the Listing Regulations relating to Type of Service ` in Lakh
corporate governance. Further, your Company has Audit fees 77.71
adopted two non-mandatory corporate governance Others 28.95
requirements relating to (i) endeavor to have unmodified
financial statements, and (ii) direct reporting of the 10. The disclosure in relation to the Sexual Harassment
Internal Auditor to the Audit Committee. of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013:
5. The CEO and CFO certification in terms of Regulation
17(8) read with Part B of Schedule II of the Listing a. Number of complaints filed during the financial
Regulations forms part of the Annual Report. year: 2
6. During FY 2018-19, your Company has raised `1,200 b. Number of complaints disposed of during the
Crore (Rupees Twelve Hundred Crore only) by way of financial year: 4*
4XDOLILHG,QVWLWXWLRQDO3ODFHPHQWRILWVHTXLW\VKDUHV7KH c. Number of complaints pending as on end of the
GHWDLOVRIXWLOL]DWLRQRI4,3SURFHHGVLVDVXQGHU financial year: Nil
*including 2 complaints filed during FY 2017-18
11. Disclosure of commodity price risks and commodity

hedging activities: Kindly refer the disclosures in
terms of SEBI Circular SEBI/HO/CFD/CMD1/
CIR/P/2018/0000000141 dated November 15, 2018
provided as Annexure II hereto and forms part of the
Annual Report.

DECLARATION ON CODE OF CONDUCT

This is to certify that your Company has in place a Code of Conduct applicable to the Board Members as well as the Senior
Management Personnel and that the same has been hosted on the Company’s website. All the Board Members and the Senior
Management Personnel have affirmed compliance with the Code of Conduct for the FY 2018-19.
Vikas Oberoi
Mumbai, May 10, 2019 Chairman & Managing Director
DISCLOSURE OF COMPLIANCE WITH CORPORATE GOVERNANCE REQUIREMENTS UNDER REGULATIONS 17

TO 27 AND REGULATION 46(2)(B) TO (I)
All complied with except Regulation 25(6) and Regulation 21(1), (2), (3), (4) which were not applicable to the Company for
FY 2018-19.
GENERAL SHAREHOLDERS INFORMATION
1. General Body Meeting
FINANCIAL YEAR DATE TIME VENUE

ENDED
March 31, 2018 -XQH 10.30 AM The Hall of Culture, Ground Floor, Nehru Centre,
Dr. Annie Besant Road, Worli, Mumbai 400 018
March 31, 2017 September 19, 2017 10.00 AM The Hall of Culture, Ground Floor, Nehru Centre,
March 31, 2016 August 19, 2016 3.00 PM The Hall of Culture, Ground Floor, Nehru Centre,
The following Special Resolutions were passed in the last three Annual General Meetings:
Annual General Meeting held on June 5, 2018:
$SSURYDORIRIIHURULQYLWDWLRQWRVXEVFULEHQRQFRQYHUWLEOHGHEHQWXUHVRQSULYDWHSODFHPHQW
$SSURYDO RI LVVXH RI HTXLW\ VKDUHV DQGRU DQ\ RWKHU VHFXULWLHV FRQYHUWLEOH LQWR HTXLW\ E\ ZD\ RI TXDOLILHG LQVWLWXWLRQV
placement/s.
3URYLGLQJ ORDQV JXDUDQWHHV DQG VHFXULW\LHV XV RI WKH &RPSDQLHV $FW WR ,9HQ 5HDOW\ /LPLWHG D MRLQW
venture of the Company.
Annual General Meeting held on September 19, 2017:
$SSURYDORILVVXHRIHTXLW\VKDUHVDQGRUDQ\RWKHUVHFXULWLHVFRQYHUWLEOHLQWRHTXLW\E\ZD\RISXEOLFRIIHURUSULYDWH
placement.
Annual General Meeting held on August 19, 2016:
$SSURYDORILVVXHRIHTXLW\VKDUHVDQGRUDQ\RWKHUVHFXULWLHVFRQYHUWLEOHLQWRHTXLW\E\ZD\RISXEOLFRIIHURUSULYDWH
placement.
Postal Ballot
During FY 2018-19, no ordinary or special resolutions were passed through postal ballot. No special resolution is proposed
to be conducted through postal ballot.

2. Company’s Means of Communication
Website Your Company maintains a website www.oberoirealty.com, wherein there is a dedicated section ‘Investor
Corner’. The website provides details, inter alia, about the Company, its performance including quarterly
financial results, annual reports, press release, transcript of analyst conference call, investor presentation,
share price data, unpaid dividend details, shareholding pattern, contact details etc.
4XDUWHUO\ Generally published in Financial Express (all editions) and Loksatta (Mumbai edition).
Annual Financial The results are also uploaded by BSE and NSE on their website www.bseindia.com and www.nseindia.com
Results respectively.
Stock exchanges All periodical information, including the statutory filings and disclosures, are filed with BSE and NSE.
The filings required to be made under the Listing Regulations, including the Shareholding pattern and
Corporate Governance Report for each quarter are also filed through BSE Listing Centre and NSE
Electronic Application Processing System (NEAPS).
Investor servicing A separate e-mail id [email protected] has been designated for the purpose of registering complaints
by shareholders or investors.
3. Other Information
CIN L45200MH1998PLC114818.
Registered office and Commerz, 3rd Floor, International Business Park, Oberoi Garden City, Off Western Express
address Highway, Goregaon (East), Mumbai 400 063.
Date, Time and Venue of Kindly refer notice of 21st Annual General Meeting.
Annual General Meeting
Financial Year The financial year of the Company starts from April 1 and ends on March 31 of the succeeding
year.
Rate of dividend, record `2 per Equity Share i.e. 20% dividend as recommended by the Board is subject to the approval
date, and dividend of the shareholders at the 21st Annual General Meeting.
payment date Kindly refer the notice of 21st Annual General Meeting for the record date for the purpose of
determining eligibility for the said dividend.
The NECS upload/ dispatch of dividend warrants / demand drafts shall commence from the fifth
day from the conclusion of the 21st Annual General Meeting.
Dividend History Financial Year Rate of Dividend Dividend (in `) per share of
`10 each
2017-18 20% 2.00
2016-17 20% 2.00
2015-16 20% 2.00
Listing on stock exchanges The Equity Shares of the Company are listed on BSE and NSE.
Listing fees The listing fees of BSE and NSE for FY 2019-20 has been paid.
Stock code The BSE scrip code of equity shares is 533273.
The NSE scrip symbol of equity shares is OBEROIRLTY.
The Bloomberg code of equity shares is OBER:IN.
The Reuters code of equity shares is OEBO.NS and OEBO.BO.
ISIN Number INE093I01010.
Suspension of trading in There was no suspension of trading in securities of the Company during the year under review.
securities
Registrar and Transfer Link Intime India Private Limited
agents C 101, 247 Park, L B S Marg, Vikhroli West, Mumbai 400 083
Email: [email protected]
Tel: +91 22 4918 6270
Fax: +91 22 4918 6060

Share Transfer system For shares held in physical form, all requisite documents for share transfer should be sent to
the Registrar and Transfer agents of the Company. The share transfers in physical form will be
generally approved within 10 days from the date of receipt subject to all documents being in
order.
For shares held in dematerialised form, the shareholders need to contact the depository
participant with whom their demat account is held.
Outstanding GDRs/ ADRs/ As on March 31, 2019, the Company does not have any outstanding GDRs / ADRs /Warrants
Warrants/ Convertible / Convertible Instruments, including stock options.
Instruments and their
impact on Equity
Commodity price risk or The Commodity Risk disclosures in terms of SEBI Circular SEBI/HO/CFD/CMD1/CIR/P/2018/
foreign exchange risk and 0000000141 dated November 15, 2018 is provided in Annexure II hereto and forms part of
hedging activities the Annual Report.
In respect of inward remittances from eligible overseas buyers of the residential units constructed
by the Company, and recipient of services from Hotel, all billing is in INR and hence the Company
is immune to foreign exchange risk on this account.
Plant locations The Company does not have any plants.
Tentative calendar of the )RUWKHTXDUWHUHQGHG-XQH²E\HQGRI-XO\
Board Meetings for FY For the quarter and half year ended September 30, 2019 - by end of October 2019.
2019-20
)RUWKHTXDUWHUHQGHG'HFHPEHUE\HQGRI-DQXDU\
For the quarter and year ended March 31, 2020 - by the end of May 2020.
Credit Rating During FY 2018-19, CARE Ratings Limited has reaffirmed the below credit ratings assigned by
it in respect of the following facilities of the Company:
Facility Amount Rating

(` in Crore)
Long term/ Short term bank 300 CARE AA+; Stable / CARE A1+
facility (Line of credit) (Double A Plus; Outlook: Stable /
A One Plus)
Proposed short term commercial 100 CARE A1+ (A One Plus)
paper
4. Market Price Data
The market price data and the volume of your Company’s shares traded on BSE and NSE during the year ended March 31,
2019 are as follows:
BSE Limited
Month OBEROI REALTY SHARE PRICE ON BSE S&P BSE SENSEX INDEX
High (`) Low (`) Average Volume High Low
(Nos)
March -19 542.00 472.00 1,54,097 38,748.54 35,926.94
February - 19 524.00 438.00 48,848 37,172.18 35,287.16
-DQXDU\ 478.70 432.00 19,652 36,701.03 35,375.51
December - 18 491.00 437.70 13,829 36,554.99 34,426.29
November - 18 458.80 389.95 15,087 36,389.22 34,303.38
October - 18 445.75 351.75 84,497 36,616.64 33,291.58
September -18 474.00 395.05 81,941 38,934.35 35,985.63
August - 18 499.90 435.05 13,276 38,989.65 37,128.99
-XO\ 518.00 451.95 35,548 37,644.59 35,106.57
-XQH 535.80 452.20 20,924 35,877.41 34,784.68
May - 18 573.70 488.55 44,919 35,993.53 34,302.89
April - 18 609.40 491.30 58,278 35,213.30 32,972.56

National Stock Exchange of India Limited
Month OBEROI REALTY SHARE PRICE ON NSE NSE NIFTY 50 INDEX

High (`) Low (`) Average Volume High Low
(Nos)
March -19 541.95 470.30 6,96,503 11630.35 10817.00
February - 19 525.00 436.25 6,45,878 11118.10 10585.65
-DQXDU\ 478.35 432.05 3,52,061 10987.45 10583.65
December - 18 492.00 436.25 3,45,197 10985.15 10333.85
November - 18 459.80 388.45 4,17,200 10922.45 10341.90
October - 18 440.00 351.35 6,75,996 11035.65 10004.55
September -18 475.45 395.10 3,88,070 11751.80 10850.30
August - 18 497.05 435.50 2,39,053 11760.20 11234.95
-XO\ 514.95 450.50 3,63,226 11366.00 10604.65
-XQH 535.50 452.00 3,02,156 10893.25 10550.90
May - 18 575.00 488.05 3,35,227 10929.20 10417.80
April - 18 610.00 490.35 5,65,278 10759.00 10111.30
5. Performance of Oberoi Realty Limited (ORL) scrip in comparison to broad–based indices, viz. S&P BSE
Sensex, S&P BSE Realty Index, Nifty 50 Index and Nifty Realty Index
I) Movement of ORL vs. S&P BSE Sensex vs. S&P BSE Realty Index
120.00
115.00
110.00
105.00
100.00
95.00
90.00
85.00
80.00
75.00
70.00
65.00
Jun/18
Aug/18
Aug/18
Jun/18
Jan/19
Jan/19
Apr/18
Apr/18
Apr/18
May/18
May/18
Nov/18
Nov/18
Dec/18
Dec/18
Oct/18
Oct/18
Oct/18
Feb/19
Feb/19
Mar/19
Mar/19
Jul/18
Jul/18
Sep/18
Sep/18
Oberoi Realty Sensex BSE Realty
Closing value of ORL scrip, S&P BSE Sensex Index and S&P BSE Realty Index as of April 1, 2018 has been indexed to 100.
II) Movement of ORL vs. Nifty 50 Index vs. Nifty Realty Index
120.00
115.00
110.00
105.00
100.00
95.00
90.00
85.00
80.00
75.00
70.00
65.00
Aug/18
Aug/18
Jan/19
Jan/19
Apr/18
Apr/18
Apr/18
May/18
May/18
Nov/18
Nov/18
Dec/18
Dec/18
Jun/18
Jun/18
Oct/18
Oct/18
Oct/18
Feb/19
Feb/19
Mar/19
Mar/19
Jul/18
Jul/18
Sep/18
Sep/18
Oberoi Realty Nifty 50 Nifty Realty
Closing value of ORL scrip, Nifty 50 Index and Nifty Realty Index as of April 1, 2018 has been indexed to 100.

6. Distribution of Shareholding as on March 31, 2019
Shareholding of Nominal Value (INR) NUMBER OF PERCENTAGE NUMBER OF PERCENTAGE

SHAREHOLDERS (%) SHARES HELD (%)
1 – 5,000 25,588 92.97% 20,90,604 0.57%
5,001 - 10,000 816 2.96% 6,35,211 0.17%
10,001 - 20,000 395 1.44% 5,86,478 0.16%
20,001 - 30,000 151 0.55% 3,82,051 0.11%
30,001 - 40,000 79 0.29% 2,83,610 0.08%
40,001 - 50,000 62 0.22% 2,85,930 0.08%
50,001 – 1,00,000 109 0.40% 8,00,342 0.22%
1,00,001 and above 323 1.17% 35,85,38,011 98.61%
Total 27,523 100.00% 36,36,02,237 100.00%
7. Shareholding pattern as on March 31, 2019
Category CATEGORY OF NUMBER OF TOTAL TOTAL

SHAREHOLDER SHAREHOLDERS* NUMBER OF SHAREHOLDING
SHARES AS A
PERCENTAGE
(%) OF TOTAL
NUMBER OF
SHARES
PROMOTER & PROMOTER GROUP
Indian Promoter 1 21,28,73,614 58.55%
Promoter Group 4 3,33,01,332 9.16%
Total (Promoter & 5 24,61,74,946 67.70%
Promoter Group)
PUBLIC
Institutions Mutual Funds 10 1,57,49,268 4.33%
Alternate Investment Funds 3 1,37,621 0.04%
Financial Institutions/ Banks 2 75,471 0.02%
Foreign Portfolio Investor/ 251 9,22,67,436 25.38%
Foreign Institutional
Investors
Total (Institutions) 266 10,82,29,796 29.77%
Non-institutions Bodies Corporate/ NBFC 300 15,28,853 0.42%
Individuals 24,623 64,80,434 1.79%
Clearing Members 167 2,25,405 0.06%
Non Resident Indian (Repat) 712 5,27,591 0.15%
Trusts 4 5,200 0.00%
Non Resident Indian (Non 273 1,50,958 0.04%
Repat)
Hindu Undivided Family 665 2,78,677 0.06%
IEPF 1 377 0.00%
Total (Non-Institutions) 26,745 91,97,495 2.53%
Total (Public) 27,011 11,74,27,291 32.30%
GRAND TOTAL 27,016 36,36,02,237 100.00%
* consolidated in terms of SEBI circular no. SEBI/HO/CFD/CMD/CIR/P/2017/128 dated December 19, 2017.

8. Status of dematerialization of shares claim to the Company at its registered office or by

contacting the Registrar and Transfer Agents. It may
As on March 31, 2019, all except 3 equity shares of the
be noted that no claim shall lie against the Company
Company are held in dematerialized form. The breakup
in respect of amounts of dividends remaining unpaid
of the equity shares held in dematerialized and physical
or unclaimed for a period of seven years after being
form as on March 31, 2019 is as follows:
transferred to the account maintained by IEPF. After
Particulars NO. OF PERCENT OF transfer of such amounts to the IEPF, the member can
SHARES EQUITY claim their amounts from IEPF.
NSDL 35,94,08,349 98.85%
In accordance with sub-section 6 of Section 124 of
CDSL 41,93,885 1.15% the Companies Act, 2013, all the shares in respect of
Physical 3 0.00% which dividend has not been paid or claimed for seven
Total 36,36,02,237 100.00% consecutive years will be transferred to IEPF. The first
such transfer of 377 shares had been effected during
9. Reconciliation of Share Capital Audit
FY 2018-19 by the Company. The members can claim
As stipulated by SEBI, a qualified Practicing Company from IEPF shares so transfered in accordance with the
Secretary carries out the Reconciliation of Share Capital to procedure and on submission of the documents as
reconcile the total capital held with the National Security prescribed from time to time.
Depository Limited (NSDL) and Central Depository
In accordance with Rule 5 of the Investor Education and
Services (India) Limited (CDSL) and the total issued and
Protection Fund Authority (Audit, Transfer and Refund)
listed capital. The Audit is carried out every quarter and
Rules, 2016, your Company has filed Form IEPF 2 with
the report thereon is submitted to the Stock Exchanges.
the Ministry of Corporate Affairs, containing the details
The report, inter alia, confirms that the number of shares
of unclaimed/ unpaid amount of dividends as of the
issued, that listed on the Stock exchanges and that held
date of last Annual General Meeting. Additionally, the
in demat and physical mode are in agreement with each
details have also been uploaded on the website of the
other.
Company.
10. Unclaimed and unpaid Dividends, and transfer
11. Address for correspondence
of Shares of IEPF
For query relating to financial statements / investor
As on March 31, 2019 following amounts of dividends
relations, please contact:
remained unclaimed:
(Amount in `) Investor Relations Department:
FY 2011-12 21,176 Oberoi Realty Limited
FY 2012-13 38,736 Commerz, 3rd Floor, International Business Park,
FY 2013-14 39,792 Oberoi Garden City, Off Western Express Highway,
FY 2014-15 54,996 Goregaon (East), Mumbai 400 063
FY 2015-16 43,114 Email: [email protected]
Phone No.: +91 22 6677 3333
FY 2016-17 56,062
Fax No.: +91 22 6677 3334
FY 2017-18 93,070
In accordance with Section 125 of the Companies Act,

2013, the amounts of dividend that remain unpaid or For and on behalf of the Board of Directors
unclaimed for a period of seven years will be transferred
to the Investor Education and Protection Fund (‘IEPF’) Vikas Oberoi
established by the Central Government. Chairman & Managing Director
DIN: 00011701
Members can claim the unclaimed dividend from the
Company before transfer to the IEPF by making their Mumbai, May 10, 2019

ANNEXURE I
Date: April 30, 2019
To,
The Members
Oberoi Realty Limited
Goregaon (E), Mumbai – 400 063
Dear Sirs,
Re: &HUWLÀFDWH pursuant to Regulation 34(3) read with Clause 10(i) of Part C of Schedule V of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015
Oberoi Realty Limited (CIN: L45200MH1998PLC114818), is a company incorporated under the provisions of the erstwhile
Companies Act, 1956 (“the Company”) whose equity shares are listed on the National Stock Exchange of India Limited (NSE) and
the BSE Limited (BSE). The Company has approached us for issuance of certificate under Regulation 34(3) read with clause 10(i) of
Part C of Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Based on our examination of disclosures and declarations received from the Directors of the Company 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 and its officers, we hereby certify that for the financial year ended on March 31, 2019,
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
Statutory Authority:
Sr. No. NAME OF THE DIRECTOR DIN

1. Mr. Anil Harish 00001685
2. Mr. Vikas Ranvir Oberoi 00011701
3. Mr. Tilokchand Punamchand Ostwal 00821268
4. Ms. Bindu Ranvir Oberoi 00837711
5. Mr. Venkatesh Satyaraj Mysore 01401447
6. Mr. Karamjit Singh Kalsi 02356790
7. Mr. Saumil Ashwin Daru 03533268
This certificate is issued at the request of the Company for necessary disclosure in the Annual Report of the Company to be submitted
to the Stock exchanges and the Shareholders of the Company, and should not be used for any other purpose.
For RATHI AND ASSOCIATES

Company Secretaries
JAYESH SHAH
Partner
COP: 2535
Place: Mumbai

ANNEXURE II
DISCLOSURES REGARDING COMMODITY RISKS
1. Risk management policy of the listed entity with respect to commodities
Key input materials consumed in the projects include steel, cement, finishing and façade items. In respect of contracts for
finishing material and façade items, the commodity / hedging market for these items is not fully developed and the Company
keeps on evaluating on continuous basis opportunities for price risk minimisations.
The Company to a certain extent, is able to manage the risks of adverse price movements of other materials by giving all
inclusive construction contracts with a built-in mechanism for moderation of any substantial movement. However, the Company
is still exposed to the steel and cement price risks due to the highly volatile nature of the market and therefore Company’s
overall risk management program focuses on monitoring and managing steel and cement price risks.
Our risk management program for steel and cement price risk management includes the following:
- Procurement of steel and cement is outsourced as contractor’s responsibility.
- Maintaining optimum inventory levels at all sites.
- Tracking inventory levels, and steel and cement price trends on monthly basis through appropriate market intelligence.
Opportunities for hedging / derivatives instruments are only available for steel as of now, although with a few inherent
disadvantages, owing to which the Company has decided to currently not enter into hedging for steel, to avoid speculative
risks.
2. Exposure of the listed entity to material commodity and commodity risks faced by the entity throughout
FY18-19
a. Total exposure of the listed entity to commodities in INR: `1,076.79 lakh
b. Exposure of the listed entity to various commodities:

(` in Lakh)
Commodity Exposure in Exposure in % of such exposure hedged through
Name INR towards quantity terms commodity derivatives
the particular towards the Domestic market International Total
commodity particular market
commodity OTC Exchange OTC Exchange
Steel 730.04 1,539 MT - - - - -
Cement 346.74 5,411 MT - - - - -
c. Commodity risks faced by the listed entity during the year and how they have been managed: Nil.

MANAGING DIRECTOR AND CHIEF FINANCIAL OFFICER CERTIFICATION
In accordance with Regulation 17(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we certify
that:
1. We have reviewed financial statements and the cash flow statement of Oberoi Realty Limited for the year ended March 31,
2019 and that to the best of our knowledge and belief:
i. these statements do not contain any materially untrue statement or omit any material fact or contain statements that might
be misleading;
ii. these statements together present a true and fair view of the Company’s affairs and are in compliance with existing
accounting standards, applicable laws and regulations.
2. There are, to the best of our knowledge and belief, no transactions entered into by the Company during the year which are
fraudulent, illegal or violative of the Company’s code of conduct.
3. We accept responsibility for establishing and maintaining internal controls for financial reporting and that we have evaluated
the effectiveness of internal control systems of the Company pertaining to financial reporting and we have disclosed to the
auditors and the Audit Committee, deficiencies in the design or operation of such internal controls, if any, of which we are
aware and the steps we have taken or propose to take to rectify these deficiencies.
4. We have indicated to the auditors and the Audit committee
i. the significant changes in internal control over financial reporting during the year, if any;
ii. significant changes in accounting policies during the year, if any, have been disclosed in the notes to the financial
statements; and
iii. that there are no instances of significant fraud of which we have become aware and the involvement therein, if any, of the
management or an employee having a significant role in the Company’s internal control system over financial reporting.
Vikas Oberoi Saumil Daru

Mumbai, May 10, 2019 Chairman & Managing Director Chief Financial Officer

INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE WITH THE CONDITIONS OF CORPORATE GOVERNANCE

AS PER PROVISIONS OF CHAPTER IV OF SECURITIES AND EXCHANGE BOARD OF INDIA (LISTING OBLIGATIONS
AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015
The Members of 6. We have complied with the relevant applicable

Oberoi Realty Limited UHTXLUHPHQWVRIWKH6WDQGDUGRQ4XDOLW\&RQWURO64&
Commerz 3rd Floor, 4XDOLW\&RQWUROIRU)LUPVWKDW3HUIRUP$XGLWVDQG5HYLHZV
International Business Park, Oberoi Garden City, of Historical Financial Information, and Other Assurance
Off Western Express Highway, Goregoan (East), and Related Services Engagements.
Mumbai – 400063, India.
7. The procedures selected depend on the auditor’s
1. The Corporate Governance Report prepared by Oberoi judgement, including the assessment of the risks
Realty Limited (hereinafter the “Company”), contains associated in compliance of the Corporate Governance
details as required by the provisions of Chapter IV of Report with the applicable criteria. Summary of key
Securities and Exchange Board of India (Listing Obligations procedures performed include:
and Disclosure Requirements) Regulations, 2015, as
i. Reading and understanding of the information
amended (“the Listing Regulations”) (‘Applicable criteria’)
prepared by the Company and included in its
with respect to Corporate Governance for the year ended
Corporate Governance Report;
March 31, 2019. This report is required by the Company
for annual submission to the Stock exchanges and to be ii. Obtained and verified that the composition of the
sent to the Shareholders of the Company. Board of Directors w.r.t executive and non-executive
directors has been met throughout the reporting
Management’s Responsibility
period;
2. The preparation of the Corporate Governance Report is
iii. Obtained and read the Directors Register as on
the responsibility of the Management of the Company
March 31, 2019 and verified that atleast one
including the preparation and maintenance of all relevant
women director was on the Board during the year;
supporting records and documents. This responsibility also
includes the design, implementation and maintenance iv. Obtained and read the minutes of the following
of internal control relevant to the preparation and committee meetings held from April 1, 2018 to
presentation of the Corporate Governance Report. March 31, 2019:
3. The Management along with the Board of Directors (a) Board of Directors meeting;
are also responsible for ensuring that the Company (b) Audit committee;
complies with the conditions of Corporate Governance (c) Annual General meeting;
as stipulated in the Listing Regulations, issued by the
(d) Nomination and remuneration committee;
Securities and Exchange Board of India.
(e) Stakeholders Relationship Committee;
Auditor’s Responsibility
(f) Corporate Social Responsibility Committee;
4. Pursuant to the requirements of the Listing Regulations,
v. Obtained necessary representations and
our responsibility is to express a reasonable assurance
declarations from directors of the Company
in the form of an opinion whether the Company has
including the independent directors ; and
complied with the specific requirements of the Listing
Regulations referred to in paragraph 3 above. vi. Performed necessary inquiries with the management
and also obtained necessary specific representations
5. We conducted our examination of the Corporate
from management.
Governance Report in accordance with the Guidance
Note on Reports or Certificates for Special Purposes The above-mentioned procedures include examining
and the Guidance Note on Certification of Corporate evidence supporting the particulars in the Corporate
Governance, both issued by the Institute of Chartered Governance Report on a test basis. Further, our scope of
Accountants of India (“ICAI”). The Guidance Note on work under this report did not involve us performing audit
Reports or Certificates for Special Purposes requires that tests for the purposes of expressing an opinion on the
we comply with the ethical requirements of the Code of fairness or accuracy of any of the financial information
Ethics issued by the Institute of Chartered Accountants of or the financial statements of the Company taken as a
India. whole.

Opinion of Corporate Governance and should not be used by any

other person or for any other purpose. Accordingly, we
8. Based on the procedures performed by us as referred in
do not accept or assume any liability or any duty of care
paragraph 7 above, and according to the information
or for any other purpose or to any other party to whom
and explanations given to us, that we are of the opinion
it is shown or into whose hands it may come without
that the Company has complied with the conditions
our prior consent in writing. We have no responsibility to
of Corporate Governance as stipulated in the Listing update this report for events and circumstances occurring
Regulations, as applicable for the year ended March 31, after the date of this report.
2019, referred to in paragraph 1 above.
Other matters and Restriction on Use

For S R B C & CO LLP
9. This report is neither an assurance as to the future viability Chartered Accountants
of the Company nor the efficiency or effectiveness with ICAI Firm Registration Number: 324982E/E300003
which the management has conducted the affairs of the
Company. per Sudhir Soni
Partner
10. This report is addressed to and provided to the members Membership No.: 41870
of the Company solely for the purpose of enabling it to
comply with its obligations under the Listing Regulations Place: Mumbai
with reference to compliance with the relevant regulations Date: May 10, 2019

BUSINESS RESPONSIBILITY REPORT
SECTION A: GENERAL INFORMATION OF THE COMPANY
1. Corporate Identity Number (CIN) L45200MH1998PLC114818

2. Name of the Company Oberoi Realty Limited (‘We/ the Company/ORL’)
3. 5HJLVWHUHG2IÀFH$GGUHVV Commerz, 3rd Floor, International Business Park, Oberoi Garden City,
Off Western Express Highway, Goregaon (East), Mumbai 400 063, India
4. Website www.oberoirealty.com
5. E-mail Id [email protected]
6. )LQDQFLDO<HDUUHSRUWHG April 2018- March 2019
7. 6HFWRUV WKDW WKH &RPSDQ\ LV HQJDJHG Real Estate Development and Hospitality
LQLQGXVWULDODFWLYLW\FRGHZLVH
8. /LVWWKUHHNH\SURGXFWVVHUYLFHVWKDWWKH Construction of residential apartments; leasing of office & retail spaces;
&RPSDQ\ PDQXIDFWXUHVSURYLGHV DV LQ and hospitality.
%DODQFH6KHHW
9. 7RWDOQXPEHURIORFDWLRQVZKHUHEXVLQHVV
DFWLYLW\LVXQGHUWDNHQE\WKH&RPSDQ\
(a) Total number of International locations Nil
(b) Total number of National locations One
10. 0DUNHWVVHUYHGE\WKH&RPSDQ\ Local
SECTION B: FINANCIAL DETAILS OF THE COMPANY
1. Paid up Capital (INR lakhs) 36,360.36

2. Total Turnover (Income) (INR lakhs) 1,15,828.07
3. Total Profit after Taxes (INR lakhs) 45,370.19
4. 7RWDO 6SHQGLQJ RQ &RUSRUDWH 6RFLDO
5HVSRQVLELOLW\ &65 DV SHUFHQWDJH RI
3URÀWDIWHU7D[HV
/LVWRIDFWLYLWLHVLQZKLFKH[SHQGLWXUHLQDERYHKDVEHHQLQFXUUHG
(a) Maintenance of Ecological balance and protection of flora and fauna

(b) Promotion of education and skill development
SECTION C: OTHER DETAILS
'RHVWKH&RPSDQ\KDYHDQ\6XEVLGLDU\&RPSDQ\&RPSDQLHV"
Yes, the Company has 9 subsidiaries as on March 31, 2019.
'RWKH6XEVLGLDU\&RPSDQ\&RPSDQLHVSDUWLFLSDWHLQWKH%5,QLWLDWLYHVRIWKHSDUHQW&RPSDQ\",I\HV
WKHQLQGLFDWHWKHQXPEHURIVXFK6XEVLGLDU\&RPSDQ\V
ORL actively involves all subsidiaries in its BR initiatives where possible. Oberoi Mall Limited and Oberoi Construction Limited
actively engage in BR initiatives, particularly those involving Corporate Social Responsibility (CSR). Most of these initiatives
that are taken up by our subsidiaries are in sync with ORL, however, because of the nature of their business, they additionally
engage into and undertake certain initiatives independently as well.
'R DQ\ RWKHU HQWLW\HQWLWLHV HJ VXSSOLHUV GLVWULEXWRUV HWF WKDW WKH &RPSDQ\ GRHV EXVLQHVV ZLWK
SDUWLFLSDWH LQ WKH %5 LQLWLDWLYHV RI WKH &RPSDQ\" ,I \HV WKHQ LQGLFDWH WKH SHUFHQWDJH RI VXFK HQWLW\
HQWLWLHV">/HVVWKDQPRUHWKDQ@
The Company’s internal benchmarks are of vital importance and we take ownership for ensuring that all entities we do
business with, follow our guidelines. The Company has stringent contractual terms that are rigorously followed and checked,
to ensure compliance. Also, the Company, through its contractual arrangements with the contractors and suppliers, ensures
implementation of employee/ labour welfare measures, including, but not restricted to, those statutorily prescribed.

ORL takes conscious efforts towards involving its value chain partners in the BR initiatives. Capacity building programs and
initiatives to enhance awareness amongst suppliers are undertaken which enables them to meet the expectations of the
organisation in terms of business responsibility. ORL also provides skill upgradation programs to the contractual staff on new
technologies involved in our construction activity.
At our commercial and residential projects, we have also arranged various safety initiatives to reinforce the importance of safety
at all places. Key initiatives included –HSE induction, tool-box talks, training, campaigns, poster, instruction display, welfare
and emergency services, fall prevention/protection, fire prevention/protection and electricity safety, among others. Trainings
and fire drills were also conducted by various vendors in their respective areas to the concerned staff as well as our tenants.
SECTION D: BUSINESS RESPONSIBILITY (BR) INFORMATION
'HWDLOVRI'LUHFWRU'LUHFWRUVUHVSRQVLEOHIRU%5
D 'HWDLOVRIWKH'LUHFWRU'LUHFWRUVUHVSRQVLEOHIRULPSOHPHQWDWLRQRIWKH%5SROLF\SROLFLHV
Name DIN Designation

Mr. Saumil Daru 03533268 Director – Finance
(b) Details of the BR Head
3DUWLFXODUV Details
DIN (if applicable) 03533268
Name Mr. Saumil Daru
Designation Director – Finance
Telephone Number (022) 6677 3333
E-mail id [email protected]
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1. Do you have a Y Y Y Y Y Y Y Y Y
policy/policies for....?
2. Has the policy Y Y Y Y Y Y Y Y Y
being formulated
in consultation
with the relevant
stakeholders?
3. Does the policy Y* Y* Y* Y* Y* Y* Y* Y* Y*
conform to
any national /
international
standards? If yes,
specify? (50 words)
4. Has the policy been Y** Y** Y** Y** Y** Y** Y** Y** Y**
approved by the
Board? If yes, has
it been signed by
MD/ owner/ CEO/
Appropriate Board
Director?

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5. Indicate the link Y*** Y*** $ Y*** Y*** Y*** Y*** Y*** Y***
for the policy to be
viewed online
6. Does the Company Y Y Y Y Y Y Y Y Y
have a specified
committee of the
Board/Director/
Official to oversee
the implementation
of the policy?
7. Has the policy Y Y Y Y Y Y Y Y Y
been formally
communicated to
all relevant internal
and external
stakeholders?
8. Does the Y Y Y Y Y Y Y Y Y
Company have
in-house structure
to implement the
policy/policies?
9. Does the Company Y Y Y Y Y Y Y Y Y
have a grievance
redressal mechanism
related to the policy/
policies to address
stakeholders’
grievances related to
the policy/policies?
10. Has the Company Y Y Y Y Y Y Y Y Y
carried out
independent audit
/ evaluation of the
working of this policy
by an internal or
external agency?
(*) The policies are developed and aligned with following standards prescribed by/ under;
x Securities and Exchange Board of India;
x Ministry of Corporate Affairs National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of
Business;
x Applicable legal requirements;
x The Company’s internal requirements, details consultations and research on the practices adopted by organisations.
(**) The policies are approved by the board and signed by the heads of the respective department responsible for the implementation
of the policies.
(***) The policies are available on our internet portal which can be viewed at http://www.oberoirealty.com.
($) Available on intranet.

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RU&(2WRDVVHVVWKH%5SHUIRUPDQFHRIWKH 3ULQFLSOH%XVLQHVVHVVKRXOGSURYLGHJRRGVDQG
&RPSDQ\ :LWKLQ PRQWKV PRQWKV VHUYLFHVWKDWDUHVDIHDQGFRQWULEXWHWRVXVWDLQDELOLW\
DQQXDOO\PRUHWKDQ\HDU WKURXJKRXWWKHLUOLIHF\FOH
The Management meets at regular intervals more /LVWXSWRSURGXFWVRUVHUYLFHVZKRVHGHVLJQ
than once a year to assess BR related performance KDV LQFRUSRUDWHG VRFLDO RU HQYLURQPHQWDO
of the Company. FRQFHUQVULVNVDQGRURSSRUWXQLWLHV
(b) Does the Company publish a BRR or Our commitment to responsible business also covers
D 6XVWDLQDELOLW\ 5HSRUW" :KDW LV WKH actions towards reducing our environmental impact. All
K\SHUOLQN IRU YLHZLQJ WKLV UHSRUW" +RZ the new projects developed by ORL or its subsidiaries
IUHTXHQWO\LWLVSXEOLVKHG" are pre-LEED (Leadership in Energy and Environment
Design) certified. As a part of these certifications, our
The Company annually publishes its non-financial
projects have been assessed on seven key focus areas
performance in the form of BRR as part of the Annual
Report. All the earlier reports can be viewed on including Sustainable Sites, Water Efficiency, Energy
https://www.oberoirealty.com/real-estate-investment/ and Atmosphere, Materials and Resources, Indoor
investors#!report. Environmental Quality, Innovation in Design and
Regional Priority. These certifications have encouraged
SECTION E: PRINCIPLE WISE PERFORMANCE us in using more sustainable practices in our operations
3ULQFLSOH %XVLQHVVHV VKRXOG FRQGXFW DQG which ultimately benefit the Company, our customers and
JRYHUQ WKHPVHOYHV ZLWK (WKLFV 7UDQVSDUHQF\ DQG the society at large.
$FFRXQWDELOLW\ Some of the features that render resource efficiency and
'RHVWKHSROLF\UHODWLQJWRHWKLFVEULEHU\DQG sustainability of our projects include:
FRUUXSWLRQ FRYHU RQO\ WKH &RPSDQ\" <HV 1R x Landscaping, water treatment systems and fittings
'RHV LW H[WHQG WR WKH *URXS-RLQW 9HQWXUHV designed to reduce water consumption;
6XSSOLHUV&RQWUDFWRUV1*2V2WKHUV" (QHUJ\FRVWVDYLQJVRIDSSUR[LPDWH
At ORL, we recognise that ethical code in all its functions 2QVLWH ZDVWH PDQDJHPHQW V\VWHP WR UHGXFH
and processes is the cornerstone to responsible business. landfilling;
We maintain high standards of governance to induce and
RIFRQVWUXFWLRQUDZPDWHULDOVPDQXIDFWXUHG
recognise the virtues of honesty and accountability. They
using recycled materials;
serve as a guideline for addressing situations involving
ethical issues in all spheres of activities of the organisation. 0D[LPXP GD\OLJKW DFFHVV LQ UHJXODUO\ RFFXSLHG
The Policy Framework on Business Responsibility on VSDFHVRIWRWDOVSDFHV
the Company’s website lays down clauses to ensure /RZ 92& DGKHVLYHV VHDODQWV DQG SDLQWV XVHG WR
ethical conduct as well as fair and transparent decision maintain indoor environment quality.
making. The Company’s Code of Conduct also includes In this BRR, we have compiled a few more initiatives that
policies related to ethics, bribery and corruption. These we have been deploying across our projects over the past
policies are applicable to all employees and Directors years. These include:
of the Company, employees of other agencies deployed
(A) Water Efficient CP Fittings;
for the Company’s / its subsidiary’s/ joint venture’s
activities, whether working from any of the Company’s / (B) Sustainable HVAC systems;
subsidiary’s/ joint venture’s offices or any other location. (C) Sewage Treatment and Rainwater Harvesting.

)RUHDFKSURGXFWSURYLGHWKHIROORZLQJGHWDLOV uses the latest environment friendly low ODP

LQ UHVSHFW RI UHVRXUFHV HQHUJ\ ZDWHU UDZ and GWP gases for sustainable environment.
PDWHULDOHWFSHUXQLWRISURGXFW & 6HZDJH 7UHDWPHQW 5DLQZDWHU
L 5HGXFWLRQ GXULQJ VRXUFLQJSURGXFWLRQ +DUYHVWLQJ
GLVWULEXWLRQ DFKLHYHG VLQFH WKH SUHYLRXV One of the initiatives that has been replicated
\HDUWKURXJKRXWWKHYDOXHFKDLQ across all locations is the installation of
$ :DWHU(IÀFLHQW&3)LWWLQJV sewage treatment plants, to maximise reuse
and recycling of waste water. This is treated
Water use efficiency has always been a
and reused for gardening, mass cleaning and
priority for ORL. We have discussed with
flushing purposes. We use latest technology,
our vendors about availability of products
compact, energy efficient membrane bio-
that are water efficient, to be installed in all
reactor technology system which provides best
bathrooms of our projects. Few products such
quality water for environmental protection. We
as aerator/sensor technology fittings, special
have also provided rainwater storage systems
cisterns and flushing systems were installed
and its RO treatment for reuse and minimise
at our head office on trial basis. On being
the use of fresh water. We use ground water
convinced of the water saving and noise
recharge pits to replenish the underground
reducing potential of the installed bathroom
natural water storage.
fittings, there was an increased adoption of
such technologies across all the residential LL 5HGXFWLRQ GXULQJ XVDJH E\ FRQVXPHUV
projects and the mall, resulting in a saving of HQHUJ\ ZDWHU KDV EHHQ DFKLHYHG VLQFH
approximately 2.5 litres of water per flush and WKHSUHYLRXV\HDU
40-50 litres of water per minute of usage of $ :DWHU(IÀFLHQW&3)LWWLQJV
faucet/showerhead. Sanitary ware Flushing System:
% 8VHRI6XVWDLQDEOH+9$&6\VWHPV The conventional flushing system in toilets
We have endeavoured to design our HVAC has resulted in heavy water usage. We have,
systems to provide comfort and ample amount therefore, opted for fitting using better flushing
of fresh air accompanied with CO2 reduction. technology which optimises the use of water. It
We provide treated fresh air through centralised also helps in reducing the noise up to 18db.
water-cooled chillers and VRF system to provide Following are the items which help in reduction
maximum energy saving. Our HVAC system of water consumption:
,WHP'HVFULSWLRQ Earlier Water Latest Water :DWHU6DYLQJSHU

Consumption Consumption Flush
Cistern 3-4 litres / half flush 2-4 litres / half flush 1 litre
6-9 litres / full flush 3.5-7.5 litres / full flush 1.5 litre
Plumbing CP Fittings:
Using Conventional CP fittings in the bathroom lead to heavy water wastage. Hence, we have opted for using
Aerator/Sensor technology which optimises the utilisation of water and reduces water wastage. Following are the
LEED certified products which help in reduction of water consumption:
,WHP'HVFULSWLRQ Earlier Water :DWHU&RQVXPSWLRQZLWK :DWHU6DYLQJ

Consumption $HUDWRU6HQVRU per Minute
LAV Faucet 17.4 litres per minute 5.67 litres per minute 11.73 litres
Health Faucet 16 litres per minute 5 litres per minute 11 litres
Showerhead 7.56 litres per minute 6.61 litres per minute 0.95 litres
Bath Spout 33 litres per minute 5.1 litres per minute 27.9 litres

(% 6XVWDLQDEOH+9$&6\VWHPV +DV WKH &RPSDQ\ WDNHQ DQ\ VWHSV WR SURFXUH

Air Conditioning and lighting in a building JRRGVDQGVHUYLFHVIURPORFDO VPDOOSURGXFHUV
constitute higher energy expenses. When LQFOXGLQJFRPPXQLWLHVVXUURXQGLQJWKHLUSODFH
energy comes from fossil source, there is RIZRUN",I\HVZKDWVWHSVKDYHEHHQWDNHQWR
considerable carbon emission. By reducing LPSURYH WKHLU FDSDFLW\ DQG FDSDELOLW\ RI ORFDO
energy consumption, carbon emissions can DQGVPDOOYHQGRUV"
be reduced. We have deployed water cooled Yes, we believe in encouraging local enterprises which not
chillers and VRF systems in our HVAC systems only builds their capabilities but also helps us overcome
for maximum energy efficiency. Variable
problems that may arise due to logistics. Thus, we source
Refrigerant Flow systems consist of one outdoor
materials from local vendors wherever possible and
unit for multiple indoor units which requires
feasible.
lesser electrical connections thus reducing
consumption of materials and chances of short ORL not only encourages local suppliers but also ensures
circuits. Also, individual control and inverter that our value chain partners adhere to the core principles
technology help VRF units work only at the and standards set by us. We take proactive initiatives
needed rate allowing for substantial energy to assist them in maintaining high standards of quality,
savings at load conditions. safety, ethical practices and conduct various capability
& 6HZDJH 7UHDWPHQW DQG 5DLQZDWHU building workshops. Some of our actions are listed below:
+DUYHVWLQJ Capability Building:
STP plant was commenced in one of our ORL arranges several training programs on skill
residential projects in September 2018. STP upgradation for vendors including trainings on
production of recycled water of about 600KL reinforcement, shuttering, concreting, post concreting,
per day has reduced the dependency on block work, masonry, DG set operations, lift rescue and
municipal water and outsourced tanker water other trainings on installation and operations of various
to that extent. This recycled water is used equipment.
for flushing, gardening and mass cleaning
Audits:
purposes. Also, we have been able to achieve
zero discharge due to alternative uses of STP To ensure that all our business partners follow safe
recycled water in our Commercial, Mall and working practices, we conduct periodic audits for our
Hotel projects through successful installation suppliers and vendors which are based on the following
and maintenance of Sewage Treatment Plants. parameters but are not limited to:
'RHV WKH &RPSDQ\ KDYH SURFHGXUHV LQ (QWU\OHYHOVFUHHQLQJIRUSK\VLFDOILWQHVV

SODFH IRU VXVWDLQDEOH VRXUFLQJ LQFOXGLQJ 8VH RI SHUVRQDO SURWHFWLYH HTXLSPHQW DQG VDIHW\
WUDQVSRUWDWLRQ" ,I \HV ZKDW SHUFHQWDJH RI harness for working at heights;
\RXU LQSXWV ZDV VRXUFHG VXVWDLQDEO\" 3URYLGH )DOO SURWHFWLRQ PHDVXUHV ZLWK HQJLQHHULQJ DQG
GHWDLOVWKHUHRILQDERXWZRUGVRUVR administrative controls;
Yes. Every site requirement being different from the other, &RPSOLDQFH ZLWK DOO VWDWXWRU\ ODZV DQG LQWHUQDO
sourcing largely depends on the project requirement. procedures;
However, wherever feasible, we source materials from 8VHRIVDIHW\VLJQDJH
ORFDO VXSSOLHUV RI WKH PDWHULDOV SURFXUHG E\
0HGLFDO&DPSV
us are sourced from the domestic market. The top 3
manufacturers/suppliers from whom we source materials ORL also arranges medical camps for the outsourced
are reputed domestic manufacturers who take adequate support staff working at various sites. Check-ups are done
measures to source materials sustainably. Around 15- by medical specialists for various parameters like body
RIWKHWRWDOEXLOGLQJPDWHULDOVFRQWHQWE\YDOXHLQ mass index, blood pressure and eye-sight testing.
our projects is manufactured using recycled materials. 'RHV WKH &RPSDQ\ KDYH PHFKDQLVP WR
UHF\FOHSURGXFWVDQGZDVWH",I\HVZKDWLVWKH
As a part of sustainable sourcing, we also try to minimise
SHUFHQWDJHRIUHF\FOLQJZDVWHDQGSURGXFWV"
the dependency on external water sources through
concentrated efforts on ground water replenishment by Yes. Our waste management initiatives are multi-faceted
rainwater harvesting and planned bore well digging. based on opportunities presented at site locations, office

premises as well as our hotel business. We minimise the (iii) 2UJDQLF:DVWH&RQYHUWHUV

waste generated out of our activities through various 2UJDQLFZDVWHFRQYHUWHUVKDYHEHHQLQVWDOOHG
initiatives as listed below: to convert wet and garden waste into manure.
(i) &RQFUHWH3URGXFWLRQXVLQJE\SURGXFWV This manure is further used for gardening
x &HPHQWLVUHSODFHGXSWRWKHH[WHQWRI as well as maintaining the green belt in and
as per the Concrete Mix Design requirement around our projects;
with Ground Granulated Blast Furnace Slag .J RI WKH 0DOOV· RUJDQLF ZDVWH JHWV
(GGBS), which is a by-product of iron-steel converted in 75 Kg of compost with a reduction
industry. This has helped us reduce carbon LQRIZDVWHTXDQWLW\
HPLVVLRQE\
LY 5HVSRQVLEOH:DVWH0DQDJHPHQWSUDFWLFHV
(ii) 6HZDJH7UHDWPHQW3ODQWV673 :DVWH PDQDJHPHQW LQLWLDWLYH DW RXU KRWHO
x Sewage Treatment Plants (STP) have been premises involves primary segregation of
installed to reduce the dependency on external kitchen waste through colour coded bins;
water sourcing requirement to a large extent. 8VHG FRRNLQJ RLO LV GLVSRVHG WR DXWKRULVHG
The water from STP is used in gardening and vendors who then recycle it and convert it into
other non-potable purposes; sustainable Bio-Diesel thus contributing to the
5HF\FOHGZDWHULVDOVRXVHGIRUFOHDQLQJPDVV reduction of carbon emission;
area like parking, driveways among others; )XVHGEXOEVDQGOLJKWVDUHVROGWRYHQGRUVDV
7KH %LRORJLFDO KD]DUGV DUH HOLPLQDWHG DV WKH per norms;
STP treats Biological, Chemical and General $WWKHVHFRQGDU\VHJUHJDWLRQOHYHOZHWZDVWH
Waste. is stored at a temperature of 5 to 10oC.
3ULQFLSOH%XVLQHVVHVVKRXOGSURPRWHWKHZHOOEHLQJRIDOOHPSOR\HHV
Employees are our most valuable asset. We engage with them through various initiatives and forums to build the spirit of cohesiveness
and team work. ORL invests in building capabilities and acknowledges, recognise and reward outstanding performance and
dedication.
3OHDVHLQGLFDWHWKHWRWDOQXPEHURIHPSOR\HHV
TOTAL NUMBER OF EMPLOYEES

&RPSDQ\8QLW Total Permanent Employees
Female Male Total
No. % No. %
ORL 108 272 380
WESTIN MGC 61 351 412
Total 169 623 792
3OHDVHLQGLFDWHWKHWRWDOQXPEHURIHPSOR\HHVKLUHGRQWHPSRUDU\FRQWUDFWXDOFDVXDOEDVLV
&RPSDQ\8QLW 727$/7(0325$5<&2175$&78$/&$68$/(03/2<((6
ORL 10
WESTIN MGC 130
Total 140
3OHDVHLQGLFDWHWKHQXPEHURISHUPDQHQWZRPHQHPSOR\HHV
&RPSDQ\8QLW TOTAL PERMANENT WOMEN EMPLOYEES

ORL 108
WESTIN MGC 61
Total 169

3OHDVH LQGLFDWH WKH QXPEHU RI SHUPDQHQW 3ULQFLSOH %XVLQHVVHV VKRXOG UHVSHFW WKH
HPSOR\HHVZLWKGLVDELOLW\ LQWHUHVWV RI DQG EH UHVSRQVLYH WR WKH QHHGV
RI DOO VWDNHKROGHUV HVSHFLDOO\ WKRVH ZKR DUH
&RPSDQ\8QLW TOTAL PERMANENT
GLVDGYDQWDJHGYXOQHUDEOHDQGPDUJLQDOLVHG
EMPLOYEES WITH
DISABILITY 4.1. Has the Company mapped its internal and
ORL 1 H[WHUQDOVWDNHKROGHUV"<HV1R
WESTIN MGC 3 ORL has identified its internal and external stakeholders,
Total the major ones being employees, contractors, contract
4
labourers, suppliers, customers, tenants, shareholders,
'R \RX KDYH DQ HPSOR\HH DVVRFLDWLRQ WKDW LV investors, directors, banks and the Government
UHFRJQLVHGE\WKH0DQDJHPHQW" authorities.
&RPSDQ\8QLW EMPLOYEE ASSOCIATION 2XWRIWKHDERYHKDVWKH&RPSDQ\LGHQWLÀHG

RECOGNISED BY THE WKHGLVDGYDQWDJHGYXOQHUDEOH PDUJLQDOLVHG
MANAGEMENT VWDNHKROGHUV"
ORL Nil Yes, the Company has identified the disadvantaged,
WESTIN MGC Yes. It is ‘Bhartiya Kamgar Sena’ vulnerable and marginalised stakeholders.
:KDW SHUFHQWDJH RI \RXU SHUPDQHQW $UHWKHUHDQ\ VSHFLDOLQLWLDWLYHVWDNHQE\ WKH

HPSOR\HHV DUH D PHPEHU RI WKLV UHFRJQLVHG &RPSDQ\ WR HQJDJH ZLWK WKH GLVDGYDQWDJHG
HPSOR\HHDVVRFLDWLRQ" YXOQHUDEOHDQGPDUJLQDOLVHGVWDNHKROGHUV",I
RIWKHSHUPDQHQWHPSOR\HHVRI:(67,10*&DUH VRSURYLGHGHWDLOVWKHUHRILQDERXWZRUGV
members of this recognised employee association. or so.
3OHDVH LQGLFDWH WKH QXPEHU RI FRPSODLQWV In our efforts towards improving the overall quality of life,
UHODWLQJ WR FKLOG ODERXU IRUFHG ODERXU it is equally important to promote the well-being of the
LQYROXQWDU\ ODERXU DQG VH[XDO KDUDVVPHQW LQ weaker sections of the society. With this thought process,
WKHODVWÀQDQFLDO\HDUDQGSHQGLQJDVRQWKH we have engaged with multiple stakeholders to motivate,
HQGRIWKHÀQDQFLDO\HDU encourage and build a healthy and equitable social
During the FY 2018-19, two complaints of workplace environment.
harassment under the Sexual Harassment of Women at 7R SURPRWH ZRPHQ HPSRZHUPHQW DQG GHYHORS
Workplace (Prevention, Prohibition and Redressal) Act leadership skills in the next generation female
2013 were reported at WESTIN MGC and both were workforce, we have contributed to develop an
disposed of.
educational institute building in Pune. We have
:KDW SHUFHQWDJH RI \RXU XQGHUPHQWLRQHG also partnered with an NGO to promote sale of
HPSOR\HHV ZHUH JLYHQ VDIHW\ VNLOO XS handicraft items made by village women to hotel
JUDGDWLRQWUDLQLQJLQWKHODVW\HDU" guests in The Westin, MGC;
Employee 7RPRWLYDWHDQGHQFRXUDJHWKHVHQLRUFLWL]HQVDQ
(03/2<((6
art exhibition of paintings made by senior citizens
FDWHJRU\ EMPLOYEES THAT WERE
THAT WERE *,9(16.,// was organized at Oberoi Mall by a community of
*,9(1 UPGRADATION amateur artists. Our team at Westin also engaged
SAFETY TRAINING with senior citizens residing at an old age home
TRAINING over a refreshing lunch;
Permanent employees 7R EULQJ MR\ DQG VPLOHV WR RUSKDQ NLGV RXU WHDP
Permanent women at Westin celebrated Christmas with kids from an
Employees orphanage in the Hotel;
Casual/Temporary/ # #
7R EXLOG DZDUHQHVV DQG VXSSRUW IRU FKLOGUHQ ZLWK
Contractual
Employees autism and other developmental abilities, our team
Employees with at Oberoi Mall in association with an NGO, set up
disabilities a stall to promote interactions with these children,
# we provide regular training to casual/temporary/contractual showed films on autism for creating awareness and
employee. Given the highly transient nature of such workforce, also exhibited items made by these children for
the data is not available in the required format. sale;

.HUDOD'RQDWLRQ'ULYHZDVRUJDQL]HGLQDVVRFLDWLRQ x Use of low flow fixtures in plumbing designs to

with the Retail Association of India’s Kerela Arm in reduce water and energy consumption;
Oberoi Mall, to extend support to the flood affected x Use of Gypsum plaster over conventional plaster to
victims. Customers of Oberoi Mall generously UHGXFHZDWHUFRQVXPSWLRQE\
donated items which were then mailed out to the x Use of curing compound instead of water to curb
Relief Centre of the affected area for distribution. water requirements;
3ULQFLSOH %XVLQHVVHV VKRXOG UHVSHFW DQG x Substitution of Drywall in projects in place of block
promote human rights walls to reduce consumption of cement, sand and
water;
'RHV WKH SROLF\ RI WKH &RPSDQ\ RQ KXPDQ
ULJKWVFRYHURQO\WKH&RPSDQ\RUH[WHQGWRWKH x Use of GI /Stainless Steel (SS) pipes which are
*URXS-RLQW 9HQWXUHV6XSSOLHUV&RQWUDFWRUV known for their long life and reusability;
1*2V2WKHUV" x Use of next-gen HFO refrigerants in the HVAC
The policy on human rights not only covers the Company systems that are non-ozone depleting with ultra-low
GWP’s and very short atmospheric lives;
but also extends to the group, joint ventures, suppliers,
contractors and other stakeholders. x Use of energy-efficient steam generators which
use economiser and natural gas for reduction in
+RZPDQ\VWDNHKROGHUFRPSODLQWVKDYHEHHQ
harmful gases;
UHFHLYHG LQ WKH SDVW ÀQDQFLDO \HDU DQG ZKDW
x Use of iron-steel industry by-product for concrete
SHUFHQW ZDV VDWLVIDFWRULO\ UHVROYHG E\ WKH
production instead of cement to reduce carbon
0DQDJHPHQW"
emissions;
Nil.
x Installation of Green walls to take up the challenges
3ULQFLSOH %XVLQHVV VKRXOG UHVSHFW SURWHFW DQG of future global warming;
PDNHHIIRUWVWRUHVWRUHWKHHQYLURQPHQW x Deployment of waste management system to divert
'RHV WKH SROLF\ UHODWHG WR 3ULQFLSOH FRYHU construction waste from landfill;
RQO\ WKH &RPSDQ\ RU H[WHQGV WR WKH *URXS x Use of low VOC paints, sealants and adhesives to
-RLQW 9HQWXUHV6XSSOLHUV&RQWUDFWRUV1*2V ensure healthy indoor air quality;
others. x Use of biodegradable bags, as substitutes for Plastic
Yes. We have formulated a policy for Principle 6 in Bags, which can be decomposed by bacteria or
our Policy Framework on Business Responsibility. The other living organisms;
policy is applicable to all employees of ORL in the x Use of green seal certified chemicals for
Management and non-Management cadre across all housekeeping activity to reduce impact on human
the locations. The policy also extends to all relevant health.
business partners. The successful implementation of the
6.3. Does the Company identify and assess
policy will be the responsibility of every individual for
SRWHQWLDOHQYLURQPHQWDOULVNV"<1
all the daily activities at the workplace across all the
We realise that environmental risks may disrupt business
locations.
continuity and thus pose a threat. The Company has
'RHVWKH&RPSDQ\KDYHVWUDWHJLHVLQLWLDWLYHV a mechanism to identify and assess the potential
WR DGGUHVV JOREDO HQYLURQPHQWDO LVVXHV VXFK environmental risks across all our locations at the design
DVFOLPDWHFKDQJHJOREDOZDUPLQJHWF"<1 stage itself. These risks are covered under a disaster
,I\HVSOHDVHJLYHK\SHUOLQNIRUWKHZHESDJH management plan for all our projects and an action plan
Real estate provides tremendous opportunities, especially to mitigate the risks are accordingly strategised.
in the realms of green buildings and climate passive 'RHVWKH&RPSDQ\KDYHDQ\SURMHFWUHODWHGWR
designs. In our zeal to incorporate sustainability in our &OHDQ'HYHORSPHQW0HFKDQLVP",IVRSURYLGH
design elements, we have gone the extra mile to get most GHWDLOVWKHUHRILQDERXWZRUGVRUVR$OVR
of our properties certified under the LEED certification LI\HVZKHWKHUDQ\HQYLURQPHQWDOFRPSOLDQFH
program by the U.S. Green Building Council. UHSRUWLVÀOHG"
Some major interventions to curb environmental footprint No. We do not have any projects related to Clean
include: 'HYHORSPHQW0HFKDQLVP(CDM).

6.5. Has the Company undertaken any other 1XPEHURIVKRZFDXVHOHJDOQRWLFHVUHFHLYHG

LQLWLDWLYHV RQ ² FOHDQ WHFKQRORJ\ HQHUJ\ IURP &3&%63&% ZKLFK DUH SHQGLQJ LH QRW
HIÀFLHQF\DQGUHQHZDEOHHQHUJ\"<1,I\HV UHVROYHG WR VDWLVIDFWLRQ DV RQ HQG RI WKH
SOHDVHJLYHK\SHUOLQNIRUWKHZHESDJH )LQDQFLDO<HDU
We have adopted several technological innovations Nil.

and interventions in our designs to optimise energy and 3ULQFLSOH %XVLQHVVHV ZKHQ HQJDJHG LQ
resource efficiency. These initiatives are as follows: LQÁXHQFLQJSXEOLFDQGUHJXODWRU\SROLF\VKRXOGGR
RIWKHHOHFWULFLW\FRQVXPSWLRQRIWKH+RWHOKDV so in a responsible manner.
been met with Renewable Wind energy, which has
7.1. Is your Company a member of any trade and
saved 6400 tons of CO2 emission; FKDPEHU RU DVVRFLDWLRQ" ,I \HV QDPH RQO\
5HSODFHPHQW RI FRQYHQWLRQDO ODPSV ZLWK HQHUJ\ WKRVH PDMRU RQHV WKDW \RXU EXVLQHVV GHDOV
efficient lighting fixtures such as T5, LEDs, and CFLs ZLWK
across projects which have resulted in electricity Yes, we (including Westin MGC) are associated with
savings; various trade bodies, few important ones are:
6RODU URRIWRS 39 SDQHOV VRODU EDVHG LQGRRU (i) Confederation of Indian Industry (CII);
common area lighting systems has reduced
(ii) The Associated Chambers of Commerce and
electricity consumption;
Industry of India (ASSOCHAM);
1DWXUDO GD\OLJKW DFFHVV IRU PRUH WKDQ RI
(iii) Federation of Indian Chamber of Commerce and
habitable floor area has reduced artificial lighting
Industry (FICCI);
consumption;
LY Maharashtra Chamber of Housing Industry
+LJK SHUIRUPDQFH 'RXEOH *ODVV *OD]LQJ DQG
- Confederation of Real Estate Developers’
windows system that minimizes heat gain that has
Associations of India (MCHI-CREDAI);
resulted in reduction of energy requirement for air-
Y Member of National Safety Council (NSC);
conditioning;
YL The Federation of Hotel & Restaurant Associations
&HQWUDOL]HGZDWHUFRROHGFKLOOHUVDQG95)V\VWHPV
of India (FHRAI);
KDYHVDYHGXSWRRIHQHUJ\FRQVXPSWLRQ
YLL Hotel Association of India (HAI);
8VH RI +LJK WHQVLRQ +7 WUDQVIRUPHUV LQVWHDG RI
Low tension (LT) transformers help reduce energy YLLL Hotel & Restaurant Association Western India
losses in commercial buildings; (HRAWI).
3ODQWDWLRQ RI QDWLYH WUHHV LQ SURMHFWV ZKLFK +DYH \RX DGYRFDWHG OREELHG WKURXJK
consume less water and reduce the microclimatic DERYH DVVRFLDWLRQV IRU WKH DGYDQFHPHQW RU
temperatures while providing feeding and breeding LPSURYHPHQW RI SXEOLF JRRG" <HV1R LI \HV
grounds for local fauna, have helped to conserve VSHFLI\WKHEURDGDUHDVGURSER[*RYHUQDQFH
existing ecosystems; DQG $GPLQLVWUDWLRQ (FRQRPLF 5HIRUPV
7UHHWUDQVSODQWDWLRQRIIXOO\JURZQWUHHVLQVWHDGRI ,QFOXVLYH 'HYHORSPHQW 3ROLFLHV (QHUJ\
cutting trees at project sites, with a high survival VHFXULW\ :DWHU )RRG 6HFXULW\ 6XVWDLQDEOH
rate has enabled us to preserve the environment to %XVLQHVV3ULQFLSOHV2WKHUV
provide cleaner air and cooler climates; No.
3DUWLFLSDWLRQ LQ (DUWK +RXU LQLWLDWLYH DFURVV DOO 3ULQFLSOH %XVLQHVVHV VKRXOG VXSSRUW LQFOXVLYH
our projects has helped in creating awareness JURZWKDQGHTXLWDEOHGHYHORSPHQW
regarding climate change among people.
'RHV WKH &RPSDQ\ KDYH VSHFLÀHG
$UH WKH (PLVVLRQV :DVWH JHQHUDWHG E\ WKH SURJUDPPHVLQLWLDWLYHVSURMHFWV LQ SXUVXLW RI
&RPSDQ\ ZLWKLQ WKH SHUPLVVLEOH OLPLWV JLYHQ WKHSROLF\UHODWHGWR3ULQFLSOH",I\HVGHWDLOV
E\ &3&%63&% IRU WKH ÀQDQFLDO \HDU EHLQJ thereof.
UHSRUWHG" ORL and Westin MGC are involved in various CSR
Yes, being a responsible corporate our waste and interventions and some of our key contributions are
emissions are under the permissible limits. mentioned below:

(GXFDWLRQ :KDWLV\RXU&RPSDQ\·VGLUHFWFRQWULEXWLRQWR
We believe that education is a foundational step towards FRPPXQLW\ GHYHORSPHQW SURMHFWV $PRXQW LQ
eradicating gender inequality towards women and there ,15DQGWKHGHWDLOVRIWKHSURMHFWVXQGHUWDNHQ"
is a need to provide quality education and mentorship Amount
Sr. 3DUWLFXODUV
for young women, to help them take on leadership roles No. (in Lakh)
ahead in life. Avasara Academy is one such organization (i) Adoption of green belts 34.23
that provides world class educational facilities to the (ii) Promotion of education 300.00
deserving young women irrespective of their socio- TOTAL 339.14
economic, religious and caste backgrounds. In alignment
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with CSR policy and organization objective of improving
FRPPXQLW\ GHYHORSPHQW LQLWLDWLYH LV
the quality of life, we have committed ourselves towards
VXFFHVVIXOO\DGRSWHGE\WKHFRPPXQLW\"3OHDVH
construction of an educational building for Avasara
H[SODLQLQZRUGVRUVR
Academy.
All our CSR projects including preservation of environment
3UHVHUYDWLRQRI(QYLURQPHQW and promotion of education have been well-received by
As a part of green initiative, ORL has undertaken tree the beneficiaries.
plantation drives in various parts of the city. We also strive During the year under review, the Company has
to ensure that any project affected trees are transplanted undertaken activity of tree plantation and maintenance
to other areas of the project and are nurtured to maintain of ecological balance by the adoption of green belts.
a healthy survival rate. Maintaining green environment Additionally, the Company has contributed an amount
provides natural habitats to the species, reduces global towards the development of a building for an educational
warming and promotes afforestation. institution which is aligned with the CSR policy of the
7UDIÀF0DQDJHPHQW Company.
ORL is consciously trying to work on the ever-increasing 3ULQFLSOH %XVLQHVVHV VKRXOG HQJDJH ZLWK DQG
concern of Mumbai which is long traffic queues. We are SURYLGHYDOXHWRWKHLUFXVWRPHUVDQGFRQVXPHUVLQ
providing traffic wardens to aid in easing traffic during a responsible manner.
peak hours. Also, we have installed Porta Cabins for the
:KDW SHUFHQWDJH RI FXVWRPHU FRPSODLQWV
use of Traffic Police.
FRQVXPHUFDVHVDUHSHQGLQJDVRQWKHHQGRI
$UH WKH SURJUDPV SURMHFWV XQGHUWDNHQ WKHÀQDQFLDO\HDU"
WKURXJK LQKRXVH WHDPRZQ IRXQGDWLRQ There were 2 cases against the Company, filed by
H[WHUQDO 1*2 *RYHUQPHQW VWUXFWXUHVDQ\ customers of ORL and its subsidiaries. Of these both, the
RWKHURUJDQLVDWLRQ" cases are still pending as on the end of the financial year.
All our CSR interventions are conducted by our in-house Accordingly, the percentage of customer complaints /
teams for better and stricter control over the complete consumer cases pending as on the end of the financial
process. ORL also partners with external agencies as and \HDULV
when required for some of our key interventions.
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To ensure that we create a meaningful impact in our Remarks (Additional information)
social milieu, we conduct impact an assessment of all Unlike the manufacturing industry, there are no labeling
our CSR interventions. Even in the current scenario, requirements for the products generated by the Company.
as we contribute towards the maintenance of green However, in the context of our Real Estate Development
environment, we aim at improving air quality and activities, Government of India has enacted the Real
promoting the environment. Also, our contribution to Estate (Regulation and Development) Act 2016 (RERA)
Avasara Leadership Institute aims to provide high quality on March 26, 2016 effective from May 1, 2017. As per
educational opportunities for India’s brightest girls, no the RERA Act, complete information about the project
matter their class, caste, colour or creed. We support to is displayed on the MahaRera website with ongoing
inspire and create new generation of women leaders. quarterly updates about the project progress.

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against the Company regarding unfair trade VXUYH\FRQVXPHUVDWLVIDFWLRQWUHQGV"
SUDFWLFHV LUUHVSRQVLEOH DGYHUWLVLQJ DQGRU Customer satisfaction is our ultimate goal which
DQWLFRPSHWLWLYH EHKDYLRXU GXULQJ WKH ODVW enables us to better our range of offerings. ORL has
ÀYH\HDUVDQGSHQGLQJDVRQHQGRIÀQDQFLDO a structured mechanism in place to collect feedback
\HDU,IVRSURYLGHGHWDLOVWKHUHRILQDERXW from our customers who visit our sales offices. For all
ZRUGVRUVR our residential projects, we conduct inspections prior
NIL. to handing over the property which has helped us to
enhance our customer experience. For our commercial
and hospitality customers, we carry out customer
satisfaction surveys on a regular basis.

FINANCIAL STATEMENTS
INDEPENDENT AUDITOR’S REPORT ON CONSOLIDATED IND AS FINANCIAL STATEMENTS
To the Members of Oberoi Realty Limited
Report on the Audit of the Consolidated Ind AS Financial Statements
Opinion
We have audited the accompanying consolidated Ind AS financial statements of Oberoi Realty Limited (hereinafter referred to as
“the Holding Company”), its subsidiaries (the Holding Company and its subsidiaries together referred to as “the Group”) and its
joint ventures comprising of the consolidated Balance sheet as at March 31, 2019, the consolidated Statement of Profit and Loss,
including other comprehensive income, the consolidated Cash Flow Statement and the consolidated Statement of Changes in Equity
for the year then ended, and notes to the consolidated Ind AS financial statements, including a summary of significant accounting
policies and other explanatory information (hereinafter referred to as “the consolidated Ind AS financial statements”).
In our opinion and to the best of our information and according to the explanations given to us and based on the consideration
of reports of other auditors on separate financial statements and on the other financial information of the subsidiaries and joint
ventures, the aforesaid consolidated Ind AS financial statements give the information required by the Companies Act, 2013, as
amended (“the Act”) in the manner so required and give a true and fair view in conformity with the accounting principles generally
accepted in India, of the consolidated state of affairs of the Group, its joint ventures as at March 31, 2019, their consolidated profit
including other comprehensive income, their consolidated cash flows and the consolidated statement of changes in equity for the
year ended on that date.
Basis for Opinion
We conducted our audit of the consolidated Ind AS financial statements in accordance with the Standards on Auditing (SAs),
as specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the ‘Auditor’s
Responsibilities for the Audit of the Consolidated Ind AS Financial Statements’ section of our report. We are independent of the
Group in accordance with the ‘Code of Ethics’ issued by the Institute of Chartered Accountants of India together with the ethical
requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and
we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that
the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the consolidated Ind
AS financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated
Ind AS financial statements for the financial year ended March 31, 2019. These matters were addressed in the context of our audit
of the consolidated Ind AS financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.
We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled the
responsibilities described in the Auditor’s responsibilities for the audit of the consolidated Ind AS financial statements section of our
report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to
our assessment of the risks of material misstatement of the consolidated Ind AS financial statements. The results of audit procedures
performed by us and by other auditors of components not audited by us, as reported by them in their audit reports furnished to us
by the management, including those procedures performed to address the matters below, provide the basis for our audit opinion on
the accompanying consolidated Ind AS financial statements.
Key audit matters How our audit addressed the key audit matter
Adoption of Ind AS 115 - Revenue from Contract with Customers (as described in note 1.2.9, 1.4 and 43 of
WKHÀQDQFLDOVWDWHPHQWV
The Group has adopted Ind AS 115 – ‘Revenue from As part of our audit procedures:
Contracts with Customers’, mandatory for reporting We read the accounting policy for revenue recognition of the
periods beginning on or after April 1, 2018. Revenue Group and assessed compliance with the requirements of Ind
from real-estate contracts is recognised over a period AS 115.
of time in accordance with the requirements of the said We assessed the management evaluation of recognising
Standard using the percentage of completion method. revenue from real estate contracts over a period of time in
This determination is based on the proportion that contract accordance with the requirements under Ind AS 115.

costs actually incurred, bear to the estimated total contract We tested controls over revenue recognition with specific focus
costs, and requires significant judgments, including on determination of progress of completion, recording of costs
identification of contractual obligations, the Group’s rights incurred and estimation of costs to complete the remaining
to receive payments for performance completed till date, contract obligations.
changes in scope and consequential revised contract price.
We inspected a sample of underlying customer contracts,
Revenue recognition is significant to the financial
performed retrospective assessment of costs incurred with
statements based on the quantitative materiality. The
estimated costs to identify significant variations and assess
adoption of Ind AS 115, including the impact to retained
whether those variations have been considered in estimating the
earnings as at the transition date as per the modified
retrospective method requires significant judgment in remaining costs-to-complete and consequential determination
determining when ‘control’ of the asset underlying the of stage of completion.
performance obligation is transferred to the customer. We tested controls and management processes pertaining to
Further, the application of percentage of completion transfer of control in case of real estate projects.
method involves significant judgment as explained
We performed test of details, on a sample basis, and inspected
above. Accordingly, we regard these as key audit matter.
the underlying customer contracts/ agreements evidencing the
transfer of control of the asset to the customer based on which
revenue is recognised over a period of time.
We assessed the adequacy of disclosures included in financial
statements, as specified in Ind AS 115.
We examined the computation of the adjustment to retained
earnings balance as at April 1, 2018 upon adoption of Ind AS
115 as per the modified retrospective method.
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DQGDGYDQFHVSDLGWRZDUGVODQGSURFXUHPHQWDVGHVFULEHGLQQRWHRIWKHÀQDQFLDOVWDWHPHQWV
As at March 31, 2019, the carrying value of the inventory As part of our audit procedures, we:
of ongoing and completed real-estate projects is (YDOXDWHG WKH GHVLJQ DQG RSHUDWLRQ RI LQWHUQDO FRQWUROV
` 4,16,375.45 lakhs. The inventories are held at the lower related to testing recoverable amounts with carrying amount
of the cost and net realisable value (“NRV”). of inventory and advances, including evaluating management
The determination of NRV involves estimates based on processes for estimating future costs to complete projects.
prevailing market conditions and taking into account the $VUHJDUGV159IRUDVDPSOHRIVHOHFWHGSURMHFWVFRPSDUHG
stage of completion of the inventory, the estimated future costs incurred and estimates of future cost to complete the
selling price, cost to complete projects and selling costs. project with costs of similar projects and compared NRV to
Advances paid by the Group for acquisition of land or recent sales or to the estimated selling price.
Transferable Development Rights (‘TDR’), is recognised as )RUDGYDQFHVIRUDFTXLVLWLRQRIODQGRU7'5DVSDUWRIRXUDXGLW
advances to vendors under other assets. procedures we;
With respect to these advances, the net recoverable value 5HDGWKHGRFXPHQWDWLRQUHODWLQJWRWKHDGYDQFHVSDLGDQG
is based on the management’s estimates and internal obtained from management the status of the advances.
documentation, which include, among other things, the
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likelihood when the land acquisition would be completed,
relating to proposed projects, estimated time-frame, and
the expected date of plan approvals for commencement of
forecast sales.
project and the estimation of sale prices and construction
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costs.
examined responses.
We identified the assessment of the carrying value of
inventory and land advances as a key audit matter due to
the significance of the balance to the financial statements
as a whole and the involvement of estimates and judgement
in the assessment.

Other Information
The Holding Company’s Board of Directors is responsible for the other information. The other information comprises the information
included in Management Discussion and Analysis, Board’s Report including Annexures to Board’s Report, Business Responsibilty
Report and Shareholder’s Information but does not include the consolidated Ind AS financial statements and our auditor’s report
thereon.
Our opinion on the consolidated Ind AS financial statements does not cover the other information and we do not express any form
of assurance conclusion thereon.
In connection with our audit of the consolidated Ind AS financial statements, our responsibility is to read the other information and,
in doing so, consider whether such other information is materially inconsistent with the consolidated financial statements or our
knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we
conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to
report in this regard.
Responsibilities of Management for the Consolidated Ind AS Financial Statements
The Holding Company’s Board of Directors is responsible for the preparation and presentation of these consolidated Ind AS
financial statements in terms of the requirements of the Act that give a true and fair view of the consolidated financial position,
consolidated financial performance including other comprehensive income, consolidated cash flows and consolidated statement
of changes in equity of the Group including its joint ventures in accordance with the accounting principles generally accepted in
India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended. The respective Board of Directors of the companies included in the Group and
of its joint ventures are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act
for safeguarding of the assets of the Group and of its joint ventures and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making judgements and estimates that are reasonable and prudent;
and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring
the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated Ind AS
financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have
been used for the purpose of preparation of the consolidated Ind AS financial statements by the Directors of the Holding Company,
as aforesaid.
In preparing the consolidated IND AS financial statements, the respective Board of Directors of the companies included in the Group
and of its joint ventures are responsible for assessing the ability of the Group and of its joint ventures to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management
either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
Those respective Board of Directors of the companies included in the Group and of its joint ventures are also responsible for
overseeing the financial reporting process of the Group and of its joint ventures.
Auditor’s Responsibilities for the Audit of the Consolidated Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated Ind AS financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated
Ind AS financial statements.
As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional skepticism throughout
the audit. We also:
,GHQWLI\DQGDVVHVVWKHULVNVRIPDWHULDOPLVVWDWHPHQWRIWKHFRQVROLGDWHG,QG$6ILQDQFLDOVWDWHPHQWVZKHWKHUGXHWRIUDXG
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher
than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
2EWDLQDQXQGHUVWDQGLQJRILQWHUQDOFRQWUROUHOHYDQWWRWKHDXGLWLQRUGHUWRGHVLJQDXGLWSURFHGXUHVWKDWDUHDSSURSULDWHLQWKH
circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Holding
Company has adequate internal financial controls system in place and the operating effectiveness of such controls.

(YDOXDWH WKH DSSURSULDWHQHVV RI DFFRXQWLQJ SROLFLHV XVHG DQG WKH UHDVRQDEOHQHVV RI DFFRXQWLQJ HVWLPDWHV DQG UHODWHG
disclosures made by management.
&RQFOXGHRQWKHDSSURSULDWHQHVVRIPDQDJHPHQW·VXVHRIWKHJRLQJFRQFHUQEDVLVRIDFFRXQWLQJDQGEDVHGRQWKHDXGLW
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the
ability of the Group and joint ventures 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 consolidated Ind AS 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 Group and its joint ventures to cease to
continue as a going concern.
(YDOXDWH WKH RYHUDOO SUHVHQWDWLRQ VWUXFWXUH DQG FRQWHQW RI WKH FRQVROLGDWHG ,QG $6 ILQDQFLDO VWDWHPHQWV LQFOXGLQJ WKH
disclosures, and whether the consolidated Ind AS financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.
2EWDLQ VXIILFLHQW DSSURSULDWH DXGLW HYLGHQFH UHJDUGLQJ WKH ILQDQFLDO LQIRUPDWLRQ RI WKH HQWLWLHV RU EXVLQHVV DFWLYLWLHV ZLWKLQ
the Group and its joint ventures of which we are the independent auditors, to express an opinion on the consolidated Ind
AS financial statements. We are responsible for the direction, supervision and performance of the audit of the financial
statements of such entities included in the consolidated financial statements of which we are the independent auditors. For
the other entities included in the consolidated financial statements, which have been audited by other auditors, such other
auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely
responsible for our audit opinion.
We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated
Ind AS financial statements of which we are the independent auditors regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in
the audit of the consolidated Ind AS financial statements for the financial year ended March 31, 2019 and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Other Matter
(a) We did not audit the financial statements and other financial information, in respect of two subsidiaries, whose Ind AS financial
statements include total assets of `75.32 lakhs as at March 31, 2019, and total revenues of `0.39 lakhs and net cash inflows
of `1.19 lakhs for the year ended on that date. These Ind AS financial statement and other financial information have been
audited by other auditors, which financial statements, other financial information and auditor’s reports have been furnished
to us by the management. The consolidated Ind AS financial statements also include the Group’s share of net profit of
`85.15 lakhs for the year ended March 31, 2019, as considered in the consolidated Ind AS financial statements, in respect of
three joint ventures, whose financial statements, other financial information have been audited by other auditors and whose
reports have been furnished to us by the Management. Our opinion on the consolidated Ind AS financial statements, in so far
as it relates to the amounts and disclosures included in respect of these subsidiaries and joint ventures, and our report in terms
of sub-sections (3) of Section 143 of the Act, in so far as it relates to the aforesaid subsidiaries, joint ventures, is based solely
on the reports of such other auditors.
(b) The consolidated Ind AS financial statements also include the Group’s share of net loss of `1.78 lakhs for the year ended
March 31, 2019, as considered in the consolidated Ind AS financial statements, in respect of three joint ventures, whose
financial statements, other financial information have not been audited and whose unaudited financial statements, other
unaudited financial information have been furnished to us by the Management. Our opinion, in so far as it relates amounts
and disclosures included in respect of these joint ventures, and our report in terms of sub-sections (3) of Section 143 of the Act
in so far as it relates to the aforesaid joint ventures, is based solely on such unaudited financial statement and other unaudited
financial information. In our opinion and according to the information and explanations given to us by the Management, these
financial statements and other financial information are not material to the Group.
Our opinion above on the consolidated Ind AS financial statements, and our report on Other Legal and Regulatory Requirements
below, is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other
auditors and the financial statements and other financial information certified by the Management.

Report on Other Legal and Regulatory Requirements
As required by Section 143(3) of the Act, based on our audit and on the consideration of report of the other auditors on separate
financial statements and the other financial information of subsidiaries and joint ventures, as noted in the ‘other matter’ paragraph
we report, to the extent applicable, that:
(a) We/the other auditors whose report we have relied upon have sought and obtained all the information and explanations which
to the best of our knowledge and belief were necessary for the purposes of our audit of the aforesaid consolidated Ind AS
financial statements;
(b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidation of the
financial statements have been kept so far as it appears from our examination of those books and reports of the other auditors;
(c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss including the Statement of Other Comprehensive
Income, the Consolidated Cash Flow Statement and Consolidated Statement of Changes in Equity dealt with by this Report
are in agreement with the books of account maintained for the purpose of preparation of the consolidated Ind AS financial
statements;
(d) In our opinion, the aforesaid consolidated Ind AS financial statements comply with the Accounting Standards specified under
Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended;
(e) On the basis of the written representations received from the directors of the Holding Company as on March 31, 2019 taken
on record by the Board of Directors of the Holding Company and the reports of the statutory auditors who are appointed under
Section 139 of the Act, of its subsidiary companies and joint ventures, none of the directors of the Group’s companies, its joint
ventures incorporated in India is disqualified as on March 31, 2019 from being appointed as a director in terms of Section
164 (2) of the Act;
(f) With respect to the adequacy and the operating effectiveness of the internal financial controls over financial reporting with
reference to these consolidated Ind AS financial statements of the Holding Company and its subsidiary companies and joint
ventures incorporated in India, refer to our separate Report in “Annexure 1” to this report;
(g) In our opinion and based on the consideration of reports of other statutory auditors of the subsidiaries and joint ventures
incorporated in India, the managerial remuneration for the year ended March 31, 2019 has been paid / provided by the
Holding Company, its subsidiaries and joint ventures incorporated in India to their directors in accordance with the provisions
of section 197 read with Schedule V to the Act;
(h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit
and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations
given to us and based on the consideration of the report of the other auditors on separate financial statements as also the other
financial information of the subsidiaries and joint ventures, as noted in the ‘Other matter’ paragraph:
i. The consolidated Ind AS financial statements disclose the impact of pending litigations on its consolidated financial
position of the Group, its joint ventures in its consolidated Ind AS financial statements – refer note 41 to the consolidated
Ind AS financial statements;
ii. The Group and joint ventures did not have any material foreseeable losses in long-term contracts including derivative
contracts during the year ended March 31, 2019;
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund
by the Holding Company, its subsidiaries, and joint ventures incorporated in India during the year ended March 31, 2019.

Chartered Accountants
ICAI Firm Registration Number: 324982E/E300003
per Sudhir Soni

Partner
Membership No.: 41870
Place: Mumbai
Date: May 10, 2019

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AND REGULATORY REQUIREMENTS” OF OUR REPORT OF EVEN DATE
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In conjunction with our audit of the consolidated Ind AS financial statements of Oberoi Realty Limited as of and for the year ended
March 31, 2019, we have also audited the internal financial controls over financial reporting of Oberoi Realty Limited (“the Holding
Company”) and its subsidiary companies and its joint ventures, which are companies incorporated in India as of that date.
Management’s Responsibility for Internal Financial Controls
The respective Board of Directors of the Holding Company, its subsidiary companies, and joint ventures, which are companies
incorporated in India, are responsible for establishing and maintaining internal financial controls based on the internal control over
financial reporting criteria established by the Holding Company considering the essential components of internal control stated in
the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants
of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were
operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the respective company’s
policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the
accounting records, and the timely preparation of reliable financial information, as required under the Act.
Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based on our audit.
We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting
(the “Guidance Note”) and the Standards on Auditing, both, issued by Institute of Chartered Accountants of India, and deemed to
be prescribed under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls. Those Standards
and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable
assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such
controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system
over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists,
and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements,
whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the
Holding Company, its subsidiary companies and its joint ventures incorporated in India, internal financial controls system over
financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A company’s internal financial control over financial reporting includes those policies and procedures
that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions
of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation
of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the
Company are being made only in accordance with authorisations of management and directors of the Company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the Company’s
assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or
improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also,
projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that
the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Holding Company, its subsidiary companies and its joint ventures, which are companies incorporated in India,
have, maintained in all material respects, an adequate internal financial controls system over financial reporting and such internal
financial controls over financial reporting were operating effectively as at March 31, 2019, based on the internal control over
financial reporting criteria established by the Holding Company considering the essential components of internal control stated in
of India.

per Sudhir Soni

Partner
Place: Mumbai
Date: May 10, 2019

CONSOLIDATED BALANCE SHEET
(` in Lakh)
AS AT NOTE MARCH 31, 2019 MARCH 31, 2018
ASSETS
, 1RQFXUUHQWDVVHWV
a) Property, plant and equipments 2 19,522.10 20,623.87
b) Capital work in progress 3 12,512.52 11,244.63
c) Investment properties 4 86,472.37 76,773.46
d) Intangible assets 5 164.64 236.97
e) Intangible assets under development 6 93.36 18.79
f) Financial assets
i) Investments 7 2,59,891.48 2,40,655.32
ii) Other financial assets 8 507.87 410.99
g) Deferred tax assets (net) 9.1 13,477.65 14,578.54
h) Other non-current assets 10 21,639.92 14,615.61
4,14,281.91 3,79,158.18
,, &XUUHQWDVVHWV
a) Inventories 11 4,16,547.45 4,24,673.38
b) Financial assets
i) Investments 12 33,883.58 1,349.05
ii) Trade receivables 13 10,940.35 18,116.57
iii) Cash and cash equivalents 14 9,447.01 8,106.02
iv) Bank balances other than (iii) above 15 33,083.81 3,566.29
v) Loans 16 26,620.69 15,733.63
vi) Other financial assets 8 315.17 232.60
c) Current tax assets (net) 17 1,238.73 1,863.84
d) Other current assets 10 1,66,494.92 1,69,673.14
6,98,571.71 6,43,314.52
727$/$66(76,,, 11,12,853.62 10,22,472.70
, (TXLW\
a) Equity share capital 18 36,360.23 33,960.23
b) Other equity 19 7,66,556.82 5,75,277.14
8,02,917.05 6,09,237.37
,, /LDELOLWLHV
L 1RQFXUUHQWOLDELOLWLHV
a) Financial liabilities
i) Borrowings 20 58,851.45 67,864.18
ii) Trade payables 21
a) Total outstanding dues of micro enterprises and small enterprises 417.18 276.50
b) Total outstanding dues of creditors other than micro enterprises and 1,972.86 1,187.03
small enterprises
iii) Other financial liabilities 22
i) Capital creditors
b) Total outstanding dues of creditors other than micro enterprises 386.42 186.01
and small enterprises
ii) Others 11,245.69 8,225.91
b) Provisions 23 196.77 165.97
c) Deferred tax liabilities (net) 9.2 3,082.85 3,705.16
d) Other non-current liabilities 24 3,094.12 1,445.75
79,300.22 83,095.62
LL &XUUHQWOLDELOLWLHV
i) Borrowings 20 24,755.88 26,585.76
a) Total outstanding dues of micro enterprises and small enterprises 1,232.61 718.30
small enterprises
b) Total outstanding dues of creditors other than micro enterprises 2,369.74 1,240.56
ii) Others 99,284.57 96,186.52
b) Other current liabilities 24 82,119.32 1,92,460.35
c) Provisions 23 82.93 42.56
d) Current tax liabilities (net) 25 1,110.60 381.71
2,30,636.35 3,30,139.71
727$//,$%,/,7,(6LLL 3,09,936.57 4,13,235.33
727$/(48,7<$1'/,$%,/,7,(6,,, 11,12,853.62 10,22,472.70
Significant accounting policies 1
The accompanying notes form an integral part of the financial statements
As per our report of even date For and on behalf of the Board of Directors
Firm Registration Number 324982E/E300003 Vikas Oberoi T. P. Ostwal
Chairman & Managing Director Director
per Sudhir Soni DIN 00011701 DIN 00821268
Partner
Membership No.: 41870 Saumil Daru Bhaskar Kshirsagar
Mumbai, May 10, 2019 Director - Finance cum Chief Financial Officer Company Secretary
DIN 03533268 M No. A19238

CONSOLIDATED STATEMENT OF PROFIT AND LOSS
(` in Lakh)
FOR THE YEAR ENDED NOTE MARCH 31, 2019 MARCH 31, 2018
INCOME
Revenue from operations 26 2,58,249.93 1,26,542.90
Other income 27 7,874.76 2,657.80
Total revenue $ 2,66,124.69 1,29,200.70
EXPENSES
Operating costs 28 1,65,243.25 95,813.63
Changes in inventories 29 (40,524.51) (49,035.08)
Excise duty 30 - 3.16
Employee benefits expense 31 7,335.43 6,715.33
Finance cost 32 1,936.19 686.44
Depreciation and amortisation 33 4,403.81 4,906.76
Other expenses 34 10,657.69 5,519.87
Total expenses % 1,49,051.86 64,610.11
3URÀWEHIRUHVKDUHRISURÀWRIMRLQWYHQWXUHVQHWDQG $% 1,17,072.83 64,590.59
exceptional items
Share of Profit / (Loss) of joint ventures (net) 689.60 361.97
3URÀWEHIRUHWD[ 1,17,762.43 64,952.56
Tax expense
Current tax 17 35,269.21 21,976.10
Deferred tax 9 782.87 (3,019.39)
Short provision of tax in earlier years 17.00 115.53
3URÀWDIWHUWD[ & 81,693.35 45,880.32
Other comprehensive income

,WHPV WKDW ZLOO QRW EH UHFODVVLÀHG WR SURÀW RU ORVV LQ
subsequent years
A. Re - measurement gains / (losses) on defined benefit plans 98.57 172.56
Income tax effect on above (33.10) (56.64)
Share of other comprehensive income in Joint Ventures
B. Re - measurement gains / (losses) on defined benefit plans (3.92) 4.22
Income tax effect on above 1.37 (1.47)
7RWDORWKHUFRPSUHKHQVLYHLQFRPHH[SHQVHVIRUWKH ' 62.92 118.67
year net of tax
Total comprehensive income for the year (Comprising &' 81,756.27 45,998.99
SURÀWORVVDQGRWKHUFRPSUHKHQVLYHLQFRPHIRUWKH
\HDU
Earnings per equity share (face value of ` 35
- Basic (in `) 22.80 13.51
- Diluted (in `) 22.80 13.51
*Entirely attributable to owner of the parent.
Partner
DIN 03533268 M No. A19238

82
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED
A. Equity Share Capital
(` in Lakh)
Particulars Note Amount
As at April 1, 2017 18 33,953.55
Change in equity share capital 6.68
As at March 31, 2018 18 33,960.23
Change in equity share capital 2,400.00
As at March 31, 2019 18 36,360.23
B. Other Equity (` in Lakh)
Particulars Note Reserves and Surplus
Retained Securities Debentures General Capital Capital Capital Total

earnings premium redemption reserve redemption reserve reserve on
reserve reserve consolidation
A. Balance as at April 1, 2017 19 3,31,283.96 1,67,197.55 - 23,275.82 5,710.00 3,590.00 7,585.19 5,38,642.52
Changes during the year
Exercise of stock options - 167.03 - - - - - 167.03
Dividends (including dividend distribution tax) (8,174.75) - - - - - - (8,174.75)
Deferred tax liabilities - tax on undistributed profits (1,356.65) - - - (1,356.65)
Profit for the year 45,880.32 - - - - - - 45,880.32
Remeasurement of the net defined benefit plans, net of taxes 118.67 - - - - - - 118.67
B. Total changes during the year 36,467.59 167.03 - - - - - 36,634.62
$%Balance as at March 31, 2018 19 3,67,751.55 1,67,364.58 - 23,275.82 5,710.00 3,590.00 7,585.19 5,75,277.14
(` in Lakh)
Retained Securities Debentures General Capital Capital Capital Total
earnings premium redemption reserve redemption reserve reserve on
reserve reserve consolidation
A. Balance as at April 1, 2018 19 3,67,751.55 1,67,364.58 - 23,275.82 5,710.00 3,590.00 7,585.19 5,75,277.14
Premium received during the year on account - 1,17,600.00 - - - - - 1,17,600.00
of issue of shares - qualified institutions placement
Share issue expenses (net of deferred tax) - (1,245.06) - - - - - (1,245.06)
Dividends (including dividend distribution tax) (8,188.18) - - - - - - (8,188.18)
Deferred tax liabilities - tax on undistributed profits 1,356.65 - - - - - - 1,356.65
Transfer to/ (from) retained earnings (11,458.33) - 11,458.33 - - - - -
Profit for the year 81,693.35 - - - - - - 81,693.35
Revenue recognise only to the extent of cost
incurred as per Ind AS 115
Revenue 49,324.83 - - - - - - 49,324.83
Cost (49,324.83) - - - - - - (49,324.83)
Remeasurement of the net defined benefit plans, net of taxes 62.92 - - - - - - 62.92
B. Total changes during the year 63,466.41 1,16,354.94 11,458.33 - - - - 1,91,279.68
$%Balance as at March 31, 2019 19 4,31,217.96 2,83,719.52 11,458.33 23,275.82 5,710.00 3,590.00 7,585.19 7,66,556.82
Chartered Accountants Vikas Oberoi T. P. Ostwal
Firm Registration Number 324982E/E300003 Chairman & Managing Director Director
DIN 00011701 DIN 00821268
per Sudhir Soni
Partner Saumil Daru Bhaskar Kshirsagar
Membership No.: 41870 Director - Finance cum Chief Financial Officer Company Secretary
Mumbai, May 10, 2019 DIN 03533268 M No. A19238
CONSOLIDATED CASH FLOW STATEMENT
(` in Lakh)
FOR THE YEAR ENDED MARCH 31, 2019 MARCH 31, 2018
CASH FLOW FROM OPERATING ACTIVITIES:
3URÀWEHIRUHWD[DVSHUVWDWHPHQWRISURÀWDQGORVV 1,17,762.43 64,952.56
$GMXVWPHQWVIRU
Depreciation and amortisation 4,403.81 4,906.76
Interest income (including fair value change in financial instruments) (4,448.39) (1,978.37)
Interest expenses (including fair value change in financial instruments) 1,936.19 686.44
Dividend income (310.82) (137.39)
Profit on sale of investments (net) (3,102.46) (241.19)
Gain from foreign exchange fluctuation (net) (2.22) (1.95)
Loss on sale / discarding of investment properties (net) 24.45 116.50
(Gain) / loss on sale / discarding of property, plant and equipments 24.25 0.90
(net)
Loss on sale / discarding of intangible assets (net) - 2.11
Share of profit of joint ventures 689.60 361.97
Sundry balances written back (17.40) (270.99)
2SHUDWLQJFDVKSURÀWEHIRUHZRUNLQJFDSLWDOFKDQJHV 1,16,959.44 68,397.35
Movement for working capital

Increase / (decrease) in trade payables 8,706.17 9,470.08
Increase / (decrease) in other liabilities (1,08,692.66) 35,669.90
Increase / (decrease) in financial liabilities 5,251.73 7,806.81
Increase / (decrease) in provisions 167.19 12.21
(Increase) / decrease in loans and advances (4,943.57) (75,249.21)
(Increase) / decrease in financial assets (82.57) 20.85
(Increase) / decrease in trade receivables 7,176.22 (7,537.74)
(Increase) / decrease in inventories 22,444.05 (37,727.82)
Cash generated from operations 46,986.00 862.43
Direct taxes (paid) / refund (net) (32,429.84) (21,083.12)
1HWFDVKLQÁRZRXWÁRZIURPRSHUDWLQJDFWLYLWLHV $ 14,556.16
CASH FLOW FROM INVESTING ACTIVITIES:

(Acquisition) / (adjustments) / sale of property, plant and (17,064.55) (7,725.99)
equipments, investment properties, intangible assets / addition to
capital work in progress (net)
Interest received 3,018.22 627.48
Dividend received 310.82 137.39
Decrease / (increase) in loans and advances to / for joint ventures (net) (4,403.22) (1,407.87)
Decrease / (increase) in investment in joint ventures (19,927.29) (72,918.14)
(Acquisition) / sale of investments (net) 3,102.46 241.19
(Increase) / decrease in other assets (29,613.58) 21,858.95
1HWFDVKLQÁRZRXWÁRZIURPLQYHVWLQJDFWLYLWLHV %
CASH FLOW FROM FINANCING ACTIVITIES:

Increase in equity share capital (including share premium and 1,18,271.82 173.71
netting off share issue expenses)
Repayment of short term unsecured borrowings (4,162.00) -
Proceeds/(Repayment) from short term secured loan (net) 2,283.36 14,561.00
Proceeds/(Repayment) from long term secured loan (9,149.64) 68,500.00
Interest paid (gross) (15,160.60) (9,960.10)
Dividend paid (including dividend distribution tax) (8,188.18) (8,174.75)
1HWFDVKLQÁRZRXWÁRZIURPÀQDQFLQJDFWLYLWLHV & 83,894.76 65,099.86
1HWLQFUHDVHGHFUHDVHLQFDVKDQGFDVKHTXLYDOHQWV $%& 33,873.78

Add: cash and cash equivalents at the beginning of the year 9,276.07 23,583.89
Cash and cash equivalents at the end of the year 43,149.85 9,276.07

&2162/,'$7('&$6+)/2:67$7(0(17&217'
(` in Lakh)
FOR THE YEAR ENDED MARCH 31, 2019 MARCH 31, 2018
COMPONENTS OF CASH AND CASH EQUIVALENTS AS AT
Cash on hand 46.12 44.59
Balance with banks 2,782.18 2,158.48
Cheques on hand 244.62 155.79
Fixed deposits with banks, having original maturity of three months or less 6,374.09 5,747.16
Add: Short term liquid investment 33,702.84 1,170.05
Cash and cash equivalents at the end of the year 43,149.85 9,276.07
RECONCILIATION STATEMENT OF CASH AND BANK BALANCES AS AT

(` in Lakh)
AS AT MARCH 31, 2019 MARCH 31, 2018
Cash and cash equivalents at the end of the year as per above 43,149.85 9,276.07
Add: Balance with banks in dividend / unclaimed dividend accounts 3.47 2.64
Add: Fixed deposits with banks, having remaining maturity for less than twelve 30,879.56 2,886.93
months
Add: Fixed deposits with banks (lien marked) 2,708.65 1,087.71
Less: Short term liquid investment (out of the same investment of `2,009.36 lakh (33,702.84) (1,170.05)
(`4.96 lakh) is lien marked (refer note 12))
Fixed deposits with banks, having remaining maturity of more than twelve months (507.87) (410.99)
&DVKDQGEDQNEDODQFHDVSHUEDODQFHVKHHWUHIHUQRWH 42,530.82 11,672.31
DISCLOSURE AS REQUIRED BY IND AS 7

5HFRQFLOLDWLRQRIOLDELOLWLHVDULVLQJIURPÀQDQFLQJDFWLYLWLHV
(` in Lakh)
March 31, 2019 Opening &DVKÁRZV Non cash Closing
balance changes balance
Short term secured borrowings 92,634.05 (803.73) 3,156.09 94,986.41
Long term secured borrowings 67,864.18 (9,149.64) 136.91 58,851.45
Short term unsecured borrowings 8,908.00 (4,162.00) - 4,746.00
7RWDOOLDELOLWLHVIURPÀQDQFLQJDFWLYLWLHV 1,69,406.23 3,293.00 1,58,583.86
(` in Lakh)
March 31, 2018 Opening &DVKÁRZV Non cash Closing
Short term secured borrowings 77,956.28 11,509.02 3,168.75 92,634.05
Long term secured borrowings - 67,814.67 49.51 67,864.18
Short term unsecured borrowings 8,908.00 - - 8,908.00
7RWDOOLDELOLWLHVIURPÀQDQFLQJDFWLYLWLHV 86,864.28 79,323.69 3,218.26 1,69,406.23
Significant accounting policies (refer note 1)
Partner
DIN 03533268 M No. A19238

NOTES FORMING PART OF CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1. NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES
1.1 NATURE OF OPERATIONS
Oberoi Realty Limited (the ‘Company’ or ‘ORL’), a public limited company is incorporated in India under provisions
of the Companies Act applicable in India. The consolidated financial statement comprises financial statements of the
Company together with its subsidiaries and joint arrangements (collectively referred to as the ‘Group’) for the year
ended March 31, 2019. The Group is engaged primarily in the business of real estate development and hospitality.
The Company is headquartered in Mumbai, India. The shares of the Company are listed on the BSE Limited and
1DWLRQDO6WRFN([FKDQJHRI,QGLD/LPLWHG,WVUHJLVWHUHGRIILFHLVVLWXDWHGDW&RPPHU]UG)ORRU,QWHUQDWLRQDO%XVLQHVV
Park, Oberoi Garden City, Off Western Express Highway, Goregaon (East), Mumbai- 400 063.
The consolidated financial statements for the year ended March 31, 2019 were authorised and approved for issue by
the Board of Directors on May 10, 2019.
1.2 SIGNIFICANT ACCOUNTING POLICIES
1.2.1 Basis of preparation
The consolidated financial statements of the Group have been prepared in accordance with the Indian
Accounting Standards (Ind AS) as notified under the Companies (Indian Accounting Standards) Rules 2015
(as amended) and presentation requirements of Division II of Schedule III to the Companies Act, 2013, as
applicable to the CFS.
The consolidated financial statements have been prepared on a historical cost basis, except for certain
financial instruments which are measured at fair values at the end of each reporting period, as explained in
the accounting policies below.
The consolidated financial statements are presented in Indian Rupee (“INR”) and all values are rounded to
the nearest INR Lakh, except when otherwise indicated.
1.2.2 Basis of consolidation
The consolidated financial statements comprise of financial statements of the Company and its subsidiaries and
joint arrangements for which the Company fulfils the criteria pursuant to Ind AS 110 and joint arrangements
within the scope of Ind AS 111.
L Subsidiaries
Subsidiaries are entities controlled by the Company. Control exists if and only if all of the following
conditions are satisfied –
D Power over the investee (i.e. existing rights that give it the current ability to direct the relevant
activities of the investee);
E Exposure, or rights to variable returns from its involvement with the investee; and
F The ability to use its power over the investee to affect the amount of the investors’ returns.
Subsidiaries are consolidated from the date control commences until the date control ceases.
The financial statements of the subsidiaries are consolidated on a line-by-line basis and intra-group
balances and transactions including unrealised gain/loss from such transactions are eliminated
upon consolidation. The consolidated financial statements are prepared using uniform accounting
policies for like transactions and other events in similar circumstances.
All the subsidiaries are wholly owned subsidiaries and therefore there is no non-controlling interest.
Details of subsidiaries considered in the CFS are as under:
Name of the Company Country of % of ownership as Principal

incorporation on March 31, 2019 Activities
Oberoi Constructions Limited India 100% Real Estate
Oberoi Mall Limited India 100% Real Estate

Name of the Company Country of % of ownership as Principal

incorporation on March 31, 2019 Activities
Expressions Realty Private Limited India 100% Real Estate
Incline Realty Private Limited India 100% Real Estate
Integrus Realty Private Limited India 100% Real Estate
Sight Realty Private Limited India 100% Real Estate
Kingston Hospitality and Developers India 100% Real Estate
Private Limited
Kingston Property Services Limited India 100% PMS*
Buoyant Realty LLP India 100% Real Estate
Astir Realty LLP India 100% Real Estate
Perspective Realty Private Limited India 100% Real Estate
Pursuit Realty LLP India 100% Real Estate
* Property Management Services
LL Joint arrangements
D -RLQWYHQWXUHV
A joint venture is a type of joint arrangement whereby the parties have joint control of the
arrangement and have rights to the net assets of the arrangement. Joint Control is the
contractually agreed sharing of control of an arrangement, which exists only when decisions
about the relevant activities require unanimous consent of the parties sharing control.
The Group’s investments in joint ventures are accounted for using the equity method.
Under the equity method, the investment in a joint venture is initially recognised at cost.
The carrying amount of the investment is adjusted to recognise changes in the Group’s
share of net assets of joint venture since the acquisition date. Goodwill relating to the joint
venture is included in the carrying amount of the investment and is not tested for impairment
individually.
Unrealised gains and losses resulting from transactions between the Group and the joint
venture are eliminated to the extent of the interest in the joint venture.
The financial statements of joint ventures are prepared for the same reporting period as the
Group. Where necessary, adjustments are made to bring the accounting policies in line with
those of the Group.
For details of joint venture considered in the consolidated financial statements as at March
31, 2019 please refer note 37.
E -RLQWRSHUDWLRQ
A joint operation is a joint arrangement whereby the parties that have joint control of the
arrangement have rights to the assets and obligations for the liabilities, relating to the
arrangement. Those parties are called joint operators.
For details of joint operation considered in the consolidated financial statements as at

March 31, 2019, please refer note 37.
All subsidiaries and joint arrangements have a reporting date of March 31.
LLL Business combinations and goodwill
Business combinations other than common control are accounted for using the acquisition method.
The cost of an acquisition is measured as the aggregate of the consideration transferred, measured
at acquisition date fair value and the amount of any non-controlling interests in the acquiree. For
each business combination, the Group elects whether to measure the non- controlling interests in
the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets.
Acquisition related costs are recognised in the Statement of Profit and Loss as incurred.

At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised
at their acquisition date fair values. For this purpose, the liabilities assumed include contingent
liabilities representing present obligation and they are measured at their acquisition date fair values
irrespective of the fact that outflow of resources embodying economic benefits is not probable.
When the Group acquires a business, it assesses the financial assets and liabilities assumed for
appropriate classification and designation in accordance with the contractual terms, economic
circumstances, operating or accounting policies and pertinent conditions as at the acquisition date.
Goodwill is initially measured at cost. Following initial recognition, goodwill is measured at cost less
any accumulated impairment losses. Any impairment loss for goodwill is recognised in the Statement
of Profit and Loss. An impairment loss recognised for goodwill is not reversed in subsequent periods.
&XUUHQWQRQFXUUHQWFODVVLÀFDWLRQ
The Group as required by Ind AS 1 presents assets and liabilities in the financial statement based on current /
non-current classification.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
The Group’s normal operating cycle in respect of operations relating to the construction of real estate projects
PD\YDU\IURPSURMHFWWRSURMHFWGHSHQGLQJXSRQWKHVL]HRIWKHSURMHFWW\SHRIGHYHORSPHQWSURMHFWFRPSOH[LWLHV
and related approvals. Operating cycle for all completed projects and hospitality business is based on 12
months period. Assets and liabilities have been classified into current and non-current based on their respective
operating cycle.
1.2.4 Foreign currencies
L ,QLWLDOUHFRJQLWLRQ
Foreign currency transactions are recorded in the functional currency (Indian Rupee) by applying to the
foreign currency amount, the exchange rate between the functional currency and the foreign currency
on the date of the transaction.
LL &RQYHUVLRQ
All monetary items outstanding at year end denominated in foreign currency are converted into Indian
Rupees at the reporting date exchange rate. Non-monetary items, which are measured in terms of
historical cost denominated in a foreign currency, are reported using the exchange rate at the date
of the transaction and non-monetary items which are carried at fair value or other similar valuation
denominated in a foreign currency are reported using the exchange rates that existed when the values
were determined.
LLL ([FKDQJHGLIIHUHQFHV
The exchange differences arising on such conversion and on settlement of the transactions are
recognised in the Statement of Profit and Loss.
3URSHUW\SODQWDQGHTXLSPHQWV33(
L 5HFRJQLWLRQDQGLQLWLDOPHDVXUHPHQW
Property, plant and equipments are stated at cost less accumulated depreciation / amortisation and
impairment losses, if any.
Cost comprises the purchase price and any attributable / allocable cost of bringing the asset to its
working condition for its intended use. The cost also includes direct cost and other related incidental
expenses. Revenue earned, if any, during trial run of assets is adjusted against cost of the assets. Cost
also includes the cost of replacing part of the plant and equipments.
Borrowing costs relating to acquisition / construction / development of tangible assets, which takes
substantial period of time to get ready for its intended use are also included to the extent they relate to
the period till such assets are ready to be put to use.

When significant components of property and equipments are required to be replaced at intervals,
recognition is made for such replacement of components as individual assets with specific useful life
and depreciation, if these components are initially recognised as separate asset. All other repair and
maintenance costs are recognised in the Statement of Profit and Loss as incurred.
LL 6XEVHTXHQWPHDVXUHPHQWGHSUHFLDWLRQDQGXVHIXOOLYHV
Depreciation is provided from the date the assets are put to use, on straight line basis as per the useful
life of the assets as prescribed under Part C of Schedule II of the Companies Act, 2013.
Building 60 years
Building Temporary Structure 3 years
Plant and machinery 15 years
Furniture and fixtures 10 years
Electrical installations and equipments 10 years
Office equipments* 5 years
Computers 3 years
Vehicles 8 years
Aircraft 20 years
*Mobile handsets - 3 years
Depreciation method, useful life and residual value are reviewed periodically.
Leasehold land and improvements are amortised on the basis of duration and other terms of lease.
Assets individually costing less than or equal to `0.05 lakh are fully depreciated in the year of purchase
except under special circumstances.
The carrying amount of PPE is reviewed periodically for impairment based on internal / external factors.
An impairment loss is recognised wherever the carrying amount of assets exceeds its recoverable
amount. The recoverable amount is the greater of the asset’s net selling price and value in use.
LLL 'HUHFRJQLWLRQ
PPE are derecognised either when they have been disposed of or when they are permanently withdrawn
from use and no future economic benefit is expected from their disposal. The difference between the
net disposal proceeds and the carrying amount of the asset is recognised in the Statement of Profit and
Loss in the period of de-recognition.
1.2.6 Intangible assets
Intangible assets are stated at cost less accumulated amortisation and impairment losses, if any. Cost
comprises the acquisition price, development cost and any attributable / allocable incidental cost of
bringing the asset to its working condition for its intended use.
LL 6XEVHTXHQWPHDVXUHPHQW$PRUWLVDWLRQ
All intangible assets with definite useful life are amortised on a straight line basis over the estimated
useful life.
Computer Software 5 years

The carrying amount of intangible asset is reviewed periodically for impairment based on internal /
external factors. An impairment loss is recognised wherever the carrying amount of an asset exceeds its
recoverable amount. The recoverable amount is the greater of the asset’s net selling price and value
in use.
Gain or losses arising from derecognition of an intangible asset are measured as the difference between
the net disposal proceeds and the carrying amount of the asset and are recognised in the Statement of
Profit and Loss when the asset is derecognised.

1.2.7 Investment properties

Investment properties are properties held to earn rentals or for capital appreciation, or both. Investment
properties are measured initially at cost, including transaction costs. The cost comprises purchase price,
borrowing cost if capitalisation criteria are met and directly attributable cost of bringing the asset to its
working condition for the intended use.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow
to the Group.
Though the Group measures investment property using cost based measurement, the fair value of
investment property is disclosed in the notes. Fair values are determined based on an annual evaluation
performed by an accredited external independent valuer who holds a recognised and relevant
professional qualification and has experience in the category of the investment property being valued.
Investment properties are stated at cost less accumulated depreciation and accumulated impairment
loss, if any, subsequently. Depreciation is provided from the date the assets are put to use, on straight line
method as per the useful life of the assets as prescribed under Part C of Schedule II of the Companies
Act, 2013
Building 60 years
Building Temporary Structure 3 years
Computers 3 years
Lessee specific assets and improvements Over lease period or useful life as prescribed in
Schedule II, whichever is lower
For above classes of assets, based on internal assessment, the management believes that the useful
lives as given above best represent the period over which management expects to use these assets.
The carrying amount of investment property is reviewed periodically for impairment based on internal
/ external factors. An impairment loss is recognised wherever the carrying amount of assets exceeds its
in use.
When significant components of investment properties are required to be replaced at intervals,
LLL 'HUHFRJQLWLRQ
Investment properties are derecognised either when they have been disposed of or when they are
permanently withdrawn from use and no future economic benefit is expected from their disposal. The
difference between the net disposal proceeds and the carrying amount of the asset is recognised in the
Statement of Profit and Loss in the period of de-recognition.
1.2.8 Capital work in progress
Capital work in progress is stated at cost less impairment losses, if any. Cost comprises of expenditures incurred in
respect of capital projects under development and includes any attributable / allocable cost and other incidental
expenses. Revenues earned, if any, from such capital project before capitalisation are adjusted against the
capital work in progress.

1.2.9 Revenue from contract with customer
Revenue from contract with customer is recognised, when control of the goods or services are transferred to the
customer, at an amount that reflects the consideration to which the Group is expected to be entitled in exchange
for those goods or services. The Group assesses its revenue arrangements against specific criteria in order to
determine if it is acting as principal or agent. The Group concluded that it is acting as a principal in all of its
revenue arrangements. The specific recognition criteria described below must also be met before revenue is
recognised.
Revenue is recognised as follows:
L 5HYHQXHIURPUHDOHVWDWHSURMHFWV
The Group recognises revenue, on execution of agreement or letter of allotment and when control of
the goods or services are transferred to the customer, at an amount that reflects the consideration (i.e.
the transaction price) to which the Group is expected to be entitled in exchange for those goods or
services excluding any amount received on behalf of third party (such as indirect taxes). An asset created
by the Group’s performance does not have an alternate use and as per the terms of the contract, the
Group has an enforceable right to payment for performance completed till date. Hence the Group
transfers control of a good or service over time and, therefore, satisfies a performance obligation
and recognises revenue over time. The Group recognises revenue at the transaction price which is
determined on the basis of agreement or letter of allotment entered into with the customer. The Group
recognises revenue for performance obligation satisfied over time only if it can reasonably measure its
progress towards complete satisfaction of the performance obligation. The Group would not be able to
reasonably measure its progress towards complete satisfaction of a performance obligation if it lacks
reliable information that would be required to apply an appropriate method of measuring progress.
In those circumstances, the Group recognises revenue only to the extent of cost incurred until it can
reasonably measure outcome of the performance obligation.
The Group uses cost based input method for measuring progress for performance obligation satisfied
over time. Under this method, the Group recognises revenue in proportion to the actual project cost
incurred (excluding land cost) as against the total estimated project cost (excluding land cost).
The management reviews and revises its measure of progress periodically and are considered as
change in estimates and accordingly, the effect of such changes in estimates is recognised prospectively
in the period in which such changes are determined.
A contract asset is the right to consideration in exchange for goods or services transferred to the
customer. If the Group performs by transferring goods or services to a customer before the customer
pays consideration or before payment is due, a contract asset is recognised for the earned consideration
that is conditional.
A contract liability is the obligation to transfer goods or services to a customer for which the Group
has received consideration (or an amount of consideration is due) from the customer. If a customer
pays consideration before the Group transfers goods or services to the customer, a contract liability is
recognised when the payment is made or the payment is due (whichever is earlier). Contract liabilities
are recognised as revenue when the Group performs under the contract.
A receivable represents the Group’s right to an amount of consideration that is unconditional (i.e.,
only the passage of time is required before payment of the consideration is due). Refer to accounting
policies of financial assets in section 1.2.11 Financial instruments - initial recognition and subsequent
measurement.
LL Revenue from hospitality
Revenue comprises sale of rooms, food and beverages and allied services relating to hotel operations.
Revenue is recognised upon rendering of the service, provided pervasive evidence of an arrangement
exists, tariff / rates are fixed or are determinable and collectability is reasonably certain. Revenue from
sales of goods or rendering of services is net of indirect taxes, returns and discounts.

LLL 5HYHQXHIURPOHDVHUHQWDOVDQGUHODWHGLQFRPH
Lease income is recognised in the Statement of Profit and Loss on straight line basis over the lease term,
unless there is another systematic basis which is more representative of the time pattern of the lease.
Revenue from lease rentals is disclosed net of indirect taxes, if any.
Revenue from property management service is recognised at value of service and is disclosed net of
indirect taxes, if any.
LY )LQDQFHLQFRPH
Finance income is recognised as it accrues using the Effective Interest Rate (EIR) method. Finance
income is included in other income in the income statement.
When calculating the EIR, the Group estimates the expected cash flows by considering all the contractual
terms of the financial instrument (for example, prepayment, extension, call and similar options) but does
not consider the expected credit losses.
Y 'LYLGHQGLQFRPH
Revenue is recognised when the Group’s right to receive the payment is established, which is generally
when shareholders approve the dividend.
YL 2WKHULQFRPH
Other incomes are accounted on accrual basis, except interest on delayed payment by debtors and
liquidated damages which are accounted on acceptance of the Group’s claim.
1.2.10 Leases
The determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement
at the inception of the lease. The arrangement is, or contains, a lease if fulfilment of the arrangement is dependent
on the use of a specific asset or assets and the arrangement conveys a right to use the asset or assets, even if that
right is not explicitly specified in an arrangement.
Lease arrangements where the risks and rewards incidental to ownership of an asset substantially vest with the
lessor are recognised as operating lease. The Group has only operating lease and accounts the same as follows:
L :KHUHWKHJURXSHQWLW\LVWKHOHVVHH
Operating lease payments are recognised as an expense in the Statement of Profit and Loss on straight
line basis over the lease term, unless there is another systematic basis which is more representative of
the time pattern of the lease.
Lease deposits given are a financial asset and are measured at amortised cost under Ind AS 109 since
it satisfies Solely Payment of Principal and Interest (SPPI) condition. The difference between the present
value and the nominal value of deposit is considered as prepaid rent and recognised over the lease
term. Unwinding of discount is treated as finance income and recognised in the Statement of Profit &
Loss account.
LL :KHUHWKHJURXSHQWLW\LVWKHOHVVRU
Assets given under operating leases are included in investment properties. Lease income is recognised
in the Statement of Profit and Loss on straight line basis over the lease term, unless there is another
systematic basis which is more representative of the time pattern of the lease.
Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying
amount of the leased asset and recognised over the lease term on the same basis as rental income.
Lease deposits received are financial instruments (financial liability) and need to be measured at fair
value on initial recognition. The difference between the fair value and the nominal value of deposits is
considered as rent in advance and recognised over the lease term on a straight line basis. Unwinding
of discount is treated as interest expense (finance cost) for deposits received and is accrued as per the
EIR method.

1.2.11 Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or
equity instrument of another entity.
Effective Interest Rate (EIR) is the rate that exactly discounts the estimated future cash receipts or payments over
the expected life of the financial instruments or a shorter period, where appropriate, to the net carrying amount
of the financial asset or liability.
L )LQDQFLDODVVHWV
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Financial assets are recognised when the Group becomes a party to the contractual provisions
of the instrument. Financial assets are initially measured at fair value. Transaction costs that are
directly attributable to the acquisition or issue of financial assets (other than financial assets at
fair value through profit or loss) are added to or deducted from the fair value measured on
initial recognition of financial asset.
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Financial assets are measured at the amortised cost, if both of the following criteria
are met:
a. These assets are held within a business model whose objective is to hold
assets for collecting contractual cash flows; and
b. Contractual terms of the asset give rise on specified dates to cash flows that
are SPPI on the principal amount outstanding.
After initial measurement, such financial assets are subsequently measured at
amortised cost using the EIR method. The EIR amortisation is included in other income
in the Statement of Profit and Loss. The losses arising from impairment are recognised
in the Statement of Profit and Loss.
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)972&,
Financial assets are classified as FVTOCI if both of the following criteria are met:
a. These assets are held within a business model whose objective is achieved
both by collecting contractual cash flows and selling the financial assets; and
Fair value movements are recognised in the Other Comprehensive Income (OCI). On
de-recognition of the asset, cumulative gain or loss previously recognised in OCI is
reclassified from the equity to the Statement of Profit and Loss.
LLL )LQDQFLDODVVHWVDWIDLUYDOXHWKURXJKSURÀWRUORVV)973/
$Q\ILQDQFLDODVVHWVZKLFKGRQRWPHHWWKHFULWHULDIRUFDWHJRUL]DWLRQDVDWDPRUWLVHG
cost or as FVTOCI, are classified as at FVTPL. Gain or losses are recognised in the
Statement of Profit and Loss.
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Equity instruments which are held for trading and contingent consideration recognised
by an acquirer in a business combination are classified as FVTPL, and measured at fair
value with all changes recognised in the Statement of Profit and Loss.
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The Group derecognises a financial asset when the contractual rights to the cash flows from
the financial asset expire or it transfers the financial asset and the transfer qualifies for de-
recognition.

When the Group has transferred its rights to receive cash flows from an asset or has entered
into a pass-through arrangement, it evaluates if and to what extent it has retained the risks and
rewards of ownership. When it has neither transferred nor retained substantially all of the risks
and rewards of the asset, nor transferred control of the asset, the Group continues to recognise
the transferred asset to the extent of the Group’s continuing involvement. In that case, the
Group also recognises an associated liability. The transferred asset and the associated liability
are measured on a basis that reflects the rights and obligations that the Group has retained.
G ,PSDLUPHQWRIÀQDQFLDODVVHWV
The Group follows ‘simplified approach’ for recognition of impairment loss allowance on:
i. Trade receivables; and
ii. All lease receivables resulting from transactions within the scope of Ind AS 17
The application of simplified approach does not require the Group to track changes in credit
risk. Rather, it recognises impairment loss allowance based on lifetime Expected Credit Loss
(ECL) at each reporting date, right from its initial recognition.
For recognition of impairment loss on other financial assets and risk exposure, the Group
determines whether there has been a significant increase in the credit risk since initial
recognition. If credit risk has not increased significantly, 12-month ECL is used to provide for
impairment loss. However, if credit risk has increased significantly, lifetime ECL is used. If, in
a subsequent period, credit quality of the instrument improves such that there is no longer a
significant increase in credit risk since initial recognition, then the Group reverts to recognising
impairment loss allowance based on 12-month ECL.
Lifetime ECL are the expected credit losses resulting from all possible default events over the
expected life of a financial instrument. The 12-month ECL is a portion of the lifetime ECL which
results from default events that are possible within 12 months after the reporting date.
ECL is the difference between all contractual cash flows that are due to the Group in accordance
with the contract and all the cash flows that the entity expects to receive (i.e. all cash shortfalls),
discounted at the original EIR.
LL )LQDQFLDOOLDELOLWLHV
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value
through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging
instruments in an effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and
borrowings and payables, net of directly attributable transaction costs.
The Group’s financial liabilities include trade and other payables, loans and borrowings and
financial guarantee contracts.
E /RDQVDQGERUURZLQJV
After initial recognition, interest-bearing loans and borrowings are subsequently measured at
amortised cost using the EIR method. Gains and losses are recognised in the Statement of Profit
and Loss when the liabilities are derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and
fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance
costs in the Statement of Profit and Loss.
Intercompany loans not repayable on demand are discounted to its present value using
incremental borrowing rate applicable to the borrower entity. The difference between the
carrying value of the loan and its present value is accounted based on the relationship with the
borrower for e.g. in case of subsidiary, the difference is shown as further equity infusion in the
subsidiary. The unwinding of discount from the date of loan to the transition date is shown as
an income and recognised in “Retained Earnings” of the Lender.

F )LQDQFLDOJXDUDQWHHFRQWUDFWV
Financial guarantee contracts issued by the Group are those contracts that require a payment
to be made to reimburse the holder for a loss it incurs because the specified debtor fails
to make a payment when due in accordance with the terms of a debt instrument. Financial
guarantee contracts are recognised initially as a liability at fair value. Subsequently, the liability
is measured at the higher of the amount of loss allowance determined as per impairment
requirements of Ind AS 109 and the amount recognised less cumulative amortisation.
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A financial liability (or a part of a financial liability) is derecognised from the Group’s financial
statement when the obligation specified in the contract is discharged or cancelled or expires.
When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange
or modification is treated as the derecognition of the original liability and the recognition of a
new liability. The difference in the respective carrying amounts is recognised in the Statement
of Profit and Loss.
H 2IIVHWWLQJRIÀQDQFLDOLQVWUXPHQWV
Financial assets and financial liabilities are offset and the net amount is reported in the financial
statement if there is a currently enforceable legal right to offset the recognised amounts and
there is an intention to settle on a net basis, to realise the assets and settle the liabilities
simultaneously.
LLL )DLUYDOXHPHDVXUHPHQW
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. The fair value measurement is based
on the presumption that the transaction to sell the asset or transfer the liability takes place either:
,QWKHSULQFLSDOPDUNHWIRUWKHDVVHWRUOLDELOLW\RU
,QWKHDEVHQFHRIDSULQFLSDOPDUNHWLQWKHPRVWDGYDQWDJHRXVPDUNHWIRUWKHDVVHWRUOLDELOLW\
The fair value of an asset or a liability is measured using the assumptions that market participants would
use when pricing the asset or liability, assuming that market participants act in their economic best
interest.
A fair value measurement of a non-financial asset takes into account a market participant’s ability to
generate economic benefits by using the asset in its highest and best use or by selling it to another market
participant that would use the asset in its highest and best use.
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient
data are available to measure fair value, maximising the use of relevant observable inputs:
/HYHO³4XRWHGXQDGMXVWHGPDUNHWSULFHVLQDFWLYHPDUNHWVIRULGHQWLFDODVVHWVRUOLDELOLWLHV
/HYHO³9DOXDWLRQWHFKQLTXHVIRUZKLFKWKHORZHVWOHYHOLQSXWWKDWLVVLJQLILFDQWWRWKHIDLU
value measurement is directly or indirectly observable
/HYHO³9DOXDWLRQWHFKQLTXHVIRUZKLFKWKHORZHVWOHYHOLQSXWWKDWLVVLJQLILFDQWWRWKHIDLU
value measurement is unobservable
For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group
determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation
(based on the lowest level input that is significant to the fair value measurement as a whole) at the end
of each reporting period.
For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on
the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value
hierarchy as explained above.

1.2.12 Cash and cash equivalents
Cash and cash equivalent in the financial statement comprise cash at banks and on hand, demand deposit and
short-term deposits, which are subject to an insignificant risk of changes in value.
For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and short-
term deposits, as defined above.
1.2.13 Income taxes
L &XUUHQWLQFRPHWD[
Current income tax assets & liabilities are measured at the amount expected to be refunded from or paid
to the taxation authorities using the tax rates and tax laws that are in force at the reporting date.
Current income tax relating to items recognised outside the Statement of Profit and Loss is recognised
outside the Statement of Profit and Loss (either in other comprehensive income or in equity). Current tax
items are recognised in correlation to the underlying transaction either in OCI or directly in equity.
The Group offsets current tax assets and current tax liabilities where it has a legally enforceable right to
VHWRIIWKHUHFRJQLVHGDPRXQWVDQGZKHUHLWLQWHQGVHLWKHUWRVHWWOHRQDQHWEDVLVRUWRUHDOL]HWKHDVVHWV
and settle the liability simultaneously.
Management periodically evaluates positions taken in the tax returns with respect to situations in which
applicable tax regulations are subject to interpretation and establishes provisions where appropriate.
LL 'HIHUUHGWD[
Deferred tax is provided using the liability method on temporary differences between the tax bases of
assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.
Deferred tax liabilities are recognised for all taxable temporary differences, except:
D When the deferred tax liability arises from the initial recognition of goodwill or an asset or
liability in a transaction that is not a business combination and, at the time of the transaction,
affects neither the accounting profit nor taxable profit or loss.
E In respect of taxable temporary differences associated with investments in subsidiaries, associates

and interests in joint ventures, when the timing of the reversal of the temporary differences can
be controlled and it is probable that the temporary differences will not reverse in the foreseeable
future.
Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available
against which the deductible temporary differences and the carry forward of unused tax credits and
unused tax losses can be utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent
that it is no longer probable that sufficient taxable profit will be available to allow all or part of the
deferred tax asset to be utilised.
Deferred taxes are provided on the undistributed earnings of subsidiaries where it is expected that the
earnings of the subsidiary will be distributed in the foreseeable future.
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation
authority and the relevant entity intends to settle its current tax assets and liabilities on a net basis.
Deferred tax relating to items recognised outside the Statement of Profit and Loss is recognised outside
the Statement of Profit and Loss. Such deferred tax items are recognised in correlation to the underlying
transaction either in other comprehensive income or directly in equity.
Deferred tax assets and liabilities are measured using substantively enacted tax rates expected to apply
to taxable income in the years in which the temporary differences are expected to be received or settled.

Minimum Alternate Tax (‘MAT’) paid in a year is charged to the Statement of Profit and Loss as current tax
for the year. MAT credit is recognised as deferred asset only when and to the extent there is convincing
evidence that the entity will pay normal income tax during the specified period. In the year in which the
Group recognises MAT credit as an asset in accordance with Ind AS 12, the said asset is created by way
of credit to the Statement of Profit and Loss and shown as “Deferred Tax”. The Group reviews the “MAT
Credit” asset at each reporting date and reduces to the extent that it is no longer probable that sufficient
taxable profit will be available to allow all or part of the MAT to be utilised.
,PSDLUPHQWRIQRQÀQDQFLDODVVHWV
The carrying amounts of assets are reviewed at each reporting date if there is any indication of impairment based
on internal / external factors. An impairment loss is recognised wherever the carrying amount of an asset exceeds
its recoverable amount. The recoverable amount is the greater of the asset’s fair value less cost of disposals and
value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using
a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific
to the asset. Fair value is the price that would be received to sell an asset or paid to transfer a liability in orderly
transaction between market participants at the measurement date. After impairment, depreciation is provided on
the revised carrying amount of the asset over its remaining useful life.
The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared
separately for the Company Cash Generating Unit (CGU) to which the individual assets are allocated. These
budgets and forecast calculations generally cover a period of five years. For longer periods, a long-term growth
rate is calculated and applied to project future cash flows after the fifth year.
Impairment losses are recognised in the Statement of Profit and Loss in expense categories.
An assessment is made at each reporting date as to whether there is any indication that previously recognised
impairment losses may no longer exist or may have decreased. If such indication exists, the Company estimates the
asset’s or CGU’s recoverable amount. A previously recognised impairment loss is reversed only if there has been
a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was
recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount,
nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss
been recognised for the asset in prior years.
1.2.15 Inventories
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The construction materials and consumables are valued at lower of cost or net realisable value. The
construction materials and consumables purchased for construction work issued to construction are
treated as consumed.
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The construction work in progress is valued at lower of cost or net realisable value. Cost includes cost of
land, development rights, rates and taxes, construction costs, borrowing costs, other direct expenditure,
allocated overheads and other incidental expenses.
LLL )LQLVKHGVWRFNRIFRPSOHWHGSURMHFWV
Finished stock of completed projects and stock in trade of units is valued at lower of cost or net realisable
value.
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Stock of food and beverages are valued at lower of cost (computed on a moving weighted average
EDVLVQHWRIWD[HVRUQHWUHDOL]DEOHYDOXH&RVWLQFOXGHVDOOH[SHQVHVLQFXUUHGLQEULQJLQJWKHJRRGVWR
their present location and condition.
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Hospitality related operating supplies are valued at lower of cost (computed on a moving weighted
DYHUDJHEDVLVQHWRIWD[HVRUQHWUHDOL]DEOHYDOXHDQGDUHH[SHQVHGDVDQGZKHQSXUFKDVHG

1.2.16 Provisions and contingent liabilities
(i A provision is recognised when:
D The Group has a present obligation (legal or constructive) as a result of a past event;
E It is probable that an outflow of resources embodying economic benefits will be required to

settle the obligation; and
F A reliable estimate can be made of the amount of the obligation.
(ii If the effect of the time value of money is material, provisions are discounted using a current pre- tax rate
that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase
in the provision due to the passage of time is recognised as a finance cost.
(iii A disclosure for a contingent liability is made when there is a possible obligation or a present obligation
that may, but probably may not, require an outflow of resources. A contingent liability also arises
in extreme cases where there is a probable liability that cannot be recognised because it cannot be
measured reliably.
LY Where there is a possible obligation or a present obligation such that the likelihood of outflow of
resources is remote, no provision or disclosure is made.
1.2.17 Borrowing costs
Borrowing costs that are directly attributable to the acquisition / construction of qualifying assets or for long - term
project development are capitalised as part of their costs.
Borrowing costs are considered as part of the asset cost when the activities that are necessary to prepare the assets
for their intended use are in progress.
Borrowing costs consist of interest and other costs that Group incurs in connection with the borrowing of funds.
Other borrowing costs are recognised as an expense, in the period in which they are incurred.
1.2.18 Segment reporting
Based on the “management approach” as defined in Ind AS 108 Operating Segments, the Chairman and
Managing Director / Chief Financial Officer evaluates the Group’s performance based on an analysis of various
performance indicators by business segment. Segment revenue and expense include amounts which can be
directly attributable to the segment and allocable on reasonable basis. Segment assets and liabilities are assets
/ liabilities which are directly attributable to the segment or can be allocated on a reasonable basis. Income /
expenses / assets / liabilities relating to the enterprise as a whole and not allocable on a reasonable basis to
business segments are reflected as unallocated income / expenses / assets / liabilities.
(PSOR\HHEHQHÀWV
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Retirement benefits in the form of contribution to provident fund and pension fund are charged to the
LL 'HÀQHGEHQHÀWSODQV
Gratuity is in the nature of a defined benefit plan.
Provision for gratuity is calculated on the basis of actuarial valuations carried out at reporting date and
is charged to the Statement of Profit and Loss. The actuarial valuation is computed using the projected
unit credit method.
Re-measurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding
amounts included in net interest on the net defined benefit liability and the return on plan assets (excluding
amounts included in net interest on the net defined benefit liability), are recognised immediately in the
financial statement with a corresponding debit or credit to retained earnings through OCI in the period in
which they occur. Re-measurements are not reclassified to the Statement of Profit and Loss in subsequent
periods.

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Leave encashment is recognised as an expense in the Statement of Profit and Loss account as and when
they accrue. The Group determines the liability using the projected unit credit method, with actuarial
valuations carried out as at the reporting date. Actuarial gains and losses are recognised in the Statement
of Other Comprehensive Income.
1.2.20 Earnings per share
Basic earnings per share is calculated by dividing the net profit / (loss) for the year attributable to equity
shareholders (after deducting preference dividends and attributable taxes) by weighted average number of equity
shares outstanding during the year.
For the purpose of calculating diluted earnings per share, the net profit / (loss) for the year attributable to equity
shareholders and the weighted average numbers of shares outstanding during the year are adjusted for the effects
of all dilutive potential equity shares.
1.3 USE OF JUDGEMENTS AND ESTIMATES
The preparation of consolidated financial statements in conformity with Ind AS requires management to make judgements,
estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses and disclosures of
contingent assets and liabilities at the reporting date. However, uncertainty about these assumptions and estimates could
result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future
periods.
Estimates and underlying assumptions are reviewed at each reporting date. Any revision to accounting estimates and
assumptions are recognised prospectively i.e. recognised in the period in which the estimate is revised and future periods
affected.
6LJQLÀFDQWPDQDJHPHQWMXGJHPHQWV
The following are significant management judgements in applying the accounting policies of the Group that have
a significant effect on the financial statements.
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The joint arrangements are separately incorporated. The Group has, after considering the structure
and form of the arrangement, the terms agreed by the parties in the contractual arrangement and the
Group’s rights and obligations arising from the arrangement, classified its interests as joint ventures
under Ind AS 111 Joint Arrangements. As a consequence it accounts for its investments using the
equity method.
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Revenue is recognised only when the Group can measure its progress towards complete satisfaction of
the performance obligation. The measurement of progress is estimated by reference to the stage of the
projects determined based on the proportion of costs incurred to date (excluding land cost) and the total
estimated costs to complete (excluding land cost).
LLL &ODVVLÀFDWLRQRISURSHUW\
The Group determines whether a property is classified as investment property or as inventory:
D Investment property comprises land and buildings that are not occupied for use by, or in the
operations of, the Group, nor for sale in the ordinary course of business, but are held primarily
to earn rental income or capital appreciation. These buildings are rented to tenants and are not
intended to be sold in the ordinary course of business.
E Inventory comprises property that is held for sale in the ordinary course of business. Principally
these are properties that the Group develops and intends to sell before or on completion of
construction.

LY 2SHUDWLQJOHDVHFRQWUDFWV²WKH*URXSDVOHVVRU
The Group has entered into leases of its investment properties. The Group has determined based on an
evaluation of the terms and conditions of the arrangements, that it retains all the significant risks and
rewards of ownership of these properties and so accounts for the leases as operating leases.
Y 5HFRJQLWLRQRIGHIHUUHGWD[DVVHWV
The extent to which deferred tax assets can be recognised is based on an assessment of the probability
of the Group’s future taxable income against which the deferred tax assets can be utilised. In addition,
significant judgement is required in assessing the impact of any legal or economic limits or uncertainties
in tax jurisdictions.
1.3.2 Estimates and assumptions
L &ODVVLÀFDWLRQRIDVVHWVDQGOLDELOLWLHVLQWRFXUUHQWDQGQRQFXUUHQW
The management classifies the assets and liabilities into current and non-current categories based on the
operating cycle of the respective business / projects.
LL ,PSDLUPHQWRIDVVHWV
In assessing impairment, management estimates the recoverable amounts of each asset or CGU (in
case of non-financial assets) based on expected future cash flows and uses an estimated interest rate
to discount them. Estimation relates to assumptions about future cash flows and the determination of a
suitable discount rate.
LLL 8VHIXO OLYHV RI GHSUHFLDEOH DPRUWLVDEOH DVVHWV 3URSHUW\ SODQW DQG HTXLSPHQWV
LQWDQJLEOHDVVHWVDQGLQYHVWPHQWSURSHUW\
Management reviews its estimate of the useful lives of depreciable / amortisable assets at each reporting
date, based on the expected usage of the assets. Uncertainties in these estimates relate to technical and
economic obsolescence that may change the usage of certain assets.
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Inventory is stated at the lower of cost or net realisable value (NRV).
NRV for completed inventory property is assessed including but not limited to market conditions and
prices existing at the reporting date and is determined by the Group based on net amount that it expects
to realise from the sale of inventory in the ordinary course of business.
NRV in respect of inventories under construction is assessed with reference to market prices (reference
to the recent selling prices) at the reporting date less estimated costs to complete the construction, and
estimated cost necessary to make the sale. The costs to complete the construction are estimated by
management.
Y 'HÀQHGEHQHÀWREOLJDWLRQ'%2
The cost of defined benefit gratuity plan and the present value of the gratuity obligation along with
leave salary are determined using actuarial valuations. An actuarial valuation involves making various
assumptions such as standard rates of inflation, mortality, discount rate, attrition rates and anticipation
of future salary increases. Due to the complexities involved in the valuation and its long-term nature,
a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are
reviewed at each reporting date.
YL )DLUYDOXHPHDVXUHPHQWV
Management applies valuation techniques to determine the fair value of financial instruments (where
active market quotes are not available) and non-financial assets. This involves developing estimates and
assumptions consistent with how market participants would price the instrument / assets. Management
bases its assumptions on observable data as far as possible but this may not always be available. In that
case Management uses the best relevant information available. Estimated fair values may vary from the
actual prices that would be achieved in an arm’s length transaction at the reporting date.

1.4 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES
The Group has adopted with effect from April 01, 2018, Ind AS 115 Revenue from contracts with
customers
The Group till March 31, 2018 recognised project revenue in accordance with the Guidance Note on “Accounting for Real
Estate Transactions (for entities to whom Ind AS is applicable)” issued by the Institute of Chartered Accountants of India
(“ICAI”).
Ind AS 115 was issued on March 28, 2018 and supersedes Ind AS 11 Construction Contracts and Ind AS 18 Revenue
along with Guidance Note on “Accounting for Real Estate Transactions” and it applies, with limited exceptions, to all
revenue arising from contracts with its customers. Ind AS 115 establishes a five-step model to account for revenue arising
from contracts with customers and requires that revenue be recognised at an amount that reflects the consideration to
which an entity expects to be entitled in exchange for transferring goods or services to a customer.
The Group adopted Ind AS 115 using the modified retrospective method of adoption with the date of initial application of
April 1, 2018. Under this method, the standard can be applied either to all contracts at the date of initial application or
only to contracts that are not completed at this date. The Group elected to apply the standard to all contracts that are not
completed as at April 1, 2018.
The cumulative effect of initially applying Ind AS 115 is recognised at the date of initial application as an adjustment to
the opening balance of retained earnings. Therefore, the comparative information was not restated and continues to
be reported under Ind AS 11 and Ind AS 18 and the requirement of Guidance Note as mentioned above referred to as
Previous Ind AS.

The effect of adopting Ind AS 115 as at April 1, 2018 is as follows :
(` in Lakh)
Particulars Reference CONSOLIDATED BALANCE SHEET
AS AT MARCH 31, 2019
Ind AS 115 Previous Ind Increase /
AS GHFUHDVH
ASSETS
, 1RQFXUUHQWDVVHWV
a) Property, plant and equipments 19,522.10 19,522.10 -
b) Capital work in progress 12,512.52 12,512.52 -
c) Investment properties 86,472.37 86,472.37 -
d) Intangible assets 164.64 164.64 -
e) Intangible assets under development 93.36 93.36 -
f) Financial assets -
i) Investments 2,59,891.48 2,59,891.48 -
ii) Other financial assets 507.87 507.87 -
g) Deferred tax assets (net) 1 13,477.65 13,434.17 43.48
h) Other non-current assets 21,639.92 21,639.92 -
4,14,281.91 4,14,238.43 43.48
,, &XUUHQWDVVHWV
a) Inventories 1,2 4,16,547.45 3,80,572.65 35,974.80
b) Financial assets
i) Investments 33,883.58 33,883.58 -
ii) Trade receivables 10,940.35 10,940.35 -
iii) Cash and cash equivalents 9,447.01 9,447.01 -
iv) Bank balances other than (iii) above 33,083.81 33,083.81 -
v) Loans 26,620.69 26,620.69 -
vi) Other financial assets 315.17 315.17 -
c) Current tax assets (net) 1,238.73 1,238.73 -
d) Other current assets 1 1,66,494.92 2,00,768.78 (34,273.86)
6,98,571.71 6,96,870.77 1,700.94
727$/$66(76,,, 11,12,853.62 11,11,109.20 1,744.42

, (TXLW\
a) Equity share capital 36,360.23 36,360.23 -
b) Other equity 1,2 7,66,556.82 7,77,081.74 (10,524.92)
8,02,917.05 8,13,441.97
,, /LDELOLWLHV
i) Borrowings 58,851.45 58,851.45 -
ii) Trade payables
a) Total outstanding dues of micro enterprises and small enterprises 417.18 417.18 -
b) Total outstanding dues of creditors other than micro enterprises and 1,972.86 1,972.86 -
small enterprises
iii) Other financial liabilities
b) Total outstanding dues of creditors other than micro enterprises and 386.42 386.42 -
small enterprises
ii) Others 11,245.69 11,245.69 -
b) Provisions 196.77 196.77 -
c) Deferred tax liabilities (net) 3,082.85 3,082.85 -
d) Other non-current liabilities 3,094.12 3,094.12 -
79,300.22 79,300.22 -
i) Borrowings 24,755.88 24,755.88 -
ii) Trade payables
a) Total outstanding dues of micro enterprises and small enterprises 1,232.61 1,232.61 -
small enterprises
iii) Other financial liabilities
small enterprises
ii) Others 99,284.57 99,284.57 -
b) Other current liabilities 1,2 82,119.32 65,560.38 16,558.94
c) Provisions 82.93 82.93 -
d) Current tax liabilities (net) 1 1,110.60 5,400.20 (4,289.60)
2,30,636.35 2,18,367.01 12,269.34
727$//,$%,/,7,(6LLL 3,09,936.57 2,97,667.23 12,269.34
727$/(48,7<$1'/,$%,/,7,(6,,, 11,12,853.62 11,11,109.20 1,744.42

(` in Lakh)
Particulars Reference CONSOLIDATED STATEMENT OF PROFIT
AND LOSS FOR THE YEAR ENDED
MARCH 31, 2019
Ind AS 115 Previous Ind Increase /
AS GHFUHDVH
INCOME
Revenue from operations 1 2,58,249.93 3,59,154.78 (1,00,904.85)
Other income 7,874.76 7,874.76 -
Total revenue 2,66,124.69 3,67,029.54
EXPENSES
Operating costs 1,65,243.25 1,65,243.25 -
Changes in inventories 1 (40,524.51) 43,602.97 (84,127.48)
Excise duty - - -
Employee benefits expense 7,335.43 7,335.43 -
Finance cost 1,936.19 1,936.19 -
Depreciation and amortisation 4,403.81 4,403.81 -
Other expenses 1 10,657.69 12,577.06 (1,919.37)
Total expenses 1,49,051.86 2,35,098.71
3URÀWEHIRUHVKDUHRISURÀWRIMRLQWYHQWXUHVQHWDQG 1,17,072.83 1,31,930.83
exceptional items
Share of Profit / (Loss) of joint ventures (net) 689.60 689.60 -
3URÀWEHIRUHWD[ 1,17,762.43 1,32,620.43
Tax expense
Current tax 1 35,269.21 39,602.29 (4,333.08)
Deferred tax 782.87 782.87 -
Short provision of tax in earlier years 17.00 17.00 -
3URÀWDIWHUWD[ 81,693.35 92,218.27

,WHPVWKDWZLOOQRWEHUHFODVVLÀHGWRSURÀWRUORVVLQ
subsequent years
A. Re - measurement gains / (losses) on defined benefit plans 98.57 98.57 -
Income tax effect on above (33.10) (33.10) -
Share of other comprehensive income in Joint Ventures
B. Re - measurement gains / (losses) on defined benefit plans (3.92) (3.92) -
Income tax effect on above 1.37 1.37 -
7RWDO RWKHU FRPSUHKHQVLYH LQFRPH H[SHQVHV IRU 62.93 62.93 -
the year net of tax
Total comprehensive income for the year (Comprising 81,756.27 92,281.19
SURÀW ORVV DQG RWKHU FRPSUHKHQVLYH LQFRPH IRU
WKH\HDU
Earnings per equity share (face value of `
- Basic (in `) 22.80 25.74 (2.94)
- Diluted (in `) 22.80 25.74 (2.94)
Footnotes:
1. Under the previous Ind AS revenue was recognised in proportion to the actual cost incurred (including land). Under Ind AS
115, the group elected to recognise revenue in proportion to the construction cost (excluding land). The resulting changes have
been recognised in the Statement of Profit and Loss.
2. The Group has opted for modified retrospective approach. In this method Ind AS 115 is applied to all the contracts that are not
completed as at April 1, 2018 (being the transition date). Adjustments have been made to the retained earnings by recognising
revenue only to the extent of costs incurred, as the relevant projects were in the early stages of development.

(` in Lakh)
NOTE 2. PROPERTY, PLANT AND EQUIPMENTS %XLOGLQJV Furniture 2IÀFH Plant and Electrical 9HKLFOHV $LUFUDIW &RPSXWHUV Total
and HTXLSPHQWV PDFKLQHU\ installations
À[WXUHV and
HTXLSPHQWV
Gross carrying value as at April 1, 2018 17,481.80 2,767.94 107.73 4,058.36 1,514.01 907.06 505.34 380.81 27,723.05
Additions - 11.38 9.54 49.02 7.25 346.11 - 20.67 443.97
(Deductions) / (Disposals) (4.14) (3.19) (1.70) (49.31) - (64.16) - - (122.50)
Gross carrying value as at March 31, 2019 17,477.66 2,776.13 115.57 4,058.07 1,521.26 1,189.01 505.34 401.48 28,044.52
Accumulated depreciation as at April 1, 2018 965.21 1,984.99 65.05 2,533.78 878.08 318.52 118.11 235.44 7,099.18
Depreciation for the period 319.77 218.84 17.23 398.23 293.17 139.56 39.37 74.60 1,500.77
(Deductions) / (Disposals) (2.99) (2.57) (1.58) (28.40) - (41.99) - - (77.53)
Closing accumulated depreciation as at 1,281.99 2,201.26 80.70 2,903.61 1,171.25 416.09 157.48 310.04 8,522.42
March 31, 2019
Net carrying value as at March 31, 2019 16,195.67 574.87 34.87 1,154.46 350.01 772.92 347.86 91.44 19,522.10
The Group has no restrictions on the realisability of its Property, Plant and Equipments and the same are free from any encumbrances.
* The above includes Gross Block of `510.74 lakh (`510.74 lakh) held in the name of AOP on co-ownership basis.
# Building includes 5 shares of `10 each of a housing society, which is pending for transfer.
(` in Lakh)
Particulars %XLOGLQJV Furniture 2IÀFH Plant and Electrical 9HKLFOHV $LUFUDIW &RPSXWHUV Total
and HTXLSPHQWV PDFKLQHU\ installations
À[WXUHV and
HTXLSPHQWV
Gross carrying value as at April 1, 2017 17,474.66 2,760.12 96.60 4,047.30 1,514.01 830.59 505.34 357.29 27,585.91
Additions 7.14 11.17 11.65 32.30 - 76.47 - 23.52 162.25
(Deductions) / (Disposals) - (3.35) (0.52) (21.24) - - - - (25.11)
Gross carrying value as at March 31, 2018 17,481.80 2,767.94 107.73 4,058.36 1,514.01 907.06 505.34 380.81 27,723.05
Accumulated depreciation as at April 1, 2017 643.38 1,317.56 48.11 1,820.53 585.35 194.64 78.74 146.66 4,834.97
Depreciation for the year 321.83 668.69 17.46 716.36 292.73 123.88 39.37 88.78 2,269.10
(Deductions) / (Disposals) - (1.26) (0.52) (3.11) - - - - (4.89)
Closing accumulated depreciation as at 965.21 1,984.99 65.05 2,533.78 878.08 318.52 118.11 235.44 7,099.18
March 31, 2018
Net carrying value as at March 31, 2018 16,516.59 782.95 42.68 1,524.58 635.93 588.54 387.23 145.37 20,623.87

103
104
(` in Lakh)
NOTE 3. CAPITAL WORK IN PROGRESS Property, Plant and Equipments Investment Properties Total
March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018
Opening capital work in progress 32.38 3.71 11,212.25 10,899.91 11,244.63 10,903.62
Additions 474.06 32.34 13,340.95 8,060.82 13,815.01 8,093.16
Capitalised during the year (50.61) (3.67) (12,496.51) (7,748.48)
Closing capital work in progress 455.83 32.38 12,056.69 11,212.25 12,512.52 11,244.63
Capital work in progress as at March 31, 2019 mainly comprises of expenditure towards office space building.

(` in Lakh)
NOTE 4. INVESTMENT PROPERTIES Land - Buildings Furniture 2IÀFH Plant and Electrical Computers Total
freehold and equipments machinery installations
À[WXUHV and
equipments
Gross carrying value as at April 1, 2018 11,941.78 56,042.37 2,090.38 10.78 11,658.78 2,383.84 5.36 84,133.29
Additions 39.40 8,252.14 1,425.13 0.60 2,245.30 568.14 - 12,530.71
(Deductions) / (Disposals) - (0.04) (7.62) (0.19) (71.41) (0.04) - (79.30)
Gross carrying value as at March 31, 2019 11,981.18 64,294.47 3,507.89 11.19 13,832.67 2,951.94 5.36 96,584.70
Accumulated depreciation as at April 1, 2018 - 2,762.66 761.94 7.38 2,795.86 1,026.91 5.08 7,359.83
Depreciation for the year - 1,063.86 367.51 1.66 1,099.09 253.29 0.22 2,785.63
Closing accumulated depreciation as at - 3,826.48 1,124.21 8.88 3,867.30 1,280.16 5.30 10,112.33
March 31, 2019
Net carrying value as at March 31, 2019 11,981.18 60,467.99 2,383.68 2.31 9,965.37 1,671.78 0.06 86,472.37
Investment property comprising of identified area of one of the commercial projects admeasuring 2,03,513.44 sq ft (2,03,513.44 sq ft) of the Group are mortgaged in connection with availing
working capital loan. (refer note 20)
(` in Lakh)
Particulars Land - Buildings Furniture 2IÀFH Plant and Electrical Computers Total
À[WXUHV and
equipments
Gross carrying value as at April 1, 2017 11,102.41 51,187.93 1,009.41 9.55 10,981.18 2,082.49 5.26 76,378.23
Additions 839.37 4,854.65 1,085.16 1.27 762.65 301.44 0.10 7,844.64
Gross carrying value as at March 31, 2018 11,941.78 56,042.37 2,090.38 10.78 11,658.78 2,383.84 5.36 84,133.29
Accumulated depreciation as at April 1, 2017 - 1,806.29 514.25 5.69 1,841.69 669.93 3.54 4,841.39
Depreciation for the year - 956.58 250.60 1.73 979.11 357.05 1.54 2,546.61
Closing accumulated depreciation as at - 2,762.66 761.94 7.38 2,795.86 1,026.91 5.08 7,359.83
March 31, 2018
Net carrying value as at March 31, 2018 11,941.78 53,279.71 1,328.44 3.40 8,862.92 1,356.93 0.28 76,773.46
127(,19(670(173523(57,(6&217'
Type Valuation technique 6LJQLÀFDQW Inter-relationship between

unobservable inputs VLJQLÀFDQWXQREVHUYDEOHLQSXWV
and fair value measurement
Investment properties Discounted cash flow Discount Rate 12.20% to 15.06%
technique- refer note below Terminal Year Growth Rate 5.00%
Under the DCF method, forecast cash flows are discounted back to the present date, generating a net present value for the cash
flow stream of the business.
A terminal value at the end of the explicit forecast period is determined and that value is also discounted back to the Valuation Date
to give an overall value for the business.
L A Discounted cash flow methodology typically requires the forecast period to be of such a length to enable the business to
achieve a stabilised level of earnings, or to be reflective of an entire operation cycle for more cyclical industries.
LL The rate at which the future cash flows are discounted (“the discount rate”) should reflect not only the time value of money, but
also the risk associated with the business future operations. The discount rate most generally employed is Weighted Average
Cost of Capital (“WACC”), reflecting an optimal as opposed to actual financing structure.
LLL In calculating the terminal value, regard must be had to the business potential for further growth beyond the explicit forecast
period. The “Constant Growth Model”, which applies an expected constant level of growth to the cash flow forecast in the last
year of the forecast period and assumes such growth is achieved in perpetuity, is a common method. These results would be
cross-checked, however, for reasonability to implied exit multiples.
Generally, a change in the assumption made for the estimated rental value is accompanied by:
D A directionally similar change in the rent growth per annum and discount rate (and exit yield).
E An opposite change in the long term vacancy rate.
$PRXQWVUHFRJQLVHGLQWKH6WDWHPHQWRI3URÀWDQG/RVVIRULQYHVWPHQWSURSHUWLHV
(` in Lakh)
Particulars March 31, 2019 March 31, 2018
Rental income derived from investment properties 32,337.30 23,383.05
Direct operating expenses (including repairs and maintenance) generating 1,827.86 1,439.00
rental income
Direct operating expenses (including repairs and maintenance) that did not - -
generate rental income
3URÀWDULVLQJIURPLQYHVWPHQWSURSHUWLHVEHIRUHGHSUHFLDWLRQ 30,509.44 21,944.05
Depreciation for the year 2,785.63 2,546.61
3URÀWDULVLQJIURPLQYHVWPHQWSURSHUWLHV 27,723.81 19,397.44
4.2 Contractual obligations
Refer note 41 for disclosure of contractual obligations to purchase, construct or develop investment properties or its repairs,
maintenance or enhancements.
4.3 Leasing arrangements
The Group’s investment properties consist of four commercial properties in Mumbai. The management has determined that the
LQYHVWPHQWSURSHUWLHVFRQVLVWRI&RPPHU]&RPPHU],,SKDVH,2EHURL,QWHUQDWLRQDO6FKRRODQG2EHURL0DOOEDVHGRQWKHQDWXUH
characteristics and risks of each property.
(` in Lakh)
Not later than one year 18,588.85 14,128.99
Later than one year and not later than five years 45,060.90 26,414.28
Later than five years 28,685.72 21,935.77
Lease income recognised during the year in profit and loss 32,337.30 23,383.05

127(,19(670(173523(57,(6&217'
4.4 Fair value
As at March 31, 2019 the fair values of the properties are `3,70,070.00 lakh (`3,53,580.00 lakh). These valuations are based on
valuations performed by independent valuer. All fair value estimates for investment properties are included in level 3.
The Group has no restrictions on the realisability of its investment properties subject to note 20.
(` in Lakh)
NOTE 5. INTANGIBLE ASSETS Computer Software
Gross carrying value as at April 1, 2018 478.61
Additions 45.08
(Deductions) / (Disposals) -
Gross carrying value as at March 31, 2019 523.69
Accumulated amortisation as at April 1, 2018 241.64
Amortisation for the year 117.41
Closing accumulated amortisation as at March 31, 2019 359.05
Net carrying value as at March 31, 2019 164.64
Addition to intangible assets mainly comprises of purchases of software.
(` in Lakh)
Particulars Computer Software
Additions 123.22
(Deductions) / (Disposals) (4.24)
Gross carrying value as at March 31, 2018 478.61
Closing accumulated amortisation as at March 31, 2018 241.64
Net carrying value as at March 31, 2018 236.97
(` in Lakh)
NOTE 6. INTANGIBLE ASSETS UNDER DEVELOPMENT March 31, 2019 March 31, 2018
Opening capital work in progress 18.79 47.26
Additions 110.09 11.71
Capitalised during the period (35.52) (40.18)
Closing capital work in progress 93.36 18.79
Intangible assets under development mainly comprises of expenditure towards software.

(` in Lakh)
NOTE 7. INVESTMENTS March 31, 2019 March 31, 2018
Non-current
Unquoted
,QYHVWPHQWLQHTXLW\RIMRLQWYHQWXUHVDWFRVWDFFRXQWHGXVLQJ
HTXLW\PHWKRG
4,18,26,070 (4,18,26,070) equity shares of `10 each fully paid up of 4,191.98 4,184.88
Siddhivinayak Realties Private Limited
9,500 (9,500) equity shares of `10 each fully paid up of Sangam City 2,547.44 2,661.82
Township Private Limited
5,00,000 (5,00,000) equity shares of `10 each fully paid up of I-Ven Realty 29,044.82 29,054.63
Limited
15,121 (15,121) equity shares of `100 each fully paid up of Metropark 150.86 144.36
Infratech and Realty Developments Private Limited
,QYHVWPHQWLQSDUWQHUVKLSÀUPVRIMRLQWYHQWXUHVDWFRVWDFFRXQWHG
XVLQJHTXLW\PHWKRG
Saldanha Realty And Infrastructure LLP(1) 4,685.10 4,653.77
Shri Siddhi Avenues LLP (2) - 220.85
Schematic Estate LLP (3) 0.57 0.00
,QYHVWPHQW LQ MRLQW YHQWXUH DW FRVW DFFRXQWHG XVLQJ HTXLW\

PHWKRG
Oasis Realty 2,15,891.76 1,90,635.96
Investment carried at amortised cost

,QYHVWPHQWLQSUHIHUHQFHVKDUHVRIMRLQWYHQWXUH
3,62,500 (3,62,500) 1% non cumulative non convertible preference shares 753.18 681.43
of `10 each fully paid up of I-Ven Realty Limited
,QYHVWPHQWLQSHUSHWXDOERQGRIMRLQWYHQWXUH
26,23,875 (84,15,875) perpetual bond of `100 each fully paid up of 2,623.88 8,415.88
I-Ven Realty Limited
Investment in government securities

National saving certificate (in the name of employee of the Company) 1.89 1.74
2,59,891.48 2,40,655.32
Aggregate Value of unquoted investments 2,59,891.48 2,40,655.32
(` in Lakh)
Fixed capital investments Partners Name Share of Share of March 31, March 31,
LQSDUWQHUVKLSÀUPV partner partner 2019 2019
March 31, March 31,
2019 2018
Capital in Saldanha Realty Allwyn Saldanha 25.00% 25.00% 12.50 12.50

And Infrastructure LLP Geraldine Saldanha 25.00% 25.00% 12.50 12.50
Expressions Realty Private Limited 50.00% 50.00% 25.00 25.00
Total 100.00% 100.00% 50.00 50.00
Capital in Shri Siddhi Integrus Realty Private Limited 60.00% 50.00% 1,000.00 1,000.00
Avenues LLP Kishor Rathod 14.00% 17.50% 0.18 0.18
Mahendra Rathod 12.00% 15.00% 0.15 0.15
Raju Rathod 11.20% 14.00% 0.14 0.14
Jignesh Kothari 2.80% 3.50% 0.04 0.04
Total 100.00% 100.00% 1,000.51 1,000.51
Capital in Schematic Estate Shri Siddhi Avenues LLP 99.90% 99.90% 1.00 1.00
LLP Integrus Realty Private Limited 0.10% 0.10% 0.00 0.00
Total 100.00% 100.00% 1.00 1.00

(` in Lakh)
NOTE 8. OTHER FINANCIAL ASSETS /21*7(50121&855(17 6+2577(50&855(17
March 31, March 31, March 31, March 31,
2019 2018 2019 2018
Unsecured and considered good
Accrued income - - 315.17 232.60
Fixed deposits with banks, having remaining maturity for 507.87 410.99 - -
more than twelve months (refer note 15)
507.87 410.99 315.17 232.60
Accrued income consist of amount recoverable from tenants on account of contractual obligations.
(` in Lakh)
NOTE 9. DEFERRED TAX March 31, 2019 March 31, 2018
Deferred tax assets
On other expenses 10.71 8.87
On carried forward losses - 153.88
On share issue expenses 483.12 -
Deferred tax liabilities
On depreciation and amortisation 86.58 98.98
On fair valuation of investments 111.58 0.04
295.67 63.73
Add: MAT credit 13,181.98 14,514.81
9.1 'HIHUUHGWD[DVVHWVQHW 13,477.65 14,578.54

On depreciation and amortisation 2,131.54 2,083.62
On lease equalisation reserve assets 910.79 319.01
On fair valuation of investments 108.18 2.15
On undistributed profits - 1,356.65
Deferred tax assets
9.2 'HIHUUHGWD[OLDELOLWLHVQHW 3,082.85 3,705.16
Movement in deferred tax

(` in Lakh)
Particulars Total
As at April 1, 2017 9,974.06
- to profit and loss 3,019.39
- MAT credit (706.78)
- on undistributed profit (1,356.65)
- to other comprehensive income (56.64)
As at March 31, 2018 10,873.38
- to profit and loss (782.87)
- MAT credit (1,502.38)
- on undistributed profit 1,356.65
- to other comprehensive income (33.10)
- on share issue expenses 483.12
As at March 31, 2019 10,394.80

(` in Lakh)
NOTE 10. OTHER ASSETS /21*7(50121&855(17 6+2577(50&855(17
2019 2018 2019 2018
Capital advances 4,320.97 321.82 - -
Advances other than capital advances

Security deposits 13,162.98 13,165.73 30,658.98 35,714.68
Other advances
Advances to vendors 63.00 63.00 98,358.74 95,807.53
Advances recoverable in cash or kind 284.19 321.69 7,776.35 9,131.22
Balance with government authorities 1,316.73 - 21,850.33 17,181.68
Revenue in excess of billing - - - 11,000.26
Contract assets - Revenue in excess of billing - - 6,782.00 -
(refer note 43)
Others
Prepaid expenses 29.42 31.02 731.76 571.60
Lease equalisation reserve 2,462.63 712.35 336.76 266.17
21,639.92 14,615.61 1,66,494.92 1,69,673.14
(` in Lakh)
NOTE 11. INVENTORIES March 31, 2019 March 31, 2018
Plots of land 514.91 514.91
Works in progress 3,62,028.48 4,11,298.02
Finished goods 53,791.07 11,492.63
Food and beverages etc. 172.00 143.04
Others (transferrable development rights) 40.99 1,224.78
4,16,547.45 4,24,673.38
Inventory comprising of unsold identified units admeasuring 10,35,725 sq ft (12,06,918 sq ft) in three projects of the Group are
mortgaged to a institutional investor/lender for availing term loan. (refer note 20)

(` in Lakh)
NOTE 12. INVESTMENTS March 31, 2019 March 31, 2018
Current
Unquoted
,QYHVWPHQWLQGHEHQWXUHVRIMRLQWYHQWXUHV
% optionally convertible debenture of `100 each fully paid up of
5,950 (5,950) 2012 Series-1 and 2 5.36 5.36
52,620 (52,620) 2013 Series-1 to 16 47.46 47.51
48,000 (48,000) 2014 Series-1 to 11 43.16 43.21
8,250 (8,250) 2015 Series-1 and 2 7.49 7.49
36,200 (36,200) 2016 Series-1 to 7 33.10 33.11
38,000 (38,000) 2017 Series-1 to 7 35.00 42.32
10,000 (Nil) 2018 series-1 9.17 -
Quoted
,QYHVWPHQWFDUULHGDWIDLUYDOXHWKURXJKSURÀWRUORVV
Investment in mutual funds
86,445 (Nil) units of `1,000 each of Aditya Birla Sun Life Cash Plus - 259.71 -
Direct Plan - Growth
31,29,564 (Nil) units of `100 Aditya Birla Sun Life Liquid Fund - Direct - 9,402.34 -
Growth (6,68,815 (Nil) units having market value of `2,009.36 lakh (Nil)
is lien marked)
2,701 (Nil) units of `1,000 each of HDFC Liquid Fund - Direct - Growth 99.36 -
6,351 (Nil) units of `1,000 each of DSP Liquidity Fund - Direct - 169.78 -
Growth
27,51,292 (Nil) units of `100 each of ICICI Prudential Liquid Fund - Direct 7,605.02 -
Plan - Growth
1,80,032 (257) units of `1,000 each of Axis Liquid Fund - Direct Plan - 3,733.01 4.96
Growth option (Nil (257) units having market value of Nil (`4.96) lakh is
lien marked)
13,127 (Nil) units of `1,000 each of Kotak Liquid Scheme - Direct Plan - 496.76 -
Daily Dividend
62,647 (5,117) units of `1,000 each of L&T Liquid Fund - Direct Plan - 1,606.11 121.93
Growth option
Nil (5,609) units of `1,000 each of BOI AXA Liquid Fund - Direct - Growth - 112.38
option
1,31,22,304 (Nil) units of `10 Sundaram Money Fund - Direct Plan - 5,171.70 -
Growth
4,194 (Nil) units of `1,000 UTI Liquid Cash Plan - Direct Plan - Growth 128.37 -
option
Nil (3,791) units of `100 DHFL Pramerica Insta Cash Plus Fund - Direct - 8.56
Plan - Growth Option
1,95,560 (38,553) units of `1,000 Invesco India Liquid Fund - Direct 5,030.68 922.22
Plan - Growth Option
33,883.58 1,349.05
Aggregate amount of
Market value of quoted investments 33,702.84 1,170.05
Aggregate Value of unquoted investments 180.74 179.00

(` in Lakh)
NOTE 13. TRADE RECEIVABLES March 31, 2019 March 31, 2018
Unsecured and considered good 10,940.35 18,116.57
10,940.35 18,116.57
Trade receivables are non-interest bearing and are generally on terms as per the contract / agreement.
(` in Lakh)
NOTE 14. CASH AND CASH EQUIVALENTS March 31, 2019 March 31, 2018
Balances with banks 2,782.18 2,158.48
9,447.01 8,106.02
(` in Lakh)
NOTE 15. OTHER BANK BALANCES March 31, 2019 March 31, 2018
Balance with banks in dividend / unclaimed dividend accounts 3.47 2.64
Fixed deposits with banks, having remaining maturity for less than twelve months 30,879.56 2,886.93
Fixed deposits with banks (lien marked) 2,708.65 1,087.71
33,591.68 3,977.28
Less : Amount disclosed under non-current asset (refer note 8) (507.87) (410.99)
33,083.81 3,566.29
(` in Lakh)
NOTE 16. LOANS March 31, 2019 March 31, 2018
/RDQVWRUHODWHGSDUWLHVUHIHUQRWH
Loans to joint ventures 25,515.19 14,625.46
Other loans and advances

Loans to others 1,105.25 1,105.25
Loans to employees 0.25 2.92
26,620.69 15,733.63
/RDQVDGYDQFHVGXHE\GLUHFWRUVRURWKHURIÀFHUVHWF
Advances to related parties include
Due from the private limited company (JV) in which the Company’s director is 3,804.01 3,444.39
a director
Loans to related parties and others are interest free and are repayable on demand except for one party where the interest is charged
as per the terms of the agreement. The loans have been granted for meeting their business requirements.
(` in Lakh)
NOTE &855(177$;$66(761(7 March 31, 2019 March 31, 2018
Income tax (net of provisions) 1,238.73 1,863.84
1,238.73 1,863.84

NOTE &855(177$;$66(761(7&217'
1RWH5HFRQFLOLDWLRQRIWD[H[SHQVHDQGWKHDFFRXQWLQJSURÀWPXOWLSOLHGE\,QGLD·VGRPHVWLFWD[UDWH
(` in Lakh)
$FFRXQWLQJ3URÀWEHIRUH,QFRPH7D[ 1,17,072.83 64,590.59
Tax on accounting Profit at statutory income tax rate of 34.944% (March 31, 40,909.93 22,353.51
2018: 34.608%)
Adjustment for expenses disallowed under Income Tax Act 1,996.82 2,354.93
Change in tax rate in respect of subsidiaries in consolidation (3,422.67) (10.35)
Adjustment for expenses allowed under Income Tax Act (3,520.39) (2,555.51)
Adjustment for exempted income (58.88) (43.60)
Others (635.60) (122.88)
Current Tax Provision 35,269.21 21,976.10
Adjustment for Deferred tax 782.87 (3,019.39)
Adjustment for Short / (excess) provision of tax in earlier years 17.00 115.53
7RWDO7D[H[SHQVHUHSRUWHGLQWKH6WDWHPHQWRI3URÀWDQG/RVV 36,069.08 19,072.24
(` in Lakh)
NOTE 18. SHARE CAPITAL March 31, 2019 March 31, 2018
Authorised share capital
42,50,00,000 (42,50,00,000) equity shares of `10 (Rupees ten only) each 42,500.00 42,500.00
42,500.00 42,500.00
Issued, subscribed and paid up share capital
fully paid up
Add: Issue of fresh shares under qualified institutions placement 2,400.00 -
Add: Issue of fresh shares on exercise of options vested under Employee Stock - 6.68
Option Scheme
36,360.23 33,960.23
18.1 Reconciliation of shares outstanding at the beginning and at the end of the year
Equity shares

in No. (` LQ/DNK in No. (` LQ/DNK
At the beginning of the year 33,96,02,237 33,960.23 33,95,35,426 33,953.55
Add: Issue of fresh shares under qualified institutions 2,40,00,000 2,400.00 - -
placement
Add: Issue of fresh shares on exercise of options vested - - 66,811 6.68
under Employee Stock Option Scheme
At the end of the year 36,36,02,237 36,360.23 33,96,02,237 33,960.23
18.2 Terms / rights attached to equity shares

The Company has only one class of equity shares having par value of `10 per share. Each shareholder of equity shares is entitled to
one vote per share. The Company declares dividends in Indian rupees. The dividend proposed by the Board of Directors is subject
to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company,
after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the
shareholders.
The Board of Directors of the Company has proposed dividend of `2 (`2) per equity share for the financial year 2018-2019. The
payment of dividend is subject to approval of the shareholders in the ensuing Annual General Meeting of the Company. The total
cash outflows on account of Proposed Equity Dividend would be `7,272.05 lakh (`6,792.04 lakh).

127(6+$5(&$3,7$/&217'
18.3 Details of shareholders holding more than 5.00% shares in the Company
Equity shares
Name March 31, 2019 March 31, 2018

in No. % Holding in No. % Holding
L Vikas Oberoi 21,28,73,614 58.55% 21,28,73,614 62.68%
LL R S Estate Developers Private Limited 3,33,00,000 9.16% 3,33,00,000 9.81%
As per the records of the Company, including its register of shareholders / members and other declarations received from shareholders
regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.
18.4 Shares reserved for issue under options
The Company instituted an Employees Stock Option Scheme (‘ESOP 2009’) pursuant to the Board and Shareholders’ resolution
dated December 4, 2009. As per ESOP 2009, the Company was authorised to grant 14,43,356 options comprising equal number
of equity shares in one or more tranches to the eligible employees of the Company and its subsidiaries. The employee will have the
option to exercise the right within three years from the date of vesting of options. Under ESOP 2009, 13,49,553 options had been
granted, out of which as on date of balance sheet Nil (Nil) options are outstanding.
The following information relates to the Employee Stock Options as on March 31, 2018
Particulars Number Exercise Weighted Weighted average

of options price (` average contractual life
exercise of options as on
price (` the date of
JUDQW<HDUV
Outstanding at the beginning of the year 94,739 260 260 4.20
Less: Lapsed / forfeited / cancelled during the year 27,928 - - -
Less: Exercised during the year 66,811 260 260 -
Outstanding at the end of the year - - - -
Exercisable at the end of the year - - - -
Pursuant to the optional exemption availed by the Company on transition to IND AS, the employee share based payments have been
accounted using the intrinsic value method measured by a difference between the market price of the underlying equity shares as at
the date of grant and the exercise price. Since the market price of the underlying equity shares on the grant date is same as exercise
price of the option, the intrinsic value of option is determined as ` Nil. Hence no compensation expense has been recognised. Under
the fair value method, there would have been no impact on the basic and diluted EPS for the year.

(` in Lakh)
NOTE 19. OTHER EQUITY March 31, 2019 March 31, 2018
General reserve
Balance in General reserve 23,275.82 23,275.82
23,275.82 23,275.82
Capital redemption reserve

Balance in Capital redemption reserve 5,710.00 5,710.00
5,710.00 5,710.00
Capital reserve
Balance in Capital reserve 3,590.00 3,590.00
3,590.00 3,590.00
Securities premium
Opening balance 1,67,364.58 1,67,197.55
Add: Receipt during the year 1,17,600.00 167.03
Less: Share issue expense (net of deferred tax) (1,245.06) -
2,83,719.52 1,67,364.58
Debentures redemption reserve

Opening balance - -
Add: transfer from retained earnings 11,458.33 -
11,458.33 -
Capital reserve on consolidation

Balance in Capital reserve on consolidation 7,585.19 7,585.19
7,585.19 7,585.19
Retained earnings
Opening balance 3,67,751.55 3,31,283.96
Profit during the year as per Statement of Profit and Loss 81,693.35 45,880.32
Revenue recognised only to the extent of cost incurred as per Ind AS 115
Revenue 49,324.83 -
Cost (49,324.83) -
Items of other comprehensive income recognised directly in retained earnings
Transfer to retained earnings of re - measurement gains / (losses) on defined 62.92 118.67
benefit plans, net of taxes
Dividend (including dividend distribution tax) (8,188.18) (8,174.75)
Deferred tax liabilities - tax on undistributed profits 1,356.65 (1,356.65)
Transferred to debenture redemption reserve (11,458.33) -
4,31,217.96 3,67,751.55
7,66,556.82 5,75,277.14

(` in Lakh)
NOTE 20. BORROWINGS /21*7(50121&855(17 6+2577(50&855(17
2019 2018 2019 2018
L /RDQIURPUHODWHGSDUW\UHIHUQRWH
Unsecured
From director* - - 4,746.00 8,908.00
- - 4,746.00 8,908.00
*Interest free and repayable on demand
LL 'HEHQWXUHVUHIHUQRWHDEHORZ
Secured
9.25% Redeemable non-convertible
debenture
250 (250) - Series V (Face value of `100 lakh (`100 24,999.56 24,992.50 1,013.70 1,013.70
lakh) each fully paid up), redeemable on April 23,
2019
250 (250) - Series VI (Face value of `100 lakh (`100 24,992.12 24,985.39 1,013.70 1,013.70
2020
250 (250) - Series VII (Face value of `100 lakh (`100 24,984.85 24,978.40 1,013.70 1,013.70
2021
74,976.53 74,956.29 3,041.10 3,041.10
(LLL /LQHRIFUHGLWUHIHUQRWHEEHORZ
Secured
- Line of credit from bank - - 16,968.78 14,636.66
- - 16,968.78 14,636.66
(LY 7HUP/RDQUHIHUQRWHFEHORZ

Secured
- From bank 58,851.45 67,864.18 - -
58,851.45 67,864.18 - -
7RWDOLLLLLLLY 1,33,827.98 1,42,820.47 24,755.88 26,585.76
Less: Current maturities of long term borrowings (74,976.53) (74,956.29) - -
(refer note 22)
58,851.45 67,864.18 24,755.88 26,585.76
D 7HUPVRI5HGHHPDEOH1RQ&RQYHUWLEOH'HEHQWXUHV
In June 2016, one of the subsidiary company has issued 750 9.25% Redeemable Non-Convertible Debentures (NCDs) (Series
V, VI, VII) of `100.00 lakh each amounting to `75,000.00 lakh through private placement. The entire issue proceeds have
been utilised in accordance with the objects of the issue.
The coupon rate is 9.25% p.a., payable semi-annually. The subsidiary company has an option to redeem the Series VI and
Series VII NCDs prior to the scheduled redemption date mentioned above in one or more tranches, subject to payment of early
redemption premium.
Security
The Debentures are secured by (i) mortgage of the unsold identified residential units (inventories) in one of the project of the
subsidiary company, (ii) charge on receivables and Escrow Account into which receivables are deposited from the sale of flats
in one of the project of the subsidiary company and (iii) further secured by way of an irrevocable and unconditional corporate
guarantee of the Company. The security cover as required under the terms of the issue of the said Debentures is maintained.

127(%2552:,1*6&217'
E In September 2017, the Company has availed working capital credit limit of `30,000.00 lakh from Axis Bank Ltd. for meeting
working capital requirement of its various under construction projects. The current drawing power (DP) under this limit is
`22,500.00 lakh, as per the terms of sanction. This credit limit carries a monthly interest of 9.25% p.a. (8.90% p.a.) (Base
Rate+PLC) and as on March 31, 2019, `16,854.38 lakh (`14,561.00 lakh) was drawn by the Group. The said credit limit is
for a period of 48 months with scheduled repayment of 25% at the end of each year, from the date of first drawdown.
The Loan is secured by mortgage of the identified commercial units in one of the project of the Company. The security cover
as required under the terms of the loan is maintained. (refer note 4)
(F In November 2017, the Company has availed a Term Loan of `75,000.00 lakh from HDFC Ltd. for meeting its working capital
requirement. Currently this Term Loan is on a monthly interest payment of 10.75% p.a. (9.15% p.a.) (Base Rate+PLC) on
`59,350.36 lakh (`68,500.00 lakh) drawn by the Company till March 31, 2019. The Term Loan is for a period of 60 months,
from the date of first drawdown. The Company has an option to pre-pay the loan fully or partially.
The Term Loan is secured by mortgage of the unsold identified residential units (inventories) in two projects of the Company
with charge on receivables therefrom. The security cover as required under the terms of the term loan is maintained.
(refer note 11)
(` in Lakh)
NOTE 21. TRADE PAYABLES /21*7(50121&855(17 6+2577(50&855(17
2019 2018 2019 2018
Trade payables
Total outstanding dues of micro enterprises and small 417.18 276.50 1,232.61 718.30
enterprises
Total outstanding dues of creditors other than micro 1,972.86 1,187.03 19,607.32 12,361.59
enterprises and small enterprises
2,390.04 1,463.53 20,839.93 13,079.89
Trade payables are non-interest bearing and are settled in accordance with the contract terms with the vendors.
(` in Lakh)
NOTE 22. OTHER FINANCIAL LIABILITIES /21*7(50121&855(17 6+2577(50&855(17
2019 2018 2019 2018
Financial liabilities measured at amortised cost
Current maturities of long term borrowings (refer note 20) - - 74,976.53 74,956.29
Guarantee liabilities - 30.18 30.18 30.10
Trade deposits 11,245.69 8,195.73 15,807.81 15,349.20
Others
Unclaimed dividend - - 3.47 2.64
Others - - 8,466.58 5,848.29
11,245.69 8,225.91 99,284.57 96,186.52
Capital creditors
Total outstanding dues of micro enterprises and small enterprises 52.88 39.11 73.38 162.36
Total outstanding dues of creditors other than micro 386.42 186.01 2,369.74 1,240.56
439.30 225.12 2,443.12 1,402.92
11,684.99 8,451.03 1,01,727.69 97,589.44
Guarantee liabilities are on account of financial guarantee given on behalf of joint venture.
Trade deposits are deposits received from the tenants for leasing of commercial properties. These deposits are interest free and are
repayable as per the terms of the contract. These are carried at amortised cost.
Capital creditors are creditors for the acquisition of property, plant and equipments and investment properties.
Other financial liabilities includes amounts payable to vendors / customers in the usual course of business.

(` in Lakh)
NOTE 23. PROVISIONS /21*7(50121&855(17 6+2577(50&855(17
2019 2018 2019 2018
3URYLVLRQIRUHPSOR\HHEHQHÀWVUHIHUQRWH
Provision for gratuity 13.87 - 35.40 15.70
Provision for leave salary 182.90 165.97 47.53 26.86
196.77 165.97 82.93 42.56
(` in Lakh)
NOTE 24. OTHER LIABILITIES /21*7(50121&855(17 6+2577(50&855(17
2019 2018 2019 2018
Billing in excess of revenue recognised - - - 1,75,569.10

Contract liabilities - Billing in excess of revenue recognised - - 66,168.91 -
(refer note 43)
Rent received in advance 3,094.12 1,445.75 1,117.29 1,090.46
Advances from customers - - 632.13 3,690.43
Contract liabilities - Advances from customers (refer note 43) - - 2,006.43 -
Other payables
Other deposits - - 0.21 1.21
Provision for expenses - - 9,053.43 7,855.33
Statutory dues - - 2,969.30 4,110.44
Others - - 171.62 143.38
3,094.12 1,445.75 82,119.32 1,92,460.35
(` in Lakh)
NOTE &855(177$;/,$%,/,7,(61(7 March 31, 2019 March 31, 2018
Income tax (net of provisions) 1,110.60 381.71
1,110.60 381.71
(` in Lakh)
NOTE 26. REVENUE FROM OPERATIONS March 31, 2019 March 31, 2018
Revenue from contracts with customers (refer note 43)
Revenue from projects 2,06,911.28 85,353.40
Revenue from hospitality 13,513.51 12,781.53
Rental and other related revenues 32,337.30 23,383.05
Property management revenues 4,594.40 4,204.42
Other operating revenue 893.44 820.50
2,58,249.93 1,26,542.90
(` in Lakh)
NOTE 27. OTHER INCOME March 31, 2019 March 31, 2018
Interest income on
Bank fixed deposits 2,851.38 578.15
Financial assets measured at amortised cost 1,430.17 1,350.89
Others 166.84 49.33
Dividend income on investments 310.82 137.39
Profit on sale of investments (net) 2,354.82 237.77
Profit of investments in mutual fund measured at fair value through profit and 747.64 3.42
loss account (net)
Other non-operating income 13.09 300.85
7,874.76 2,657.80

(` in Lakh)
NOTE 28. OPERATING COSTS March 31, 2019 March 31, 2018
Expenses incurred during the year
Land, development right and transferrable development rights 27,926.70 3,488.79
Materials, labour and contract cost 96,661.02 61,632.98
Other project costs 4,734.02 4,318.36
Rates and taxes 7,056.61 1,960.05
Professional charges 2,469.56 1,842.73
Food, beverages and hotel expenses 4,745.33 4,521.46
$OORFDWHGH[SHQVHVWRSURMHFWV
Employee benefits expense 6,286.73 6,483.13
Other expenses 1,065.40 1,275.79
Finance cost 14,297.88 10,290.34
1,65,243.25 95,813.63
(` in Lakh)
NOTE 29. CHANGES IN INVENTORIES March 31, 2019 March 31, 2018
Opening Stock
Opening balance of works in progress 4,11,298.02 3,60,244.99
Opening stock of finished goods 11,492.63 14,324.06
Opening stock of food and beverages etc. 143.04 116.98
$ 4,22,933.69 3,74,686.03
Closing Stock
Closing balance of works in progress 3,62,028.48 4,11,298.02
Closing stock of finished goods 53,791.07 11,492.63
Closing stock of food and beverages etc. 172.00 143.04
% 4,15,991.55 4,22,933.69
,QFUHDVHGHFUHDVHLQLQYHQWRULHV
of works in progress 49,269.54 (51,053.03)
of finished goods (42,298.44) 2,831.43
of food and beverages etc. (28.96) (26.06)
Transfer to current assets / PPE / investment properties / capital work in progress 686.03 (787.42)
Adjusted directly in reserve on transition (48,152.68) -
$%
(` in Lakh)
NOTE 30. EXCISE DUTY March 31, 2019 March 31, 2018
Excise duty - 3.16
- 3.16
(` in Lakh)
NOTE 31. EMPLOYEE BENEFITS EXPENSE March 31, 2019 March 31, 2018
Employee costs 12,395.84 11,962.85
Contribution to provident fund, gratuity and others 683.17 747.87
Staff welfare expenses 543.15 487.74
13,622.16 13,198.46
Less: allocated to projects / capitalised 6,286.73 6,483.13
7,335.43 6,715.33

(` in Lakh)
NOTE 32. FINANCE COST March 31, 2019 March 31, 2018
Interest expenses
Financial liabilities at amortised cost 16,234.07 10,976.78
16,234.07 10,976.78
1,936.19 686.44
(` in Lakh)
NOTE 33. DEPRECIATION AND AMORTISATION March 31, 2019 March 31, 2018
Depreciation on property, plant and equipments 1,500.77 2,269.10
Depreciation on investment properties 2,785.63 2,546.61
Amortisation of intangible assets 117.41 91.05
4,403.81 4,906.76
(` in Lakh)
NOTE 34. OTHER EXPENSES March 31, 2019 March 31, 2018
Advertising and marketing expenses 2,274.31 1,201.21
Brokerage expenses 3,808.80 2,021.33
Books and periodicals expenses 2.95 2.54
Communication expenses 113.73 88.02
Conveyance and travelling expenses 172.51 169.19
Corporate social responsibility expenses 364.91 306.28
Directors sitting fees and commission 68.43 71.38
Donations 527.92 18.87
Electricity charges 462.66 300.04
Hire charges 307.93 168.91
Information technology expenses 462.69 388.90
Insurance charges 325.71 336.47
Legal and professional charges 299.39 222.78
Loss on sale / discarding of property, plant and equipments (net) 24.25 0.90
Membership and subscription charges 41.25 57.33
Miscellaneous expenses 626.60 364.61
Payment to auditor 78.53 75.52
Printing and stationery expenses 168.62 161.55
Rent expenses 39.83 29.00
Repairs and maintenance
Building 151.66 156.96
Plant and machinery 109.76 110.49
Others 1,241.74 782.71
Security expenses 674.23 428.25
Vehicle expenses 33.07 38.11
12,405.93 7,619.96
Less: allocated to projects / capitalised / transfer to current assets 1,748.24 2,100.09
10,657.69 5,519.87
(` in Lakh)
NOTE ($51,1*63(56+$5((36 March 31, 2019 March 31, 2018
Profit after tax as per Statement of Profit and Loss 81,693.35 45,880.32
Weighted average number of equity shares for basic EPS (in No.) 35,82,76,210.00 33,95,97,653.00
Face value of equity share (`) 10.00 10.00
Basic earnings per share (` 22.80 13.51
Diluted earnings per share (` 22.80 13.51

(` in Lakh)
NOTE 36. EMPLOYEE BENEFITS March 31, 2019 March 31, 2018
36.1 'HÀQHGFRQWULEXWLRQSODQV
Employer’s contribution to provident fund 481.90 452.12
Employer’s contribution to pension fund 88.24 75.33
Employer’s contribution to ESIC 16.30 15.27
Labour welfare fund contribution for workmen 0.44 0.40
(` in Lakh)
36.2 %HQHÀWSODQV DEFINED BENEFITS OTHER EMPLOYEE
GRATUITY BENEFITS
LEAVE ENCASHMENT
2019 2018 2019 2018
L Change in present value of obligations
Present value obligation at the beginning of the year 1,010.96 1,201.32 192.83 202.44
Interest cost 76.66 88.83 13.63 14.97
Service cost 158.96 185.01 67.87 67.39
Re-measurement (gain) / loss 28.56 (395.44) (9.38) (63.65)
Benefit paid (80.16) (68.68) (34.52) (28.32)
Employee’s transfer (27.63) (0.08) - -
Present value obligation at the end of the year 1,167.35 1,010.96 230.43 192.83
LL Change in fair value of plan assets

Fair value of plan assets at the beginning of the year 1,223.01 1,038.31 - -
Return on plan asset 92.95 76.78 - -
Employer’s contribution 11.87 177.17 - -
Return on plan assets, excluding amount recognised in net (17.29) (0.49) - -
interest expense
Benefit paid (80.16) (68.68) - -
Employee’s transfer (27.63) (0.08) - -
Closing balance of fair value of plan assets 1,202.75 1,223.01 - -
LLL Amount recognised in the balance sheet

Present value of obligation at the end of the year 1,167.35 1,010.96 230.43 192.83
Fair value of plan assets at the end of the year 1,202.75 1,223.01 - -
1HWDVVHWVOLDELOLWLHVUHFRJQLVHGLQWKH 35.40 212.05
balance sheet
LY ([SHQVHUHFRJQLVHGLQ6WDWHPHQWRI3URÀWDQG
Loss
Current service cost 158.96 185.01 67.87 67.39
Interest cost 76.66 88.83 13.63 14.97
Return on plan asset (92.95) (76.78) - -
Employee’s transfer (27.63)
Re-measurement (gain) / loss - - (9.38) (63.65)
([SHQVHVUHFRJQLVHGLQ6WDWHPHQWRI3URÀWDQG 115.04 197.06 72.12 18.71
Loss

NOTE (03/2<((%(1(),76&217'
(` in Lakh)
36.2 %HQHÀWSODQV DEFINED BENEFITS OTHER EMPLOYEE
GRATUITY BENEFITS
LEAVE ENCASHMENT
2019 2018 2019 2018
Y Expense recognised in other comprehensive
income
Re-measurement (gain) / loss 28.56 (395.44) - -
Return on plan assets, excluding amount recognised in net 17.29 0.49 - -
interest expense
45.85 - -
7RWDOLQFRPHH[SHQVHV 160.89 72.12 18.71
2XWRIWKHDERYHLQFRPHH[SHQVHV

Recognised in the Statement of Profit and Loss 115.04 197.06 72.12 18.71
Recognised in Other Comprehensive Income 45.85 (394.95) - -
YL Movement in the liabilities recognised in

balance sheet
Opening net liability 212.05 (163.01) (192.83) (202.44)
Income / (expenses) as above (160.89) 197.89 (72.12) (18.71)
Employee’s transfer (27.63) - - -
Contribution paid 11.87 177.17 34.52 28.32
&ORVLQJQHWDVVHWVOLDELOLWLHV 35.40 212.05
YLL &ODVVLÀFDWLRQRIGHÀQHGEHQHÀWREOLJDWLRQV
Current portion *49.27 *212.05 (47.53) (26.86)
Non-current portion (13.87) - (182.90) (165.97)
* From the current portion `84.67 lakh (`227.75 lakh) being asset is not recognised in the balance sheet on conservative basis.
Actuarial assumptions DEFINED BENEFITS OTHER EMPLOYEE

GRATUITY BENEFITS
LEAVE ENCASHMENT
2019 2018 2019 2018
Interest / discount rate 7.65% 7.60% 7.65% 7.60%
Annual expected increase in salary cost 8.00% 8.00% 8.00% 8.00%
36.3*HQHUDOGHVFULSWLRQRIVLJQLÀFDQWGHÀQHGDQGRWKHUHPSOR\HHEHQHÀWSODQV
L *UDWXLW\SODQ
Gratuity is payable to all eligible employees of the Group on death or on resignation, or on retirement after completion
of five years of service.
LL /HDYHSODQ
Eligible employees can carry forward leaves in first month of financial year during tenure of service or encash the same
on death, permanent disablement or resignation.
36.4 Broad category of plan assets relating to gratuity as a percentage of total plan assets as at,

Government of India securities Nil Nil
High quality corporate bonds Nil Nil
Equity shares of listed companies Nil Nil
Property Nil Nil
Policy of insurance 100% 100%
100% 100%
NOTE (03/2<((%(1(),76&217'
36.5 5HPHDVXUHPHQWJDLQVDQGORVVHVH[SHULHQFHKLVWRU\

(` in Lakh)
Particulars DEFINED BENEFITS OTHER EMPLOYEE
GRATUITY BENEFITS
LEAVE ENCASHMENT
2019 2018 2019 2018
*DLQV ORVVHV RQ REOLJDWLRQ GXH WR FKDQJH LQ
assumption
Re-measurement (gains) / losses on obligation due to change in 25.33 (4.48) 1.61 (2.20)
demographic assumption (e.g. employee turnover and mortality)
financial assumption (e.g. future increase in salary)
Re-measurement (gains) / losses on obligation due to change in (1.84) (124.98) (12.05) (33.97)
experience variance (i.e. actual experience vs assumptions)
28.56
36.6 Sensitivity analysis

A quantitative sensitivity analysis for significant assumption is as follows:
(` in Lakh)
Increase Decrease Increase Decrease
Gratuity
Discount Rate (- / + 1.00%) 1,012.60 1,335.81 870.39 1,182.01
Salary Growth Rate (- / + 1.00%) 1,333.84 1,011.48 1,180.36 869.11
Attrition Rate (- / + 50.00%) 1,137.61 1,185.84 990.80 1,035.05
Leave
Discount Rate (- / + 1.00%) 208.40 257.24 170.13 220.66
Salary Growth Rate (- / + 1.00%) 256.86 208.31 220.48 169.86
Attrition Rate (- / + 50.00%) 230.54 229.67 193.41 191.84
36.7 Expected employer’s contribution in future years

(` in Lakh)
Particulars DEFINED BENEFITS OTHER EMPLOYEE
GRATUITY BENEFITS
LEAVE ENCASHMENT
2019 2018 2019 2018
1 year 60.55 34.26 47.53 26.86
Between 2 and 5 years 115.60 128.00 56.21 44.45
Beyond 10 years 3,633.58 3,623.42 540.51 606.77
Total expected payments 4,061.00 3,930.68 677.04 697.09
The average duration of the defined benefit plan obligation at the end of the reporting period is 17 years (15 years).
36.8 Risk exposure
L $VVHW9RODWLOLW\
The plan liabilities are calculated using the discount rate set with reference to Government securities bond yields; if plan
assets underperform this yield, this will create a deficit.
LL &KDQJHLQ*RYHUQPHQWVHFXULWLHVERQG\LHOGV
A decrease in bond yields will increase plan liabilities, although this will be partially offset by an increase in the value of
the plans bond holdings.

NOTE 37. INTEREST IN JOINT VENTURE

37.1 Group Information
Joint venture in which group is a co-venturer

Name of the Entity Country of Percentage Percentage of Principal
incorporation of holding as holding as on Activities
on March 31, March 31, 2018
2019
Siddhivinayak Realties Private Limited (‘SRPL’) India 50.00% 50.00% Real Estate
Sangam City Township Private Limited (‘SCTPL’) India 31.67% 31.67% Real Estate
Metropark Infratech And Realty Developments India 33.00% 33.00% Real Estate
Private Limited (‘MIRD’)
Saldanha Realty And Infrastructure LLP ('SRIL') India 50.00% 50.00% Real Estate
Shri Siddhi Avenues LLP ('SSAL') India 60.00% 50.00% Real Estate
Oasis Realty (‘OR’)@ India 25.00%-40.00% 25.00%-40.00% Real Estate
Schematic Estate LLP ('SELLP') India 60.04.00% 50.05% Real Estate
I-Ven Realty Limited (‘I-Ven’) India 50.00% 50.00% Real Estate
@ The ownership interest mentioned is for Residential business of Oasis Realty. In hospitality business of Oasis Realty, ownership
interest of the Group is 50.00%.
For more information on Joint ventures, refer disclosures notes in the following section:
Joint operation in which Group is a co-venturer

Name of the Entity Country of Percentage Percentage Principal
incorporation of holding as of holding as Activities
on March 31, on March 31,
2019 2018
Zaco Aviation (AoP)# India 25.00% 25.00% Real Estate
# The Group has 25.00% interest in Zaco Aviation a joint venture, which was set up as a association of person together with
Intervalve (India) Limited, EL-O-Matic (India) Private Limited, Serum International Limited and Swapnali Constructions for the purpose
of purchase of an asset. The principal place of business of the joint operation is in India.
,QWHUHVWLQMRLQWYHQWXUH
The Group has interest in various joint ventures as given below. The group’s interest in these joint ventures are accounted for using
equity method in the consolidated financial statements.
L &RPPLWPHQWVDQGFRQWLQJHQWOLDELOLWLHVLQUHVSHFWRIMRLQWYHQWXUHV
For commitments and contingent liabilities relating to joint ventures please refer note 41.

127(,17(5(67,1-2,179(1785(&217'
6XPPDULVHG ÀQDQFLDO LQIRUPDWLRQ RI WKH MRLQW YHQWXUH EDVHG RQ LWV ,QG $6 ÀQDQFLDO VWDWHPHQWV DQG
UHFRQFLOLDWLRQZLWKWKHFDUU\LQJDPRXQWRIWKHLQYHVWPHQWLQFRQVROLGDWHGÀQDQFLDOVWDWHPHQWVLVDVIROORZV
(` in Lakh)
Summarised Balance sheet 2DVLV5HDOW\¶25· Siddhivinayak Realties
3ULYDWH/LPLWHG¶653/·
2019 2018 2019 2018
Proportion of ownership interest held by 32.15% 31.35% 50.00% 50.00%
the Group at the year end
Non-current assets 470.17 472.94 8,748.38 8,761.92
Current assets (a) 3,16,986.41 2,88,495.34 39.49 37.95
7RWDO$VVHWV, 3,17,456.58 2,88,968.28 8,787.87 8,799.87
Non-current liabilities including deferred tax (b) 3,738.03 4,032.49 9.50 8.64
Current liabilities including tax payable (c) 1,02,300.65 98,948.12 389.64 402.51
7RWDO/LDELOLWLHV,, 1,06,038.68 1,02,980.61 399.14 411.15
7RWDO1HW$VVHWV,,, 2,11,417.90 1,85,987.67 8,388.73 8,388.72
(a) Includes cash and cash equivalents (306.11) 26.08 12.00 10.31
(b) Includes non current financial liabilities - - - -
(excluding trade and other payables and
provisions)
(c) Includes current financial liabilities (excluding - - 387.92 374.56
trade and other payables and provisions)
(` in Lakh)
6XPPDULVHG6WDWHPHQWRI3URÀWDQG/RVV 2DVLV5HDOW\¶25· Siddhivinayak Realties
2019 2018 2019 2018
Revenue 13,415.36 300.65 - -
Operating costs (12,513.13) (6.58) - -
Employee benefits expense (81.44) (76.73) - -
Other expenses (497.40) (54.95) (2.11) (1.92)
Finance cost - (0.01) - -
3URÀWORVVEHIRUHWD[ 323.39 162.38
Tax expense 107.24 43.73 - -
3URÀWORVVDIWHUWD[ 216.15 118.65
Other comprehensive income (7.93) 8.76 - -
Total comprehensive income for the year 208.22 127.41
&RPSULVLQJSURÀWORVVDQG2WKHU
&RPSUHKHQVLYH,QFRPHIRUWKH\HDU
Group’s share of profit for the year 66.94 39.94 (1.06) (0.96)

127(,17(5(67,1-2,179(1785(&217'
(` in Lakh)
Reconciliation of carrying amount 2DVLV5HDOW\¶25· Siddhivinayak Realties
2019 2018 2019 2018
Total net assets of JV (a) 2,11,417.90 1,85,987.67 8,388.73 8,388.72
Proportion of ownership interests held by the 32.15% 31.35% 50.00% 50.00%
Group (b)
a*b 67,980.38 58,307.13 4,194.37 4,194.36
Add: differential portion of equity component - - - (6.60)
(OCDS)
Add: Investment - corporate guarantee 1,740.04 1,740.04 - -
Add: Difference in capital contribution vis-a-vis 1,43,175.71 1,27,558.59 - -
interest
Add: Security deposits considered as an additional 4,000.00 4,000.00 - -
investments
Add: Deferred tax impact on above - - 12.48 12.11
Less: Inter company elimination (1,004.37) (969.80) (14.87) (14.99)
Carrying amount of the Investment 2,15,891.76 1,90,635.96 4,191.98 4,184.88
(` in Lakh)
Summarised Balance sheet ,9HQ5HDOW\/LPLWHG¶,9HQ· Shri Siddhi Avenues LLP
¶66$/·
2019 2018 2019 2018
Non-current assets 85.50 29.43 5,126.56 3,900.34
Current assets (a) 29,606.28 27,077.05 10,527.01 7,857.33
7RWDO$VVHWV, 29,691.78 27,106.48 15,653.57 11,757.67
Non-current liabilities including deferred tax (b) 2,495.29 2,265.95 - -

Current liabilities including tax payable (c) 15,847.17 1,959.35 14,672.72 10,802.60
7RWDO/LDELOLWLHV,, 18,342.46 4,225.30 14,672.72 10,802.60
7RWDO1HW$VVHWV,,, 11,349.32 22,881.18 980.85 955.07
D Includes cash and cash equivalents 25.69 503.50 77.98 9.72

E Includes non current financial liabilities 2,094.35 1,874.29 - -
provisions)
F Includes current financial liabilities (excluding - - 14,542.27 10,741.45

127(,17(5(67,1-2,179(1785(&217'
(` in Lakh)
6XPPDULVHG6WDWHPHQWRI3URÀWDQG/RVV ,9HQ5HDOW\/LPLWHG¶,9HQ· Shri Siddhi Avenues LLP
¶66$/·
2019 2018 2019 2018
Revenue 62.20 42.15 759.84 634.12
Other expenses (2.17) (10.90) (0.91) (0.75)
Depreciation and amortisation (0.75) - (1.66) (0.66)
Finance cost - - (720.25) (613.05)
3URÀWORVVEHIRUHWD[ 59.28 31.25 37.02 19.66
Tax expense 7.14 8.35 11.24 6.07
3URÀWORVVDIWHUWD[ 52.14 22.90 25.78 13.59
Other comprehensive income - - - -
Total comprehensive income for the year 52.14 22.90 25.78 13.59
&RPSULVLQJ SURÀW ORVV DQG 2WKHU
Group’s share of profit for the year 26.07 11.45 15.47 6.80
(` in Lakh)
Reconciliation of carrying amount ,9HQ5HDOW\/LPLWHG¶,9HQ· Shri Siddhi Avenues LLP
¶66$/·
2019 2018 2019 2018
Total net assets of JV (a) 11,349.32 22,881.18 980.85 955.07
Group (b)
a*b 5,674.66 11,440.59 588.51 477.54
Add: Adjustment to share of profit in retained 0.16 (0.14)
earnings
Add / (Less): Goodwill / (Capital reserve) 25,487.06 25,487.06 - -
Add: Differential portion of equity component 652.25 652.25 - -
(NCPS)
Add: Difference in capital contribution vis-a-vis - - 422.34 528.05
interest
Add: Deferred tax impact on above 1,610.92 1,610.92 - -
Add: Perpetual bond (2,623.88) (8,415.88) - -
Less: Inter company elimination (1,756.19) (1,720.31) (1,011.01) (784.60)
Carrying amount of the Investment 29,044.82 29,054.63 - 220.85

127(,17(5(67,1-2,179(1785(&217'
(` in Lakh)
Summarised Balance sheet Saldanha Realty And Sangam City Township
,QIUDVWUXFWXUH//3¶65,/· 3ULYDWH/LPLWHG¶6&73/·
2019 2018 2019 2018
Non-current assets 0.05 0.14 - -
Current assets (a) 3,841.76 3,794.41 17,317.99 16,605.14
7RWDO$VVHWV, 3,841.81 3,794.55 17,317.99 16,605.14
Non-current liabilities including deferred tax (b) - - 10,556.41 9,843.04

Current liabilities including tax payable (c) 759.89 750.70 11.99 10.92
7RWDO/LDELOLWLHV,, 759.89 750.70 10,568.40 9,853.96
7RWDO1HW$VVHWV,,, 3,081.92 3,043.85 6,749.59 6,751.18
D Includes cash and cash equivalents 76.86 73.33 0.13 0.16

E Includes non current financial liabilities - - 9,527.92 8,521.03
provisions)
F Includes current financial liabilities (excluding - - - -
(` in Lakh)
6XPPDULVHG6WDWHPHQWRI3URÀWDQG/RVV Saldanha Realty And Sangam City Township
2019 2018 2019 2018
Revenue - - - -
Other expenses (2.40) (0.25) (1.54) (0.96)
Finance cost (0.07) (0.23) (0.05) (0.05)
3URÀWORVVEHIRUHWD[
Tax expense - - - -
3URÀWORVVDIWHUWD[
Other comprehensive income -
Total comprehensive income for the year
Group’s share of profit for the year (1.24) (0.24) (0.50) (0.32)

127(,17(5(67,1-2,179(1785(&217'
(` in Lakh)
Reconciliation of carrying amount Saldanha Realty And Sangam City Township
2019 2018 2019 2018
Total net assets of JV (a) 3,081.92 3,043.85 6,749.59 6,751.18
Group (b)
a*b 1,540.96 1,521.93 2,137.37 2,137.88
Add / (Less): Adjustment to share of profit in - - (0.34) (0.34)
retained earnings
Add / (Less): Goodwill / (Capital reserve) 0.79 0.79 - -
Add: Grossing up of capital contribution - - 2,255.77 2,255.77
Add: Deferred tax impact on above - - (1,064.74) (1,064.74)
Add: Difference in capital contribution vis-à-vis 3,143.35 3,131.05 -
interest
Less: Inter company elimination (780.62) (666.75)
Carrying amount of the Investment 4,685.10 4,653.77 2,547.44 2,661.82
(` in Lakh)
Summarised Balance sheet Metropark Infratech And Realty 6FKHPDWLF(VWDWH//3¶6(//3·
Developments Private Limited
¶0,5'·
December 31, March 31, March 31, March 31,
2018 2018 2019 2018
Non-current assets 556.30 471.30 - -
Current assets (a) 541.73 540.73 1,088.72 516.89
7RWDO$VVHWV, 1,098.03 1,012.03 1,088.72 516.89
Non-current liabilities including deferred tax (b) 4.70 3.16 - -

Current liabilities including tax payable (c) 811.53 732.47 6.38 0.18
7RWDO/LDELOLWLHV,, 816.23 735.63 6.38 0.18
7RWDO1HWDVVHWV,,, 281.80 276.40 1,082.34 516.71
(a) Includes cash and cash equivalents 1.64 1.76 6.75 1.91
(b) Includes non current financial liabilities - - - -
provisions)
(c) Includes current financial liabilities (excluding 811.51 732.44 - -

127(,17(5(67,1-2,179(1785(&217'
(` in Lakh)
6XPPDULVHG6WDWHPHQWRI3URÀWDQG/RVV Metropark Infratech And Realty 6FKHPDWLF(VWDWH//3¶6(//3·
¶0,5'·
2018 2018 2019 2018
Revenue - 0.02 0.67 -
Other expenses (0.10) (0.51) (0.22) (0.18)
Finance cost (0.01) (0.01) - 0.00
3URÀWORVVEHIRUHWD[ 0.45
Tax expense - - - -
3URÀWORVVDIWHUWD[ 0.45
Other comprehensive income - - - -
Total comprehensive income for the year 0.45
Group’s share of profit for the year (0.04) (0.17) 0.00 0.00
(` in Lakh)
Reconciliation of carrying amount Metropark Infratech And Realty 6FKHPDWLF(VWDWH//3¶6(//3·
¶0,5'·
2018 2018 2019 2018
Total net assets of JV (a) 281.80 276.40 1,082.34 516.71
Group (b)
a*b 92.99 91.21 1.08 0.52
Add: Difference in capital contribution vis-a-vis - - 0.57
interest
Add / (Less): Goodwill / (Capital reserve) (0.00) (0.00) - -
Add difference in capital contribution vis-à-vis (1.08) (0.52)
interest
Add: Grossing up of capital contribution 60.91 57.22 - -
Add: Deferred tax impact on above 31.94 30.01 - -
Less: Inter company elimination (34.98) (34.08) - -
Carrying amount of the Investment 150.86 144.36 0.57 -

130
NOTE 38. RELATED PARTY DISCLOSURES
38.1 Name of related parties and related party relationship
L 5HODWHGSDUWLHVZLWKZKRPWUDQVDFWLRQVKDYHWDNHQSODFHGXULQJWKH\HDU
Joint ventures Sangam City Township Private Limited
Zaco Aviation
Oasis Realty

Saldanha Realty and Infrastructure LLP
Metropark Infratech And Realty Developments Private Limited
Shri Siddhi Avenues LLP
Schematic Estate LLP
Key management Vikas Oberoi

personnel and their Bindu Oberoi
relatives Santosh Oberoi
Gayatri Oberoi
Saumil Daru
Darsha Daru
Anil Harish
Karamjit Singh Kalsi
Tilokchand P Ostwal
Venkatesh Mysore
Bherulal Choudhary
Entities where key R S Estate Developers Private Limited

management personnel Oberoi Foundation
have significant influence R. S. V. Associates
Aquila Realty Private Ltd
Neo Realty Private Limited
Panoramic Beach Properties Private Limited
127(5(/$7('3$57<',6&/2685(6&217'
38.2 Related party transactions

(` in Lakh)
Nature of transaction Name Joint ventures Key management personnel Entities where key
and their relatives management personnel
KDYHVLJQLÀFDQWLQÁXHQFH
March 31, March 31, March 31, March 31, March 31, March 31,
2019 2018 2019 2018 2019 2018
Amount paid on behalf of Oberoi Foundation - - - - 0.25 -
Current capital contribution Saldanha Realty and Infrastructure LLP 32.56 82.07 - - - -
account - paid Oasis Realty 40,302.00 73,200.19 - - - -
Schematic Estate LLP 0.61 - - - - -
Current capital contribution Oasis Realty 15,080.00 367.19 - - - -

account - received back Schematic Estate LLP 0.04 - - - - -
Commission paid to director Anil Harish - - 11.00 11.00 - -

Karamjit Singh Kalsi - - - 11.00 - -
T P Ostwal - - 18.00 18.00 - -
Venkatesh Mysore - - 11.00 11.00 - -
Director sitting fees Anil Harish - - 4.50 4.00 - -

Bherulal Choudhary - - 1.05 0.68 - -
Karamjit Singh Kalsi - - 0.50 0.50 - -
T P Ostwal - - 10.15 10.35 - -
Venkatesh Mysore - - 6.70 4.85 - -
Deposit received Oberoi Foundation - - - - 1,212.00 3,172.00
Dividend paid Bindu Oberoi - - 0.00 0.00 - -

Gayatri Oberoi - - 0.00 0.00 - -
R S Estate Developers Private Limited - - - - 666.00 666.00

Santosh Oberoi - - 0.02 0.02 - -
Vikas Oberoi - - 4,257.47 4,257.47 - -
Saumil Daru - - 0.95 0.95 - -
131
Darsha Daru - - 0.01 0.01 - -
132
127(5(/$7('3$57<',6&/2685(6&217'

(` in Lakh)

2019 2018 2019 2018 2019 2018
Interest on loan ( measured at Sangam City Township Private Limited 245.72 222.48 - - - -
amortised cost) Metropark Infratech And Realty 1.83 21.41 - - - -
Shri Siddhi Avenues LLP 1,954.17 1,530.20 - - - -
Interest on preference shares I-Ven Realty Limited 35.88 32.37 - - - -
Interest on OCD (measured at I-Ven Realty Limited - 101.51 - - - -

amortised cost)
Interest expense on OCD Siddhivinayak Realties Private Limited 0.12 - - - - -

(measured at amortised cost)
Interest income on OCD Siddhivinayak Realties Private Limited - 0.93 - - - -

(measured at amortised cost)
Equity component of interest free Metropark Infratech And Realty 7.44 5.96 - - - -
loan Developments Private Limited
Loan given Metropark Infratech And Realty 85.00 37.40 - - - -

Shri Siddhi Avenues LLP 2,071.16 650.70 - - - -
I-Ven Realty Limited 6,649.00 - - - - -
Loan repaid Vikas Oberoi - - 4,162.00 - - -
Loan received back Shri Siddhi Avenues LLP 29.00 - - - - -

127(5(/$7('3$57<',6&/2685(6&217'

(` in Lakh)
2019 2018 2019 2018 2019 2018
Investment in debentures I-Ven Realty Limited - 18.00 - - - -
Siddhivinayak Realties Private Limited 10.00 38.00 - - - -
Recovery of expenses Neo Realty Private Limited - - - - 0.22 0.19

Oasis Realty - 268.39 - - - -
Oberoi Foundation - - - - 1.12 1.46
Redemption of debentures I-Ven Realty Limited - 8,079.38 - - - -
Subscription of perpetual bond I-Ven Realty Limited 32.00 8,415.88 - - - -
Redemption of Perpetual Bond I-Ven Realty Limited 5,824.00 - - - - -
Reimbursement of expenses Oberoi Foundation - - - - - 0.82

Zaco Aviation 48.00 34.91 - - - -
Remuneration Bindu Oberoi - - 80.00 80.00 - -

Vikas Oberoi - - 0.00 0.00 - -
Saumil Daru - - 199.32 628.36 - -
Rent received Neo Realty Private Limited - - - - 0.12 0.12

Oberoi Foundation - - - - 5,644.60 3,847.66
Aquila Realty Private Limited - - - - 0.23 0.58
Sale of assets Oasis Realty - 1.18 - - - -

Shri Siddhi Avenues LLP 0.20 2.30 - - - -
Sale of materials Oasis Realty 1.38 6.15 - - - -

Oberoi Foundation - - - - 0.98 -
Panoramic Beach Properties Private - - - - 0.39 -
Limited

Sale of units (slab demand) R. S. V. Associates - - - - - 75.87
Oasis Realty - 20.69 - - - -
133
134
127(5(/$7('3$57<',6&/2685(6&217'
38.3 Closing balances of related parties

(` in Lakh)

2019 2018 2019 2018 2019 2018
Equity component of interest free Sangam City Township Private Limited 3,301.13 3,301.13 - - - -
loan Metropark Infratech And Realty 122.85 115.41 - - - -
Equity component of optionally I-Ven Realty Limited 3,115.52 3,115.26 - - - -
convertible debenture included in Siddhivinayak Realties Private Limited 48.02 46.59 - - - -
cost of investment
Equity component of preference I-Ven Realty Limited 2,143.51 1,071.75 - - - -
shares
Investment in optionally Siddhivinayak Realties Private Limited 180.74 179.00 - - - -
convertiable debenture (measured
at amortised cost)
Loan given Sangam City Township Private Limited 3,804.01 3,444.39 - - - -
Metropark Infratech And Realty 519.91 439.61 - - - -
Shri Siddhi Avenues LLP 14,542.27 10,741.46 - - - -
I-Ven Realty Limited 6,649.00 - - - - -
Current capital contribution Saldanha Realty and Infrastructure LLP 4,689.39 4,656.83 - - - -
Oasis Realty 2,14,951.02 1,89,729.02 - - - -
Schematic Estate LLP 0.57 - - - - -
Subscription of perpetual bond I-Ven Realty Limited 2,623.88 8,415.88 - - - -
Loan received Vikas Oberoi - - 4,746.00 8,908.00 - -
Deposit received Oberoi Foundation - - - - 5,184.00 3,972.00
Corporate guarantee given Oasis Realty 5,617.17 6,600.00 - - - -
Reimbursement of expenses Zaco Aviation 14.96 7.37 - - - -
Recovery of expenses Neo Realty Private Limited - - - - 0.07 0.11
Expenses towards gratuity and leave encashment provisions are determined actuarially on an overall Group basis at the end of each year and accordingly have not been considered in
the above information of Ms. Bindu Oberoi and Mr. Saumil Daru.
NOTE 39. SEGMENT INFORMATION

For management purposes, the Group is organised into business units based on its services and has two reportable segments, as
follows:
1. The Real Estate segment which develops and sells residential properties and leases commercial properties
2. The Hospitality segment which is into the business of owning and operating the hotel.
(` in Lakh)
Real Hospitality Total Real Hospitality Total
estate estate
Segment revenue 2,44,544.69 13,705.24 2,58,249.93 1,13,675.37 12,867.53 1,26,542.90
Segment result 1,08,552.59 3,970.27 1,12,522.86 61,011.27 2,438.09 63,449.36
Unallocated income net of 2,037.77 (150.70)
unallocated expenses
2SHUDWLQJSURÀW 1,14,560.63 63,298.66
Less: Interest and finance charges (1,936.19) (686.44)
Add: Interest income 4,448.39 1,978.37
3URÀW EHIRUH VKDUH RI SURÀW 1,17,072.83 64,590.59
RI DVVRFLDWHV MRLQW YHQWXUHV
QHWDQGH[FHSWLRQDOLWHPV
Share of Profit / (Loss)of joint 689.60 689.60 361.97 361.97
ventures (net)
3URÀWEHIRUHWD[ 1,17,762.43 64,952.56
Provision for tax (36,069.08) (19,072.24)
3URÀWDIWHUWD[ 81,693.35 45,880.32
Other information
Segment assets 7,52,461.66 20,869.19 7,73,330.85 7,37,554.44 20,822.54 7,58,376.98
Unallocated corporate assets (B) 3,39,522.77 2,64,095.72
Total assets 11,12,853.62 10,22,472.70
Segment liabilities 3,01,978.32 3,761.34 3,05,739.66 4,05,839.81 3,306.03 4,09,145.84
Unallocated corporate liabilities (B) 4,196.91 4,089.49
Total liabilities 3,09,936.57 4,13,235.33
Capital expenditure for the year 12,419.70 1,049.72 13,469.42 7,352.31 35.44 7,387.75
(net of transfers)
Unallocated capital expenditure for 892.79 199.80
the year
Depreciation for the year 2,898.96 1,026.41 3,925.37 2,666.63 1,793.24 4,459.87
Unallocated depreciation for the year 478.44 446.89
Notes:
A. Based on the “management approach” as defined in Ind AS 108 Operating Segments, the Chairman and Managing Director /
Chief Financial Officer evaluates the Group’s performance based on an analysis of various performance indicators by business
segment. Accordingly information has been presented along these segments. The accounting principles used in the preparation
of the financial statement are consistently applied in individual segment to prepare segment reporting.
B. Unallocated Corporate Assets includes temporary surplus and Unallocated Corporate Liabilities includes deferred tax liabilities.
Income earned on temporary investment of the same has been shown in ‘Unallocable Income net of Unallocable Expenditure’.

NOTE 40. LEASES
The lease expense for cancellable and non-cancellable operating leases was `39.83 lakh (`29.00 lakh) for the year ended March 31,
2019.
There is no future minimum lease payments under non-cancellable operating lease.
NOTE 41. CONTINGENT LIABILITIES, CAPITAL COMMITMENTS AND OTHER COMMITMENTS

(` in Lakh)
41.1 Summary details of contingent liabilities
March 31, 2019 March 31, 2018
WRWKHH[WHQWQRWSURYLGHGIRU
L Corporate guarantee given 5,617.17 6,600.00
LL Indirect tax matters in dispute 2,126.75 1,170.89
LLL Direct tax matters in dispute 863.62 920.81
41.2 Capital Commitments

L Capital contracts (net of advances) 22,319.35 2,014.88
LL Capital commitment to joint venture (net of advances) 13,703.00 13,703.00
41.3 Other Litigations
L The Group is subject to legal proceedings and claims, which have arisen in the ordinary course of business, the impact
of which is not quantifiable. These cases are pending with various courts. After considering the circumstances and legal
advice received, management believes that these cases will not adversely affect its financial statements.
LL The sales tax department of the government of Maharashtra has completed the VAT assessments w.r.t. the returns filed
by the Group on the sale of flats to the customers during the period beginning from June 2006 till March 2012 and
determined the VAT and interest liability. For some of the years, the Group has challenged the assessment order and
opted for appeal, which is pending for hearing. Vide an order of the Hon’ble Supreme Court of India, the recovery of
interest amounts in such cases has been stayed. However, the Group has opted to settle and pay interest for some of the
years under The Maharashtra Settlement of Arrears in Disputes Act, 2016. Part of the amount has been collected by the
Group from the flat purchasers on account of such liability and the Group is reasonably confident of recovering all the
outstanding amount on account of VAT from flat purchasers.
LLL There are numerous interpretative issues relating to the Supreme Court (SC) judgement on PF dated February 28,
2019. As a matter of caution, the Company has made a provision on a prospective basis from the date of the SC
order. The Company will update its provision, on receiving further clarity on the subject.

NOTE ),1$1&,$/,167580(176²)$,59$/8(6$1'5,6.0$1$*(0(17
$FFRXQWLQJFODVVLÀFDWLRQ
The carrying value of financial instruments by categories is as follows:
(` in Lakh)
Particulars CARRYING VALUE
As at March 31, 2019 As at March 31, 2018
At Cost Fair Amortised At Cost Fair Amortised
Value Cost Value Cost
through through
SURÀWRU SURÀWRU
loss loss
Financial assets
Cash and cash equivalents - - 9,447.01 - - 8,106.02
Other bank balances - - 33,083.81 - - 3,566.29
Trade receivables - 10,940.35 - - 18,116.57
Loans - 26,620.69 - - 15,733.63
Investments:
Investment in preference - - 753.18 - - 681.43
shares
Investment in optionally - - 180.74 - - 179.00
convertible debentures
Investment in government - - 1.89 - 1.74
securities
Investment in mutual funds - 33,702.84 - - 1,170.05 -
Investment in joint ventures 2,59,136.41 - - 2,39,972.15 - -
Other financial assets - - 823.04 - - 643.59
2,59,136.41 33,702.84 81,850.71 2,39,972.15 1,170.05 47,028.27
Financial liabilities
Borrowings:
9.25% Redeemable non- - - 78,017.63 - - 77,997.39
convertible debenture
From director - - 4,746.00 - - 8,908.00
Line of credit - - 16,968.78 - - 14,636.66
Term Loan - - 58,851.45 - - 67,864.18
Trade payables - - 23,229.97 - - 14,543.42
Other financial liabilities - - 38,436.15 - - 31,084.18
- - 2,20,249.98 - - 2,15,033.83
42.2 Fair values
The table which provides the fair value measurement hierarchy of the Company’s assets and liabilities is as follows:
(` in Lakh)
March 31, 2019 CARRYING FAIR VALUE
VALUE Level 1 Level 2 Level 3
Financial assets
Loans carried at amortised cost 4,323.92 - 4,284.00 -
Investments at cost:
Investment in preference shares 753.18 - 672.50 -
Investment in optionally convertible debentures 180.74 - 180.00 -
Investments at fair value through profit or loss:
Investment in mutual funds 33,702.84 - 33,702.84 -
38,960.68 - 38,839.34 -
Financial liabilities at amortised cost
Borrowings:
9.25% Redeemable non-convertible debenture 78,017.63 - 75,917.00 -
Line of credit 16,968.78 - 16,796.38 -
Term Loan 58,851.45 - 67,033.00 -
Other financial liabilities 27,083.68 - 22,203.69 -
1,80,921.54 - 1,81,950.07 -

NOTE ),1$1&,$/,167580(176²)$,59$/8(6$1'5,6.0$1$*(0(17&217'
(` in Lakh)
March 31, 2018 CARRYING FAIR VALUE
VALUE Level 1 Level 2 Level 3
Financial assets
Loans carried at amortised cost 3,884.01 - 3,790.00 -
Investment in optionally convertible debentures 179.00 - 172.00 -
Investments at fair value through profit or loss:
Investment in mutual funds 1,170.05 - 1,170.05 -
5,914.49 - 5,712.05 -
Borrowings:
9.25% Redeemable non-convertible debenture 77,997.39 - 79,062.00 -
Line of credit 14,636.66 - 14,401.00 -
Term Loan 67,864.18 - 67,090.00 -
1,84,103.44 - 1,81,511.93 -
The management assessed that carrying amount of cash and cash equivalents, trade receivables, loans, investment in government
securities, unsecured borrowings, trade payable and other financial liabilities approximate their fair values largely due to the short
term maturities of these instruments.
42.3 Measurement of fair values
The table which shows the valuation techniques used in measuring Level 2 and Level 3 fair values, as well as the significant
unobservable inputs used is as follows:
Financial instruments measured at fair value
Type Valuation technique 6LJQLÀFDQW Range Sensitivity of the
unobservable input to fair value
inputs Change in
discount rate by
500 basis points
would increase
GHFUHDVHDV
below (`LQ/DNK
Financial Assets:
- Investment in Discounted cash flow technique- The
optionally convertible fair value is estimated considering net 10.82% 9 / (9)
debentures present value calculated using discount
- Investment in rates derived from quoted prices of Discount rate
similar instruments with similar maturity 12.50% 34 / (34)
preference shares
and credit rating that are traded in active
- Loans markets, adjusted by an illiquidity factor 10.80% to 11.00% 214 / (214)
Financial Liabilities:
- Non convertible Discounted cash flow technique- The fair
10.82% to 10.96% 3,796 / (3,796)
debentures value is estimated considering net
- Trade deposits present value calculated using discount 10.80% to 12.00% 550 / (550)
- Corporate guarantee rates derived from quoted prices of Discount rate 10.80% to 11.30% 2 / (2)
similar instruments with similar maturity
- Line of credit 11.00% 3 / (3)
and credit rating that are traded in active
- Term loan markets, adjusted by an illiquidity factor 11.20% 3,351 / (3,351)

127(),1$1&,$/,167580(176²)$,59$/8(6$1'5,6.0$1$*(0(17&217'
Transfers between Levels 1 and 2

There have been no transfers between Level 1 and Level 2 during the respective period presented above.
42.4 Financial risk management

The Company has exposure to the following risks arising from financial instruments:
L Credit risk;
LL Liquidity risk; and
LLL Market risk
Risk management framework

The Company’s board of directors has overall responsibility for the establishment and oversight of the Company’s risk management
framework. The board of directors has established the Risk Management Committee, which is responsible for developing and
monitoring the Company’s risk management policies. The committee reports regularly to the board of directors on its activities.
The Company’s risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate
risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to
reflect changes in market conditions and the Company’s activities. The Company, through its training and management standards
and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles
and obligations.
L &UHGLWULVN
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet
its contractual obligations, and arises principally from the Company’s receivables from customers and investments in debt
securities.
The carrying amount of the financial assets which represents the maximum credit exposure is as follows:
D 7UDGHDQGRWKHUUHFHLYDEOHV
The Group’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However credit
risk with regards to trade receivable is almost negligible in case of its residential sale and lease rental business. The
same is due to the fact that in case of its residential sell business it does not handover possession till entire outstanding
is received. Similarly in case of rental business, the group keep 3 to 12 months rental as deposit from the occupants.
No impairment is observed on the carrying value of trade receivable.
E ,QYHVWPHQWLQGHEWVHFXULWLHV
The Group has investment only in redeemable optionally convertible debentures and the settlement of such instruments is
linked to the completion of the respective underlying projects. No impairment has been recognised on such investments
till date.
F &DVKDQGFDVKHTXLYDOHQWV
Credit risk from balances with banks and financial institutions is managed by the Company’s treasury department in
accordance with the Company’s policy. Investments of surplus funds are made only with approved counterparties and
within credit limits assigned to each counterparty. Counterparty credit limits are reviewed by the Company’s Investment
Committee comprising of Mr. Venkatesh Mysore (Chairperson), Mr. Anil Harish, Mr. T.P. Ostwal (Independent Directors)
and Mr. Vikas Oberoi (Non-Independent Director) on an annual basis, and may be updated throughout the year subject
to approval of the Company’s Investment Committee. The limits are set to minimise the concentration of risks and
therefore mitigate financial loss through counterparty’s potential failure to make payments.

NOTE ),1$1&,$/,167580(176²)$,59$/8(6$1'5,6.0$1$*(0(17&217'
LL /LTXLGLW\ULVN
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities
that are settled by delivering cash or another financial asset. The Group’s approach to managing liquidity is to ensure as far as
possible that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed condition,
without incurring unacceptable losses or risking damage to the Group’s reputation.
The Group’s objective is to maintain a balance between continuity of funding and flexibility through the use of surplus funds,
bank overdrafts, bank loans, debentures and inter-corporate loans.
The Group assessed the concentration of risk with respect to refinancing its debt and concluded it to be low. The Group has
access to a sufficient variety of sources of funding.
Exposure to liquidity risk

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and
undiscounted, and include estimated interest payments and exclude the impact of netting agreements.
(` in Lakh)
March 31, 2019 CONTRACTUAL CASH FLOWS
Carrying Within 1 1-2 years 2-5 years More
amount Year than 5
years
Borrowings:
9.25% Redeemable non- 78,017.63 28,040.66 24,992.12 24,984.85 -
Line of credit 16,968.78 - - 16,968.78 -
Term Loan 58,851.45 - - 58,851.45 -
Loans from related parties 4,746.00 4,746.00 - - -
Trade payables 23,229.97 20,839.93 2,390.04 - -
Other financial liabilities 38,436.15 26,751.16 11,684.99 - -
2,20,249.98 80,377.75 39,067.15 1,00,805.08 -
(` in Lakh)
March 31, 2018 CONTRACTUAL CASH FLOWS
amount Year than 5
years
Borrowings:
9.25% Redeemable non- 77,997.39 3,041.10 24,992.50 49,963.79 -
Line of credit 14,636.66 - - 14,636.66 -
Term Loan 67,864.18 - - 67,864.18 -
Loans from related parties 8,908.00 8,908.00 - - -
Trade payables 14,543.42 13,079.90 1,463.52 - -
2,15,033.83 47,662.15 34,907.05 1,32,464.63 -
LLL 0DUNHWULVN
Market risk is the risk that changes in market prices – such as foreign exchange rates, interest rates and equity prices – will affect
the Company’s income or the value of its holdings of financial instruments. Market risk is attributable to all market risk sensitive
financial instruments including foreign currency receivables and payables and long term debt. The Company is exposed to
market risk primarily related to foreign exchange rate risk, interest rate risk and the market value of certain commodities. Thus,
its exposure to market risk is a function of investing and borrowing activities and revenue generating and operating activities.
The objective of market risk management is to avoid excessive exposure in revenues and costs.
D &XUUHQF\ULVN
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in
foreign exchange rates. The Company’s exposure to the risk of changes in foreign exchange rates relates primarily to the
Group’s operating activities (when expense is denominated in a foreign currency).
The Company closely tracks and observes the movement of foreign currency with regards to INR and also forward cover
rate. The Company decides to cover or keep the foreign currency exposure open based on the above.

NOTE ),1$1&,$/,167580(176²)$,59$/8(6$1'5,6.0$1$*(0(17&217'

E ([SRVXUHWRFXUUHQF\ULVN
The currency profile of financial assets and financial liabilities is as follows:
(` in Lakh)
Particulars March 31, 2019 March 31, 2019 March 31, 2019
USD Euro Total
Trade payables (including capital creditors) 171.76 37.60 209.36
171.76 37.60 209.36
(` in Lakh)
Particulars March 31, 2018 March 31, 2018 March 31, 2018
USD Euro Total
Trade payables 252.88 - 252.88
252.88 - 252.88
F 6HQVLWLYLW\DQDO\VLV
A reasonably possible strengthening (weakening) of the Indian Rupee against US dollars / EUR at March 31 would have
affected the measurement of financial instruments denominated in US dollars and affected equity and profit or loss by
the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and
ignores any impact of forecast sales and purchases.
(` in Lakh)
Effect in INR (IIHFWRQSURÀWEHIRUHWD[
Strengthening Weakening
March 31, 2019
10% movement
USD 17.18 (17.18)
Euro 3.76 (3.76)
20.94
(` in Lakh)
March 31, 2018
10% movement
USD 25.29 (25.29)
25.29
G ,QWHUHVWUDWHULVN
Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the
risk of changes in fair values of fixed interest bearing investments because of fluctuations in the interest rates. Cash flow
interest rate risk is the risk that the future cash flows of floating interest bearing investments will fluctuate because of
fluctuations in the interest rates.

NOTE ),1$1&,$/,167580(176²)$,59$/8(6$1'5,6.0$1$*(0(17&217'
H ([SRVXUHWRLQWHUHVWUDWHULVN
The Group’s interest rate risk arises from borrowings . Borrowings issued at fixed rates exposes to fair value interest rate
risk. The interest rate profile of the Group’s interest-bearing financial instruments as reported to the management of the
Group is as follows:
(` in Lakh)
Fixed-rate instruments
Borrowings 78,017.63 77,997.39
Floating-rate instruments
Borrowings 75,820.23 82,500.84
1,53,837.86 1,60,498.23
L )DLUYDOXHVHQVLWLYLW\DQDO\VLVIRUÀ[HGUDWHLQVWUXPHQWV
The Company does not account for any fixed-rate financial assets or financial liabilities at fair value through profit
or loss. Therefore, a change in interest rates at the reporting date would not affect profit or loss.
LL )DLUYDOXHVHQVLWLYLW\DQDO\VLVIRUÁRDWLQJUDWHLQVWUXPHQWV
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion
of loans and borrowings affected. With all other variables held constant, the Group’s profit before tax is affected
through the impact on floating rate borrowings, is as follows:
(` in Lakh)
Effect Increase/decrease in (IIHFWRQSURÀW
basis points before tax
March 31, 2019
INR - Increase 25 (209.01)
INR - Decrease 25 209.01
March 31, 2018
I &RPPRGLW\SULFHULVN
The Group’s activities are exposed to steel and cement price risks and therefore its overall risk management program
IRFXVHVRQWKHYRODWLOHQDWXUHRIWKHVWHHODQGFHPHQWPDUNHWWKXVVHHNLQJWRPLQLPL]HSRWHQWLDODGYHUVHHIIHFWVRQWKH
Group’s financial performance on account of such volatility.
The risk management committee regularly reviews and monitors risk management principles, policies, and risk
management activities.

NOTE ),1$1&,$/,167580(176²)$,59$/8(6$1'5,6.0$1$*(0(17&217'
42.5 Capital management
The Group’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain
future development of the business. Management monitors the return on capital as well as the level of dividends to ordinary
shareholders.
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. The Group includes within net debt, interest and non interest bearing loans and borrowings, less cash and cash
equivalents, excluding discontinued operations.
The Group’s adjusted net debt to adjusted equity ratio is as follows:
(` in Lakh)
Borrowings (including other financial liabilities) 1,58,583.86 1,69,406.23
Less : Cash and cash equivalent 9,447.01 8,106.02
$GMXVWHGQHWGHEW 1,49,136.85 1,61,300.21
Total equity 8,02,917.05 6,09,237.37
$GMXVWHGHTXLW\ 8,02,917.05 6,09,237.37
Adjusted net debt to adjusted equity ratio 0.19 0.26
NOTE 43. REVENUE FROM CONTRACTS WITH CUSTOMERS

(` in Lakh)
Revenue from contract with customers as per note 26 2,20,424.79 98,134.93
Add : Customer incentives 5,415.42 -
Total revenue as per contracted price 2,25,840.21 98,134.93
43.2 Contract Balances

L The table that provides information about receivables, contract assets and contract liabilities from contract with customers
is as follows:
(` in Lakh)
Particulars March 31, 2019
Contract assets
Trade Receivables 10,940.35
Contract Assets 6,782.00
Contract Liabilities 68,175.34
Total 85,897.69
LL Changes in the contract assets balances during the year is as follows:

(` in Lakh)
Contract Assets
Opening Balance* 11,000.26
Less : Transferred to receivables 5,776.87
Add : Revenue recognised net off invoicing 1,558.61
Closing Balance 6,782.00
*includes revenue in excess of billing as on April 1, 2018.

127(5(9(18()520&2175$&76:,7+&86720(56&217'
LLL Changes in the contract liabilities balances during the year is as follows:
(` in Lakh)
Contract Liabilities
Opening Balance* 1,78,571.69
/HVV5HYHQXHUHFRJQL]HGGXULQJWKH\HDUIURPEDODQFHDWWKHEHJLQQLQJRIWKH\HDULQFOXGLQJ 1,59,054.16
adjusted in retained earnings)
$GG$GYDQFHUHFHLYHGGXULQJWKH\HDUQRWUHFRJQL]HGDVUHYHQXH 379.82
Add : Increase due to invoicing net off revenue recognition 48,277.99
Closing Balance 68,175.34
*includes billing in excess of revenue recognised & advances from customers as on April 1, 2018.
43.3 Transaction Price - Remaining Performance Obligation

The aggregate amount of transaction price allocated to the unsatisfied (or partially satisfied) performance obligation is
`2,31,950.69 lakh and the Group expects to recognise revenue in the following time bands:
Time Bands Transaction price
pertaining to
XQVDWLVÀHGRU
SDUWLDOO\VDWLVÀHG
performance
obligation
0-1 year -
0-3 years 98,128.40
0-4 years 1,33,822.29
Total 2,31,950.69
43.4 Other Supplementary Information

Disclosure in respect of the Guidance Note issued by Institute of Chartered Accountants of India on “Accounting for Real Estate
Transactions”.
(` in Lakh)
)RUDOOWKHSURMHFWV
Amount of project revenue recognised as revenue in the reporting period 83,894.65
)RUSURMHFWVLQSURJUHVV
The aggregate amount of costs incurred an profits recognised (Less : recognised 6,29,637.59
losses) to date for project in progress
The amount of advance received 763.80
The amount of Work-in-progress and the value of inventories 4,11,585.87
Excess of revenue recognised over actual bills raised (Unbilled revenue) 7,017.09
(` in Lakh)
NOTE 44. UTILISATION OF PROCEEDS FROM QUALIFIED INSTITUTIONS PLACEMENT March 31, 2019
Amount received from allotment of Equity Shares under qualified institutions placement (A) 1,20,000.00
Less : Utilised towards working capital requirements (B) 63,117.84
Balance amount to be utilised $% 56,882.16
(` in Lakh)
Pending utilisation the funds are invested in the following: March 31, 2019
Mutual Funds 29,542.16
Fixed deposits 27,340.00
56,882.16

NOTE 45. STANDARDS ISSUED BUT NOT YET EFFECTIVE
The amendments to standards that are issued, but not yet effective, up to the date of issuance of the Group’s financial statements
are disclosed below. The Group intends to adopt these standards, if applicable, when they become effective.
The Ministry of Corporate Affairs (MCA) has issued the Companies (Indian Accounting Standards) Second Amendment Rules, 2019
amending the following standards:
Ind AS 116 – Leases
Ind AS 116 Leases was notified in March 2019 and it replaces Ind AS 17 Leases including appendices thereto. Ind AS 116 is effective
for annual periods beginning on or after April 1, 2019. It sets out the principles for the recognition, measurement, presentation and
disclosure of leases and requires lessees to account for all leases under a single on-balance sheet model similar to the accounting
for finance leases under Ind AS 17. Lessor accounting under Ind AS 116 is substantially unchanged from today’s accounting under
Ind AS 17. Ind AS 116 requires lessees and lessors to make more extensive disclosures than under Ind AS 17. The Group is in the
process of evaluating the requirements of the standard and its impact on its financial statements.
Ind AS 12: Income Taxes
The amendment relating to income tax consequences of dividend clarify that an entity shall recognise the income tax consequences
of dividends in the Statement of Profit and Loss, other comprehensive income or equity according to where the entity originally
recognised those past transactions or events. The Group does not expect any impact from this pronouncement. It is relevant to note
that the amendment does not amend situations where the entity pays a tax on dividend which is effectively a portion of dividends
paid to taxation authorities on behalf of shareholders. Such amount paid or payable to taxation authorities continues to be charged
to equity as part of dividend, in accordance with Ind AS 12.
The amendment to Appendix C of Ind AS 12 specifies that the amendment is to be applied to the determination of taxable profit
(tax loss), tax bases, unused tax losses, unused tax credits and tax rates, when there is uncertainty over income tax treatments
under Ind AS 12. It outlines the following: (1) the entity has to use judgement, to determine whether each tax treatment should be
considered separately or whether some can be considered together. The decision should be based on the approach which provides
better predictions of the resolution of the uncertainty. (2) the entity is to assume that the taxation authority will have full knowledge
of all relevant information while examining any amount. (3) entity has to consider the probability of the relevant taxation authority
accepting the tax treatment and the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax
rates would depend upon the probability. The Group is in the process of evaluating the impact on its financial statements.
Ind AS 19 – Plan Amendment, Curtailment or Settlement

The amendments clarify that if a plan amendment, curtailment or settlement occurs, it is mandatory that the current service cost
and the net interest for the period after the re-measurement are determined using the assumptions used for the re-measurement. In
addition, amendments have been included to clarify the effect of a plan amendment, curtailment or settlement on the requirements
regarding the asset ceiling. The Group does not expect this amendment to have any significant impact on its financial statements.
Ind AS 23 – Borrowing Costs
The amendments clarify that if any specific borrowing remains outstanding after the related asset is ready for its intended use or
sale, that borrowing becomes part of the funds that an entity borrows generally when calculating the capitalisation rate on general
borrowings. The Group does not expect any impact from this amendment.
NOTE 46
Previous year figures have been regrouped, re-arranged and re-classified wherever necessary to conform to current year’s
classification.
Partner
DIN 03533268 M No. A19238

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146
Name of the entity 2018-19
Net Assets i.e. Total Assets 6KDUHLQ3URÀWRU Share in other Share in total
minus Total Liabilities /RVV comprehensive income comprehensive income
As % of Amount As % of Amount As % of Amount As % of total Amount
consolidated (` in 3URÀWRU (` in consolidated other (` in comprehensive (` in
net assets ODNK /RVV ODNK comprehensive ODNK income ODNK
income
Parent

Oberoi Realty Limited 75.17% 6,03,572.97 38.53% 45,370.20 78.86% 49.62 55.56% 45,419.82
Subsidiaries
Indian
Oberoi Constructions Limited 22.38% 1,79,677.95 12.37% 14,569.23 23.06% 14.51 17.84% 14,583.74
Oberoi Mall Limited 1.91% 15,355.77 9.14% 10,764.17 0.00% - 13.17% 10,764.17
Kingston Property Services Limited 0.07% 595.66 0.07% 81.93 3.45% 2.17 0.10% 84.10
Incline Realty Private Limited 2.34% 18,813.81 15.93% 18,763.80 -1.34% (0.84) 22.95% 18,762.96
Kingston Hospitality and Developers Private Limited 0.02% 157.25 -0.05% (63.40) 0.00% - -0.08% (63.40)
Expressions Realty Private Limited 0.08% 660.60 -0.24% (276.92) 0.00% - -0.34% (276.92)
Perspective Realty Private Limited** 0.00% 9.42 0.00% (0.47) 0.00% - 0.00% (0.47)
Sight Realty Private Limited 0.02% 121.69 0.00% 2.57 0.00% - 0.00% 2.57
Integrus Realty Private Limited 0.02% 131.19 -0.05% (58.37) 0.00% - -0.07% (58.37)
Buoyant Realty LLP 0.01% 68.90 0.00% (0.18) 0.00% - 0.00% (0.18)
Astir Realty LLP 29.96% 2,40,526.71 0.00% (0.05) 0.00% - 0.00% (0.05)
Pursuit Realty LLP 0.00% 0.95 0.00% (0.00) 0.00% - 0.00% (0.00)
Joint Ventures / Limited Liability Partnerships
Indian
Siddhivinayak Realties Private Limited 0.54% 4,372.72 0.00% (1.05) 0.00% - 0.00% (1.05)
Oasis Realty 26.89% 2,15,891.75 0.06% 70.93 2.18% 1.37 0.09% 72.30
I-Ven Realty Limited 4.04% 32,421.89 0.02% 26.07 0.00% - 0.03% 26.07
Sangamcity Township Private Limited 0.32% 2,547.44 0.00% (0.51) 0.00% - 0.00% (0.51)
Saldanha Realty and Infrastructure LLP 0.58% 4,685.10 0.00% (1.23) 0.00% - 0.00% (1.23)
Metropark Infratech and Realty Developments Private Limited 0.02% 150.86 0.00% (0.04) 0.00% - 0.00% (0.04)
Shri Siddhi Avenues LLP 0.00% - 0.51% 595.27 0.00% - 0.73% 595.27
Schematic Estate LLP 0.00% 0.57 0.00% 0.16 0.00% - 0.00% 0.16
Note: ** Oberoi Constructions Limited, a wholly owned subsidiary holds 100% of the total subscribed and paid up share capital of Perspective Realty Private Limited
Partner
DIN 03533268 M No. A19238
INDEPENDENT AUDITOR’S REPORT ON STANDALONE FINANCIAL STATEMENTS
To the Members of Oberoi Realty Limited
Report on the Audit of the Standalone Ind AS Financial Statements
Opinion
We have audited the accompanying standalone Ind AS financial statements of Oberoi Realty Limited (“the Company”), which
comprise the Balance sheet as at March 31, 2019, the Statement of Profit and Loss, including the statement of Other Comprehensive
Income, the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and notes to the financial
statements, including a summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS
financial statements give the information required by the Companies Act, 2013, as amended (“the Act”) in the manner so required
and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the
Company as at March 31, 2019, its profit including other comprehensive income its cash flows and the changes in equity for the
year ended on that date.
Basis for Opinion
We conducted our audit of the standalone Ind AS financial statements in accordance with the Standards on Auditing (SAs), as
specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the ‘Auditor’s
Responsibilities for the Audit of the Standalone Ind AS Financial Statements’ section of our report. We are independent of the
Company in accordance with the ‘Code of Ethics’ issued by the Institute of Chartered Accountants of India together with the ethical
requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and
we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that
the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone Ind AS
financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the standalone
Ind AS financial statements for the financial year ended March 31, 2019. These matters were addressed in the context of our audit
of the standalone Ind AS financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.
We have determined the matters described below to be the key audit matters to be communicated in our report. We have fulfilled
the responsibilities described in the Auditor’s responsibilities for the audit of the standalone Ind AS financial statements section
of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to
respond to our assessment of the risks of material misstatement of the standalone Ind AS financial statements. The results of our
audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the
accompanying standalone Ind AS financial statements.
Adoption of Ind AS 115 - Revenue from Contract with Customers (as described in note 1.2.8, 1.4 and 42 of
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The Company has adopted Ind AS 115 – ‘Revenue from As part of our audit procedures:
Contracts with Customers’, mandatory for reporting We read the accounting policy for revenue recognition of the
periods beginning on or after April 1, 2018. Revenue Company and assessed compliance with the requirements of
from real-estate contracts is recognised over a period Ind AS 115.
of time in accordance with the requirements of the said
We assessed the management evaluation of recognising
Standard using the percentage of completion method. This
revenue from real estate contracts over a period of time in
determination is based on the proportion that contract costs
accordance with the requirements under Ind AS 115.
actually incurred, bear to the estimated total contract costs,
and requires significant judgements, including identification We tested controls over revenue recognition with specific focus
of contractual obligations, the Company’s rights to on determination of progress of completion, recording of costs
receive payments for performance completed till date, incurred and estimation of costs to complete the remaining
changes in scope and consequential revised contract price. contract obligations.

Revenue recognition is significant to the financial We inspected a sample of underlying customer contracts,
statements based on the quantitative materiality. The performed retrospective assessment of costs incurred with
adoption of Ind AS 115, including the impact to retained estimated costs to identify significant variations and assess
earnings as at the transition date as per the modified whether those variations have been considered in estimating the
retrospective method requires significant judgement in remaining costs-to-complete and consequential determination
determining when ‘control’ of the asset underlying the of stage of completion.
performance obligation is transferred to the customer. We tested controls and management processes pertaining to
Further, the application of percentage of completion transfer of control in case of real estate projects.
method involves significant judgement as explained We performed test of details, on a sample basis, and inspected
above. Accordingly, we regard these as key audit matter. the underlying customer contracts/ agreements evidencing the
transfer of control of the asset to the customer based on which
revenue is recognised over a period of time.
We assessed the adequacy of disclosures included in financial
statements, as specified in Ind AS 115.
We examined the computation of the adjustment to retained
earnings balance as at April 1, 2018 upon adoption of Ind AS
115 as per the modified retrospective method.
Assessing the carrying value of Inventory DVGHVFULEHGLQQRWHDQGRIWKHÀQDQFLDOVWDWHPHQWV

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As at March 31, 2019, the carrying value of the inventory As part of our audit procedures, we:
of ongoing and completed real-estate projects is Evaluated the design and operation of internal controls related
` 1,09,852.51 lakhs. The inventories are held at the lower to testing recoverable amounts with carrying amount of inventory
of the cost and net realisable value (“NRV”). and advances, including evaluating management processes for
The determination of NRV involves estimates based on estimating future costs to complete projects.
prevailing market conditions and taking into account the As regards NRV, for a sample of selected projects, compared
stage of completion of the inventory, the estimated future costs incurred and estimates of future cost to complete the
selling price, cost to complete projects and selling costs. project with costs of similar projects and compared NRV to
Advances paid by the Company for acquisition of land or recent sales or to the estimated selling price.
Transferable Development Rights (‘TDR’), is recognised as For advances for acquisition of land or TDR, as part of our audit
advances to vendors under other assets. procedures we;
With respect to these advances, the net recoverable value Read the documentation relating to the advances paid and
is based on the management’s estimates and internal obtained from management the status of the advances.
documentation, which include, among other things, the
Obtained and assessed management’s assumptions
likelihood when the land acquisition would be completed,
relating to proposed projects, estimated time-frame, and
the expected date of plan approvals for commencement of
forecast sales.
project and the estimation of sale prices and construction
costs. Circularized requests for balance confirmations and
examined responses.
We identified the assessment of the carrying value of
inventory and land advances as a key audit matter due to
the significance of the balance to the financial statements
as a whole and the involvement of estimates and judgement
in the assessment.
Other Information
The Company’s Board of Directors is responsible for the other information. The other information comprises the information included
in the Management Discussion and Analysis, Board’s Report including Annexures to Board’s Report, Business Responsibility Report
and Shareholder’s Information, but does not include the standalone Ind AS financial statements and our auditor’s report thereon.
Our opinion on the standalone Ind AS financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.

In connection with our audit of the standalone Ind AS financial statements, our responsibility is to read the other information and, in
doing so, consider whether such other information is materially inconsistent with the financial statements or our knowledge obtained
in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a
material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management for the Standalone Ind AS Financial Statements
The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of
these standalone Ind AS financial statements that give a true and fair view of the financial position, financial performance including
other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles
generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act read with
the Companies (Indian Accounting Standards) Rules, 2015, as amended. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing
and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgements
and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial
controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the
preparation and presentation of the standalone Ind AS financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
In preparing the standalone Ind AS financial statements, management is responsible for assessing the Company’s ability to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting
unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Standalone Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone Ind AS financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone
Ind AS financial statements.
As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional skepticism throughout
the audit. We also:
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or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher
than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
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circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company
has adequate internal financial controls system in place and the operating effectiveness of such controls.
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disclosures made by management.
&RQFOXGHRQWKHDSSURSULDWHQHVVRIPDQDJHPHQW·VXVHRIWKHJRLQJFRQFHUQEDVLVRIDFFRXQWLQJDQGEDVHGRQWKHDXGLW
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 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.
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and whether the standalone Ind AS financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in
the audit of the standalone Ind AS financial statements for the financial year ended March 31, 2019 and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”), issued by the Central Government of India
in terms of sub-section (11) of section 143 of the Act, we give in the “Annexure 1” a statement on the matters specified in
paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purposes of our audit;
(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our
examination of those books;
(c) The Balance Sheet, the Statement of Profit and Loss including the Statement of Other Comprehensive Income, the Cash
Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the books of account;
(d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Accounting Standards specified
under Section 133 of the Act, read with Companies (Indian Accounting Standards) Rules, 2015, as amended;
(e) On the basis of the written representations received from the directors as on March 31, 2019 taken on record by the
Board of Directors, none of the directors is disqualified as on March 31, 2019 from being appointed as a director in
terms of Section 164 (2) of the Act;
(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company with reference to
these standalone Ind AS financial statements and the operating effectiveness of such controls, refer to our separate Report
in “Annexure 2” to this report;
(g) In our opinion, the managerial remuneration for the year ended March 31, 2019 has been paid / provided by the
Company to its directors in accordance with the provisions of section 197 read with Schedule V to the Act;
(h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the
explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its standalone Ind AS
financial statements – Refer Note 40 to the standalone Ind AS financial statements;
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material
foreseeable losses;
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection
Fund by the Company.

per Sudhir Soni

Partner
Place: Mumbai
Date: May 10, 2019

ANNEXURE 1 REFERRED TO IN PARAGRAPH 1 UNDER THE HEADING “REPORT ON OTHER LEGAL AND
REGULATORY REQUIREMENTS” OF OUR REPORT OF EVEN DATE
Re: Oberoi Realty Limited (‘the Company’)
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed
assets.
(b) Fixed assets have been physically verified by the management during the year and no material discrepancies were
identified on such verification.
(c) According to the information and explanations given by the management, the title deeds of immovable properties included
in property, plant and equipment/ investment properties are held in the name of the Company.
(ii) The management has conducted physical verification of inventory at reasonable intervals during the year and no material
discrepancies were noticed on such physical verification.
(iii) (a) The Company has granted unsecured interest free loans to eight companies and interest bearing loan to one firm
covered in the register maintained under section 189 of the Companies Act, 2013. In our opinion and according to the
information and explanations given to us, the terms and conditions of the grant of such loans are not prejudicial to the
Company’s interest.
(b) The Company has granted loans to the parties covered in the register maintained under section 189 of the Companies
Act, 2013. The loans granted are re-payable on demand. We are informed that the Company has not demanded
repayment of any such loan during the year, and thus, there has been no default on the part of the parties to whom the
money has been lent. There is no stipulation as to the date of payment of interest.
(c) There is no amount of loans granted to companies, firm or other parties listed in the register maintained under section
189 of the Companies Act, 2013 which are outstanding for more than ninety days.
(iv) In our opinion and according to the information and explanations given to us, provisions of section 185 and 186 of the
Companies Act 2013 in respect of loans to directors including entities in which they are interested and in respect of loans and
advances given, investments made and, guarantees, and securities given have been complied with by the Company.
(v) The Company has not accepted any deposits from the public.
(vi) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central
Government for the maintenance of cost records under section 148(1) of the Companies Act, 2013, related to the manufacture
or service of construction activities, and are of the opinion that prima facie, the specified accounts and records have been
made and maintained. We have not, however, made a detailed examination of the same.
(vii) (a) The Company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident
fund, employees’ state insurance, income-tax, duty of custom, duty of excise, cess, goods and services tax (GST) and
other statutory dues applicable to it. According to the information and explanations given to us, no undisputed amounts
payable in respect of provident fund, employees’ state insurance, income-tax, duty of custom, duty of excise, cess, goods
and services tax (GST) and other material statutory dues were outstanding, at the year end, for a period of more than six
months from the date they became payable.

(b) According to the records of the Company, the dues outstanding of income-tax, service tax, value added tax and property
tax on account of any dispute, are as follows:
Name of the Statute Nature of Amount Financial Year Forum where dispute is pending
dues (in lakhs) to which the
amount relates
Finance Act, 1994 Service Tax 171.82 2008-09 Hon’ble High Court
(Service Tax Provisions) Demand
Finance Act, 1994 Service Tax 14.36* 2008-09 to 2011-12 The Customs Excise and Service Tax
(Service Tax Provisions) Demand Appellate Tribunal, Mumbai
Finance Act, 1994 Service Tax 33.07 2010-11 to 2013-14 Additional Commissioner, Service Tax Audit
(Service Tax Provisions) Demand III, Mumbai
Finance Act, 1994 Service Tax 98.38 2014-15 Joint Commissioner, Service Tax VI, Mumbai
(Service Tax Provisions) Demand
Finance Act, 1994 Service Tax 49.48 2011-12 to 2014-15 Deputy Commissioner, Service Tax Audit
(Service Tax Provisions) Demand Commissioner III, Mumbai
Finance Act, 1994 Service Tax 8.11 2015-16 Assistant Commissioner, Central Goods
(Service Tax Provisions) Demand and Service Tax, Excise, Di-VII, Mumbai
Finance Act, 1994 Service Tax 8.71 2015-16 Assistant Commissioner, Service Tax Audit
(Service Tax Provisions) Demand Commissioner III, Mumbai
Finance Act, 1994 Service Tax 1.30 2016-17 Assistant Commissioner, Central Goods
(Service Tax Provisions) Demand and Service Tax, Excise, Di-VII, Mumbai
The Maharashtra VAT, Interest 2.19 2014-15 Deputy Commissioner of Sales Tax, Mumbai
Value Added Tax Act and Penalty
Maharashtra Goods VAT, Interest 504.44 2017-18 Deputy Commissioner of Sales Tax, Mumbai
and Services Tax Act, and Penalty
2017
Income Tax Act, 1961 Income Tax 1.67 2010-11 Commissioner of Income Tax (Appeals)
and Interest
Income Tax Act, 1961 Income Tax 144.48 2015-16 Commissioner of Income Tax (Appeals)
and Interest
*Net amount of `14.26 lakhs deposited under protest
(viii) In our opinion and according to the information and explanations given by the management, the Company has not defaulted
in repayment of dues to a financial institution and bank. The Company did not have any outstanding loans or borrowing in
respect of Government or dues to debenture holders during the year.
(ix) In our opinion and according to the information and explanations given by the management, the Company has utilized
the monies raised in the nature of term loans for the purposes for which they were raised.
(x) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and
according to the information and explanations given by the management, we report that no fraud by the Company or no fraud
on the Company by the officers and employees of the Company has been noticed or reported during the year.
(xi) According to the information and explanations given by the management, the managerial remuneration has been paid /
provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the
(xii) In our opinion, the Company is not a nidhi company. Therefore, the provisions of clause 3(xii) of the order are not applicable
to the Company and hence not commented upon.
(xiii) According to the information and explanations given by the management, transactions with the related parties are in compliance
with section 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the notes to the
financial statements, as required by the applicable accounting standards.

(xiv) According to the information and explanations given by the management, the Company has complied with provisions of
section 42 of the Companies Act, 2013 in respect of the private placement of shares during the year. According to the
information and explanations given by the management, we report that the amounts raised, have been used for the purposes
for which the funds were raised except for idle/surplus funds amounting to ` 56,882.16 lakhs which were not required for
immediate utilization and which have been gainfully invested in liquid investments payable on demand. The maximum amount
of idle/surplus funds invested during the year was ` 120,000.00 lakhs of which ` 56,882.16 lakhs was outstanding at the end
of the year.
(xv) According to the information and explanations given by the management, the Company has not entered into any non-cash
transactions with directors or persons connected with him as referred to in section 192 of Companies Act, 2013.
(xvi) According to the information and explanations given to us, the provisions of section 45-IA of the Reserve Bank of India Act,
1934 are not applicable to the Company.

per Sudhir Soni

Partner
Place: Mumbai
Date: May 10, 2019

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AND REGULATORY REQUIREMENTS” OF OUR REPORT OF EVEN DATE
Re: Oberoi Realty Limited (‘the Company’)
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We have audited the internal financial controls over financial reporting of Oberoi Realty Limited (“the Company”) as of
March 31, 2019 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that
date.
Management’s Responsibility for Internal Financial Controls
The Company’s Management is responsible for establishing and maintaining internal financial controls based on the internal control
over financial reporting criteria established by the Company considering the essential components of internal control stated in the
Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of
India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were
operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Company’s policies,
the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting
records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based on our audit.
We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting
(the “Guidance Note”) and the Standards on Auditing as specified under section 143(10) of the Companies Act, 2013, to the
extent applicable to an audit of internal financial controls and, both issued by the Institute of Chartered Accountants of India. Those
Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained
and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system
over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists,
and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements,
whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the
internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A company’s internal financial control over financial reporting includes those policies and procedures
that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions
of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation
of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the
Company are being made only in accordance with authorizations of management and directors of the Company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the Company’s
assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or
improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also,
projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that
the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting
and such internal financial controls over financial reporting were operating effectively as at March 31, 2019, based on the internal
control over financial reporting criteria established by the Company considering the essential components of internal control stated in
of India.

per Sudhir Soni

Partner
Membership Number: 41870
Place: Mumbai
Date: May 10, 2019

STANDALONE BALANCE SHEET
(` in Lakh)
AS AT NOTE 0$5&+ 0$5&+
ASSETS
, 1RQFXUUHQWDVVHWV
a) Property, plant and equipments 2 18,454.14 19,624.41
b) Capital work in progress 3 2,408.59 701.82
c) Investment properties 4 56,632.51 58,232.55
d) Intangible assets 5 164.64 235.59
e) Intangible assets under development 6 93.36 18.79
f) Financial assets
i) Investments 7 73,789.13 77,472.34
ii) Other financial assets 8 191.93 135.96
g) Other non-current assets 9 14,720.25 13,540.26
1,66,454.55 1,69,961.72
,, &XUUHQWDVVHWV
a) Inventories 10 1,10,024.51 1,11,447.87
b) Financial assets
i) Trade receivables 11 2,369.45 7,954.97
ii) Cash and cash equivalents 12 3,308.63 2,845.40
iii) Bank balances other than (ii) above 13 24,437.77 1,972.20
iv) Loans 14 2,99,905.63 1,85,840.40
v) Other financial assets 8 267.48 223.47
c) Current tax assets (net) 15 259.13 514.25
d) Other current assets 9 99,829.43 99,716.88
4,10,515.44
727$/$66(76,,, 7,06,856.58 5,80,477.16
, (TXLW\
a) Equity share capital 16 36,360.23 33,960.23
b) Other equity 17 5,67,212.74 4,12,230.03
4,46,190.26
,, /LDELOLWLHV
i) Borrowings 18 58,851.45 67,864.18
b) Total outstanding dues of creditors other than micro enterprises and 1,278.78 859.10
small enterprises
iii) Other financial liabilities 20 6,659.85 4,870.29
b) Provisions 21 146.29 134.85
c) Deferred tax liabilities (net) 22 2,147.65 2,225.08
d) Other non-current liabilities 23 1,308.50 355.71
70,695.80 76,544.45
i) Borrowings 18 8,240.36 19,622.88
small enterprises
i) Capital Creditors
b) Total outstanding dues of creditors other than micro enterprises 142.14 91.77
ii) Others 13,802.02 12,626.36
b) Other current liabilities 23 5,285.70 20,016.78
c) Provisions 21 77.40 39.61
d) Current tax liabilities (net) 24 193.44 235.42
57,742.45
727$//,$%,/,7,(6LLL
727$/(48,7<$1'/,$%,/,7,(6,,, 7,06,856.58 5,80,477.16
Partner
DIN 03533268 M No. A19238

STANDALONE STATEMENT OF PROFIT AND LOSS
(` in Lakh)
FOR THE YEAR ENDED NOTE 0$5&+ 0$5&+
INCOME
Revenue from operations 25 1,02,865.55 97,422.33
Other income 26 12,962.52 10,911.85
Total revenue $ 1,15,828.07
EXPENSES
Operating costs 27 31,136.80 40,899.82
Changes in inventories 28 2,411.95 (6,341.43)
Excise duty 29 - 3.16
Employee benefits expense 30 6,216.13 5,799.31
Finance cost 31 1,453.76 257.25
Depreciation and amortisation 32 3,152.08 3,963.99
Other expenses 33 6,968.76 4,658.24
Total expenses %
3URÀWEHIRUHWD[ $% 64,488.59
Tax expense
Current tax 15 18,739.92 17,557.88
Deferred tax 22 379.04 (210.58)
Short / (excess) provision of tax in earlier years (0.56) 29.76
3URÀWDIWHUWD[ & 41,716.78

,WHPV WKDW ZLOO QRW EH UHFODVVLÀHG WR SURÀW RU ORVV LQ
subsequent years
Re - measurement gains / (losses) on defined benefit plans 76.28 120.86
Income tax effect on above (26.65) (42.24)
7RWDORWKHUFRPSUHKHQVLYHLQFRPHH[SHQVHVIRUWKH '
78.62
year net of tax
Total comprehensive income for the year (Comprising &'
SURÀWORVVDQGRWKHUFRPSUHKHQVLYHLQFRPHIRUWKH 45,419.82 41,795.40
\HDU
Earnings per equity share (face value of ` 34

- Basic (in `) 12.66 12.28
- Diluted (in `) 12.66 12.28

Partner
DIN 03533268 M No. A19238

STANDALONE STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED
158
A. Equity Share Capital
(` in Lakh)
Particulars Note Amount
As at April 1, 2017 16 33,953.55
Change in equity share capital 6.68
As at March 31, 2018 16
Change in equity share capital 2,400.00
$VDW0DUFK 16
B. Other Equity

(` in Lakh)
Retained Securities General Capital Capital Total
earnings premium reserve redemption reserve
reserve
A. Balance as at April 1, 2017 17 1,67,197.55 8,956.01 5,710.00
Exercise of stock options - 167.03 - - - 167.03
Dividend (including dividend distribution tax) (6,792.33) - - - - (6,792.33)
Profit for the year 41,716.78 - - - - 41,716.78
Remeasurement of the net defined benefit plans, net of taxes 78.62 - - - - 78.62
B. Total changes during the year - - -
$%%DODQFHDVDW0DUFK 17 2,26,609.44 8,956.01 5,710.00
(` in Lakh)
Retained Securities General Capital Capital Total
earnings premium reserve redemption reserve
reserve
A. Balance as at April 1, 2018 17 2,26,609.44 8,956.01 5,710.00
Premium received during the year on account of issue of - 1,17,600.00 - - - 1,17,600.00
shares - qualified institutions placement
Share issue expenses (net of deferred tax) - (1,245.06) - - - (1,245.06)
Dividend (including dividend distribution tax) (6,792.05) - - - - (6,792.05)
Profit for the year 45,370.19 - - - - 45,370.19
Remeasurement of the net defined benefit plans, net of taxes 49.63 - - - - 49.63
B. Total changes during the year - - - 1,54,982.71
$% %DODQFHDVDW0DUFK 17 8,956.01 5,710.00 5,67,212.74
Partner
DIN 03533268 M No. A19238
STANDALONE CASH FLOW STATEMENT
(` in Lakh)
FOR THE YEAR ENDED 0$5&+ 0$5&+
CASH FLOW FROM OPERATING ACTIVITIES:
3URÀWEHIRUHWD[DVSHU6WDWHPHQWRI3URÀWDQG/RVV 64,488.59
Adjustments for
Depreciation and amortisation 3,152.08 3,963.99
Interest income (including fair value change in financial instruments) (5,540.06) (3,842.67)
Interest expenses (including fair value change in financial instruments) 1,453.77 257.25
Dividend income (6,892.14) (6,824.86)
Profit on sale of investments (net) (528.93) (0.61)
Loss / (gain) from foreign exchange fluctuation (net) (2.22) (1.95)
(Gain) / loss on sale / discarding of property, plant and equipment (net) 24.25 0.90
Sundry balances written off / (back) (9.92) (224.25)
2SHUDWLQJFDVKSURÀWEHIRUHZRUNLQJFDSLWDOFKDQJHV 56,145.46 52,429.05
Movement for working capital

Increase / (decrease) in trade payables 240.22 3,218.73
Increase / (decrease) in other liabilities (13,778.28) (4,342.42)
Increase / (decrease) in financial liabilities 3,151.63 4,078.76
Increase / (decrease) in provisions 125.51 8.68
(Increase) / decrease in loans and advances (1,084.45) (61,812.95)
(Increase) / decrease in financial assets (44.01) (180.72)
(Increase) / decrease in trade receivables 5,585.51 (5,216.29)
(Increase) / decrease in inventories 7,458.54 (4,030.79)
&DVKJHQHUDWHGXVHGIURPRSHUDWLRQV 57,800.14
Direct taxes (paid) / refund (net) (18,526.22) (17,768.93)
1HWFDVKLQÁRZRXWÁRZIURPRSHUDWLQJDFWLYLWLHV $
CASH FLOW FROM INVESTING ACTIVITIES:

(Acquisition) / (adjustments) / sale of property, plant and equipment, (2,275.94) (635.39)
investment properties, intangible assets / addition to capital work in
progress (net)
Interest received 2,083.57 296.58
Dividend received 6,892.14 6,824.86
Decrease / (increase) in loans and advances to / for subsidiaries / joint (1,11,215.97) (51,557.86)
ventures (net)
(Acquisition) / sale of investments (net) 4,212.45 (7,717.26)
(Increase) / decrease in other assets (22,520.70) 15,446.03
1HWFDVKLQÁRZRXWÁRZIURPLQYHVWLQJDFWLYLWLHV %
CASH FLOW FROM FINANCING ACTIVITIES:

Increase in equity share capital (including share premium and 1,18,271.82 173.71
netting off share issue expenses)
Proceeds/(Repayment) from short term secured loan (net) (321.99) 323.00
Proceeds/(Repayment) from long term secured loan (net) (9,149.64) 68,500.00
Proceeds from short term unsecured borrowings - 26,407.40
Repayment of short term unsecured borrowings (11,130.00) (16,988.00)
Interest paid (gross) (6,864.38) (2,615.20)
Dividend paid (including dividend distribution tax) (6,792.05) (6,792.33)
1HWFDVKLQÁRZRXWÁRZIURPÀQDQFLQJDFWLYLWLHV & 69,008.58
1HWLQFUHDVHGHFUHDVHLQFDVKDQGFDVKHTXLYDOHQWV $%&

Add: cash and cash equivalents at the beginning of the year 2,845.40 4,796.74
Cash and cash equivalents at the end of the year 2,845.40

67$1'$/21(&$6+)/2:67$7(0(17&217'
(` in Lakh)
FOR THE YEAR ENDED 0$5&+ 0$5&+
COMPONENTS OF CASH AND CASH EQUIVALENTS AS AT
Balance with banks 880.34 1,177.72
Cash and cash equivalents at the end of the year 2,845.40
RECONCILIATION STATEMENT OF CASH AND BANK BALANCES

(` in Lakh)
AS AT 0$5&+ 0$5&+
Cash and cash equivalents at the end of the year as per above 3,308.63 2,845.40
Add: Balance with bank in dividend / unclaimed dividend accounts 3.47 2.64
Add: Fixed deposits with banks, having remaining maturity for less than twelve months 24,154.76 1,708.59
Add: Fixed deposits with banks (lien marked) 471.47 396.93
Less: Fixed deposit with banks, having remaining maturity for more than twelve months (191.93) (135.96)
&DVKDQGEDQNEDODQFHDVSHUEDODQFHVKHHWUHIHUQRWHDQG 27,746.40 4,817.60
DISCLOSURE AS REQUIRED BY IND AS 7

5HFRQFLOLDWLRQRIOLDELOLWLHVDULVLQJIURPÀQDQFLQJDFWLYLWLHV
(` in Lakh)
0DUFK Opening &DVKÁRZV Non cash Closing
Short term secured borrowings 253.48 (321.99) 69.47 0.96
Long term secured borrowings 67,864.18 (9,149.64) 136.91 58,851.45
Short term unsecured borrowings 19,369.40 (11,130.00) - 8,239.40
7RWDOOLDELOLWLHVIURPÀQDQFLQJDFWLYLWLHV 87,487.06 67,091.81
(` in Lakh)
0DUFK Opening &DVKÁRZV Non cash Closing
Short term secured borrowings - 227.30 26.18 253.48
Long term secured borrowings - 67,814.67 49.51 67,864.18
Short term unsecured borrowings 9,950.00 9,419.40 - 19,369.40
7RWDOOLDELOLWLHVIURPÀQDQFLQJDFWLYLWLHV 9,950.00 75.69 87,487.06
Significant accounting policies (refer note 1)

Partner
DIN 03533268 M No. A19238

NOTES FORMING PART OF STANDALONE FINANCIAL STATEMENTS
NOTE 1. NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES
1.1 NATURE OF OPERATIONS
Oberoi Realty Limited (the ‘Company’ or ‘ORL’), a public limited company is incorporated in India under provisions of
the Companies Act applicable in India. The Company is engaged primarily in the business of real estate development
and hospitality.
The Company is headquartered in Mumbai, India. The shares of the Company are listed on the BSE Limited and
National Stock Exchange of India Limited. Its registered office is situated at Commerz, 3rd Floor, International Business
Park, Oberoi Garden City, Off Western Express Highway, Goregaon (East), Mumbai- 400 063.
The financial statements for the year ended March 31, 2019 were authorised and approved for issue by the Board of
Directors on May 10, 2019.
1.2 SIGNIFICANT ACCOUNTING POLICIES
1.2.1 Basis of preparation
The standalone financial statements of the Company have been prepared in accordance with the Indian
Accounting Standards (Ind AS) as notified under the Companies (Indian Accounting Standards) Rules 2015
(as amended) and presentation requirements of Division II of Schedule III to the Companies Act, 2013.
The financial statements have been prepared on a historical cost basis, except for certain financial instruments
which are measured at fair values at the end of each reporting period, as explained in the accounting policies
below.
The financial statements are presented in Indian Rupee (“INR”) and all values are rounded to the nearest INR
Lakh, except when otherwise indicated.
&XUUHQWQRQFXUUHQWFODVVLÀFDWLRQ
The Company as required by Ind AS 1 presents assets and liabilities in the financial statement based on current/
non-current classification.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
The Company’s normal operating cycle in respect of operations relating to the construction of real estate
projects may vary from project to project depending upon the size of the project, type of development, project
complexities and related approvals. Operating cycle for all completed projects and hospitality business is based
on 12 months period. Assets and liabilities have been classified into current and non-current based on their
respective operating cycle.
)RUHLJQFXUUHQFLHV
L ,QLWLDOUHFRJQLWLRQ
Foreign currency transactions are recorded in the functional currency (Indian Rupee) by applying to the
foreign currency amount, the exchange rate between the functional currency and the foreign currency
on the date of the transaction.
LL &RQYHUVLRQ
All monetary items outstanding at year end denominated in foreign currency are converted into Indian
Rupees at the reporting date exchange rate. Non-monetary items, which are measured in terms of
historical cost denominated in a foreign currency, are reported using the exchange rate at the date
of the transaction and non-monetary items which are carried at fair value or other similar valuation
denominated in a foreign currency are reported using the exchange rates that existed when the values
were determined.
LLL ([FKDQJHGLIIHUHQFHV
The exchange differences arising on such conversion and on settlement of the transactions are
recognised in the Statement of Profit and Loss.

3URSHUW\SODQWDQGHTXLSPHQWV33(
Property, plant and equipments are stated at cost less accumulated depreciation/amortisation and
impairment losses, if any.
Cost comprises the purchase price and any attributable / allocable cost of bringing the asset to its
working condition for its intended use. The cost also includes direct cost and other related incidental
expenses. Revenue earned, if any, during trial run of assets is adjusted against cost of the assets. Cost
also includes the cost of replacing part of the plant and equipments.
Borrowing costs relating to acquisition / construction / development of tangible assets, which takes
substantial period of time to get ready for its intended use are also included to the extent they relate to
the period till such assets are ready to be put to use.
When significant components of property and equipments are required to be replaced at intervals,
Depreciation is provided from the date the assets are put to use, on straight line basis as per the useful
life of the assets as prescribed under Part C of Schedule II of the Companies Act, 2013.
Building 60 years
Building - Temporary structures 3 years
Computers 3 years
Vehicles 8 years
Depreciation method, useful life and residual value are reviewed periodically.
The carrying amount of PPE is reviewed periodically for impairment based on internal / external factors.
An impairment loss is recognised wherever the carrying amount of assets exceeds its recoverable
amount. The recoverable amount is the greater of the asset’s net selling price and value in use.
LLL 'HUHFRJQLWLRQ
PPE are derecognised either when they have been disposed of or when they are permanently withdrawn
from use and no future economic benefit is expected from their disposal. The difference between the
net disposal proceeds and the carrying amount of the asset is recognised in the Statement of Profit and
Loss in the period of de-recognition.
1.2.5 Intangible assets
L Recognition and initial measurement
Intangible assets are stated at cost less accumulated amortisation and impairment losses, if any. Cost
comprises the acquisition price, development cost and any attributable / allocable incidental cost of
bringing the asset to its working condition for its intended use.

LL 6XEVHTXHQWPHDVXUHPHQW$PRUWLVDWLRQ
All intangible assets with definite useful life are amortised on a straight line basis over the estimated
useful lives.
Computer Software 5 years
The carrying amount of intangible asset is reviewed periodically for impairment based on internal /
external factors. An impairment loss is recognised wherever the carrying amount of an asset exceeds its
recoverable amount. The recoverable amount is the greater of the asset’s net selling price and value in
use.
Gain or losses arising from derecognition of an intangible asset are measured as the difference between
the net disposal proceeds and the carrying amount of the asset and are recognised in the Statement of
Profit or Loss when the asset is derecognised.
1.2.6 Investment properties
L Recognition and initial measurement

Investment properties are properties held to earn rentals or for capital appreciation, or both. Investment
properties are measured initially at cost, including transaction costs. The cost comprises purchase price,
borrowing cost if capitalisation criteria are met and directly attributable cost of bringing the asset to its
working condition for the intended use.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow to
the Company.
Though the Company measures investment property using cost based measurement, the fair value of
investment property is disclosed in the notes. Fair values are determined based on an annual evaluation
performed by an accredited external independent valuer who holds a recognised and relevant
professional qualification and has experience in the category of the investment property being valued.
Investment Properties are stated at cost less accumulated depreciation and accumulated impairment
loss, if any, subsequently. Depreciation is provided from the date the assets are put to use, on straight line
method as per the useful life of the assets as prescribed under Part C of Schedule II of the Companies
Act, 2013.
Building 60 years
Building - Temporary Structures 3 years
Computers 3 years
Lessee specific assets and improvements Over lease period or useful life as prescribed
in Schedule II, whichever is lower
For above classes of assets, based on internal assessment, the management believes that the useful
lives as given above best represent the period over which management expects to use these assets.
The carrying amount of investment properties is reviewed periodically for impairment based on internal
/ external factors. An impairment loss is recognised wherever the carrying amount of assets exceeds its
in use.

When significant components of investment properties are required to be replaced at intervals,

LLL 'HUHFRJQLWLRQ
Investment properties are derecognised either when they have been disposed of or when they are
permanently withdrawn from use and no future economic benefit is expected from their disposal. The
difference between the net disposal proceeds and the carrying amount of the asset is recognised in the
Statement of Profit and Loss in the period of de-recognition.
1.2.7 Capital work in progress
Capital work in progress is stated at cost less impairment losses, if any. Cost comprises of expenditures incurred in
respect of capital projects under development and includes any attributable / allocable cost and other incidental
expenses. Revenues earned, if any, from such capital project before capitalisation are adjusted against the
capital work in progress.
1.2.8 Revenue from contract with customer
Revenue from contract with customer is recognised, when control of the goods or services are transferred to
the customer, at an amount that reflects the consideration to which the Company is expected to be entitled in
exchange for those goods or services. The Company assesses its revenue arrangements against specific criteria in
order to determine if it is acting as principal or agent. The Company concluded that it is acting as a principal in
all of its revenue arrangements. The specific recognition criteria described below must also be met before revenue
is recognised.
Revenue is recognised as follows:
L Revenue from real estate projects
The Company recognises revenue, on execution of agreement or letter of allotment and when control
of the goods or services are transferred to the customer, at an amount that reflects the consideration
(i.e. the transaction price) to which the Company is expected to be entitled in exchange for those
goods or services excluding any amount received on behalf of third party (such as indirect taxes). An
asset created by the Company’s performance does not have an alternate use and as per the terms
of the contract, the Company has an enforceable right to payment for performance completed till
date. Hence the Company transfers control of a good or service over time and, therefore, satisfies a
performance obligation and recognises revenue over time. The Company recognises revenue at the
transaction price which is determined on the basis of agreement or letter of allotment entered into with
the customer. The Company recognises revenue for performance obligation satisfied over time only if
it can reasonably measure its progress towards complete satisfaction of the performance obligation.
The Company would not be able to reasonably measure its progress towards complete satisfaction of
a performance obligation if it lacks reliable information that would be required to apply an appropriate
method of measuring progress. In those circumstances, the Company recognises revenue only to the
extent of cost incurred until it can reasonably measure outcome of the performance obligation.
The Company uses cost based input method for measuring progress for performance obligation satisfied
over time. Under this method, the Company recognises revenue in proportion to the actual project cost
incurred (excluding land cost) as against the total estimated project cost (excluding land cost).
The management reviews and revises its measure of progress periodically and are considered as change
in estimates and accordingly, the effect of such changes in estimates is recognised prospectively in the
period in which such changes are determined.
A contract asset is the right to consideration in exchange for goods or services transferred to the customer.
If the Company performs by transferring goods or services to a customer before the customer pays
consideration or before payment is due, a contract asset is recognised for the earned consideration that
is conditional.

A contract liability is the obligation to transfer goods or services to a customer for which the Company
has received consideration (or an amount of consideration is due) from the customer. If a customer pays
consideration before the Company transfers goods or services to the customer, a contract liability is
recognised when the payment is made or the payment is due (whichever is earlier). Contract liabilities are
recognised as revenue when the Company performs under the contract.
A receivable represents the Company’s right to an amount of consideration that is unconditional (i.e.,
only the passage of time is required before payment of the consideration is due). Refer to accounting
policies of financial assets in section 1.2.11 Financial instruments - initial recognition and subsequent
measurement.
LL Revenue from hospitality business
Revenue comprises sale of rooms, food and beverages and allied services relating to hotel operations.
Revenue is recognised upon rendering of the service, provided pervasive evidence of an arrangement
exists, tariff / rates are fixed or are determinable and collectability is reasonably certain. Revenue from
sales of goods or rendering of services is net of indirect taxes, returns and discounts.
LLL Revenue from lease rentals and related income
Lease income is recognised in the Statement of Profit and Loss on straight line basis over the lease term,
unless there is another systematic basis which is more representative of the time pattern of the lease.
Revenue from lease rentals is disclosed net of indirect taxes, if any.
Revenue from property management service is recognised at value of service and is disclosed net of
indirect taxes, if any.
LY Finance income
Finance income is recognised as it accrues using the Effective Interest Rate (EIR) method. Finance income
is included in other income in the Statement of Profit and Loss.
When calculating the EIR, the Company estimates the expected cash flow by considering all the
contractual terms of the financial instrument (for example, prepayment, extension, call and similar
options) but does not consider the expected credit losses.
Y Dividend income
Revenue is recognised when the Company’s right to receive the payment is established, which is generally
when shareholders approve the dividend.
YL Other income
Other incomes are accounted on accrual basis, except interest on delayed payment by debtors and
liquidated damages which are accounted on acceptance of the Company’s claim.
1.2.9 Leases
The determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement
at the inception of the lease. The arrangement is, or contains, a lease if fulfilment of the arrangement is dependent
on the use of a specific asset or assets and the arrangement conveys a right to use the asset or assets, even if that
right is not explicitly specified in an arrangement.
Lease arrangements where the risks and rewards incidental to ownership of an asset substantially vest with the
lessor are recognised as operating lease. The Company has only operating lease and accounts the same as
follows,
L :KHUHWKH&RPSDQ\LVWKHOHVVHH
Operating lease payments are recognised as an expense in the Statement of Profit and Loss on straight
line basis over the lease term, unless there is another systematic basis which is more representative of the
time pattern of the lease.

Lease deposits given are a financial asset and are measured at amortised cost under Ind AS 109 since
it satisfies Solely Payment of Principal and Interest (SPPI) condition. The difference between the present
value and the nominal value of deposit is considered as prepaid rent and recognised over the lease term.
Unwinding of discount is treated as finance income and recognised in the Statement of Profit and Loss
account.
LL :KHUHWKH&RPSDQ\LVWKHOHVVRU
Assets given under operating leases are included in investment properties. Lease income is recognised
in the Statement of Profit and Loss on straight line basis over the lease term, unless there is another
systematic basis which is more representative of the time pattern of the lease.
Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying
amount of the leased asset and recognised over the lease term on the same basis as rental income.
Lease deposits received are financial instruments (financial liability) and need to be measured at fair
value on initial recognition. The difference between the fair value and the nominal value of deposits is
considered as rent in advance and recognised over the lease term on a straight line basis. Unwinding of
discount is treated as interest expense (finance cost) for deposits received and is accrued as per the EIR
method.
1.2.10 Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or
equity instrument of another entity.
Effective Interest Rate (EIR) is the rate that exactly discounts the estimated future cash receipts or payments over
the expected life of the financial instruments or a shorter period, where appropriate, to the net carrying amount
of the financial asset or liability.
L Financial assets
Financial assets are recognised when the Company becomes a party to the contractual
provisions of the instrument. Financial assets are initially measured at fair value. Transaction
costs that are directly attributable to the acquisition or issue of financial assets (other than
financial assets at fair value through profit or loss) are added to or deducted from the fair value
measured on initial recognition of financial asset.
E 6XEVHTXHQWPHDVXUHPHQW
i. Financial assets at amortised cost

Financial assets are measured at the amortised cost, if both of the following criteria
are met:
a. These assets are held within a business model whose objective is to hold
assets for collecting contractual cash flows; and
After initial measurement, such financial assets are subsequently measured at
amortised cost using the EIR method. The EIR amortisation is included in other income
in the Statement of Profit and Loss. The losses arising from impairment are recognised
in the Statement of Profit and Loss.
ii. Financial assets at fair value through other comprehensive income

)972&,
Financial assets are classified as FVTOCI if both of the following criteria are met:
a. These assets are held within a business model whose objective is achieved
both by collecting contractual cash flows and selling the financial assets; and

Fair value movements are recognised in the Other Comprehensive Income (OCI). On
de-recognition of the asset, cumulative gain or loss previously recognised in OCI is
reclassified from the equity to the Statement of Profit and Loss.
LLL )LQDQFLDODVVHWVDWIDLUYDOXHWKURXJKSURÀWRUORVV)973/
Any financial assets, which do not meet the criteria for categorisation as at amortised
cost or as FVTOCI, are classified as at FVTPL. Gain or losses are recognised in the
iv. Equity instruments
Equity instruments which are held for trading and contingent consideration recognised
by an acquirer in a business combination are classified as FVTPL, and measured at fair
value with all changes recognised in the Statement of Profit and Loss.
F 'HUHFRJQLWLRQ
The Company derecognises a financial asset when the contractual rights to the cash flows
from the financial asset expire or it transfers the financial asset and the transfer qualifies for
de-recognition.
When the Company has transferred its rights to receive cash flows from an asset or has entered
into a pass-through arrangement, it evaluates if and to what extent it has retained the risks
and rewards of ownership. When it has neither transferred nor retained substantially all of the
risks and rewards of the asset, nor transferred control of the asset, the Company continues
to recognise the transferred asset to the extent of the Company’s continuing involvement. In
that case, the Company also recognises an associated liability. The transferred asset and the
associated liability are measured on a basis that reflects the rights and obligations that the
Company has retained.
G ,PSDLUPHQWRIÀQDQFLDODVVHWV
The Company follows ‘simplified approach’ for recognition of impairment loss allowance on:
i. Trade receivables; and
ii. All lease receivables resulting from transactions within the scope of Ind AS 17.
The application of simplified approach does not require the Company to track changes in credit
risk. Rather, it recognises impairment loss allowance based on lifetime Expected Credit Loss
(ECL) at each reporting date, right from its initial recognition.
For recognition of impairment loss on other financial assets and risk exposure, the Company
determines whether there has been a significant increase in the credit risk since initial recognition.
If credit risk has not increased significantly, 12-month ECL is used to provide for impairment loss.
However, if credit risk has increased significantly, lifetime ECL is used. If, in a subsequent period,
credit quality of the instrument improves such that there is no longer a significant increase in
credit risk since initial recognition, then the Company reverts to recognising impairment loss
allowance based on 12-month ECL.
Lifetime ECL are the expected credit losses resulting from all possible default events over the
expected life of a financial instrument. The 12-month ECL is a portion of the lifetime ECL which
results from default events that are possible within 12 months after the reporting date.
ECL is the difference between all contractual cash flows that are due to the Company in
accordance with the contract and all the cash flows that the entity expects to receive (i.e. all
cash shortfalls), discounted at the original EIR.

LL )LQDQFLDOOLDELOLWLHV
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value
through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging
instruments in an effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and
borrowings and payables, net of directly attributable transaction costs.
The Company’s financial liabilities include trade and other payables, loans and borrowings
and financial guarantee contracts.
E /RDQVDQGERUURZLQJV
After initial recognition, interest-bearing loans and borrowings are subsequently measured at
amortised cost using the EIR method. Gains and losses are recognised in the Statement of Profit
and Loss when the liabilities are derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and
fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance
costs in the Statement of Profit and Loss.
Intercompany loans not repayable on demand are discounted to its present value using
incremental borrowing rate applicable to the borrower entity. The difference between the
carrying value of the loan and its present value is accounted based on the relationship with the
borrower for e.g. in case of subsidiary, the difference is shown as further equity infusion in the
subsidiary. The unwinding of discount from the date of loan to the transition date is shown as
an income and recognised in “Retained Earnings” of the Lender.
F )LQDQFLDOJXDUDQWHHFRQWUDFWV
Financial guarantee contracts issued by the Company are those contracts that require a
payment to be made to reimburse the holder for a loss it incurs because the specified debtor
fails to make a payment when due in accordance with the terms of a debt instrument. Financial
guarantee contracts are recognised initially as a liability at fair value. Subsequently, the liability
is measured at the higher of the amount of loss allowance determined as per impairment
requirements of Ind AS 109 and the amount recognised less cumulative amortisation.
G 'HUHFRJQLWLRQ
A financial liability (or a part of a financial liability) is derecognised from the Company’s
financial statement when the obligation under the liability is discharged or cancelled or expires.
When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange
or modification is treated as the derecognition of the original liability and the recognition of a
new liability. The difference in the respective carrying amounts is recognised in the Statement
of Profit and Loss.
H 2IIVHWWLQJRIÀQDQFLDOLQVWUXPHQWV
Financial assets and financial liabilities are offset and the net amount is reported in the financial
statement if there is a currently enforceable legal right to offset the recognised amounts and
there is an intention to settle on a net basis, to realise the assets and settle the liabilities
simultaneously.
LLL )DLU value measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. The fair value measurement is based
on the presumption that the transaction to sell the asset or transfer the liability takes place either:

x In the principal market for the asset or liability, or
x In the absence of a principal market, in the most advantageous market for the asset or liability.
The fair value of an asset or a liability is measured using the assumptions that market participants would
use when pricing the asset or liability, assuming that market participants act in their economic best
interest.
A fair value measurement of a non-financial asset takes into account a market participant’s ability to
generate economic benefits by using the asset in its highest and best use or by selling it to another market
participant that would use the asset in its highest and best use.
The Company uses valuation techniques that are appropriate in the circumstances and for which
sufficient data are available to measure fair value, maximising the use of relevant observable inputs:
x Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities
x Level 2 — Valuation techniques for which the lowest level input that is significant to the fair
value measurement is directly or indirectly observable
x Level 3 — Valuation techniques for which the lowest level input that is significant to the fair
value measurement is unobservable
For assets and liabilities that are recognised in the financial statements on a recurring basis, the
Company determines whether transfers have occurred between levels in the hierarchy by re-assessing
categorisation (based on the lowest level input that is significant to the fair value measurement as a
whole) at the end of each reporting period.
For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities
on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value
hierarchy as explained above.
1.2.11 Cash and cash equivalents
Cash and cash equivalent in the financial statement comprise cash at banks and on hand, demand deposit and
short-term deposits, which are subject to an insignificant risk of changes in value.
For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits,
as defined above.
1.2.12 Income taxes
L &XUUHQW income tax
Current income tax assets & liabilities are measured at the amount expected to be refunded from or paid
to the taxation authorities using the tax rates and tax laws that are in force at the reporting date.
Current income tax relating to items recognised outside the Statement of Profit and Loss is recognised
outside the Statement of Profit and Loss (either in other comprehensive income or in equity). Current tax
items are recognised in correlation to the underlying transaction either in OCI or directly in equity.
The Company offsets current tax assets and current tax liabilities where it has a legally enforceable right
to set off the recognised amounts and where it intends either to settle on a net basis, or to realise the
assets and settle the liability simultaneously.
Management periodically evaluates positions taken in the tax returns with respect to situations in which
applicable tax regulations are subject to interpretation and establishes provisions where appropriate.
LL Deferred tax
Deferred tax is provided using the liability method on temporary differences between the tax bases of
assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.

Deferred tax liabilities are recognised for all taxable temporary differences, except:
D When the deferred tax liability arises from the initial recognition of goodwill or an asset or
liability in a transaction that is not a business combination and, at the time of the transaction,
affects neither the accounting profit nor taxable profit or loss.
E In respect of taxable temporary differences associated with investments in subsidiaries, associates

and interests in joint ventures, when the timing of the reversal of the temporary differences can
be controlled and it is probable that the temporary differences will not reverse in the foreseeable
future.
Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available
against which the deductible temporary differences and the carry forward of unused tax credits and
unused tax losses can be utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent
that it is no longer probable that sufficient taxable profit will be available to allow all or part of the
deferred tax asset to be utilised.
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation
authority and the relevant entity intends to settle its current tax assets and liabilities on a net basis.
Deferred tax relating to items recognised outside the Statement of Profit and Loss is recognised outside
the Statement of Profit and Loss. Such deferred tax items are recognised in correlation to the underlying
transaction either in other comprehensive income or directly in equity.
Deferred tax assets and liabilities are measured using substantively enacted tax rates expected to apply
to taxable income in the years in which the temporary differences are expected to be received or settled.
Minimum Alternate Tax (‘MAT’) paid in a year is charged to the Statement of Profit and Loss as current tax
for the year. MAT credit is recognised as deferred tax asset only when and to the extent there is convincing
evidence that the Company will pay normal income tax during the specified period. In the year in which
the Company recognises MAT credit as an asset in accordance with Ind AS 12, the said asset is created
by way of credit to the Statement of Profit and Loss and shown as “Deferred Tax”. The Company reviews
the MAT Credit asset at each reporting date and reduces to the extent that it is no longer probable that
sufficient taxable profit will be available to allow all or part of the MAT to be utilised.
,PSDLUPHQWRIQRQÀQDQFLDODVVHWV
The carrying amounts of assets are reviewed at each reporting date if there is any indication of impairment based
on internal/external factors. An impairment loss is recognised wherever the carrying amount of an asset exceeds
its recoverable amount. The recoverable amount is the greater of the asset’s fair value less cost of disposals and
value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using
a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific
to the asset. Fair value is the price that would be received to sell an asset or paid to transfer a liability in orderly
transaction between market participants at the measurement date. After impairment, depreciation is provided on
the revised carrying amount of the asset over its remaining useful life.
The Company bases its impairment calculation on detailed budgets and forecast calculations, which are prepared
separately for the Company Cash Generating Unit (CGU) to which the individual assets are allocated. These
budgets and forecast calculations generally cover a period of five years. For longer periods, a long-term growth
rate is calculated and applied to project future cash flows after the fifth year.
Impairment losses are recognised in the Statement of Profit and Loss in expense categories.
An assessment is made at each reporting date as to whether there is any indication that previously recognised
impairment losses may no longer exist or may have decreased. If such indication exists, the Company estimates the
asset’s or CGU’s recoverable amount. A previously recognised impairment loss is reversed only if there has been
a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was

recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount,
nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss
been recognised for the asset in prior years.
1.2.14 Inventories
L Construction materials and consumables
The construction materials and consumables are valued at lower of cost or net realisable value. The
construction materials and consumables purchased for construction work, issued to construction are
treated as consumed.
LL Construction work in progress
The construction work in progress is valued at lower of cost or net realisable value. Cost includes cost of
land, development rights, rates and taxes, construction costs, borrowing costs, other direct expenditure,
allocated overheads and other incidental expenses.
LLL Finished stock of completed projects
Finished stock of completed projects and stock in trade of units is valued at lower of cost or net realisable
value.
LY Food and beverages
Stock of food and beverages are valued at lower of cost (computed on a moving weighted average
basis, net of taxes) or net realisable value. Cost includes all expenses incurred in bringing the goods to
their present location and condition.
Y Hospitality related operating supplies
Hospitality related operating supplies are valued at lower of cost (computed on a moving weighted
average basis, net of taxes) or net realizable value and are expensed as and when purchased.
1.2.15 Provisions and contingent liabilities
L A provision is recognised when:
D The Company has a present obligation (legal or constructive) as a result of a past event;
E It is probable that an outflow of resources embodying economic benefits will be required to

settle the obligation; and
F A reliable estimate can be made of the amount of the obligation.
LL If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate
that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase
in the provision due to the passage of time is recognised as a finance cost.
LLL A disclosure for a contingent liability is made when there is a possible obligation or a present obligation
that may, but probably may not, require an outflow of resources. A contingent liability also arises
in extreme cases where there is a probable liability that cannot be recognised because it cannot be
measured reliably.
LY Where there is a possible obligation or a present obligation such that the likelihood of outflow of
resources is remote, no provision or disclosure is made.
1.2.16 Borrowing costs
Borrowing costs that are directly attributable to the acquisition / construction of qualifying assets or for long - term
project development are capitalised as part of their costs.

Borrowing costs are considered as part of the asset cost when the activities that are necessary to prepare the assets
for their intended use are in progress.
Borrowing costs consist of interest and other costs that Company incurs in connection with the borrowing of funds.
Other borrowing costs are recognised as an expense, in the period in which they are incurred.
1.2.17 Segment reporting
Based on the “management approach” as defined in Ind AS 108 Operating Segments, the Chairman and
Managing Director / Chief Financial Officer evaluates the Company’s performance based on an analysis of
various performance indicators by operating segment. Segment revenue and expense include amounts which
can be directly attributable to the segment and allocable on reasonable basis. Segment assets and liabilities are
assets / liabilities which are directly attributable to the segment or can be allocated on a reasonable basis. Income
/ expenses / assets / liabilities relating to the enterprise as a whole and not allocable on a reasonable basis to
business segments are reflected as unallocated income / expenses / assets / liabilities.
1.2.18 (PSOR\HHEHQHÀWV
L 'HÀQHGFRQWULEXWLRQSODQV
Retirement benefits in the form of contribution to provident fund and pension fund are charged to the
LL 'HÀQHGEHQHÀWSODQV
Gratuity is in the nature of a defined benefit plan.
Provision for gratuity is calculated on the basis of actuarial valuations carried out at reporting date and
is charged to the Statement of Profit and Loss. The actuarial valuation is computed using the projected
unit credit method.
Re-measurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding
amounts included in net interest on the net defined benefit liability and the return on plan assets (excluding
amounts included in net interest on the net defined benefit liability), are recognised immediately in the
financial statement with a corresponding debit or credit to retained earnings through OCI in the period in
which they occur. Re-measurements are not reclassified to the Statement of Profit and Loss in subsequent
periods.
LLL 2WKHUHPSOR\HHEHQHÀWV
Leave encashment is recognised as an expense in the Statement of Profit and Loss account as and
when they accrue. The Company determines the liability using the projected unit credit method, with
actuarial valuations carried out as at the reporting date. Actuarial gains and losses are recognised in the
Statement of Other Comprehensive Income.
1.2.19 Earnings per share
Basic earnings per share is calculated by dividing the net profit / (loss) for the year attributable to equity
shareholders (after deducting preference dividends and attributable taxes) by weighted average number of equity
shares outstanding during the year.
For the purpose of calculating diluted earnings per share, the net profit / (loss) for the year attributable to equity
shareholders and the weighted average numbers of shares outstanding during the year are adjusted for the effects
of all dilutive potential equity shares.
86(2)-8*'(0(176$1'(67,0$7(6
The preparation of financial statements in conformity with Ind AS requires management to make judgements, estimates and
assumptions that affect the reported amounts of assets, liabilities, income, expenses and disclosures of contingent assets
and liabilities at the reporting date. However, uncertainty about these assumptions and estimates could result in outcomes
that require a material adjustment to the carrying amount of the asset or liability affected in future periods.

Estimates and underlying assumptions are reviewed at each reporting date. Any revision to accounting estimates and
assumptions are recognised prospectively i.e. recognised in the period in which the estimate is revised and future periods
affected.
6LJQLÀFDQWPDQDJHPHQWMXGJHPHQWV
The following are significant management judgements in applying the accounting policies of the Company that
have a significant effect on the financial statements.
L 5HYHQXH recognition of sale of premises
Revenue is recognised only when the Company can measure its progress towards complete satisfaction
of the performance obligation. The measurement of progress is estimated by reference to the stage of
the projects determined based on the proportion of costs incurred to date (excluding land cost) and the
total estimated costs to complete (excluding land cost).
LL &ODVVLÀFDWLRQ of property
The Company determines whether a property is classified as investment property or as inventory:
D Investment property comprises land and buildings that are not occupied for use by, or in the
operations of, the Company, nor for sale in the ordinary course of business, but are held
primarily to earn rental income and capital appreciation. These buildings are rented to tenants
and are not intended to be sold in the ordinary course of business.
E Inventory comprises property that is held for sale in the ordinary course of business. Principally
these are properties that the Company develops and intends to sell before or on completion of
construction.
LLL 2SHUDWLQJ lease contracts – the Company as lessor
The Company has entered into leases of its investment properties. The Company has determined based
on an evaluation of the terms and conditions of the arrangements, that it retains all the significant risks
and rewards of ownership of these properties and so accounts for the leases as operating leases.
LY 5HFRJQLWLRQof deferred tax assets
The extent to which deferred tax assets can be recognised is based on an assessment of the probability of
the Company’s future taxable income against which the deferred tax assets can be utilised. In addition,
significant judgement is required in assessing the impact of any legal or economic limits or uncertainties
in tax jurisdictions.
(VWLPDWHVDQGDVVXPSWLRQV
L &ODVVLÀFDWLRQof assets and liabilities into current and non-current
The management classifies the assets and liabilities into current and non-current categories based on the
operating cycle of the respective business / projects.
LL ,PSDLUPHQWRIDVVHWV
In assessing impairment, management estimates the recoverable amounts of each asset or CGU (in
case of non-financial assets) based on expected future cash flows and uses an estimated interest rate
to discount them. Estimation relates to assumptions about future cash flows and the determination of a
suitable discount rate.

LLL 8VHIXO OLYHV RI GHSUHFLDEOH DPRUWLVDEOH DVVHWV 3URSHUW\ SODQW DQG HTXLSPHQW
LQWDQJLEOHDVVHWVDQGLQYHVWPHQWSURSHUW\
Management reviews its estimate of the useful lives of depreciable / amortisable assets at each reporting
date, based on the expected usage of the assets. Uncertainties in these estimates relate to technical and
economic obsolescence that may change the usage of certain assets.
LY ,QYHQWRULHV
Inventory is stated at the lower of cost or net realisable value (NRV).
NRV for completed inventory property is assessed including but not limited to market conditions and
prices existing at the reporting date and is determined by the Company based on net amount that it
expects to realise from the sale of inventory in the ordinary course of business.
NRV in respect of inventories under construction is assessed with reference to market prices (reference
to the recent selling prices) at the reporting date less estimated costs to complete the construction, and
estimated cost necessary to make the sale. The costs to complete the construction are estimated by
management.
Y 'HÀQHGEHQHÀWREOLJDWLRQ'%2
The cost of defined benefit gratuity plan and the present value of the gratuity obligation along with
leave salary are determined using actuarial valuations. An actuarial valuation involves making various
assumptions such as standard rates of inflation, mortality, discount rate, attrition rates and anticipation
of future salary increases. Due to the complexities involved in the valuation and its long-term nature,
a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are
reviewed at each reporting date.
YL )DLUYDOXHPHDVXUHPHQWV
Management applies valuation techniques to determine the fair value of financial instruments (where
active market quotes are not available) and non-financial assets. This involves developing estimates and
assumptions consistent with how market participants would price the instrument / assets. Management
bases its assumptions on observable data as far as possible but this may not always be available. In that
case Management uses the best relevant information available. Estimated fair values may vary from the
actual prices that would be achieved in an arm’s length transaction at the reporting date.
1.4 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES
The Company has adopted with effect from April 1, 2018, Ind AS 115 Revenue from contracts with
customers
The Company till March 31, 2018 recognised project revenue in accordance with the Guidance Note on “Accounting for
Real Estate Transactions (for entities to whom Ind AS is applicable)” issued by the Institute of Chartered Accountants of India
(“ICAI”).
Ind AS 115 was issued on March 28, 2018 and supersedes Ind AS 11 Construction Contracts and Ind AS 18 Revenue
alongwith Guidance Note on “Accounting for Real Estate Transactions” and it applies, with limited exceptions, to all
revenue arising from contracts with its customers. Ind AS 115 establishes a five-step model to account for revenue arising
from contracts with customers and requires that revenue be recognised at an amount that reflects the consideration to
which an entity expects to be entitled in exchange for transferring goods or services to a customer.
The Company adopted Ind AS 115 using the modified retrospective method of adoption with the date of initial application
of April 1, 2018. Under this method, the standard can be applied either to all contracts at the date of initial application or
only to contracts that are not completed at this date. The company elected to apply the standard to all contracts that are
not completed as at April 1, 2018.
The cumulative effect of initially applying Ind AS 115 is recognised at the date of initial application as an adjustment to the
opening balance of retained earnings. Therefore, the comparative information is not restated and continues to be reported
under Ind AS 11 and Ind AS 18 and the requirement of Guidance Note as mentioned above referred to as previous Ind
AS.
The company did not have any adjustments to retained earnings as at April 1, 2018 and also there were no impact on
recognition and measurement of revenue on adoption of Ind AS 115.

(` in Lakh)
NOTE 2. PROPERTY, PLANT AND EQUIPMENTS Buildings Furnitures 2IÀFH Plant and Electrical Vehicles Computers Total
and equipments machinery installations
À[WXUHV and
equipments
Gross carrying value as at April 1, 2018 17,400.65 2,413.15 70.00 3,845.64 1,514.01 874.10 237.35 26,354.90
Additions - 1.49 5.90 43.45 7.25 130.98 18.31 207.38
(Deductions) / (Disposals) (0.46) (2.33) (1.39) (43.84) - (44.92) (0.08) (93.02)
*URVVFDUU\LQJYDOXHDVDW0DUFK 17,400.19 74.51 1,521.26 960.16 255.58 26,469.26
Accumulated depreciation as at April 1, 2018 949.86 1,902.33 47.89 2,502.13 878.08 303.79 146.41 6,730.49
Depreciation for the year 315.85 178.17 9.95 383.79 293.17 121.31 42.17 1,344.41
(Deductions) / (Disposals) (0.46) (1.91) (1.39) (27.45) - (28.49) (0.08) (59.78)
&ORVLQJDFFXPXODWHGGHSUHFLDWLRQDVDW0DUFK 1,265.25 2,078.59 56.45 2,858.47 1,171.25 188.50 8,015.12
1HWFDUU\LQJYDOXHDVDW0DUFK 18.06 986.78 67.08 18,454.14
The Company has no restrictions on the realisability of its Property, Plant and Equipments and the same are free from any encumbrances.
(` in Lakh)
Particulars Buildings Furnitures 2IÀFH Plant and Electrical Vehicles Computers Total
and equipments machinery installations
À[WXUHV and
equipments
Gross carrying value as at April 1, 2017 17,400.65 2,407.03 58.69 3,847.85 1,514.01 805.49 215.12 26,248.84
Additions - 7.75 11.60 2.38 - 68.61 22.23 112.57
(Deductions) / (Disposals) - (1.63) (0.29) (4.59) - - - (6.51)
*URVVFDUU\LQJYDOXHDVDW0DUFK 17,400.65 70.00 1,514.01 874.10
Accumulated depreciation as at April 1, 2017 633.76 1,269.51 37.84 1,801.79 585.35 185.06 100.47 4,613.78
Depreciation for the year 316.10 633.78 10.34 701.45 292.73 118.73 45.94 2,119.07
(Deductions) / (Disposals) - (0.96) (0.29) (1.11) - - - (2.36)
&ORVLQJDFFXPXODWHGGHSUHFLDWLRQDVDW0DUFK 949.86 47.89 878.08 146.41
1HWFDUU\LQJYDOXHDVDW0DUFK 16,450.79 510.82 22.11 90.94 19,624.41

175
176
(` in Lakh)
NOTE &$3,7$/:25.,1352*5(66 Property, Plant and Equipments Investment Properties Total
0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK
Opening capital work in progress 32.38 3.71 669.44 627.75 701.82
Additions 472.15 29.18 1,385.74 228.55 1,857.89
Capitalised during the year (48.71) (0.51) (102.41) (186.86)
Closing capital work in progress 455.82 1,952.77 669.44 2,408.59 701.82
Capital work in progress as at March 31, 2019 mainly comprises of expenditure towards office space building.

(` in Lakh)
NOTE 4. INVESTMENT PROPERTIES Land - Buildings Furnitures 2IÀFH Plant and Electrical Computers Total
À[WXUHV and
equipments
Gross carrying value as at April 1, 2018 9,585.51 42,962.52 722.38 6.94 8,700.62 1,647.11 4.86 63,629.94
Additions - 1.02 - - 80.57 25.38 - 106.97
(Deductions) / (Disposals) - (0.04) (0.26) - (25.01) - - (25.31)
*URVVFDUU\LQJYDOXHDVDW0DUFK 9,585.51 722.12 6.94 8,756.18 1,672.49 4.86
(Deductions) / (Disposals) - (0.04) (0.21) - (9.69) - - (9.94)
Closing accumulated depreciation as at - 591.18 5.82 2,754.57 4.85 7,079.09
0DUFK
1HWFDUU\LQJYDOXHDVDW0DUFK 9,585.51 40,010.06 1.12 6,001.61 0.01
Investment property comprising of identified area of one of the commercial projects admeasuring 2,03,513.44 sq ft of the Company are mortgaged in connection with availing working
capital loan. (Refer note 18)
(` in Lakh)
Particulars Land - Buildings Furnitures 2IÀFH Plant and Electrical Computers Total
À[WXUHV and
equipments
Gross carrying value as at April 1, 2017 9,535.69 42,962.52 707.36 6.62 8,557.89 1,617.19 4.86 63,392.13
Additions 49.82 - 16.50 0.32 150.43 29.92 - 246.99
(Deductions) / (Disposals) - - (1.48) - (7.70) - - (9.18)
*URVVFDUU\LQJYDOXHDVDW0DUFK 9,585.51 42,962.52 6.94 8,700.62 1,647.11 4.86
(Deductions) / (Disposals) - - (1.43) (0.00) (2.05) - - (3.48)
Closing accumulated depreciation as at - 2,214.52 512.49 4.85 2,061.55 4.67
0DUFK
1HWFDUU\LQJYDOXHDVDW0DUFK 9,585.51 40,748.00 209.89 2.09 1,047.80 0.19
NOTE ,19(670(173523(57,(6&217'
Type Valuation technique 6LJQLÀFDQWXQREVHUYDEOH Inter-relationship between

inputs VLJQLÀFDQWXQREVHUYDEOHLQSXWV
and fair value measurement
Investment properties Discounted cash flow Discount Rate 12.20% to 15.06%
technique- refer note below Terminal Year Growth Rate 5.00%
Under the DCF method, forecast cash flows are discounted back to the present date, generating a net present value for the cash
flow stream of the business. A terminal value at the end of the explicit forecast period is determined and that value is also discounted
back to the Valuation Date to give an overall value for the business.
L A Discounted cash flow methodology typically requires the forecast period to be of such a length to enable the business to
achieve a stabilised level of earnings, or to be reflective of an entire operation cycle for more cyclical industries.
LL The rate at which the future cash flows are discounted (“the discount rate”) should reflect not only the time value of money, but
also the risk associated with the business future operations. The discount rate most generally employed is Weighted Average
Cost of Capital (“WACC”), reflecting an optimal as opposed to actual financing structure.
LLL In calculating the terminal value, regard must be had to the business potential for further growth beyond the explicit forecast
period. The “Constant Growth Model”, which applies an expected constant level of growth to the cash flow forecast in the last
year of the forecast period and assumes such growth is achieved in perpetuity, is a common method. These results would be
cross-checked, however, for reasonability to implied exit multiples.
Generally, a change in the assumption made for the estimated rental value is accompanied by:
D A directionally similar change in the rent growth per annum and discount rate (and exit yield)
E An opposite change in the long term vacancy rate.

127(,19(670(173523(57,(6&217'
$PRXQWVUHFRJQLVHGLQWKH6WDWHPHQW3URÀWDQG/RVVIRULQYHVWPHQWSURSHUWLHV
(` in Lakh)
Particulars 0DUFK 0DUFK
Rental income derived from investment properties 15,500.65 11,967.03
Direct operating expenses (including repairs and maintenance) generating 1,031.76 803.51
rental income
Direct operating expenses (including repairs and maintenance) that did not - -
generate rental income
3URÀWDULVLQJIURPLQYHVWPHQWSURSHUWLHVEHIRUHGHSUHFLDWLRQ 14,468.89
Depreciation for the year 1,691.64 1,756.61
3URÀWDULVLQJIURPLQYHVWPHQWSURSHUWLHV 12,777.25 9,406.91
4.2 Contractual obligations
Refer Note 40 for disclosure of contractual obligations to purchase, construct or develop investment property or its repairs,
maintenance or enhancements.
/HDVLQJDUUDQJHPHQWV
The Company’s investment properties consist of three commercial properties in Mumbai. The management has determined that
WKH LQYHVWPHQW SURSHUWLHV FRQVLVW RI ï &RPPHU] &RPPHU] ,, 3KDVH , DQG 2EHURL ,QWHUQDWLRQDO 6FKRRO EDVHG RQ WKH QDWXUH
characteristics and risks of each property.
(` in Lakh)
Not later than one year 11,004.21 6,313.50
Later than one year and not later than five years 24,506.52 8,260.77
Later than five years 8,802.86 -
Lease income recognised during the year in Statement of Profit and Loss 15,500.65 11,967.03
4.4 Fair value
As at March 31, 2019 the fair values of the properties are `2,03,140.00 lakh (`1,98,610.00 lakh). These valuations are based on
valuations performed by independent valuer. All fair value estimates for investment propertries are included in level 3.
The Company has no restrictions on the realisability of its investment properties subject to note 18.

(` in Lakh)
NOTE 5. INTANGIBLE ASSETS Computer Software
Additions 45.08
*URVVFDUU\LQJYDOXHDVDW0DUFK 512.84
&ORVLQJDFFXPXODWHGDPRUWLVDWLRQDVDW0DUFK
1HWFDUU\LQJYDOXHDVDW0DUFK 164.64
Addition to intangible assets mainly comprises of purchases of software.
(` in Lakh)
Particulars Computer Software
Additions 123.22
*URVVFDUU\LQJYDOXHDVDW0DUFK 467.76
&ORVLQJDFFXPXODWHGDPRUWLVDWLRQDVDW0DUFK
1HWFDUU\LQJYDOXHDVDW0DUFK
(` in Lakh)
NOTE 6. INTANGIBLE ASSETS UNDER DEVELOPMENT 0DUFK 0DUFK
Opening capital work in progress 18.79 47.26
Additions 110.10 11.71
Capitalised during the year (35.53) (40.18)
Closing capital work in progress 18.79
Intangible assets under development mainly comprises of expenditure towards software.

(` in Lakh)
NOTE 7. INVESTMENTS 0DUFK 0DUFK
Non-current
Unquoted
,QYHVWPHQWLQHTXLW\RIVXEVLGLDULHVDWFRVWLQFOXGLQJHTXLW\FRPSRQHQW
90,000 (90,000) equity shares of `10 each fully paid up of Oberoi Mall Limited 9.00 9.00
51,00,000 (51,00,000) equity shares of `10 each fully paid up of Oberoi 4,913.73 4,913.73
Constructions Limited
3,10,000 (3,10,000) equity shares of `10 each fully paid up of Kingston Hospitality 812.81 812.81
and Developers Private Limited
90,000 (90,000) equity shares of `10 each fully paid up of Expressions Realty 2,304.54 2,298.03
Private Limited
90,000 (90,000) equity shares of `10 each fully paid up of Kingston Property 9.00 9.00
Services Limited
10,000 (10,000) equity shares of `10 each fully paid up of Integrus Realty Private 443.39 443.39
Limited
10,000 (10,000) equity shares of `10 each fully paid up of Sight Realty Private 139.78 132.34
Limited
50,00,000 (50,00,000) equity shares of `10 each fully paid up of Incline Realty 3,600.98 3,600.98
Private Limited
Investment in equity of joint ventures at cost (including equity

FRPSRQHQW
9,500 (9,500) equity shares of `10 each fully paid up of Sangam City Township 3,302.08 3,302.08
Private Limited
5,00,000 (5,00,000) equity shares of `10 each fully paid up of I-Ven Realty Limited 30,760.31 30,760.31
,QYHVWPHQW LQ SDUWQHUVKLS ÀUPV RI MRLQW YHQWXUHV DW FRVW LQFOXGLQJ
HTXLW\FRPSRQHQW
Astir Realty LLP (1) 24,052.19 22,090.62
Buoyant Realty LLP (2) 62.37 1.00

Investment in preference shares of joint ventures
3,62,500 (3,62,500) 1% non cumulative non convertible preference shares of 753.18 681.43
`10 each fully paid up of I-Ven Realty Limited
Investment in perpetual bond of joint venture

26,23,875 (84,15,875) perpetual bond of `100 each fully paid up of I-Ven Realty 2,623.88 8,415.88
Limited
Investment in government securities

National saving certificate (in the name of employee of the Company) 1.89 1.74

Aggregate Value of unquoted investments 73,789.13 77,472.34
(` in Lakh)
Fixed capital investments in partnership Share of 0DUFK 0DUFK
Partners Name
ÀUPV partner 2019 2018
Capital in Astir Realty LLP Oberoi Realty Limited 10.00% 0.10 0.10
Oberoi Constructions 90.00% 0.90 0.90
Limited
Total 100.00% 1.00 1.00
Capital in Buoyant Realty LLP Oberoi Realty Limited 99.01% 1.00 1.00
Oberoi Constructions 0.99% 0.01 0.01
Limited
Total 100.00% 1.01 1.01

(` in Lakh)
NOTE 8. OTHER FINANCIAL ASSETS /21*7(50121&855(17 6+2577(50&855(17
0DUFK 0DUFK 0DUFK 0DUFK
2019 2018 2019 2018
Accrued income - - 267.48 223.47
Fixed deposit with banks, having remaining maturity for 191.93 135.96 - -
more than twelve months (refer note 13)
267.48
Accrued income consist of amount recoverable from tenants on account of contractual obligations.
(` in Lakh)
NOTE 9. OTHER ASSETS /21*7(50121&855(17 6+2577(50&855(17
2019 2018 2019 2018
Capital advances 224.02 17.41 - -
Advances other than capital advances

Security deposits 12,805.65 12,799.57 107.58 112.12
Other advances
Advances to vendors 63.00 63.00 92,136.98 86,780.79
Advances recoverable in cash or kind 255.10 287.24 387.32 364.92
Balance with government authorities - - 3,992.46 6,270.58
Revenue in excess of billing - - - 5,650.36
Contract assets - Revenue in excess of billing - - 2,523.40 -
(refer note 42)
Others
Prepaid expenses 25.08 20.64 387.48 305.59
Lease equilisation reserve 1,347.40 352.40 294.21 232.52
14,720.25 99,716.88
(` in Lakh)
NOTE 10. INVENTORIES 0DUFK 0DUFK
Plots of land 378.49 378.49
Works in progress 63,034.11 1,01,558.17
Finished goods 46,398.93 8,143.39
Food and beverages etc. 172.00 143.04
Others (transferrable development rights) 40.98 1,224.78
1,10,024.51 1,11,447.87
Inventory comprising of unsold identified units admeasuring 2,19,138 sq ft (3,54,946 sq ft) in two projects of the Company are
mortgaged to lender for availing term loan. (refer note 18)

(` in Lakh)
NOTE 11. TRADE RECEIVABLES 0DUFK 0DUFK
Unsecured and considered goods 2,369.45 7,954.97
7,954.97
Trade receivables are non-interest bearing and are generally on terms as per the contract / agreement.
(` in Lakh)
NOTE 12. CASH AND CASH EQUIVALENTS 0DUFK 0DUFK
Balances with banks 880.34 1,177.72
2,845.40
(` in Lakh)
127(27+(5%$1.%$/$1&(6 0DUFK 0DUFK
Balance with banks in dividend / unclaimed dividend accounts 3.47 2.64
Fixed deposits with banks, having remaining maturity for less than twelve months 24,154.76 1,708.59
Fixed deposits with banks (lien marked) 471.47 396.93
24,629.70 2,108.16
Less : Amount disclosed under non-current asset (refer note 8) (191.93) (135.96)
1,972.20
(` in Lakh)
NOTE 14. LOANS 0DUFK 0DUFK
Loans to related parties (refer note 36) 2,99,905.40 1,85,838.68
Other loans and advances

Loans to employees 0.23 1.72
1,85,840.40
/RDQVDGYDQFHVGXHE\GLUHFWRUVRURWKHURIÀFHUVHWF
Advances to related parties include
Due from the private limited company (JV) in which the Company's director is 3,804.01 3,444.39
a director
Loans to related parties and others are interest free and are repayable on demand except for one party where the interest is charged
as per the terms of the agreement. The loans have been granted for meeting their business requirements.
(` in Lakh)
127(&855(177$;$66(761(7 0DUFK 0DUFK
Income tax (net of provisions) 259.13 514.25
514.25

127(&855(177$;$66(761(7&217'
1RWH5HFRQFLOLDWLRQRIWD[H[SHQVHDQGWKHDFFRXQWLQJSURÀWPXOWLSOLHGE\,QGLD·VGRPHVWLFWD[UDWH
(` in Lakh)
$FFRXQWLQJ3URÀWEHIRUH,QFRPH7D[ 64,488.59
Tax on accounting profit at statutory income tax rate of 34.944% (March 31, 22,534.89 20,451.20
2018: 34.608%)
Adjustment for expenses disallowed under Income Tax Act 1,413.89 1,515.69
Adjustment for expenses allowed under Income Tax Act (1,960.86) (1,429.51)
Adjustment for exempted income (2,373.56) (2,361.95)
Others (874.44) (617.55)
Current Tax Provision 17,557.88
Adjustment for Deferred tax 379.04 (210.58)
Adjustment for Short / (excess) provision of tax in earlier years (0.56) 29.76
7RWDO7D[H[SHQVHUHSRUWHGLQWKH6WDWHPHQWRI3URÀWDQG/RVV 19,118.40
(` in Lakh)
NOTE 16. SHARE CAPITAL 0DUFK 0DUFK
Authorised share capital
42,500.00 42,500.00
Issued, subscribed and paid up share capital
fully paid up
Add: Issue of fresh shares under qualified institutions placement 2,400.00 -
Add: Issue of fresh shares on exercise of options vested under Employee Stock - 6.68
Option Scheme

16.1 Reconciliation of shares outstanding at the beginning and at the end of the year
Equity shares

in No. (` LQ/DNK in No. (` LQ/DNK
At the beginning of the year 33,96,02,237 33,960.23 33,95,35,426 33,953.55
Add: Issue of fresh shares under qualified institutions 2,40,00,000 2,400.00 - -
placement
Add: Issue of fresh shares on exercise of options vested - - 66,811 6.68
under Employee Stock Option Scheme
At the end of the year
16.2 Terms / rights attached to equity shares

The Company has only one class of equity shares having par value of `10 per share. Each shareholder of equity shares is entitled to
one vote per share. The Company declares dividends in Indian rupees. The dividend proposed by the Board of Directors is subject
to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company,
after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the
shareholders.
The Board of Directors of the Company has proposed dividend of `2 (`2) per equity share for the financial year 2018-2019. The
payment of dividend is subject to approval of the shareholders in the ensuing Annual General Meeting of the Company. The total
cash outflows on account of Proposed Equity Dividend would be `7,272.05 (`6,792.04 lakh).

127(6+$5(&$3,7$/&217'
'HWDLOVRIVKDUHKROGHUVKROGLQJPRUHWKDQVKDUHVLQWKH&RPSDQ\
Equity shares
Name 0DUFK 0DUFK

in No. % Holding in No. % Holding
L Vikas Oberoi 21,28,73,614 58.55% 21,28,73,614 62.68%
LL R S Estate Developers Private Limited 3,33,00,000 9.16% 3,33,00,000 9.81%
As per the records of the Company, including its register of shareholders / members and other declarations received from shareholders
regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.
16.4 Shares reserved for issue under options

The Company instituted an Employees Stock Option Scheme (‘ESOP 2009’) pursuant to the Board and Shareholders’ resolution
dated December 4, 2009. As per ESOP 2009, the Company was authorised to grant 14,43,356 options comprising equal number
of equity shares in one or more tranches to the eligible employees of the Company and its subsidiaries. The employee will have the
option to exercise the right within three years from the date of vesting of options. Under ESOP 2009, 13,49,553 options had been
granted, out of which as on date of balance sheet Nil (Nil ) options are outstanding.
7KHIROORZLQJLQIRUPDWLRQUHODWHVWRWKH(PSOR\HH6WRFN2SWLRQVDVRQ0DUFK
Particulars Number Exercise Weighted Weighted average

of options price (` average contractual life
exercise of options as on
price (` the date of grant
<HDUV
Outstanding at the beginning of the year 94,739 260 260 4.20
Less: Lapsed / forfeited / cancelled during the year 27,928 - - -
Less: Exercised during the year 66,811 260 260 -
Outstanding at the end of the year - - - -
Exercisable at the end of the year - - - -
Pursuant to the optional exemption availed by the Company on transition to IND AS, the employee share based payments have been
accounted using the intrinsic value method measured by a difference between the market price of the underlying equity shares as at
the date of grant and the exercise price. Since the market price of the underlying equity shares on the grant date is same as exercise
price of the option, the intrinsic value of option is determined as ` Nil. Hence no compensation expense has been recognised. Under
the fair value method, there would have been no impact on the basic and diluted EPS for the year.

(` in Lakh)
NOTE 17. OTHER EQUITY 0DUFK 0DUFK
General reserve
Balance in General reserve 8,956.01 8,956.01
8,956.01 8,956.01
Capital redemption reserve

Balance in Capital redemption reserve 5,710.00 5,710.00
5,710.00 5,710.00
Capital reserve
Balance in Capital reserve 3,590.00 3,590.00

Securities premium
Opening balance 1,67,364.58 1,67,197.55
Add: Receipt during the year 1,17,600.00 167.03
Less: Share issue expense (net of deferred tax) (1,245.06) -

Retained earnings
Opening balance 2,26,609.44 1,91,606.37
Profit during the year as per Statement of Profit and Loss 45,370.19 41,716.78
Items of other comprehensive income recognised directly in retained earnings
- Transfer to retained earnings of re - measurement gains / (losses) on 49.63 78.62
defined benefit plans, net of taxes
Dividend (including dividend distribution tax) (6,792.05) (6,792.33)
2,26,609.44
5,67,212.74

(` in Lakh)
NOTE 18. BORROWINGS /21*7(50121&855(17 6+2577(50&855(17
2019 2018 2019 2018
(L Loan from related parties
Unsecured
From director* - - 4,746.00 8,908.00
From subsidiary company* - - 3,493.40 10,461.40
- -
(LL /LQHRIFUHGLWUHIHUQRWHDEHORZ
Secured
Line of credit from bank - - 0.96 253.48
- - 0.96
(LLL 7HUPORDQUHIHUQRWHEEHORZ
Secured
From bank 58,851.45 67,864.18 - -
58,851.45 67,864.18 - -
7RWDOLLLLLL 58,851.45 67,864.18 19,622.88
*Interest free and repayable on demand
D In September 2017, the Company has availed working capital credit limit of `30,000.00 lakh from Axis Bank Ltd. for meeting
working capital requirement of its various under construction projects. The current drawing power (DP) under this limit is
`22,500.00 lakh, as per the terms of sanction. This credit limit carries a monthly interest of 9.25% p.a. (8.90% p.a.) (Base
Rate+PLC) and as on March 31, 2019, `0.96 lakh (`323.00 lakh) was drawn by the Company. The said credit limit is for a
period of 48 months with scheduled repayment of 25% at the end of each year, from the date of first drawdown.
The Loan is secured by mortgage of the identified commercial units in one of the project of the Company. The security cover
as required under the terms of the Loan is maintained. (refer note 4)
E In November 2017, the Company has availed a Term Loan of `75,000.00 lakh from HDFC Ltd. for meeting its working capital
requirement. Currently this Term Loan is on a monthly interest payment of 10.75% p.a. (9.15% p.a.) (Base Rate+PLC) on
`59,350.36 lakh (`68,500.00 lakh) drawn by the Company till March 31, 2019. The Term Loan is for a period of 60 months,
from the date of first drawdown. The Company has an option to pre-pay the loan fully or partially
The Term Loan is secured by mortgage of the unsold identified residential units (inventories) in two projects of the
Company with charge on receivable therefrom. The security cover as required under the terms of the term loan is maintained.
(refer note 10)
(` in Lakh)
NOTE 19. TRADE PAYABLES /21*7(50121&855(17 6+2577(50&855(17
2019 2018 2019 2018
7UDGHSD\DEOHVUHIHUQRWH
Total outstanding dues of micro enterprises and small 303.28 235.24 671.41 612.77
enterprises
Total outstanding dues of creditors other than micro 1,278.78 859.10 4,173.49 4,491.76
1,582.06 4,844.90
Trade payables are non-interest bearing and are settled in accordance with the contract terms with the vendors.

(` in Lakh)
NOTE 20. OTHER FINANCIAL LIABILITIES /21*7(50121&855(17 6+2577(50&855(17
2019 2018 2019 2018
Financial liabilities measured at amortised cost
Guarantee liabilities 193.09 539.29 356.14 543.61
Trade deposits 6,466.76 4,331.00 9,629.24 9,526.09
Others
Unclaimed dividend - - 3.47 2.64
Others - - 3,813.17 2,554.02
6,659.85 4,870.29
&DSLWDOFUHGLWRUVUHIHUQRWH
Total outstanding dues of micro enterprises and small - - 1.85 5.10
enterprises
Total outstanding dues of creditors other than micro - - 142.14 91.77
- - 96.87
6,659.85 4,870.29
Guarantee liabilities are on account of financial guarantee given to the subsidiary companies / on behalf of joint venture.
Trade deposits are deposits received from the tenants for leasing of commercial properties. These deposits are interest free and are
repayable as per the terms of the contract. These are carried at amortised cost.
Capital creditor are creditors for the acquisition of property, plant and equipments and investment properties.
Other financial liabilities includes amounts payable to vendors / customers in the usual course of business.
(` in Lakh)
NOTE 21. PROVISIONS /21*7(50121&855(17 6+2577(50&855(17
2019 2018 2019 2018
3URYLVLRQIRUHPSOR\HHEHQHÀWVUHIHUQRWH
Provision for gratuity - - 32.74 15.70
Provision for leave salary 146.29 134.85 44.66 23.91
146.29 77.40
(` in Lakh)
127('()(55('7$;/,$%,/,7,(61(7 0DUFK 0DUFK
On depreciation and amortisation 2,123.85 2,076.16
On lease equilisation reserve assets 573.65 204.40
Deferred tax assets
On share issue expenses 483.12 -
'HIHUUHGWD[OLDELOLWLHVQHW 2,147.65 2,225.08
22.1 Movement in deferred tax

(` in Lakh)
Particulars Total
As at April 1, 2017
- to profit and loss (210.58)
- to other comprehensive income 42.24
$VDW0DUFK 2,225.08
- to profit and loss 379.04
- to other comprehensive income 26.65
- on share issue expenses (483.12)
$VDW0DUFK 2,147.65

(` in Lakh)
127(27+(5/,$%,/,7,(6 /21*7(50121&855(17 6+2577(50&855(17
2019 2018 2019 2018
Billing in excess of revenue recognised - - - 12,740.94
Rent received in advance 1,308.50 355.71 581.02 647.28
Advances from customers - - 32.32 540.05
Contract liabilities - Advances from customers - - 617.62 -
(refer note 42)
Other payables
Other deposits - - 0.01 0.01
Provision for expenses - - 2,895.96 3,376.19
Statutory dues - - 1,101.63 2,655.12
Others - - 57.14 57.19
5,285.70 20,016.78
(` in Lakh)
127(&855(177$;/,$%,/,7,(61(7 0DUFK 0DUFK
Income tax (net of provisions) 193.44 235.42

(` in Lakh)
NOTE 25. REVENUE FROM OPERATIONS 0DUFK 0DUFK
Revenue from contracts with customers (refer note 42)
Revenue from projects 73,145.77 72,071.12
Revenue from hospitality 13,513.51 12,781.53
Rental and other related revenues 15,500.65 11,967.03
Other operating revenue 705.62 602.65
1,02,865.55
(` in Lakh)
NOTE 26. OTHER INCOME 0DUFK 0DUFK
Interest income on
Bank fixed deposits 2,017.65 279.44
Financial assets measured at amortised cost 3,456.48 3,546.09
Others 65.92 17.14
Dividend income on
Investments in subsidiaries 6,792.00 6,790.65
Other investments 100.14 34.21
Profit on sale of investments (net) 528.93 0.61
Other non-operating income 1.40 243.71
12,962.52 10,911.85

(` in Lakh)
NOTE 27. OPERATING COSTS 0DUFK 0DUFK
Expenses incurred during the year
Land, development right and transferrable development rights - 1,201.49
Materials, labour and contract cost 13,219.82 25,435.97
Rates and taxes 1,261.45 1,202.12
Professional charges 1,387.55 693.43
Food, beverages and hotel expenses 4,783.05 4,550.06
Allocated expenses to projects

Employee benefits expense 4,357.19 4,611.06
Other expenses 298.94 604.01
Finance cost 5,828.80 2,601.68
40,899.82
(` in Lakh)
NOTE 28. CHANGES IN INVENTORIES 0DUFK 0DUFK
Opening Stock
Opening balance of works in progress 1,01,558.17 93,579.22
Opening stock of finished goods 8,143.39 10,171.46
Opening stock of food and beverages etc. 143.04 116.98
$ 1,09,844.60
Closing Stock
Closing balance of works in progress 63,034.11 1,01,558.17
Closing stock of finished goods 46,398.93 8,143.39
Closing stock of food and beverages etc. 172.00 143.04
% 1,09,605.04 1,09,844.60
,QFUHDVHGHFUHDVHLQLQYHQWRU\
of works in progress 38,524.06 (7,978.95)
of finished goods (38,255.54) 2,028.07
of food and beverages etc. (28.96) (26.06)
transfer from / (to) current assets / PPE / investment properties / capital work 2,172.39 (364.49)
in progress
$% 2,411.95
(` in Lakh)
NOTE 29. EXCISE DUTY 0DUFK 0DUFK
Excise duty - 3.16
-

(` in Lakh)
127((03/2<((%(1(),76(;3(16( 0DUFK 0DUFK
Employee costs 9,637.83 9,450.23
Contribution to provident fund, gratuity and others 512.66 583.17
Staff welfare expenses 422.83 376.97


(` in Lakh)
127(),1$1&(&267 0DUFK 0DUFK
Interest expenses
Financial liabilities at amortised cost 7,282.56 2,858.93
7,282.56
Less: allocated to projects / capitalized 5,828.80 2,601.68
257.25
(` in Lakh)
127('(35(&,$7,21$1'$0257,6$7,21 0DUFK 0DUFK
Depreciation on property, plant and equipments 1,344.41 2,119.07
Depreciation of investment properties 1,691.64 1,756.61
Amortisation of intangible assets 116.03 88.31

(` in Lakh)
127(27+(5(;3(16(6 0DUFK 0DUFK
Advertising and marketing expenses 1,138.92 931.68
Books and periodicals expenses 2.72 2.30
Brokerage expense 1,184.78 1,281.26
Communication expenses 49.28 53.72
Conveyance and travelling expenses 155.22 141.02
Corporate social responsibility expenses (refer note 43) 334.23 280.49
Directors sitting fees and commission 51.62 55.65
Donations (refer note 44) 524.32 18.37
Electricity charges 297.37 178.22
Hire charges 181.89 105.86
Information technology expenses 406.98 341.08
Insurance charges 143.76 171.93
Legal and professional charges 153.84 88.10
(Gain) / loss on sale / discarding of investment properties (net) 0.04 5.30
(Gain) / loss on sale / discarding of intangible assets (net) - 2.11
(Gain) / loss on sale / discarding of property, plant and equipment (net) 24.25 0.90
Membership and subscription charges 35.43 47.65
Miscellaneous expenses 347.48 168.17
Payment to auditor (refer note below) 37.81 36.13
Printing and stationery expenses 136.98 139.69
Rent expenses 36.14 22.44
Repairs and maintenance
Building 147.95 155.42
Plant and machinery 109.68 104.90
Others 1,410.07 999.00
Security expenses 327.45 220.50
Vehicle expenses 29.49 33.40
7,267.70 5,585.29
Less: allocated to projects / capitalised / transfer to current assets 298.94 927.05
6,968.76 4,658.24

127(27+(5(;3(16(6&217'
Note : Payment to auditor

(` in Lakh)
As auditor
Statutory audit fees (including for Limited Review) 35.71 34.00
In other capacity
Company law matters 2.10 2.00
Out of pocket expenses - 0.13

(` in Lakh)
127(($51,1*63(56+$5((36 0DUFK 0DUFK
Profit after tax as per Statement of Profit and Loss 45,370.19 41,716.78
Weighted average number of equity shares for basic EPS (in No.) 35,82,76,210 33,95,97,653
Face value of equity share (`) 10.00 10.00
Basic earnings per share (` 12.66 12.28
Diluted earnings per share (` 12.66 12.28
(` in Lakh)
127((03/2<((%(1(),76 0DUFK 0DUFK
'HÀQHGFRQWULEXWLRQSODQV
Employer’s contribution to provident fund 385.40 364.47
Employer’s contribution to pension fund 64.05 52.90
Employer’s contribution to ESIC 15.86 14.22
Labour welfare fund contribution for workmen 0.34 0.31
(` in Lakh)
%HQHÀWSODQV DEFINED BENEFIT OTHER EMPLOYEE
GRATUITY BENEFIT
LEAVE ENCASHMENT
2019 2018 2019 2018
L Change in present value of obligations
Present value obligation at the beginning of the year 799.93 966.39 158.76 166.04
Interest cost 60.74 71.46 11.16 12.28
Service cost 113.04 134.67 55.89 54.57
Re-measurement (gain) / loss 31.39 (297.12) (5.48) (46.83)
Benefit paid (66.16) (60.31) (29.38) (27.30)
Employee's transfer (35.40) (15.16) - -
Present value obligation at the end of the year 190.95 158.76
LL Change in fair value of plan assets

Fair value of plan assets at the beginning of the year 957.62 845.79 - -
Return on plan asset 72.78 62.54 - -
Employer's contribution 9.12 126.79 - -
Return on plan assets , excluding amount recognised in (13.60) (2.03) - -
net interest expense
Benefit paid (66.16) (60.31) - -
Employee's transfer (35.40) (15.16) - -
Closing balance of fair value of plan assets 957.62 - -

127((03/2<((%(1(),76&217'
(` in Lakh)
%HQHÀWSODQV DEFINED BENEFIT OTHER EMPLOYEE
GRATUITY BENEFIT
LEAVE ENCASHMENT
2019 2018 2019 2018
LLL Amount recognised in the balance sheet
Present value of obligation at the end of year 903.54 799.93 190.95 158.76
Fair value of plan assets at the end of the year 924.36 957.62 - -
1HWDVVHWVOLDELOLWLHVUHFRJQLVHGLQWKH 20.82 157.69
balance sheet
LY ([SHQVH UHFRJQLVHG LQ 6WDWHPHQW RI 3URÀW DQG

Loss
Current service cost 113.04 134.67 55.89 54.57
Interest cost 60.74 71.46 11.16 12.28
Return on plan asset (72.78) (62.54) - -
Transfer Out/Curtailments/Settlements/Divestitures (35.40) - - -
Re-measurement (gain) / loss - - (5.48) (46.83)
([SHQVHVUHFRJQLVHGLQ6WDWHPHQWRI3URÀWDQG 65.60 61.57 20.02
Loss
Y Expense recognised in other comprehensive

income
Re-measurement (gain) / loss 31.39 (297.12) - -
Return on plan assets, excluding amount recognised in net 13.60 2.03 - -
interest expense
44.99 - -
7RWDOLQFRPHH[SHQVHV 110.59 61.57 20.02
Out of the above expenses

Recognised in the Statement of Profit and Loss 65.60 143.59 61.57 20.02
Recognised in other comprehensive income 44.99 (295.09) - -
YL Movement in the liabilities recognised in balance

sheet
Opening net liability 157.69 (120.60) (158.76) (166.04)
(Income) / expenses as above (110.59) 151.50 (61.57) (20.02)
Acquisition / Divestiture (35.40) - - -
Contribution paid 9.12 126.79 29.38 27.30
&ORVLQJQHWDVVHWVOLDELOLWLHV 20.82 157.69
YLL &ODVVLÀFDWLRQRIGHÀQHGEHQHÀWREOLJDWLRQV
Current portion *20.82 *157.69 (44.66) (23.91)
Non-current portion - - (146.29) (134.85)
*From the current portion `53.56 lakh (`173.39 lakh) being asset is not recognised in the balance sheet on conservative basis.
Actuarial assumptions DEFINED BENEFIT OTHER EMPLOYEE

GRATUITY BENEFIT
LEAVE ENCASHMENT
2019 2018 2019 2018
Interest / discount rate 7.65% 7.60% 7.65% 7.60%
Annual expected increase in salary cost 8.00% 8.00% 8.00% 8.00%

127((03/2<((%(1(),76&217'
*HQHUDO'HVFULSWLRQRIVLJQLÀFDQWGHÀQHGDQGRWKHUHPSOR\HHEHQHÀWSODQV
L *UDWXLW\SODQ
Gratuity is payable to all eligible employees of the Company on death or on resignation, or on retirement after completion
of five years of service.
LL /HDYHSODQ
Eligible employees can carry forward leaves in first month of financial year during tenure of service or encash the same
on death, permanent disablement or resignation.
Broad category of plan assets relating to gratuity as a percentage of total plan assets as at,

Government of India securities Nil Nil
High quality corporate bonds Nil Nil
Equity shares of listed companies Nil Nil
Property Nil Nil
Policy of insurance 100% 100%
100% 100%
5HPHDVXUHPHQWJDLQVDQGORVVHVH[SHULHQFHKLVWRU\

(` in Lakh)
Particulars DEFINED BENEFIT OTHER EMPLOYEE
GRATUITY BENEFIT
LEAVE ENCASHMENT
2019 2018 2019 2018
*DLQVORVVHVRQREOLJDWLRQGXHWRFKDQJHLQ
assumption
Re-measurement (gains) / losses on obligation due to change in 15.52 1.65 1.28 (1.93)
demographic assumption (e.g. employee turnover and mortality)
financial assumption (e.g. future increase in salary)
Re-measurement (gains) / losses on obligation due to change in 7.48 (103.59) (8.31) (27.97)
experience variance (i.e. actual experience vs assumptions)

Sensitivity analysis
A quantitative sensitivity analysis for significant assumption is as follows :

(` in Lakh)
Increase Decrease Increase Decrease
Gratuity
Discount Rate (- / + 1.00%) 784.17 1,028.51 689.10 934.90
Salary Growth Rate (- / + 1.00%) 1,027.05 783.32 933.63 688.07
Attrition Rate (- / + 50.00%) 877.57 916.27 785.84 817.16
Leave
Discount Rate (- / + 1.00%) 174.18 211.22 140.48 181.24
Salary Growth Rate (- / + 1.00%) 211.03 174.04 181.11 140.24
Attrition Rate (- / + 50.00%) 191.19 190.09 159.54 157.54

127((03/2<((%(1(),76&217'
([SHFWHGHPSOR\HU·VFRQWULEXWLRQLQIXWXUH\HDUV
(` in Lakh)
Particulars DEFINED BENEFIT OTHER EMPLOYEE
GRATUITY BENEFIT
LEAVE ENCASHMENT
2019 2018 2019 2018
1 year 47.97 31.15 44.66 23.91
Beyond 10 years 2,710.90 2,852.02 399.21 490.29
Total expected payments 519.07 569.42
The average duration of the defined benefit plan obligation at the end of the reporting period is 17 years (15 years).
5LVNH[SRVXUH
L $VVHWYRODWLOLW\
The plan liabilities are calculated using the discount rate set with reference to Government securities bond yields; if plan
assets underperform this yield, this will create a deficit.
LL &KDQJHLQ*RYHUQPHQWVHFXULWLHVERQG\LHOGV
A decrease in bond yields will increase plan liabilities, although this will be partially offset by an increase in the value of
the plans’ bond holdings.

127(5(/$7('3$57<',6&/2685(6
Name of related parties and related party relationship
L 5HODWHGSDUWLHVZKHUHFRQWUROMRLQWFRQWUROH[LVWV
Subsidiaries Oberoi Constructions Limited

Oberoi Mall Limited
Kingston Property Services Limited
Kingston Hospitality and Developers Private Limited
Sight Realty Private Limited
Buoyant Realty LLP
Astir Realty LLP
Expressions Realty Private Limited
Incline Realty Private Limited
Perspective Realty Private Limited
Integrus Realty Private Limited
Pursuit Realty LLP
Joint Ventures Sangam City Township Private Limited

LL 2WKHUSDUWLHVZLWKZKRPWUDQVDFWLRQVKDYHWDNHQSODFHGXULQJWKH\HDU
Key management Vikas Oberoi

personnel and their Santosh Oberoi
relatives Bindu Oberoi
Gayatri Oberoi
Saumil Daru
Darsha Daru
Anil Harish
Tilokchand Ostwal
Venkatesh Mysore
Karamjit Singh Kalsi
Entities where key R. S. Estate Developers Private Limited

management personnel Oberoi Foundation
have significant influence R. S. V. Associates
Neo Realty Private Limited
Aquila Realty Private Ltd
Panaromic Beach Properties Pvt Ltd

Entities where significant Shri Siddhi Avenue LLP
influence exist Oasis Realty
195
196
127(5(/$7('3$57<',6&/2685(6&217'
Related party transactions

(` in Lakh)
Nature of Name -RLQW9HQWXUHV Subsidiaries Entities where Entities where Key management
transaction key management VLJQLÀFDQWLQÁXHQFH personnel and their
personnel have exist relatives
VLJQLÀFDQWLQÁXHQFH

0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK
2019 2018 2019 2018 2019 2018 2019 2018 2019 2018
Amount paid on Oberoi Constructions Limited - - 1.78 1.53 - - - - -
behalf of Oberoi Mall Limited - - 56.95 37.27 - - - - -
Oberoi Foundation - - - - 0.25 - - - - -
Amount paid on Oberoi Constructions Limited - - - 0.50 - - - - - -
behalf by
Amount received on Kingston Property Services Limited - - 3.37 22.15 - - - - - -
behalf by Oberoi Constructions Limited - - - 0.21 - - - - - -
Amount received on Incline Realty Private Limited - - 1.20 0.36 - - - - - -
behalf of Kingston Property Services - - 1.29 4.27 - - - - - -
Limited
Oberoi Constructions Limited - - - 5.00 - - - - - -
Perspective Realty Private - - 0.00 - - - - - -
Limited
Cancellation of unit Oberoi Constructions Limited - - 827.81 - - - - - -
Commission paid to Anil Harish - - - - - - - - 11.00 11.00
directors Tilokchand Ostwal - - - - - - - - 11.00 11.00
Venkatesh Mysore - - - - - - - - 11.00 11.00
Karamjit Singh Kalsi - - - - - - - - - 11.00
Current capital Astir Realty LLP - - 3,940.70 7,157.68 - - - - - -
contribution account Buoyant Realty LLP - - 65.09 - - - - - - -
- paid
Current capital Astir Realty LLP - - 1,979.13 20.05 - - - - - -
contribution account Buoyant Realty LLP - - 3.71 - - - - - - -
- received back
Deposit received Oberoi Foundation - - - - - 2,140.00 - - - -
Dividend paid Bindu Oberoi - - - - - - - - 0.00 0.00
Gayatri Oberoi - - - - - - - - 0.00 0.00
R. S. Estate Developers Private - - - - 666.00 666.00 - - -
Limited
Santosh Oberoi - - - - - - - - 0.02 0.02
Vikas Oberoi - - - - - - - - 4,257.47 4,257.47
Saumil Daru - - - - - - - - 0.95 0.95
Darsha Daru - - - - - - - - 0.01 0.01
127(5(/$7('3$57<',6&/2685(6&217'

(` in Lakh)
2019 2018 2019 2018 2019 2018 2019 2018 2019 2018
Dividend received Oberoi Constructions Limited - - 510.00 510.00 - - - - - -
Oberoi Mall Limited - - 6,282.00 6,280.65 - - - - - -
Equity component of Expressions Realty Private - - 6.51 21.85 - - - - - -
interest free loan Limited
Integrus Realty Private Limited - - - 0.28 - - - - - -
Sight Realty Private Limited - - 7.44 5.91 - - - - - -
Interest on other Kingston Property Services - - 7.85 7.93 - - - - - -
deposit Limited
Interest income Shri Siddhi Avenue LLP - - - - - - 1,954.17 1,530.20 -
Interest on loan Expressions Realty Private Limited - - 373.62 334.14 - - - - - -
(measured at Integrus Realty Private Limited - - 76.71 69.55 - - - - - -
amortised cost) Kingston Hospitality and - - 85.07 77.00 - - - - - -
Sangam City Township Private 359.61 325.59 - - - - - - - -
Limited
Interest on I-Ven Realty Limited 71.75 64.75 - - - - - - - -
preference shares
Interest on OCD I-Ven Realty Limited - 203.01 - - - - - - - -
Loan given Expressions Realty Private - - 47.46 115.92 - - - - - -
Limited
Integrus Realty Private Limited - - 19.78 47.82 - - - - - -
Incline Realty Private Limited - - 84,778.72 16,074.68 - - - - - -
Kingston Hospitality and - - 15.85 33.00 - - - - - -
Kingston Property Services - - 105.00 118.00 - - - - - -
Limited
Oberoi Constructions Limited - - 1,73,011.79 1,42,075.92 - - - - - -

I-Ven Realty Limited 6,649.00 - - - - - - - - -
197
Shri Siddhi Avenue LLP - - - - - - 2,071.16 650.70 - -
198
127(5(/$7('3$57<',6&/2685(6&217'

(` in Lakh)

2019 2018 2019 2018 2019 2018 2019 2018 2019 2018
Loan received Oberoi Mall Limited - - 9,438.40 26,407.40 - - - - - -
Loan received back Expressions Realty Private - - 14.60 34.00 - - - - - -
Limited
Kingston Property Services - - 105.00 118.00 - - - - - -
Limited
Oberoi Constructions Limited - - 78,716.70 76,379.95 - - - - - -
Shri Siddhi Avenue LLP - - - - - - 29.00 - - -
Profit sharing Kingston Property Services - - 62.37 57.83 - - - - - -
Limited
Purchase of Incline Realty Private Limited - - 1.17 3.59 - - - - - -
materials Oberoi Constructions Limited - - 0.49 2.28 - - - - - -
Recovery of Incline Realty Private Limited - - 12.74 - - - - - - -
expenses Neo Realty Private Limited - - - - 0.22 0.19 - - - -
Oasis Realty - - - - - - - 191.13 - -
Oberoi Foundation - - - - 1.12 1.46 - - - -
Reimbursement of Kingston Property Services - - 897.31 819.49 - - - - - -
expenses Limited
Incline Realty Private Limited - - - 12.74 - - - - - -
Oberoi Foundation - - - - - 0.82 - - - -
Remuneration Vikas Oberoi - - - - - - - - 0.00 0.00
Saumil Daru - - - - - - - - 199.32 628.36
Rent received Incline Realty Private Limited - - - 130.65 - - - - - -
Neo Realty Private Limited - - - - 0.12 0.12 - - - -
Oberoi Constructions Limited - - - 70.27 - - - - - -
127(5(/$7('3$57<',6&/2685(6&217'

(` in Lakh)
2019 2018 2019 2018 2019 2018 2019 2018 2019 2018
Oberoi Foundation - - - - 3,473.40 3,009.47 - - - -
Aquila Realty Private Limited - - - - 0.23 0.58 - - - -
Rent received on Perspective Realty Private - - 0.02 0.02 - - - - - -
behalf by Limited
Sale of assets Incline Realty Private Limited - - 0.02 - - - - - - -
Oasis Realty - - - - - - - 1.18 - -
Shri Siddhi Avenue LLP - - - - - - 0.20 - - -
Sale of materials Oasis Realty - - - - - - 0.13 6.15 - -
Oberoi Constructions Limited - - 117.17 31.20 - - - - - -
Incline Realty Private Limited - - 7.31 - - - - - - -
Panaromic Beach Properties - - - - 0.39 - - - - -
Private Limited
Sales return Oberoi Constructions Limited - - 1.28 - - - - - - -
Sitting fees Anil Harish - - - - - - - - 4.50 4.00
Tilokchand Ostwal - - - - - - - - 4.40 4.40
Venkatesh Mysore - - - - - - - - 3.75 2.75
Karamjit Singh Kalsi - - - - - - - - 0.50 0.50
Investment in I-Ven Realty Limited - 18.00 - - - - - - - -
debentures
Investment in I-Ven Realty Limited 32.00 8,415.88 - - - - - - - -
perpetual bond
Redemption of I-Ven Realty Limited 5,824.00 - - - - - - - - -
perpetual bond
Redemption of I-Ven Realty Limited - 8,079.38 - - - - - - - -
debentures
Deposit paid on Kingston Property Services - - - 8.76 - - - - - -
behalf of Limited

Loan repaid Oberoi Mall Limited - - 16,406.40 16,988.00 - - - - - -
Vikas Oberoi - - - - - - - - 4,162.00 -
Sale of units R. S. V. Associates - - - - - 75.87 - - - -
199
200
127(5(/$7('3$57<',6&/2685(6&217'
Closing balances of related parties

(` in Lakh)

0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK0DUFK 0DUFK0DUFK 0DUFK
2019 2018 2019 2018 2019 2018 2019 2018 2019 2018
Corporate Incline Realty Private Limited - - 75,000.00 75,000.00 - - - - - -
guarantee given Oasis Realty - - - - - - 5,617.17 6,600.00 - -
Current capital Astir Realty LLP - - 24,052.09 22,090.52 - - - - - -
contribution Buoyant Realty LLP 61.37 -
account - paid
Deposit received Oberoi Foundation - - - - 2,940.00 2,940.00 - - - -
Equity component Expressions Realty Private - - 2,295.54 2,289.03 - - - - - -
of interest free loan Limited
Sangam City Township Private 3,301.13 3,301.13 - - - - - - - -
Limited
Equity component I-Ven Realty Limited 3,115.52 3,115.26 - - - - - - - -
of optionally
convertiable
debenture
Loan given Sangam City Township Private 3,804.01 3,444.39
Limited
Expressions Realty Private - - 3,801.46 3,401.49 - - - - - -
Limited
Oberoi Constructions Limited - - 2,24,216.00 1,29,920.91 - - - - - -
Shri Siddhi Avenue LLP - - - - - - 14,542.26 10,741.45 - -
I-Ven Realty Limited 6,649.00 - - -
127(5(/$7('3$57<',6&/2685(6&217'
&ORVLQJEDODQFHVRIUHODWHGSDUWLHV&RQWG
(` in Lakh)
0DUFK 0DUFK 0DUFK 0DUFK 0DUFK 0DUFK0DUFK 0DUFK0DUFK 0DUFK
2019 2018 2019 2018 2019 2018 2019 2018 2019 2018
Loan received Oberoi Mall Limited - - 3,493.40 10,461.40 - - - - - -
Vikas Oberoi - - - - - - - - 4,746.00 8,908.00
Recovery of Neo Realty Private Limited - - - - 0.07 0.11 - - - -
expenses
Investment in I-Ven Realty Limited 2,623.88 8,415.88 - - - - - - - -
perpetual bond
Equity component I-Ven Realty Limited 2,143.51 1,071.75 - - - - - - - -
of preference share
Loan of Oberoi Constructions Limited - - 864.30 864.30 - - - - - -
transferable sq.mt sq.mt
development rights
Expenses towards gratuity and leave encashment provisions are determined actuarially on an overall company basis at the end of each year and accordingly have not been considered
in the above information of Mr. Saumil Daru.

201
127(),1$1&,$/,167580(176²)$,59$/8(6$1'5,6.0$1$*(0(17
$FFRXQWLQJFODVVLÀFDWLRQ
The carrying value of financial instruments by categories is as follows:
(` in Lakh)
Particulars CARRYING VALUE
$VDW0DUFK $VDW0DUFK
At Cost Fair Amortised At Cost Fair Amortised
Value Cost Value Cost
through through
SURÀWRU SURÀWRU
loss loss
Financial assets
Cash and cash equivalents - - 3,308.63 - - 2,845.40
Other bank balances - - 24,437.77 - - 1,972.20
Trade receivables - - 2,369.45 - - 7,954.97
Loans - - 2,99,905.63 - - 1,85,840.40
Investments:
Investment in preference shares - - 753.18 - - 681.43
Investment in government - - 1.89 - - 1.74
securities
Investment in subsidiaries / joint 73,034.06 - - 76,789.17 - -
ventures
Other financial assets - - 459.41 - - 359.43
- 76,789.17 - 1,99,655.57
Borrowings:
From director - - 4,746.00 - - 8,908.00
Line of credit - - 0.96 - - 253.48
Term Loan - - 58,851.45 - - 67,864.18
From subsidiary company - - 3,493.40 - - 10,461.40
Trade payables - - 6,426.96 - - 6,198.87
Other financial liabilities - - 20,605.86 - - 17,593.52
- - - - 1,11,279.45
)DLUYDOXHV
The table which provides the fair value measurement hierarchy of the Company’s assets and liabilities is as follows:
(` in Lakh)
0DUFK CARRYING FAIR VALUE
VALUE Level 1 Level 2 /HYHO
Financial assets
Loans 9,906.22 - 9,839.00 -
10,659.40 - 10,511.50 -

Borrowings:
Line of credit 0.96 - 0.96 -
Term Loan 58,851.45 - 67,033.00 -
75,497.64 - -

127(),1$1&,$/,167580(176²)$,59$/8(6$1'5,6.0$1$*(0(17&217'
(` in Lakh)
0DUFK CARRYING FAIR VALUE
VALUE Level 1 Level 2 /HYHO
Financial assets
Loans 8,899.35 - 8,780.00 -
9,580.78 - -
Borrowings:
Line of credit 253.48 - 263.00 -
Term Loan 67,864.18 - 67,090.00 -
Other financial liability 14,939.99 - 13,841.09 -
- 81,194.09 -
The management assessed that carrying amount of cash and cash equivalents, other bank balances, trade receivables, loans,
investment in government securities, other financial assets, unsecured borrowings, trade payable and other financial liabilities
approximate their fair values largely due to the short-term maturities of these instruments.
0HDVXUHPHQWRIIDLUYDOXHV
The tables which show the valuation techniques used in measuring Level 2 and Level 3 fair values, as well as the significant
unobservable inputs used is as follows:
Financial instruments measured at fair value
Type Valuation technique 6LJQLÀFDQW Range Sensitivity of the
unobservable input to fair value
inputs Change in
discount rate by
500 basis points
would increase
GHFUHDVHDV
below (`LQ/DNK
Financial Assets:
- Investment in Discounted cash flow technique- The fair value
12.50% 34 / (34)
preference shares is estimated considering net present value
calculated using discount rates derived from
Discount rate
quoted prices of similar instruments with similar
- Loans maturity and credit rating that are traded in 10.80% & 11.00% 492 / (492)
active markets, adjusted by an illiquidity factor
Financial Liabilities:
- Trade deposits Discounted cash flow technique- The fair value 11.20% 309 / (309)
- Corporate guarantee is estimated considering net present value 10.80% & 11.30% 2 / (2)
- Line of credit calculated using discount rates derived from 11.00% 3 / (3)
Discount rate
quoted prices of similar instruments with similar
- Term loan maturity and credit rating that are traded in 11.20% 3,351 / (3,351)
active markets, adjusted by an illiquidity factor
Transfers between Levels 1 and 2

There have been no transfers between Level 1 and Level 2 during the respective period presented above.
)LQDQFLDOULVNPDQDJHPHQW
The Company has exposure to the following risks arising from financial instruments:
L Credit risk ;
LL Liquidity risk ; and
LLL Market risk
Risk management framework
The Company’s Board of Directors has overall responsibility for the establishment and oversight of the Company’s risk management
framework. The Board of Directors has established the Risk Management Committee, which is responsible for developing and
monitoring the Company’s risk management policies. The committee reports regularly to the board of directors on its activities.
The Company’s risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate
risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to
reflect changes in market conditions and the Company’s activities. The Company, through its training and management standards
and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles
and obligations.

127(),1$1&,$/,167580(176²)$,59$/8(6$1'5,6.0$1$*(0(17&217'
L &UHGLWULVN
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet
its contractual obligations, and arises principally from the Company’s receivables from customers and investments in debt
securities.
The carrying amount of the financial assets which represents the maximum credit exposure is as follows:
D 7UDGHDQGRWKHUUHFHLYDEOHV
The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However
credit risk with regards to trade receivable is almost negligible in case of its residential sale and lease rental business. The
same is due to the fact that in case of its residential sell business it does not handover possession till entire outstanding is
received. Similarly in case of rental business, the Company keep 3 to 12 months rental as deposit from the occupants.
No impairment is observed on the carrying value of trade receivable.
E ,QYHVWPHQWLQGHEWVHFXULWLHV
The Company has investment only in redeemable optionally convertible debentures and the settlement of such instruments
is linked to the completion of the respective underlying projects. No impairment has been recognised on such investments
till date.
F &DVKDQGFDVKHTXLYDOHQWV
Credit risk from balances with banks and financial institutions is managed by the Company’s treasury department in
accordance with the Company’s policy. Investments of surplus funds are made only with approved counterparties and
within credit limits assigned to each counterparty. Counterparty credit limits are reviewed by the Investment committee
comprising of Mr. Venkatesh Mysore (Chairperson), Mr. Anil Harish, Mr. T.P. Ostwal, (Independent Director) and Mr. Vikas
Oberoi (Non-Independent Director) on an annual basis, and may be updated throughout the year subject to approval
of the Company’s Investment Committee. The limits are set to minimise the concentration of risks and therefore mitigate
financial loss through counterparty’s potential failure to make payments.
LL /LTXLGLW\ULVN
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial
liabilities that are settled by delivering cash or another financial asset. The Company’s approach to managing liquidity is to
ensure as far as possible that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and
stressed condition, without incurring unacceptable losses or risking damage to the Company’s reputation.
The Company’s objective is to maintain a balance between continuity of funding and flexibility through the use of surplus funds,
bank overdrafts, bank loans, debentures and inter-corporate loans.
The Company assessed the concentration of risk with respect to refinancing its debt and concluded it to be low. The Company
has access to a sufficient variety of sources of funding.
Exposure to liquidity risk

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and
undiscounted, and include estimated interest payments and exclude the impact of netting agreements.
(` in Lakh)
0DUFK CONTRACTUAL CASH FLOWS
amount Year than 5
years
Borrowings:
Line of credit 0.96 0.96 - - -
Term Loan 58,851.45 - - 58,851.45 -
Loan from related parties 8,239.40 8,239.40 - - -
Trade payables 6,426.96 4,844.90 1,582.06 - -
8,241.91 58,851.45 -

127(),1$1&,$/,167580(176²)$,59$/8(6$1'5,6.0$1$*(0(17&217'
(` in Lakh)
0DUFK CONTRACTUAL CASH FLOWS
amount Year than 5
years
Borrowings:
Line of credit 253.48 - - 253.48 -
Term Loan 67,864.18 - - 67,864.18 -
Loan from related parties 19,369.40 19,369.40 - - -
Trade payables 6,198.87 5,104.53 1,094.34 - -
1,11,279.45 68,117.66 -
LLL Market risk
Market risk is the risk that changes in market prices – such as foreign exchange rates, interest rates and equity prices – will affect
the Company’s income or the value of its holdings of financial instruments. Market risk is attributable to all market risk sensitive
financial instruments including foreign currency receivables and payables and long term debt. The company is exposed to
market risk primarily related to foreign exchange rate risk, interest rate risk and the market value of certain commodities. Thus,
its exposure to market risk is a function of investing and borrowing activities and revenue generating and operating activities.
The objective of market risk management is to avoid excessive exposure in revenues and costs.
D &XUUHQF\ULVN
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in
foreign exchange rates. The Company’s exposure to the risk of changes in foreign exchange rates relates primarily to the
Company’s operating activities (when expense is denominated in a foreign currency).
The Company closely tracks and observes the movement of foreign currency with regards to INR and also forward cover
rate. The Company decides to cover or keep the foreign currency exposure open based on the above.
E ([SRVXUHWRFXUUHQF\ULVN
The currency profile of financial assets and financial liabilities is as follows:
(` in Lakh)
USD Total
Trade payables (including capital creditors) 138.09 -
-
(` in Lakh)
USD Total
Trade payables 227.10 -
227.10 -
F 6HQVLWLYLW\DQDO\VLV
A reasonably possible strengthening (weakening) of the Indian Rupee against US dollars at March 31 would have affected
the measurement of financial instruments denominated in US dollars and affected equity and profit or loss by the amounts
shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any
impact of forecast sales and purchases.

127(),1$1&,$/,167580(176²)$,59$/8(6$1'5,6.0$1$*(0(17&217'
(` in Lakh)
0DUFK
10% movement
USD 13.81 (13.81)

(` in Lakh)
0DUFK
10% movement
USD 22.71 (22.71)
22.71
G ,QWHUHVWUDWHULVN
Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the
risk of changes in fair values of fixed interest bearing investments because of fluctuations in the interest rates. Cash flow
interest rate risk is the risk that the future cash flows of floating interest bearing investments will fluctuate because of
fluctuations in the interest rates.
H ([SRVXUHWRLQWHUHVWUDWHULVN
Company’s interest rate risk arises from borrowings. Borrowings issued at fixed rates exposes to fair value interest rate
risk. The interest rate profile of the Company’s interest-bearing financial instruments as reported to the management of
the Company is as follows:
(` in Lakh)
Floating-rate instruments
Borrowings 58,852.41 68,117.66
58,852.41 68,117.66
L )DLUYDOXHVHQVLWLYLW\DQDO\VLVIRUÀ[HGUDWHLQVWUXPHQWV
The Company does not account for any fixed-rate financial assets or financial liabilities at fair value through profit
or loss. Therefore, a change in interest rates at the reporting date would not affect profit or loss.
LL )DLUYDOXHVHQVLWLYLW\DQDO\VLVIRUÁRDWLQJUDWHLQVWUXPHQWV
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of
loans and borrowings affected. With all other variables held constant, the Company’s profit before tax is affected
through the impact on floating rate borrowings is as follows:
(` in Lakh)
Effect Increase/ (IIHFWRQSURÀW
decrease in basis before tax
points
0DUFK
0DUFK

127(),1$1&,$/,167580(176²)$,59$/8(6$1'5,6.0$1$*(0(17&217'
I &RPPRGLW\SULFHULVN
The Company’s activities are exposed to steel and cement price risks and therefore its overall risk management program
focuses on the volatile nature of the steel and cement market, thus seeking to minimize potential adverse effects on the
Company’s financial performance on account of such volatility.
The risk management committee regularly reviews and monitors risk management principles, policies, and risk
management activities.
&DSLWDOPDQDJHPHQW
The Company’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to
sustain future development of the business. Management monitors the return on capital as well as the level of dividends to ordinary
shareholders.
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. The Company includes within net debt, interest and non interest bearing loans and borrowings, less cash and cash
equivalents, excluding discontinued operations.
The Company’s adjusted net debt to adjusted equity ratio is as follows:
(` in Lakh)
Borrowings (including other financial liabilities) 67,091.81 87,487.06
Less : Cash and cash equivalent 3,308.63 2,845.40
Adjusted net debt 84,641.66
Total equity 6,03,572.97 4,46,190.26
Adjusted equity 4,46,190.26
Adjusted net debt to adjusted equity ratio 0.11 0.19

127(6(*0(17,1)250$7,21
For management purposes, the Company is organised into business units based on its services and has two reportable segments,
as follows:
1. The Real Estate segment which develops and sells residential properties and leases commercial properties.
2. The Hospitality segment which is into the business of owning and operating the hotel.
(` in Lakh)
0DUFK 0DUFK
Real estate Hospitality Total Real estate Hospitality Total
Segment revenue 1,02,865.55 84,554.80
Segment result 54,286.90 2,409.49 49,157.82
Unallocated income net of 6,115.39 6,350.60
unallocated expenses
2SHUDWLQJSURÀW 60,402.29 55,508.42
Less: Interest and finance charges (1,453.76) (257.25)
Add: Interest income 5,540.06 3,842.67
3URÀWEHIRUHWD[ 64,488.59
Provision for tax (19,118.40) (17,377.06)
3URÀWDIWHUWD[ 41,716.78
Other information
Segment assets 5,87,162.90 20,402.62 6,07,565.52 4,78,998.73 20,822.54 4,99,821.27
Unallocated corporate assets (B) 99,291.06 80,655.89
Total assets 7,06,856.57 5,80,477.16
Segment liabilities 97,635.40 3,303.66 1,00,939.06 1,28,511.98 3,311.78 1,31,823.76
Unallocated corporate liabilities (B) 2,344.55 2,463.14
Total liabilities
Capital expenditure for the year 1,395.94 67.15 1,463.10 297.32 35.44 332.76
(net of transfers)
Unallocated capital expenditure 677.67 191.93
for the year
Depreciation for the year 1,705.21 1,026.41 2,731.62 1,770.11 1,793.24 3,563.34
Unallocated depreciation for 420.46 400.65
the year
Notes:
A. Based on the “management approach” as defined in Ind AS 108 Operating Segments, the Chairman and Managing Director
/ Chief Financial Officer the Company’s performance based on an analysis of various performance indicators by business
segment. Accordingly information has been presented along these segments. The accounting principles used in the preparation
of the financial statement are consistently applied in individual segment to prepare segment reporting.
B. Unallocated Corporate Assets includes temporary surplus and Unallocated Corporate Liabilities includes deferred tax liabilities.
Income earned on temporary investment of the same has been shown in ‘Unallocable Income net of Unallocable Expenditure’.
127(/($6(6
The lease expense for cancellable and non-cancellable operating leases was `36.14 lakh (`22.44 lakh) for the year ended March
31, 2019.
There is no future minimum lease payments under non-cancellable operating lease.

NOTE 40. CONTINGENT LIABILITIES AND CAPITAL COMMITMENTS
(` in Lakh)
40.1 Summary details of contingent liabilities (to the extent not
0DUFK 0DUFK
SURYLGHGIRU
L Corporate guarantees given (excluding corporate guarantee given 5,617.17 6,600.00
for raising debentures in a subsidiary, refer note below)
LL Indirect tax matters in dispute 906.13 635.85
LLLDirect tax matters in dispute 414.06 547.61
Note: The Company has issued an irrevocable and unconditional corporate guarantee in respect of debentures issued by a wholly
owned subsidiary and outstanding along with accrued interest as on March 31, 2019 aggregating to `76,031.73 lakh (`78,036.13
lakh).
40.2 Capital Commitments 0DUFK 0DUFK
L Capital contracts (net of advances) 1,621.42 134.59
2WKHU/LWLJDWLRQV
L The Company is subject to legal proceedings and claims, which have arisen in the ordinary course of business, the
impact of which is not quantifiable. These cases are pending with various courts. After considering the circumstances
and legal advice received, management believes that these cases will not adversely affect its financial statements.
LL The sales tax department of the government of Maharashtra has completed the VAT assessments w.r.t. the returns filed
by the Company on the sale of flats to the customers during the period beginning from June 2006 till March 2012 and
determined the VAT and interest liability. For some of the years, the Company has challenged the assessment order and
opted for appeal, which is pending for hearing. Vide an order of the Hon’ble Supreme Court of India, the recovery of
interest amounts in such cases has been stayed. However, the Company has opted to settle and pay interest for some
of the years under The Maharashtra Settlement of Arrears in Disputes Act, 2016. Part of the amount has been collected
by the Company from the flat purchasers on account of such liability and the Company is reasonably confident of
recovering all the outstanding amount on account of VAT from flat purchasers.
LLL There are numerous interpretative issues relating to the Supreme Court (SC) judgement on PF dated February 28,
2019. As a matter of caution, the Company has made a provision on a prospective basis from the date of the SC
order. The Company will update its provision, on receiving further clarity on the subject.
NOTE 41. DETAILS OF DUES TO MICRO, SMALL AND MEDIUM ENTERPRISES AS PER THE MICRO, SMALL AND
MEDIUM ENTERPRISES DEVELOPMENT ACT, 2006
(` in Lakh)
The principal amount and the interest due thereon remaining unpaid to any
supplier as at the end of each accounting year
Principal amount 976.54 853.11
Interest amount - -
- The amount of interest paid by the buyer in terms of section 16 of the MSMED - -
Act, 2006 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 period of delay in making - -
payment (which have been paid but beyond the appointed day during the
period) but without adding the interest specified under the MSMED Act,
2006.
- The amount of Interest accrued and remaining unpaid at the end of each - -
accounting period.
- The amount of further interest remaining due and payable even in the - -
succeeding years, 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 MSMED Act, 2006.
The amount of interest due and payable for the year due to delay in making payment under Micro, Small and Medium Enterprise
Development Act, 2006 is ` Nil (` Nil). No interest is accrued / unpaid for the current year.
Dues to Micro, Small and Medium Enterprises have been determined to the extent such parties have been identified on the basis of
information collected by the Management. This has been relied upon by the auditors.

NOTE 42. REVENUE FROM CONTRACTS WITH CUSTOMERS

(` in Lakh)
Revenue from contract with customers as per note 25 86,659.28 84,852.65
Add : Customer Incentives 4,683.58 -
Total revenue as per contracted price 84,852.65
42.2 Contract Balances
L The table that provides information about receivables, contract assets and contract liabilities from contract with customers
is as follows:
(` in Lakh)
Particulars $VDW0DUFK
Trade Receivables 2,369.45
Contract Assets 2,523.40
Contract Liabilities 617.62
5,510.47
LL Changes in the contract assets balances during the year is as follows:
(` in Lakh)
Particulars $VDW0DUFK
Contract Assets
Less : Transferred to receivables 3,126.96
Closing Balance
*includes revenue in excess of billing as on April 1, 2018
LLL Changes in the contract liabilities balances during the year is as follows:
(` in Lakh)
Particulars 0DUFK
Contract Liabilities
Less : Revenue recognised during the year from balance at the beginning of the year 12,740.94
Add : Advance received during the year not recognised as revenue 160.32
Add : Increase due to invoicing net off revenue recognition -
Closing Balance 617.62
*includes billing in excess of revenue recognised & advances from customers as on April 1, 2018.
7UDQVDFWLRQ3ULFH5HPDLQLQJ3HUIRUPDQFH2EOLJDWLRQ
The aggregate amount of transaction price allocated to the unsatisfied (or partially satisfied) performance obligation is Rs Nil.
42.4 Disclosure in respect of the Guidance Note issued by Institute of Chartered Accountants of India on ‘Accounting for Real Estate
Transactions’.
(` in Lakh)
Particulars 0DUFK
For all the projects
Amount of project revenue recognised as revenue in the reporting period 72,071.12
For projects in progress
"The Aggregate amount of costs incurred and profits recognised (Less 2,89,482.91
recognised losses) to date for projects in progress"
The amount of advance received 34.87
The amount of Work-in-progress and the value of inventories 1,01,558.17
Excess of revenue recognised over actual bills raised (Unbilled revenue) 5,064.52

127(&25325$7(62&,$/5(63216,%,/,7<
As per section 135 of the Companies Act, 2013 read with relevant rules thereon, the Company was required to spend `1,016.14
lakh (`914.80 lakh) on Corporate Social Responsibility (CSR) activities during FY 2018-19. Against it, the Company has during the
year under review spent an amount of `334.23 lakh (`280.49 lakh) towards CSR activities, out of which `300.00 lakh (`150.00
lakh) has been spent towards construction activities. In respect of CSR spending for the year under review, there are no amounts
which are yet to be paid in cash.
NOTE 44. The Company made contribution through electoral bonds of `500.00 lakh during the year ended
0DUFKZKLFKLVLQFOXGHGLQGRQDWLRQH[SHQVHV
NOTE 45. UTILISATION OF PROCEEDS FROM QUALIFIED INSTITUTIONS PLACEMENT

(` in Lakh)
Particulars of fund utilisation 0DUFK
Amount received from allotment of Equity Shares under qualified institutions placement (A) 1,20,000.00
Less : Utilised towards working capital requirements (B) 63,117.84
Balance amount to be utilised $% 56,882.16
3HQGLQJ XWLOLVDWLRQ WKH IXQGV DUH LQYHVWHG GLUHFWO\ RU WKURXJK VXEVLGLDULHV LQ WKH 0DUFK
following:
Mutual Funds 29,542.16
Fixed deposits 27,340.00
56,882.16
NOTE 46. STANDARDS ISSUED BUT NOT YET EFFECTIVE
The amendments to standards that are issued, but not yet effective, up to the date of issuance of the Company’s financial statements
are disclosed below. The Company intends to adopt these standards, if applicable, when they become effective.
The Ministry of Corporate Affairs (MCA) has issued the Companies (Indian Accounting Standards) Second Amendment Rules, 2019
amending the following standards:
Ind AS 116 – Leases
Ind AS 116 Leases was notified in March 2019 and it replaces Ind AS 17 Leases including appendices thereto. Ind AS 116 is effective
for annual periods beginning on or after April 1, 2019. It sets out the principles for the recognition, measurement, presentation and
disclosure of leases and requires lessees to account for all leases under a single on-balance sheet model similar to the accounting
for finance leases under Ind AS 17. Lessor accounting under Ind AS 116 is substantially unchanged from today’s accounting under
Ind AS 17. Ind AS 116 requires lessees and lessors to make more extensive disclosures than under Ind AS 17. The Company is in
the process of evaluating the requirements of the standard and its impact on its financial statements.
Ind AS 12: Income Taxes
The amendment relating to income tax consequences of dividend clarify that an entity shall recognise the income tax consequences
of dividends in the Statement of Profit or Loss, other comprehensive income or equity according to where the entity originally
recognised those past transactions or events. The Company does not expect any impact from this pronouncement. It is relevant to
note that the amendment does not amend situations where the entity pays a tax on dividend which is effectively a portion of dividends
paid to taxation authorities on behalf of shareholders. Such amount paid or payable to taxation authorities continues to be charged
to equity as part of dividend, in accordance with Ind AS 12.
The amendment to Appendix C of Ind AS 12 specifies that the amendment is to be applied to the determination of taxable profit
(tax loss), tax bases, unused tax losses, unused tax credits and tax rates, when there is uncertainty over income tax treatments
under Ind AS 12. It outlines the following: (1) the entity has to use judgement, to determine whether each tax treatment should be
considered separately or whether some can be considered together. The decision should be based on the approach which provides
better predictions of the resolution of the uncertainty. (2) the entity is to assume that the taxation authority will have full knowledge
of all relevant information while examining any amount. (3) entity has to consider the probability of the relevant taxation authority
accepting the tax treatment and the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and
tax rates would depend upon the probability. The Company is in the process of evaluating the impact on its financial statements.

Ind AS 19 – Plan Amendment, Curtailment or Settlement
The amendments clarify that if a plan amendment, curtailment or settlement occurs, it is mandatory that the current service cost
and the net interest for the period after the re-measurement are determined using the assumptions used for the re-measurement. In
addition, amendments have been included to clarify the effect of a plan amendment, curtailment or settlement on the requirements
regarding the asset ceiling. The Company does not expect this amendment to have any significant impact on its financial statements.
Ind AS 23 – Borrowing Costs
The amendments clarify that if any specific borrowing remains outstanding after the related asset is ready for its intended use or
sale, that borrowing becomes part of the funds that an entity borrows generally when calculating the capitalisation rate on general
borrowings. The Company does not expect any impact from this amendment.
NOTE 47
Previous year figures have been regrouped, re-arranged and re-classified wherever necessary to conform to current year’s
classification.
Partner
DIN 03533268 M No. A19238

67$7(0(17&217$,1,1*6$/,(17)($785(62)7+(),1$1&,$/67$7(0(172)68%6,',$5,(6$662&,$7(&203$1,(6-2,179(1785(686
$6210$5&+
Part A
Subsidiaries
(` in Lakh)
No. Name of subsidiary Paid-up Other Total assets Total Investments Turnover 3URÀW Provision 3URÀW Proposed
Share equity liabilities (including ORVV for tax ORVV dividend
Capital (including other before tax after tax (excluding
Reserves LQFRPH dividend
and distribution
VXUSOXV WD[
1 Oberoi Constructions Limited 510.00 1,79,167.95 4,63,439.13 2,83,761.18 2,47,800.82 51,208.84 20,601.34 6,032.11 14,569.23 -
2 Oberoi Mall Limited 9.00 15,346.77 27,379.80 12,024.03 8,925.45 15,658.51 13,947.20 3,183.04 10,764.17 -
Kingston Property Services Limited 9.00 586.66 6,209.21 5,613.56 1,307.38 5,634.05 129.14 47.21 81.93 Nil
4 Kingston Hospitality and 31.00 126.25 1,106.96 949.71 - 0.70 -85.51 -22.12 -63.40 Nil
5 Expressions Realty Private Limited 9.00 651.60 4,690.72 4,030.12 4,689.39 0.67 -374.06 -97.14 -276.92 Nil
6 Perspective Realty Private Limited (A) 9.00 0.42 16.11 6.69 - 0.67 -0.47 - -0.47 Nil
7 Sight Realty Private Limited 1.00 120.69 701.85 580.16 178.04 5.28 2.51 -0.06 2.57 Nil
8 Incline Realty Private Limited 500.00 18,313.81 1,96,533.78 1,77,719.97 2,605.32 87,452.30 26,451.75 7,687.95 18,763.80 Nil
9 Integrus Realty Private Limited 1.00 130.19 1,007.71 876.52 1,001.55 0.67 -78.31 -19.94 -58.37 Nil
10 Astir Realty LLP*# 2,40,526.74 -0.04 2,40,527.32 0.62 2,10,731.38 0.64 -0.05 - -0.05 Nil
11 Buoyant Realty LLP 62.89 6.01 74.26 5.36 - 0.17 -0.18 - -0.18 Nil
12 Pursuit Realty LLP 1.00 -0.05 1.06 0.11 - 0.22 -0.00 - -0.00 Nil
A. Oberoi Constructions Limited, a wholly owned subsidiary holds 100% of the total subscribed and paid up share capital of Perspective Realty Private Limited.
B. All the above entities are wholly owned subsidiary of the Company, whose reporting currency is Indian Rupees and having year end on March 31, 2019.
* Yet to commence operation.
# Paid-up share capital includes amounting `1.00 lakh as fixed contribution and `2,40,525.74 lakh as current contribution.
Vikas Oberoi T. P. Ostwal

DIN 00011701 DIN 00821268

Saumil Daru Bhaskar Kshirsagar
DIN 03533268 M No. A19238
213
STATEMENT CONTAINING SALIENT FEATURES OF THE FINANCIAL STATEMENT OF SUBSIDIARIES /
$662&,$7(&203$1,(6-2,179(1785(686$6210$5&+
Part B
Associate Companies and Joint Ventures

(` in Lakh)
No. 1DPHRI-RLQW9HQWXUHV I-Ven Realty Sangamcity
Limited Township Private
Limited
1 Latest audited Balance Sheet Date 0DUFK 0DUFK
2 Shares of Associate/Joint Ventures held by the Company on the year end
D Number
L Equity 5,00,000 9,500
LL Preference 3,62,500 -
LLL Perpetual bond
LY Partner's Capital Account
E Amount of Investment in Associates/Joint Venture 34,137.37 3,302.08
F Extent of Holding % 50.00% 31.67%
Description of how there is significant influence Due to Shareholding Joint Control
4 Reason why the associate/joint venture is not consolidated NA NA
5 Networth attributable to Shareholding as per latest audited Balance Sheet 5,674.66 2,821.12
6 Profit / (Loss) after tax for the year
D Considered in Consolidation 26.07 -0.51
E Not Considered in Consolidation
Vikas Oberoi T. P. Ostwal

DIN 00011701 DIN 00821268
Saumil Daru Bhaskar Kshirsagar

DIN 03533268 M No. A19238

Notes

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INSIDE

Profile of our Board of Directors 04

Management Discussion and Analysis 31

Business Responsibility Report 60

Caution regarding forward-looking statements

Residential Commercial Retail Social Hospitality

2 Annual Report 2018-19

At Oberoi Realty, we have always embraced challenges Best Wishes,

With a vision to be a thought leader in transforming

Annual Report 2018-19 3

4 Annual Report 2018-19

Annual Report 2018-19 5

NATURE OF BUSINESS total comprehensive income stood at `45,419.82 lakh

Standalone Financials Taking into consideration the stable performance of your

6 Annual Report 2018-19

DEPOSITS in nature. Hence, no particulars in form AOC-2 are furnished.

DISCLOSURES UNDER SECTION 134(3)(L) OF THE QUALIFIED INSTITUTIONS PLACEMENT OF EQUITY

Annual Report 2018-19 7

8 Annual Report 2018-19

Annual Report 2018-19 9

10 Annual Report 2018-19

Annual Report 2018-19 11

12 Annual Report 2018-19

Annual Report 2018-19 13

14 Annual Report 2018-19

Mr. Vikas Oberoi 0.00

Mr. Saumil Daru 62.04

Mr. Anil Harish 3.42

Ms. Bindu Oberoi -

Mr. Karamjit Singh Kalsi -

Mr. T.P. Ostwal 3.42

Mr. Venkatesh Mysore 3.42

(above excludes sitting fee, whosesoever applicable)

Name of Director Designation % increase/ (decrease) in

Mr. Vikas Oberoi Managing Director -

Mr. Anil Harish Independent Director -

Ms. Bindu Oberoi Non-independent Director -

Mr. Karamjit Singh Kalsi Independent Director -

Mr. T.P. Ostwal Independent Director -

Mr. Venkatesh Mysore Independent Director -

Mr. Bhaskar Kshirsagar Company Secretary 4.75%

(above excludes sitting fee, whosesoever applicable)

Number of permanent employees on the rolls of the Company: 792

Percentage increase/ (decrease) in the managerial remuneration: (64.84%)

Annual Report 2018-19 15

years) (in case of

Annual Report 2018-19

For and on behalf of the Board of Directors

Mumbai, July 24, 2019

Annual Report 2018-19

I. REGISTRATION AND OTHER DETAILS:

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

18 Annual Report 2018-19

i. Category-wise Share Holding:

Annual Report 2018-19 19

Category of NO. OF SHARES HELD AT THE NO. OF SHARES HELD AT THE %

ii. Shareholding of Promoters: